inetfs20230629_ncsrs.htm

TABLE OF CONTENTS

Letter to Shareholders	3
Fund Performance	5
Expense Example	91
Schedules of Investments and Options Written	94
Statements of Assets and Liabilities	180
Statements of Operations	202
Statements of Changes in Net Assets	224
Financial Highlights	246
Notes to Financial Statements	268
Trustees and Officers	300
Additional Information	302

Letter to Shareholders (Unaudited)

Dear Valued Shareholders,

The 1-year period ended April 30, 2023 was noteworthy in many ways. During this 12-month stretch, investors witnessed a remarkable chain of events:

Accommodative covid-era monetary policy led to the highest inflation in 40 years

High and rising inflation led to tighter monetary policy

Tighter monetary policy led to large bank failures

Bank failures led to heightened stock market volatility

On top of all that, the Federal government reached its debt limit in early 2023 and Congress had still not resolved the matter as of April 30.

While many investors have dealt with the effects of high inflation, bank failures and government debt limits, few have experienced such swift and severe Fed policy tightening out of such an accommodative policy stance. If there’s anything to be learned from this period, it may be the simple reminder that the future remains unknown and the ability to have a better sense of your risk in the middle of the storm is invaluable.

We believe that the Fed is likely to hold interest rates higher for longer than the market has anticipated and that investors will need to learn to factor these higher rates into their thinking. In our estimation, this doesn’t translate to a full-blown “risk-off” sentiment; but to the extent that higher rates create greater market uncertainty, we continue to think investors will do well to be risk aware.

The heightened uncertainty during this period led a large swath of investors to look for ways to maintain market exposure with built-in risk management. Many investors looked to Innovator during this period and we were pleased to offer the industry’s largest and widest-ranging suite of Defined Outcome ETFs™, including the latest addition of our Premium Income Barrier ETFs™. Over this period, while the global equity market was up 2.6%, strong inflows resulted in our assets under management nearly doubling, rising by more than $6.5 billion over the 12-month period.

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’ve worked to earn that trust and intend to work hard to keep it. We wish you the best in good health and prosperity in the coming year.

Bruce Bond,

CEO

Letter to Shareholders (Unaudited) (Continued)

The views in this report were those of the Fund’s CEO as of April 30, 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.

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

Innovator ETFs are distributed by Foreside Fund Services, LLC.

INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - JANUARY

Fund Performance

April 30, 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 April 30, 2023 as compared with the MSCI EAFE Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator International Developed Power Buffer ETF - January
NAV Return		14.07	%		9.05	%		5.24	%
Market Return		13.95	%		9.06	%		5.26	%
MSCI EAFE Index - Price Return		5.42	%		8.95	%		1.55	%
MSCI EAFE Index - Total Return		8.42	%		11.68	%		4.14	%

^(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

April 30, 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.

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/IJAN.

INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - APRIL

Fund Performance

April 30, 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 April 30, 2023 as compared with the MSCI EAFE Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Since Inception ^(a)
Innovator International Developed Power Buffer ETF - April
NAV Return		4.56	%		-0.21	%
Market Return		4.48	%		-0.21	%
MSCI EAFE Index - Price Return		5.42	%		-1.41	%
MSCI EAFE Index - Total Return		8.42	%		1.23	%

^(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

April 30, 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

April 30, 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 April 30, 2023 as compared with the MSCI EAFE Index – Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator International Developed Power Buffer ETF - July
NAV Return		10.84	%		5.90	%		3.51	%
Market Return		10.82	%		5.87	%		3.48	%
MSCI EAFE Index - Price Return		5.42	%		8.95	%		2.88	%
MSCI EAFE Index - Total Return		8.42	%		11.68	%		5.42	%

^(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

April 30, 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 - OCTOBER

Fund Performance
April 30, 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 April 30, 2023 as compared with the MSCI EAFE Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Since Inception ^(a)
Innovator International Developed Power Buffer ETF - October
NAV Return		8.22	%		1.76	%
Market Return		7.74	%		1.57	%
MSCI EAFE Index - Price Return		5.42	%		-3.85	%
MSCI EAFE Index - Total Return		8.42	%		-1.28	%

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

INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - OCTOBER

Fund Performance
April 30, 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/IOCT.

INNOVATOR EMERGING MARKETS POWER BUFFER ETF - JANUARY

Fund Performance

April 30, 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 April 30, 2023 as compared with the MSCI Emerging Markets Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator Emerging Markets Power Buffer ETF - January
NAV Return		1.57	%		4.78	%		1.37	%
Market Return		1.36	%		4.85	%		1.29	%
MSCI Emerging Markets Index - Price Return		-9.21	%		1.84	%		-3.88	%
MSCI Emerging Markets Index - Total Return		-6.51	%		4.33	%		-1.62	%

^(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

April 30, 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/EJAN.

INNOVATOR EMERGING MARKETS POWER BUFFER ETF - APRIL

Fund Performance

April 30, 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 April 30, 2023 as compared with the MSCI Emerging Markets Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Since Inception ^(a)
Innovator Emerging Markets Power Buffer ETF - April
NAV Return		1.59	%		-1.45	%
Market Return		2.09	%		-1.41	%
MSCI Emerging Markets Index - Price Return		-9.21	%		-13.34	%
MSCI Emerging Markets Index - Total Return		-6.51	%		-11.11	%

^(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

April 30, 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

April 30, 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 April 30, 2023 as compared with the MSCI Emerging Markets Index – Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator Emerging Markets Power Buffer ETF - July
NAV Return		-4.41	%		-1.12	%		-2.17	%
Market Return		-4.23	%		-1.23	%		-2.14	%
MSCI Emerging Markets Index - Price Return		-9.21	%		1.84	%		-1.98	%
MSCI Emerging Markets Index - Total Return		-6.51	%		4.33	%		0.36	%

^(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 0.89%. For the most recent performance, please visit the Fund’s website at innovatoretfs.com.

INNOVATOR EMERGING MARKETS POWER BUFFER ETF - JULY

Fund Performance

April 30, 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

April 30, 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 April 30, 2023 as compared with the MSCI Emerging Markets Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Since Inception ^(a)
Innovator Emerging Markets Power Buffer ETF - October
NAV Return		-1.26	%		-4.73	%
Market Return		-0.93	%		-4.72	%
MSCI Emerging Markets Index - Price Return		-9.21	%		-14.56	%
MSCI Emerging Markets Index - Total Return		-6.51	%		-12.44	%

^(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 0.89%. For the most recent performance, please visit the Fund’s website at innovatoretfs.com.

INNOVATOR EMERGING MARKETS POWER BUFFER ETF - OCTOBER

Fund Performance

April 30, 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/EOCT.

INNOVATOR GROWTH-100 POWER BUFFER ETF – JANUARY

Fund Performance

April 30, 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 April 30, 2023 as compared with the NASDAQ-100 Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator Growth-100 Power Buffer ETF - January
NAV Return		2.07	%		3.05	%		2.83	%
Market Return		1.96	%		2.95	%		2.79	%
NASDAQ-100 Index - Price Return		3.04	%		13.75	%		13.32	%
NASDAQ-100 Index - Total Return		3.99	%		14.66	%		14.24	%

^(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

April 30, 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.

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/NJAN.

INNOVATOR GROWTH-100 POWER BUFFER ETF – APRIL

Fund Performance
April 30, 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 April 30, 2023 as compared with the NASDAQ-100 Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator Growth-100 Power Buffer ETF - April
NAV Return		8.26	%		5.95	%		7.55	%
Market Return		8.30	%		5.82	%		7.56	%
NASDAQ-100 Index - Price Return		3.04	%		13.75	%		18.68	%
NASDAQ-100 Index - Total Return		3.99	%		14.66	%		19.62	%

^(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

April 30, 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

April 30, 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 April 30, 2023 as compared with the NASDAQ-100 Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Since Inception ^(a)
Innovator Growth-100 Power Buffer ETF - July
NAV Return		9.88	%		6.53	%
Market Return		9.58	%		6.45	%
NASDAQ-100 Index - Price Return		3.04	%		9.83	%
NASDAQ-100 Index - Total Return		3.99	%		10.68	%

^(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

April 30, 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

April 30, 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 April 30, 2023 as compared with the NASDAQ-100 Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator Growth-100 Power Buffer ETF - October
NAV Return		8.01	%		6.93	%		7.45	%
Market Return		7.85	%		6.84	%		7.38	%
NASDAQ-100 Index - Price Return		3.04	%		13.75	%		16.14	%
NASDAQ-100 Index - Total Return		3.99	%		14.66	%		17.10	%

^(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

April 30, 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

April 30, 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 April 30, 2023 as compared with the Russell 2000 Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Small Cap Power Buffer ETF - January
NAV Return		3.46	%		8.93	%		4.10	%
Market Return		3.80	%		8.93	%		4.15	%
Russell 2000 Index - Price Return		-5.10	%		10.51	%		1.77	%
Russell 2000 Index - Total Return		-3.65	%		11.90	%		3.06	%

^(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

April 30, 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.

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/KJAN.

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

Fund Performance

April 30, 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 April 30, 2023 as compared with the Russell 2000 Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Small Cap Power Buffer ETF - April
NAV Return		4.22	%		2.72	%		4.45	%
Market Return		4.22	%		2.65	%		4.43	%
Russell 2000 Index - Price Return		-5.10	%		10.51	%		14.89	%
Russell 2000 Index - Total Return		-3.65	%		11.90	%		16.32	%

^(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

April 30, 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
April 30, 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 April 30, 2023 as compared with the Russell 2000 Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Since Inception ^(a)
Innovator U.S. Small Cap Power Buffer ETF - July
NAV Return		-1.21	%		1.93	%
Market Return		-0.99	%		1.90	%
Russell 2000 Index - Price Return		-5.10	%		7.50	%
Russell 2000 Index - Total Return		-3.65	%		8.82	%

^(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
April 30, 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

April 30, 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 April 30, 2023 as compared with the Russell 2000 Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Small Cap Power Buffer ETF - October
NAV Return		2.87	%		4.40	%		1.76	%
Market Return		2.92	%		4.34	%		1.73	%
Russell 2000 Index - Price Return		-5.10	%		10.51	%		4.26	%
Russell 2000 Index - Total Return		-3.65	%		11.90	%		5.60	%

^(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

April 30, 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 DOUBLE STACKER ETF – JANUARY

Fund Performance

April 30, 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 April 30, 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 April 30, 2023
	One Year			Since Inception ^(a)
Innovator Double Stacker ETF - January
NAV Return		4.02	%		2.43	%
Market Return		3.98	%		2.34	%
NASDAQ-100 Index - Price Return		3.04	%		1.18	%
S&P 500® Index - Price Return		0.91	%		4.59	%
S&P 500® Index - Total Return		2.66	%		6.21	%

^(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

April 30, 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/DSJA.

INNOVATOR DOUBLE STACKER ETF – OCTOBER

Fund Performance

April 30, 2023 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Double Stacker ETF - October from its inception (September 30, 2020) to April 30, 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 April 30, 2023
	One Year			Since Inception ^(a)
Innovator Double Stacker ETF - October
NAV Return		2.40	%		6.99	%
Market Return		2.37	%		6.90	%
NASDAQ-100 Index - Price Return		3.04	%		5.92	%
S&P 500® Index - Price Return		0.91	%		8.69	%
S&P 500® Index - Total Return		2.66	%		10.38	%

^(a) Inception date is September 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 DOUBLE STACKER ETF – OCTOBER

Fund Performance
April 30, 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 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/DSOC.

INNOVATOR TRIPLE STACKER ETF – JANUARY

Fund Performance

April 30, 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 April 30, 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 April 30, 2023
	One Year			Since Inception ^(a)
Innovator Triple Stacker ETF - January
NAV Return		1.32	%		0.93	%
Market Return		1.15	%		0.83	%
NASDAQ-100 Index - Price Return		3.04	%		1.18	%
Russell 2000 Index - Price Return		-5.10	%		-4.62	%
S&P 500® Index - Price Return		0.91	%		4.59	%
S&P 500® Index - Total Return		2.66	%		6.21	%

^(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

April 30, 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.

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 TRIPLE STACKER ETF – OCTOBER

Fund Performance

April 30, 2023 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Triple Stacker ETF - October from its inception (September 30, 2020) to April 30, 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 April 30, 2023
	One Year			Since Inception ^(a)
Innovator Triple Stacker ETF - October
NAV Return		0.83	%		5.40	%
Market Return		0.80	%		5.30	%
NASDAQ-100 Index - Price Return		3.04	%		5.92	%
Russell 2000 Index - Price Return		-5.10	%		6.39	%
S&P 500® Index - Price Return		0.91	%		8.69	%
S&P 500® Index - Total Return		2.66	%		10.38	%

^(a) Inception date is September 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 TRIPLE STACKER ETF – OCTOBER

Fund Performance
April 30, 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.

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/TSOC.

INNOVATOR DOUBLE STACKER 9 BUFFER ETF – JANUARY

Fund Performance

April 30, 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 April 30, 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 April 30, 2023
	One Year			Since Inception ^(a)
Innovator Double Stacker 9 Buffer ETF - January
NAV Return		5.98	%		3.03	%
Market Return		5.97	%		2.96	%
NASDAQ-100 Index - Price Return		3.04	%		1.18	%
S&P 500® Index - Price Return		0.91	%		4.59	%
S&P 500® Index - Total Return		2.66	%		6.21	%

^(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

April 30, 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 DOUBLE STACKER 9 BUFFER ETF – OCTOBER

Fund Performance

April 30, 2023 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Double Stacker 9 Buffer ETF - October from its inception (September 30, 2020) to April 30, 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 April 30, 2023
	One Year			Since Inception ^(a)
Innovator Double Stacker 9 Buffer ETF - October
NAV Return		6.65	%		6.67	%
Market Return		6.57	%		6.61	%
NASDAQ-100 Index - Price Return		3.04	%		5.92	%
S&P 500® Index - Price Return		0.91	%		8.69	%
S&P 500® Index - Total Return		2.66	%		10.38	%

^(a) Inception date is September 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 DOUBLE STACKER 9 BUFFER ETF – OCTOBER

Fund Performance
April 30, 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/DBOC.

INNOVATOR 20+ YEAR TREASURY BOND 9 BUFFER ETF – JULY

Fund Performance

April 30, 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 April 30, 2023 as compared with the ICE U.S. Treasury 20+ Year Index - Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Since Inception ^(a)
Innovator 20+ Year Treasury Bond 9 Buffer ETF - July
NAV Return		-5.40	%		-6.73	%
Market Return		-5.08	%		-6.71	%
ICE U.S. Treasury 20+ Year Index - Total Return		-8.91	%		-13.12	%

^(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

April 30, 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
April 30, 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 April 30, 2023 as compared with the ICE U.S. Treasury 20+ Year Index - Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Since Inception ^(a)
Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly
NAV Return		-3.41	%		-5.92	%
Market Return		-3.70	%		-5.98	%
ICE U.S. Treasury 20+ Year Index - Total Return		-8.91	%		-13.12	%

^(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
April 30, 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 U.S. EQUITY ACCELERATED ETF - JANUARY

Fund Performance

April 30, 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 April 30, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Since Inception ^(a)
Innovator U.S. Equity Accelerated ETF - January
NAV Return		2.39	%		-8.88	%
Market Return		2.38	%		-9.03	%
S&P 500® Index - Price Return		0.91	%		-9.58	%
S&P 500® Index - Total Return		2.66	%		-8.08	%

^(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
April 30, 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

April 30, 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 April 30, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Since Inception ^(a)
Innovator U.S. Equity Accelerated ETF - April
NAV Return		0.31	%		3.10	%
Market Return		0.34	%		3.00	%
S&P 500® Index - Price Return		0.91	%		2.35	%
S&P 500® Index - Total Return		2.66	%		3.94	%

^(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

April 30, 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

April 30, 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 April 30, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Since Inception ^(a)
Innovator U.S. Equity Accelerated ETF - July
NAV Return		5.73	%		1.47	%
Market Return		5.65	%		1.32	%
S&P 500® Index - Price Return		0.91	%		-1.64	%
S&P 500® Index - Total Return		2.66	%		-0.09	%

^(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
April 30, 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
April 30, 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 April 30, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Since Inception ^(a)
Innovator U.S. Equity Accelerated ETF - October
NAV Return		0.78	%		-1.48	%
Market Return		0.61	%		-1.59	%
S&P 500® Index - Price Return		0.91	%		-2.04	%
S&P 500® Index - Total Return		2.66	%		-0.47	%

^(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

April 30, 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

April 30, 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 April 30, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Since Inception ^(a)
Innovator U.S. Equity Accelerated Plus ETF - January
NAV Return		1.62	%		-9.15	%
Market Return		1.64	%		-9.27	%
S&P 500® Index - Price Return		0.91	%		-9.58	%
S&P 500® Index - Total Return		2.66	%		-8.08	%

^(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

April 30, 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
April 30, 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 April 30, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Since Inception ^(a)
Innovator U.S. Equity Accelerated Plus ETF - April
NAV Return		-0.20	%		2.67	%
Market Return		-0.20	%		2.55	%
S&P 500® Index - Price Return		0.91	%		2.35	%
S&P 500® Index - Total Return		2.66	%		3.94	%

^(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

April 30, 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
April 30, 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 April 30, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Since Inception ^(a)
Innovator U.S. Equity Accelerated Plus ETF - July
NAV Return		4.93	%		1.47	%
Market Return		4.76	%		1.39	%
S&P 500® Index - Price Return		0.91	%		-1.64	%
S&P 500® Index - Total Return		2.66	%		-0.09	%

^(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

April 30, 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 - OCTOBER

Fund Performance

April 30, 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 April 30, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Since Inception ^(a)
Innovator U.S. Equity Accelerated Plus ETF - October
NAV Return		-0.90	%		-2.11	%
Market Return		-0.97	%		-2.23	%
S&P 500® Index - Price Return		0.91	%		-2.04	%
S&P 500® Index - Total Return		2.66	%		-0.47	%

^(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 - OCTOBER

Fund Performance

April 30, 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

April 30, 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 April 30, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Since Inception ^(a)
Innovator U.S. Equity Accelerated 9 Buffer ETF - January
NAV Return		4.88	%		-3.25	%
Market Return		4.86	%		-3.29	%
S&P 500® Index - Price Return		0.91	%		-9.58	%
S&P 500® Index - Total Return		2.66	%		-8.08	%

^(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

April 30, 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

April 30, 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 April 30, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Since Inception ^(a)
Innovator U.S. Equity Accelerated 9 Buffer ETF - April
NAV Return		6.59	%		4.49	%
Market Return		6.59	%		4.53	%
S&P 500® Index - Price Return		0.91	%		2.35	%
S&P 500® Index - Total Return		2.66	%		3.94	%

^(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
April 30, 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

April 30, 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 April 30, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Since Inception ^(a)
Innovator U.S. Equity Accelerated 9 Buffer ETF - July
NAV Return		9.08	%		4.70	%
Market Return		9.07	%		4.63	%
S&P 500® Index - Price Return		0.91	%		-1.64	%
S&P 500® Index - Total Return		2.66	%		-0.09	%

^(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

April 30, 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

April 30, 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 April 30, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Since Inception ^(a)
Innovator U.S. Equity Accelerated 9 Buffer ETF - October
NAV Return		5.11	%		2.33	%
Market Return		4.98	%		2.20	%
S&P 500® Index - Price Return		0.91	%		-2.04	%
S&P 500® Index - Total Return		2.66	%		-0.47	%

^(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

April 30, 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

April 30, 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 April 30, 2023 as compared with the NASDAQ-100 Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Since Inception ^(a)
Innovator Growth Accelerated Plus ETF - January
NAV Return		-3.09	%		-18.46	%
Market Return		-3.02	%		-18.54	%
NASDAQ-100 Index - Price Return		3.04	%		-14.54	%
NASDAQ-100 Index - Total Return		3.99	%		-13.80	%

^(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

April 30, 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.

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

April 30, 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 April 30, 2023 as compared with the NASDAQ-100 Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Since Inception ^(a)
Innovator Growth Accelerated Plus ETF - April
NAV Return		1.85	%		3.20	%
Market Return		1.90	%		3.09	%
NASDAQ-100 Index - Price Return		3.04	%		0.57	%
NASDAQ-100 Index - Total Return		3.99	%		1.36	%

^(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

April 30, 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

April 30, 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 April 30, 2023 as compared with the NASDAQ-100 Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Since Inception ^(a)
Innovator Growth Accelerated Plus ETF - July
NAV Return		7.09	%		-2.99	%
Market Return		6.87	%		-3.09	%
NASDAQ-100 Index - Price Return		3.04	%		-5.01	%
NASDAQ-100 Index - Total Return		3.99	%		-4.25	%

^(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
April 30, 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

April 30, 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 April 30, 2023 as compared with the NASDAQ-100 Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Since Inception ^(a)
Innovator Growth Accelerated Plus ETF - October
NAV Return		0.48	%		-7.09	%
Market Return		0.53	%		-7.22	%
NASDAQ-100 Index - Price Return		3.04	%		-6.33	%
NASDAQ-100 Index - Total Return		3.99	%		-5.57	%

^(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

April 30, 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.

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 DEFINED WEALTH SHIELD ETF

Fund Performance

April 30, 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 April 30, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Since Inception ^(a)
Innovator Defined Wealth Shield ETF
NAV Return		7.40	%		3.57	%
Market Return		7.36	%		3.62	%
S&P 500® Index - Price Return		0.91	%		-1.64	%
S&P 500® Index - Total Return		2.66	%		-0.09	%

^(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

April 30, 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 U.S. EQUITY ACCELERATED ETF – QUARTERLY

Fund Performance

April 30, 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 April 30, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Since Inception ^(a)
Innovator U.S. Equity Accelerated ETF - Quarterly
NAV Return		9.14	%		3.43	%
Market Return		9.23	%		3.37	%
S&P 500® Index - Price Return		0.91	%		2.35	%
S&P 500® Index - Total Return		2.66	%		3.94	%

^(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

April 30, 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

April 30, 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 April 30, 2023 as compared with the NASDAQ-100 Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Since Inception ^(a)
Innovator Growth Accelerated ETF - Quarterly
NAV Return		-3.94	%		-4.63	%
Market Return		-3.97	%		-4.71	%
NASDAQ-100 Index - Price Return		3.04	%		0.57	%
NASDAQ-100 Index - Total Return		3.99	%		1.36	%

^(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

April 30, 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 ETFs TRUST

Expense Example

For the Period Ended April 30, 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 period from November 1, 2022 to April 30, 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 Paid
	Beginning		Ending		During the
	Account Value		Account Value		Period ^(a)
Innovator International Developed Power Buffer ETF - January (NAV)	$	1,000.00	$	1,201.80	$	4.64
Innovator International Developed Power Buffer ETF - April (NAV)		1,000.00		1,103.90		4.43
Innovator International Developed Power Buffer ETF - July (NAV)		1,000.00		1,179.70		4.59
Innovator International Developed Power Buffer ETF - October (NAV)		1,000.00		1,156.10		4.54
Innovator Emerging Markets Power Buffer ETF - January (NAV)		1,000.00		1,141.10		4.72
Innovator Emerging Markets Power Buffer ETF - April (NAV)		1,000.00		1,125.40		4.69
Innovator Emerging Markets Power Buffer ETF - July (NAV)		1,000.00		1,087.80		4.61
Innovator Emerging Markets Power Buffer ETF - October (NAV)		1,000.00		1,128.90		4.70
Innovator Growth-100 Power Buffer ETF - January (NAV)		1,000.00		1,077.10		4.07
Innovator Growth-100 Power Buffer ETF - April (NAV)		1,000.00		1,128.80		4.17
Innovator Growth-100 Power Buffer ETF - July (NAV)		1,000.00		1,129.10		4.17
Innovator Growth-100 Power Buffer ETF - October (NAV)		1,000.00		1,124.90		4.16
Innovator U.S. Small Cap Power Buffer ETF - January (NAV)		1,000.00		1,007.90		3.93
Innovator U.S. Small Cap Power Buffer ETF - April (NAV)		1,000.00		1,032.90		3.98
Innovator U.S. Small Cap Power Buffer ETF - July (NAV)		1,000.00		994.90		3.91
Innovator U.S. Small Cap Power Buffer ETF - October (NAV)		1,000.00		1,014.70		3.95
Innovator Double Stacker ETF - January (NAV)		1,000.00		1,109.40		4.13
Innovator Double Stacker ETF - October (NAV)		1,000.00		1,131.20		4.17
Innovator Triple Stacker ETF - January (NAV)		1,000.00		1,084.20		4.08
Innovator Triple Stacker ETF - October (NAV)		1,000.00		1,105.30		4.12
Innovator Double Stacker 9 Buffer ETF - January (NAV)		1,000.00		1,081.30		4.08
Innovator Double Stacker 9 Buffer ETF - October (NAV)		1,000.00		1,100.40		4.11
Innovator 20+ Year Treasury Bond 9 Buffer ETF - July (NAV)		1,000.00		1,103.70		4.12
Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly (NAV)		1,000.00		1,062.60		4.04
Innovator U.S. Equity Accelerated ETF - January (NAV)		1,000.00		1,099.20		4.11
Innovator U.S. Equity Accelerated ETF - April (NAV)		1,000.00		1,079.90		4.07
Innovator U.S. Equity Accelerated ETF - July (NAV)		1,000.00		1,139.80		4.19
Innovator U.S. Equity Accelerated ETF - October (NAV)		1,000.00		1,120.90		4.15
Innovator U.S. Equity Accelerated Plus ETF - January (NAV)		1,000.00		1,094.70		4.10
Innovator U.S. Equity Accelerated Plus ETF - April (NAV)		1,000.00		1,076.40		4.07
Innovator U.S. Equity Accelerated Plus ETF - July (NAV)		1,000.00		1,142.10		4.20
Innovator U.S. Equity Accelerated Plus ETF - October (NAV)		1,000.00		1,115.80		4.14

INNOVATOR ETFs TRUST

Expense Example

For the Period Ended April 30, 2023 (Unaudited) (Continued)

					Expenses Paid
	Beginning		Ending		During the
	Account Value		Account Value		Period ^(a)
Innovator U.S. Equity Accelerated 9 Buffer ETF - January (NAV)		1,000.00		1,074.50		4.06
Innovator U.S. Equity Accelerated 9 Buffer ETF - April (NAV)		1,000.00		1,098.80		4.11
Innovator U.S. Equity Accelerated 9 Buffer ETF - July (NAV)		1,000.00		1,104.80		4.12
Innovator U.S. Equity Accelerated 9 Buffer ETF - October (NAV)		1,000.00		1,092.30		4.10
Innovator Growth Accelerated Plus ETF - January (NAV)		1,000.00		1,102.70		4.12
Innovator Growth Accelerated Plus ETF - April (NAV)		1,000.00		1,164.50		4.24
Innovator Growth Accelerated Plus ETF - July (NAV)		1,000.00		1,207.50		4.32
Innovator Growth Accelerated Plus ETF - October (NAV)		1,000.00		1,169.10		4.25
Innovator Defined Wealth Shield ETF (NAV)		1,000.00		1,046.80		3.50
Innovator U.S. Equity Accelerated ETF - Quarterly (NAV)		1,000.00		1,189.50		4.29
Innovator Growth Accelerated ETF - Quarterly (NAV)		1,000.00		1,088.10		4.09

^(a) Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the six month period).

