inetfs20211228

TABLE OF CONTENTS

Letter to Shareholders	3
Fund Performance	7
Expense Example	85
Schedules of Investments and Options Written	88
Statements of Assets and Liabilities	166
Statements of Operations	192
Statements of Changes in Net Assets	218
Financial Highlights	244
Notes to Financial Statements	270
Report of Independent Registered Public Accounting Firm	302
Trustees and Officers	306
Board Considerations Regarding Approval of Investment Management Agreement	308
Additional Information	320

Letter to Shareholders (Unaudited)

Dear Valued Shareholders,

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

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

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

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

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

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

Letter to Shareholders (Unaudited) (Continued)

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

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

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

Bruce Bond

Chief Executive Officer

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

Letter to Shareholders (Unaudited) (Continued)

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

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

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

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

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

Letter to Shareholders (Unaudited) (Continued)

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

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

Innovator ETFs are distributed by Foreside Fund Services, LLC.

INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - JANUARY

Fund Performance

October 31, 2021 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator International Developed Power Buffer ETF - January from its inception (December 31, 2019) to October 31, 2021 as compared with the MSCI EAFE Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2021
	One Year			Since Inception ^(a)
Innovator International Developed Power Buffer ETF - January
NAV Return		13.47	%		5.65	%
Market Return		14.65	%		5.80	%
MSCI EAFE Index - Price Return		31.20	%		7.74	%
MSCI EAFE Index - Total Return		34.18	%		10.29	%

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

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

INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - JANUARY

Fund Performance

October 31, 2021 (Unaudited) (Continued)

The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and 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

October 31, 2021 (Unaudited)

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

	Total Returns as of October 31, 2021
	Since Inception ^(a)
Innovator International Developed Power Buffer ETF - April
NAV Return		3.88	%
Market Return		4.32	%
MSCI EAFE Index - Price Return		5.76	%
MSCI EAFE Index - Total Return		7.28	%

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

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

INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - APRIL

Fund Performance

October 31, 2021 (Unaudited) (Continued)

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - JULY

Fund Performance

October 31, 2021 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator International Developed Power Buffer ETF - July from its inception (June 28, 2019) to October 31, 2021 as compared with the MSCI EAFE Index – Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2021
	One Year			Since Inception ^(a)
Innovator International Developed Power Buffer ETF - July
NAV Return		8.58	%		3.41	%
Market Return		8.93	%		3.31	%
MSCI EAFE Index - Price Return		31.20	%		8.67	%
MSCI EAFE Index - Total Return		34.18	%		11.14	%

^(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 0.86%. For the most recent performance, please visit the Fund’s website at innovatoretfs.com.

INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - JULY

Fund Performance

October 31, 2021 (Unaudited) (Continued)

The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and 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

October 31, 2021 (Unaudited)

	Total Returns as of October 31, 2021
	Since Inception ^(a)
Innovator International Developed Power Buffer ETF - October
NAV Return		1.72	%
Market Return		1.77	%
MSCI EAFE Index - Price Return		2.38	%
MSCI EAFE Index - Total Return		2.46	%

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

INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - OCTOBER

Fund Performance
October 31, 2021 (Unaudited) (Continued)

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR EMERGING MARKETS POWER BUFFER ETF - JANUARY

Fund Performance

October 31, 2021 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Emerging Markets Power Buffer ETF - January from its inception (December 31, 2019) to October 31, 2021 as compared with the MSCI Emerging Markets Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2021
	One Year			Since Inception ^(a)
Innovator Emerging Markets Power Buffer ETF - January
NAV Return		9.87	%		6.24	%
Market Return		10.21	%		6.32	%
MSCI Emerging Markets Index - Price Return		14.62	%		7.12	%
MSCI Emerging Markets Index - Total Return		16.96	%		9.43	%

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

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

INNOVATOR EMERGING MARKETS POWER BUFFER ETF - JANUARY

Fund Performance

October 31, 2021 (Unaudited) (Continued)

The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and 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

October 31, 2021 (Unaudited)

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

	Total Returns as of October 31, 2021
	Since Inception ^(a)
Innovator Emerging Markets Power Buffer ETF - April
NAV Return		-0.84	%
Market Return		-0.81	%
MSCI Emerging Markets Index - Price Return		-3.93	%
MSCI Emerging Markets Index - Total Return		-2.50	%

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

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

INNOVATOR EMERGING MARKETS POWER BUFFER ETF - APRIL

Fund Performance

October 31, 2021 (Unaudited) (Continued)

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

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR EMERGING MARKETS POWER BUFFER ETF - JULY

Fund Performance

October 31, 2021 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Emerging Markets Power Buffer ETF - July from its inception (June 28, 2019) to October 31, 2021 as compared with the MSCI Emerging Markets Index – Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2021
	One Year			Since Inception ^(a)
Innovator Emerging Markets Power Buffer ETF - July
NAV Return		0.68	%		1.11	%
Market Return		1.70	%		1.33	%
MSCI Emerging Markets Index - Price Return		14.62	%		8.06	%
MSCI Emerging Markets Index - Total Return		16.96	%		10.50	%

^(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 0.90%. For the most recent performance, please visit the Fund’s website at innovatoretfs.com.

INNOVATOR EMERGING MARKETS POWER BUFFER ETF - JULY

Fund Performance

October 31, 2021 (Unaudited) (Continued)

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

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR EMERGING MARKETS POWER BUFFER ETF - OCTOBER

Fund Performance

October 31, 2021 (Unaudited)

	Total Returns as of October 31, 2021
	Since Inception ^(a)
Innovator Emerging Markets Power Buffer ETF - October
NAV Return		0.98	%
Market Return		1.09	%
MSCI Emerging Markets Index - Price Return		0.93	%
MSCI Emerging Markets Index - Total Return		0.99	%

^(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
October 31, 2021 (Unaudited) (Continued)

The 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

October 31, 2021 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Growth-100 Power Buffer ETF - January from its inception (December 31, 2019) to October 31, 2021 as compared with the NASDAQ-100 Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2021
	One Year			Since Inception ^(a)
Innovator Growth-100 Power Buffer ETF - January
NAV Return		12.36	%		10.65	%
Market Return		12.41	%		10.56	%
NASDAQ-100 Index - Price Return		43.40	%		38.37	%
NASDAQ-100 Index - Total Return		44.43	%		39.45	%

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

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

INNOVATOR GROWTH-100 POWER BUFFER ETF – JANUARY

Fund Performance

October 31, 2021 (Unaudited) (Continued)

The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and 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

October 31, 2021 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Growth-100 Power Buffer ETF - April from its inception (March 31, 2020) to October 31, 2021 as compared with the NASDAQ-100 Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2021
	One Year			Since Inception ^(a)
Innovator Growth-100 Power Buffer ETF - April
NAV Return		9.87	%		13.78	%
Market Return		10.05	%		13.79	%
NASDAQ-100 Index - Price Return		43.40	%		56.19	%
NASDAQ-100 Index - Total Return		44.43	%		57.35	%

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

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

INNOVATOR GROWTH-100 POWER BUFFER ETF – APRIL

Fund Performance

October 31, 2021 (Unaudited) (Continued)

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR GROWTH-100 POWER BUFFER ETF – JULY

Fund Performance

October 31, 2021 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Growth-100 Power Buffer ETF - July from its inception (June 30, 2020) to October 31, 2021 as compared with the NASDAQ-100 Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2021
	One Year			Since Inception ^(a)
Innovator Growth-100 Power Buffer ETF - July
NAV Return		12.83	%		12.64	%
Market Return		13.52	%		12.77	%
NASDAQ-100 Index - Price Return		43.40	%		39.50	%
NASDAQ-100 Index - Total Return		44.43	%		40.47	%

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

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

INNOVATOR GROWTH-100 POWER BUFFER ETF – JULY

Fund Performance

October 31, 2021 (Unaudited) (Continued)

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR GROWTH-100 POWER BUFFER ETF – OCTOBER

Fund Performance
October 31, 2021 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Growth-100 Power Buffer ETF - October from its inception (September 30, 2019) to October 31, 2021 as compared with the NASDAQ-100 Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2021
	One Year			Since Inception ^(a)
Innovator Growth-100 Power Buffer ETF - October
NAV Return		19.51	%		13.66	%
Market Return		20.25	%		13.70	%
NASDAQ-100 Index - Price Return		43.40	%		40.95	%
NASDAQ-100 Index - Total Return		44.43	%		42.10	%

^(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 0.81%. For the most recent performance, please visit the Fund’s website at innovatoretfs.com.

INNOVATOR GROWTH-100 POWER BUFFER ETF – OCTOBER

Fund Performance

October 31, 2021 (Unaudited) (Continued)

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

You cannot invest directly in an index.

Premium/Discount Information:

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

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

Fund Performance
October 31, 2021 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Small Cap Power Buffer ETF - January from its inception (December 31, 2019) to October 31, 2021 as compared with the Russell 2000 Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2021
	One Year			Since Inception ^(a)
Innovator U.S. Small Cap Power Buffer ETF - January
NAV Return		21.31	%		9.92	%
Market Return		21.45	%		9.82	%
Russell 2000 Index - Price Return		49.32	%		19.03	%
Russell 2000 Index - Total Return		50.80	%		20.39	%

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

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

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

Fund Performance
October 31, 2021 (Unaudited) (Continued)

The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and 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.

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/KJAN.

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

Fund Performance
October 31, 2021 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Small Cap Power Buffer ETF - April from its inception (March 31, 2020) to October 31, 2021 as compared with the Russell 2000 Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2021
	One Year			Since Inception ^(a)
Innovator U.S. Small Cap Power Buffer ETF - April
NAV Return		7.04	%		12.61	%
Market Return		7.05	%		12.62	%
Russell 2000 Index - Price Return		49.32	%		54.42	%
Russell 2000 Index - Total Return		50.80	%		56.07	%

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

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

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

Fund Performance
October 31, 2021 (Unaudited) (Continued)

The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and 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.

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/KAPR.

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

Fund Performance
October 31, 2021 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Small Cap Power Buffer ETF - July from its inception (June 30, 2020) to October 31, 2021 as compared with the Russell 2000 Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2021
	One Year			Since Inception ^(a)
Innovator U.S. Small Cap Power Buffer ETF - July
NAV Return		11.64	%		11.54	%
Market Return		11.33	%		11.42	%
Russell 2000 Index - Price Return		49.32	%		41.71	%
Russell 2000 Index - Total Return		50.80	%		43.16	%

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

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

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

Fund Performance
October 31, 2021 (Unaudited) (Continued)

The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and 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/KJUL.

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

Fund Performance
October 31, 2021 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Small Cap Power Buffer ETF - October from its inception (September 30, 2019) to October 31, 2021 as compared with the Russell 2000 Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2021
	One Year			Since Inception ^(a)
Innovator U.S. Small Cap Power Buffer ETF- October
NAV Return		14.79	%		6.63	%
Market Return		14.17	%		6.45	%
Russell 2000 Index - Price Return		49.32	%		21.78	%
Russell 2000 Index - Total Return		50.80	%		23.22	%

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

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

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

Fund Performance
October 31, 2021 (Unaudited) (Continued)

The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and 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.

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/KOCT.

INNOVATOR DOUBLE STACKER ETF – JANUARY

Fund Performance

October 31, 2021 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Double Stacker ETF - January from its inception (December 31, 2020) to October 31, 2021 as compared with the S&P 500® Index - Total Return, S&P 500® Index - Price Return and NASDAQ-100 Index - Total Return.

	Total Returns as of October 31, 2021
	Since Inception ^(a)
Innovator Double Stacker ETF - January
NAV Return		17.04	%
Market Return		17.45	%
S&P 500® Index - Price Return		22.61	%
S&P 500® Index - Total Return		24.04	%
NASDAQ-100 Index - Total Return		23.68	%

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

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

INNOVATOR DOUBLE STACKER ETF – JANUARY

Fund Performance

October 31, 2021 (Unaudited)

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

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

The 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.

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/DSJA.

INNOVATOR DOUBLE STACKER ETF – OCTOBER

Fund Performance

October 31, 2021 (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 October 31, 2021 as compared with the S&P 500® Index - Total Return, S&P 500® Index - Price Return and NASDAQ-100 Index - Total Return.

	Average Annual Total Returns as of October 31, 2021
	One Year			Since Inception ^(a)
Innovator Double Stacker ETF - October
NAV Return		31.36	%		25.67	%
Market Return		31.51	%		25.70	%
S&P 500® Index - Price Return		40.84	%		33.61	%
S&P 500® Index - Total Return		42.91	%		35.56	%
NASDAQ-100 Index - Total Return		44.43	%		36.24	%

^(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 0.80%. For the most recent performance, please visit the Fund’s website at innovatoretfs.com.

INNOVATOR DOUBLE STACKER ETF – OCTOBER

Fund Performance
October 31, 2021 (Unaudited)

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, S&P 500® Index - Total Return and NASDAQ-100 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/DSOC.

INNOVATOR TRIPLE STACKER ETF – JANUARY

Fund Performance

October 31, 2021 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Triple Stacker ETF - January from its inception (December 31, 2020) to October 31, 2021 as compared with the S&P 500® Index - Total Return, S&P 500® Index - Price Return, NASDAQ-100 Index - Total Return and Russell 2000 Index - Total Return.

	Total Returns as of October 31, 2021
	Since Inception ^(a)
Innovator Triple Stacker ETF - January
NAV Return		15.68	%
Market Return		16.01	%
S&P 500® Index - Price Return		22.61	%
S&P 500® Index - Total Return		24.04	%
NASDAQ-100 Index - Total Return		23.68	%
Russell 2000 Index - Total Return		17.19	%

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

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

INNOVATOR TRIPLE STACKER ETF – JANUARY

Fund Performance

October 31, 2021 (Unaudited)

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

INNOVATOR TRIPLE STACKER ETF – OCTOBER

Fund Performance
October 31, 2021 (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 October 31, 2021 as compared with the S&P 500® Index - Total Return, S&P 500® Index - Price Return, NASDAQ-100 Index - Total Return and Russell 2000 Index - Total Return.

	Average Annual Total Returns as of October 31, 2021
	One Year			Since Inception ^(a)
Innovator Triple Stacker ETF - October
NAV Return		27.25	%		22.79	%
Market Return		27.52	%		22.99	%
S&P 500® Index - Price Return		40.84	%		33.61	%
S&P 500® Index - Total Return		42.91	%		35.56	%
NASDAQ-100 Index - Total Return		44.43	%		36.24	%
Russell 2000 Index - Total Return		50.80	%		48.85	%

^(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
October 31, 2021 (Unaudited) (Continued)

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

INNOVATOR DOUBLE STACKER 9 BUFFER ETF – JANUARY

Fund Performance

October 31, 2021 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Double Stacker 9 Buffer ETF - January from its inception (December 31, 2020) to October 31, 2021 as compared with the S&P 500® Index - Total Return, S&P 500® Index - Price Return and NASDAQ-100 Index - Total Return.

	Total Returns as of October 31, 2021
	Since Inception ^(a)
Innovator Double Stacker 9 Buffer ETF - January
NAV Return		10.50	%
Market Return		10.90	%
S&P 500® Index - Price Return		22.61	%
S&P 500® Index - Total Return		24.04	%
NASDAQ-100 Index - Total Return		23.68	%

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

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

INNOVATOR DOUBLE STACKER 9 BUFFER ETF – JANUARY

Fund Performance
October 31, 2021 (Unaudited)

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

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

The 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.

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/DBJA.

INNOVATOR DOUBLE STACKER 9 BUFFER ETF – OCTOBER

Fund Performance
October 31, 2021 (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 October 31, 2021 as compared with the S&P 500® Index - Total Return, S&P 500® Index - Price Return and NASDAQ-100 Index - Total Return.

	Average Annual Total Returns as of October 31, 2021
	One Year			Since Inception ^(a)
Innovator Double Stacker 9 Buffer ETF - October
NAV Return		19.14	%		15.40	%
Market Return		19.18	%		15.67	%
S&P 500® Index - Price Return		40.84	%		33.61	%
S&P 500® Index - Total Return		42.91	%		35.56	%
NASDAQ-100 Index - Total Return		44.43	%		36.24	%

^(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
October 31, 2021 (Unaudited) (Continued)

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

INNOVATOR U.S. EQUITY ACCELERATED ETF - APRIL

Fund Performance
October 31, 2021 (Unaudited)

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

	Total Returns as of October 31, 2021
	Since Inception ^(a)
Innovator U.S. Equity Accelerated ETF - April
NAV Return		11.86	%
Market Return		11.97	%
S&P 500® Index - Price Return		15.92	%
S&P 500® Index - Total Return		16.83	%

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

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

INNOVATOR U.S. EQUITY ACCELERATED ETF - APRIL

Fund Performance
October 31, 2021 (Unaudited) (Continued)

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

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

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR U.S. EQUITY ACCELERATED ETF - JULY

Fund Performance
October 31, 2021 (Unaudited)

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

	Total Returns as of October 31, 2021
	Since Inception ^(a)
Innovator U.S. Equity Accelerated ETF - July
NAV Return		5.98	%
Market Return		6.28	%
S&P 500® Index - Price Return		7.16	%
S&P 500® Index - Total Return		7.63	%

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

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

INNOVATOR U.S. EQUITY ACCELERATED ETF - JULY

Fund Performance
October 31, 2021 (Unaudited) (Continued)

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

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

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR U.S. EQUITY ACCELERATED ETF - OCTOBER

Fund Performance
October 31, 2021 (Unaudited)

	Total Returns as of October 31, 2021
	Since Inception ^(a)
Innovator U.S. Equity Accelerated ETF - October
NAV Return		5.11	%
Market Return		5.25	%
S&P 500® Index - Price Return		6.91	%
S&P 500® Index - Total Return		7.01	%

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

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

INNOVATOR U.S. EQUITY ACCELERATED ETF - OCTOBER

Fund Performance
October 31, 2021 (Unaudited) (Continued)

The 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.

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/XDOC.

INNOVATOR U.S. EQUITY ACCELERATED PLUS ETF - APRIL

Fund Performance
October 31, 2021 (Unaudited)

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

	Total Returns as of October 31, 2021
	Since Inception ^(a)
Innovator U.S. Equity Accelerated Plus ETF - April
NAV Return		11.11	%
Market Return		11.51	%
S&P 500® Index - Price Return		15.92	%
S&P 500® Index - Total Return		16.83	%

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

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

INNOVATOR U.S. EQUITY ACCELERATED PLUS ETF - APRIL

Fund Performance
October 31, 2021 (Unaudited) (Continued)

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

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

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR U.S. EQUITY ACCELERATED PLUS ETF - JULY

Fund Performance
October 31, 2021 (Unaudited)

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

	Total Returns as of October 31, 2021
	Since Inception ^(a)
Innovator U.S. Equity Accelerated Plus ETF - July
NAV Return		5.56	%
Market Return		5.82	%
S&P 500® Index - Price Return		7.16	%
S&P 500® Index - Total Return		7.63	%

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

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

INNOVATOR U.S. EQUITY ACCELERATED PLUS ETF - JULY

Fund Performance
October 31, 2021 (Unaudited) (Continued)

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

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

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR U.S. EQUITY ACCELERATED PLUS ETF - OCTOBER

Fund Performance
October 31, 2021 (Unaudited)

	Total Returns as of October 31, 2021
	Since Inception ^(a)
Innovator U.S. Equity Accelerated Plus ETF - October
NAV Return		5.20	%
Market Return		5.17	%
S&P 500® Index - Price Return		6.91	%
S&P 500® Index - Total Return		7.01	%

^(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
October 31, 2021 (Unaudited) (Continued)

The 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.

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/XTOC.

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

Fund Performance
October 31, 2021 (Unaudited)

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

	Total Returns as of October 31, 2021
	Since Inception ^(a)
Innovator U.S. Equity Accelerated 9 Buffer ETF - April
NAV Return		6.77	%
Market Return		6.94	%
S&P 500® Index - Price Return		15.92	%
S&P 500® Index - Total Return		16.83	%

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

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

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

Fund Performance
October 31, 2021 (Unaudited) (Continued)

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

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

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

You cannot invest directly in an index.

Premium/Discount Information:

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

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

Fund Performance
October 31, 2021 (Unaudited)

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

	Total Returns as of October 31, 2021
	Since Inception ^(a)
Innovator U.S. Equity Accelerated 9 Buffer ETF - July
NAV Return		3.16	%
Market Return		3.42	%
S&P 500® Index - Price Return		7.16	%
S&P 500® Index - Total Return		7.63	%

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

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

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

Fund Performance
October 31, 2021 (Unaudited) (Continued)

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

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

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

You cannot invest directly in an index.

Premium/Discount Information:

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

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

Fund Performance
October 31, 2021 (Unaudited)

	Total Returns as of October 31, 2021
	Since Inception ^(a)
Innovator U.S. Equity Accelerated 9 Buffer ETF - October
NAV Return		3.03	%
Market Return		3.35	%
S&P 500® Index - Price Return		6.91	%
S&P 500® Index - Total Return		7.01	%

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

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

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

Fund Performance
October 31, 2021 (Unaudited) (Continued)

The 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.

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/XBOC.

INNOVATOR GROWTH ACCELERATED PLUS ETF - APRIL

Fund Performance
October 31, 2021 (Unaudited)

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

	Total Returns as of October 31, 2021
	Since Inception ^(a)
Innovator Growth Accelerated Plus ETF - April
NAV Return		15.66	%
Market Return		15.91	%
NASDAQ-100 Index - Price Return		21.08	%
NASDAQ-100 Index - Total Return		21.54	%

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

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

INNOVATOR GROWTH ACCELERATED PLUS ETF - APRIL

Fund Performance
October 31, 2021 (Unaudited) (Continued)

The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and 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.

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/QTAP.

INNOVATOR GROWTH ACCELERATED PLUS ETF - JULY

Fund Performance
October 31, 2021 (Unaudited)

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

	Total Returns as of October 31, 2021
	Since Inception ^(a)
Innovator Growth Accelerated Plus ETF - July
NAV Return		7.75	%
Market Return		7.95	%
NASDAQ-100 Index - Price Return		8.90	%
NASDAQ-100 Index - Total Return		9.12	%

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

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

INNOVATOR GROWTH ACCELERATED PLUS ETF - JULY

Fund Performance
October 31, 2021 (Unaudited) (Continued)

The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and 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.

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/QTJL.

INNOVATOR GROWTH ACCELERATED PLUS ETF - OCTOBER

Fund Performance
October 31, 2021 (Unaudited)

	Total Returns as of October 31, 2021
	Since Inception ^(a)
Innovator Growth Accelerated Plus ETF - October
NAV Return		5.69	%
Market Return		5.90	%
NASDAQ-100 Index - Price Return		7.90	%
NASDAQ-100 Index - Total Return		7.94	%

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

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

INNOVATOR GROWTH ACCELERATED PLUS ETF - OCTOBER

Fund Performance
October 31, 2021 (Unaudited) (Continued)

The 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.

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.

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/QTOC.

INNOVATOR 20+ YEAR TREASURY BOND 9 BUFFER ETF – JULY

Fund Performance

October 31, 2021 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator 20+ Year Treasury Bond 9 Buffer ETF - July from its inception (August 17, 2020) to October 31, 2021 as compared with the ICE U.S. Treasury 20+ Year Index - Total Return.

	Average Annual Total Returns as of October 31, 2021
	One Year			Since Inception ^(a)
Innovator 20+ Year Treasury Bond 9 Buffer ETF - July
NAV Return		0.55	%		-1.37	%
Market Return		0.06	%		-1.65	%
ICE U.S. Treasury 20+ Year Index - Total Return		-5.50	%		-7.07	%

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

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

INNOVATOR 20+ YEAR TREASURY BOND 9 BUFFER ETF – JULY

Fund Performance

October 31, 2021 (Unaudited) (Continued)

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR 20+ YEAR TREASURY BOND 5 FLOOR ETF – QUARTERLY

Fund Performance
October 31, 2021 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly from its inception (August 17, 2020) to October 31, 2021 as compared with the ICE U.S. Treasury 20+ Year Index - Total Return.

	Average Annual Total Returns as of October 31, 2021
	One Year			Since Inception ^(a)
Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly
NAV Return		-2.87	%		-3.84	%
Market Return		-2.76	%		-3.66	%
ICE U.S. Treasury 20+ Year Index - Total Return		-5.50	%		-7.07	%

^(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 0.80%. For the most recent performance, please visit the Fund’s website at innovatoretfs.com.

INNOVATOR 20+ YEAR TREASURY BOND 5 FLOOR ETF – QUARTERLY

Fund Performance
October 31, 2021 (Unaudited) (Continued)

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR DEFINED WEALTH SHIELD ETF

Fund Performance
October 31, 2021 (Unaudited)

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

	Total Returns as of October 31, 2021
	Since Inception ^(a)
Innovator Defined Wealth Shield ETF
NAV Return		0.65	%
Market Return		0.68	%
S&P 500® Index - Price Return		7.16	%
S&P 500® Index - Total Return		7.63	%

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

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

INNOVATOR DEFINED WEALTH SHIELD ETF

Fund Performance
October 31, 2021 (Unaudited) (Continued)

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

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

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR U.S. EQUITY ACCELERATED ETF – QUARTERLY

Fund Performance
October 31, 2021 (Unaudited)

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

	Total Returns as of October 31, 2021
	Since Inception ^(a)
Innovator U.S. Equity Accelerated ETF - Quarterly
NAV Return		11.37	%
Market Return		11.57	%
S&P 500® Index - Price Return		15.92	%
S&P 500® Index - Total Return		16.83	%

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

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

INNOVATOR U.S. EQUITY ACCELERATED ETF – QUARTERLY

Fund Performance
October 31, 2021 (Unaudited) (Continued)

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

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

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR GROWTH ACCELERATED ETF – QUARTERLY

Fund Performance
October 31, 2021 (Unaudited)

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

	Total Returns as of October 31, 2021
	Since Inception ^(a)
Innovator Growth Accelerated ETF - Quarterly
NAV Return		17.02	%
Market Return		17.06	%
NASDAQ-100 Index - Price Return		21.08	%
NASDAQ-100 Index - Total Return		21.54	%

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

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

INNOVATOR GROWTH ACCELERATED ETF – QUARTERLY

Fund Performance
October 31, 2021 (Unaudited) (Continued)

The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and 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.

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/XDQQ.

INNOVATOR ETFs TRUST

Expense Example

For the Period Ended October 31, 2021 (Unaudited)

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

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

Actual Expenses

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

	Beginning Account Value		Ending Account Value		Expenses Paid During the Period			Annualized Expense Ratio for the Period
Innovator International Developed Power Buffer ETF - January (NAV)	$	1,000.00	$	1,029.30	$	4.35	^(a)		0.85	%
Innovator International Developed Power Buffer ETF - April (NAV)		1,000.00		1,026.30		4.34	^(a)		0.85	%
Innovator International Developed Power Buffer ETF - July (NAV)		1,000.00		1,007.60		4.30	^(a)		0.85	%
Innovator International Developed Power Buffer ETF - October (NAV)		1,000.00		1,017.20		0.73	^(b)		0.85	%
Innovator Emerging Markets Power Buffer ETF - January (NAV)		1,000.00		980.20		4.44	^(a)		0.89	%
Innovator Emerging Markets Power Buffer ETF - April (NAV)		1,000.00		986.00		4.46	^(a)		0.89	%
Innovator Emerging Markets Power Buffer ETF - July (NAV)		1,000.00		964.20		4.41	^(a)		0.89	%
Innovator Emerging Markets Power Buffer ETF - October (NAV)		1,000.00		1,009.80		0.76	^(b)		0.89	%
Innovator Growth-100 Power Buffer ETF - January (NAV)		1,000.00		1,057.90		4.10	^(a)		0.79	%
Innovator Growth-100 Power Buffer ETF - April (NAV)		1,000.00		1,049.70		4.08	^(a)		0.79	%
Innovator Growth-100 Power Buffer ETF - July (NAV)		1,000.00		1,037.20		4.06	^(a)		0.79	%
Innovator Growth-100 Power Buffer ETF - October (NAV)		1,000.00		1,061.00		4.10	^(a)		0.79	%
Innovator U.S. Small Cap Power Buffer ETF - January (NAV)		1,000.00		1,030.80		4.04	^(a)		0.79	%
Innovator U.S. Small Cap Power Buffer ETF - April (NAV)		1,000.00		1,021.70		4.03	^(a)		0.79	%
Innovator U.S. Small Cap Power Buffer ETF - July (NAV)		1,000.00		1,005.10		3.99	^(a)		0.79	%
Innovator U.S. Small Cap Power Buffer ETF - October (NAV)		1,000.00		1,034.70		4.05	^(a)		0.79	%
Innovator Double Stacker ETF - January (NAV)		1,000.00		1,075.30		4.13	^(a)		0.79	%
Innovator Double Stacker ETF - October (NAV)		1,000.00		1,089.20		4.16	^(a)		0.79	%
Innovator Triple Stacker ETF - January (NAV)		1,000.00		1,063.70		4.11	^(a)		0.79	%
Innovator Triple Stacker ETF - October (NAV)		1,000.00		1,068.40		4.12	^(a)		0.79	%
Innovator Double Stacker 9 Buffer ETF - January (NAV)		1,000.00		1,044.60		4.07	^(a)		0.79	%
Innovator Double Stacker 9 Buffer ETF - October (NAV)		1,000.00		1,049.80		4.08	^(a)		0.79	%
Innovator U.S. Equity Accelerated ETF - April (NAV)		1,000.00		1,076.50		4.13	^(a)		0.79	%
Innovator U.S. Equity Accelerated ETF - July (NAV)		1,000.00		1,059.80		2.74	^(c)		0.79	%
Innovator U.S. Equity Accelerated ETF - October (NAV)		1,000.00		1,051.10		0.69	^(b)		0.79	%
Innovator U.S. Equity Accelerated Plus ETF - April (NAV)		1,000.00		1,070.30		4.12	^(a)		0.79	%
Innovator U.S. Equity Accelerated Plus ETF - July (NAV)		1,000.00		1,055.60		2.74	^(c)		0.79	%
Innovator U.S. Equity Accelerated Plus ETF - October (NAV)		1,000.00		1,052.00		0.69	^(b)		0.79	%

INNOVATOR ETFs TRUST

Expense Example

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

	Beginning Account Value		Ending Account Value		Expenses Paid During the Period			Annualized Expense Ratio for the Period
Innovator U.S. Equity Accelerated 9 Buffer ETF - April (NAV)		1,000.00		1,045.70		4.07	^(a)		0.79	%
Innovator U.S. Equity Accelerated 9 Buffer ETF - July (NAV)		1,000.00		1,031.60		2.70	^(c)		0.79	%
Innovator U.S. Equity Accelerated 9 Buffer ETF - October (NAV)		1,000.00		1,030.30		0.68	^(b)		0.79	%
Innovator Growth Accelerated Plus ETF - April (NAV)		1,000.00		1,099.20		4.18	^(a)		0.79	%
Innovator Growth Accelerated Plus ETF - July (NAV)		1,000.00		1,077.50		2.77	^(c)		0.79	%
Innovator Growth Accelerated Plus ETF - October (NAV)		1,000.00		1,056.90		0.69	^(b)		0.79	%
Innovator 20+ Year Treasury Bond 9 Buffer ETF - July (NAV)		1,000.00		1,061.30		4.10	^(a)		0.79	%
Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly (NAV)		1,000.00		1,007.60		4.00	^(a)		0.79	%
Innovator Defined Wealth Shield ETF (NAV)		1,000.00		1,006.50		2.33	^(c)		0.69	%
Innovator U.S. Equity Accelerated ETF - Quarterly (NAV)		1,000.00		1,074.90		4.13	^(a)		0.79	%
Innovator Growth Accelerated ETF - Quarterly (NAV)		1,000.00		1,116.50		4.21	^(a)		0.79	%

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

^(b) Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 31/365 (to reflect the period since the Fund's inception).

^(c) Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 123/365 (to reflect the period since the Fund's inception).

Hypothetical Example for Comparison Purposes

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

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

INNOVATOR ETFs TRUST

Expense Example

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

	Beginning Account Value		Ending Account Value		Expenses Paid During the Period ^(a)			Annualized Expense Ratio for the Period
Innovator International Developed Power Buffer ETF - January (NAV)	$	1,000.00	$	1,020.92	$	4.33			0.85	%
Innovator International Developed Power Buffer ETF - April (NAV)		1,000.00		1,020.92		4.33			0.85	%
Innovator International Developed Power Buffer ETF - July (NAV)		1,000.00		1,020.92		4.33			0.85	%
Innovator International Developed Power Buffer ETF - October (NAV)		1,000.00		1,020.92		4.33	^(b)		0.85	%
Innovator Emerging Markets Power Buffer ETF - January (NAV)		1,000.00		1,020.72		4.53			0.89	%
Innovator Emerging Markets Power Buffer ETF - April (NAV)		1,000.00		1,020.72		4.53			0.89	%
Innovator Emerging Markets Power Buffer ETF - July (NAV)		1,000.00		1,020.72		4.53			0.89	%
Innovator Emerging Markets Power Buffer ETF - October (NAV)		1,000.00		1,020.72		4.53	^(b)		0.89	%
Innovator Growth-100 Power Buffer ETF - January (NAV)		1,000.00		1,021.22		4.02			0.79	%
Innovator Growth-100 Power Buffer ETF - April (NAV)		1,000.00		1,021.22		4.02			0.79	%
Innovator Growth-100 Power Buffer ETF - July (NAV)		1,000.00		1,021.22		4.02			0.79	%
Innovator Growth-100 Power Buffer ETF - October (NAV)		1,000.00		1,021.22		4.02			0.79	%
Innovator U.S. Small Cap Power Buffer ETF - January (NAV)		1,000.00		1,021.22		4.02			0.79	%
Innovator U.S. Small Cap Power Buffer ETF - April (NAV)		1,000.00		1,021.22		4.02			0.79	%
Innovator U.S. Small Cap Power Buffer ETF - July (NAV)		1,000.00		1,021.22		4.02			0.79	%
Innovator U.S. Small Cap Power Buffer ETF - October (NAV)		1,000.00		1,021.22		4.02			0.79	%
Innovator Double Stacker ETF - January (NAV)		1,000.00		1,021.22		4.02			0.79	%
Innovator Double Stacker ETF - October (NAV)		1,000.00		1,021.22		4.02			0.79	%
Innovator Triple Stacker ETF - January (NAV)		1,000.00		1,021.22		4.02			0.79	%
Innovator Triple Stacker ETF - October (NAV)		1,000.00		1,021.22		4.02			0.79	%
Innovator Double Stacker 9 Buffer ETF - January (NAV)		1,000.00		1,021.22		4.02			0.79	%
Innovator Double Stacker 9 Buffer ETF - October (NAV)		1,000.00		1,021.22		4.02			0.79	%
Innovator U.S. Equity Accelerated ETF - April (NAV)		1,000.00		1,021.22		4.02			0.79	%
Innovator U.S. Equity Accelerated ETF - July (NAV)		1,000.00		1,021.22		4.02	^(b)		0.79	%
Innovator U.S. Equity Accelerated ETF - October (NAV)		1,000.00		1,021.22		4.02	^(b)		0.79	%
Innovator U.S. Equity Accelerated Plus ETF - April (NAV)		1,000.00		1,021.22		4.02			0.79	%
Innovator U.S. Equity Accelerated Plus ETF - July (NAV)		1,000.00		1,021.22		4.02	^(b)		0.79	%
Innovator U.S. Equity Accelerated Plus ETF - October (NAV)		1,000.00		1,021.22		4.02	^(b)		0.79	%
Innovator U.S. Equity Accelerated 9 Buffer ETF - April (NAV)		1,000.00		1,021.22		4.02			0.79	%
Innovator U.S. Equity Accelerated 9 Buffer ETF - July (NAV)		1,000.00		1,021.22		4.02	^(b)		0.79	%
Innovator U.S. Equity Accelerated 9 Buffer ETF - October (NAV)		1,000.00		1,021.22		4.02	^(b)		0.79	%
Innovator Growth Accelerated Plus ETF - April (NAV)		1,000.00		1,021.22		4.02			0.79	%
Innovator Growth Accelerated Plus ETF - July (NAV)		1,000.00		1,021.22		4.02	^(b)		0.79	%
Innovator Growth Accelerated Plus ETF - October (NAV)		1,000.00		1,021.22		4.02	^(b)		0.79	%
Innovator 20+ Year Treasury Bond 9 Buffer ETF - July (NAV)		1,000.00		1,021.22		4.02			0.79	%
Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly (NAV)		1,000.00		1,021.22		4.02			0.79	%
Innovator Defined Wealth Shield ETF (NAV)		1,000.00		1,021.73		3.52	^(b)		0.69	%
Innovator U.S. Equity Accelerated ETF - Quarterly (NAV)		1,000.00		1,021.22		4.02			0.79	%
Innovator Growth Accelerated ETF - Quarterly (NAV)		1,000.00		1,021.22		4.02			0.79	%

^(a)	Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the six month period).
^(b)	For comparative purposes only as the Fund was not in operation for the full six month period.

INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - JANUARY

Schedule of Investments

October 31, 2021

	Contracts			Notional Amount		Value
PURCHASED OPTIONS - 103.03% ^(a)(b)
CALL OPTIONS - 102.49%
EFA iShares MSCI EAFE ETF, Expires 12/31/2021, Strike Price $0.58		7,439		$	59,876,511	$	58,883,381
							58,883,381
PUT OPTIONS - 0.54%
EFA iShares MSCI EAFE ETF, Expires 12/31/2021, Strike Price $72.96		7,439			59,876,511		309,438
							309,438
TOTAL PURCHASED OPTIONS (Cost $57,338,251)							59,192,819

SHORT TERM INVESTMENTS - 0.21%	Principal Amount
Money Market Deposit Account - 0.21%
U.S. Bank Money Market Deposit Account, 0.003% ^(c)	$	119,190					119,190
TOTAL SHORT TERM INVESTMENTS (Cost $119,190)							119,190

Total Investments (Cost $57,457,441) - 103.24%							59,312,009
Liabilities in Excess of Other Assets - (3.24)%							(1,862,415	)
TOTAL NET ASSETS - 100.00%						$	57,449,594

Asset Type	% of Net Assets
Purchased Options		103.03	%
Short Term Investments		0.21
Total Investments		103.24
Liabilities in Excess of Other Assets		(3.24	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

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

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

INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - JANUARY

Schedule of Options Written ^(a)
October 31, 2021

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
EFA iShares MSCI EAFE ETF	12/31/2021	$	79.40		7,439	$	(59,876,511	)	$	(1,688,236	)
										(1,688,236	)
Put Options
EFA iShares MSCI EAFE ETF	12/31/2021		62.02		7,439		(59,876,511	)		(120,008	)
										(120,008	)
Total Options Written (Premiums Received $3,426,249)									$	(1,808,244	)

^(a) Exchange-Traded.

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

INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - APRIL

Schedule of Investments
October 31, 2021

	Contracts			Notional Amount		Value
PURCHASED OPTIONS - 102.38% ^(a)(b)
CALL OPTIONS - 100.26%
EFA iShares MSCI EAFE ETF, Expires 3/31/2022, Strike Price $0.61		2,540		$	20,444,460	$	20,097,639
							20,097,639
PUT OPTIONS - 2.12%
EFA iShares MSCI EAFE ETF, Expires 3/31/2022, Strike Price $75.87		2,540			20,444,460		425,316
							425,316
TOTAL PURCHASED OPTIONS (Cost $20,347,455)							20,522,955

SHORT TERM INVESTMENTS - 0.40%	Principal Amount
Money Market Deposit Account - 0.40%
U.S. Bank Money Market Deposit Account, 0.003% ^(c)	$	80,726					80,726
TOTAL SHORT TERM INVESTMENTS (Cost $80,726)							80,726

Total Investments (Cost $20,428,181) - 102.78%							20,603,681
Liabilities in Excess of Other Assets - (2.78)%							(556,878	)
TOTAL NET ASSETS - 100.00%						$	20,046,803

Asset Type	% of Net Assets
Purchased Options		102.38	%
Short Term Investments		0.40
Total Investments		102.78
Liabilities in Excess of Other Assets		(2.78	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

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

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

INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - APRIL

Schedule of Options Written ^(a)
October 31, 2021

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
EFA iShares MSCI EAFE ETF	3/31/2022	$	83.08		2,540	$	(20,444,460	)	$	(383,495	)
										(383,495	)
Put Options
EFA iShares MSCI EAFE ETF	3/31/2022		64.49		2,540		(20,444,460	)		(159,009	)
										(159,009	)
Total Options Written (Premiums Received $1,035,571)									$	(542,504	)

^(a) Exchange-Traded.

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

INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - JULY

Schedule of Investments

October 31, 2021

	Contracts			Notional Amount		Value
PURCHASED OPTIONS - 103.13% ^(a)(b)
CALL OPTIONS - 97.73%
EFA iShares MSCI EAFE ETF, Expires 6/30/2022, Strike Price $0.63		7,040		$	56,664,960	$	54,867,564
							54,867,564
PUT OPTIONS - 5.40%
EFA iShares MSCI EAFE ETF, Expires 6/30/2022, Strike Price $78.88		7,040			56,664,960		3,029,055
							3,029,055
TOTAL PURCHASED OPTIONS (Cost $57,782,419)							57,896,619

SHORT TERM INVESTMENTS - 0.59%	Principal Amount
Money Market Deposit Account - 0.59%
U.S. Bank Money Market Deposit Account, 0.003% ^(c)	$	332,830					332,830
TOTAL SHORT TERM INVESTMENTS (Cost $332,830)							332,830

Total Investments (Cost $58,115,249) - 103.72%							58,229,449
Liabilities in Excess of Other Assets - (3.72)%							(2,088,750	)
TOTAL NET ASSETS - 100.00%						$	56,140,699

Asset Type	% of Net Assets
Purchased Options		103.13	%
Short Term Investments		0.59
Total Investments		103.72
Liabilities in Excess of Other Assets		(3.72	)
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 October 31, 2021.

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

INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - JULY

Schedule of Options Written ^(a)
October 31, 2021

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
EFA iShares MSCI EAFE ETF	6/30/2022	$	84.22		7,040	$	(56,664,960	)	$	(1,103,130	)
										(1,103,130	)
Put Options
EFA iShares MSCI EAFE ETF	6/30/2022		67.05		7,040		(56,664,960	)		(945,693	)
										(945,693	)
Total Options Written (Premiums Received $2,843,569)									$	(2,048,823	)

^(a) Exchange-Traded.

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

INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - OCTOBER

Schedule of Investments
October 31, 2021

	Contracts			Notional Amount		Value
PURCHASED OPTIONS - 103.74% ^(a)(b)
CALL OPTIONS - 98.24%
EFA iShares MSCI EAFE ETF, Expires 9/30/2022, Strike Price $0.62		1,200		$	9,658,800	$	9,357,553
							9,357,553
PUT OPTIONS - 5.50%
EFA iShares MSCI EAFE ETF, Expires 9/30/2022, Strike Price $78.01		1,200			9,658,800		523,980
							523,980
TOTAL PURCHASED OPTIONS (Cost $9,776,791)							9,881,533

SHORT TERM INVESTMENTS - 0.74%	Principal Amount
Money Market Deposit Account - 0.74%
U.S. Bank Money Market Deposit Account, 0.003% ^(c)	$	70,536					70,536
TOTAL SHORT TERM INVESTMENTS (Cost $70,536)							70,536

Total Investments (Cost $9,847,327) - 104.48%							9,952,069
Liabilities in Excess of Other Assets - (4.48)%							(426,954	)
TOTAL NET ASSETS - 100.00%						$	9,525,115

Asset Type	% of Net Assets
Purchased Options		103.74	%
Short Term Investments		0.74
Total Investments		104.48
Liabilities in Excess of Other Assets		(4.48	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

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

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

INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - OCTOBER

Schedule of Options Written ^(a)
October 31, 2021

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
EFA iShares MSCI EAFE ETF	9/30/2022	$	85.81		1,200	$	(9,658,800	)	$	(227,826	)
										(227,826	)
Put Options
EFA iShares MSCI EAFE ETF	9/30/2022		66.31		1,200		(9,658,800	)		(194,240	)
										(194,240	)
Total Options Written (Premiums Received $486,369)									$	(422,066	)

^(a) Exchange-Traded.