Hypothetical Example for Comparison Purposes

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

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.

INNOVATOR ETFs TRUST

Expense Example

For the Period Ended April 30, 2023 (Unaudited) (Continued)

					Expenses Paid
	Beginning		Ending		During the
	Account Value		Account Value		Period ^(a)
Innovator International Developed Power Buffer ETF - January (NAV)	$	1,000.00	$	1,020.58	$	4.26
Innovator International Developed Power Buffer ETF - April (NAV)		1,000.00		1,020.58		4.26
Innovator International Developed Power Buffer ETF - July (NAV)		1,000.00		1,020.58		4.26
Innovator International Developed Power Buffer ETF - October (NAV)		1,000.00		1,020.58		4.26
Innovator Emerging Markets Power Buffer ETF - January (NAV)		1,000.00		1,020.38		4.46
Innovator Emerging Markets Power Buffer ETF - April (NAV)		1,000.00		1,020.38		4.46
Innovator Emerging Markets Power Buffer ETF - July (NAV)		1,000.00		1,020.38		4.46
Innovator Emerging Markets Power Buffer ETF - October (NAV)		1,000.00		1,020.38		4.46
Innovator Growth-100 Power Buffer ETF - January (NAV)		1,000.00		1,020.88		3.96
Innovator Growth-100 Power Buffer ETF - April (NAV)		1,000.00		1,020.88		3.96
Innovator Growth-100 Power Buffer ETF - July (NAV)		1,000.00		1,020.88		3.96
Innovator Growth-100 Power Buffer ETF - October (NAV)		1,000.00		1,020.88		3.96
Innovator U.S. Small Cap Power Buffer ETF - January (NAV)		1,000.00		1,020.88		3.96
Innovator U.S. Small Cap Power Buffer ETF - April (NAV)		1,000.00		1,020.88		3.96
Innovator U.S. Small Cap Power Buffer ETF - July (NAV)		1,000.00		1,020.88		3.96
Innovator U.S. Small Cap Power Buffer ETF - October (NAV)		1,000.00		1,020.88		3.96
Innovator Double Stacker ETF - January (NAV)		1,000.00		1,020.88		3.96
Innovator Double Stacker ETF - October (NAV)		1,000.00		1,020.88		3.96
Innovator Triple Stacker ETF - January (NAV)		1,000.00		1,020.88		3.96
Innovator Triple Stacker ETF - October (NAV)		1,000.00		1,020.88		3.96
Innovator Double Stacker 9 Buffer ETF - January (NAV)		1,000.00		1,020.88		3.96
Innovator Double Stacker 9 Buffer ETF - October (NAV)		1,000.00		1,020.88		3.96
Innovator 20+ Year Treasury Bond 9 Buffer ETF - July (NAV)		1,000.00		1,020.88		3.96
Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly (NAV)		1,000.00		1,020.88		3.96
Innovator U.S. Equity Accelerated ETF - January (NAV)		1,000.00		1,020.88		3.96
Innovator U.S. Equity Accelerated ETF - April (NAV)		1,000.00		1,020.88		3.96
Innovator U.S. Equity Accelerated ETF - July (NAV)		1,000.00		1,020.88		3.96
Innovator U.S. Equity Accelerated ETF - October (NAV)		1,000.00		1,020.88		3.96
Innovator U.S. Equity Accelerated Plus ETF - January (NAV)		1,000.00		1,020.88		3.96
Innovator U.S. Equity Accelerated Plus ETF - April (NAV)		1,000.00		1,020.88		3.96
Innovator U.S. Equity Accelerated Plus ETF - July (NAV)		1,000.00		1,020.88		3.96
Innovator U.S. Equity Accelerated Plus ETF - October (NAV)		1,000.00		1,020.88		3.96
Innovator U.S. Equity Accelerated 9 Buffer ETF - January (NAV)		1,000.00		1,020.88		3.96
Innovator U.S. Equity Accelerated 9 Buffer ETF - April (NAV)		1,000.00		1,020.88		3.96
Innovator U.S. Equity Accelerated 9 Buffer ETF - July (NAV)		1,000.00		1,020.88		3.96
Innovator U.S. Equity Accelerated 9 Buffer ETF - October (NAV)		1,000.00		1,020.88		3.96
Innovator Growth Accelerated Plus ETF - January (NAV)		1,000.00		1,020.88		3.96
Innovator Growth Accelerated Plus ETF - April (NAV)		1,000.00		1,020.88		3.96
Innovator Growth Accelerated Plus ETF - July (NAV)		1,000.00		1,020.88		3.96
Innovator Growth Accelerated Plus ETF - October (NAV)		1,000.00		1,020.88		3.96
Innovator Defined Wealth Shield ETF (NAV)		1,000.00		1,021.37		3.50
Innovator U.S. Equity Accelerated ETF - Quarterly (NAV)		1,000.00		1,020.88		3.96
Innovator Growth Accelerated ETF - Quarterly (NAV)		1,000.00		1,020.88		3.96

^(a) Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the six month period).

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

INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - JANUARY

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 102.50% ^(a)(b)
CALL OPTIONS - 100.45%
EFA iShares MSCI EAFE ETF, Expires 12/29/2023, Strike Price $0.66		28,786	$	211,922,532	$	205,157,822
						205,157,822
PUT OPTIONS - 2.05%
EFA iShares MSCI EAFE ETF, Expires 12/29/2023, Strike Price $65.64		28,786		211,922,532		4,202,756
						4,202,756
TOTAL PURCHASED OPTIONS (Cost $200,220,359)						209,360,578
	Principal Amount
SHORT TERM INVESTMENTS - 0.20%
Money Market Deposit Account - 0.20%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	400,014				400,014
TOTAL SHORT TERM INVESTMENTS (Cost $400,014)						400,014

Total Investments (Cost $200,620,373) - 102.70%						209,760,592
Liabilities in Excess of Other Assets - (2.70)%						(5,518,577	)
TOTAL NET ASSETS - 100.00%					$	204,242,015

Asset Type	% of Net Assets
Purchased Options		102.50	%
Short Term Investments		0.20
Total Investments		102.70
Liabilities in Excess of Other Assets		(2.70	)
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 April 30, 2023.

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

INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - JANUARY

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
EFA iShares MSCI EAFE ETF	12/29/2023	$	80.42		28,786	$	(211,922,532	)	$	(3,713,394	)
										(3,713,394	)
Put Options
EFA iShares MSCI EAFE ETF	12/29/2023		55.79		28,786		(211,922,532	)		(1,698,374	)
										(1,698,374	)
Total Options Written (Premiums Received $7,545,581)									$	(5,411,768	)

^(a)	Exchange-Traded.

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

INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - APRIL

Schedule of Investments
April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 103.47% ^(a)(b)
CALL OPTIONS - 99.20%
EFA iShares MSCI EAFE ETF, Expires 3/28/2024, Strike Price $0.72		31,283	$	230,305,446	$	223,200,138
						223,200,138
PUT OPTIONS - 4.27%
EFA iShares MSCI EAFE ETF, Expires 3/28/2024, Strike Price $71.52		31,283		230,305,446		9,606,071
						9,606,071
TOTAL PURCHASED OPTIONS (Cost $230,552,978)						232,806,209
	Principal Amount
SHORT TERM INVESTMENTS - 0.20%
Money Market Deposit Account - 0.20%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	452,950				452,950
TOTAL SHORT TERM INVESTMENTS (Cost $452,950)						452,950

Total Investments (Cost $231,005,928) - 103.67%						233,259,159
Liabilities in Excess of Other Assets - (3.67)%						(8,261,186	)
TOTAL NET ASSETS - 100.00%					$	224,997,973

Asset Type	% of Net Assets
Purchased Options		103.47	%
Short Term Investments		0.20
Total Investments		103.67
Liabilities in Excess of Other Assets		(3.67	)
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 April 30, 2023.

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

INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - APRIL

Schedule of Options Written ^(a)

April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
EFA iShares MSCI EAFE ETF	3/28/2024	$	82.96		31,283	$	(230,305,446	)	$	(4,180,660	)
										(4,180,660	)
Put Options
EFA iShares MSCI EAFE ETF	3/28/2024		60.79		31,283		(230,305,446	)		(3,966,372	)
										(3,966,372	)
Total Options Written (Premiums Received $8,122,386)									$	(8,147,032	)

^(a)	Exchange-Traded.

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

INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - JULY

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 101.11% ^(a)(b)
CALL OPTIONS - 100.88%
EFA iShares MSCI EAFE ETF, Expires 6/30/2023, Strike Price $0.62		15,430	$	113,595,660	$	111,003,420
						111,003,420
PUT OPTIONS - 0.23%
EFA iShares MSCI EAFE ETF, Expires 6/30/2023, Strike Price $62.49		15,430		113,595,660		246,880
						246,880
TOTAL PURCHASED OPTIONS (Cost $96,663,170)						111,250,300
	Principal Amount
SHORT TERM INVESTMENTS - 0.17%
Money Market Deposit Account - 0.17%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	189,335				189,335
TOTAL SHORT TERM INVESTMENTS (Cost $189,335)						189,335

Total Investments (Cost $96,852,505) - 101.28%						111,439,635
Liabilities in Excess of Other Assets - (1.28)%						(1,398,986	)
TOTAL NET ASSETS - 100.00%					$	110,040,649

Asset Type	% of Net Assets
Purchased Options		101.11	%
Short Term Investments		0.17
Total Investments		101.28
Liabilities in Excess of Other Assets		(1.28	)
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 April 30, 2023.

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

INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - JULY

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
EFA iShares MSCI EAFE ETF	6/30/2023	$	74.96		15,430	$	(113,595,660	)	$	(1,249,830	)
										(1,249,830	)
Put Options
EFA iShares MSCI EAFE ETF	6/30/2023		53.12		15,430		(113,595,660	)		(108,010	)
										(108,010	)
Total Options Written (Premiums Received $4,931,018)									$	(1,357,840	)

^(a)	Exchange-Traded.

INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - OCTOBER

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 108.32% ^(a)(b)
CALL OPTIONS - 107.81%
EFA iShares MSCI EAFE ETF, Expires 9/29/2023, Strike Price $0.56		15,769	$	116,091,378	$	113,448,809
						113,448,809
PUT OPTIONS - 0.51%
EFA iShares MSCI EAFE ETF, Expires 9/29/2023, Strike Price $56.01		15,769		116,091,378		541,192
						541,192
TOTAL PURCHASED OPTIONS (Cost $93,298,717)						113,990,001
	Principal Amount
SHORT TERM INVESTMENTS - 0.19%
Money Market Deposit Account - 0.19%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	202,834				202,834
TOTAL SHORT TERM INVESTMENTS (Cost $202,834)						202,834

Total Investments (Cost $93,501,551) - 108.51%						114,192,835
Liabilities in Excess of Other Assets - (8.51)%						(8,954,842	)
TOTAL NET ASSETS - 100.00%					$	105,237,993

Asset Type	% of Net Assets
Purchased Options		108.32	%
Short Term Investments		0.19
Total Investments		108.51
Liabilities in Excess of Other Assets		(8.51	)
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 April 30, 2023.

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

100

INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - OCTOBER

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
EFA iShares MSCI EAFE ETF	9/29/2023	$	70.15		15,769	$	(116,091,378	)	$	(8,645,039	)
										(8,645,039	)
Put Options
EFA iShares MSCI EAFE ETF	9/29/2023		47.61		15,769		(116,091,378	)		(237,008	)
										(237,008	)
Total Options Written (Premiums Received $4,714,655)									$	(8,882,047	)

^(a)	Exchange-Traded.

101

INNOVATOR EMERGING MARKETS POWER BUFFER ETF – JANUARY

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 102.13% ^(a)(b)
CALL OPTIONS - 97.72%
EEM iShares MSCI Emerging Markets ETF, Expires 12/29/2023, Strike Price $0.38		29,745	$	116,392,185	$	113,054,200
						113,054,200
PUT OPTIONS - 4.41%
EEM iShares MSCI Emerging Markets ETF, Expires 12/29/2023, Strike Price $37.90		29,745		116,392,185		5,103,945
						5,103,945
TOTAL PURCHASED OPTIONS (Cost $119,286,833)						118,158,145
	Principal Amount
SHORT TERM INVESTMENTS - 0.18%
Money Market Deposit Account - 0.18%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	205,718				205,718
TOTAL SHORT TERM INVESTMENTS (Cost $205,718)						205,718

Total Investments (Cost $119,492,551) - 102.31%						118,363,863
Liabilities in Excess of Other Assets - (2.31)%						(2,672,025	)
TOTAL NET ASSETS - 100.00%					$	115,691,838

Asset Type	% of Net Assets
Purchased Options		102.13	%
Short Term Investments		0.18
Total Investments		102.31
Liabilities in Excess of Other Assets		(2.31	)
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 April 30, 2023.

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

102

INNOVATOR EMERGING MARKETS POWER BUFFER ETF – JANUARY

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
EEM iShares MSCI Emerging Markets ETF	12/29/2023	$	47.21		29,745	$	(116,392,185	)	$	(717,449	)
										(717,449	)
Put Options
EEM iShares MSCI Emerging Markets ETF	12/29/2023		32.22		29,745		(116,392,185	)		(1,870,961	)
										(1,870,961	)
Total Options Written (Premiums Received $5,193,440)									$	(2,588,410	)

^(a)	Exchange-Traded.

103

INNOVATOR EMERGING MARKETS POWER BUFFER ETF – APRIL

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 105.00% ^(a)(b)
CALL OPTIONS - 97.84%
EEM iShares MSCI Emerging Markets ETF, Expires 3/28/2024, Strike Price $0.39		13,076	$	51,166,388	$	49,746,204
						49,746,204
PUT OPTIONS - 7.16%
EEM iShares MSCI Emerging Markets ETF, Expires 3/28/2024, Strike Price $39.46		13,076		51,166,388		3,639,966
						3,639,966
TOTAL PURCHASED OPTIONS (Cost $53,533,435)						53,386,170
	Principal Amount
SHORT TERM INVESTMENTS - 0.18%
Money Market Deposit Account - 0.18%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	90,012				90,012
TOTAL SHORT TERM INVESTMENTS (Cost $90,012)						90,012

Total Investments (Cost $53,623,447) - 105.18%						53,476,182
Liabilities in Excess of Other Assets - (5.18)%						(2,632,739	)
TOTAL NET ASSETS - 100.00%					$	50,843,443

Asset Type	% of Net Assets
Purchased Options		105.00	%
Short Term Investments		0.18
Total Investments		105.18
Liabilities in Excess of Other Assets		(5.18	)
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 April 30, 2023.

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

104

INNOVATOR EMERGING MARKETS POWER BUFFER ETF – APRIL

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
EEM iShares MSCI Emerging Markets ETF	3/28/2024	$	46.81		13,076	$	(51,166,388	)	$	(992,469	)
										(992,469	)
Put Options
EEM iShares MSCI Emerging Markets ETF	3/28/2024		33.54		13,076		(51,166,388	)		(1,607,171	)
										(1,607,171	)
Total Options Written (Premiums Received $2,499,033)									$	(2,599,640	)

^(a)	Exchange-Traded.

105

INNOVATOR EMERGING MARKETS POWER BUFFER ETF – JULY

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 100.40% ^(a)(b)
CALL OPTIONS - 96.73%
EEM iShares MSCI Emerging Markets ETF, Expires 6/30/2023, Strike Price $0.40		22,912	$	89,654,656	$	88,200,661
						88,200,661
PUT OPTIONS - 3.67%
EEM iShares MSCI Emerging Markets ETF, Expires 6/30/2023, Strike Price $40.10		22,912		89,654,656		3,341,944
						3,341,944
TOTAL PURCHASED OPTIONS (Cost $94,726,465)						91,542,605
	Principal Amount
SHORT TERM INVESTMENTS - 0.18%
Money Market Deposit Account - 0.18%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	164,748				164,748
TOTAL SHORT TERM INVESTMENTS (Cost $164,748)						164,748

Total Investments (Cost $94,891,213) - 100.58%						91,707,353
Liabilities in Excess of Other Assets - (0.58)%						(529,836	)
TOTAL NET ASSETS - 100.00%					$	91,177,517

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 April 30, 2023.

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

106

INNOVATOR EMERGING MARKETS POWER BUFFER ETF – JULY

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
EEM iShares MSCI Emerging Markets ETF	6/30/2023	$	47.75		22,912	$	(89,654,656	)	$	(132,889	)
										(132,889	)
Put Options
EEM iShares MSCI Emerging Markets ETF	6/30/2023		34.09		22,912		(89,654,656	)		(331,767	)
										(331,767	)
Total Options Written (Premiums Received $4,154,106)									$	(464,656	)

^(a)	Exchange-Traded.

107

INNOVATOR EMERGING MARKETS POWER BUFFER ETF – OCTOBER

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 101.33% ^(a)(b)
CALL OPTIONS - 99.88%
EEM iShares MSCI Emerging Markets ETF, Expires 9/29/2023, Strike Price $0.35		7,944	$	31,084,872	$	30,634,448
						30,634,448
PUT OPTIONS - 1.45%
EEM iShares MSCI Emerging Markets ETF, Expires 9/29/2023, Strike Price $34.88		7,944		31,084,872		445,499
						445,499
TOTAL PURCHASED OPTIONS (Cost $29,224,949)						31,079,947
	Principal Amount
SHORT TERM INVESTMENTS - 0.15%
Money Market Deposit Account - 0.15%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	45,179				45,179
TOTAL SHORT TERM INVESTMENTS (Cost $45,179)						45,179

Total Investments (Cost $29,270,128) - 101.48%						31,125,126
Liabilities in Excess of Other Assets - (1.48)%						(456,341	)
TOTAL NET ASSETS - 100.00%					$	30,668,785

Asset Type	% of Net Assets
Purchased Options		101.33	%
Short Term Investments		0.15
Total Investments		101.48
Liabilities in Excess of Other Assets		(1.48	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

^(a)	Exchange-Traded.
^(b)	Purchased option contracts are held in connection with corresponding option contracts written short.
^(c)	The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of April 30, 2023.

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

108

INNOVATOR EMERGING MARKETS POWER BUFFER ETF – OCTOBER

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
EEM iShares MSCI Emerging Markets ETF	9/29/2023	$	43.65		7,944	$	(31,084,872	)	$	(291,704	)
										(291,704	)
Put Options
EEM iShares MSCI Emerging Markets ETF	9/29/2023		29.65		7,944		(31,084,872	)		(142,197	)
										(142,197	)
Total Options Written (Premiums Received $1,655,798)									$	(433,901	)

^(a)	Exchange-Traded.

109

INNOVATOR GROWTH-100 POWER BUFFER ETF – JANUARY

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 110.26% ^(a)(b)
CALL OPTIONS - 107.97%
QQQ Investco QQQ Trust Series 1, Expires 12/29/2023, Strike Price $2.66		3,220	$	103,864,320	$	102,473,280
						102,473,280
PUT OPTIONS - 2.29%
QQQ Investco QQQ Trust Series 1, Expires 12/29/2023, Strike Price $266.28		3,220		103,864,320		2,170,280
						2,170,280
TOTAL PURCHASED OPTIONS (Cost $91,614,656)						104,643,560
	Principal Amount
SHORT TERM INVESTMENTS - 0.21%
Money Market Deposit Account - 0.21%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	200,063				200,063
TOTAL SHORT TERM INVESTMENTS (Cost $200,063)						200,063

Total Investments (Cost $91,814,719) - 110.47%						104,843,623
Liabilities in Excess of Other Assets - (10.47)%						(9,935,194	)
TOTAL NET ASSETS - 100.00%					$	94,908,429

Asset Type	% of Net Assets
Purchased Options		110.26	%
Short Term Investments		0.21
Total Investments		110.47
Liabilities in Excess of Other Assets		(10.47	)
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 April 30, 2023.

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

110

INNOVATOR GROWTH-100 POWER BUFFER ETF – JANUARY

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
QQQ Investco QQQ Trust Series 1	12/29/2023	$	323.72		3,220	$	(103,864,320	)	$	(8,987,020	)
										(8,987,020	)
Put Options
QQQ Investco QQQ Trust Series 1	12/29/2023		226.34		3,220		(103,864,320	)		(946,680	)
										(946,680	)
Total Options Written (Premiums Received $7,239,184)									$	(9,933,700	)

^(a)	Exchange-Traded.

111

INNOVATOR GROWTH-100 POWER BUFFER ETF – APRIL

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 105.84% ^(a)(b)
CALL OPTIONS - 99.08%
QQQ Investco QQQ Trust Series 1, Expires 3/28/2024, Strike Price $3.21		3,479	$	112,218,624	$	110,495,371
						110,495,371
PUT OPTIONS - 6.76%
QQQ Investco QQQ Trust Series 1, Expires 3/28/2024, Strike Price $320.93		3,479		112,218,624		7,540,698
						7,540,698
TOTAL PURCHASED OPTIONS (Cost $117,881,985)						118,036,069
	Principal Amount
SHORT TERM INVESTMENTS - 0.25%
Money Market Deposit Account - 0.25%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	279,400				279,400
TOTAL SHORT TERM INVESTMENTS (Cost $279,400)						279,400

Total Investments (Cost $118,161,385) - 106.09%						118,315,469
Liabilities in Excess of Other Assets - (6.09)%						(6,789,627	)
TOTAL NET ASSETS - 100.00%					$	111,525,842

Asset Type	% of Net Assets
Purchased Options		105.84	%
Short Term Investments		0.25
Total Investments		106.09
Liabilities in Excess of Other Assets		(6.09	)
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 April 30, 2023.

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

112

INNOVATOR GROWTH-100 POWER BUFFER ETF – APRIL

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
QQQ Investco QQQ Trust Series 1	3/28/2024	$	377.61		3,479	$	(112,218,624	)	$	(3,280,453	)
										(3,280,453	)
Put Options
QQQ Investco QQQ Trust Series 1	3/28/2024		272.79		3,479		(112,218,624	)		(3,452,908	)
										(3,452,908	)
Total Options Written (Premiums Received $7,584,049)									$	(6,733,361	)

^(a)	Exchange-Traded.

113

INNOVATOR GROWTH-100 POWER BUFFER ETF – JULY

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 101.51% ^(a)(b)
CALL OPTIONS - 100.98%
QQQ Investco QQQ Trust Series 1, Expires 6/30/2023, Strike Price $2.80		2,421	$	78,091,776	$	77,317,105
						77,317,105
PUT OPTIONS - 0.53%
QQQ Investco QQQ Trust Series 1, Expires 6/30/2023, Strike Price $280.28		2,421		78,091,776		404,428
						404,428
TOTAL PURCHASED OPTIONS (Cost $72,327,193)						77,721,533
	Principal Amount
SHORT TERM INVESTMENTS - 0.24%
Money Market Deposit Account - 0.24%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	184,867				184,867
TOTAL SHORT TERM INVESTMENTS (Cost $184,867)						184,867

Total Investments (Cost $72,512,060) - 101.75%						77,906,400
Liabilities in Excess of Other Assets - (1.75)%						(1,340,314	)
TOTAL NET ASSETS - 100.00%					$	76,566,086

Asset Type	% of Net Assets
Purchased Options		101.51	%
Short Term Investments		0.24
Total Investments		101.75
Liabilities in Excess of Other Assets		(1.75	)
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 April 30, 2023.

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

114

INNOVATOR GROWTH-100 POWER BUFFER ETF – JULY

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
QQQ Investco QQQ Trust Series 1	6/30/2023	$	335.86		2,421	$	(78,091,776	)	$	(1,206,578	)
										(1,206,578	)
Put Options
QQQ Investco QQQ Trust Series 1	6/30/2023		238.24		2,421		(78,091,776	)		(82,871	)
										(82,871	)
Total Options Written (Premiums Received $7,226,352)									$	(1,289,449	)

^(a)	Exchange-Traded.