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

INNOVATOR EMERGING MARKETS POWER BUFFER ETF – JANUARY

Schedule of Investments

October 31, 2021

	Contracts			Notional Amount		Value
PURCHASED OPTIONS - 100.55% ^(a)(b)
CALL OPTIONS - 96.31%
EEM iShares MSCI Emerging Markets ETF, Expires 12/31/2021, Strike Price $0.41		20,530		$	104,538,760	$	102,399,294
							102,399,294
PUT OPTIONS - 4.24%
EEM iShares MSCI Emerging Markets ETF, Expires 12/31/2021, Strike Price $51.67		20,530			104,538,760		4,502,376
							4,502,376
TOTAL PURCHASED OPTIONS (Cost $114,459,657)							106,901,670

SHORT TERM INVESTMENTS - 0.23%	Principal Amount
Money Market Deposit Account - 0.23%
U.S. Bank Money Market Deposit Account, 0.003% ^(c)	$	242,711					242,711
TOTAL SHORT TERM INVESTMENTS (Cost $242,711)							242,711

Total Investments (Cost $114,702,368) - 100.78%							107,144,381
Liabilities in Excess of Other Assets - (0.78)%							(824,697	)
TOTAL NET ASSETS - 100.00%						$	106,319,684

Asset Type	% of Net Assets
Purchased Options		100.55	%
Short Term Investments		0.23
Total Investments		100.78
Liabilities in Excess of Other Assets		(0.78	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

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

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

INNOVATOR EMERGING MARKETS POWER BUFFER ETF – JANUARY

Schedule of Options Written ^(a)
October 31, 2021

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
EEM iShares MSCI Emerging Markets ETF	12/31/2021	$	57.02		20,530	$	(104,538,760	)	$	(158,443	)
										(158,443	)
Put Options
EEM iShares MSCI Emerging Markets ETF	12/31/2021		43.92		20,530		(104,538,760	)		(566,215	)
										(566,215	)
Total Options Written (Premiums Received $8,163,288)									$	(724,658	)

^(a) Exchange-Traded.

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

INNOVATOR EMERGING MARKETS POWER BUFFER ETF – APRIL

Schedule of Investments
October 31, 2021

	Contracts			Notional Amount		Value
PURCHASED OPTIONS - 102.08% ^(a)(b)
CALL OPTIONS - 94.10%
EEM iShares MSCI Emerging Markets ETF, Expires 3/31/2022, Strike Price $0.43		6,423		$	32,705,916	$	32,023,558
							32,023,558
PUT OPTIONS - 7.98%
EEM iShares MSCI Emerging Markets ETF, Expires 3/31/2022, Strike Price $53.34		6,423			32,705,916		2,713,824
							2,713,824
TOTAL PURCHASED OPTIONS (Cost $36,157,920)							34,737,382

SHORT TERM INVESTMENTS - 0.41%	Principal Amount
Money Market Deposit Account - 0.41%
U.S. Bank Money Market Deposit Account, 0.003% ^(c)	$	140,337					140,337
TOTAL SHORT TERM INVESTMENTS (Cost $140,337)							140,337

Total Investments (Cost $36,298,257) - 102.49%							34,877,719
Liabilities in Excess of Other Assets - (2.49)%							(846,727	)
TOTAL NET ASSETS - 100.00%						$	34,030,992

Asset Type	% of Net Assets
Purchased Options		102.08	%
Short Term Investments		0.41
Total Investments		102.49
Liabilities in Excess of Other Assets		(2.49	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

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

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

INNOVATOR EMERGING MARKETS POWER BUFFER ETF – APRIL

Schedule of Options Written ^(a)
October 31, 2021

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
EEM iShares MSCI Emerging Markets ETF	3/31/2022	$	60.27		6,423	$	(32,705,916	)	$	(92,375	)
										(92,375	)
Put Options
EEM iShares MSCI Emerging Markets ETF	3/31/2022		45.34		6,423		(32,705,916	)		(729,365	)
										(729,365	)
Total Options Written (Premiums Received $1,958,023)									$	(821,740	)

^(a) Exchange-Traded.

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

INNOVATOR EMERGING MARKETS POWER BUFFER ETF – JULY

Schedule of Investments

October 31, 2021

	Contracts			Notional Amount		Value
PURCHASED OPTIONS - 104.93% ^(a)(b)
CALL OPTIONS - 93.02%
EEM iShares MSCI Emerging Markets ETF, Expires 6/30/2022, Strike Price $0.44		7,762		$	39,524,104	$	38,357,387
							38,357,387
PUT OPTIONS - 11.91%
EEM iShares MSCI Emerging Markets ETF, Expires 6/30/2022, Strike Price $55.15		7,762			39,524,104		4,912,262
							4,912,262
TOTAL PURCHASED OPTIONS (Cost $44,844,754)							43,269,649

SHORT TERM INVESTMENTS - 0.59%	Principal Amount
Money Market Deposit Account - 0.59%
U.S. Bank Money Market Deposit Account, 0.003% ^(c)	$	244,662					244,662
TOTAL SHORT TERM INVESTMENTS (Cost $244,662)							244,662

Total Investments (Cost $45,089,416) - 105.52%							43,514,311
Liabilities in Excess of Other Assets - (5.52)%							(2,277,185	)
TOTAL NET ASSETS - 100.00%						$	41,237,126

Asset Type	% of Net Assets
Purchased Options		104.93	%
Short Term Investments		0.59
Total Investments		105.52
Liabilities in Excess of Other Assets		(5.52	)
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 October 31, 2021.

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

100

INNOVATOR EMERGING MARKETS POWER BUFFER ETF – JULY

Schedule of Options Written ^(a)
October 31, 2021

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
EEM iShares MSCI Emerging Markets ETF	6/30/2022	$	59.99		7,762	$	(39,524,104	)	$	(377,515	)
										(377,515	)
Put Options
EEM iShares MSCI Emerging Markets ETF	6/30/2022		46.88		7,762		(39,524,104	)		(1,869,117	)
										(1,869,117	)
Total Options Written (Premiums Received $2,866,446)									$	(2,246,632	)

^(a) Exchange-Traded.

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

101

INNOVATOR EMERGING MARKETS POWER BUFFER ETF – OCTOBER

Schedule of Investments
October 31, 2021

	Contracts			Notional Amount		Value
PURCHASED OPTIONS - 105.71% ^(a)(b)
CALL OPTIONS - 97.12%
EEM iShares MSCI Emerging Markets ETF, Expires 9/30/2022, Strike Price $0.40		991		$	5,046,172	$	4,901,291
							4,901,291
PUT OPTIONS - 8.59%
EEM iShares MSCI Emerging Markets ETF, Expires 9/30/2022, Strike Price $50.38		991			5,046,172		433,782
							433,782
TOTAL PURCHASED OPTIONS (Cost $5,346,937)							5,335,073

SHORT TERM INVESTMENTS - 0.80%	Principal Amount
Money Market Deposit Account - 0.80%
U.S. Bank Money Market Deposit Account, 0.003% ^(c)	$	40,375					40,375
TOTAL SHORT TERM INVESTMENTS (Cost $40,375)							40,375

Total Investments (Cost $5,387,312) - 106.51%							5,375,448
Liabilities in Excess of Other Assets - (6.51)%							(328,701	)
TOTAL NET ASSETS - 100.00%						$	5,046,747

Asset Type	% of Net Assets
Purchased Options		105.71	%
Short Term Investments		0.80
Total Investments		106.51
Liabilities in Excess of Other Assets		(6.51	)
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 October 31, 2021.

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

102

INNOVATOR EMERGING MARKETS POWER BUFFER ETF – OCTOBER

Schedule of Options Written ^(a)
October 31, 2021

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
EEM iShares MSCI Emerging Markets ETF	9/30/2022	$	57.38		991	$	(5,046,172	)	$	(136,090	)
										(136,090	)
Put Options
EEM iShares MSCI Emerging Markets ETF	9/30/2022		42.82		991		(5,046,172	)		(190,035	)
										(190,035	)
Total Options Written (Premiums Received $373,010)									$	(326,125	)

^(a) Exchange-Traded.

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

103

INNOVATOR GROWTH-100 POWER BUFFER ETF – JANUARY

Schedule of Investments

October 31, 2021

	Contracts			Notional Amount		Value
PURCHASED OPTIONS - 110.55% ^(a)(b)
CALL OPTIONS - 110.23%
QQQ Invesco QQQ Trust Series 1, Expires 12/31/2021, Strike Price $2.51		2,513		$	97,029,443	$	96,228,528
							96,228,528
PUT OPTIONS - 0.32%
QQQ Invesco QQQ Trust Series 1, Expires 12/31/2021, Strike Price $313.74		2,513			97,029,443		283,732
							283,732
TOTAL PURCHASED OPTIONS (Cost $84,959,692)							96,512,260

SHORT TERM INVESTMENTS - 0.19%	Principal Amount
Money Market Deposit Account- 0.19%
U.S. Bank Money Market Deposit Account, 0.003% ^(c)	$	163,025					163,025
TOTAL SHORT TERM INVESTMENTS (Cost $163,025)							163,025

Total Investments (Cost $85,122,717) - 110.74%							96,675,285
Liabilities in Excess of Other Assets - (10.74)%							(9,378,134	)
TOTAL NET ASSETS - 100.00%						$	87,297,151

Asset Type	% of Net Assets
Purchased Options		110.55	%
Short Term Investments		0.19
Total Investments		110.74
Liabilities in Excess of Other Assets		(10.74	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

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

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

104

INNOVATOR GROWTH-100 POWER BUFFER ETF – JANUARY

Schedule of Options Written ^(a)
October 31, 2021

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
QQQ Invesco QQQ Trust Series 1	12/31/2021	$	353.30		2,513	$	(97,029,443	)	$	(9,238,743	)
										(9,238,743	)
Put Options
QQQ Invesco QQQ Trust Series 1	12/31/2021		266.68		2,513		(97,029,443	)		(79,332	)
										(79,332	)
Total Options Written (Premiums Received $8,032,490)									$	(9,318,075	)

^(a) Exchange-Traded.

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

105

INNOVATOR GROWTH-100 POWER BUFFER ETF – APRIL

Schedule of Investments

October 31, 2021

	Contracts			Notional Amount		Value
PURCHASED OPTIONS - 113.11% ^(a)(b)
CALL OPTIONS - 111.56%
QQQ Invesco QQQ Trust Series 1, Expires 3/31/2022, Strike Price $2.55		1,204		$	46,487,644	$	46,021,880
							46,021,880
PUT OPTIONS - 1.55%
QQQ Invesco QQQ Trust Series 1, Expires 3/31/2022, Strike Price $319.13		1,204			46,487,644		639,716
							639,716
TOTAL PURCHASED OPTIONS (Cost $41,674,769)							46,661,596

SHORT TERM INVESTMENTS - 0.44%	Principal Amount
Money Market Deposit Account- 0.44%
U.S. Bank Money Market Deposit Account, 0.003% ^(c)	$	183,163					183,163
TOTAL SHORT TERM INVESTMENTS (Cost $183,163)							183,163

Total Investments (Cost $41,857,932) - 113.55%							46,844,759
Liabilities in Excess of Other Assets - (13.55)%							(5,591,078	)
TOTAL NET ASSETS - 100.00%						$	41,253,681

Asset Type	% of Net Assets
Purchased Options		113.11	%
Short Term Investments		0.44
Total Investments		113.55
Liabilities in Excess of Other Assets		(13.55	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

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

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

106

INNOVATOR GROWTH-100 POWER BUFFER ETF – APRIL

Schedule of Options Written ^(a)
October 31, 2021

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
QQQ Invesco QQQ Trust Series 1	3/31/2022	$	352.26		1,204	$	(46,487,644	)	$	(5,327,096	)
										(5,327,096	)
Put Options
QQQ Invesco QQQ Trust Series 1	3/31/2022		271.26		1,204		(46,487,644	)		(236,155	)
										(236,155	)
Total Options Written (Premiums Received $3,556,609)									$	(5,563,251	)

^(a) Exchange-Traded.

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

107

INNOVATOR GROWTH-100 POWER BUFFER ETF – JULY

Schedule of Investments

October 31, 2021

	Contracts			Notional Amount		Value
PURCHASED OPTIONS - 108.75% ^(a)(b)
CALL OPTIONS - 104.20%
QQQ Invesco QQQ Trust Series 1, Expires 6/30/2022, Strike Price $2.84		1,530		$	59,074,830	$	58,337,375
							58,337,375
PUT OPTIONS - 4.55%
QQQ Invesco QQQ Trust Series 1, Expires 6/30/2022, Strike Price $354.45		1,530			59,074,830		2,550,261
							2,550,261
TOTAL PURCHASED OPTIONS (Cost $58,427,078)							60,887,636

SHORT TERM INVESTMENTS - 0.55%	Principal Amount
Money Market Deposit Account- 0.55%
U.S. Bank Money Market Deposit Account, 0.003% ^(c)	$	307,012					307,012
TOTAL SHORT TERM INVESTMENTS (Cost $307,012)							307,012

Total Investments (Cost $58,734,090) - 109.30%							61,194,648
Liabilities in Excess of Other Assets - (9.30)%							(5,208,473	)
TOTAL NET ASSETS - 100.00%						$	55,986,175

Asset Type	% of Net Assets
Purchased Options		108.75	%
Short Term Investments		0.55
Total Investments		109.30
Liabilities in Excess of Other Assets		(9.30	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

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

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

108

INNOVATOR GROWTH-100 POWER BUFFER ETF – JULY

Schedule of Options Written ^(a)
October 31, 2021

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
QQQ Invesco QQQ Trust Series 1	6/30/2022	$	386.39		1,530	$	(59,074,830	)	$	(4,113,666	)
										(4,113,666	)
Put Options
QQQ Invesco QQQ Trust Series 1	6/30/2022		301.28		1,530		(59,074,830	)		(1,057,374	)
										(1,057,374	)
Total Options Written (Premiums Received $4,541,683)									$	(5,171,040	)

^(a) Exchange-Traded.

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

109

INNOVATOR GROWTH-100 POWER BUFFER ETF – OCTOBER

Schedule of Investments

October 31, 2021

	Contracts			Notional Amount		Value
PURCHASED OPTIONS - 109.62% ^(a)(b)
CALL OPTIONS - 103.50%
QQQ Invesco QQQ Trust Series 1, Expires 9/30/2022, Strike Price $2.86		2,119		$	81,816,709	$	80,654,637
							80,654,637
PUT OPTIONS - 6.12%
QQQ Invesco QQQ Trust Series 1, Expires 9/30/2022, Strike Price $357.53		2,119			81,816,709		4,766,696
							4,766,696
TOTAL PURCHASED OPTIONS (Cost $82,107,741)							85,421,333

SHORT TERM INVESTMENTS - 0.78%	Principal Amount
Money Market Deposit Account- 0.78%
U.S. Bank Money Market Deposit Account, 0.003% ^(c)	$	608,472					608,472
TOTAL SHORT TERM INVESTMENTS (Cost $608,472)							608,472

Total Investments (Cost $82,716,213) - 110.40%							86,029,805
Liabilities in Excess of Other Assets - (10.40)%							(8,101,310	)
TOTAL NET ASSETS - 100.00%						$	77,928,495

Asset Type	% of Net Assets
Purchased Options		109.62	%
Short Term Investments		0.78
Total Investments		110.40
Liabilities in Excess of Other Assets		(10.40	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

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

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

110

INNOVATOR GROWTH-100 POWER BUFFER ETF – OCTOBER

Schedule of Options Written ^(a)
October 31, 2021

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
QQQ Invesco QQQ Trust Series 1	9/30/2022	$	395.64		2,119	$	(81,816,709	)	$	(5,840,801	)
										(5,840,801	)
Put Options
QQQ Invesco QQQ Trust Series 1	9/30/2022		303.90		2,119		(81,816,709	)		(2,213,357	)
										(2,213,357	)
Total Options Written (Premiums Received $6,791,550)									$	(8,054,158	)

^(a) Exchange-Traded.

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

111

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

Schedule of Investments

October 31, 2021

	Contracts			Notional Amount		Value
PURCHASED OPTIONS - 105.55% ^(a)(b)
CALL OPTIONS - 104.91%
IWM iShares Russell 2000 ETF, Expires 12/31/2021, Strike Price $1.57		3,945		$	89,965,725	$	89,128,240
							89,128,240
PUT OPTIONS - 0.64%
IWM iShares Russell 2000 ETF, Expires 12/31/2021, Strike Price $196.06		3,945			89,965,725		543,621
							543,621
TOTAL PURCHASED OPTIONS (Cost $82,580,261)							89,671,861

SHORT TERM INVESTMENTS - 0.19%	Principal Amount
Money Market Deposit Account - 0.19%
U.S. Bank Money Market Deposit Account, 0.003% ^(c)	$	162,903					162,903
TOTAL SHORT TERM INVESTMENTS (Cost $162,903)							162,903

Total Investments (Cost $82,743,164) - 105.74%							89,834,764
Liabilities in Excess of Other Assets - (5.74)%							(4,876,422	)
TOTAL NET ASSETS - 100.00%						$	84,958,342

Asset Type	% of Net Assets
Purchased Options		105.55	%
Short Term Investments		0.19
Total Investments		105.74
Liabilities in Excess of Other Assets		(5.74	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

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

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

112

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

Schedule of Options Written ^(a)
October 31, 2021

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
IWM iShares Russell 2000 ETF	12/31/2021	$	221.06		3,945	$	(89,965,725	)	$	(4,675,377	)
										(4,675,377	)
Put Options
IWM iShares Russell 2000 ETF	12/31/2021		166.65		3,945		(89,965,725	)		(142,604	)
										(142,604	)
Total Options Written (Premiums Received $9,019,719)									$	(4,817,981	)

^(a) Exchange-Traded.

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

113

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

Schedule of Investments

October 31, 2021

	Contracts			Notional Amount		Value
PURCHASED OPTIONS - 103.11% ^(a)(b)
CALL OPTIONS - 98.79%
IWM iShares Russell 2000 ETF, Expires 3/31/2022, Strike Price $1.77		3,725		$	84,948,625	$	83,848,677
							83,848,677
PUT OPTIONS - 4.32%
IWM iShares Russell 2000 ETF, Expires 3/31/2022, Strike Price $220.94		3,725			84,948,625		3,671,220
							3,671,220
TOTAL PURCHASED OPTIONS (Cost $88,101,139)							87,519,897

SHORT TERM INVESTMENTS - 0.39%	Principal Amount
Money Market Deposit Account - 0.39%
U.S. Bank Money Market Deposit Account, 0.003% ^(c)	$	329,177					329,177
							329,177
Money Market Funds - 0.00% ^(d)
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Class I, 0.010% ^(e)		4					4
							4
TOTAL SHORT TERM INVESTMENTS (Cost $329,181)							329,181

Total Investments (Cost $88,430,320) - 103.50%							87,849,078
Liabilities in Excess of Other Assets - (3.50)%							(2,973,426	)
TOTAL NET ASSETS - 100.00%						$	84,875,652

Asset Type	% of Net Assets
Purchased Options		103.11	%
Short Term Investments		0.39
Total Investments		103.50
Liabilities in Excess of Other Assets		(3.50	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

^(a)	Exchange-Traded.
^(b)	Purchased option contracts are held in connection with corresponding option contracts written short.
^(c)	The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2021.
^(d)	Less than 0.005%.
^(e)	Represents annualized seven-day yield as of the end of the reporting period.

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

114

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

Schedule of Options Written ^(a)
October 31, 2021

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
IWM iShares Russell 2000 ETF	3/31/2022	$	245.57		3,725	$	(84,948,625	)	$	(1,726,703	)
										(1,726,703	)
Put Options
IWM iShares Russell 2000 ETF	3/31/2022		187.80		3,725		(84,948,625	)		(1,191,742	)
										(1,191,742	)
Total Options Written (Premiums Received $6,673,610)									$	(2,918,445	)

^(a) Exchange-Traded.

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

115

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

Schedule of Investments

October 31, 2021

	Contracts			Notional Amount		Value
PURCHASED OPTIONS - 104.93% ^(a)(b)
CALL OPTIONS - 97.43%
IWM iShares Russell 2000 ETF, Expires 6/30/2022, Strike Price $1.83		3,214		$	73,295,270	$	72,176,452
							72,176,452
PUT OPTIONS - 7.50%
IWM iShares Russell 2000 ETF, Expires 6/30/2022, Strike Price $229.37		3,214			73,295,270		5,558,404
							5,558,404
TOTAL PURCHASED OPTIONS (Cost $78,066,424)							77,734,856

SHORT TERM INVESTMENTS - 0.58%	Principal Amount
Money Market Deposit Account - 0.58%
U.S. Bank Money Market Deposit Account, 0.003% ^(c)	$	432,972					432,972
TOTAL SHORT TERM INVESTMENTS (Cost $432,972)							432,972

Total Investments (Cost $78,499,396) - 105.51%							78,167,828
Liabilities in Excess of Other Assets - (5.51)%							(4,084,384	)
TOTAL NET ASSETS - 100.00%						$	74,083,444

Asset Type	% of Net Assets
Purchased Options		104.93	%
Short Term Investments		0.58
Total Investments		105.51
Liabilities in Excess of Other Assets		(5.51	)
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 October 31, 2021.

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

116

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

Schedule of Options Written ^(a)
October 31, 2021

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
IWM iShares Russell 2000 ETF	6/30/2022	$	251.50		3,214	$	(73,295,270	)	$	(1,857,634	)
										(1,857,634	)
Put Options
IWM iShares Russell 2000 ETF	6/30/2022		194.96		3,214		(73,295,270	)		(2,179,560	)
										(2,179,560	)
Total Options Written (Premiums Received $5,348,961)									$	(4,037,194	)

^(a) Exchange-Traded.

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

117

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

Schedule of Investments

October 31, 2021

	Contracts			Notional Amount		Value
PURCHASED OPTIONS - 106.98% ^(a)(b)
CALL OPTIONS - 99.68%
IWM iShares Russell 2000 ETF, Expires 9/30/2022, Strike Price $1.75		1,630		$	37,172,150	$	36,512,685
							36,512,685
PUT OPTIONS - 7.30%
IWM iShares Russell 2000 ETF, Expires 9/30/2022, Strike Price $218.75		1,630			37,172,150		2,673,970
							2,673,970
TOTAL PURCHASED OPTIONS (Cost $38,385,719)							39,186,655

SHORT TERM INVESTMENTS - 0.76%	Principal Amount
Money Market Deposit Account - 0.76%
U.S. Bank Money Market Deposit Account, 0.003% ^(c)	$	279,440					279,440
TOTAL SHORT TERM INVESTMENTS (Cost $279,440)							279,440

Total Investments (Cost $38,665,159) - 107.74%							39,466,095
Liabilities in Excess of Other Assets - (7.74)%							(2,834,436	)
TOTAL NET ASSETS - 100.00%						$	36,631,659

Asset Type	% of Net Assets
Purchased Options		106.98	%
Short Term Investments		0.76
Total Investments		107.74
Liabilities in Excess of Other Assets		(7.74	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

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

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

118

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

Schedule of Options Written ^(a)
October 31, 2021

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
IWM iShares Russell 2000 ETF	9/30/2022	$	247.34		1,630	$	(37,172,150	)	$	(1,583,252	)
										(1,583,252	)
Put Options
IWM iShares Russell 2000 ETF	9/30/2022		185.94		1,630		(37,172,150	)		(1,231,926	)
										(1,231,926	)
Total Options Written (Premiums Received $2,940,200)									$	(2,815,178	)

^(a) Exchange-Traded.