115

INNOVATOR GROWTH-100 POWER BUFFER ETF – OCTOBER

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 105.95% ^(a)(b)
CALL OPTIONS - 104.59%
QQQ Investco QQQ Trust Series 1, Expires 9/29/2023, Strike Price $2.67		2,804	$	90,445,824	$	89,445,104
						89,445,104
PUT OPTIONS - 1.36%
QQQ Investco QQQ Trust Series 1, Expires 9/29/2023, Strike Price $267.26		2,804		90,445,824		1,160,492
						1,160,492
TOTAL PURCHASED OPTIONS (Cost $81,293,290)						90,605,596
	Principal Amount
SHORT TERM INVESTMENTS - 0.24%
Money Market Deposit Account - 0.24%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	203,590				203,590
TOTAL SHORT TERM INVESTMENTS (Cost $203,590)						203,590

Total Investments (Cost $81,496,880) - 106.19%						90,809,186
Liabilities in Excess of Other Assets - (6.19)%						(5,288,453	)
TOTAL NET ASSETS - 100.00%					$	85,520,733

Asset Type	% of Net Assets
Purchased Options		105.95	%
Short Term Investments		0.24
Total Investments		106.19
Liabilities in Excess of Other Assets		(6.19	)
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 April 30, 2023.

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

116

INNOVATOR GROWTH-100 POWER BUFFER ETF – OCTOBER

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
QQQ Investco QQQ Trust Series 1	9/29/2023	$	329.83		2,804	$	(90,445,824	)	$	(4,799,775	)
										(4,799,775	)
Put Options
QQQ Investco QQQ Trust Series 1	9/29/2023		227.17		2,804		(90,445,824	)		(433,049	)
										(433,049	)
Total Options Written (Premiums Received $7,111,460)									$	(5,232,824	)

^(a)	Exchange-Traded.

117

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

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 102.76% ^(a)(b)
CALL OPTIONS - 97.03%
IWM iShares Russell 2000 ETF, Expires 12/29/2023, Strike Price $1.74		9,927	$	173,921,040	$	170,283,589
						170,283,589
PUT OPTIONS - 5.73%
IWM iShares Russell 2000 ETF, Expires 12/29/2023, Strike Price $174.36		9,927		173,921,040		10,049,201
						10,049,201
TOTAL PURCHASED OPTIONS (Cost $186,560,194)						180,332,790
	Principal Amount
SHORT TERM INVESTMENTS - 0.26%
Money Market Deposit Account - 0.26%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	464,809				464,809
TOTAL SHORT TERM INVESTMENTS (Cost $464,809)						464,809

Total Investments (Cost $187,025,003) - 103.02%						180,797,599
Liabilities in Excess of Other Assets - (3.02)%						(5,302,318	)
TOTAL NET ASSETS - 100.00%					$	175,495,281

Asset Type	% of Net Assets
Purchased Options		102.76	%
Short Term Investments		0.26
Total Investments		103.02
Liabilities in Excess of Other Assets		(3.02	)
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 April 30, 2023.

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

118

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

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
IWM iShares Russell 2000 ETF	12/29/2023	$	211.92		9,927	$	(173,921,040	)	$	(1,273,733	)
										(1,273,733	)
Put Options
IWM iShares Russell 2000 ETF	12/29/2023		148.21		9,927		(173,921,040	)		(3,917,591	)
										(3,917,591	)
Total Options Written (Premiums Received $11,810,891)									$	(5,191,324	)

^(a)	Exchange-Traded.

119

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

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 104.68% ^(a)(b)
CALL OPTIONS - 97.22%
IWM iShares Russell 2000 ETF, Expires 3/28/2024, Strike Price $1.78		7,192	$	126,003,840	$	123,010,026
						123,010,026
PUT OPTIONS - 7.46%
IWM iShares Russell 2000 ETF, Expires 3/28/2024, Strike Price $178.40		7,192		126,003,840		9,438,925
						9,438,925
TOTAL PURCHASED OPTIONS (Cost $134,147,144)						132,448,951
	Principal Amount
SHORT TERM INVESTMENTS - 0.26%
Money Market Deposit Account - 0.26%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	330,479				330,479
TOTAL SHORT TERM INVESTMENTS (Cost $330,479)						330,479

Total Investments (Cost $134,477,623) - 104.94%						132,779,430
Liabilities in Excess of Other Assets - (4.94)%						(6,256,205	)
TOTAL NET ASSETS - 100.00%					$	126,523,225

Asset Type	% of Net Assets
Purchased Options		104.68	%
Short Term Investments		0.26
Total Investments		104.94
Liabilities in Excess of Other Assets		(4.94	)
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 April 30, 2023.

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

120

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

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
IWM iShares Russell 2000 ETF	3/28/2024	$	210.89		7,192	$	(126,003,840	)	$	(2,118,260	)
										(2,118,260	)
Put Options
IWM iShares Russell 2000 ETF	3/28/2024		151.64		7,192		(126,003,840	)		(4,073,837	)
										(4,073,837	)
Total Options Written (Premiums Received $7,401,545)									$	(6,192,097	)

^(a)	Exchange-Traded.

121

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

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 100.16% ^(a)(b)
CALL OPTIONS - 98.29%
IWM iShares Russell 2000 ETF, Expires 6/30/2023, Strike Price $1.69		3,940	$	69,028,800	$	68,225,158
						68,225,158
PUT OPTIONS - 1.87%
IWM iShares Russell 2000 ETF, Expires 6/30/2023, Strike Price $169.36		3,940		69,028,800		1,299,097
						1,299,097
TOTAL PURCHASED OPTIONS (Cost $71,595,507)						69,524,255
	Principal Amount
SHORT TERM INVESTMENTS - 0.26%
Money Market Deposit Account - 0.26%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	177,008				177,008
TOTAL SHORT TERM INVESTMENTS (Cost $177,008)						177,008

Total Investments (Cost $71,772,515) - 100.42%						69,701,263
Liabilities in Excess of Other Assets - (0.42)%						(290,852	)
TOTAL NET ASSETS - 100.00%					$	69,410,411

Asset Type	% of Net Assets
Purchased Options		100.16	%
Short Term Investments		0.26
Total Investments		100.42
Liabilities in Excess of Other Assets		(0.42	)
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 April 30, 2023.

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

122

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

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
IWM iShares Russell 2000 ETF	6/30/2023	$	203.25		3,940	$	(69,028,800	)	$	(26,871	)
										(26,871	)
Put Options
IWM iShares Russell 2000 ETF	6/30/2023		143.96		3,940		(69,028,800	)		(219,418	)
										(219,418	)
Total Options Written (Premiums Received $5,302,376)									$	(246,289	)

^(a)	Exchange-Traded.

123

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

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 101.27% ^(a)(b)
CALL OPTIONS - 98.25%
IWM iShares Russell 2000 ETF, Expires 9/29/2023, Strike Price $1.65		4,328	$	75,826,560	$	74,607,795
						74,607,795
PUT OPTIONS - 3.02%
IWM iShares Russell 2000 ETF, Expires 9/29/2023, Strike Price $164.92		4,328		75,826,560		2,289,253
						2,289,253
TOTAL PURCHASED OPTIONS (Cost $77,182,595)						76,897,048
	Principal Amount
SHORT TERM INVESTMENTS - 0.25%
Money Market Deposit Account - 0.25%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	187,894				187,894
TOTAL SHORT TERM INVESTMENTS (Cost $187,894)						187,894

Total Investments (Cost $77,370,489) - 101.52%						77,084,942
Liabilities in Excess of Other Assets - (1.52)%						(1,148,872	)
TOTAL NET ASSETS - 100.00%					$	75,936,070

Asset Type	% of Net Assets
Purchased Options		101.27	%
Short Term Investments		0.25
Total Investments		101.52
Liabilities in Excess of Other Assets		(1.52	)
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 April 30, 2023.

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

124

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

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
IWM iShares Russell 2000 ETF	9/29/2023	$	205.00		4,328	$	(75,826,560	)	$	(331,049	)
										(331,049	)
Put Options
IWM iShares Russell 2000 ETF	9/29/2023		140.18		4,328		(75,826,560	)		(767,960	)
										(767,960	)
Total Options Written (Premiums Received $6,554,198)									$	(1,099,009	)

^(a)	Exchange-Traded.

125

INNOVATOR DOUBLE STACKER ETF - JANUARY

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 119.32% ^(a)(b)
CALL OPTIONS - 119.32%
QQQ Investco QQQ Trust Series 1, Expires 12/29/2023, Strike Price $266.30		91	$	2,935,296	$	640,415
SPY SPDR S&P 500® Trust ETF, Expires 12/29/2023, Strike Price $3.87		63		2,620,359		2,568,141
						3,208,556
TOTAL PURCHASED OPTIONS (Cost $2,672,818)						3,208,556
	Principal Amount
SHORT TERM INVESTMENTS - 0.70%
Money Market Deposit Account - 0.70%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	18,876				18,876
TOTAL SHORT TERM INVESTMENTS (Cost $18,876)						18,876

Total Investments (Cost $2,691,694) - 120.02%						3,227,432
Liabilities in Excess of Other Assets - (20.02)%						(538,367	)
TOTAL NET ASSETS - 100.00%					$	2,689,065

Asset Type	% of Net Assets
Purchased Options		119.32	%
Short Term Investments		0.70
Total Investments		120.02
Liabilities in Excess of Other Assets		(20.02	)
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 April 30, 2023.

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

126

INNOVATOR DOUBLE STACKER ETF - JANUARY

Schedule of Options Written ^(a)

April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
QQQ Investco QQQ Trust Series 1	12/29/2023	$	299.17		91	$	(2,935,296	)	$	(405,490	)
SPY SPDR S&P 500® Trust ETF	12/29/2023		429.66		63		(2,620,359	)		(131,334	)

Total Options Written (Premiums Received $287,077)									$	(536,824	)

^(a)	Exchange-Traded.

127

INNOVATOR DOUBLE STACKER ETF - OCTOBER

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 117.55% ^(a)(b)
CALL OPTIONS - 117.55%
QQQ Investco QQQ Trust Series 1, Expires 9/29/2023, Strike Price $267.29		144	$	4,644,864	$	924,330
SPY SPDR S&P 500® Trust ETF, Expires 9/29/2023, Strike Price $3.60		108		4,492,044		4,422,125
						5,346,455
TOTAL PURCHASED OPTIONS (Cost $4,289,128)						5,346,455
	Principal Amount
SHORT TERM INVESTMENTS - 0.42%
Money Market Deposit Account - 0.42%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	18,992				18,992
TOTAL SHORT TERM INVESTMENTS (Cost $18,992)						18,992

Total Investments (Cost $4,308,120) - 117.97%						5,365,447
Liabilities in Excess of Other Assets - (17.97)%						(817,203	)
TOTAL NET ASSETS - 100.00%					$	4,548,244

Asset Type	% of Net Assets
Purchased Options		117.55	%
Short Term Investments		0.42
Total Investments		117.97
Liabilities in Excess of Other Assets		(17.97	)
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 April 30, 2023.

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

128

INNOVATOR DOUBLE STACKER ETF - OCTOBER

Schedule of Options Written ^(a)

April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
QQQ Investco QQQ Trust Series 1	9/29/2023	$	303.23		144	$	(4,644,864	)	$	(501,308	)
SPY SPDR S&P 500® Trust ETF	9/29/2023		405.26		108		(4,492,044	)		(313,158	)

Total Options Written (Premiums Received $471,501)									$	(814,466	)

^(a)	Exchange-Traded.

129

INNOVATOR TRIPLE STACKER ETF – JANUARY

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 129.19% ^(a)(b)
CALL OPTIONS - 129.19%
IWM iShares Russell 2000 ETF, Expires 12/29/2023, Strike Price $174.36		272	$	4,765,440	$	402,582
QQQ Investco QQQ Trust Series 1, Expires 12/29/2023, Strike Price $266.28		178		5,741,568		1,252,974
SPY SPDR S&P 500® Trust ETF, Expires 12/29/2023, Strike Price $3.77		124		5,157,532		5,055,942
						6,711,498
TOTAL PURCHASED OPTIONS (Cost $5,778,123)						6,711,498
	Principal Amount
SHORT TERM INVESTMENTS - 0.99%
Money Market Deposit Account - 0.99%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	51,455				51,455
TOTAL SHORT TERM INVESTMENTS (Cost $51,455)						51,455

Total Investments (Cost $5,829,578) - 130.18%						6,762,953
Liabilities in Excess of Other Assets - (30.18)%						(1,567,939	)
TOTAL NET ASSETS - 100.00%					$	5,195,014

Asset Type	% of Net Assets
Purchased Options		129.19	%
Short Term Investments		0.99
Total Investments		130.18
Liabilities in Excess of Other Assets		(30.18	)
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 April 30, 2023.

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

130

INNOVATOR TRIPLE STACKER ETF – JANUARY

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
IWM iShares Russell 2000 ETF	12/29/2023	$	187.82		272	$	(4,765,440	)	$	(208,366	)
QQQ Investco QQQ Trust Series 1	12/29/2023		286.84		178		(5,741,568	)		(958,559	)
SPY SPDR S&P 500® Trust ETF	12/29/2023		411.95		124		(5,157,532	)		(397,685	)

Total Options Written (Premiums Received $1,183,727)									$	(1,564,610	)

^(a)	Exchange-Traded.

131

INNOVATOR TRIPLE STACKER ETF – OCTOBER

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 129.37% ^(a)(b)
CALL OPTIONS - 129.37%
IWM iShares Russell 2000 ETF, Expires 9/29/2023, Strike Price $164.92		344	$	6,026,880	$	615,966
QQQ Investco QQQ Trust Series 1, Expires 9/29/2023, Strike Price $267.25		212		6,838,272		1,361,561
SPY SPDR S&P 500® Trust ETF, Expires 9/29/2023, Strike Price $3.62		159		6,613,287		6,510,042
						8,487,569
TOTAL PURCHASED OPTIONS (Cost $7,197,264)						8,487,569
	Principal Amount
SHORT TERM INVESTMENTS - 0.46%
Money Market Deposit Account - 0.46%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	29,969				29,969
TOTAL SHORT TERM INVESTMENTS (Cost $29,969)						29,969

Total Investments (Cost $7,227,233) - 129.83%						8,517,538
Liabilities in Excess of Other Assets - (29.83)%						(1,956,810	)
TOTAL NET ASSETS - 100.00%					$	6,560,728

Asset Type	% of Net Assets
Purchased Options		129.37	%
Short Term Investments		0.46
Total Investments		129.83
Liabilities in Excess of Other Assets		(29.83	)
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 April 30, 2023.

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

132

INNOVATOR TRIPLE STACKER ETF – OCTOBER

Schedule of Options Written ^(a)

April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
IWM iShares Russell 2000 ETF	9/29/2023	$	178.66		344	$	(6,026,880	)	$	(304,268	)
QQQ Investco QQQ Trust Series 1	9/29/2023		289.52		212		(6,838,272	)		(963,769	)
SPY SPDR S&P 500® Trust ETF	9/29/2023		386.93		159		(6,613,287	)		(684,784	)

Total Options Written (Premiums Received $1,510,869)									$	(1,952,821	)

^(a)	Exchange-Traded.

133

INNOVATOR DOUBLE STACKER 9 BUFFER ETF - JANUARY

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 126.15% ^(a)(b)
CALL OPTIONS - 123.25%
QQQ Investco QQQ Trust Series 1, Expires 12/29/2023, Strike Price $266.27		237	$	7,644,672	$	1,668,482
SPY SPDR S&P 500® Trust ETF, Expires 12/29/2023, Strike Price $3.78		165		6,862,845		6,727,507
						8,395,989
PUT OPTIONS - 2.90%
SPY SPDR S&P 500® Trust ETF, Expires 12/29/2023, Strike Price $382.41		165		6,862,845		197,161
						197,161
TOTAL PURCHASED OPTIONS (Cost $7,416,687)						8,593,150
	Principal Amount
SHORT TERM INVESTMENTS - 0.30%
Money Market Deposit Account - 0.30%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	20,342				20,342
TOTAL SHORT TERM INVESTMENTS (Cost $20,342)						20,342

Total Investments (Cost $7,437,029) - 126.45%						8,613,492
Liabilities in Excess of Other Assets - (26.45)%						(1,801,734	)
TOTAL NET ASSETS - 100.00%					$	6,811,758

Asset Type	% of Net Assets
Purchased Options		126.15	%
Short Term Investments		0.30
Total Investments		126.45
Liabilities in Excess of Other Assets		(26.45	)
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 April 30, 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)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
QQQ Investco QQQ Trust Series 1	12/29/2023	$	290.40		237	$	(7,644,672	)	$	(1,211,430	)
SPY SPDR S&P 500® Trust ETF	12/29/2023		417.08		165		(6,862,845	)		(472,842	)
										(1,684,272	)
Put Options
SPY SPDR S&P 500® Trust ETF	12/29/2023		348.02		165		(6,862,845	)		(112,958	)
										(112,958	)
Total Options Written (Premiums Received $1,299,788)									$	(1,797,230	)

^(a)	Exchange-Traded.

135

INNOVATOR DOUBLE STACKER 9 BUFFER ETF - OCTOBER

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 123.58% ^(a)(b)
CALL OPTIONS - 122.39%
QQQ Investco QQQ Trust Series 1, Expires 9/29/2023, Strike Price $267.26		472	$	15,224,832	$	3,030,990
SPY SPDR S&P 500® Trust ETF, Expires 9/29/2023, Strike Price $3.55		353		14,682,329		14,455,516
						17,486,506
PUT OPTIONS - 1.19%
SPY SPDR S&P 500® Trust ETF, Expires 9/29/2023, Strike Price $357.17		353		14,682,329		169,712
						169,712
TOTAL PURCHASED OPTIONS (Cost $15,123,867)						17,656,218
	Principal Amount
SHORT TERM INVESTMENTS - 0.31%
Money Market Deposit Account - 0.31%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	44,212				44,212
TOTAL SHORT TERM INVESTMENTS (Cost $44,212)						44,212

Total Investments (Cost $15,168,079) - 123.89%						17,700,430
Liabilities in Excess of Other Assets - (23.89)%						(3,413,298	)
TOTAL NET ASSETS - 100.00%					$	14,287,132

Asset Type	% of Net Assets
Purchased Options		123.58	%
Short Term Investments		0.31
Total Investments		123.89
Liabilities in Excess of Other Assets		(23.89	)
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 April 30, 2023.

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

136

INNOVATOR DOUBLE STACKER 9 BUFFER ETF - OCTOBER

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
QQQ Investco QQQ Trust Series 1	9/29/2023	$	294.25		472	$	(15,224,832	)	$	(1,968,098	)
SPY SPDR S&P 500® Trust ETF	9/29/2023		393.26		353		(14,682,329	)		(1,343,338	)
										(3,311,436	)
Put Options
SPY SPDR S&P 500® Trust ETF	9/29/2023		325.02		353		(14,682,329	)		(92,874	)
										(92,874	)
Total Options Written (Premiums Received $2,634,677)									$	(3,404,310	)

^(a)	Exchange-Traded.

137

INNOVATOR 20+ YEAR TREASURY BOND 9 BUFFER ETF - JULY

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 101.60% ^(a)(b)
CALL OPTIONS - 93.72%
TLT iShares 20+ Year Treasury Bond ETF, Expires 6/30/2023, Strike Price $1.15		5,063	$	53,900,698	$	53,103,732
						53,103,732
PUT OPTIONS - 7.88%
TLT iShares 20+ Year Treasury Bond ETF, Expires 6/30/2023, Strike Price $115.17		5,063		53,900,698		4,463,490
						4,463,490
TOTAL PURCHASED OPTIONS (Cost $57,868,615)						57,567,222
	Principal Amount
SHORT TERM INVESTMENTS - 0.27%
Money Market Deposit Account - 0.27%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	153,957				153,957
TOTAL SHORT TERM INVESTMENTS (Cost $153,957)						153,957

Total Investments (Cost $58,022,572) - 101.87%						57,721,179
Liabilities in Excess of Other Assets - (1.87)%						(1,058,644	)
TOTAL NET ASSETS - 100.00%					$	56,662,535

Asset Type	% of Net Assets
Purchased Options		101.60	%
Short Term Investments		0.27
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 April 30, 2023.

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

138

INNOVATOR 20+ YEAR TREASURY BOND 9 BUFFER ETF - JULY

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
TLT iShares 20+ Year Treasury Bond ETF	6/30/2023	$	146.27		5,063	$	(53,900,698	)	$	(14,937	)
										(14,937	)
Put Options
TLT iShares 20+ Year Treasury Bond ETF	6/30/2023		104.80		5,063		(53,900,698	)		(1,007,992	)
										(1,007,992	)
Total Options Written (Premiums Received $4,282,096)									$	(1,022,929	)

^(a)	Exchange-Traded.

139

INNOVATOR 20+ YEAR TREASURY BOND 5 FLOOR ETF – QUARTERLY

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 100.32% ^(a)(b)
CALL OPTIONS - 99.48%
TLT iShares 20+ Year Treasury Bond ETF, Expires 6/30/2023, Strike Price $0.27		744	$	7,920,624	$	7,868,402
						7,868,402
PUT OPTIONS - 0.84%
TLT iShares 20+ Year Treasury Bond ETF, Expires 6/30/2023, Strike Price $100.95		744		7,920,624		66,685
						66,685
TOTAL PURCHASED OPTIONS (Cost $7,949,683)						7,935,087

SHORT TERM INVESTMENTS - 0.14%	Principal Amount
Money Market Deposit Account - 0.14%
U.S. Bank Money Market Deposit Account, 4.800% ^(c)	$	11,357				11,357
TOTAL SHORT TERM INVESTMENTS (Cost $11,357)						11,357

Total Investments (Cost $7,961,040) - 100.46%						7,946,444
Liabilities in Excess of Other Assets - (0.46)%						(36,530	)
TOTAL NET ASSETS - 100.00%					$	7,909,914

Asset Type	% of Net Assets
Purchased Options		100.32	%
Short Term Investments		0.14
Total Investments		100.46
Liabilities in Excess of Other Assets		(0.46	)
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 April 30, 2023.

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

140

INNOVATOR 20+ YEAR TREASURY BOND 5 FLOOR ETF – QUARTERLY

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
TLT iShares 20+ Year Treasury Bond ETF	6/30/2023	$	117.93		744	$	(7,920,624	)	$	(31,627	)
Total Options Written (Premiums Received $60,242)									$	(31,627	)

^(a) Exchange-Traded.

141

INNOVATOR U.S. EQUITY ACCELERATED ETF – JANUARY

Schedule of Investments
April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 109.39% ^(a)(b)
CALL OPTIONS - 109.39%
SPY SPDR S&P 500® Trust ETF, Expires 12/29/2023, Strike Price $382.44		246	$	10,231,878	$	1,319,070
SPY SPDR S&P 500® Trust ETF, Expires 12/29/2023, Strike Price $3.85		246		10,231,878		10,028,451
						11,347,521
TOTAL PURCHASED OPTIONS (Cost $10,360,013)						11,347,521
	Principal Amount
SHORT TERM INVESTMENTS - 0.40%
Money Market Deposit Account - 0.40%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	41,348				41,348
TOTAL SHORT TERM INVESTMENTS (Cost $41,348)						41,348

Total Investments (Cost $10,401,361) - 109.79%						11,388,869
Liabilities in Excess of Other Assets - (9.79)%						(1,015,806	)
TOTAL NET ASSETS - 100.00%					$	10,373,063

Asset Type	% of Net Assets
Purchased Options		109.39	%
Short Term Investments		0.40
Total Investments		109.79
Liabilities in Excess of Other Assets		(9.79	)
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 April 30, 2023.

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

142

INNOVATOR U.S. EQUITY ACCELERATED ETF – JANUARY

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	12/29/2023	$	430.23		492	$	(20,463,756	)	$	(1,009,333	)

Total Options Written (Premiums Received $838,807)									$	(1,009,333	)

^(a)	Exchange-Traded.

143

INNOVATOR U.S. EQUITY ACCELERATED ETF – APRIL

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 106.89% ^(a)(b)
CALL OPTIONS - 106.89%
SPY SPDR S&P 500® Trust ETF, Expires 3/28/2024, Strike Price $409.40		97	$	4,034,521	$	393,566
SPY SPDR S&P 500® Trust ETF, Expires 3/28/2024, Strike Price $4.12		97		4,034,521		3,941,402
						4,334,968
TOTAL PURCHASED OPTIONS (Cost $4,237,458)						4,334,968
	Principal Amount
SHORT TERM INVESTMENTS - 1.11%
Money Market Deposit Account - 1.11%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	44,980				44,980
TOTAL SHORT TERM INVESTMENTS (Cost $44,980)						44,980

Total Investments (Cost $4,282,438) - 108.00%						4,379,948
Liabilities in Excess of Other Assets - (8.00)%						(324,482	)
TOTAL NET ASSETS - 100.00%					$	4,055,466

Asset Type	% of Net Assets
Purchased Options		106.89	%
Short Term Investments		1.11
Total Investments		108.00
Liabilities in Excess of Other Assets		(8.00	)
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 April 30, 2023.

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

144

INNOVATOR U.S. EQUITY ACCELERATED ETF – APRIL

Schedule of Options Written ^(a)

April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	3/28/2024	$	449.88		194	$	(8,069,042	)	$	(322,595	)

Total Options Written (Premiums Received $307,215)									$	(322,595	)

^(a)	Exchange-Traded.

145

INNOVATOR U.S. EQUITY ACCELERATED ETF – JULY

Schedule of Investments
April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 101.48% ^(a)(b)
CALL OPTIONS - 101.48%
SPY SPDR S&P 500® Trust ETF, Expires 6/30/2023, Strike Price $377.24		59	$	2,453,987	$	253,539
SPY SPDR S&P 500® Trust ETF, Expires 6/30/2023, Strike Price $3.74		59		2,453,987		2,424,164
						2,677,703
TOTAL PURCHASED OPTIONS (Cost $2,493,627)						2,677,703
	Principal Amount
SHORT TERM INVESTMENTS - 1.24%
Money Market Deposit Account - 1.24%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	32,736				32,736
TOTAL SHORT TERM INVESTMENTS (Cost $32,736)						32,736

Total Investments (Cost $2,526,363) - 102.72%						2,710,439
Liabilities in Excess of Other Assets - (2.72)%						(71,797	)
TOTAL NET ASSETS - 100.00%					$	2,638,642

Asset Type	% of Net Assets
Purchased Options		101.48	%
Short Term Investments		1.24
Total Investments		102.72
Liabilities in Excess of Other Assets		(2.72	)
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 April 30, 2023.

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

146

INNOVATOR U.S. EQUITY ACCELERATED ETF – JULY

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	6/30/2023	$	424.86		118	$	(4,907,974	)	$	(70,246	)

Total Options Written (Premiums Received $197,988)									$	(70,246	)

^(a)	Exchange-Traded.

147

INNOVATOR U.S. EQUITY ACCELERATED ETF – OCTOBER

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 113.29% ^(a)(b)
CALL OPTIONS - 113.29%
SPY SPDR S&P 500® Trust ETF, Expires 9/29/2023, Strike Price $357.17		961	$	39,970,873	$	6,558,921
SPY SPDR S&P 500® Trust ETF, Expires 9/29/2023, Strike Price $3.61		961		39,970,873		39,347,789
						45,906,710
TOTAL PURCHASED OPTIONS (Cost $37,517,500)						45,906,710
	Principal Amount
SHORT TERM INVESTMENTS - 0.23%
Money Market Deposit Account - 0.23%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	93,797				93,797
TOTAL SHORT TERM INVESTMENTS (Cost $93,797)						93,797

Total Investments (Cost $37,611,297) - 113.52%						46,000,507
Liabilities in Excess of Other Assets - (13.52)%						(5,480,100	)
TOTAL NET ASSETS - 100.00%					$	40,520,407

Asset Type	% of Net Assets
Purchased Options		113.29	%
Short Term Investments		0.23
Total Investments		113.52
Liabilities in Excess of Other Assets		(13.52	)
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 April 30, 2023.

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

148

INNOVATOR U.S. EQUITY ACCELERATED ETF – OCTOBER

Schedule of Options Written ^(a)

April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	9/29/2023	$	406.11		1,922	$	(79,941,746	)	$	(5,454,636	)

Total Options Written (Premiums Received $3,403,508)									$	(5,454,636	)

^(a)	Exchange-Traded.

149

INNOVATOR U.S. EQUITY ACCELERATED PLUS ETF – JANUARY

Schedule of Investments
April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 122.66% ^(a)(b)
CALL OPTIONS - 122.66%
SPY SPDR S&P 500® Trust ETF, Expires 12/29/2023, Strike Price $382.42		544	$	22,626,592	$	2,917,809
SPY SPDR S&P 500® Trust ETF, Expires 12/29/2023, Strike Price $3.79		272		11,313,296		11,089,933
						14,007,742
TOTAL PURCHASED OPTIONS (Cost $12,582,606)						14,007,742
	Principal Amount
SHORT TERM INVESTMENTS - 0.33%
Money Market Deposit Account - 0.33%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	37,798				37,798
TOTAL SHORT TERM INVESTMENTS (Cost $37,798)						37,798

Total Investments (Cost $12,620,404) - 122.99%						14,045,540
Liabilities in Excess of Other Assets - (22.99)%						(2,625,936	)
TOTAL NET ASSETS - 100.00%					$	11,419,604

Asset Type	% of Net Assets
Purchased Options		122.66	%
Short Term Investments		0.33
Total Investments		122.99
Liabilities in Excess of Other Assets		(22.99	)
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 April 30, 2023.

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

150

INNOVATOR U.S. EQUITY ACCELERATED PLUS ETF – JANUARY

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	12/29/2023	$	411.92		816	$	(33,939,888	)	$	(2,618,683	)

Total Options Written (Premiums Received $2,092,774)									$	(2,618,683	)

^(a)	Exchange-Traded.

151

INNOVATOR U.S. EQUITY ACCELERATED PLUS ETF – APRIL

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 117.64% ^(a)(b)
CALL OPTIONS - 117.64%
SPY SPDR S&P 500® Trust ETF, Expires 3/28/2024, Strike Price $409.38		194	$	8,069,042	$	787,393
SPY SPDR S&P 500® Trust ETF, Expires 3/28/2024, Strike Price $4.06		97		4,034,521		3,941,957
						4,729,350
TOTAL PURCHASED OPTIONS (Cost $4,632,981)						4,729,350
	Principal Amount
SHORT TERM INVESTMENTS - 0.29%
Money Market Deposit Account - 0.29%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	11,528				11,528
TOTAL SHORT TERM INVESTMENTS (Cost $11,528)						11,528

Total Investments (Cost $4,644,509) - 117.93%						4,740,878
Liabilities in Excess of Other Assets - (17.93)%						(720,762	)
TOTAL NET ASSETS - 100.00%					$	4,020,116

Asset Type	% of Net Assets
Purchased Options		117.64	%
Short Term Investments		0.29
Total Investments		117.93
Liabilities in Excess of Other Assets		(17.93	)
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 April 30, 2023.

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

152

INNOVATOR U.S. EQUITY ACCELERATED PLUS ETF – APRIL

Schedule of Options Written ^(a)

April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	3/28/2024	$	434.69		291	$	(12,103,563	)	$	(718,968	)

Total Options Written (Premiums Received $689,291)									$	(718,968	)

^(a)	Exchange-Traded.

153

INNOVATOR U.S. EQUITY ACCELERATED PLUS ETF – JULY

Schedule of Investments
April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 112.16% ^(a)(b)
CALL OPTIONS - 112.16%
SPY SPDR S&P 500® Trust ETF, Expires 6/30/2023, Strike Price $377.25		536	$	22,293,848	$	2,302,843
SPY SPDR S&P 500® Trust ETF, Expires 6/30/2023, Strike Price $3.75		268		11,146,924		11,011,193
						13,314,036
TOTAL PURCHASED OPTIONS (Cost $12,426,150)						13,314,036
	Principal Amount
SHORT TERM INVESTMENTS - 0.14%
Money Market Deposit Account - 0.14%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	17,204				17,204
TOTAL SHORT TERM INVESTMENTS (Cost $17,204)						17,204

Total Investments (Cost $12,443,354) - 112.30%						13,331,240
Liabilities in Excess of Other Assets - (12.30)%						(1,461,047	)
TOTAL NET ASSETS - 100.00%					$	11,870,193

Asset Type	% of Net Assets
Purchased Options		112.16	%
Short Term Investments		0.14
Total Investments		112.30
Liabilities in Excess of Other Assets		(12.30	)
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 April 30, 2023.

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

154

INNOVATOR U.S. EQUITY ACCELERATED PLUS ETF – JULY

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	6/30/2023	$	406.41		804	$	(33,440,772	)	$	(1,453,455	)

Total Options Written (Premiums Received $2,013,551)									$	(1,453,455	)

^(a)	Exchange-Traded.

155

INNOVATOR U.S. EQUITY ACCELERATED PLUS ETF – OCTOBER

Schedule of Investments
April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 130.74% ^(a)(b)
CALL OPTIONS - 130.74%
SPY SPDR S&P 500® Trust ETF, Expires 9/29/2023, Strike Price $357.18		1,030	$	42,840,790	$	7,028,947
SPY SPDR S&P 500® Trust ETF, Expires 9/29/2023, Strike Price $3.53		515		21,420,395		21,090,497
						28,119,444
TOTAL PURCHASED OPTIONS (Cost $23,924,072)						28,119,444
	Principal Amount
SHORT TERM INVESTMENTS - 0.28%
Money Market Deposit Account - 0.28%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	59,184				59,184
TOTAL SHORT TERM INVESTMENTS (Cost $59,184)						59,184

Total Investments (Cost $23,983,256) - 131.02%						28,178,628
Liabilities in Excess of Other Assets - (31.02)%						(6,671,206	)
TOTAL NET ASSETS - 100.00%					$	21,507,422

Asset Type	% of Net Assets
Purchased Options		130.74	%
Short Term Investments		0.28
Total Investments		131.02
Liabilities in Excess of Other Assets		(31.02	)
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 April 30, 2023.

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

156

INNOVATOR U.S. EQUITY ACCELERATED PLUS ETF – OCTOBER

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	9/29/2023	$	386.90		1,545	$	(64,261,185	)	$	(6,657,760	)

Total Options Written (Premiums Received $4,912,424)									$	(6,657,760	)

^(a)	Exchange-Traded.

157

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

Schedule of Investments
April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 115.39% ^(a)(b)
CALL OPTIONS - 112.48%
SPY SPDR S&P 500® Trust ETF, Expires 12/29/2023, Strike Price $382.43		1,484	$	61,724,012	$	7,958,455
SPY SPDR S&P 500® Trust ETF, Expires 12/29/2023, Strike Price $3.80		1,484		61,724,012		60,503,942
						68,462,397
PUT OPTIONS - 2.91%
SPY SPDR S&P 500® Trust ETF, Expires 12/29/2023, Strike Price $382.42		1,484		61,724,012		1,773,528
						1,773,528
TOTAL PURCHASED OPTIONS (Cost $66,903,866)						70,235,925
	Principal Amount
SHORT TERM INVESTMENTS - 0.27%
Money Market Deposit Account - 0.27%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	165,000				165,000
TOTAL SHORT TERM INVESTMENTS (Cost $165,000)						165,000

Total Investments (Cost $67,068,866) - 115.66%						70,400,925
Liabilities in Excess of Other Assets - (15.66)%						(9,529,959	)
TOTAL NET ASSETS - 100.00%					$	60,870,966

Asset Type	% of Net Assets
Purchased Options		115.39	%
Short Term Investments		0.27
Total Investments		115.66
Liabilities in Excess of Other Assets		(15.66	)
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 April 30, 2023.

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

158

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

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	12/29/2023	$	417.23		2,968	$	(123,448,024	)	$	(8,476,341	)
										(8,476,341	)
Put Options
SPY SPDR S&P 500® Trust ETF	12/29/2023		348.00		1,484		(61,724,012	)		(1,015,590	)
										(1,015,590	)
Total Options Written (Premiums Received $9,405,318)									$	(9,491,931	)

^(a)	Exchange-Traded.

159

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

Schedule of Investments
April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 113.66% ^(a)(b)
CALL OPTIONS - 108.40%
SPY SPDR S&P 500® Trust ETF, Expires 3/28/2024, Strike Price $409.39		1,281	$	53,280,633	$	5,198,375
SPY SPDR S&P 500® Trust ETF, Expires 3/28/2024, Strike Price $4.07		1,281		53,280,633		52,056,983
						57,255,358
PUT OPTIONS - 5.26%
SPY SPDR S&P 500® Trust ETF, Expires 3/28/2024, Strike Price $409.38		1,281		53,280,633		2,779,245
						2,779,245
TOTAL PURCHASED OPTIONS (Cost $59,391,634)						60,034,603
	Principal Amount
SHORT TERM INVESTMENTS - 0.29%
Money Market Deposit Account - 0.29%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	153,945				153,945
TOTAL SHORT TERM INVESTMENTS (Cost $153,945)						153,945

Total Investments (Cost $59,545,579) - 113.95%						60,188,548
Liabilities in Excess of Other Assets - (13.95)%						(7,371,015	)
TOTAL NET ASSETS - 100.00%					$	52,817,533

Asset Type	% of Net Assets
Purchased Options		113.66	%
Short Term Investments		0.29
Total Investments		113.95
Liabilities in Excess of Other Assets		(13.95	)
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 April 30, 2023.

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

160

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

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	3/28/2024	$	439.40		2,562	$	(106,561,266	)	$	(5,651,081	)
										(5,651,081	)
Put Options
SPY SPDR S&P 500® Trust ETF	3/28/2024		372.53		1,281		(53,280,633	)		(1,692,585	)
										(1,692,585	)
Total Options Written (Premiums Received $7,385,259)									$	(7,343,666	)

^(a)	Exchange-Traded.

161

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

Schedule of Investments
April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 107.07% ^(a)(b)
CALL OPTIONS - 106.53%
SPY SPDR S&P 500® Trust ETF, Expires 6/30/2023, Strike Price $377.26		787	$	32,733,691	$	3,380,511
SPY SPDR S&P 500® Trust ETF, Expires 6/30/2023, Strike Price $3.80		787		32,733,691		32,331,211
						35,711,722
PUT OPTIONS - 0.54%
SPY SPDR S&P 500® Trust ETF, Expires 6/30/2023, Strike Price $377.27		787		32,733,691		181,703
						181,703
TOTAL PURCHASED OPTIONS (Cost $37,553,807)						35,893,425
	Principal Amount
SHORT TERM INVESTMENTS - 0.29%
Money Market Deposit Account - 0.29%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	97,042				97,042
TOTAL SHORT TERM INVESTMENTS (Cost $97,042)						97,042

Total Investments (Cost $37,650,849) - 107.36%						35,990,467
Liabilities in Excess of Other Assets - (7.36)%						(2,469,857	)
TOTAL NET ASSETS - 100.00%					$	33,520,610

Asset Type	% of Net Assets
Purchased Options		107.07	%
Short Term Investments		0.29
Total Investments		107.36
Liabilities in Excess of Other Assets		(7.36	)
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 April 30, 2023.

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

162

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

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	6/30/2023	$	410.30		1,574	$	(65,467,382	)	$	(2,384,862	)
										(2,384,862	)
Put Options
SPY SPDR S&P 500® Trust ETF	6/30/2023		343.31		787		(32,733,691	)		(63,936	)
										(63,936	)
Total Options Written (Premiums Received $4,962,288)									$	(2,448,798	)

^(a)	Exchange-Traded.

163

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

Schedule of Investments
April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 119.43% ^(a)(b)
CALL OPTIONS - 118.24%
SPY SPDR S&P 500® Trust ETF, Expires 9/29/2023, Strike Price $357.19		1,234	$	51,325,762	$	8,419,989
SPY SPDR S&P 500® Trust ETF, Expires 9/29/2023, Strike Price $3.54		1,234		51,325,762		50,534,089
						58,954,078
PUT OPTIONS - 1.19%
SPY SPDR S&P 500® Trust ETF, Expires 9/29/2023, Strike Price $357.20		1,234		51,325,762		593,628
						593,628
TOTAL PURCHASED OPTIONS (Cost $53,837,640)						59,547,706
	Principal Amount
SHORT TERM INVESTMENTS - 0.26%
Money Market Deposit Account - 0.26%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	131,520				131,520
TOTAL SHORT TERM INVESTMENTS (Cost $131,520)						131,520

Total Investments (Cost $53,969,160) - 119.69%						59,679,226
Liabilities in Excess of Other Assets - (19.69)%						(9,817,270	)
TOTAL NET ASSETS - 100.00%					$	49,861,956

Asset Type	% of Net Assets
Purchased Options		119.43	%
Short Term Investments		0.26
Total Investments		119.69
Liabilities in Excess of Other Assets		(19.69	)
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 April 30, 2023.

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

164

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

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	9/29/2023	$	392.90		2,468	$	(102,651,524	)	$	(9,461,325	)
										(9,461,325	)
Put Options
SPY SPDR S&P 500® Trust ETF	9/29/2023		325.04		1,234		(51,325,762	)		(324,776	)
										(324,776	)
Total Options Written (Premiums Received $9,047,200)									$	(9,786,101	)

^(a)	Exchange-Traded.

165

INNOVATOR GROWTH ACCELERATED PLUS ETF – JANUARY

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 150.55% ^(a)(b)
CALL OPTIONS - 150.55%
QQQ Investco QQQ Trust Series 1, Expires 12/29/2023, Strike Price $266.29		2,164	$	69,801,984	$	15,230,989
QQQ Investco QQQ Trust Series 1, Expires 12/29/2023, Strike Price $2.67		1,082		34,900,992		34,453,791
						49,684,780
TOTAL PURCHASED OPTIONS (Cost $40,369,683)						49,684,780
	Principal Amount
SHORT TERM INVESTMENTS - 0.32%
Money Market Deposit Account - 0.32%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	106,688				106,688
TOTAL SHORT TERM INVESTMENTS (Cost $106,688)						106,688

Total Investments (Cost $40,476,371) - 150.87%						49,791,468
Liabilities in Excess of Other Assets - (50.87)%						(16,788,424	)
TOTAL NET ASSETS - 100.00%					$	33,003,044

Asset Type	% of Net Assets
Purchased Options		150.55	%
Short Term Investments		0.32
Total Investments		150.87
Liabilities in Excess of Other Assets		(50.87	)
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 April 30, 2023.

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

166

INNOVATOR GROWTH ACCELERATED PLUS ETF – JANUARY

Schedule of Options Written ^(a)

April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
QQQ Investco QQQ Trust Series 1	12/29/2023	$	289.69		3,246	$	(104,702,976	)	$	(16,768,057	)

Total Options Written (Premiums Received $10,048,680)									$	(16,768,057	)

^(a)	Exchange-Traded.

167

INNOVATOR GROWTH ACCELERATED PLUS ETF – APRIL

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 120.58% ^(a)(b)
CALL OPTIONS - 120.58%
QQQ Investco QQQ Trust Series 1, Expires 3/28/2024, Strike Price $320.94		592	$	19,095,552	$	2,103,790
QQQ Investco QQQ Trust Series 1, Expires 3/28/2024, Strike Price $3.22		296		9,547,776		9,400,877
						11,504,667
TOTAL PURCHASED OPTIONS (Cost $11,297,745)						11,504,667
	Principal Amount
SHORT TERM INVESTMENTS - 0.34%
Money Market Deposit Account - 0.34%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	32,893				32,893
TOTAL SHORT TERM INVESTMENTS (Cost $32,893)						32,893

Total Investments (Cost $11,330,638) - 120.92%						11,537,560
Liabilities in Excess of Other Assets - (20.92)%						(1,996,498	)
TOTAL NET ASSETS - 100.00%					$	9,541,062

Asset Type	% of Net Assets
Purchased Options		120.58	%
Short Term Investments		0.34
Total Investments		120.92
Liabilities in Excess of Other Assets		(20.92	)
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 April 30, 2023.

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

168

INNOVATOR GROWTH ACCELERATED PLUS ETF – APRIL

Schedule of Options Written ^(a)

April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
QQQ Investco QQQ Trust Series 1	3/28/2024	$	344.23		888	$	(28,643,328	)	$	(1,993,401	)

Total Options Written (Premiums Received $1,920,531)									$	(1,993,401	)

^(a)	Exchange-Traded.

169

INNOVATOR GROWTH ACCELERATED PLUS ETF – JULY

Schedule of Investments
April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 121.12% ^(a)(b)
CALL OPTIONS - 121.12%
QQQ Investco QQQ Trust Series 1, Expires 6/30/2023, Strike Price $280.28		462	$	14,902,272	$	2,125,311
QQQ Investco QQQ Trust Series 1, Expires 6/30/2023, Strike Price $2.81		231		7,451,136		7,376,992
						9,502,303
TOTAL PURCHASED OPTIONS (Cost $9,259,148)						9,502,303
	Principal Amount
SHORT TERM INVESTMENTS - 0.55%
Money Market Deposit Account - 0.55%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	43,056				43,056
TOTAL SHORT TERM INVESTMENTS (Cost $43,056)						43,056

Total Investments (Cost $9,302,204) - 121.67%						9,545,359
Liabilities in Excess of Other Assets - (21.67)%						(1,700,201	)
TOTAL NET ASSETS - 100.00%					$	7,845,158

Asset Type	% of Net Assets
Purchased Options		121.12	%
Short Term Investments		0.55
Total Investments		121.67
Liabilities in Excess of Other Assets		(21.67	)
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 April 30, 2023.

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

170

INNOVATOR GROWTH ACCELERATED PLUS ETF – JULY

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
QQQ Investco QQQ Trust Series 1	6/30/2023	$	304.97		693	$	(22,353,408	)	$	(1,694,940	)

Total Options Written (Premiums Received $1,470,939)									$	(1,694,940	)

^(a)	Exchange-Traded.

171

INNOVATOR GROWTH ACCELERATED PLUS ETF – OCTOBER

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 139.79% ^(a)(b)
CALL OPTIONS - 139.79%
QQQ Investco QQQ Trust Series 1, Expires 9/29/2023, Strike Price $267.27		778	$	25,095,168	$	4,995,312
QQQ Investco QQQ Trust Series 1, Expires 9/29/2023, Strike Price $2.68		389		12,547,584		12,408,377
						17,403,689
TOTAL PURCHASED OPTIONS (Cost $13,588,866)						17,403,689
	Principal Amount
SHORT TERM INVESTMENTS - 0.15%
Money Market Deposit Account - 0.15%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	18,513				18,513
TOTAL SHORT TERM INVESTMENTS (Cost $18,513)						18,513

Total Investments (Cost $13,607,379) - 139.94%						17,422,202
Liabilities in Excess of Other Assets - (39.94)%						(4,972,279	)
TOTAL NET ASSETS - 100.00%					$	12,449,923

Asset Type	% of Net Assets
Purchased Options		139.79	%
Short Term Investments		0.15
Total Investments		139.94
Liabilities in Excess of Other Assets		(39.94	)
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 April 30, 2023.

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

172

INNOVATOR GROWTH ACCELERATED PLUS ETF – OCTOBER

Schedule of Options Written ^(a)

April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
QQQ Investco QQQ Trust Series 1	9/29/2023	$	293.18		1,167	$	(37,642,752	)	$	(4,964,488	)

Total Options Written (Premiums Received $2,890,056)									$	(4,964,488	)

^(a)	Exchange-Traded.

173

INNOVATOR DEFINED WEALTH SHIELD ETF

Schedule of Investments
April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 102.12% ^(a)(b)
CALL OPTIONS - 100.42%
SPY SPDR S&P 500® Trust ETF, Expires 6/30/2023, Strike Price $1.02		9,180	$	381,823,740	$	379,654,506
						379,654,506
PUT OPTIONS - 1.70%
SPY SPDR S&P 500® Trust ETF, Expires 6/30/2023, Strike Price $409.39		9,180		381,823,740		6,447,114
						6,447,114
TOTAL PURCHASED OPTIONS (Cost $385,383,575)						386,101,620
	Principal Amount
SHORT TERM INVESTMENTS - 0.14%
Money Market Deposit Account - 0.14%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	513,208				513,208
TOTAL SHORT TERM INVESTMENTS (Cost $513,208)						513,208

Total Investments (Cost $385,896,783) - 102.26%						386,614,828
Liabilities in Excess of Other Assets - (2.26)%						(8,558,382	)
TOTAL NET ASSETS - 100.00%					$	378,056,446

Asset Type	% of Net Assets
Purchased Options		102.12	%
Short Term Investments		0.14
Total Investments		102.26
Liabilities in Excess of Other Assets		(2.26	)
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 April 30, 2023.

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

174

INNOVATOR DEFINED WEALTH SHIELD ETF

Schedule of Options Written ^(a)

April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	6/30/2023	$	420.12		9,180	$	(381,823,740	)	$	(7,847,890	)
										(7,847,890	)
Put Options
SPY SPDR S&P 500® Trust ETF	6/30/2023		327.51		9,180		(381,823,740	)		(507,379	)
										(507,379	)
Total Options Written (Premiums Received $10,402,893)									$	(8,355,269	)

^(a)	Exchange-Traded.

175

INNOVATOR U.S. EQUITY ACCELERATED ETF – QUARTERLY

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 102.45% ^(a)(b)
CALL OPTIONS - 102.45%
SPY SPDR S&P 500® Trust ETF, Expires 6/30/2023, Strike Price $409.39		487	$	20,255,791	$	770,590
SPY SPDR S&P 500® Trust ETF, Expires 6/30/2023, Strike Price $1.04		487		20,255,791		20,139,748
						20,910,338
TOTAL PURCHASED OPTIONS (Cost $20,590,603)						20,910,338
	Principal Amount
SHORT TERM INVESTMENTS - 0.18%
Money Market Deposit Account - 0.18%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	37,276				37,276
TOTAL SHORT TERM INVESTMENTS (Cost $37,276)						37,276

Total Investments (Cost $20,627,879) - 102.63%						20,947,614
Liabilities in Excess of Other Assets - (2.63)%						(535,873	)
TOTAL NET ASSETS - 100.00%					$	20,411,741

Asset Type	% of Net Assets
Purchased Options		102.45	%
Short Term Investments		0.18
Total Investments		102.63
Liabilities in Excess of Other Assets		(2.63	)
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 April 30, 2023.

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

176

INNOVATOR U.S. EQUITY ACCELERATED ETF – QUARTERLY

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	6/30/2023	$	426.05		974	$	(40,511,582	)	$	(524,294	)

Total Options Written (Premiums Received $690,181)									$	(524,294	)

^(a)	Exchange-Traded.

177

INNOVATOR GROWTH ACCELERATED ETF – QUARTERLY

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 102.48% ^(a)(b)
CALL OPTIONS - 102.48%
QQQ Investco QQQ Trust Series 1, Expires 6/30/2023, Strike Price $320.93		337	$	10,870,272	$	429,574
QQQ Investco QQQ Trust Series 1, Expires 6/30/2023, Strike Price $0.80		337		10,870,272		10,829,242
						11,258,816
TOTAL PURCHASED OPTIONS (Cost $11,317,568)						11,258,816
	Principal Amount
SHORT TERM INVESTMENTS - 0.34%
Money Market Deposit Account - 0.34%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	37,761				37,761
TOTAL SHORT TERM INVESTMENTS (Cost $37,761)						37,761

Total Investments (Cost $11,355,329) - 102.82%						11,296,577
Liabilities in Excess of Other Assets - (2.82)%						(310,571	)
TOTAL NET ASSETS - 100.00%					$	10,986,006

Asset Type	% of Net Assets
Purchased Options		102.48	%
Short Term Investments		0.34
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 April 30, 2023.