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

119

INNOVATOR DOUBLE STACKER ETF - JANUARY

Schedule of Investments

October 31, 2021

	Contracts			Notional Amount		Value
PURCHASED OPTIONS - 123.89% ^(a)(b)
CALL OPTIONS - 123.89%
QQQ Invesco QQQ Trust Series 1, Expires 12/31/2021, Strike Price $313.76		182		$	7,027,202	$	1,341,251
SPY SPDR S&P 500® Trust ETF, Expires 12/31/2021, Strike Price $3.01		153			7,026,525		6,955,163
TOTAL PURCHASED OPTIONS (Cost $6,613,285)							8,296,414

SHORT TERM INVESTMENTS - 0.06%	Principal Amount
Money Market Deposit Account - 0.06%
U.S. Bank Money Market Deposit Account, 0.003% ^(c)	$	4,083					4,083
TOTAL SHORT TERM INVESTMENTS (Cost $4,083)							4,083

Total Investments (Cost $6,617,368) - 123.95%							8,300,497
Liabilities in Excess of Other Assets - (23.95)%							(1,603,861	)
TOTAL NET ASSETS - 100.00%						$	6,696,636

Asset Type	% of Net Assets
Purchased Options		123.89	%
Short Term Investments		0.06
Total Investments		123.95
Liabilities in Excess of Other Assets		(23.95	)
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 October 31, 2021.

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

120

INNOVATOR DOUBLE STACKER ETF - JANUARY

Schedule of Options Written ^(a)
October 31, 2021

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
QQQ Invesco QQQ Trust Series 1	12/31/2021	$	344.52		182	$	(7,027,202	)	$	(812,226	)
SPY SPDR S&P 500® Trust ETF	12/31/2021		410.56		153		(7,026,525	)		(787,302	)
Total Options Written (Premiums Received $660,305)									$	(1,599,528	)

^(a) Exchange-Traded.

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

121

INNOVATOR DOUBLE STACKER ETF - OCTOBER

Schedule of Investments

October 31, 2021

	Contracts			Notional Amount		Value
PURCHASED OPTIONS - 113.11% ^(a)(b)
CALL OPTIONS - 113.11%
QQQ Invesco QQQ Trust Series 1, Expires 9/30/2022, Strike Price $357.98		239		$	9,228,029	$	1,206,025
SPY SPDR S&P 500® Trust ETF, Expires 9/30/2022, Strike Price $3.47		199			9,139,075		8,945,044
TOTAL PURCHASED OPTIONS (Cost $9,158,409)							10,151,069

SHORT TERM INVESTMENTS - 0.92%	Principal Amount
Money Market Deposit Account - 0.92%
U.S. Bank Money Market Deposit Account, 0.003% ^(c)	$	83,064					83,064
TOTAL SHORT TERM INVESTMENTS (Cost $83,064)							83,064

Total Investments (Cost $9,241,473) - 114.03%							10,234,133
Liabilities in Excess of Other Assets - (14.03)%							(1,259,416	)
TOTAL NET ASSETS - 100.00%						$	8,974,717

Asset Type	% of Net Assets
Purchased Options		113.11	%
Short Term Investments		0.92
Total Investments		114.03
Liabilities in Excess of Other Assets		(14.03	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

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

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

122

INNOVATOR DOUBLE STACKER ETF - OCTOBER

Schedule of Options Written ^(a)
October 31, 2021

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
QQQ Invesco QQQ Trust Series 1	9/30/2022	$	389.78		239	$	(9,228,029	)	$	(732,839	)
SPY SPDR S&P 500®Trust ETF	9/30/2022		467.29		199		(9,139,075	)		(517,892	)
Total Options Written (Premiums Received $683,524)									$	(1,250,731	)

^(a) Exchange-Traded.

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

123

INNOVATOR TRIPLE STACKER ETF – JANUARY

Schedule of Investments

October 31, 2021

	Contracts			Notional Amount		Value
PURCHASED OPTIONS - 139.83% ^(a)(b)
CALL OPTIONS - 139.83%
IWM iShares Russell 2000 ETF, Expires 12/31/2021, Strike Price $196.07		1,941		$	44,264,505	$	6,455,597
QQQ Invesco QQQ Trust Series 1, Expires 12/31/2021, Strike Price $313.75		1,213			46,835,143		8,940,386
SPY SPDR S&P 500® Trust ETF, Expires 12/31/2021, Strike Price $3.00		1,018			46,751,650		46,277,854
TOTAL PURCHASED OPTIONS (Cost $50,255,417)							61,673,837

SHORT TERM INVESTMENTS - 0.22%	Principal Amount
Money Market Deposit Account - 0.22%
U.S. Bank Money Market Deposit Account, 0.003% ^(c)	$	96,839					96,839
TOTAL SHORT TERM INVESTMENTS (Cost $96,839)							96,839

Total Investments (Cost $50,352,256) - 140.05%							61,770,676
Liabilities in Excess of Other Assets - (40.05)%							(17,663,795	)
TOTAL NET ASSETS - 100.00%						$	44,106,881

Asset Type	% of Net Assets
Purchased Options		139.83	%
Short Term Investments		0.22
Total Investments		140.05
Liabilities in Excess of Other Assets		(40.05	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

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

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

124

INNOVATOR TRIPLE STACKER ETF – JANUARY

Schedule of Options Written ^(a)
October 31, 2021

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
IWM iShares Russell 2000 ETF	12/31/2021	$	208.02		1,941	$	(44,264,505	)	$	(4,337,001	)
QQQ Invesco QQQ Trust Series 1	12/31/2021		332.88		1,213		(46,835,143	)		(6,723,101	)
SPY SPDR S&P 500® Trust ETF	12/31/2021		396.69		1,018		(46,751,650	)		(6,574,695	)
Total Options Written (Premiums Received $10,355,905)									$	(17,634,797	)

^(a) Exchange-Traded.

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

125

INNOVATOR TRIPLE STACKER ETF – OCTOBER

Schedule of Investments

October 31, 2021

	Contracts			Notional Amount		Value
PURCHASED OPTIONS - 124.69% ^(a)(b)
CALL OPTIONS - 124.69%
IWM iShares Russell 2000 ETF, Expires 9/30/2022, Strike Price $218.75		734		$	16,738,870	$	1,753,936
QQQ Invesco QQQ Trust Series 1, Expires 9/30/2022, Strike Price $357.97		448			17,297,728		2,260,970
SPY SPDR S&P 500® Trust ETF, Expires 9/30/2022, Strike Price $3.46		374			17,175,950		16,811,661
TOTAL PURCHASED OPTIONS (Cost $18,712,880)							20,826,567

SHORT TERM INVESTMENTS - 0.79%	Principal Amount
Money Market Deposit Account - 0.79%
U.S. Bank Money Market Deposit Account, 0.003% ^(c)	$	131,676					131,676
TOTAL SHORT TERM INVESTMENTS (Cost $131,676)							131,676

Total Investments (Cost $18,844,556) - 125.48%							20,958,243
Liabilities in Excess of Other Assets - (25.48)%							(4,256,135	)
TOTAL NET ASSETS - 100.00%						$	16,702,108

Asset Type	% of Net Assets
Purchased Options		124.69	%
Short Term Investments		0.79
Total Investments		125.48
Liabilities in Excess of Other Assets		(25.48	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

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

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

126

INNOVATOR TRIPLE STACKER ETF – OCTOBER

Schedule of Options Written ^(a)
October 31, 2021

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
IWM iShares Russell 2000 ETF	9/30/2022	$	230.87		734	$	(16,738,870	)	$	(1,241,710	)
QQQ Invesco QQQ Trust Series 1	9/30/2022		377.79		448		(17,297,728	)		(1,682,891	)
SPY SPDR S&P 500® Trust ETF	9/30/2022		452.91		374		(17,175,950	)		(1,320,313	)
Total Options Written (Premiums Received $2,800,829)									$	(4,244,914	)

^(a) Exchange-Traded.

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

127

INNOVATOR DOUBLE STACKER 9 BUFFER ETF - JANUARY

Schedule of Investments

October 31, 2021

	Contracts			Notional Amount		Value
PURCHASED OPTIONS - 131.60% ^(a)(b)
CALL OPTIONS - 131.32%
QQQ Invesco QQQ Trust Series 1, Expires 12/31/2021, Strike Price $313.74		385		$	14,865,235	$	2,838,005
SPY SPDR S&P 500® Trust ETF, Expires 12/31/2021, Strike Price $3.02		323			14,833,775		14,682,799
							17,520,804
PUT OPTIONS - 0.28%
SPY SPDR S&P 500® Trust ETF, Expires 12/31/2021, Strike Price $373.87		323			14,833,775		38,141
							38,141
TOTAL PURCHASED OPTIONS (Cost $14,559,376)							17,558,945

SHORT TERM INVESTMENTS - 0.07%	Principal Amount
Money Market Deposit Account - 0.07%
U.S. Bank Money Market Deposit Account, 0.003% ^(c)	$	9,028					9,028
TOTAL SHORT TERM INVESTMENTS (Cost $9,028)							9,028

Total Investments (Cost $14,568,404) - 131.67%							17,567,973
Liabilities in Excess of Other Assets - (31.67)%							(4,225,954	)
TOTAL NET ASSETS - 100.00%						$	13,342,019

Asset Type	% of Net Assets
Purchased Options		131.60	%
Short Term Investments		0.07
Total Investments		131.67
Liabilities in Excess of Other Assets		(31.67	)
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 October 31, 2021.

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

128

INNOVATOR DOUBLE STACKER 9 BUFFER ETF - JANUARY

Schedule of Options Written ^(a)
October 31, 2021

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
QQQ Invesco QQQ Trust Series 1	12/31/2021	$	333.19		385	$	(14,865,235	)	$	(2,122,658	)
SPY SPDR S&P 500® Trust ETF	12/31/2021		397.06		323		(14,833,775	)		(2,074,678	)
										(4,197,336	)
Put Options
SPY SPDR S&P 500® Trust ETF	12/31/2021		340.22		323		(14,833,775	)		(18,932	)
										(18,932	)
Total Options Written (Premiums Received $2,200,639)									$	(4,216,268	)

^(a) Exchange-Traded.

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

129

INNOVATOR DOUBLE STACKER 9 BUFFER ETF - OCTOBER

Schedule of Investments

October 31, 2021

	Contracts			Notional Amount		Value
PURCHASED OPTIONS - 121.14% ^(a)(b)
CALL OPTIONS - 115.65%
QQQ Invesco QQQ Trust Series 1, Expires 9/30/2022, Strike Price $357.95		585		$	22,587,435	$	2,953,180
SPY SPDR S&P 500® Trust ETF, Expires 9/30/2022, Strike Price $3.41		489			22,457,325		21,983,451
							24,936,631
PUT OPTIONS - 5.49%
SPY SPDR S&P 500® Trust ETF, Expires 9/30/2022, Strike Price $429.13		489			22,457,325		1,182,675
							1,182,675
TOTAL PURCHASED OPTIONS (Cost $24,325,185)							26,119,306

SHORT TERM INVESTMENTS - 0.83%	Principal Amount
Money Market Deposit Account - 0.83%
U.S. Bank Money Market Deposit Account, 0.003% ^(c)	$	178,733					178,733
TOTAL SHORT TERM INVESTMENTS (Cost $178,733)							178,733

Total Investments (Cost $24,503,918) - 121.97%							26,298,039
Liabilities in Excess of Other Assets - (21.97)%							(4,736,425	)
TOTAL NET ASSETS - 100.00%						$	21,561,614

Asset Type	% of Net Assets
Purchased Options		121.14	%
Short Term Investments		0.83
Total Investments		121.97
Liabilities in Excess of Other Assets		(21.97	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

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

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

130

INNOVATOR DOUBLE STACKER 9 BUFFER ETF - OCTOBER

Schedule of Options Written ^(a)
October 31, 2021

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
QQQ Invesco QQQ Trust Series 1	9/30/2022	$	377.36		585	$	(22,587,435	)	$	(2,211,994	)
SPY SPDR S&P 500® Trust ETF	9/30/2022		452.40		489		(22,457,325	)		(1,742,774	)
										(3,954,768	)
Put Options
SPY SPDR S&P 500® Trust ETF	9/30/2022		390.50		489		(22,457,325	)		(766,383	)
										(766,383	)
Total Options Written (Premiums Received $3,498,572)									$	(4,721,151	)

^(a) Exchange-Traded.

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

131

INNOVATOR U.S. EQUITY ACCELERATED ETF – APRIL

Schedule of Investments
October 31, 2021

	Contracts			Notional Amount		Value
PURCHASED OPTIONS - 117.79% ^(a)(b)
CALL OPTIONS - 117.79%
SPY SPDR S&P 500® Trust ETF, Expires 3/31/2022, Strike Price $396.32		176		$	8,082,800	$	1,219,502
SPY SPDR S&P 500® Trust ETF, Expires 3/31/2022, Strike Price $3.15		176			8,082,800		7,972,762
TOTAL PURCHASED OPTIONS (Cost $7,610,388)							9,192,264

SHORT TERM INVESTMENTS - 0.36%	Principal Amount
Money Market Deposit Account - 0.36%
U.S. Bank Money Market Deposit Account, 0.003% ^(c)	$	27,855					27,855
TOTAL SHORT TERM INVESTMENTS (Cost $27,855)							27,855

Total Investments (Cost $7,638,243) - 118.15%							9,220,119
Liabilities in Excess of Other Assets - (18.15)%							(1,416,212	)
TOTAL NET ASSETS - 100.00%						$	7,803,907

Asset Type	% of Net Assets
Purchased Options		117.79	%
Short Term Investments		0.36
Total Investments		118.15
Liabilities in Excess of Other Assets		(18.15	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

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

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

132

INNOVATOR U.S. EQUITY ACCELERATED ETF – APRIL

Schedule of Options Written ^(a)
October 31, 2021

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500®Trust ETF	3/31/2022	$	430.34		352	$	(16,165,600	)	$	(1,411,170	)
Total Options Written (Premiums Received $536,666)									$	(1,411,170	)

^(a) Exchange-Traded.

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

133

INNOVATOR U.S. EQUITY ACCELERATED ETF – JULY

Schedule of Investments
October 31, 2021

	Contracts			Notional Amount		Value
PURCHASED OPTIONS - 109.97% ^(a)(b)
CALL OPTIONS - 109.97%
SPY SPDR S&P 500® Trust ETF, Expires 6/30/2022, Strike Price $428.05		75		$	3,444,375	$	358,848
SPY SPDR S&P 500® Trust ETF, Expires 6/30/2022, Strike Price $3.40		75			3,444,375		3,383,780
TOTAL PURCHASED OPTIONS (Cost $3,377,510)							3,742,628

SHORT TERM INVESTMENTS - 0.56%	Principal Amount
Money Market Deposit Account - 0.56%
U.S. Bank Money Market Deposit Account, 0.003% ^(c)	$	19,211					19,211
TOTAL SHORT TERM INVESTMENTS (Cost $19,211)							19,211

Total Investments (Cost $3,396,721) - 110.53%							3,761,839
Liabilities in Excess of Other Assets - (10.53)%							(358,467	)
TOTAL NET ASSETS - 100.00%						$	3,403,372

Asset Type	% of Net Assets
Purchased Options		109.97	%
Short Term Investments		0.56
Total Investments		110.53
Liabilities in Excess of Other Assets		(10.53	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

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

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

134

INNOVATOR U.S. EQUITY ACCELERATED ETF – JULY

Schedule of Options Written ^(a)
October 31, 2021

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500®Trust ETF	6/30/2022	$	462.30		150	$	(6,888,750	)	$	(356,242	)
Total Options Written (Premiums Received $183,899)									$	(356,242	)

^(a) Exchange-Traded.

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

135

INNOVATOR U.S. EQUITY ACCELERATED ETF – OCTOBER

Schedule of Investments
October 31, 2021

	Contracts			Notional Amount		Value
PURCHASED OPTIONS - 111.10% ^(a)(b)
CALL OPTIONS - 111.10%
SPY SPDR S&P 500® Trust ETF, Expires 9/30/2022, Strike Price $429.13		42		$	1,928,850	$	218,064
SPY SPDR S&P 500® Trust ETF, Expires 9/30/2022, Strike Price $3.38		42			1,928,850		1,888,274
TOTAL PURCHASED OPTIONS (Cost $1,922,683)							2,106,338

SHORT TERM INVESTMENTS - 0.79%	Principal Amount
Money Market Deposit Account - 0.79%
U.S. Bank Money Market Deposit Account, 0.003% ^(c)	$	14,954					14,954
TOTAL SHORT TERM INVESTMENTS (Cost $14,954)							14,954

Total Investments (Cost $1,937,637) - 111.89%							2,121,292
Liabilities in Excess of Other Assets - (11.89)%							(225,411	)
TOTAL NET ASSETS - 100.00%						$	1,895,881

Asset Type	% of Net Assets
Purchased Options		111.10	%
Short Term Investments		0.79
Total Investments		111.89
Liabilities in Excess of Other Assets		(11.89	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

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

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

136

INNOVATOR U.S. EQUITY ACCELERATED ETF – OCTOBER

Schedule of Options Written ^(a)
October 31, 2021

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500®Trust ETF	9/30/2022	$	466.26		84	$	(3,857,700	)	$	(224,313	)
Total Options Written (Premiums Received $124,927)									$	(224,313	)

^(a) Exchange-Traded.

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

137

INNOVATOR U.S. EQUITY ACCELERATED PLUS ETF – APRIL

Schedule of Investments
October 31, 2021

	Contracts			Notional Amount		Value
PURCHASED OPTIONS - 134.29% ^(a)(b)
CALL OPTIONS - 134.29%
SPY SPDR S&P 500® Trust ETF, Expires 3/31/2022, Strike Price $396.33		384		$	17,635,200	$	2,660,392
SPY SPDR S&P 500® Trust ETF, Expires 3/31/2022, Strike Price $3.19		192			8,817,600		8,696,793
TOTAL PURCHASED OPTIONS (Cost $9,469,614)							11,357,185

SHORT TERM INVESTMENTS - 0.29%	Principal Amount
Money Market Deposit Account - 0.29%
U.S. Bank Money Market Deposit Account, 0.003% ^(c)	$	24,460					24,460
TOTAL SHORT TERM INVESTMENTS (Cost $24,460)							24,460

Total Investments (Cost $9,494,074) - 134.58%							11,381,645
Liabilities in Excess of Other Assets - (34.58)%							(2,924,701	)
TOTAL NET ASSETS - 100.00%						$	8,456,944

Asset Type	% of Net Assets
Purchased Options		134.29	%
Short Term Investments		0.29
Total Investments		134.58
Liabilities in Excess of Other Assets		(34.58	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

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

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

138

INNOVATOR U.S. EQUITY ACCELERATED PLUS ETF – APRIL

Schedule of Options Written ^(a)
October 31, 2021

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500®Trust ETF	3/31/2022	$	417.73		576	$	(26,452,800	)	$	(2,919,481	)
Total Options Written (Premiums Received $1,558,734)									$	(2,919,481	)

^(a) Exchange-Traded.

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

139

INNOVATOR U.S. EQUITY ACCELERATED PLUS ETF – JULY

Schedule of Investments
October 31, 2021

	Contracts			Notional Amount		Value
PURCHASED OPTIONS - 121.03% ^(a)(b)
CALL OPTIONS - 121.03%
SPY SPDR S&P 500® Trust ETF, Expires 6/30/2022, Strike Price $428.06		420		$	19,288,500	$	2,009,228
SPY SPDR S&P 500® Trust ETF, Expires 6/30/2022, Strike Price $3.45		210			9,644,250		9,473,537
TOTAL PURCHASED OPTIONS (Cost $10,344,363)							11,482,765

SHORT TEM INVESTMENTS - 0.54%	Principal Amount
Money Market Deposit Account - 0.54%
U.S. Bank Money Market Deposit Account, 0.003% ^(c)	$	51,205					51,205
TOTAL SHORT TERM INVESTMENTS (Cost $51,205)							51,205

Total Investments (Cost $10,395,568) - 121.57%							11,533,970
Liabilities in Excess of Other Assets - (21.57)%							(2,046,350	)
TOTAL NET ASSETS - 100.00%						$	9,487,620

Asset Type	% of Net Assets
Purchased Options		121.03	%
Short Term Investments		0.54
Total Investments		121.57
Liabilities in Excess of Other Assets		(21.57	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

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

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

140

INNOVATOR U.S. EQUITY ACCELERATED PLUS ETF – JULY

Schedule of Options Written ^(a)
October 31, 2021

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500®Trust ETF	6/30/2022	$	449.16		630	$	(28,932,750	)	$	(2,040,308	)
Total Options Written (Premiums Received $1,288,178)									$	(2,040,308	)

^(a) Exchange-Traded.

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

141

INNOVATOR U.S. EQUITY ACCELERATED PLUS ETF – OCTOBER

Schedule of Investments
October 31, 2021

	Contracts			Notional Amount		Value
PURCHASED OPTIONS - 120.16% ^(a)(b)
CALL OPTIONS - 120.16%
SPY SPDR S&P 500® Trust ETF, Expires 9/30/2022, Strike Price $429.14		110		$	5,051,750	$	562,870
SPY SPDR S&P 500® Trust ETF, Expires 9/30/2022, Strike Price $3.39		55			2,525,875		2,476,870
TOTAL PURCHASED OPTIONS (Cost $2,860,126)							3,039,740

SHORT TERM INVESTMENTS - 0.57%	Principal Amount
Money Market Deposit Account - 0.57%
U.S. Bank Money Market Deposit Account, 0.003% ^(c)	$	14,423					14,423
TOTAL SHORT TERM INVESTMENTS (Cost $14,423)							14,423

Total Investments (Cost $2,874,549) - 120.73%							3,054,163
Liabilities in Excess of Other Assets - (20.73)%							(524,329	)
TOTAL NET ASSETS - 100.00%						$	2,529,834

Asset Type	% of Net Assets
Purchased Options		120.16	%
Short Term Investments		0.57
Total Investments		120.73
Liabilities in Excess of Other Assets		(20.73	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

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

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

142

INNOVATOR U.S. EQUITY ACCELERATED PLUS ETF – OCTOBER

Schedule of Options Written ^(a)
October 31, 2021

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500®Trust ETF	9/30/2022	$	452.75		165	$	(7,577,625	)	$	(572,715	)
Total Options Written (Premiums Received $450,643)									$	(572,715	)

^(a) Exchange-Traded.

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

143

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

Schedule of Investments
October 31, 2021

	Contracts			Notional Amount		Value
PURCHASED OPTIONS - 125.09% ^(a)(b)
CALL OPTIONS - 123.38%
SPY SPDR S&P 500® Trust ETF, Expires 3/31/2022, Strike Price $396.34		464		$	21,309,200	$	3,214,230
SPY SPDR S&P 500® Trust ETF, Expires 3/31/2022, Strike Price $3.21		464			21,309,200		21,016,323
							24,230,553
PUT OPTIONS - 1.71%
SPY SPDR S&P 500® Trust ETF, Expires 3/31/2022, Strike Price $396.32		464			21,309,200		335,921
							335,921
TOTAL PURCHASED OPTIONS (Cost $21,600,746)							24,566,474

SHORT TERM INVESTMENTS - 0.37%	Principal Amount
Money Market Deposit Account - 0.37%
U.S. Bank Money Market Deposit Account, 0.003% ^(c)	$	72,858					72,858
TOTAL SHORT TERM INVESTMENTS (Cost $72,858)							72,858

Total Investments (Cost $21,673,604) - 125.46%							24,639,332
Liabilities in Excess of Other Assets - (25.46)%							(5,000,415	)
TOTAL NET ASSETS - 100.00%						$	19,638,917

Asset Type	% of Net Assets
Purchased Options		125.09	%
Short Term Investments		0.37
Total Investments		125.46
Liabilities in Excess of Other Assets		(25.46	)
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 October 31, 2021.

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

144

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

Schedule of Options Written ^(a)
October 31, 2021

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500®Trust ETF	3/31/2022	$	416.54		928	$	(42,618,400	)	$	(4,797,113	)
										(4,797,113	)
Put Options
SPY SPDR S&P 500®Trust ETF	3/31/2022		360.67		464		(21,309,200	)		(190,346	)
										(190,346	)
Total Options Written (Premiums Received $2,652,118)									$	(4,987,459	)

^(a) Exchange-Traded.

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

145

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

Schedule of Investments
October 31, 2021

	Contracts			Notional Amount		Value
PURCHASED OPTIONS - 117.17% ^(a)(b)
CALL OPTIONS - 113.00%
SPY SPDR S&P 500® Trust ETF, Expires 6/30/2022, Strike Price $428.07		240		$	11,022,000	$	1,147,945
SPY SPDR S&P 500® Trust ETF, Expires 6/30/2022, Strike Price $3.46		240			11,022,000		10,826,659
							11,974,604
PUT OPTIONS - 4.17%
SPY SPDR S&P 500® Trust ETF, Expires 6/30/2022, Strike Price $428.05		240			11,022,000		442,139
							442,139
TOTAL PURCHASED OPTIONS (Cost $11,658,469)							12,416,743

SHORT TERM INVESTMENTS - 0.55%	Principal Amount
Money Market Deposit Account - 0.55%
U.S. Bank Money Market Deposit Account, 0.003% ^(c)	$	58,179					58,179
TOTAL SHORT TERM INVESTMENTS (Cost $58,179)							58,179

TotalInvestments (Cost $11,716,648) - 117.72%							12,474,922
Liabilities in Excess of Other Assets - (17.72)%							(1,878,170	)
TOTAL NET ASSETS - 100.00%						$	10,596,752

Asset Type	% of Net Assets
Purchased Options		117.17	%
Short Term Investments		0.55
Total Investments		117.72
Liabilities in Excess of Other Assets		(17.72	)
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 October 31, 2021.

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

146

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

Schedule of Options Written ^(a)
October 31, 2021

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500®Trust ETF	6/30/2022	$	447.75		480	$	(22,044,000	)	$	(1,601,546	)
										(1,601,546	)
Put Options
SPY SPDR S&P 500®Trust ETF	6/30/2022		389.55		240		(11,022,000	)		(269,632	)
										(269,632	)
Total Options Written (Premiums Received $1,420,080)									$	(1,871,178	)

^(a) Exchange-Traded.

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

147

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

Schedule of Investments
October 31, 2021

	Contracts			Notional Amount		Value
PURCHASED OPTIONS - 118.83% ^(a)(b)
CALL OPTIONS - 113.36%
SPY SPDR S&P 500® Trust ETF, Expires 9/30/2022, Strike Price $429.15		98		$	4,500,650	$	508,672
SPY SPDR S&P 500® Trust ETF, Expires 9/30/2022, Strike Price $3.48		98			4,500,650		4,405,000
							4,913,672
PUT OPTIONS - 5.47%
SPY SPDR S&P 500® Trust ETF, Expires 9/30/2022, Strike Price $429.17		98			4,500,650		237,124
							237,124
TOTAL PURCHASED OPTIONS (Cost $4,879,671)							5,150,796

SHORT TERM INVESTMENTS - 0.77%	Principal Amount
Money Market Deposit Account - 0.77%
U.S. Bank Money Market Deposit Account, 0.003% ^(c)	$	33,408					33,408
TOTAL SHORT TERM INVESTMENTS (Cost $33,408)							33,408

Total Investments (Cost $4,913,079) - 119.60%							5,184,204
Liabilities in Excess of Other Assets - (19.60)%							(849,713	)
TOTAL NET ASSETS - 100.00%						$	4,334,491

Asset Type	% of Net Assets
Purchased Options		118.83	%
Short Term Investments		0.77
Total Investments		119.60
Liabilities in Excess of Other Assets		(19.60	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

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

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

148

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

Schedule of Options Written ^(a)
October 31, 2021

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500®Trust ETF	9/30/2022	$	452.74		196	$	(9,001,300	)	$	(694,131	)
										(694,131	)
Put Options
SPY SPDR S&P 500®Trust ETF	9/30/2022		390.53		98		(4,500,650	)		(153,643	)
										(153,643	)
Total Options Written (Premiums Received $664,571)									$	(847,774	)

^(a) Exchange-Traded.

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

149

INNOVATOR GROWTH ACCELERATED PLUS ETF – APRIL

Schedule of Investments
October 31, 2021

	Contracts			Notional Amount		Value
PURCHASED OPTIONS - 142.42% ^(a)(b)
CALL OPTIONS - 142.42%
QQQ Invesco QQQ Trust Series 1, Expires 3/31/2022, Strike Price $319.13		998		$	38,533,778	$	7,209,738
QQQ Invesco QQQ Trust Series 1, Expires 3/31/2022, Strike Price $2.56		499			19,266,889		19,073,354
TOTAL PURCHASED OPTIONS (Cost $23,477,232)							26,283,092

SHORT TERM INVESTMENTS - 0.46%	Principal Amount
Money Market Deposit Account - 0.46%
U.S. Bank Money Market Deposit Account, 0.003% ^(c)	$	85,120					85,120
TOTAL SHORT TERM INVESTMENTS (Cost $85,120)							85,120

Total Investments (Cost $23,562,352) - 142.88%							26,368,212
Liabilities in Excess of Other Assets - (42.88)%							(7,913,842	)
TOTAL NET ASSETS - 100.00%						$	18,454,370

Asst Type	% of Net Assets
Purchased Options		142.42	%
Short Term Investments		0.46
Total Investments		142.88
Liabilities in Excess of Other Assets		(42.88	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

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

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

150

INNOVATOR GROWTH ACCELERATED PLUS ETF – APRIL

Schedule of Options Written ^(a)
October 31, 2021

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
QQQ Invesco QQQ Trust Series 1	3/31/2022	$	341.79		1,497	$	(57,800,667	)	$	(7,902,783	)
Total Options Written (Premiums Received $4,454,922)									$	(7,902,783	)

^(a) Exchange-Traded.

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

151

INNOVATOR GROWTH ACCELERATED PLUS ETF – JULY

Schedule of Investments
October 31, 2021

	Contracts			Notional Amount		Value
PURCHASED OPTIONS - 124.96% ^(a)(b)
CALL OPTIONS - 124.96%
QQQ Invesco QQQ Trust Series 1, Expires 6/30/2022, Strike Price $354.45		432		$	16,679,952	$	2,073,273
QQQ Invesco QQQ Trust Series 1, Expires 6/30/2022, Strike Price $2.85		216			8,339,976		8,235,649
TOTAL PURCHASED OPTIONS (Cost $9,236,981)							10,308,922

SHORT TERM INVESTMENTS - 0.51%	Principal Amount
Money Market Deposit Account- 0.51%
U.S. Bank Money Market Deposit Account, 0.003% ^(c)	$	41,837					41,837
TOTAL SHORT TERM INVESTMENTS (Cost $41,837)							41,837

Total Investments (Cost $9,278,818) - 125.47%							10,350,759
Liabilities in Excess of Other Assets - (25.47)%							(2,101,049	)
TOTAL NET ASSETS - 100.00%						$	8,249,710

Asset Type	% of Net Assets
Purchased Options		124.96	%
Short Term Investments		0.51
Total Investments		125.47
Liabilities in Excess of Other Assets		(25.47	)
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 October 31, 2021.

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

152

INNOVATOR GROWTH ACCELERATED PLUS ETF – JULY

Schedule of Options Written ^(a)
October 31, 2021

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
QQQ Invesco QQQ Trust Series 1	6/30/2022	$	377.31		648	$	(25,019,928	)	$	(2,095,975	)
Total Options Written (Premiums Received $1,457,080)									$	(2,095,975	)

^(a) Exchange-Traded.

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

153

INNOVATOR GROWTH ACCELERATED PLUS ETF – OCTOBER

Schedule of Investments
October 31, 2021

	Contracts			Notional Amount		Value
PURCHASED OPTIONS - 127.55% ^(a)(b)
CALL OPTIONS - 127.55%
QQQ Invesco QQQ Trust Series 1, Expires 9/30/2022, Strike Price $357.53		136		$	5,251,096	$	690,448
QQQ Invesco QQQ Trust Series 1, Expires 9/30/2022, Strike Price 2.87		68			2,625,548		2,588,189
TOTAL PURCHASED OPTIONS (Cost $2,885,715)							3,278,637

SHORT TERM INVESTMENTS - 0.73%	Principal Amount
Money Market Deposit Account- 0.73%
U.S. Bank Money Market Deposit Account, 0.003% ^(c)	$	18,814					18,814
TOTAL SHORT TERM INVESTMENTS (Cost $18,814)							18,814

Total Investments (Cost $2,904,529) - 128.28%							3,297,451
Liabilities in Excess of Other Assets - (28.28)%							(727,018	)
TOTAL NET ASSETS - 100.00%						$	2,570,433

Asset Type	% of Net Assets
Purchased Options		127.55	%
Short Term Investments		0.73
Total Investments		128.28
Liabilities in Excess of Other Assets		(28.28	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

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

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

154

INNOVATOR GROWTH ACCELERATED PLUS ETF – OCTOBER

Schedule of Options Written ^(a)
October 31, 2021

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
QQQ Invesco QQQ Trust Series 1	9/30/2022	$	381.13		204	$	(7,876,644	)	$	(725,863	)
Total Options Written (Premiums Received $452,332)									$	(725,863	)

^(a) Exchange-Traded.

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

155

INNOVATOR 20+ YEAR TREASURY BOND 9 BUFFER ETF - JULY

Schedule of Investments
October 31, 2021

	Contracts			Notional Amount		Value
PURCHASED OPTIONS - 103.57% ^(a)(b)
CALL OPTIONS - 98.99%
TLT iShares 20+ Year Treasury Bond ETF, Expires 6/30/2022, Strike Price $1.15		334		$	4,932,846	$	4,842,583
							4,842,583
PUT OPTIONS - 4.58%
TLT iShares 20+ Year Treasury Bond ETF, Expires 6/30/2022, Strike Price $144.35		334			4,932,846		224,166
							224,166
TOTAL PURCHASED OPTIONS (Cost $5,120,117)							5,066,749

SHORT TERM INVESTMENTS - 0.49%	Principal Amount
Money Market Deposit Account - 0.49%
U.S. Bank Money Market Deposit Account, 0.003% ^(c)	$	24,073					24,073
TOTAL SHORT TERM INVESTMENTS (Cost $24,073)							24,073

Total Investments (Cost $5,144,190) - 104.06%							5,090,822
Liabilities in Excess of Other Assets - (4.06)%							(199,191	)
TOTAL NET ASSETS - 100.00%						$	4,891,731

Asset Type	% of Net Assets
Purchased Options		103.57	%
Short Term Investments		0.49
Total Investments		104.06
Liabilities in Excess of Other Assets		(4.06	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

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

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

156

INNOVATOR 20+ YEAR TREASURY BOND 9 BUFFER ETF - JULY

Schedule of Options Written ^(a)
October 31, 2021

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
TLT iShares 20+ Year Treasury Bond ETF	6/30/2022	$	157.34		334	$	(4,932,846	)	$	(109,172	)
										(109,172	)
Put Options
TLT iShares 20+ Year Treasury Bond ETF	6/30/2022		131.36		334		(4,932,846	)		(86,729	)
										(86,729	)
Total Options Written (Premiums Received $241,837)									$	(195,901	)

^(a) Exchange-Traded.

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

157

INNOVATOR 20+ YEAR TREASURY BOND 5 FLOOR ETF - QUARTERLY

Schedule of Investments
October 31, 2021

	Contracts			Notional Amount		Value
PURCHASED OPTIONS - 100.87% ^(a)(b)
CALL OPTIONS - 100.30%
TLT iShares 20+ Year Treasury Bond ETF, Expires 12/31/2021, Strike Price $0.28		648		$	9,570,312	$	9,517,696
							9,517,696
PUT OPTIONS - 0.57%
TLT iShares 20+ Year Treasury Bond ETF, Expires 12/31/2021, Strike Price $137.05		648			9,570,312		54,504
							54,504
TOTAL PURCHASED OPTIONS (Cost $9,391,195)							9,572,200

SHORT TERM INVESTMENTS - 0.20%	Principal Amount
Money Market Deposit Account - 0.20%
U.S. Bank Money Market Deposit Account, 0.003% ^(c)	$	18,553					18,553
TOTAL SHORT TERM INVESTMENTS (Cost $18,553)							18,553

Total Investments (Cost $9,409,748) - 101.07%							9,590,753
Liabilities in Excess of Other Assets - (1.07)%							(101,443	)
TOTAL NET ASSETS - 100.00%						$	9,489,310

Asset Type	% of Net Assets
Purchased Options		100.87	%
Short Term Investments		0.20
Total Investments		101.07
Liabilities in Excess of Other Assets		(1.07	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

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

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

158

INNOVATOR 20+ YEAR TREASURY BOND 5 FLOOR ETF - QUARTERLY

Schedule of Options Written ^(a)
October 31, 2021

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
TLT iShares 20+ Year Treasury Bond ETF	12/31/2021	$	152.55		648	$	(9,570,312	)	$	(94,513	)
Total Options Written (Premiums Received $55,862)									$	(94,513	)

^(a) Exchange-Traded.

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

159

INNOVATOR DEFINED WEALTH SHIELD ETF

Schedule of Investments
October 31, 2021

	Contracts			Notional Amount		Value
PURCHASED OPTIONS - 106.80% ^(a)(b)
CALL OPTIONS - 105.71%
SPY SPDR S&P 500® Trust ETF, Expires 12/31/2021, Strike Price $0.74		673		$	30,907,525	$	30,748,697
							30,748,697
PUT OPTIONS - 1.09%
SPY SPDR S&P 500® Trust ETF, Expires 12/31/2021, Strike Price $429.14		673			30,907,525		315,637
							315,637
TOTAL PURCHASED OPTIONS (Cost $30,044,981)							31,064,334

SHORT TERM INVESTMENTS - 0.13%	Principal Amount
Money Market Deposit Account - 0.13%
U.S. Bank Money Market Deposit Account, 0.003% ^(c)	$	37,943					37,943
TOTAL SHORT TERM INVESTMENTS (Cost $37,943)							37,943

Total Investments (Cost $30,082,924) - 106.93%							31,102,277
Liabilities in Excess of Other Assets - (6.93)%							(2,014,760	)
TOTAL NET ASSETS - 100.00%						$	29,087,517

Asset Type	% of Net Assets
Purchased Options		106.80	%
Short Term Investments		0.13
Total Investments		106.93
Liabilities in Excess of Other Assets		(6.93	)
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 October 31, 2021.

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

160

INNOVATOR DEFINED WEALTH SHIELD ETF

Schedule of Options Written ^(a)
October 31, 2021

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500®Trust ETF	12/31/2021	$	433.47		673	$	(30,907,525	)	$	(2,002,848	)
										(2,002,848	)
Put Options
SPY SPDR S&P 500®Trust ETF	12/31/2021		343.31		673		(30,907,525	)		(39,034	)
										(39,034	)
Total Options Written (Premiums Received $1,170,125)									$	(2,041,882	)

^(a) Exchange-Traded.

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

161

INNOVATOR U.S. EQUITY ACCELERATED ETF – QUARTERLY

Schedule of Investments
October 31, 2021

	Contracts			Notional Amount		Value
PURCHASED OPTIONS - 109.81% ^(a)(b)
CALL OPTIONS - 109.81%
SPY SPDR S&P 500® Trust ETF, Expires 12/31/2021, Strike Price $429.14		300		$	13,777,500	$	1,034,752
SPY SPDR S&P 500® Trust ETF, Expires 12/31/2021, Strike Price $0.85		300			13,777,500		13,702,338
TOTAL PURCHASED OPTIONS (Cost $13,261,382)							14,737,090

SHORT TERM INVESTMENTS - 0.06%	Principal Amount
Money Market Deposit Account - 0.06%
U.S. Bank Money Market Deposit Account, 0.003% ^(c)	$	8,022					8,022
TOTAL SHORT TERM INVESTMENTS (Cost $8,022)							8,022

Total Investments (Cost $13,269,404) - 109.87%							14,745,112
Liabilities in Excess of Other Assets - (9.87)%							(1,324,045	)
TOTAL NET ASSETS - 100.00%						$	13,421,067

Asset Type	% of Net Assets
Purchased Options		109.81	%
Short Term Investments		0.06
Total Investments		109.87
Liabilities in Excess of Other Assets		(9.87	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

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

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

162

INNOVATOR U.S. EQUITY ACCELERATED ETF – QUARTERLY

Schedule of Options Written ^(a)
October 31, 2021

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500 Trust ETF	12/31/2021	$	443.82		600	$	(27,555,000	)	$	(1,315,199	)
Total Options Written (Premiums Received $409,317)									$	(1,315,199	)

^(a) Exchange-Traded.

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

163

INNOVATOR GROWTH ACCELERATED ETF – QUARTERLY

Schedule of Investments
October 31, 2021

	Contracts			Notional Amount		Value
PURCHASED OPTIONS - 110.71% ^(a)(b)
CALL OPTIONS - 110.71%
QQQ Invesco QQQ Trust Series 1, Expires 12/31/2021, Strike Price $357.96		416		$	16,062,176	$	1,360,594
QQQ Invesco QQQ Trust Series 1, Expires 12/31/2021, Strike Price $0.71		416			16,062,176		16,004,433
TOTAL PURCHASED OPTIONS (Cost $15,499,163)							17,365,027

SHORT TERM INVESTMENTS - 0.11%	Principal Amount
Money Market Deposit Account- 0.11%
U.S. Bank Money Market Deposit Account, 0.003% ^(c)	$	17,352					17,352
TOTAL SHORT TERM INVESTMENTS (Cost $17,352)							17,352

Total Investments (Cost $15,516,515) - 110.82%							17,382,379
Liabilities in Excess of Other Assets - (10.82)%							(1,697,622	)
TOTAL NET ASSETS - 100.00%						$	15,684,757

Asset Type	% of Net Assets
Purchased Options		110.71	%
Short Term Investments		0.11
Total Investments		110.82
Liabilities in Excess of Other Assets		(10.82	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

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

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

164

INNOVATOR GROWTH ACCELERATED ETF – QUARTERLY

Schedule of Options Written ^(a)
October 31, 2021

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
QQQ Invesco QQQ Trust Series 1	12/31/2021	$	373.24		832	$	(32,124,352	)	$	(1,687,382	)
Total Options Written (Premiums Received $632,481)									$	(1,687,382	)

^(a) Exchange-Traded.

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

165

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

October 31, 2021


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

	Liabilities:
	Options written, at value ^(b)
	Payable for fund shares redeemed
	Payable to Adviser
	Payable for investments purchased
	Due to broker for options
	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 (unlimted 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.

166

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

$	59,312,009	$	20,603,681	$	58,229,449	$	9,952,069
	-		-		1		-
	2,076,801		-		-		-
	3,147		9		208		-
	61,391,957		20,603,690		58,229,658		9,952,069


	1,808,244		542,504		2,048,823		422,066
	2,027,633		-		-		-
	43,043		14,383		40,136		4,859
	63,443		-		-		-
	-		-		-		29
	3,942,363		556,887		2,088,959		426,954
$	57,449,594	$	20,046,803	$	56,140,699	$	9,525,115


$	53,977,021	$	19,629,987	$	55,394,975	$	9,360,971
	3,472,573		416,816		745,724		164,144
$	57,449,594	$	20,046,803	$	56,140,699	$	9,525,115


$	57,449,594	$	20,046,803	$	56,140,699	$	9,525,115
	2,125,000		775,000		2,275,000		375,000
$	27.04	$	25.87	$	24.68	$	25.40

$	57,457,441	$	20,428,181	$	58,115,249	$	9,847,327
	3,426,249		1,035,571		2,843,569		486,369

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

167

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

October 31, 2021


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

	Liabilities:
	Options written, at value ^(b)
	Payable to Adviser
	Due to broker for options
	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 (unlimted 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.