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

178

INNOVATOR GROWTH ACCELERATED ETF – QUARTERLY

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
QQQ Investco QQQ Trust Series 1	6/30/2023	$	337.14		674	$	(21,740,544	)	$	(303,934	)

Total Options Written (Premiums Received $529,224)									$	(303,934	)

^(a)	Exchange-Traded.

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

179

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

April 30, 2023 (Unaudited)

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.

180

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 - October

$	209,760,592	$	233,259,159		$	111,439,635	$	114,192,835
	1,596		1,328			801		771
	36,360		–			36,045		–
	141		205			228		100
	209,798,689		233,260,692			111,476,709		114,193,706


	5,411,768		8,147,032			1,357,840		8,882,047
	143,961		115,687			77,776		73,666
	945		–			444		–
	5,556,674		8,262,719			1,436,060		8,955,713
$	204,242,015	$	224,997,973		$	110,040,649	$	105,237,993


$	199,683,594	$	228,013,145		$	96,602,224	$	89,883,329
	4,558,421		(3,015,172	)		13,438,425		15,354,664
$	204,242,015	$	224,997,973		$	110,040,649	$	105,237,993


$	204,242,015	$	224,997,973		$	110,040,649	$	105,237,993
	7,050,000		9,075,000			4,225,000		4,100,000
$	28.97	$	24.79		$	26.05	$	25.67

$	200,620,373	$	231,005,928		$	96,852,505	$	93,501,551
	7,545,581		8,122,386			4,931,018		4,714,655

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

181

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

April 30, 2023 (Unaudited)

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.

182

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

$	118,363,863		$	53,476,182		$	91,707,353		$	31,125,126
	778			304			612			182
	99			150			202			104
	118,364,740			53,476,636			91,708,167			31,125,412


	2,588,410			2,599,640			464,656			433,901
	84,492			33,553			65,994			22,726
	2,672,902			2,633,193			530,650			456,627
$	115,691,838		$	50,843,443		$	91,177,517		$	30,668,785


$	124,043,493		$	56,686,277		$	102,756,016		$	29,025,190
	(8,351,655	)		(5,842,834	)		(11,578,499	)		1,643,595
$	115,691,838		$	50,843,443		$	91,177,517		$	30,668,785


$	115,691,838		$	50,843,443		$	91,177,517		$	30,668,785
	4,125,000			2,100,000			3,950,000			1,325,000
$	28.05		$	24.21		$	23.08		$	23.15

$	119,492,551		$	53,623,447		$	94,891,213		$	29,270,128
	5,193,440			2,499,033			4,154,106			1,655,798

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

183

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

April 30, 2023 (Unaudited)

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.

184

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

$	104,843,623		$	118,315,469		$	77,906,400		$	90,809,186
	854			862			743			790
	64,987			–			–			–
	186			202			265			99
	104,909,650			118,316,533			77,907,408			90,810,075


	9,933,700			6,733,361			1,289,449			5,232,824
	61,344			57,330			51,873			56,518
	6,177			–			–			–
	10,001,221			6,790,691			1,341,322			5,289,342
$	94,908,429		$	111,525,842		$	76,566,086		$	85,520,733


$	119,440,222		$	113,281,901		$	77,915,743		$	81,047,217
	(24,531,793	)		(1,756,059	)		(1,349,657	)		4,473,516
$	94,908,429		$	111,525,842		$	76,566,086		$	85,520,733


$	94,908,429		$	111,525,842		$	76,566,086		$	85,520,733
	2,475,000			2,850,000			1,575,000			2,155,000
$	38.35		$	39.13		$	48.61		$	39.68

$	91,814,719		$	118,161,385		$	72,512,060		$	81,496,880
	7,239,184			7,584,049			7,226,352			7,111,460

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

185

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

April 30, 2023 (Unaudited)

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.

186

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

$	180,797,599		$	132,779,430		$	69,701,263		$	77,084,942
	1,756			1,009			677			763
	173			204			197			101
	180,799,528			132,780,643			69,702,137			77,085,806


	5,191,324			6,192,097			246,289			1,099,009
	112,923			65,321			45,437			50,727
	5,304,247			6,257,418			291,726			1,149,736
$	175,495,281		$	126,523,225		$	69,410,411		$	75,936,070


$	192,472,590		$	135,411,443		$	85,124,068		$	76,676,795
	(16,977,309	)		(8,888,218	)		(15,713,657	)		(740,725	)
$	175,495,281		$	126,523,225		$	69,410,411		$	75,936,070


$	175,495,281		$	126,523,225		$	69,410,411		$	75,936,070
	5,750,000			4,800,000			2,850,000			2,950,000
$	30.52		$	26.36		$	24.35		$	25.74

$	187,025,003		$	134,477,623		$	71,772,515		$	77,370,489
	11,810,891			7,401,545			5,302,376			6,554,198

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

187

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

April 30, 2023 (Unaudited)

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.

188

INNOVATOR ETFs TRUST

Innovator Double Stacker ETF - January			Innovator Double Stacker ETF - October			Innovator Triple Stacker ETF - January			Innovator Triple Stacker ETF - October

$	3,227,432		$	5,365,447		$	6,762,953		$	8,517,538
	74			77			125			121
	105			101			106			108
	3,227,611			5,365,625			6,763,184			8,517,767


	536,824			814,466			1,564,610			1,952,821
	1,722			2,915			3,560			4,218
	538,546			817,381			1,568,170			1,957,039
$	2,689,065		$	4,548,244		$	5,195,014		$	6,560,728


$	4,387,311		$	10,582,490		$	17,480,798		$	15,382,747
	(1,698,246	)		(6,034,246	)		(12,285,784	)		(8,822,019	)
$	2,689,065		$	4,548,244		$	5,195,014		$	6,560,728


$	2,689,065		$	4,548,244		$	5,195,014		$	6,560,728
	100,000			150,000			200,000			225,000
$	26.89		$	30.32		$	25.98		$	29.16

$	2,691,694		$	4,308,120		$	5,829,578		$	7,227,233
	287,077			471,501			1,183,727			1,510,869

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

189

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

April 30, 2023 (Unaudited)

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.

190

INNOVATOR ETFs TRUST

Innovator Double Stacker 9 Buffer ETF - January			Innovator Double Stacker 9 Buffer ETF - October			Innovator 20+ Year Treasury Bond 9 Buffer ETF - July		Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly

$	8,613,492		$	17,700,430		$	57,721,179	$	7,946,444
	89			98			565		49
	48			102			103		204
	8,613,629			17,700,630			57,721,847		7,946,697


	1,797,230			3,404,310			1,022,929		31,627
	4,641			9,188			36,383		5,156
	1,801,871			3,413,498			1,059,312		36,783
$	6,811,758		$	14,287,132		$	56,662,535	$	7,909,914


$	11,708,006		$	28,704,511		$	55,881,082	$	9,697,143
	(4,896,248	)		(14,417,379	)		781,453		(1,787,229	)
$	6,811,758		$	14,287,132		$	56,662,535	$	7,909,914


$	6,811,758		$	14,287,132		$	56,662,535	$	7,909,914
	250,000			475,000			2,750,000		375,000
$	27.25		$	30.08		$	20.60	$	21.09

$	7,437,029		$	15,168,079		$	58,022,572	$	7,961,040
	1,299,788			2,634,677			4,282,096		60,242

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

191

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

April 30, 2023 (Unaudited)

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.

192

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

$	11,388,869	$	4,379,948		$	2,710,439		$	46,000,507
	167		128			126			403
	–		204			2			100
	11,389,036		4,380,280			2,710,567			46,001,010


	1,009,333		322,595			70,246			5,454,636
	6,640		2,219			1,679			25,967
	1,015,973		324,814			71,925			5,480,603
$	10,373,063	$	4,055,466		$	2,638,642		$	40,520,407


$	10,336,600	$	4,452,301		$	3,700,077		$	41,903,987
	36,463		(396,835	)		(1,061,435	)		(1,383,580	)
$	10,373,063	$	4,055,466		$	2,638,642		$	40,520,407


$	10,373,063	$	4,055,466		$	2,638,642		$	40,520,407
	475,000		150,000			100,000			1,725,000
$	21.84	$	27.04		$	26.39		$	23.49

$	10,401,361	$	4,282,438		$	2,526,363		$	37,611,297
	838,807		307,215			197,988			3,403,508

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

193

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

April 30, 2023 (Unaudited)

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.

194

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

$	14,045,540		$	4,740,878		$	13,331,240		$	28,178,628
	65			133			134			249
	–			205			13			107
	14,045,605			4,741,216			13,331,387			28,178,984


	2,618,683			718,968			1,453,455			6,657,760
	7,318			2,132			7,739			13,802
	2,626,001			721,100			1,461,194			6,671,562
$	11,419,604		$	4,020,116		$	11,870,193		$	21,507,422


$	11,829,690		$	5,741,211		$	15,202,301		$	20,435,681
	(410,086	)		(1,721,095	)		(3,332,108	)		1,071,741
$	11,419,604		$	4,020,116		$	11,870,193		$	21,507,422


$	11,419,604		$	4,020,116		$	11,870,193		$	21,507,422
	525,000			150,000			450,000			925,000
$	21.75		$	26.80		$	26.38		$	23.25

$	12,620,404		$	4,644,509		$	12,443,354		$	23,983,256
	2,092,774			689,291			2,013,551			4,912,424

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

195

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

April 30, 2023 (Unaudited)

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.

196

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

$	70,400,925	$	60,188,548		$	35,990,467		$	59,679,226
	608		1,525			407			439
	–		206			18			102
	70,401,533		60,190,279			35,990,892			59,679,767


	9,491,931		7,343,666			2,448,798			9,786,101
	38,636		29,080			21,484			31,710
	9,530,567		7,372,746			2,470,282			9,817,811
$	60,870,966	$	52,817,533		$	33,520,610		$	49,861,956


$	59,657,482	$	54,365,973		$	35,830,443		$	47,498,518
	1,213,484		(1,548,440	)		(2,309,833	)		2,363,438
$	60,870,966	$	52,817,533		$	33,520,610		$	49,861,956


$	60,870,966	$	52,817,533		$	33,520,610		$	49,861,956
	2,575,000		1,900,000			1,200,000			2,000,000
$	23.64	$	27.80		$	27.93		$	24.93

$	67,068,866	$	59,545,579		$	37,650,849		$	53,969,160
	9,405,318		7,385,259			4,962,288			9,047,200

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

197

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

April 30, 2023 (Unaudited)

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.

198

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

$	49,791,468	$	11,537,560		$	9,545,359		$	17,422,202
	344		197			59			84
	–		204			2			103
	49,791,812		11,537,961			9,545,420			17,422,389


	16,768,057		1,993,401			1,694,940			4,964,488
	20,711		3,498			5,322			7,978
	16,788,768		1,996,899			1,700,262			4,972,466
$	33,003,044	$	9,541,062		$	7,845,158		$	12,449,923


$	32,953,339	$	15,524,641		$	13,578,271		$	12,350,998
	49,705		(5,983,579	)		(5,733,113	)		98,925
$	33,003,044	$	9,541,062		$	7,845,158		$	12,449,923


$	33,003,044	$	9,541,062		$	7,845,158		$	12,449,923
	1,700,000		350,000			325,000			575,000
$	19.41	$	27.26		$	24.14		$	21.65

$	40,476,371	$	11,330,638		$	9,302,204		$	13,607,379
	10,048,680		1,920,531			1,470,939			2,890,056

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

199

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

April 30, 2023 (Unaudited)

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.

200

INNOVATOR ETFs TRUST

Innovator Defined Wealth Shield ETF			Innovator U.S. Equity Accelerated ETF - Quarterly			Innovator Growth Accelerated ETF - Quarterly

$	386,614,828		$	20,947,614		$	11,296,577
	3,629			246			122
	206			108			102
	386,618,663			20,947,968			11,296,801


	8,355,269			524,294			303,934
	206,948			11,933			6,861
	8,562,217			536,227			310,795
$	378,056,446		$	20,411,741		$	10,986,006


$	384,797,921		$	22,257,836		$	16,505,246
	(6,741,475	)		(1,846,095	)		(5,519,240	)
$	378,056,446		$	20,411,741		$	10,986,006


$	378,056,446		$	20,411,741		$	10,986,006
	13,800,000			750,000			475,000
$	27.40		$	27.22		$	23.13

$	385,896,783		$	20,627,879		$	11,355,329
	10,402,893			690,181			529,224

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

201

INNOVATOR ETFs TRUST

Statements of Operations

For the Period Ended April 30, 2023 (Unaudited)

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.

202

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 - October

$	5,289		$	3,397		$	9,474		$	4,146
	5,289			3,397			9,474			4,146


	559,904			358,634			701,342			453,048
	559,904			358,634			701,342			453,048
	(554,615	)		(355,237	)		(691,868	)		(448,902	)



	(7,308,102	)		(3,182,280	)		2,945,241			(26,528	)
	3,666,110			3,000,821			6,338,581			1,971,228
	1,472,356			2,554,451			1,396,142			151,894
	1,268,767			190,430			627,247			(306,362	)

	13,099,661			2,866,940			17,473,334			18,037,820
	6,304,452			582,350			2,470,674			(4,085,659	)
	18,503,244			6,012,712			31,251,219			15,742,393
$	17,948,629		$	5,657,475		$	30,559,351		$	15,293,491

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

203

INNOVATOR ETFs TRUST

Statements of Operations

For the Period Ended April 30, 2023 (Unaudited)

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.

204

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

$	3,222		$	1,649		$	2,762		$	1,030
	3,222			1,649			2,762			1,030


	357,124			160,650			345,151			142,476
	357,124			160,650			345,151			142,476
	(353,902	)		(159,001	)		(342,389	)		(141,446	)



	(9,799,972	)		(3,306,328	)		(381,531	)		(164,060	)
	4,866,883			806,691			1,272,353			298,874
	909,201			1,258,597			639,367			104,717
	(1,453,287	)		986,887			9,558			(20,554	)

	4,305,261			2,666,386			(158,610	)		2,281,367
	8,212,461			1,611,623			4,122,635			1,316,841
	7,040,547			4,023,856			5,503,772			3,817,185
$	6,686,645		$	3,864,855		$	5,161,383		$	3,675,739

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

205

INNOVATOR ETFs TRUST

Statements of Operations

For the Period Ended April 30, 2023 (Unaudited)

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.

206

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

$	3,768		$	2,803		$	7,303		$	4,574
	3,768			2,803			7,303			4,574


	342,244			221,470			419,210			361,364
	342,244			221,470			419,210			361,364
	(338,476	)		(218,667	)		(411,907	)		(356,790	)



	(17,903,067	)		(5,014,327	)		(2,642,387	)		34,329
	11,204,272			1,884,434			1,266,781			794,641
	2,044,095			2,638,387			2,146,250			402,153
	(10,941,588	)		2,643,158			1,734,656			126,593

	20,591,611			3,844,617			9,267,360			8,314,060
	2,974,419			948,711			1,369,318			1,693,056
	7,969,742			6,944,980			13,141,978			11,364,832
$	7,631,266		$	6,726,313		$	12,730,071		$	11,008,042

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

207

INNOVATOR ETFs TRUST

Statements of Operations

For the Period Ended April 30, 2023 (Unaudited)

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.

208

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

$	6,102		$	3,936		$	5,971		$	4,275
	6,102			3,936			5,971			4,275


	496,945			337,872			300,823			331,114
	496,945			337,872			300,823			331,114
	(490,843	)		(333,936	)		(294,852	)		(326,839	)



	(11,223,553	)		(7,066,910	)		(661,579	)		(596,959	)
	5,712,983			92,917			774,746			114,596
	1,801,239			2,864,246			625,224			104,836
	(343,566	)		3,616,040			86,665			52,503

	(186,104	)		4,772,434			(5,352,709	)		(3,874,431	)
	3,991,281			(1,438,400	)		4,847,326			6,484,569
	(247,720	)		2,840,327			319,673			2,285,114
$	(738,563	)	$	2,506,391		$	24,821		$	1,958,275

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

209

INNOVATOR ETFs TRUST

Statements of Operations

For the Period Ended April 30, 2023 (Unaudited)

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.

210

INNOVATOR ETFs TRUST

Innovator Double Stacker ETF - January			Innovator Double Stacker ETF - October			Innovator Triple Stacker ETF - January			Innovator Triple Stacker ETF - October

$	460		$	530		$	530		$	704
	460			530			530			704


	10,304			16,660			20,809			23,803
	10,304			16,660			20,809			23,803
	(9,844	)		(16,130	)		(20,279	)		(23,099	)



	(990,401	)		–			(2,380,531	)		33,782
	–			–			(235,116	)		–
	–			–			126,077			–
	311,771			–			1,034,354			(24,409	)

	1,544,529			678,896			3,612,354			408,456
	(561,614	)		(135,429	)		(1,679,857	)		205,791
	304,285			543,467			477,281			623,620
$	294,441		$	527,337		$	457,002		$	600,521

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

211

INNOVATOR ETFs TRUST

Statements of Operations

For the Period Ended April 30, 2023 (Unaudited)

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 Double Stacker 9 Buffer ETF - January			Innovator Double Stacker 9 Buffer ETF - October			Innovator 20+ Year Treasury Bond 9 Buffer ETF - July			Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly

$	535		$	993		$	2,645		$	202
	535			993			2,645			202


	28,493			56,065			189,025			38,151
	28,493			56,065			189,025			38,151
	(27,958	)		(55,072	)		(186,380	)		(37,949	)



	(908,574	)		25,555			(18,095	)		(346,774	)
	100,498			105,566			–			533,899
	94,020			5,017			–			147,848
	357,217			(30,367	)		(1,341	)		143,103

	2,041,252			1,556,636			304,702			513,720
	(1,088,297	)		(247,964	)		4,083,582			(179,353	)
	596,116			1,414,443			4,368,848			812,443
$	568,158		$	1,359,371		$	4,182,468		$	774,494

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

213

INNOVATOR ETFs TRUST

Statements of Operations

For the Period Ended April 30, 2023 (Unaudited)

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.

214

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

$	702		$	513		$	685		$	1,953
	702			513			685			1,953


	27,656			13,582			10,027			148,376
	27,656			13,582			10,027			148,376
	(26,954	)		(13,069	)		(9,342	)		(146,423	)



	(812,673	)		(632,992	)		(10,501	)		(1,379	)
	(69,626	)		(166,785	)		45,576			139,271
	115,083			221,255			4,969			(31,325	)
	37,812			112,625			(605	)		(7,907	)

	1,862,769			1,071,177			195,621			3,927,528
	(323,032	)		(338,624	)		115,129			477,949
	810,333			266,656			350,189			4,504,137
$	783,379		$	253,587		$	340,847		$	4,357,714

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

215

INNOVATOR ETFs TRUST

Statements of Operations

For the Period Ended April 30, 2023 (Unaudited)

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.

216

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

$	413		$	249		$	767		$	1,241
	413			249			767			1,241


	33,195			12,508			49,633			76,785
	33,195			12,508			49,633			76,785
	(32,782	)		(12,259	)		(48,866	)		(75,544	)



	(1,692,813	)		(751,765	)		(11,076	)		(11,310	)
	82,855			(438,819	)		183,479			298,417
	(22,276	)		230,989			229,720			97,432
	393,975			476,178			8,787			(11,523	)

	3,092,816			1,407,687			1,012,403			1,919,534
	(921,523	)		(708,523	)		318,559			(149,804	)
	933,034			215,747			1,741,872			2,142,746
$	900,252		$	203,488		$	1,693,006		$	2,067,202

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

217

INNOVATOR ETFs TRUST

Statements of Operations

For the Period Ended April 30, 2023 (Unaudited)

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 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

$	2,166		$	2,126		$	2,002		$	2,492
	2,166			2,126			2,002			2,492


	145,906			84,571			134,067			181,767
	145,906			84,571			134,067			181,767
	(143,740	)		(82,445	)		(132,065	)		(179,275	)



	(2,744,763	)		(3,114,220	)		(49,868	)		(8,229	)
	937,588			(320,806	)		87,817			245,577
	605,556			1,592,722			850,831			173,843
	(600,877	)		1,062,111			6,592			(9,372	)

	5,281,191			4,121,340			1,040,500			3,139,475
	(109,652	)		(1,141,900	)		1,574,301			784,668
	3,369,043			2,199,247			3,510,173			4,325,962
$	3,225,303		$	2,116,802		$	3,378,108		$	4,146,687

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

219

INNOVATOR ETFs TRUST

Statements of Operations

For the Period Ended April 30, 2023 (Unaudited)

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 Accelerated Plus ETF - January			Innovator Growth Accelerated Plus ETF - April			Innovator Growth Accelerated Plus ETF - July			Innovator Growth Accelerated Plus ETF - October

$	1,042		$	610		$	712		$	536
	1,042			610			712			536


	62,408			17,914			47,808			38,639
	62,408			17,914			47,808			38,639
	(61,366	)		(17,304	)		(47,096	)		(38,103	)



	(2,794,162	)		(2,977,730	)		(665,223	)		3,558
	–			(673,712	)		(494,909	)		100,816
	–			320,052			1,925,141			4,125
	354,086			1,611,323			64,440			(5,022	)

	11,999,209			4,263,364			3,121,671			3,367,904
	(7,073,526	)		(1,973,494	)		(1,855,064	)		(1,796,127	)
	2,485,607			569,803			2,096,056			1,675,254
$	2,424,241		$	552,499		$	2,048,960		$	1,637,151

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

221

INNOVATOR ETFs TRUST

Statements of Operations

For the Period Ended April 30, 2023 (Unaudited)

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 Defined Wealth Shield ETF			Innovator U.S. Equity Accelerated ETF - Quarterly			Innovator Growth Accelerated ETF - Quarterly

$	10,282		$	751		$	342
	10,282			751			342


	1,078,923			55,054			55,048
	1,078,923			55,054			55,048
	(1,068,641	)		(54,303	)		(54,706	)



	7,294,729			2,092,057			2,013,357
	8,111,661			167,612			560,695
	4,172,422			(37,112	)		(218,985	)
	(2,766,275	)		468,861			(1,043,037	)

	(10,156,017	)		(1,001,592	)		(902,082	)
	8,998,502			837,470			389,747
	15,655,022			2,527,296			799,695
$	14,586,381		$	2,472,993		$	744,989

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

223

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets

	Innovator International Developed Power Buffer ETF - January
	Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
Operations:
Net Investment income/(loss)	$	(554,615	)	$	(634,417	)
Net realized gain/(loss)		(900,869	)		2,233,725
Net change in unrealized appreciation/(depreciation)		19,404,113			(11,602,654	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		17,948,629			(10,003,346	)


Capital Share Transactions:
Proceeds from shares sold		166,077,758			99,555,597
Cost of shares redeemed		(45,540,242	)		(81,343,988	)
Transaction fees (see Note 5)		68,304			29,709
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		120,605,820			18,241,318
Total Increase/(Decrease) in Net Assets	$	138,554,449		$	8,237,972

Net Assets:
Beginning of the period	$	65,687,566		$	57,449,594
End of the period	$	204,242,015		$	65,687,566

Change in Shares Outstanding:
Shares sold		6,025,000			3,725,000
Shares redeemed		(1,700,000	)		(3,125,000	)
Net Increase/(Decrease)		4,325,000			600,000

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

224

INNOVATOR ETFs TRUST

Innovator International Developed Power Buffer ETF - April						Innovator International Developed Power Buffer ETF - July						Innovator International Developed Power Buffer ETF - October
Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022

$	(355,237	)	$	(400,200	)	$	(691,868	)	$	(679,225	)	$	(448,902	)	$	(165,842	)
	2,563,422			(5,217,339	)		11,307,211			(3,568,900	)		1,790,232			(2,165,524	)
	3,449,290			(1,889,271	)		19,944,008			(2,692,646	)		13,952,161			2,402,687
	5,657,475			(7,506,810	)		30,559,351			(6,940,771	)		15,293,491			71,321



	305,984,203			116,462,668			24,293,043			222,082,910			9,949,797			88,356,625
	(129,977,027	)		(85,837,085	)		(133,630,277	)		(82,609,017	)		(14,367,345	)		(3,641,725	)
	96,855			70,891			61,963			82,748			7,492			43,222
	176,104,031			30,696,474			(109,275,271	)		139,556,641			(4,410,056	)		84,758,122
$	181,761,506		$	23,189,664		$	(78,715,920	)	$	132,615,870		$	10,883,435		$	84,829,443


$	43,236,467		$	20,046,803		$	188,756,569		$	56,140,699		$	94,354,558		$	9,525,115
$	224,997,973		$	43,236,467		$	110,040,649		$	188,756,569		$	105,237,993		$	94,354,558


	12,475,000			4,825,000			1,025,000			9,925,000			425,000			4,025,000
	(5,325,000	)		(3,675,000	)		(5,350,000	)		(3,650,000	)		(575,000	)		(150,000	)
	7,150,000			1,150,000			(4,325,000	)		6,275,000			(150,000	)		3,875,000

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

225

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets

	Innovator Emerging Markets Power Buffer ETF - January
	Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
Operations:
Net Investment income/(loss)	$	(353,902	)	$	(756,314	)
Net realized gain/(loss)		(5,477,175	)		(3,988,284	)
Net change in unrealized appreciation/(depreciation)		12,517,722			(10,922,022	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		6,686,645			(15,666,620	)


Capital Share Transactions:
Proceeds from shares sold		108,402,205			18,399,455
Cost of shares redeemed		(55,354,270	)		(53,166,152	)
Transaction fees (see Note 5)		42,697			28,194
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		53,090,632			(34,738,503	)
Total Increase/(Decrease) in Net Assets	$	59,777,277		$	(50,405,123	)