168

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

$	107,144,381		$	34,877,719		$	43,514,311		$	5,375,448
	379			312			-			-
	-			13			483			-
	107,144,760			34,878,044			43,514,794			5,375,448


	724,658			821,740			2,246,632			326,125
	80,622			25,312			31,036			2,534
	19,796			-			-			42
	825,076			847,052			2,277,668			328,701
$	106,319,684		$	34,030,992		$	41,237,126		$	5,046,747


$	107,231,700		$	34,752,458		$	44,210,230		$	5,014,302
	(912,016	)		(721,466	)		(2,973,104	)		32,445
$	106,319,684		$	34,030,992		$	41,237,126		$	5,046,747


$	106,319,684		$	34,030,992		$	41,237,126		$	5,046,747
	3,550,000			1,375,000			1,600,000			200,000
$	29.95		$	24.75		$	25.77		$	25.23

$	114,702,368		$	36,298,257		$	45,089,416		$	5,387,312
	8,163,288			1,958,023			2,866,446			373,010

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

169

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

October 31, 2021


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

	Liabilities:
	Options written, at value ^(b)
	Payable to Adviser
	Due to broker for options
	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 (unlimted 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.

170

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

$	96,675,285	$	46,844,759	$	61,194,648	$	86,029,805
	1		1		1		1
	931		86		155		-
	96,676,217		46,844,846		61,194,804		86,029,806


	9,318,075		5,563,251		5,171,040		8,054,158
	60,991		27,914		37,589		47,030
	-		-		-		123
	9,379,066		5,591,165		5,208,629		8,101,311
$	87,297,151	$	41,253,681	$	55,986,175	$	77,928,495


$	77,030,168	$	38,511,565	$	54,154,974	$	75,877,511
	10,266,983		2,742,116		1,831,201		2,050,984
$	87,297,151	$	41,253,681	$	55,986,175	$	77,928,495


$	87,297,151	$	41,253,681	$	55,986,175	$	77,928,495
	2,075,000		1,075,000		1,175,000		1,945,000
$	42.07	$	38.38	$	47.65	$	40.07

$	85,122,717	$	41,857,932	$	58,734,090	$	82,716,213
	8,032,490		3,556,609		4,541,683		6,791,550

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

171

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

October 31, 2021


	Assets:
	Investments, at value ^(a)
	Interest receivable
	ETF variable fee 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 (unlimted 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.

172

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

$	89,834,764	$	87,849,078	$	78,167,828	$	39,466,095
	-		1		1		1
	-		347		666		345
	2,153		71		194		3,638
	89,836,917		87,849,497		78,168,689		39,470,079


	4,817,981		2,918,445		4,037,194		2,815,178
	60,594		55,400		48,051		23,242
	4,878,575		2,973,845		4,085,245		2,838,420
$	84,958,342	$	84,875,652	$	74,083,444	$	36,631,659


$	73,665,004	$	81,836,783	$	73,103,245	$	35,705,701
	11,293,338		3,038,869		980,199		925,958
$	84,958,342	$	84,875,652	$	74,083,444	$	36,631,659


$	84,958,342	$	84,875,652	$	74,083,444	$	36,631,659
	2,675,000		3,050,000		2,775,000		1,325,000
$	31.76	$	27.83	$	26.70	$	27.65

$	82,743,164	$	88,430,320	$	78,499,396	$	38,665,159
	9,019,719		6,673,610		5,348,961		2,940,200

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

173

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

October 31, 2021


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

	Liabilities:
	Options written, at value ^(b)
	Payable to Adviser
	Due to broker for options
	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 (unlimted 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.

174

INNOVATOR ETFs TRUST

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

$	8,300,497	$	10,234,133
	103		-
	8,300,600		10,234,133


	1,599,528		1,250,731
	4,436		6,919
	-		1,766
	1,603,964		1,259,416
$	6,696,636	$	8,974,717


$	5,983,806	$	14,144,656
	712,830		(5,169,939	)
$	6,696,636	$	8,974,717


$	6,696,636	$	8,974,717
	225,000		275,000
$	29.76	$	32.64

$	6,617,368	$	9,241,473
	660,305		683,524

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

175

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

October 31, 2021


	Assets:
	Investments, at value ^(a)
	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 (unlimted 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.

176

INNOVATOR ETFs TRUST

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

$	61,770,676	$	20,958,243
	103		101
	61,770,779		20,958,344


	17,634,797		4,244,914
	29,101		11,322
	17,663,898		4,256,236
$	44,106,881	$	16,702,108


$	40,172,598	$	24,160,425
	3,934,283		(7,458,317	)
$	44,106,881	$	16,702,108


$	44,106,881	$	16,702,108
	1,500,000		525,000
$	29.40	$	31.81

$	50,352,256	$	18,844,556
	10,355,905		2,800,829

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

177

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

October 31, 2021


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

	Liabilities:
	Options written, at value ^(b)
	Payable for fund shares redeemed
	Payable to Adviser
	Payable for investments purchased
	Due to broker for options
	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 (unlimted 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.

178

INNOVATOR ETFs TRUST

Innovator Double Stacker 9 Buffer ETF - January		Innovator Double Stacker 9 Buffer ETF - October

$	17,567,973	$	26,298,039
	922,215		-
	46		-
	18,490,234		26,298,039


	4,216,268		4,721,151
	702,213		-
	9,276		15,260
	220,458		-
	-		14
	5,148,215		4,736,425
$	13,342,019	$	21,561,614


$	12,625,786	$	35,809,138
	716,233		(14,247,524	)
$	13,342,019	$	21,561,614


$	13,342,019	$	21,561,614
	475,000		725,000
$	28.09	$	29.74

$	14,568,404	$	24,503,918
	2,200,639		3,498,572

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

179

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

October 31, 2021


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

	Liabilities:
	Options written, at value ^(b)
	Payable to Adviser
	Due to broker for options
	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 (unlimted 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 U.S. Equity Accelerated ETF - April		Innovator U.S. Equity Accelerated ETF - July		Innovator U.S. Equity Accelerated ETF - October

$	9,220,119	$	3,761,839	$	2,121,292
	101		2		-
	9,220,220		3,761,841		2,121,292


	1,411,170		356,242		224,313
	5,143		2,227		1,018
	-		-		80
	1,416,313		358,469		225,411
$	7,803,907	$	3,403,372	$	1,895,881


$	7,128,884	$	3,218,742	$	1,812,710
	675,023		184,630		83,171
$	7,803,907	$	3,403,372	$	1,895,881


$	7,803,907	$	3,403,372	$	1,895,881
	275,000		125,000		75,000
$	28.38	$	27.23	$	25.28

$	7,638,243	$	3,396,721	$	1,937,637
	536,666		183,899		124,927

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

181

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

October 31, 2021


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

	Liabilities:
	Options written, at value ^(b)
	Payable to Adviser
	Payable for investments purchased
	Due to broker for options
	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 (unlimted 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 U.S. Equity Accelerated Plus ETF - April		Innovator U.S. Equity Accelerated Plus ETF - July		Innovator U.S. Equity Accelerated Plus ETF - October

$	11,381,645	$	11,533,970	$	3,054,163
	-		-		135,259
	-		-		632,513
	102		12		-
	11,381,747		11,533,982		3,821,935


	2,919,481		2,040,308		572,715
	5,322		6,054		752
	-		-		718,593
	-		-		41
	2,924,803		2,046,362		1,292,101
$	8,456,944	$	9,487,620	$	2,529,834


$	7,956,034	$	9,119,443	$	2,473,085
	500,910		368,177		56,749
$	8,456,944	$	9,487,620	$	2,529,834


$	8,456,944	$	9,487,620	$	2,529,834
	300,000		350,000		100,000
$	28.19	$	27.11	$	25.30

$	9,494,074	$	10,395,568	$	2,874,549
	1,558,734		1,288,178		450,643

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

183

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

October 31, 2021


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

	Liabilities:
	Options written, at value ^(b)
	Payable to Adviser
	Due to broker for options
	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 (unlimted 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 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

$	24,639,332	$	12,474,922	$	5,184,204
	100		21		-
	24,639,432		12,474,943		5,184,204


	4,987,459		1,871,178		847,774
	13,056		7,013		1,859
	-		-		80
	5,000,515		1,878,191		849,713
$	19,638,917	$	10,596,752	$	4,334,491


$	19,097,613	$	10,314,709	$	4,248,508
	541,304		282,043		85,983
$	19,638,917	$	10,596,752	$	4,334,491


$	19,638,917	$	10,596,752	$	4,334,491
	725,000		400,000		175,000
$	27.09	$	26.49	$	24.77

$	21,673,604	$	11,716,648	$	4,913,079
	2,652,118		1,420,080		664,571

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

185

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

October 31, 2021


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

	Liabilities:
	Options written, at value ^(b)
	Payable to Adviser
	Due to broker for options
	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 (unlimted 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 Growth Accelerated Plus ETF - April			Innovator Growth Accelerated Plus ETF - July		Innovator Growth Accelerated Plus ETF - October

$	26,368,212		$	10,350,759	$	3,297,451
	102			3		-
	26,368,314			10,350,762		3,297,451


	7,902,783			2,095,975		725,863
	11,161			5,077		1,114
	-			-		41
	7,913,944			2,101,052		727,018
$	18,454,370		$	8,249,710	$	2,570,433


$	19,181,077		$	7,831,830	$	2,452,197
	(726,707	)		417,880		118,236
$	18,454,370		$	8,249,710	$	2,570,433


$	18,454,370		$	8,249,710	$	2,570,433
	625,000			300,000		100,000
$	29.53		$	27.50	$	25.70

$	23,562,352		$	9,278,818	$	2,904,529
	4,454,922			1,457,080		452,332

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

187

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

October 31, 2021


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

	Liabilities:
	Options written, at value ^(b)
	Payable to Adviser
	Due to broker for options
	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 (unlimted 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 20+ Year Treasury Bond 9 Buffer ETF - July			Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly

$	5,090,822		$	9,590,753
	-			2
	100			-
	5,090,922			9,590,755


	195,901			94,513
	3,290			6,281
	-			651
	199,191			101,445
$	4,891,731		$	9,489,310


$	5,175,730		$	10,415,313
	(283,999	)		(926,003	)
$	4,891,731		$	9,489,310


$	4,891,731		$	9,489,310
	200,000			400,000
$	24.46		$	23.72

$	5,144,190		$	9,409,748
	241,837			55,862

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

189

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

October 31, 2021


	Assets:
	Investments, at value ^(a)
	Receivable for investments sold
	Receivable for fund shares sold
	Total Assets

	Liabilities:
	Options written, at value ^(b)
	Payable to Adviser
	Payable for investments purchased
	Broker interest payable
	Due to broker for options
	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 (unlimted 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 Defined Wealth Shield ETF			Innovator U.S. Equity Accelerated ETF - Quarterly			Innovator Growth Accelerated ETF - Quarterly

$	31,102,277		$	14,745,112		$	17,382,379
	178,676			-			-
	2,585,620			-			-
	33,866,573			14,745,112			17,382,379


	2,041,882			1,315,199			1,687,382
	13,377			8,831			10,222
	2,723,652			-			-
	-			15			-
	145			-			18
	4,779,056			1,324,045			1,697,622
$	29,087,517		$	13,421,067		$	15,684,757


$	29,163,009		$	13,477,435		$	15,182,929
	(75,492	)		(56,368	)		501,828
$	29,087,517		$	13,421,067		$	15,684,757


$	29,087,517		$	13,421,067		$	15,684,757
	1,125,000			475,000			525,000
$	25.86		$	28.25		$	29.88

$	30,082,924		$	13,269,404		$	15,516,515
	1,170,125			409,317			632,481

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

191

INNOVATOR ETFs TRUST

Statements of Operations

For the Year or Period Ended October 31, 2021

Investment Income:
Interest
Total Investment Income

Expenses:
Investment advisory fee
Total Expenses
Net Investment Income/(Loss)

Realized & Unrealized Gain/(Loss):
Net realized gain/(loss) on:
Investments
Redemptions sold in-kind on investments
Redemptions sold in-kind on options written
Options written
Net change in unrealized appreciation/(depreciation) on:
Investments
Options written
Net Realized and Unrealized Gain/(Loss) on Investments and Options Written
Net Increase/(Decrease) in Net Assets Resulting From Operations

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

^(b) Since Commencement of Operations on September 30, 2021.

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

192

INNOVATOR ETFs TRUST

Innovator International Developed Power Buffer ETF - January			Innovator International Developed Power Buffer ETF - April ^(a)			Innovator International Developed Power Buffer ETF - July			Innovator International Developed Power Buffer ETF - October ^(b)

$	17		$	11		$	4		$	-
	17			11			4			-


	639,390			107,865			442,849			4,901
	639,390			107,865			442,849			4,901
	(639,373	)		(107,854	)		(442,845	)		(4,901	)



	(2,504,936	)		(147,886	)		15,629,541			-
	1,012,534			44,300			345,536			-
	473,594			16,426			(254,474	)		-
	889,316			3,989			(10,844,445	)		-

	7,307,498			175,500			2,372,454			104,742
	2,115,916			493,067			(1,635,447	)		64,303
	9,293,922			585,396			5,613,165			169,045
$	8,654,549		$	477,542		$	5,170,320		$	164,144

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

193

INNOVATOR ETFs TRUST

Statements of Operations

For the Year or Period Ended October 31, 2021

Investment Income:

Interest

Total Investment Income

Expenses:

Investment advisory fee

Total Expenses

Net Investment Income/(Loss)

Realized & Unrealized Gain/(Loss):

Net realized gain/(loss) on:

Investments

Redemptions sold in-kind on investments

Redemptions sold in-kind on options written

Options written

Net change in unrealized appreciation/(depreciation) on:

Investments

Options written

Net Realized and Unrealized Gain/(Loss) on Investments and Options Written

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

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

^(b) Since Commencement of Operations on September 30, 2021.

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

194

INNOVATOR ETFs TRUST

Innovator Emerging Markets Power Buffer ETF – January			Innovator Emerging Markets Power Buffer ETF – April ^(a)			Innovator Emerging Markets Power Buffer ETF – July			Innovator Emerging Markets Power Buffer ETF – October ^(b)

$	4		$	15		$	3		$	-
	4			15			3			-


	845,510			135,832			246,720			2,576
	845,510			135,832			246,720			2,576
	(845,506	)		(135,817	)		(246,717	)		(2,576	)



	(1,433,474	)		(262,170	)		10,813,924			-
	51,179			19,366			863,059			-
	1,871,221			22,608			(667,415	)		-
	(346,660	)		(39,223	)		(8,949,682	)		-

	(3,896,667	)		(1,420,538	)		(2,764,676	)		(11,864	)
	7,413,734			1,136,283			1,142,661			46,885
	3,659,333			(543,674	)		437,871			35,021
$	2,813,827		$	(679,491	)	$	191,154		$	32,445

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

195

INNOVATOR ETFs TRUST

Statements of Operations

For the Year Ended October 31, 2021

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.

196

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

$	15		$	8		$	-		$	-
	15			8			-			-


	743,808			259,201			353,207			473,273
	743,808			259,201			353,207			473,273
	(743,793	)		(259,193	)		(353,207	)		(473,273	)



	(5,246,492	)		6,659,233			7,393,817			8,779,325
	971,724			482,264			188,426			2,265,555
	249,617			(31,165	)		(456,025	)		(521,432	)
	(21,332,427	)		(12,303,071	)		(16,026,360	)		(2,410,441	)

	29,814,230			4,298,528			13,609,652			4,586,068
	8,172,309			4,593,049			1,715,590			(1,914,891	)
	12,628,961			3,698,838			6,425,100			10,784,184
$	11,885,168		$	3,439,645		$	6,071,893		$	10,310,911

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

197

INNOVATOR ETFs TRUST

Statements of Operations

For the Year Ended October 31, 2021

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.

198

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

$	21		$	14		$	4		$	-
	21			14			4			-


	816,246			420,248			277,530			353,995
	816,246			420,248			277,530			353,995
	(816,225	)		(420,234	)		(277,526	)		(353,995	)



	(12,416,694	)		16,706,563			12,543,458			25,381,953
	447,452			37,325			657,626			4,261,613
	335,105			35,495			(756,966	)		(937,012	)
	(3,542,272	)		(30,256,733	)		(14,922,156	)		(23,001,753	)

	32,204,162			8,000,296			3,868,348			11,078
	5,646,954			9,637,426			2,273,846			997,675
	22,674,707			4,160,372			3,664,156			6,713,554
$	21,858,482		$	3,740,138		$	3,386,630		$	6,359,559

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

199

INNOVATOR ETFs TRUST

Statements of Operations

For the Year or Period Ended October 31, 2021

Investment Income:

Interest

Total Investment Income

Expenses:

Investment advisory fee

Total Expenses

Net Investment Income/(Loss)

Realized & Unrealized Gain/(Loss):

Net realized gain/(loss) on:

Investments

Redemptions sold in-kind on investments

Redemptions sold in-kind on options written

Options written

Net change in unrealized appreciation/(depreciation) on:

Investments

Options written

Net Realized and Unrealized Gain/(Loss) on Investments and Options Written

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

^(a) Since Commencement of Operations on December 31, 2020.

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

200

INNOVATOR ETFs TRUST

Innovator Double Stacker ETF - January ^(a)			Innovator Double Stacker ETF - October

$	1		$	8
	1			8


	31,077			146,737
	31,077			146,737
	(31,076	)		(146,729	)



	-			(749,593	)
	-			9,470,010
	-			(342,558	)
	-			(4,718,958	)

	1,683,129			1,405,158
	(939,223	)		(776,712	)
	743,906			4,287,347
$	712,830		$	4,140,618

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

201

INNOVATOR ETFs TRUST

Statements of Operations

For the Year or Period Ended October 31, 2021

Investment Income:

Interest

Total Investment Income

Expenses:

Investment advisory fee

Total Expenses

Net Investment Income/(Loss)

Realized & Unrealized Gain/(Loss):

Net realized gain/(loss) on:

Investments

Redemptions sold in-kind on investments

Redemptions sold in-kind on options written

Options written

Net change in unrealized appreciation/(depreciation) on:

Investments

Options written

Net Realized and Unrealized Gain/(Loss) on Investments and Options Written

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

^(a) Since Commencement of Operations on December 31, 2020.

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

202

INNOVATOR ETFs TRUST

Innovator Triple Stacker ETF - January ^(a)			Innovator Triple Stacker ETF - October

$	5		$	6
	5			6


	205,250			147,382
	205,250			147,382
	(205,245	)		(147,376	)



	-			798,764
	237,659			10,694,175
	49,188			(42,816	)
	-			(8,791,949	)

	11,418,420			2,685,737
	(7,278,892	)		(1,799,594	)
	4,426,375			3,544,317
$	4,221,130		$	3,396,941

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

203

INNOVATOR ETFs TRUST

Statements of Operations

For the Year or Period Ended October 31, 2021

Investment Income:

Interest

Total Investment Income

Expenses:

Investment advisory fee

Total Expenses

Net Investment Income/(Loss)

Realized & Unrealized Gain/(Loss):

Net realized gain/(loss) on:

Investments

Redemptions sold in-kind on investments

Redemptions sold in-kind on options written

Options written

Net change in unrealized appreciation/(depreciation) on:

Investments

Options written

Net Realized and Unrealized Gain/(Loss) on Investments and Options Written

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

^(a) Since Commencement of Operations on December 31, 2020.

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

204

INNOVATOR ETFs TRUST

Innovator Double Stacker 9 Buffer ETF - January ^(a)			Innovator Double Stacker 9 Buffer ETF - October

$	3		$	11
	3			11


	85,116			296,571
	85,116			296,571
	(85,113	)		(296,560	)



	(63,316	)		(3,505,425	)
	794,928			18,215,528
	(190,965	)		1,403,962
	(119,277	)		(11,067,397	)

	2,999,569			3,130,914
	(2,015,629	)		(1,906,088	)
	1,405,310			6,271,494
$	1,320,197		$	5,974,934

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

205

INNOVATOR ETFs TRUST

Statements of Operations

For the Period Ended October 31, 2021

Investment Income:

Interest

Total Investment Income

Expenses:

Investment advisory fee

Total Expenses

Net Investment Income/(Loss)

Realized & Unrealized Gain/(Loss):

Net change in unrealized appreciation/(depreciation) on:

Investments

Options written

Net Realized and Unrealized Gain/(Loss) on Investments and Options Written

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

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

^(b) Since Commencement of Operations on June 30, 2021.

^(c) Since Commencement of Operations on September 30, 2021.

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

206

INNOVATOR ETFs TRUST

Innovator U.S. Equity Accelerated ETF - April ^(a)			Innovator U.S. Equity Accelerated ETF - July ^(b)			Innovator U.S. Equity Accelerated ETF - October ^(c)

$	1		$	-		$	-
	1			-			-


	32,350			8,145			1,098
	32,350			8,145			1,098
	(32,349	)		(8,145	)		(1,098	)



	1,581,876			365,118			183,655
	(874,504	)		(172,343	)		(99,386	)
	707,372			192,775			84,269
$	675,023		$	184,630		$	83,171

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

207

INNOVATOR ETFs TRUST

Statements of Operations

For the Period Ended October 31, 2021

Investment Income:

Interest

Total Investment Income

Expenses:

Investment advisory fee

Total Expenses

Net Investment Income/(Loss)

Realized & Unrealized Gain/(Loss):

Net change in unrealized appreciation/(depreciation) on:

Investments

Options written

Net Realized and Unrealized Gain/(Loss) on Investments and Options Written

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

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

^(b) Since Commencement of Operations on June 30, 2021.

^(c) Since Commencement of Operations on September 30, 2021.

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

208

INNOVATOR ETFs TRUST

Innovator U.S. Equity Accelerated Plus ETF - April ^(a)			Innovator U.S. Equity Accelerated Plus ETF - July ^(b)			Innovator U.S. Equity Accelerated Plus ETF - October ^(c)

$	1		$	-		$	-
	1			-			-


	25,915			18,095			793
	25,915			18,095			793
	(25,914	)		(18,095	)		(793	)



	1,887,571			1,138,402			179,614
	(1,360,747	)		(752,130	)		(122,072	)
	526,824			386,272			57,542
$	500,910		$	368,177		$	56,749

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

209

INNOVATOR ETFs TRUST

Statements of Operations

For the Period Ended October 31, 2021

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:

Redemptions sold in-kind on investments

Redemptions sold in-kind on options written

Options written

Net change in unrealized appreciation/(depreciation) on:

Investments

Options written

Net Realized and Unrealized Gain/(Loss) on Investments and Options Written

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

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

^(b) Since Commencement of Operations on June 30, 2021.

^(c) Since Commencement of Operations on September 30, 2021.