Net Assets:
Beginning of the period	$	55,914,561		$	106,319,684
End of the period	$	115,691,838		$	55,914,561

Change in Shares Outstanding:
Shares sold		3,900,000			625,000
Shares redeemed		(2,050,000	)		(1,900,000	)
Net Increase/(Decrease)		1,850,000			(1,275,000	)

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

226

INNOVATOR ETFs TRUST

Innovator Emerging Markets Power Buffer ETF - April						Innovator Emerging Markets Power Buffer ETF - July						Innovator Emerging Markets Power Buffer ETF - October
Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022

$	(159,001	)	$	(341,704	)	$	(342,389	)	$	(337,472	)	$	(141,446	)	$	(79,299	)
	(254,153	)		(1,182,633	)		1,539,747			(4,330,940	)		218,977			(1,332,181	)
	4,278,009			(4,241,626	)		3,964,025			(2,503,144	)		3,598,208			(556,334	)
	3,864,855			(5,765,963	)		5,161,383			(7,171,556	)		3,675,739			(1,967,814	)



	37,995,660			59,000,490			53,947,430			62,185,197			8,782,872			23,128,578
	(21,683,138	)		(56,630,658	)		(22,607,338	)		(41,632,505	)		(7,425,138	)		(590,100	)
	10,235			20,970			33,243			24,537			6,967			10,934
	16,322,757			2,390,802			31,373,335			20,577,229			1,364,701			22,549,412
$	20,187,612		$	(3,375,161	)	$	36,534,718		$	13,405,673		$	5,040,440		$	20,581,598


$	30,655,831		$	34,030,992		$	54,642,799		$	41,237,126		$	25,628,345		$	5,046,747
$	50,843,443		$	30,655,831		$	91,177,517		$	54,642,799		$	30,668,785		$	25,628,345


	1,575,000			2,475,000			2,325,000			2,750,000			400,000			1,075,000
	(900,000	)		(2,425,000	)		(950,000	)		(1,775,000	)		(325,000	)		(25,000	)
	675,000			50,000			1,375,000			975,000			75,000			1,050,000

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

227

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets

	Innovator Growth-100 Power Buffer ETF - January
	Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
Operations:
Net Investment income/(loss)	$	(338,476	)	$	(829,576	)
Net realized gain/(loss)		(15,596,288	)		4,528,019
Net change in unrealized appreciation/(depreciation)		23,566,030			(23,498,625	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		7,631,266			(19,800,182	)


Capital Share Transactions:
Proceeds from shares sold		67,324,242			150,131,645
Cost of shares redeemed		(62,848,175	)		(134,907,370	)
Transaction fees (see Note 5)		23,612			56,240
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		4,499,679			15,280,515
Total Increase/(Decrease) in Net Assets	$	12,130,945		$	(4,519,667	)

Net Assets:
Beginning of the period	$	82,777,484		$	87,297,151
End of the period	$	94,908,429		$	82,777,484

Change in Shares Outstanding:
Shares sold		1,925,000			3,600,000
Shares redeemed		(1,775,000	)		(3,350,000	)
Net Increase/(Decrease)		150,000			250,000

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

228

INNOVATOR ETFs TRUST

Innovator Growth-100 Power Buffer ETF - April						Innovator Growth-100 Power Buffer ETF - July						Innovator Growth-100 Power Buffer ETF - October
Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022

$	(218,667	)	$	(399,515	)	$	(411,907	)	$	(562,754	)	$	(356,790	)	$	(520,061	)
	2,151,652			1,043,406			2,505,300			(5,142,236	)		1,357,716			(6,430,346	)
	4,793,328			(6,768,741	)		10,636,678			(1,136,637	)		10,007,116			(867,160	)
	6,726,313			(6,124,850	)		12,730,071			(6,841,627	)		11,008,042			(7,817,567	)



	88,661,650			80,087,048			11,005,200			156,075,852			17,423,143			43,011,748
	(36,762,682	)		(62,385,170	)		(65,602,642	)		(86,882,000	)		(23,891,963	)		(32,185,163	)
	34,636			35,216			29,605			65,452			16,653			27,345
	51,933,604			17,737,094			(54,567,837	)		69,259,304			(6,452,167	)		10,853,930
$	58,659,917		$	11,612,244		$	(41,837,766	)	$	62,417,677		$	4,555,875		$	3,036,363


$	52,865,925		$	41,253,681		$	118,403,852		$	55,986,175		$	80,964,858		$	77,928,495
$	111,525,842		$	52,865,925		$	76,566,086		$	118,403,852		$	85,520,733		$	80,964,858


	2,300,000			2,125,000			250,000			3,550,000			490,000			1,190,000
	(975,000	)		(1,675,000	)		(1,425,000	)		(1,975,000	)		(630,000	)		(840,000	)
	1,325,000			450,000			(1,175,000	)		1,575,000			(140,000	)		350,000

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

229

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets

	Innovator U.S. Small Cap Power Buffer ETF - January
	Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
Operations:
Net Investment income/(loss)	$	(490,843	)	$	(855,952	)
Net realized gain/(loss)		(4,052,897	)		6,533,452
Net change in unrealized appreciation/(depreciation)		3,805,177			(14,706,352	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		(738,563	)		(9,028,852	)


Capital Share Transactions:
Proceeds from shares sold		148,290,555			147,439,086
Cost of shares redeemed		(51,607,515	)		(143,934,103	)
Transaction fees (see Note 5)		59,865			56,466
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		96,742,905			3,561,449
Total Increase/(Decrease) in Net Assets	$	96,004,342		$	(5,467,403	)

Net Assets:
Beginning of the period	$	79,490,939		$	84,958,342
End of the period	$	175,495,281		$	79,490,939

Change in Shares Outstanding:
Shares sold		4,850,000			4,650,000
Shares redeemed		(1,725,000	)		(4,700,000	)
Net Increase/(Decrease)		3,125,000			(50,000	)

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

230

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
Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022

$	(333,936	)	$	(680,673	)	$	(294,852	)	$	(514,804	)	$	(326,839	)	$	(320,078	)
	(493,707	)		1,048,164			825,056			(6,861,135	)		(325,024	)		(4,584,175	)
	3,334,034			(6,996,703	)		(505,383	)		2,510,018			2,610,138			1,633,545
	2,506,391			(6,629,212	)		24,821			(4,865,921	)		1,958,275			(3,270,708	)



	89,515,382			124,453,680			11,639,543			95,308,208			21,665,263			57,505,679
	(50,381,178	)		(117,880,038	)		(20,600,508	)		(86,223,780	)		(20,645,465	)		(17,965,585	)
	27,907			34,641			11,679			32,925			20,502			36,450
	39,162,111			6,608,283			(8,949,286	)		9,117,353			1,040,300			39,576,544
$	41,668,502		$	(20,929	)	$	(8,924,465	)	$	4,251,432		$	2,998,575		$	36,305,836


$	84,854,723		$	84,875,652		$	78,334,876		$	74,083,444		$	72,937,495		$	36,631,659
$	126,523,225		$	84,854,723		$	69,410,411		$	78,334,876		$	75,936,070		$	72,937,495


	3,425,000			4,750,000			475,000			4,025,000			850,000			2,275,000
	(1,950,000	)		(4,475,000	)		(825,000	)		(3,600,000	)		(775,000	)		(725,000	)
	1,475,000			275,000			(350,000	)		425,000			75,000			1,550,000

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

231

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets

	Innovator Double Stacker ETF - January
	Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
Operations:
Net Investment income/(loss)	$	(9,844	)	$	(39,144	)
Net realized gain/(loss)		(678,630	)		463,881
Net change in unrealized appreciation/(depreciation)		982,915			(1,440,830	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		294,441			(1,016,093	)


Capital Share Transactions:
Proceeds from shares sold		616,548			7,264,468
Cost of shares redeemed		(1,252,795	)		(9,916,322	)
Transaction fees (see Note 5)		934			1,248
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		(635,313	)		(2,650,606	)
Total Increase/(Decrease) in Net Assets	$	(340,872	)	$	(3,666,699	)

Net Assets:
Beginning of the period	$	3,029,937		$	6,696,636
End of the period	$	2,689,065		$	3,029,937

Change in Shares Outstanding:
Shares sold		25,000			250,000
Shares redeemed		(50,000	)		(350,000	)
Net Increase/(Decrease)		(25,000	)		(100,000	)

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

232

INNOVATOR ETFs TRUST

Innovator Double Stacker ETF - October						Innovator Triple Stacker ETF - January						Innovator Triple Stacker ETF - October
Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022

$	(16,130	)	$	(55,554	)	$	(20,279	)	$	(146,226	)	$	(23,099	)	$	(81,751	)
	–			(1,141,506	)		(1,455,216	)		2,041,588			9,373			(1,285,511	)
	543,467			(254,558	)		1,932,497			(5,519,533	)		614,247			(435,495	)
	527,337			(1,451,618	)		457,002			(3,624,171	)		600,521			(1,802,757	)



	–			2,231,755			1,231,798			48,692,803			1,322,895			5,265,070
	–			(5,736,838	)		(2,484,582	)		(83,205,767	)		(639,727	)		(14,897,395	)
	–			2,891			1,562			19,488			981			9,032
	–			(3,502,192	)		(1,251,222	)		(34,493,476	)		684,149			(9,623,293	)
$	527,337		$	(4,953,810	)	$	(794,220	)	$	(38,117,647	)	$	1,284,670		$	(11,426,050	)


$	4,020,907		$	8,974,717		$	5,989,234		$	44,106,881		$	5,276,058		$	16,702,108
$	4,548,244		$	4,020,907		$	5,195,014		$	5,989,234		$	6,560,728		$	5,276,058


	–			75,000			50,000			1,650,000			50,000			175,000
	–			(200,000	)		(100,000	)		(2,900,000	)		(25,000	)		(500,000	)
	–			(125,000	)		(50,000	)		(1,250,000	)		25,000			(325,000	)

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

233

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets

	Innovator Double Stacker 9 Buffer ETF - January
	Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
Operations:
Net Investment income/(loss)	$	(27,958	)	$	(91,349	)
Net realized gain/(loss)		(356,839	)		(203,199	)
Net change in unrealized appreciation/(depreciation)		952,955			(1,257,874	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		568,158			(1,552,422	)

Capital Share Transactions:
Proceeds from shares sold		1,320,065			18,636,238
Cost of shares redeemed		(3,268,052	)		(22,243,630	)
Transaction fees (see Note 5)		1,982			7,400
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		(1,946,005	)		(3,599,992	)
Total Increase/(Decrease) in Net Assets	$	(1,377,847	)	$	(5,152,414	)

Net Assets:
Beginning of the period	$	8,189,605		$	13,342,019
End of the period	$	6,811,758		$	8,189,605

Change in Shares Outstanding:
Shares sold		50,000			675,000
Shares redeemed		(125,000	)		(825,000	)
Net Increase/(Decrease)		(75,000	)		(150,000	)

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

234

INNOVATOR ETFs TRUST

Innovator Double Stacker 9 Buffer ETF - October						Innovator 20+ Year Treasury Bond 9 Buffer ETF - July						Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly
Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022

$	(55,072	)	$	(142,769	)	$	(186,380	)	$	(58,931	)	$	(37,949	)	$	(67,529	)
	105,771			(1,372,989	)		(19,436	)		(889,093	)		478,076			(1,181,531	)
	1,308,672			(117,496	)		4,388,284			(1,423,078	)		334,367			(462,702	)
	1,359,371			(1,633,254	)		4,182,468			(2,371,102	)		774,494			(1,711,762	)


	679,008			2,162,377			20,265,708			36,476,380			14,952,563			32,030,360
	(2,102,372	)		(7,744,912	)		–			(6,808,675	)		(28,176,275	)		(19,476,665	)
	1,025			4,275			10,132			15,893			11,748			16,141
	(1,422,339	)		(5,578,260	)		20,275,840			29,683,598			(13,211,964	)		12,569,836
$	(62,968	)	$	(7,211,514	)	$	24,458,308		$	27,312,496			(12,437,470	)	$	10,858,074


$	14,350,100		$	21,561,614		$	32,204,227		$	4,891,731		$	20,347,384		$	9,489,310
$	14,287,132		$	14,350,100		$	56,662,535		$	32,204,227		$	7,909,914		$	20,347,384


	25,000			75,000			1,025,000			1,850,000			725,000			1,500,000
	(75,000	)		(275,000	)		–			(325,000	)		(1,375,000	)		(875,000	)
	(50,000	)		(200,000	)		1,025,000			1,525,000			(650,000	)		625,000

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

235

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets

	Innovator U.S. Equity Accelerated ETF - January
	Period Ended April 30, 2023 (Unaudited)			Period Ended October 31, 2022^(a)
Operations:
Net Investment income/(loss)	$	(26,954	)	$	(24,162	)
Net realized gain/(loss)		(729,404	)		–
Net change in unrealized appreciation/(depreciation)		1,539,737			(722,755	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		783,379			(746,917	)


Capital Share Transactions:
Proceeds from shares sold		8,082,718			4,718,782
Cost of shares redeemed		(2,469,702	)		–
Transaction fees (see Note 5)		3,061			1,742
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		5,616,077			4,720,524
Total Increase/(Decrease) in Net Assets	$	6,399,456		$	3,973,607

Net Assets:
Beginning of the period	$	3,973,607		$	–
End of the period	$	10,373,063		$	3,973,607

Change in Shares Outstanding:
Shares sold		400,000			200,000
Shares redeemed		(125,000	)		–
Net Increase/(Decrease)		275,000			200,000

^(a) Since Commencement of Operations on December 31, 2021.

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

236

INNOVATOR ETFs TRUST

Innovator U.S. Equity Accelerated ETF - April						Innovator U.S. Equity Accelerated ETF - July						Innovator U.S. Equity Accelerated ETF - October
Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022

$	(13,069	)	$	(51,876	)	$	(9,342	)	$	(36,787	)	$	(146,423	)	$	(71,738	)
	(465,897	)		851,394			39,439			(750,214	)		98,660			(7,607,506	)
	732,553			(1,357,794	)		310,750			(191,707	)		4,405,477			1,848,336
	253,587			(558,276	)		340,847			(978,708	)		4,357,714			(5,830,908	)



	2,586,400			6,852,325			–			7,340,348			1,596,910			40,034,238
	(2,540,134	)		(10,342,673	)		(1,174,652	)		(6,293,922	)		(1,061,620	)		(492,623	)
	330			–			–			1,357			798			20,017
	46,596			(3,490,348	)		(1,174,652	)		1,047,783			536,088			39,561,632
$	300,183		$	(4,048,624	)	$	(833,805	)	$	69,075		$	4,893,802		$	33,730,724


$	3,755,283		$	7,803,907		$	3,472,447		$	3,403,372		$	35,626,605		$	1,895,881
$	4,055,466		$	3,755,283		$	2,638,642		$	3,472,447		$	40,520,407		$	35,626,605


	100,000			250,000			–			300,000			75,000			1,650,000
	(100,000	)		(375,000	)		(50,000	)		(275,000	)		(50,000	)		(25,000	)
	–			(125,000	)		(50,000	)		25,000			25,000			1,625,000

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

237

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets

	Innovator U.S. Equity Accelerated Plus ETF - January
	Period Ended April 30, 2023 (Unaudited)			Period Ended October 31, 2022^(a)
Operations:
Net Investment income/(loss)	$	(32,782	)	$	(38,272	)
Net realized gain/(loss)		(1,238,259	)		(5,447	)
Net change in unrealized appreciation/(depreciation)		2,171,293			(1,272,065	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		900,252			(1,315,784	)


Capital Share Transactions:
Proceeds from shares sold		6,078,730			10,027,000
Cost of shares redeemed		(529,735	)		(3,748,603	)
Transaction fees (see Note 5)		3,039			4,705
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		5,552,034			6,283,102
Total Increase/(Decrease) in Net Assets	$	6,452,286		$	4,967,318

Net Assets:
Beginning of the period	$	4,967,318		$	–
End of the period	$	11,419,604		$	4,967,318

Change in Shares Outstanding:
Shares sold		300,000			425,000
Shares redeemed		(25,000	)		(175,000	)
Net Increase/(Decrease)		275,000			250,000

^(a) Since Commencement of Operations on December 31, 2021.

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

238

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
Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022

$	(12,259	)	$	(75,302	)	$	(48,866	)	$	(105,222	)	$	(75,544	)	$	(50,668	)
	(483,417	)		1,255,459			410,910			(2,699,087	)		373,016			(1,565,745	)
	699,164			(1,159,296	)		1,330,962			(269,252	)		1,769,730			622,764
	203,488			20,861			1,693,006			(3,073,561	)		2,067,202			(993,649	)



	1,324,874			41,673,345			–			30,897,257			5,974,350			17,446,092
	(1,243,795	)		(46,427,730	)		(2,525,397	)		(24,618,888	)		(1,645,300	)		(3,882,815	)
	663			11,466			–			10,156			2,987			8,721
	81,742			(4,742,919	)		(2,525,397	)		6,288,525			4,332,037			13,571,998
$	285,230		$	(4,722,058	)	$	(832,391	)	$	3,214,964		$	6,399,239		$	12,578,349


$	3,734,886		$	8,456,944		$	12,702,584		$	9,487,620		$	15,108,183		$	2,529,834
$	4,020,116		$	3,734,886		$	11,870,193		$	12,702,584		$	21,507,422		$	15,108,183


	50,000			1,500,000			–			1,300,000			275,000			800,000
	(50,000	)		(1,650,000	)		(100,000	)		(1,100,000	)		(75,000	)		(175,000	)
	–			(150,000	)		(100,000	)		200,000			200,000			625,000

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

239

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets

	Innovator U.S. Equity Accelerated 9 Buffer ETF - January
	Period Ended April 30, 2023 (Unaudited)			Period Ended October 31, 2022^(a)
Operations:
Net Investment income/(loss)	$	(143,740	)	$	(85,724	)
Net realized gain/(loss)		(1,802,496	)		803,359
Net change in unrealized appreciation/(depreciation)		5,171,539			(1,926,094	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		3,225,303			(1,208,459	)


Capital Share Transactions:
Proceeds from shares sold		52,081,557			20,627,440
Cost of shares redeemed		(8,758,655	)		(5,128,687	)
Transaction fees (see Note 5)		22,771			9,696
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		43,345,673			15,508,449
Total Increase/(Decrease) in Net Assets	$	46,570,976		$	14,299,990

Net Assets:
Beginning of the period	$	14,299,990		$	–
End of the period	$	60,870,966		$	14,299,990

Change in Shares Outstanding:
Shares sold		2,325,000			875,000
Shares redeemed		(400,000	)		(225,000	)
Net Increase/(Decrease)		1,925,000			650,000

^(a) Since Commencement of Operations on December 31, 2021.

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

240

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
Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022

$	(82,445	)	$	(183,627	)	$	(132,065	)	$	(157,823	)	$	(179,275	)	$	(68,471	)
	(780,193	)		1,240,538			895,372			293,685			401,819			(1,049,140	)
	2,979,440			(2,925,265	)		2,614,801			(2,068,870	)		3,924,143			959,099
	2,116,802			(1,868,354	)		3,378,108			(1,933,008	)		4,146,687			(158,512	)



	44,312,682			38,821,274			3,178,413			54,270,900			11,562,260			40,696,985
	(13,236,200	)		(36,994,890	)		(5,274,454	)		(30,717,853	)		(1,800,755	)		(8,941,070	)
	17,831			9,471			1,589			20,163			5,782			16,088
	31,094,313			1,835,855			(2,094,452	)		23,573,210			9,767,287			31,772,003
$	33,211,115		$	(32,499	)	$	1,283,656		$	21,640,202		$	13,913,974		$	31,613,491


$	19,606,418		$	19,638,917		$	32,236,954		$	10,596,752		$	35,947,982		$	4,334,491
$	52,817,533		$	19,606,418		$	33,520,610		$	32,236,954		$	49,861,956		$	35,947,982


	1,625,000			1,425,000			125,000			2,125,000			500,000			1,800,000
	(500,000	)		(1,375,000	)		(200,000	)		(1,250,000	)		(75,000	)		(400,000	)
	1,125,000			50,000			(75,000	)		875,000			425,000			1,400,000

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

241

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets

	Innovator Growth Accelerated Plus ETF - January
	Period Ended April 30, 2023 (Unaudited)			Period Ended October 31, 2022^(a)
Operations:
Net Investment income/(loss)	$	(61,366	)	$	(44,573	)
Net realized gain/(loss)		(2,440,076	)		(56,791	)
Net change in unrealized appreciation/(depreciation)		4,925,683			(2,329,964	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		2,424,241			(2,431,328	)


Capital Share Transactions:
Proceeds from shares sold		27,073,893			11,747,653
Cost of shares redeemed		(910,510	)		(4,920,453	)
Transaction fees (see Note 5)		13,992			5,556
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		26,177,375			6,832,756
Total Increase/(Decrease) in Net Assets	$	28,601,616		$	4,401,428

Net Assets:
Beginning of the period	$	4,401,428		$	–
End of the period	$	33,003,044		$	4,401,428

Change in Shares Outstanding:
Shares sold		1,500,000			500,000
Shares redeemed		(50,000	)		(250,000	)
Net Increase/(Decrease)		1,450,000			250,000

^(a) Since Commencement of Operations on December 31, 2021.

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

242

INNOVATOR ETFs TRUST

Innovator Growth Accelerated Plus ETF - April						Innovator Growth Accelerated Plus ETF - July						Innovator Growth Accelerated Plus ETF - October
Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022

$	(17,304	)	$	(102,815	)	$	(47,096	)	$	(104,072	)	$	(38,103	)	$	(36,351	)
	(1,720,067	)		298,970			829,449			(3,664,162	)		103,477			(1,637,201	)
	2,289,870			(1,513,816	)		1,266,607			(1,680,499	)		1,571,777			49,224
	552,499			(1,317,661	)		2,048,960			(5,448,733	)		1,637,151			(1,624,328	)



	5,361,650			19,390,637			–			38,276,508			5,299,378			6,543,125
	(3,399,777	)		(29,506,305	)		(12,196,525	)		(23,097,298	)		(508,570	)		(1,472,862	)
	3,796			1,853			523			12,013			2,650			2,946
	1,965,669			(10,113,815	)		(12,196,002	)		15,191,223			4,793,458			5,073,209
$	2,518,168		$	(11,431,476	)	$	(10,147,042	)	$	9,742,490		$	6,430,609		$	3,448,881


$	7,022,894		$	18,454,370		$	17,992,200		$	8,249,710		$	6,019,314		$	2,570,433
$	9,541,062		$	7,022,894		$	7,845,158		$	17,992,200		$	12,449,923		$	6,019,314


	200,000			725,000			–			1,750,000			275,000			300,000
	(150,000	)		(1,050,000	)		(575,000	)		(1,150,000	)		(25,000	)		(75,000	)
	50,000			(325,000	)		(575,000	)		600,000			250,000			225,000

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

243

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets

	Innovator Defined Wealth Shield ETF
	Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
Operations:
Net Investment income/(loss)	$	(1,068,641	)	$	(795,181	)
Net realized gain/(loss)		16,812,537			217,238
Net change in unrealized appreciation/(depreciation)		(1,157,515	)		3,775,588
Net Increase/(Decrease) in Net Assets Resulting from Operations		14,586,381			3,197,645


Capital Share Transactions:
Proceeds from shares sold		310,321,313			523,189,050
Cost of shares redeemed		(203,391,552	)		(299,145,558	)
Transaction fees (see Note 5)		78,236			133,414
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		107,007,997			224,176,906
Total Increase/(Decrease) in Net Assets	$	121,594,378		$	227,374,551

Net Assets:
Beginning of the period	$	256,462,068		$	29,087,517
End of the period	$	378,056,446		$	256,462,068

Change in Shares Outstanding:
Shares sold		11,525,000			20,250,000
Shares redeemed		(7,525,000	)		(11,575,000	)
Net Increase/(Decrease)		4,000,000			8,675,000

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

244

INNOVATOR ETFs TRUST

Innovator U.S. Equity Accelerated ETF - Quarterly						Innovator Growth Accelerated ETF - Quarterly
Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022

$	(54,303	)	$	(91,751	)	$	(54,706	)	$	(116,153	)
	2,691,418			(2,162,238	)		1,312,030			(4,479,231	)
	(164,122	)		79,918			(512,335	)		(132,088	)
	2,472,993			(2,174,071	)		744,989			(4,727,472	)



	7,736,360			32,813,970			2,667,755			39,819,130
	(1,241,565	)		(32,627,833	)		(10,494,965	)		(32,716,332	)
	3,868			6,952			1,334			6,810
	6,498,663			193,089			(7,825,876	)		7,109,608
$	8,971,656		$	(1,980,982	)	$	(7,080,887	)	$	2,382,136


$	11,440,085		$	13,421,067		$	18,066,893		$	15,684,757
$	20,411,741		$	11,440,085		$	10,986,006		$	18,066,893


	300,000			1,275,000			125,000			1,600,000
	(50,000	)		(1,250,000	)		(500,000	)		(1,275,000	)
	250,000			25,000			(375,000	)		325,000

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

245

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 period 11/1/2022 - 4/30/2023	$	24.11		(0.12	)		4.97				4.85			0.01			–
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 period 11/1/2022 - 4/30/2023	$	22.46		(0.10	)		2.40				2.30			0.03			–
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 period 11/1/2022 - 4/30/2023	$	22.08		(0.10	)		4.06				3.96			0.01			–
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 - October
For the period 11/1/2022 - 4/30/2023	$	22.20		(0.10	)		3.57				3.47		–		^(e)		–
For the year ended 10/31/2022	$	25.40		(0.20	)		(3.05	)	^(g)		(3.25	)		0.05			–
For the period 9/30/2021 ^(d) - 10/31/2021	$	24.97		(0.02	)		0.45				0.43			–	^(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)	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.

246

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)

	4.86		$	28.97		20.18	%	$	204,242		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	%

	2.33		$	24.79		10.39	%	$	224,998		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	%

	3.97		$	26.05		17.97	%	$	110,041		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	%^(f)		(0.86	)%		0	%
	0.39		$	23.43		1.70	%	$	63,851		0.85	%		(0.85	)%		99	%

	3.47		$	25.67		15.61	%	$	105,238		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	%

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

247

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 period 11/1/2022 - 4/30/2023	$	24.58		(0.12	)		3.58			3.46			0.01			–
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 period 11/1/2022 - 4/30/2023	$	21.51		(0.10	)		2.79			2.69			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 period 11/1/2022 - 4/30/2023	$	21.22		(0.10	)		1.95			1.85			0.01			–
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 period 11/1/2022 - 4/30/2023	$	20.50		(0.10	)		2.75			2.65		–		^(e)		–
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.

248

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)

	3.47		$	28.05		14.11	%	$	115,692		0.89	%		(0.88	)%		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	%

	2.70		$	24.21		12.54	%	$	50,843		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	%

	1.86		$	23.08		8.78	%	$	91,178		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	%

	2.65		$	23.15		12.89	%	$	30,669		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.

249

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 period 11/1/2022 - 4/30/2023	$	35.60		(0.14	)		2.88			2.74			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 period 11/1/2022 - 4/30/2023	$	34.67		(0.14	)		4.58			4.44			0.02		–
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 period 11/1/2022 - 4/30/2023	$	43.06		(0.17	)		5.71			5.54			0.01		–
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 period 11/1/2022 - 4/30/2023	$	35.28		(0.14	)		4.53			4.39			0.01		–
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.

250

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)

	2.75		$	38.35		7.71	%	$	94,908		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	%

	4.46		$	39.13		12.88	%	$	111,526		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	%

	5.55		$	48.61		12.91	%	$	76,566		0.79	%		(0.78	)%		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	%

	4.40		$	39.68		12.49	%	$	85,521		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.

251

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
For the period 11/1/2022 - 4/30/2023	$	30.28		(0.12	)		0.35			0.23			0.01			–
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 period 11/1/2022 - 4/30/2023	$	25.52		(0.10	)		0.93			0.83			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 period 11/1/2022 - 4/30/2023	$	24.48		(0.10	)		(0.03	)		(0.13	)	–		^(e)		–
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 period 11/1/2022 - 4/30/2023	$	25.37		(0.10	)		0.46			0.36			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)	Amount represents less than $0.01 per share.

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

252

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)

	0.24		$	30.52		0.79	%	$	175,495		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	%

	0.84		$	26.36		3.29	%	$	126,523		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	%

	(0.13	)	$	24.35		(0.51	)%	$	69,410		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	%

	0.37		$	25.74		1.47	%	$	75,936		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.

253

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 Double Stacker ETF - January
For the period 11/1/2022 - 4/30/2023	$	24.24		(0.09	)		2.73			2.64			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 Double Stacker ETF - October
For the period 11/1/2022 - 4/30/2023	$	26.81		(0.11	)		3.62			3.51		–		^(e)
For the year ended 10/31/2022	$	32.64		(0.24	)		(5.60	)		(5.84	)		0.01
For the year ended 10/31/2021	$	24.84		(0.23	)		8.01			7.78			0.02
For the period 9/30/2020 ^(d) - 10/31/2020	$	25.47		(0.02	)		(0.64	)		(0.66	)		0.03
Innovator Triple Stacker ETF - January
For the period 11/1/2022 - 4/30/2023	$	23.96		(0.09	)		2.10			2.01			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 Triple Stacker ETF - October
For the period 11/1/2022 - 4/30/2023	$	26.38		(0.11	)		2.89			2.78		–		^(e)
For the year ended 10/31/2022	$	31.81		(0.24	)		(5.22	)		(5.46	)		0.03
For the year ended 10/31/2021	$	25.00		(0.23	)		7.02			6.79			0.02
For the period 9/30/2020 ^(d) - 10/31/2020	$	25.46		(0.02	)		(0.45	)		(0.47	)		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)	Amount represents less than $0.01 per share.
^(f)	Includes broker interest expense of 0.01%.

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

254

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)

	2.65		$	26.89		10.94	%	$	2,689		0.79	%		(0.75	)%		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	%

	3.51		$	30.32		13.12	%	$	4,548		0.79	%		(0.76	)%		0	%
	(5.83	)	$	26.81		(17.86	)%	$	4,021		0.79	%		(0.79	)%		0	%
	7.80		$	32.64		31.36	%	$	8,975		0.79	%		(0.79	)%		0	%
	(0.63	)	$	24.84		(2.46	)%	$	11,801		0.80	%^(f)		(0.80	)%		0	%

	2.02		$	25.98		8.42	%	$	5,195		0.79	%		(0.77	)%		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	%

	2.78		$	29.16		10.53	%	$	6,561		0.79	%		(0.77	)%		0	%
	(5.43	)	$	26.38		(17.08	)%	$	5,276		0.79	%		(0.79	)%		0	%
	6.81		$	31.81		27.25	%	$	16,702		0.79	%		(0.79	)%		0	%
	(0.46	)	$	25.00		(1.80	)%	$	6,875		0.79	%		(0.79	)%		0	%

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)
Innovator Double Stacker 9 Buffer ETF - January
For the period 11/1/2022 - 4/30/2023	$	25.20		(0.10	)		2.14			2.04			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
Innovator Double Stacker 9 Buffer ETF - October
For the period 11/1/2022 - 4/30/2023	$	27.33		(0.11	)		2.86			2.75		–		^(e)
For the year ended 10/31/2022	$	29.74		(0.23	)		(2.19	)		(2.42	)		0.01
For the year ended 10/31/2021	$	24.96		(0.22	)		4.99			4.77			0.01
For the period 9/30/2020 ^(d) - 10/31/2020	$	25.46		(0.02	)		(0.51	)		(0.53	)		0.03
Innovator 20+ Year Treasury Bond 9 Buffer ETF - July
For the period 11/1/2022 - 4/30/2023	$	18.67		(0.08	)		2.01			1.93		–		^(e)
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	^(g)		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 period 11/1/2022 - 4/30/2023	$	19.85		(0.08	)		1.30			1.22			0.02
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.

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)

	2.05		$	27.25		8.13	%	$	6,812		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	%

	2.75		$	30.08		10.04	%	$	14,287		0.79	%		(0.78	)%		0	%
	(2.41	)	$	27.33		(8.09	)%	$	14,350		0.79	%		(0.79	)%		0	%
	4.78		$	29.74		19.14	%	$	21,562		0.79	%		(0.79	)%		0	%
	(0.50	)	$	24.96		(1.95	)%	$	31,204		0.79	%		(0.79	)%		0	%

	1.93		$	20.60		10.37	%	$	56,663		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	%

	1.24		$	21.09		6.26	%	$	7,910		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.

257

INNOVATOR ETFs TRUST

Financial Highlights

Per Share Operating Performance (For a share outstanding throughout

			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 period 11/1/2022 - 4/30/2023	$	19.87		(0.08	)		2.04			1.96			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 period 11/1/2022 - 4/30/2023	$	25.04		(0.10	)		2.10			2.00		–		^(e)
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 period 11/1/2022 - 4/30/2023	$	23.15		(0.09	)		3.33			3.24		–		^(e)
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 period 11/1/2022 - 4/30/2023	$	20.96		(0.09	)		2.62			2.53		–		^(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			–

^(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.

258

INNOVATOR ETFs TRUST

each period)

Ratios/Supplemental Data:

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

	1.97		$	21.84		9.92	%	$	10,373		0.79	%		(0.77	)%		0	%
	(4.84	)	$	19.87		(19.60	)%	$	3,974		0.79	%		(0.79	)%		0	%

	2.00		$	27.04		7.99	%	$	4,055		0.79	%		(0.76	)%		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	%

	3.24		$	26.39		13.98	%	$	2,639		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	%

	2.53		$	23.49		12.09	%	$	40,520		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.

259

INNOVATOR ETFs TRUST

Financial Highlights

Per Share Operating Performance (For a share outstanding throughout

			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 period 11/1/2022 - 4/30/2023	$	19.87		(0.08	)		1.95				1.87			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 period 11/1/2022 - 4/30/2023	$	24.90		(0.10	)		1.99				1.89			0.01
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 period 11/1/2022 - 4/30/2023	$	23.10		(0.09	)		3.37				3.28		–		^(e)
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 period 11/1/2022 - 4/30/2023	$	20.84		(0.08	)		2.49				2.41		–		^(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.

260

INNOVATOR ETFs TRUST

each period)

Ratios/Supplemental Data:

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

	1.88		$	21.75		9.47	%	$	11,420		0.79	%		(0.78	)%		0	%
	(4.84	)	$	19.87		(19.59	)%	$	4,967		0.79	%		(0.79	)%		0	%

	1.90		$	26.80		7.64	%	$	4,020		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	%

	3.28		$	26.38		14.21	%	$	11,870		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	%

	2.41		$	23.25		11.58	%	$	21,507		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.

261

INNOVATOR ETFs TRUST

Financial Highlights

Per Share Operating Performance (For a share outstanding throughout

			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 period 11/1/2022 - 4/30/2023	$	22.00		(0.09	)		1.72				1.63			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 period 11/1/2022 - 4/30/2023	$	25.30		(0.10	)		2.58				2.48			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 period 11/1/2022 - 4/30/2023	$	25.28		(0.10	)		2.75				2.65		–		^(e)
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 period 11/1/2022 - 4/30/2023	$	22.82		(0.09	)		2.20				2.11		–		^(e)
For the year ended 10/31/2022	$	24.77		(0.19	)		(1.80	)	^(f)		(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)	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.

262

INNOVATOR ETFs TRUST

each period)

Ratios/Supplemental Data:

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

	1.64		$	23.64		7.45	%	$	60,871		0.79	%		(0.78	)%		0	%
	(2.70	)	$	22.00		(10.93	)%	$	14,300		0.79	%		(0.79	)%		0	%

	2.50		$	27.80		9.88	%	$	52,818		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	%

	2.65		$	27.93		10.48	%	$	33,521		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	%

	2.11		$	24.93		9.23	%	$	49,862		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.

263

INNOVATOR ETFs TRUST

Financial Highlights

Per Share Operating Performance (For a share outstanding throughout

			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 period 11/1/2022 - 4/30/2023	$	17.61		(0.07	)		1.85			1.78			0.02
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 period 11/1/2022 - 4/30/2023	$	23.41		(0.09	)		3.92			3.83			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 period 11/1/2022 - 4/30/2023	$	19.99		(0.08	)		4.23			4.15		–		^(e)
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			–
Innovator Growth Accelerated Plus ETF - October
For the period 11/1/2022 - 4/30/2023	$	18.52		(0.08	)		3.20			3.12			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.

264

INNOVATOR ETFs TRUST

each period)

Ratios/Supplemental Data:

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

	1.80		$	19.41		10.27	%	$	33,003		0.79	%		(0.78	)%		0	%
	(7.85	)	$	17.61		(30.85	)%	$	4,401		0.79	%		(0.79	)%		0	%

	3.85		$	27.26		16.45	%	$	9,541		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	%

	4.15		$	24.14		20.75	%	$	7,845		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	%

	3.13		$	21.65		16.91	%	$	12,450		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.

265

INNOVATOR ETFs TRUST

Financial Highlights

Per Share Operating Performance (For a share outstanding throughout

			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 period 11/1/2022 - 4/30/2023	$	26.17		(0.09	)		1.31			1.22			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	^(f)		0.14			0.03
Innovator U.S. Equity Accelerated ETF - Quarterly
For the period 11/1/2022 - 4/30/2023	$	22.88		(0.10	)		4.43			4.33			0.01
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 period 11/1/2022 - 4/30/2023	$	21.26		(0.08	)		1.95			1.87		–		^(e)
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

^(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.

266

INNOVATOR ETFs TRUST

each period)

Ratios/Supplemental Data:

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

	1.23		$	27.40		4.68	%	$	378,056		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	%

	4.34		$	27.22		18.95	%	$	20,412		0.79	%		(0.78	)%		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	%

	1.87		$	23.13		8.81	%	$	10,986		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	%

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

267

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited)

1.	ORGANIZATION

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

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

268

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (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

269

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (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”.

270

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (Continued)

2.	SIGNIFICANT ACCOUNTING POLICIES

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

Valuation:

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

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

Common stocks, preferred stocks 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.

271

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (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.

272

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (Continued)

Fair Valuation Measurement:

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

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

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

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

273

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (Continued)

The following table summarizes valuation of the Funds’ investments under the fair value hierarchy levels as of April 30, 2023:

IJAN
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	209,360,578	$	–	$	209,360,578
Short Term Investments		400,014		–		–		400,014
Total Assets	$	400,014	$	209,360,578	$	–	$	209,760,592

Liabilities
Options Written	$	–	$	5,411,768	$	–	$	5,411,768
Total Liabilities	$	–	$	5,411,768	$	–	$	5,411,768

IAPR
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	232,806,209	$	–	$	232,806,209
Short Term Investments		452,950		–		–		452,950
Total Assets	$	452,950	$	232,806,209	$	–	$	233,259,159

Liabilities
Options Written	$	–	$	8,147,032	$	–	$	8,147,032
Total Liabilities	$	–	$	8,147,032	$	–	$	8,147,032

IJUL
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	111,250,300	$	–	$	111,250,300
Short Term Investments		189,335		–		–		189,335
Total Assets	$	189,335	$	111,250,300	$	–	$	111,439,635

Liabilities
Options Written	$	–	$	1,357,840	$	–	$	1,357,840
Total Liabilities	$	–	$	1,357,840	$	–	$	1,357,840

IOCT
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	113,990,001	$	–	$	113,990,001
Short Term Investments		202,834		–		–		202,834
Total Assets	$	202,834	$	113,990,001	$	–	$	114,192,835

Liabilities
Options Written	$	–	$	8,882,047	$	–	$	8,882,047
Total Liabilities	$	–	$	8,882,047	$	–	$	8,882,047

EJAN
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	118,158,145	$	–	$	118,158,145
Short Term Investments		205,718		–		–		205,718
Total Assets	$	205,718	$	118,158,145	$	–	$	118,363,863

Liabilities
Options Written	$	–	$	2,588,410	$	–	$	2,588,410
Total Liabilities	$	–	$	2,588,410	$	–	$	2,588,410

274

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (Continued)

EAPR
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	53,386,170	$	–	$	53,386,170
Short Term Investments		90,012		–		–		90,012
Total Assets	$	90,012	$	53,386,170	$	–	$	53,476,182

Liabilities
Options Written	$	–	$	2,599,640	$	–	$	2,599,640
Total Liabilities	$	–	$	2,599,640	$	–	$	2,599,640

EJUL
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	91,542,605	$	–	$	91,542,605
Short Term Investments		164,748		–		–		164,748
Total Assets	$	164,748	$	91,542,605	$	–	$	91,707,353

Liabilities
Options Written	$	–	$	464,656	$	–	$	464,656
Total Liabilities	$	–	$	464,656	$	–	$	464,656

EOCT
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	31,079,947	$	–	$	31,079,947
Short Term Investments		45,179		–		–		45,179
Total Assets	$	45,179	$	31,079,947	$	–	$	31,125,126

Liabilities
Options Written	$	–	$	433,901	$	–	$	433,901
Total Liabilities	$	–	$	433,901	$	–	$	433,901

NJAN
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	104,643,560	$	–	$	104,643,560
Short Term Investments		200,063		–		–		200,063
Total Assets	$	200,063	$	104,643,560	$	–	$	104,843,623

Liabilities
Options Written	$	–	$	9,933,700	$	–	$	9,933,700
Total Liabilities	$	–	$	9,933,700	$	–	$	9,933,700

NAPR
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	118,036,069	$	–	$	118,036,069
Short Term Investments		279,400		–		–		279,400
Total Assets	$	279,400	$	118,036,069	$	–	$	118,315,469

Liabilities
Options Written	$	–	$	6,733,361	$	–	$	6,733,361
Total Liabilities	$	–	$	6,733,361	$	–	$	6,733,361

275

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Notes to Financial Statements (Unaudited) (Continued)

NJUL
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	77,721,533	$	–	$	77,721,533
Short Term Investments		184,867		–		–		184,867
Total Assets	$	184,867	$	77,721,533	$	–	$	77,906,400

Liabilities
Options Written	$	–	$	1,289,449	$	–	$	1,289,449
Total Liabilities	$	–	$	1,289,449	$	–	$	1,289,449

NOCT
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	90,605,596	$	–	$	90,605,596
Short Term Investments		203,590		–		–		203,590
Total Assets	$	203,590	$	90,605,596	$	–	$	90,809,186

Liabilities
Options Written	$	–	$	5,232,824	$	–	$	5,232,824
Total Liabilities	$	–	$	5,232,824	$	–	$	5,232,824

KJAN
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	180,332,790	$	–	$	180,332,790
Short Term Investments		464,809		–		–		464,809
Total Assets	$	464,809	$	180,332,790	$	–	$	180,797,599

Liabilities
Options Written	$	–	$	5,191,324	$	–	$	5,191,324
Total Liabilities	$	–	$	5,191,324	$	–	$	5,191,324

KAPR
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	132,448,951	$	–	$	132,448,951
Short Term Investments		330,479		–		–		330,479
Total Assets	$	330,479	$	132,448,951	$	–	$	132,779,430

Liabilities
Options Written	$	–	$	6,192,097	$	–	$	6,192,097
Total Liabilities	$	–	$	6,192,097	$	–	$	6,192,097

KJUL
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	69,524,255	$	–	$	69,524,255
Short Term Investments		177,008		–		–		177,008
Total Assets	$	177,008	$	69,524,255	$	–	$	69,701,263

Liabilities
Options Written	$	–	$	246,289	$	–	$	246,289
Total Liabilities	$	–	$	246,289	$	–	$	246,289

276

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (Continued)

KOCT
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	76,897,048	$	–	$	76,897,048
Short Term Investments		187,894		–		–		187,894
Total Assets	$	187,894	$	76,897,048	$	–	$	77,084,942

Liabilities
Options Written	$	–	$	1,099,009	$	–	$	1,099,009
Total Liabilities	$	–	$	1,099,009	$	–	$	1,099,009

DSJA
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	3,208,556	$	–	$	3,208,556
Short Term Investments		18,876		–		–		18,876
Total Assets	$	18,876	$	3,208,556	$	–	$	3,227,432

Liabilities
Options Written	$	–	$	536,824	$	–	$	536,824
Total Liabilities	$	–	$	536,824	$	–	$	536,824

DSOC
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	5,346,455	$	–	$	5,346,455
Short Term Investments		18,992		–		–		18,992
Total Assets	$	18,992	$	5,346,455	$	–	$	5,365,447

Liabilities
Options Written	$	–	$	814,466	$	–	$	814,466
Total Liabilities	$	–	$	814,466	$	–	$	814,466

TSJA
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	6,711,498	$	–	$	6,711,498
Short Term Investments		51,455		–		–		51,455
Total Assets	$	51,455	$	6,711,498	$	–	$	6,762,953

Liabilities
Options Written	$	–	$	1,564,610	$	–	$	1,564,610
Total Liabilities	$	–	$	1,564,610	$	–	$	1,564,610

TSOC
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	8,487,569	$	–	$	8,487,569
Short Term Investments		29,969		–		–		29,969
Total Assets	$	29,969	$	8,487,569	$	–	$	8,517,538

Liabilities
Options Written	$	–	$	1,952,821	$	–	$	1,952,821
Total Liabilities	$	–	$	1,952,821	$	–	$	1,952,821

277

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (Continued)

DBJA
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	8,593,150	$	–	$	8,593,150
Short Term Investments		20,342		–		–		20,342
Total Assets	$	20,342	$	8,593,150	$	–	$	8,613,492

Liabilities
Options Written	$	–	$	1,797,230	$	–	$	1,797,230
Total Liabilities	$	–	$	1,797,230	$	–	$	1,797,230

DBOC
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	17,656,218	$	–	$	17,656,218
Short Term Investments		44,212		–		–		44,212
Total Assets	$	44,212	$	17,656,218	$	–	$	17,700,430

Liabilities
Options Written	$	–	$	3,404,310	$	–	$	3,404,310
Total Liabilities	$	–	$	3,404,310	$	–	$	3,404,310

TBJL
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	57,567,222	$	–	$	57,567,222
Short Term Investments		153,957		–		–		153,957
Total Assets	$	153,957	$	57,567,222	$	–	$	57,721,179

Liabilities
Options Written	$	–	$	1,022,929	$	–	$	1,022,929
Total Liabilities	$	–	$	1,022,929	$	–	$	1,022,929

TFJL
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	7,935,087	$	–	$	7,935,087
Short Term Investments		11,357		–		–		11,357
Total Assets	$	11,357	$	7,935,087	$	–	$	7,946,444

Liabilities
Options Written	$	–	$	31,627	$	–	$	31,627
Total Liabilities	$	–	$	31,627	$	–	$	31,627

XDJA
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	11,347,521	$	–	$	11,347,521
Short Term Investments		41,348		–		–		41,348
Total Assets	$	41,348	$	11,347,521	$	–	$	11,388,869

Liabilities
Options Written	$	–	$	1,009,333	$	–	$	1,009,333
Total Liabilities	$	–	$	1,009,333	$	–	$	1,009,333

278

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (Continued)

XDAP
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	4,334,968	$	–	$	4,334,968
Short Term Investments		44,980		–		–		44,980
Total Assets	$	44,980	$	4,334,968	$	–	$	4,379,948

Liabilities
Options Written	$	–	$	322,595	$	–	$	322,595
Total Liabilities	$	–	$	322,595	$	–	$	322,595

XDJL
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	2,677,703	$	–	$	2,677,703
Short Term Investments		32,736		–		–		32,736
Total Assets	$	32,736	$	2,677,703	$	–	$	2,710,439

Liabilities
Options Written	$	–	$	70,246	$	–	$	70,246
Total Liabilities	$	–	$	70,246	$	–	$	70,246

XDOC
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	45,906,710	$	–	$	45,906,710
Short Term Investments		93,797		–		–		93,797
Total Assets	$	93,797	$	45,906,710	$	–	$	46,000,507

Liabilities
Options Written	$	–	$	5,454,636	$	–	$	5,454,636
Total Liabilities	$	–	$	5,454,636	$	–	$	5,454,636

XTJA
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	14,007,742	$	–	$	14,007,742
Short Term Investments		37,798		–		–		37,798
Total Assets	$	37,798	$	14,007,742	$	–	$	14,045,540

Liabilities
Options Written	$	–	$	2,618,683	$	–	$	2,618,683
Total Liabilities	$	–	$	2,618,683	$	–	$	2,618,683

XTAP
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	4,729,350	$	–	$	4,729,350
Short Term Investments		11,528		–		–		11,528
Total Assets	$	11,528	$	4,729,350	$	–	$	4,740,878

Liabilities
Options Written	$	–	$	718,968	$	–	$	718,968
Total Liabilities	$	–	$	718,968	$	–	$	718,968

279

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (Continued)

XTJL
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	13,314,036	$	–	$	13,314,036
Short Term Investments		17,204		–		–		17,204
Total Assets	$	17,204	$	13,314,036	$	–	$	13,331,240

Liabilities
Options Written	$	–	$	1,453,455	$	–	$	1,453,455
Total Liabilities	$	–	$	1,453,455	$	–	$	1,453,455

XTOC
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	28,119,444	$	–	$	28,119,444
Short Term Investments		59,184		–		–		59,184
Total Assets	$	59,184	$	28,119,444	$	–	$	28,178,628

Liabilities
Options Written	$	–	$	6,657,760	$	–	$	6,657,760
Total Liabilities	$	–	$	6,657,760	$	–	$	6,657,760

XBJA
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	70,235,925	$	–	$	70,235,925
Short Term Investments		165,000		–		–		165,000
Total Assets	$	165,000	$	70,235,925	$	–	$	70,400,925

Liabilities
Options Written	$	–	$	9,491,931	$	–	$	9,491,931
Total Liabilities	$	–	$	9,491,931	$	–	$	9,491,931

XBAP
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	60,034,603	$	–	$	60,034,603
Short Term Investments		153,945		–		–		153,945
Total Assets	$	153,945	$	60,034,603	$	–	$	60,188,548

Liabilities
Options Written	$	–	$	7,343,666	$	–	$	7,343,666
Total Liabilities	$	–	$	7,343,666	$	–	$	7,343,666

XBJL
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	35,893,425	$	–	$	35,893,425
Short Term Investments		97,042		–		–		97,042
Total Assets	$	97,042	$	35,893,425	$	–	$	35,990,467

Liabilities
Options Written	$	–	$	2,448,798	$	–	$	2,448,798
Total Liabilities	$	–	$	2,448,798	$	–	$	2,448,798

280

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (Continued)

XBOC
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	59,547,706	$	–	$	59,547,706
Short Term Investments		131,520		–		–		131,520
Total Assets	$	131,520	$	59,547,706	$	–	$	59,679,226

Liabilities
Options Written	$	–	$	9,786,101	$	–	$	9,786,101
Total Liabilities	$	–	$	9,786,101	$	–	$	9,786,101

QTJA
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	49,684,780	$	–	$	49,684,780
Short Term Investments		106,688		–		–		106,688
Total Assets	$	106,688	$	49,684,780	$	–	$	49,791,468

Liabilities
Options Written	$	–	$	16,768,057	$	–	$	16,768,057
Total Liabilities	$	–	$	16,768,057	$	–	$	16,768,057

QTAP
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	11,504,667	$	–	$	11,504,667
Short Term Investments		32,893		–		–		32,893
Total Assets	$	32,893	$	11,504,667	$	–	$	11,537,560

Liabilities
Options Written	$	–	$	1,993,401	$	–	$	1,993,401
Total Liabilities	$	–	$	1,993,401	$	–	$	1,993,401

QTJL
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	9,502,303	$	–	$	9,502,303
Short Term Investments		43,056		–		–		43,056
Total Assets	$	43,056	$	9,502,303	$	–	$	9,545,359

Liabilities
Options Written	$	–	$	1,694,940	$	–	$	1,694,940
Total Liabilities	$	–	$	1,694,940	$	–	$	1,694,940

281

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (Continued)

QTOC
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	17,403,689	$	–	$	17,403,689
Short Term Investments		18,513		–		–		18,513
Total Assets	$	18,513	$	17,403,689	$	–	$	17,422,202

Liabilities
Options Written	$	–	$	4,964,488	$	–	$	4,964,488
Total Liabilities	$	–	$	4,964,488	$	–	$	4,964,488

BALT
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	386,101,620	$	–	$	386,101,620
Short Term Investments		513,208		–		–		513,208
Total Assets	$	513,208	$	386,101,620	$	–	$	386,614,828

Liabilities
Options Written	$	–	$	8,355,269	$	–	$	8,355,269
Total Liabilities	$	–	$	8,355,269	$	–	$	8,355,269

XDSQ
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	20,910,338	$	–	$	20,910,338
Short Term Investments		37,276		–		–		37,276
Total Assets	$	37,276	$	20,910,338	$	–	$	20,947,614

Liabilities
Options Written	$	–	$	524,294	$	–	$	524,294
Total Liabilities	$	–	$	524,294	$	–	$	524,294

XDQQ
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	11,258,816	$	–	$	11,258,816
Short Term Investments		37,761		–		–		37,761
Total Assets	$	37,761	$	11,258,816	$	–	$	11,296,577

Liabilities
Options Written	$	–	$	303,934	$	–	$	303,934
Total Liabilities	$	–	$	303,934	$	–	$	303,934

282

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (Continued)

There were no Level 3 investments for the Funds during the period ended April 30, 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.