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

210

INNOVATOR ETFs TRUST

Innovator U.S. Equity Accelerated 9 Buffer ETF - April ^(a)			Innovator U.S. Equity Accelerated 9 Buffer ETF - July ^(b)			Innovator U.S. Equity Accelerated 9 Buffer ETF - October ^(c)

$	6		$	-		$	-
	6			-			-


	109,223			25,133			1,939
	109,223			25,133			1,939
	(109,217	)		(25,133	)		(1,939	)



	1,251,424			-			-
	(493,420	)		-			-
	20,134			-			-

	2,965,728			758,274			271,125
	(2,335,341	)		(451,098	)		(183,203	)
	1,408,525			307,176			87,922
$	1,299,308		$	282,043		$	85,983

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

211

INNOVATOR ETFs TRUST

Statements of Operations

For the Period Ended October 31, 2021

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:

Redemptions sold in-kind on investments

Redemptions sold in-kind on options written

Net change in unrealized appreciation/(depreciation) on:

Investments

Options written

Net Realized and Unrealized Gain/(Loss) on Investments and Options Written

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

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

^(b) Since Commencement of Operations on June 30, 2021.

^(c) Since Commencement of Operations on September 30, 2021.

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

212

INNOVATOR ETFs TRUST

Innovator Growth Accelerated Plus ETF - April ^(a)			Innovator Growth Accelerated Plus ETF - July ^(b)			Innovator Growth Accelerated Plus ETF - October ^(c)

$	2		$	-		$	-
	2			-			-


	84,708			15,166			1,155
	84,708			15,166			1,155
	(84,706	)		(15,166	)		(1,155	)



	1,637,131			-			-
	447,197			-			-

	2,805,860			1,071,941			392,922
	(3,447,861	)		(638,895	)		(273,531	)
	1,442,327			433,046			119,391
$	1,357,621		$	417,880		$	118,236

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

213

INNOVATOR ETFs TRUST

Statements of Operations

For the Year Ended October 31, 2021

Investment Income:

Interest

Dividend

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 20+ Year Treasury Bond 9 Buffer ETF - July			Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly

$	2		$	5
	3,563			-
	3,565			5


	34,699			97,065
	34,699			97,065
	(31,134	)		(97,060	)



	(320,297	)		(1,309,723	)
	42,493			13,442
	6,314			(10,163	)
	95,917			348,338

	66,800			265,946
	35,636			(61,563	)
	(73,137	)		(753,723	)
$	(104,271	)	$	(850,783	)

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

215

INNOVATOR ETFs TRUST

Statements of Operations

For the Period Ended October 31, 2021

Expenses:

Investment advisory fee

Total Expenses

Net Investment Income/(Loss)

Realized & Unrealized Gain/(Loss):

Net realized gain/(loss) on:

Investments

Redemptions sold in-kind on investments

Redemptions sold in-kind on options written

Options written

Net change in unrealized appreciation/(depreciation) on:

Investments

Options written

Net Realized and Unrealized Gain/(Loss) on Investments and Options Written

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

^(a) Since Commencement of Operations on June 30, 2021.

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

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

216

INNOVATOR ETFs TRUST

Innovator Defined Wealth Shield ETF ^(a)			Innovator U.S. Equity Accelerated ETF - Quarterly ^(b)			Innovator Growth Accelerated ETF - Quarterly ^(b)

$	24,714		$	49,539		$	57,511
	24,714			49,539			57,511
	(24,714	)		(49,539	)		(57,511	)



	(400,969	)		(736,054	)		(835,683	)
	162,026			1,093,891			1,614,319
	33,289			26,797			(197,657	)
	202,595			159,399			584,059

	1,019,353			1,475,708			1,865,864
	(871,757	)		(905,882	)		(1,054,901	)
	144,537			1,113,859			1,976,001
$	119,823		$	1,064,320		$	1,918,490

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

217

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets





Operations:
Net investment income/(loss)
Net realized gain/(loss)
Net change in unrealized appreciation/(depreciation)
Net Increase/(Decrease) in Net Assets Resulting from Operations

Distributions to Shareholders:
Net distributions to shareholders

Capital Share Transactions:
Proceeds from shares sold
Cost of shares redeemed
Transaction fees (see Note 5)
Net Increase/(Decrease) in Net Assets from Capital Share Transactions
Total Increase/(Decrease) in Net Assets

Net Assets:
Beginning of period
End of period

Change in Shares Outstanding:
Shares sold
Shares redeemed
Net Increase/(Decrease)

^(a) Since Commencement of Operations on December 31, 2019.

^(b) Since Commencement of Operations on March 31, 2021.

^(c) Since Commencement of Operations on Spetember 30, 2021.

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

218

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
Year Ended			Period Ended			Period Ended			Year Ended			Year Ended			Period Ended
October 31, 2021			October 31, 2020		^(a)	October 31, 2021		^(b)	October 31, 2021			October 31, 2020			October 31, 2021		^(c)


$	(639,373	)	$	(219,055	)	$	(107,854	)	$	(442,845	)	$	(582,467	)	$	(4,901	)
	(129,492	)		5,404,729			(83,171	)		4,876,158			(7,398,328	)		-
	9,423,414			(5,950,841	)		668,567			737,007			4,443,346			169,045
	8,654,549			(765,167	)		477,542			5,170,320			(3,537,449	)		164,144


	-			-			-			-			(657,216	)		-


	117,183,723			109,498,545			27,887,895			55,548,080			51,153,450			9,359,728
	(120,840,580	)		(56,347,723	)		(8,335,145	)		(74,492,673	)		(40,972,137	)		-
	37,205			29,042			16,511			31,757			46,063			1,243
	(3,619,652	)		53,179,864			19,569,261			(18,912,836	)		10,227,376			9,360,971
$	5,034,897		$	52,414,697		$	20,046,803		$	(13,742,516	)	$	6,032,711		$	9,525,115


$	52,414,697		$	-		$	-		$	69,883,215		$	63,850,504		$	-
$	57,449,594		$	52,414,697		$	20,046,803		$	56,140,699		$	69,883,215		$	9,525,115


	4,650,000			4,575,000			1,100,000			2,275,000			2,250,000			375,000
	(4,725,000	)		(2,375,000	)		(325,000	)		(3,075,000	)		(1,900,000	)		-
	(75,000	)		2,200,000			775,000			(800,000	)		350,000			375,000

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

219

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets





Operations:
Net investment income/(loss)
Net realized gain/(loss)
Net change in unrealized appreciation/(depreciation)
Net Increase/(Decrease) in Net Assets Resulting from Operations

Distributions to Shareholders:
Net distributions to shareholders

Capital Share Transactions:
Proceeds from shares sold
Cost of shares redeemed
Transaction fees (see Note 5)
Net Increase/(Decrease) in Net Assets from Capital Share Transactions
Total Increase/(Decrease) in Net Assets

Net Assets:
Beginning of period
End of period

Change in Shares Outstanding:
Shares sold
Shares redeemed
Net Increase/(Decrease)

^(a) Since Commencement of Operations on December 31, 2019.

^(b) Since Commencement of Operations on March 31, 2021.

^(c) Since Commencement of Operations on September 30, 2021.

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

220

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
Year Ended			Period Ended			Period Ended			Year Ended			Year Ended			Period Ended
October 31, 2021			October 31, 2020		^(a)	October 31, 2021		^(b)	October 31, 2021			October 31, 2020			October 31, 2021		^(c)


$	(845,506	)	$	(158,719	)	$	(135,817	)	$	(246,717	)	$	(369,168	)	$	(2,576	)
	142,266			3,228,541			(259,419	)		2,059,886			(6,997,006	)		-
	3,517,067			(3,636,424	)		(284,255	)		(1,622,015	)		3,783,479			35,021
	2,813,827			(566,602	)		(679,491	)		191,154			(3,582,695	)		32,445


	-			-			-			-			(302,202	)		-


	153,950,840			71,613,185			39,049,253			28,219,658			46,070,645			5,013,670
	(78,448,160	)		(43,134,695	)		(4,355,405	)		(22,384,255	)		(50,595,670	)		-
	63,524			27,765			16,635			13,475			48,333			632
	75,566,204			28,506,255			34,710,483			5,848,878			(4,476,692	)		5,014,302
$	78,380,031		$	27,939,653		$	34,030,992		$	6,040,032		$	(8,361,589	)	$	5,046,747


$	27,939,653		$	-		$	-		$	35,197,094		$	43,558,683		$	-
$	106,319,684		$	27,939,653		$	34,030,992		$	41,237,126		$	35,197,094		$	5,046,747


	5,150,000			2,650,000			1,550,000			1,075,000			1,850,000			200,000
	(2,625,000	)		(1,625,000	)		(175,000	)		(850,000	)		(2,200,000	)		-
	2,525,000			1,025,000			1,375,000			225,000			(350,000	)		200,000

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

221

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets

	Innovator Growth-100 Power Buffer ETF - January
	Year Ended			Period Ended
	October 31, 2021			October 31, 2020		^(a)

Operations:
Net investment income/(loss)	$	(743,793	)	$	(224,612	)
Net realized gain/(loss)		(25,357,578	)		30,216,764
Net change in unrealized appreciation/(depreciation)		37,986,539			(27,719,556	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		11,885,168			2,272,596

Distributions to Shareholders:
Net distributions to shareholders		-			-

Capital Share Transactions:
Proceeds from shares sold		93,359,980			107,051,378
Cost of shares redeemed		(57,334,337	)		(70,054,208	)
Transaction fees (see Note 5)		71,233			45,341
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		36,096,876			37,042,511
Total Increase/(Decrease) in Net Assets	$	47,982,044		$	39,315,107

Net Assets:
Beginning of period	$	39,315,107		$	-
End of period	$	87,297,151		$	39,315,107

Change in Shares Outstanding:
Shares sold		2,450,000			2,975,000
Shares redeemed		(1,425,000	)		(1,925,000	)
Net Increase/(Decrease)		1,025,000			1,050,000

^(a) Since Commencement of Operations on December 31, 2019.

^(b) Since Commencement of Operations on March 31, 2020.

^(c) Since Commencement of Operations on June 30, 2020.

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

222

INNOVATOR ETFs TRUST

Innovator Growth-100 Power Buffer ETF - April						Innovator Growth-100 Power Buffer ETF - July						Innovator Growth-100 Power Buffer ETF - October
Year Ended			Period Ended			Year Ended			Period Ended			Year Ended			Year Ended
October 31, 2021			October 31, 2020		^(b)	October 31, 2021			October 31, 2020		^(c)	October 31, 2021			October 31, 2020


$	(259,193	)	$	(101,602	)	$	(353,207	)	$	(114,835	)	$	(473,273	)	$	(283,799	)
	(5,192,739	)		8,151,401			(8,900,142	)		14,223,459			8,113,007			3,332,388
	8,891,577			(5,911,392	)		15,325,242			(13,494,041	)		2,671,177			1,433,718
	3,439,645			2,138,407			6,071,893			614,583			10,310,911			4,482,307


	-			-			-			-			-			(311,517	)


	45,954,157			38,555,993			43,936,683			121,986,685			105,332,633			86,024,859
	(23,886,215	)		(25,007,460	)		(51,069,408	)		(65,624,705	)		(78,309,172	)		(75,832,672	)
	28,936			30,218			35,903			34,541			28,393			53,850
	22,096,878			13,578,751			(7,096,822	)		56,396,521			27,051,854			10,246,037
$	25,536,523		$	15,717,158		$	(1,024,929	)	$	57,011,104		$	37,362,765		$	14,416,827


$	15,717,158		$	-		$	57,011,104		$	-		$	40,565,730		$	26,148,903
$	41,253,681		$	15,717,158		$	55,986,175		$	57,011,104		$	77,928,495		$	40,565,730


	1,275,000			1,175,000			950,000			2,875,000			2,765,000			2,660,000
	(650,000	)		(725,000	)		(1,125,000	)		(1,525,000	)		(2,030,000	)		(2,275,000	)
	625,000			450,000			(175,000	)		1,350,000			735,000			385,000

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

223

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets

	Innovator U.S. Small Cap Power Buffer ETF - January
	Year Ended			Period Ended
	October 31, 2021			October 31, 2020		^(a)

Operations:
Net investment income/(loss)	$	(816,225	)	$	(374,961	)
Net realized gain/(loss)		(15,176,409	)		25,683,614
Net change in unrealized appreciation/(depreciation)		37,851,116			(26,557,778	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		21,858,482			(1,249,125	)

Distributions to Shareholders:
Net distributions to shareholders		-			-

Capital Share Transactions:
Proceeds from shares sold		76,744,195			357,573,883
Cost of shares redeemed		(179,357,805	)		(190,841,618	)
Transaction fees (see Note 5)		125,315			105,015
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		(102,488,295	)		166,837,280
Total Increase/(Decrease) in Net Assets	$	(80,629,813	)	$	165,588,155

Net Assets:
Beginning of period	$	165,588,155		$	-
End of period	$	84,958,342		$	165,588,155

Change in Shares Outstanding:
Shares sold		2,625,000			13,625,000
Shares redeemed		(6,275,000	)		(7,300,000	)
Net Increase/(Decrease)		(3,650,000	)		6,325,000

^(a) Since Commencement of Operations on December 31, 2019.

^(b) Since Commencement of Operations on March 31, 2020.

^(c) Since Commencement of Operations on June 30, 2020.

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

224

INNOVATOR ETFs TRUST

Innovator U.S. Small Cap Power Buffer ETF - April						Innovator U.S. Small Cap Power Buffer ETF - July						Innovator U.S. Small Cap Power Buffer ETF - October
Year Ended			Period Ended			Year Ended			Period Ended			Year Ended			Year Ended
October 31, 2021			October 31, 2020		^(b)	October 31, 2021			October 31, 2020		^(c)	October 31, 2021			October 31, 2020


$	(420,234	)	$	(124,699	)	$	(277,526	)	$	(50,922	)	$	(353,995	)	$	(290,188	)
	(13,477,350	)		17,068,991			(2,478,038	)		5,860,439			5,704,801			(2,502,486	)
	17,637,722			(14,463,799	)		6,142,194			(5,161,995	)		1,008,753			2,246,501
	3,740,138			2,480,493			3,386,630			647,522			6,359,559			(546,173	)


	-			-			-			-			-			(240,888	)


	78,380,790			75,646,125			74,488,070			46,775,700			52,802,615			87,022,548
	(30,438,550	)		(45,004,065	)		(27,119,307	)		(24,117,892	)		(70,724,897	)		(65,270,113	)
	46,320			24,401			12,499			10,222			24,735			25,054
	47,988,560			30,666,461			47,381,262			22,668,030			(17,897,547	)		21,777,489
$	51,728,698		$	33,146,954		$	50,767,892		$	23,315,552		$	(11,537,988	)	$	20,990,428


$	33,146,954		$	-		$	23,315,552		$	-		$	48,169,647		$	27,179,219
$	84,875,652		$	33,146,954		$	74,083,444		$	23,315,552		$	36,631,659		$	48,169,647


	2,900,000			3,000,000			2,825,000			1,950,000			1,975,000			3,625,000
	(1,125,000	)		(1,725,000	)		(1,025,000	)		(975,000	)		(2,650,000	)		(2,725,000	)
	1,775,000			1,275,000			1,800,000			975,000			(675,000	)		900,000

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

225

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets





Operations:
Net investment income/(loss)
Net realized gain/(loss)
Net change in unrealized appreciation/(depreciation)
Net Increase/(Decrease) in Net Assets Resulting from Operations

Capital Share Transactions:
Proceeds from shares sold
Cost of shares redeemed
Transaction fees (see Note 5)
Net Increase/(Decrease) in Net Assets from Capital Share Transactions
Total Increase/(Decrease) in Net Assets

Net Assets:
Beginning of period
End of period

Change in Shares Outstanding:
Shares sold
Shares redeemed
Net Increase/(Decrease)

^(a) Since Commencement of Operations on December 31, 2020.

^(b) Since Commencement of Operations on September 30, 2020.

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

226

INNOVATOR ETFs TRUST

Innovator Double Stacker ETF - January			Innovator Double Stacker ETF - October
Period Ended			Year Ended			Period Ended
October 31, 2021		^(a)	October 31, 2021			October 31, 2020		^(b)


$	(31,076	)	$	(146,729	)	$	(3,179	)
	-			3,658,901			-
	743,906			628,446			(202,993	)
	712,830			4,140,618			(206,172	)


	5,982,432			27,220,648			12,002,515
	-			(34,197,275	)		-
	1,374			9,655			4,728
	5,983,806			(6,966,972	)		12,007,243
$	6,696,636		$	(2,826,354	)	$	11,801,071


$	-		$	11,801,071		$	-
$	6,696,636		$	8,974,717		$	11,801,071


	225,000			900,000			475,000
	-			(1,100,000	)		-
	225,000			(200,000	)		475,000

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

227

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets





Operations:
Net investment income/(loss)
Net realized gain/(loss)
Net change in unrealized appreciation/(depreciation)
Net Increase/(Decrease) in Net Assets Resulting from Operations

Capital Share Transactions:
Proceeds from shares sold
Cost of shares redeemed
Transaction fees (see Note 5)
Net Increase/(Decrease) in Net Assets from Capital Share Transactions
Total Increase/(Decrease) in Net Assets

Net Assets:
Beginning of period
End of period

Change in Shares Outstanding:
Shares sold
Shares redeemed
Net Increase/(Decrease)

^(a) Since Commencement of Operations on December 31, 2020.

^(b) Since Commencement of Operations on September 30, 2020.

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

228

INNOVATOR ETFs TRUST

Innovator Triple Stacker ETF - January			Innovator Triple Stacker ETF - October
Period Ended			Year Ended			Period Ended
October 31, 2021		^(a)	October 31, 2021			October 31, 2020		^(b)


$	(205,245	)	$	(147,376	)	$	(3,741	)
	286,847			2,658,174			-
	4,139,528			886,143			(216,541	)
	4,221,130			3,396,941			(220,282	)


	40,589,770			33,894,632			7,093,395
	(722,005	)		(27,477,210	)		-
	17,986			12,359			2,273
	39,885,751			6,429,781			7,095,668
$	44,106,881		$	9,826,722		$	6,875,386


$	-		$	6,875,386		$	-
$	44,106,881		$	16,702,108		$	6,875,386


	1,525,000			1,150,000			275,000
	(25,000	)		(900,000	)		-
	1,500,000			250,000			275,000

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

229

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets





Operations:
Net investment income/(loss)
Net realized gain/(loss)
Net change in unrealized appreciation/(depreciation)
Net Increase/(Decrease) in Net Assets Resulting from Operations

Capital Share Transactions:
Proceeds from shares sold
Cost of shares redeemed
Transaction fees (see Note 5)
Net Increase/(Decrease) in Net Assets from Capital Share Transactions
Total Increase/(Decrease) in Net Assets

Net Assets:
Beginning of period
End of period

Change in Shares Outstanding:
Shares sold
Shares redeemed
Net Increase/(Decrease)

^(a) Since Commencement of Operations on December 31, 2020.

^(b) Since Commencement of Operations on September 30, 2020.

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

230

INNOVATOR ETFs TRUST

Innovator Double Stacker 9 Buffer ETF - January			Innovator Double Stacker 9 Buffer ETF - October
Period Ended			Year Ended			Period Ended
October 31, 2021		^(a)	October 31, 2021			October 31, 2020		^(b)


$	(85,113	)	$	(296,560	)	$	(8,708	)
	421,370			5,046,668			-
	983,940			1,224,826			(653,284	)
	1,320,197			5,974,934			(661,992	)


	16,804,323			42,706,835			31,851,588
	(4,790,635	)		(58,341,173	)		-
	8,134			16,769			14,653
	12,021,822			(15,617,569	)		31,866,241
$	13,342,019		$	(9,642,635	)	$	31,204,249


$	-		$	31,204,249		$	-
$	13,342,019		$	21,561,614		$	31,204,249


	650,000			1,500,000			1,250,000
	(175,000	)		(2,025,000	)		-
	475,000			(525,000	)		1,250,000

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

231

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets





Operations:
Net investment income/(loss)
Net realized gain/(loss)
Net change in unrealized appreciation/(depreciation)
Net Increase/(Decrease) in Net Assets Resulting from Operations

Capital Share Transactions:
Proceeds from shares sold
Cost of shares redeemed
Transaction fees (see Note 5)
Net Increase/(Decrease) in Net Assets from Capital Share Transactions
Total Increase/(Decrease) in Net Assets

Net Assets:
Beginning of period
End of period

Change in Shares Outstanding:
Shares sold
Shares redeemed
Net Increase/(Decrease)

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

^(b) Since Commencement of Operations on June 30, 2021.

^(c) Since Commencement of Operations on September 30, 2021.

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

232

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			Period Ended			Period Ended
October 31, 2021		^(a)	October 31, 2021		^(b)	October 31, 2021		^(c)


$	(32,349	)	$	(8,145	)	$	(1,098	)
	-			-			-
	707,372			192,775			84,269
	675,023			184,630			83,171


	7,125,955			3,218,420			1,812,710
	-			-			-
	2,929			322			-
	7,128,884			3,218,742			1,812,710
$	7,803,907		$	3,403,372		$	1,895,881


$	-		$	-		$	-
$	7,803,907		$	3,403,372		$	1,895,881


	275,000			125,000			75,000
	-			-			-
	275,000			125,000			75,000

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

233

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets





Operations:
Net investment income/(loss)
Net realized gain/(loss)
Net change in unrealized appreciation/(depreciation)
Net Increase/(Decrease) in Net Assets Resulting from Operations

Capital Share Transactions:
Proceeds from shares sold
Cost of shares redeemed
Transaction fees (see Note 5)
Net Increase/(Decrease) in Net Assets from Capital Share Transactions
Total Increase/(Decrease) in Net Assets

Net Assets:
Beginning of period
End of period

Change in Shares Outstanding:
Shares sold
Shares redeemed
Net Increase/(Decrease)

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

^(b) Since Commencement of Operations on June 30, 2021.

^(c) Since Commencement of Operations on September 30, 2021.