283

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (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.

284

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (Continued)

The value of derivative instruments on the Statements of Assets and Liabilities for the Funds as of April 30, 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
IJAN	$	209,360,578	$	5,411,768
IAPR		232,806,209		8,147,032
IJUL		111,250,300		1,357,840
IOCT		113,990,001		8,882,047
EJAN		118,158,145		2,588,410
EAPR		53,386,170		2,599,640
EJUL		91,542,605		464,656
EOCT		31,079,947		433,901
NJAN		104,643,560		9,933,700
NAPR		118,036,069		6,733,361
NJUL		77,721,533		1,289,449
NOCT		90,605,596		5,232,824
KJAN		180,332,790		5,191,324
KAPR		132,448,951		6,192,097
KJUL		69,524,255		246,289
KOCT		76,897,048		1,099,009
DSJA		3,208,556		536,824
DSOC		5,346,455		814,466
TSJA		6,711,498		1,564,610
TSOC		8,487,569		1,952,821
DBJA		8,593,150		1,797,230
DBOC		17,656,218		3,404,310
TBJL		57,567,222		1,022,929
TFJL		7,935,087		31,627
XDJA		11,347,521		1,009,333
XDAP		4,334,968		322,595
XDJL		2,677,703		70,246
XDOC		45,906,710		5,454,636
XTJA		14,007,742		2,618,683
XTAP		4,729,350		718,968
XTJL		13,314,036		1,453,455
XTOC		28,119,444		6,657,760
XBJA		70,235,925		9,491,931
XBAP		60,034,603		7,343,666
XBJL		35,893,425		2,448,798
XBOC		59,547,706		9,786,101
QTJA		49,684,780		16,768,057
QTAP		11,504,667		1,993,401
QTJL		9,502,303		1,694,940
QTOC		17,403,689		4,964,488
BALT		386,101,620		8,355,269
XDSQ		20,910,338		524,294
XDQQ		11,258,816		303,934

285

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (Continued)

The effect of derivative instruments on the Statements of Operations for the period ended April 30, 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
IJAN	$	(7,308,102	)	$	3,666,110		$	1,268,767		$	1,472,356
IAPR		(3,182,280	)		3,000,821			190,430			2,554,451
IJUL		2,945,241			6,338,581			627,247			1,396,142
IOCT		(26,528	)		1,971,228			(306,362	)		151,894
EJAN		(9,799,972	)		4,866,883			(1,453,287	)		909,201
EAPR		(3,306,328	)		806,691			986,887			1,258,597
EJUL		(381,531	)		1,272,353			9,558			639,367
EOCT		(164,060	)		298,874			(20,554	)		104,717
NJAN		(17,903,067	)		11,204,272			(10,941,588	)		2,044,095
NAPR		(5,014,327	)		1,884,434			2,643,158			2,638,387
NJUL		(2,642,387	)		1,266,781			1,734,656			2,146,250
NOCT		34,329			794,641			126,593			402,153
KJAN		(11,223,553	)		5,712,983			(343,566	)		1,801,239
KAPR		(7,066,910	)		92,917			3,616,040			2,864,246
KJUL		(661,579	)		774,746			86,665			625,224
KOCT		(596,959	)		114,596			52,503			104,836
DSJA		(990,401	)		–			311,771			–
DSOC		–			–			–			–
TSJA		(2,380,531	)		(235,116	)		1,034,354			126,077
TSOC		33,782			–			(24,409	)		–
DBJA		(908,574	)		100,498			357,217			94,020
DBOC		25,555			105,566			(30,367	)		5,017
TBJL		(18,095	)		–			(1,341	)		–
TFJL		(346,774	)		533,899			143,103			147,848
XDJA		(812,673	)		(69,626	)		37,812			115,083
XDAP		(632,992	)		(166,785	)		112,625			221,255
XDJL		(10,501	)		45,576			(605	)		4,969
XDOC		(1,379	)		139,271			(7,907	)		(31,325	)
XTJA		(1,692,812	)		82,855			393,975			(22,276	)
XTAP		(751,765	)		(438,819	)		476,178			230,989
XTJL		(11,076	)		183,479			8,787			229,720
XTOC		(11,310	)		298,417			(11,523	)		97,432
XBJA		(2,744,763	)		937,588			(600,877	)		605,556
XBAP		(3,114,220	)		(320,806	)		1,062,111			1,592,722
XBJL		(49,868	)		87,817			6,592			850,831
XBOC		(8,229	)		245,577			(9,372	)		173,843
QTJA		(2,794,162	)		–			354,086			–
QTAP		(2,977,730	)		(673,712	)		1,611,323			320,052
QTJL		(665,223	)		(494,909	)		64,440			1,925,141
QTOC		3,558			100,816			(5,022	)		4,125
BALT		7,294,729			8,111,661			(2,766,275	)		4,172,422
XDSQ		2,092,057			167,612			468,861			(37,112	)
XDQQ		2,013,357			560,695			(1,043,037	)		(218,985	)

286

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (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
IJAN	$	13,099,661		$	6,304,452
IAPR		2,866,940			582,350
IJUL		17,473,334			2,470,674
IOCT		18,037,820			(4,085,659	)
EJAN		4,305,261			8,212,461
EAPR		2,666,386			1,611,623
EJUL		(158,610	)		4,122,635
EOCT		2,281,367			1,316,841
NJAN		20,591,611			2,974,419
NAPR		3,844,617			948,711
NJUL		9,267,360			1,369,318
NOCT		8,314,060			1,693,056
KJAN		(186,104	)		3,991,281
KAPR		4,772,434			(1,438,400	)
KJUL		(5,352,709	)		4,847,326
KOCT		(3,874,431	)		6,484,569
DSJA		1,544,529			(561,614	)
DSOC		678,896			(135,429	)
TSJA		3,612,354			(1,679,857	)
TSOC		408,456			205,791
DBJA		2,041,252			(1,088,297	)
DBOC		1,556,636			(247,964	)
TBJL		304,702			4,083,582
TFJL		513,720			(179,353	)
XDJA		1,862,769			(323,032	)
XDAP		1,071,177			(338,624	)
XDJL		195,621			115,129
XDOC		3,927,528			477,949
XTJA		3,092,816			(921,523	)
XTAP		1,407,687			(708,523	)
XTJL		1,012,403			318,559
XTOC		1,919,534			(149,804	)
XBJA		5,281,191			(109,652	)
XBAP		4,121,340			(1,141,900	)
XBJL		1,040,500			1,574,301
XBOC		3,139,475			784,668
QTJA		11,999,209			(7,073,526	)
QTAP		4,263,364			(1,973,494	)
QTJL		3,121,671			(1,855,064	)
QTOC		3,367,904			(1,796,127	)
BALT		(10,156,017	)		8,998,502
XDSQ		(1,001,592	)		837,470
XDQQ		(902,082	)		389,747

287

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (Continued)

The average volume of derivative activity during the period ended April 30, 2023, is as follows:

	Purchased Options		Options Written
	Average Monthly Market Value		Average Monthly Market Value
IJAN	$	146,932,020	$	(4,670,125	)
IAPR		101,245,613		(2,580,112	)
IJUL		164,553,011		(4,264,934	)
IOCT		117,257,424		(8,622,406	)
EJAN		88,483,655		(3,277,144	)
EAPR		39,389,499		(1,672,207	)
EJUL		82,914,265		(1,371,733	)
EOCT		34,164,445		(1,469,660	)
NJAN		96,807,583		(8,648,382	)
NAPR		65,066,169		(4,301,703	)
NJUL		105,050,206		(3,294,144	)
NOCT		97,570,666		(5,678,348	)
KJAN		140,848,804		(6,236,471	)
KAPR		92,827,019		(3,047,730	)
KJUL		78,634,499		(2,294,098	)
KOCT		88,915,670		(4,023,696	)
DSJA		3,007,867		(353,458	)
DSOC		4,975,325		(679,863	)
TSJA		6,491,011		(1,271,146	)
TSOC		8,116,218		(1,945,569	)
DBJA		8,812,761		(1,476,247	)
DBOC		17,374,277		(3,091,019	)
TBJL		52,820,617		(2,243,902	)
TFJL		7,424,742		(52,971	)
XDJA		8,472,349		(675,602	)
XDAP		3,561,826		(99,530	)
XDJL		2,575,390		(118,852	)
XDOC		43,878,688		(5,395,421	)
XTJA		11,004,560		(1,823,816	)
XTAP		3,430,839		(201,094	)
XTJL		14,536,907		(1,820,081	)
XTOC		26,251,083		(6,132,809	)
XBJA		47,226,429		(6,212,481	)
XBAP		25,362,413		(2,257,817	)
XBJL		37,501,445		(3,362,137	)
XBOC		57,255,189		(9,662,950	)
QTJA		26,307,359		(7,936,362	)
QTAP		5,737,787		(488,544	)
QTJL		12,872,104		(1,840,975	)
QTOC		13,424,112		(3,299,353	)
BALT		336,779,800		(14,454,513	)
XDSQ		15,596,007		(831,877	)
XDQQ		14,824,484		(1,088,220	)

288

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (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 period ended April 30, 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 April 30, 2023, the Funds did not have a liability for any unrecognized tax benefits. As of April 30, 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.

289

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (Continued)

U.S. GAAP requires that certain components of net assets be reclassified between distributable earnings/(accumulated deficit) and additional paid-in capital. These reclassifications have no effect on net assets or net asset value per share. For the year or period ended October 31, 2022, the Funds made the following permanent book-to-tax reclassifications due to deemed distributions, net operating losses, and redemption in-kind transactions:

	Distributable Earnings/ (Accumulated Deficit)			Paid-In Capital
IJAN	$	(6,859,436	)	$	6,859,436
IAPR		(1,582,655	)		1,582,655
IJUL		(10,925,880	)		10,925,880
IOCT		(174,292	)		174,292
EJAN		1,540,336			(1,540,336	)
EAPR		(3,220,258	)		3,220,258
EJUL		(6,595,221	)		6,595,221
EOCT		(96,774	)		96,774
NJAN		(22,629,861	)		22,629,861
NAPR		(5,099,640	)		5,099,640
NJUL		(9,069,301	)		9,069,301
NOCT		(767,941	)		767,941
KJAN		(18,503,230	)		18,503,230
KAPR		(7,804,265	)		7,804,265
KJUL		(11,852,758	)		11,852,758
KOCT		(354,251	)		354,251
DSJA		(1,689,424	)		1,689,424
DSOC		59,974			(59,974	)
TSJA		(13,052,901	)		13,052,901
TSOC		(161,467	)		161,467
DBJA		(4,628,219	)		4,628,219
DBOC		104,027			(104,027	)
TBJL		(745,914	)		745,914
TFJL		76,042			(76,042	)
XDJA		-			-
XDAP		(767,169	)		767,169
XDJL		(608,206	)		608,206
XDOC		6,444			(6,444	)
XTJA		5,447			(5,447	)
XTAP		(2,446,354	)		2,446,354
XTJL		(2,319,729	)		2,319,729
XTOC		(58,560	)		58,560
XBJA		(803,359	)		803,359
XBAP		(2,338,191	)		2,338,191
XBJL		(4,036,977	)		4,036,977
XBOC		(1,710,721	)		1,710,721
QTJA		56,791			(56,791	)
QTAP		(4,491,711	)		4,491,711
QTJL		(2,751,220	)		2,751,220
QTOC		(32,136	)		32,136
BALT		(24,450,011	)		24,450,011
XDSQ		(2,088,648	)		2,088,648
XDQQ		(2,038,586	)		2,038,586

290

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (Continued)

Distributions to Shareholders:

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

Investment Transactions and Investment Income:

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

3.	INVESTMENT ADVISOR AND OTHER AFFILIATES

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

Pursuant to the Advisory Agreement, IJAN, IAPR, IJUL, and IOCT 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.

291

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (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.

292

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (Continued)

4.	INVESTMENT TRANSACTIONS

For the period ended April 30, 2023, there were no purchases or proceeds from long-term sales of investment securities.

For the period ended April 30, 2023, in-kind transactions associated with creations and redemptions were as follows:

	In-Kind		In-Kind
	Creations		Redemptions
IJAN	$	-	$	13,116,329
IAPR		-		22,499,162
IJUL		-		35,038,959
IOCT		-		10,510,360
EJAN		-		36,560,140
EAPR		-		3,510,186
EJUL		-		10,431,936
EOCT		-		2,424,323
NJAN		-		25,126,782
NAPR		-		9,293,233
NJUL		-		17,997,678
NOCT		-		8,722,031
KJAN		-		15,674,668
KAPR		-		2,458,621
KJUL		-		9,221,588
KOCT		-		1,360,872
DSJA		-		-
DSOC		-		-
TSJA		-		565,052
TSOC		-		-
DBJA		-		729,756
DBOC		-		1,005,507
TBJL		-		-
TFJL		-		10,231,928
XDJA		-		504,703
XDAP		-		604,883
XDJL		-		1,274,650
XDOC		-		1,314,671
XTJA		-		747,764
XTAP		-		1,233,199
XTJL		-		3,002,263
XTOC		-		2,421,926
XBJA		-		5,021,277
XBAP		-		6,336,584
XBJL		-		5,934,198
XBOC		-		2,366,091
QTJA		-		-
QTAP		-		1,157,517
QTJL		-		13,129,861
QTOC		-		750,160
BALT		-		198,682,736
XDSQ		-		1,446,530
XDQQ		-		12,085,350

293

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (Continued)

5. CREATION AND REDEMPTION TRANSACTIONS

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

The Funds issue and redeem shares on a continuous basis at NAV only in blocks of 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.

294

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (Continued)

6.	FEDERAL INCOME TAX INFORMATION

At October 31, 2022, 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)
IJAN	$	73,864,650	$	14,176,153	$	(22,306,234	)	$	(8,130,081	)
IAPR		44,492,842		5,134,901		(6,355,605	)		(1,220,704	)
IJUL		190,670,252		1,102,504		(2,886,204	)		(1,783,700	)
IOCT		91,830,185		5,914,227		(3,342,496	)		2,571,731
EJAN		66,999,880		16,616,465		(27,657,843	)		(11,041,378	)
EAPR		35,208,394		5,447,738		(9,973,618	)		(4,525,880	)
EJUL		58,141,481		4,009,097		(7,467,532	)		(3,458,435	)
EOCT		26,165,595		459,404		(980,717	)		(521,313	)
NJAN		96,064,293		23,736,429		(36,968,071	)		(13,231,642	)
NAPR		56,689,672		10,514,872		(14,303,428	)		(3,788,556	)
NJUL		117,742,041		4,567,585		(3,873,021	)		694,564
NOCT		79,828,058		3,203,602		(2,019,778	)		1,183,824
KJAN		82,975,905		9,896,078		(13,309,092	)		(3,413,014	)
KAPR		88,721,893		3,308,950		(7,131,730	)		(3,822,780	)
KJUL		74,893,690		7,601,640		(4,111,423	)		3,490,217
KOCT		70,381,497		6,381,980		(3,822,477	)		2,559,503
DSJA		3,728,933		311,867		(1,008,792	)		(696,925	)
DSOC		3,852,784		378,431		(207,536	)		170,895
TSJA		7,373,515		1,298,974		(2,678,978	)		(1,380,004	)
TSOC		5,045,371		881,849		(647,743	)		234,106
DBJA		8,468,225		1,470,789		(1,744,724	)		(273,935	)
DBOC		13,905,328		1,677,280		(1,223,233	)		454,047
TBJL		33,648,067		1,429,756		(2,860,264	)		(1,430,508	)
TFJL		20,676,368		439,064		(759,413	)		(320,349	)
XDJA		4,698,870		152,506		(875,260	)		(722,754	)
XDAP		4,408,101		323,244		(973,666	)		(650,422	)
XDJL		3,474,178		12,613		(11,544	)		1,069
XDOC		33,716,894		4,461,683		(2,529,077	)		1,932,606
XTJA		6,242,720		395,615		(1,667,680	)		(1,272,065	)
XTAP		4,369,491		678,846		(1,311,317	)		(632,471	)
XTJL		12,596,112		347,847		(230,826	)		117,021
XTOC		14,434,281		2,275,838		(1,595,532	)		680,306
XBJA		16,235,570		1,526,457		(3,452,551	)		(1,926,094	)
XBAP		21,916,003		3,010,963		(5,305,842	)		(2,294,879	)
XBJL		34,023,711		939,189		(2,700,883	)		(1,761,694	)
XBOC		34,895,037		3,852,525		(2,805,504	)		1,047,021
QTJA		6,734,237		354,148		(2,684,112	)		(2,329,964	)
QTAP		9,183,018		1,900,625		(4,056,443	)		(2,155,818	)
QTJL		19,251,453		1,631,063		(2,878,515	)		(1,247,452	)
QTOC		5,853,448		446,921		(278,305	)		168,616
BALT		252,661,367		20,562,185		(16,639,001	)		3,923,184
XDSQ		10,797,485		1,321,326		(671,581	)		649,745
XDQQ		17,400,073		843,330		(164,456	)		678,874

295

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (Continued)

At October 31, 2022, 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)
IJAN	$	(5,260,128	)	$	-	$	-	$	(8,130,081	)	$	(13,390,209	)
IAPR		(7,451,944	)		-		-		(1,220,704	)		(8,672,648	)
IJUL		(15,337,226	)		-		-		(1,783,700	)		(17,120,926	)
IOCT		(2,510,557	)		-		-		2,571,731			61,174
EJAN		(3,996,921	)		-		-		(11,041,378	)		(15,038,299	)
EAPR		(5,181,808	)		-		-		(4,525,880	)		(9,707,688	)
EJUL		(13,281,445	)		-		-		(3,458,435	)		(16,739,880	)
EOCT		(1,510,830	)		-		-		(521,313	)		(2,032,143	)
NJAN		(18,931,417	)		-		-		(13,231,642	)		(32,163,059	)
NAPR		(4,693,817	)		-		-		(3,788,556	)		(8,482,373	)
NJUL		(14,774,292	)		-		-		694,564			(14,079,728	)
NOCT		(7,718,348	)		-		-		1,183,824			(6,534,524	)
KJAN		(12,825,732	)		-		-		(3,413,014	)		(16,238,746	)
KAPR		(7,571,828	)		-		-		(3,822,780	)		(11,394,608	)
KJUL		(19,228,696	)		-		-		3,490,217			(15,738,479	)
KOCT		(5,258,504	)		-		-		2,559,503			(2,699,001	)
DSJA		(1,295,762	)		-		-		(696,925	)		(1,992,687	)
DSOC		(6,732,479	)		-		-		170,895			(6,561,584	)
TSJA		(11,362,783	)		-		-		(1,380,004	)		(12,742,787	)
TSOC		(9,656,646	)		-		-		234,106			(9,422,540	)
DBJA		(5,190,471	)		-		-		(273,935	)		(5,464,406	)
DBOC		(16,230,797	)		-		-		454,047			(15,776,750	)
TBJL		(1,970,507	)		-		-		(1,430,508	)		(3,401,015	)
TFJL		(2,241,374	)		-		-		(320,349	)		(2,561,723	)
XDJA		(24,163	)		-		-		(722,754	)		(746,917	)
XDAP		-			-		-		(650,422	)		(650,422	)
XDJL		(1,403,351	)		-		-		1,069			(1,402,282	)
XDOC		(7,673,899	)		-		-		1,932,606			(5,741,293	)
XTJA		(38,272	)		-		-		(1,272,065	)		(1,310,337	)
XTAP		(1,292,112	)		-		-		(632,471	)		(1,924,583	)
XTJL		(5,142,136	)		-		-		117,021			(5,025,115	)
XTOC		(1,675,767	)		-		-		680,306			(995,461	)
XBJA		(85,724	)		-		-		(1,926,094	)		(2,011,818	)
XBAP		(1,370,363	)		-		-		(2,294,879	)		(3,665,242	)
XBJL		(3,926,248	)		-		-		(1,761,694	)		(5,687,942	)
XBOC		(2,830,271	)		-		-		1,047,021			(1,783,250	)
QTJA		(44,573	)		-		-		(2,329,964	)		(2,374,537	)
QTAP		(4,380,261	)		-		-		(2,155,818	)		(6,536,079	)
QTJL		(6,534,621	)		-		-		(1,247,452	)		(7,782,073	)
QTOC		(1,706,844	)		-		-		168,616			(1,538,228	)
BALT		(25,251,042	)		-		-		3,923,184			(21,327,858	)
XDSQ		(4,968,833	)		-		-		649,745			(4,319,088	)
XDQQ		(6,943,105	)		-		-		678,874			(6,264,231	)

296

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Notes to Financial Statements (Unaudited) (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, 2022, the Funds deferred the following qualified late year ordinary losses:

	Late Year Ordinary Losses
IJAN	$	554,087
IAPR		371,799
IJUL		600,381
IOCT		147,726
EJAN		597,590
EAPR		290,648
EJUL		275,632
EOCT		69,926
NJAN		722,722
NAPR		346,461
NJUL		489,461
NOCT		413,710
KJAN		742,063
KAPR		562,807
KJUL		414,930
KOCT		265,090
DSJA		29,801
DSOC		43,618
TSJA		87,124
TSOC		59,346
DBJA		73,260
DBOC		114,227
TBJL		52,455
TFJL		55,023
XDJA		24,162
XDAP		-
XDJL		32,216
XDOC		69,222
XTJA		38,272
XTAP		64,063
XTJL		92,612
XTOC		46,259
XBJA		85,724
XBAP		157,081
XBJL		143,487
XBOC		61,513
QTJA		44,573
QTAP		78,357
QTJL		92,227
QTOC		31,329
BALT		756,826
XDSQ		73,320
XDQQ		95,278

297

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (Continued)

At October 31, 2022, 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
IJAN	$	4,706,041	$	-
IAPR		7,080,146		-
IJUL		14,736,846		-
IOCT		2,362,833		-
EJAN		3,399,331		-
EAPR		4,891,158		-
EJUL		11,928,277		1,077,537
EOCT		1,440,904		-
NJAN		18,208,696		-
NAPR		4,347,357		-
NJUL		14,284,830		-
NOCT		7,304,638		-
KJAN		12,083,667		-
KAPR		7,009,021		-
KJUL		18,813,767		-
KOCT		4,993,414		-
DSJA		1,265,962		-
DSOC		6,688,860		-
TSJA		11,275,660		-
TSOC		9,597,302		-
DBJA		5,117,214		-
DBOC		16,116,570		-
TBJL		1,918,050		-
TFJL		2,186,352		-
XDJA		-		-
XDAP		-		-
XDJL		1,371,136		-
XDOC		7,604,677		-
XTJA		-		-
XTAP		1,228,048		-
XTJL		5,049,521		-
XTOC		1,629,507		-
XBJA		-		-
XBAP		1,213,282		-
XBJL		3,782,761		-
XBOC		2,768,758		-
QTJA		-		-
QTAP		4,301,905		-
QTJL		6,442,393		-
QTOC		1,675,514		-
BALT		24,494,216		-
XDSQ		4,895,511		-
XDQQ		6,847,827		-

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, 2022, no capital loss carryforwards available were utilized.

298

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (Continued)

The Funds did not pay any distributions during the fiscal years or periods ended October 31, 2022 and October 31, 2021, 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.

299

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.	95	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).	95	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.	95	Missionary Furlough Homes, Inc. (since 2008); MB Financial Bank (2003-2019).

300

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).	95	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).	95	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).	95	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).	95	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.

301

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.

302

INNOVATOR ETFs TRUST

Additional Information (Unaudited) (Continued)

6.	TAX NOTICE

For the fiscal year ended October 31, 2022, 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, 2022, 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, 2022, 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 13, 2022, 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.

303

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