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

234

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			Period Ended			Period Ended
October 31, 2021		^(a)	October 31, 2021		^(b)	October 31, 2021		^(c)


$	(25,914	)	$	(18,095	)	$	(793	)
	-			-			-
	526,824			386,272			57,542
	500,910			368,177			56,749


	7,953,698			9,116,830			2,473,085
	-			-			-
	2,336			2,613			-
	7,956,034			9,119,443			2,473,085
$	8,456,944		$	9,487,620		$	2,529,834


$	-		$	-		$	-
$	8,456,944		$	9,487,620		$	2,529,834


	300,000			350,000			100,000
	-			-			-
	300,000			350,000			100,000

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

235

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets





Operations:
Net investment income/(loss)
Net realized gain/(loss)
Net change in unrealized appreciation/(depreciation)
Net Increase/(Decrease) in Net Assets Resulting from Operations

Capital Share Transactions:
Proceeds from shares sold
Cost of shares redeemed
Transaction fees (see Note 5)
Net Increase/(Decrease) in Net Assets from Capital Share Transactions
Total Increase/(Decrease) in Net Assets

Net Assets:
Beginning of period
End of period

Change in Shares Outstanding:
Shares sold
Shares redeemed
Net Increase/(Decrease)

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

(b) Since Commencement of Operations on June 30, 2021.

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

236

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			Period Ended			Period Ended
October 31, 2021		^(a)	October 31, 2021		^(b)	October 31, 2021		^(c)


$	(109,217	)	$	(25,133	)	$	(1,939	)
	778,138			-			-
	630,387			307,176			87,922
	1,299,308			282,043			85,983


	28,287,998			10,311,808			4,247,592
	(9,961,575	)		-			-
	13,186			2,901			916
	18,339,609			10,314,709			4,248,508
$	19,638,917		$	10,596,752		$	4,334,491


$	-		$	-		$	-
$	19,638,917		$	10,596,752		$	4,334,491


	1,100,000			400,000			175,000
	(375,000	)		-			-
	725,000			400,000			175,000

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

237

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets





Operations:
Net investment income/(loss)
Net realized gain/(loss)
Net change in unrealized appreciation/(depreciation)
Net Increase/(Decrease) in Net Assets Resulting from Operations

Capital Share Transactions:
Proceeds from shares sold
Cost of shares redeemed
Transaction fees (see Note 5)
Net Increase/(Decrease) in Net Assets from Capital Share Transactions
Total Increase/(Decrease) in Net Assets

Net Assets:
Beginning of period
End of period

Change in Shares Outstanding:
Shares sold
Shares redeemed
Net Increase/(Decrease)

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

(b) Since Commencement of Operations on June 30, 2021.

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

238

INNOVATOR ETFs TRUST

Innovator Growth Accelerated Plus ETF - April			Innovator Growth Accelerated Plus ETF - July			Innovator Growth Accelerated Plus ETF - October
Period Ended			Period Ended			Period Ended
October 31, 2021		^(a)	October 31, 2021		^(b)	October 31, 2021		^(c)


$	(84,706	)	$	(15,166	)	$	(1,155	)
	2,084,328			-			-
	(642,001	)		433,046			119,391
	1,357,621			417,880			118,236


	36,990,110			7,831,830			2,451,895
	(19,903,855	)		-			-
	10,494			-			302
	17,096,749			7,831,830			2,452,197
$	18,454,370		$	8,249,710		$	2,570,433


$	-		$	-		$	-
$	18,454,370		$	8,249,710		$	2,570,433


	1,325,000			300,000			100,000
	(700,000	)		-			-
	625,000			300,000			100,000

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

239

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets





Operations:
Net investment income/(loss)
Net realized gain/(loss)
Net change in unrealized appreciation/(depreciation)
Net Increase/(Decrease) in Net Assets Resulting from Operations

Capital Share Transactions:
Proceeds from shares sold
Cost of shares redeemed
Transaction fees (see Note 5)
Net Increase/(Decrease) in Net Assets from Capital Share Transactions
Total Increase/(Decrease) in Net Assets

Net Assets:
Beginning of period
End of period

Change in Shares Outstanding:
Shares sold
Shares redeemed
Net Increase/(Decrease)

^(a) Since Commencement of Operations on August 17, 2020.

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

240

INNOVATOR ETFs TRUST

Innovator 20+ Year Treasury Bond 9 Buffer ETF - July						Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly
Year Ended			Period Ended			Year Ended			Period Ended
October 31, 2021			October 31, 2020		^(a)	October 31, 2021			October 31, 2020		^(a)


$	(31,134	)	$	(9,150	)	$	(97,060	)	$	(4,721	)
	(175,573	)		(28,580	)		(958,106	)		(6,705	)
	102,436			(109,868	)		204,383			(62,029	)
	(104,271	)		(147,598	)		(850,783	)		(73,455	)


	4,293,060			6,853,705			24,917,011			5,592,057
	(4,772,485	)		(1,235,890	)		(17,650,788	)		(2,467,600	)
	2,409			2,801			20,696			2,172
	(477,016	)		5,620,616			7,286,919			3,126,629
$	(581,287	)	$	5,473,018		$	6,436,136		$	3,053,174


$	5,473,018		$	-		$	3,053,174		$	-
$	4,891,731		$	5,473,018		$	9,489,310		$	3,053,174


	175,000			275,000			1,025,000			225,000
	(200,000	)		(50,000	)		(750,000	)		(100,000	)
	(25,000	)		225,000			275,000			125,000

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

241

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets





Operations:
Net investment income/(loss)
Net realized gain/(loss)
Net change in unrealized appreciation/(depreciation)
Net Increase/(Decrease) in Net Assets Resulting from Operations

Capital Share Transactions:
Proceeds from shares sold
Cost of shares redeemed
Transaction fees (see Note 5)
Net Increase/(Decrease) in Net Assets from Capital Share Transactions
Total Increase/(Decrease) in Net Assets

Net Assets:
Beginning of period
End of period

Change in Shares Outstanding:
Shares sold
Shares redeemed
Net Increase/(Decrease)

^(a) Since Commencement of Operations on June 30, 2021.

^(b) Since Commencement of Operations on March 31, 2021.

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

242

INNOVATOR ETFs TRUST

Innovator Defined Wealth Shield ETF			Innovator U.S. Equity Accelerated ETF - Quarterly			Innovator Growth Accelerated ETF - Quarterly
Period Ended			Period Ended			Period Ended
October 31, 2021		^(a)	October 31, 2021		^(b)	October 31, 2021		^(c)


$	(24,714	)	$	(49,539	)	$	(57,511	)
	(3,059	)		544,033			1,165,038
	147,596			569,826			810,963
	119,823			1,064,320			1,918,490


	36,050,398			36,522,835			42,864,637
	(7,095,248	)		(24,171,698	)		(29,104,648	)
	12,544			5,610			6,278
	28,967,694			12,356,747			13,766,267
$	29,087,517		$	13,421,067		$	15,684,757


$	-		$	-		$	-
$	29,087,517		$	13,421,067		$	15,684,757


	1,400,000			1,350,000			1,550,000
	(275,000	)		(875,000	)		(1,025,000	)
	1,125,000			475,000			525,000

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

243

INNOVATOR ETFs TRUST

Financial Highlights

	Per Share Operating Performance (For a share outstanding throughout each period)
			Investment Operations:									Capital Share Transactions:			Less Distributions:
	Net Asset Value, Beginning of Period		Net investment income/(loss)^(c)			Net realized and unrealized gain/(loss)			Total From Investment Operations			Transaction fees (see Note 5)			Distributions from realized gains
Innovator International Developed Power Buffer ETF - January
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 3/31/2021^(d) - 10/31/2021	$	24.90		(0.13	)		1.08			0.95			0.02			-

Innovator International Developed Power Buffer ETF - July
For the year ended 10/31/2021	$	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 9/30/2021^(d) - 10/31/2021	$	24.97		(0.02	)		0.45			0.43			-	^(f)		-

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

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

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

^(d) Commencement of operations.

^(e) Includes broker interest expense of 0.01%.

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

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

244

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 ^(b)			Net assets, end of period (000)		Expenses			Net investment income/(loss)			Portfolio turnover rate ^(b)

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	%


0.97		$	25.87		3.88	%	$	20,047		0.85	%		(0.85	)%		0	%


1.95		$	24.68		8.58	%	$	56,141		0.85	%		(0.85	)%		0	%
(0.70	)	$	22.73		(2.04	)%	$	69,883		0.86	%^(e)		(0.86	)%		0	%
0.39		$	23.43		1.70	%	$	63,851		0.85	%		(0.85	)%		99	%


0.43		$	25.40		1.72	%	$	9,525		0.85	%		(0.85	)%		0	%

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:			Less Distributions:
	Net Asset Value, Beginning of Period		Net investment income/(loss)^(c)			Net realized and unrealized gain/(loss)			Total From Investment Operations			Transaction fees (see Note 5)			Distributions from realized gains
Innovator Emerging Markets Power Buffer ETF - January
For the year ended 10/31/2021	$	27.26		(0.27	)		2.94	^(h)		2.67			0.02			-
For the period 12/31/2019^(d) - 10/31/2020	$	26.80		(0.19	)		0.62	^(e)		0.43			0.03			-

Innovator Emerging Markets Power Buffer ETF - April
For the period 3/31/2021^(d) - 10/31/2021	$	24.96		(0.13	)		(0.10	)^(h)		(0.23	)		0.02			-

Innovator Emerging Markets Power Buffer ETF - July
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	^(e)		0.49			0.03			(0.17	)
For the period 6/28/2019^(d) - 10/31/2019	$	25.28		(0.07	)		0.02	^(e)		(0.05	)		0.02			-

Innovator Emerging Markets Power Buffer ETF - October
For the period 9/30/2021^(d) - 10/31/2021	$	24.99		(0.02	)		0.26			0.24			-	^(g)		-

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

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

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

^(d) Commencement of operations.

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

^(f) Includes broker interest expense of 0.01%.

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

^(h) 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 ^(b)			Net assets, end of period (000)		Expenses			Net investment income/(loss)			Portfolio turnover rate ^(b)

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	%


(0.21	)	$	24.75		(0.84	)%	$	34,031		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	%^(f)		(0.90	)%		0	%
(0.03	)	$	25.25		(0.11	)%	$	43,559		0.89	%		(0.89	)%		31	%


0.24		$	25.23		0.98	%	$	5,047		0.89	%		(0.89	)%		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:		Less Distributions:
	Net Asset Value, Beginning of Period		Net investment income/(loss)^(c)			Net realized and unrealized gain/(loss)		Total From Investment Operations		Transaction fees (see Note 5)		Distributions from net realized gains
Innovator Growth-100 Power Buffer ETF - January
For the year ended 10/31/2021	$	37.44		(0.31	)		4.91		4.60		0.03		-
For the period 12/31/2019^(d) - 10/31/2020	$	34.94		(0.24	)		2.69		2.45		0.05		-

Innovator Growth-100 Power Buffer ETF - April
For the year ended 10/31/2021	$	34.93		(0.29	)		3.71		3.42		0.03		-
For the period 3/31/2020^(d) - 10/31/2020	$	31.27		(0.16	)		3.77		3.61		0.05		-

Innovator Growth-100 Power Buffer ETF - July
For the year ended 10/31/2021	$	42.23		(0.36	)		5.74		5.38		0.04		-
For the period 6/30/2020^(d) - 10/31/2020	$	40.64		(0.11	)		1.67		1.56		0.03		-

Innovator Growth-100 Power Buffer ETF - October
For the year ended 10/31/2021	$	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) Not annualized for periods less than one year.

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

^(d) Commencement of operations.

^(e) Includes broker interest expense of 0.02%.

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 ^(b)			Net assets, end of period (000)		Expenses			Net investment income/(loss)			Portfolio turnover rate ^(b)

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	%


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	%


5.42	$	47.65		12.83	%	$	55,986		0.79	%		(0.79	)%		0	%
1.59	$	42.23		3.91	%	$	57,011		0.79	%		(0.79	)%		0	%


6.54	$	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.

249

INNOVATOR ETFs TRUST

Financial Highlights

	Per Share Operating Performance (For a share outstanding throughout each period)
			Investment Operations:									Capital Share Transactions:		Less Distributions:
	Net Asset Value, Beginning of Period		Net investment income/(loss)^(c)			Net realized and unrealized gain/(loss)			Total From Investment Operations			Transaction fees (see Note 5)		Distributions from realized gains
Innovator U.S. Small Cap Power Buffer ETF - January
For the year ended 10/31/2021	$	26.18		(0.24	)		5.78			5.54			0.04		-
For the period 12/31/2019^(d) - 10/31/2020	$	26.70		(0.17	)		(0.40	)		(0.57	)		0.05		-

Innovator U.S. Small Cap Power Buffer ETF - April
For the year ended 10/31/2021	$	26.00		(0.22	)		2.03			1.81			0.02		-
For the period 3/31/2020^(d) - 10/31/2020	$	23.05		(0.12	)		3.05			2.93			0.02		-

Innovator U.S. Small Cap Power Buffer ETF - July
For the year ended 10/31/2021	$	23.91		(0.21	)		2.99			2.78			0.01		-
For the period 6/30/2020^(d) - 10/31/2020	$	23.07		(0.06	)		0.89			0.83			0.01		-

Innovator U.S. Small Cap Power Buffer ETF - October
For the year ended 10/31/2021	$	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) Not annualized for periods less than one year.

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

^(d) Commencement of operations.

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 ^(b)			Net assets, end of period (000)		Expenses			Net investment income/(loss)			Portfolio turnover rate ^(b)

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	%


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	%


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	%


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.

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)^(c)			Net realized and unrealized gain/(loss)			Total From Investment Operations			Transaction fees (see Note 5)
Innovator Double Stacker ETF - January
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 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

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

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

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

^(d) Commencement of operations.

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 ^(b)			Net assets, end of period (000)		Expenses			Net investment income/(loss)			Portfolio turnover rate ^(b)

4.33		$	29.76		17.04	%	$	6,697		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	%		(0.80	)%^(e)		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)^(c)			Net realized and unrealized gain/(loss)			Total From Investment Operations			Transaction fees (see Note 5)
Innovator Triple Stacker ETF - January
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 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) Not annualized for periods less than one year.

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

^(d) Commencement of operations.

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 ^(b)			Net assets, end of period (000)		Expenses			Net investment income/(loss)			Portfolio turnover rate ^(b)

3.98		$	29.40		15.68	%	$	44,107		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)^(c)			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 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 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

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

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

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

^(d) Commencement of operations.

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 ^(b)			Net assets, end of period (000)		Expenses			Net investment income/(loss)			Portfolio turnover rate ^(b)

2.67		$	28.09		10.50	%	$	13,342		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	%

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

257

INNOVATOR ETFs TRUST

Financial Highlights

	Per Share Operating Performance (For a share outstanding throughout each period)
			Investment Operations:							Capital Share Transactions:
	Net Asset Value, Beginning of Period		Net investment income/(loss)^(c)			Net realized and unrealized gain/(loss)		Total From Investment Operations		Transaction fees (see Note 5)
Innovator U.S. Equity Accelerated ETF - April
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 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 9/30/2021^(d) - 10/31/2021	$	24.05		(0.02	)		1.25		1.23		-

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

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

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

^(d) 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

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

3.01	$	28.38		11.86	%	$	7,804		0.79	%		(0.79	)%		0	%


1.54	$	27.23		5.98	%	$	3,403		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 each period)
			Investment Operations:							Capital Share Transactions:
	Net Asset Value, Beginning of Period		Net investment income/(loss)^(c)			Net realized and unrealized gain/(loss)		Total From Investment Operations		Transaction fees (see Note 5)
Innovator U.S. Equity Accelerated Plus ETF - April
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 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 9/30/2021^(d) - 10/31/2021	$	24.05		(0.02	)		1.27		1.25		-

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

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

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

^(d) Commencement of operations.

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

260

INNOVATOR ETFs TRUST

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

2.82	$	28.19		11.11	%	$	8,457		0.79	%		(0.79	)%		0	%


1.43	$	27.11		5.56	%	$	9,488		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 each period)
			Investment Operations:							Capital Share Transactions:
	Net Asset Value, Beginning of Period		Net investment income/(loss)^(c)			Net realized and unrealized gain/(loss)		Total From Investment Operations		Transaction fees (see Note 5)
Innovator U.S. Equity Accelerated 9 Buffer ETF - April
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 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 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) Not annualized for periods less than one year.

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

^(d) Commencement of operations.

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

262

INNOVATOR ETFs TRUST

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

1.72	$	27.09		6.77	%	$	19,639		0.79	%		(0.79	)%		0	%


0.81	$	26.49		3.16	%	$	10,597		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 each period)
			Investment Operations:							Capital Share Transactions:
	Net Asset Value, Beginning of Period		Net investment income/(loss)^(c)			Net realized and unrealized gain/(loss)		Total From Investment Operations		Transaction fees (see Note 5)
Innovator Growth Accelerated Plus ETF - April
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 6/30/2021^(d) - 10/31/2021	$	25.52		(0.07	)		2.05		1.98		-

Innovator Growth Accelerated Plus ETF - October
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) Not annualized for periods less than one year.

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

^(d) 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

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

4.00	$	29.53		15.66	%	$	18,454		0.79	%		(0.79	)%		0	%


1.98	$	27.50		7.75	%	$	8,250		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 each period)
			Investment Operations:									Capital Share Transactions:
	Net Asset Value, Beginning of Period		Net investment income/(loss)^(c)			Net realized and unrealized gain/(loss)			Total From Investment Operations			Transaction fees (see Note 5)
Innovator 20+ Year Treasury Bond 9 Buffer ETF - July
For the year ended 10/31/2021	$	24.32		(0.17	)		0.30	^(f)		0.13			0.01
For the period 8/17/2020^(d) - 10/31/2020	$	24.87		(0.04	)		(0.52	)		(0.56	)		0.01

Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly
For the year ended 10/31/2021	$	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) Not annualized for periods less than one year.

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

^(d) Commencement of operations.

^(e) Includes broker interest expense of 0.01%.

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

^(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.

266

INNOVATOR ETFs TRUST

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

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	%


(0.71	)	$	23.72		(2.87	)%	$	9,489		0.79	%		(0.79	)%		0	%
(0.44	)	$	24.43		(1.79	)%	$	3,053		0.80	%(e)		(0.80	)%		0	%

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

267

INNOVATOR ETFs TRUST

Financial Highlights

	Per Share Operating Performance (For a share outstanding throughout each period)
			Investment Operations:								Capital Share Transactions:
	Net Asset Value, Beginning of Period		Net investment income/(loss)^(c)			Net realized and unrealized gain/(loss)			Total From Investment Operations		Transaction fees (see Note 5)
Innovator Defined Wealth Shield ETF
For the period 6/30/2021^(d) - 10/31/2021	$	25.69		(0.06	)		0.20	^(e)		0.14		0.03

Innovator U.S. Equity Accelerated ETF - Quarterly
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 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) Not annualized for periods less than one year.

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

^(d) Commencement of operations.

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

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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 ^(b)			Net assets, end of period (000)		Expenses			Net investment income/(loss)			Portfolio turnover rate ^(b)

0.17	$	25.86		0.65	%	$	29,088		0.69	%		(0.69	)%		0	%


2.88	$	28.25		11.37	%	$	13,421		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.

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INNOVATOR ETFs TRUST

Notes to Financial Statements

1.	ORGANIZATION

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

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

270

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

Name	Ticker	Commencement of Operations	Tracking Index/Fund
Innovator Double Stacker ETF – January	DSJA	December 31, 2020	SPDR S&P 500® ETF Trust and Invesco QQQ Trust
Innovator Double Stacker ETF – October	DSOC	September 30, 2020	SPDR S&P 500® ETF Trust and Invesco QQQ Trust
Innovator Triple Stacker ETF – January	TSJA	December 31, 2020	SPDR S&P 500® ETF Trust, Invesco QQQ Trust and iShares Russell 2000 ETF
Innovator Triple Stacker ETF – October	TSOC	September 30, 2020	SPDR S&P 500® ETF Trust, Invesco QQQ Trust and iShares Russell 2000 ETF
Innovator Double Stacker 9 Buffer ETF – January	DBJA	December 31, 2020	SPDR S&P 500® ETF Trust and Invesco QQQ Trust
Innovator Double Stacker 9 Buffer ETF – October	DBOC	September 30, 2020	SPDR S&P 500® ETF Trust and Invesco QQQ Trust
Innovator U.S. Equity Accelerated ETF – April	XDAP	March 31, 2021	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Accelerated ETF – July	XDJL	June 30, 2021	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Accelerated ETF – October	XDOC	September 30, 2021	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Accelerated Plus ETF – April	XTAP	March 31, 2021	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Accelerated Plus ETF – July	XTJL	June 30, 2021	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Accelerated Plus ETF – October	XTOC	September 30, 2021	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Accelerated 9 Buffer ETF – April	XBAP	March 31, 2021	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Accelerated 9 Buffer ETF – July	XBJL	June 30, 2021	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Accelerated 9 Buffer ETF – October	XBOC	September 30, 2021	SPDR S&P 500® ETF Trust
Innovator Growth Accelerated Plus ETF – April	QTAP	March 31, 2021	Invesco QQQ Trust
Innovator Growth Accelerated Plus ETF – July	QTJL	June 30, 2021	Invesco QQQ Trust
Innovator Growth Accelerated Plus ETF – October	QTOC	September 30, 2021	Invesco QQQ Trust
Innovator 20+ Year Treasury Bond 9 Buffer ETF – July	TBJL	August 17, 2020	iShares 20+ Year Treasury Bond ETF
Innovator 20+ Year Treasury Bond 5 Floor ETF – Quarterly	TFJL	August 17, 2020	iShares 20+ Year Treasury Bond ETF
Innovator Defined Wealth Shield ETF	BALT	June 30, 2021	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Accelerated ETF – Quarterly	XDSQ	March 31, 2021	SPDR S&P 500® ETF Trust
Innovator Growth Accelerated ETF – Quarterly	XDQQ	March 31, 2021	Invesco QQQ Trust

^(a) Each Fund individually seeks to track, before fees and expenses, the respective index/fund up to a respective upside cap while providing a respective buffer for a given period.

271

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

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

Name	Ticker	Commencement of Operations	Tracking Index
Innovator IBD® 50 ETF	FFTY	April 8, 2015	IBD® 50 Index
Innovator IBD® Breakout Opportunities ETF	BOUT	September 12, 2018	IBD® Breakout Stocks Index
Innovator Loup Frontier Tech ETF	LOUP	July 24, 2018	Loup Frontier Tech Index
Innovator S&P Investment Grade Preferred ETF	EPRF	May 23, 2016	S&P U.S. High Quality Preferred Stock Index
Innovator Laddered Fund of U.S. Equity Power Buffer ETFs	BUFF	October 19, 2016	Refinitiv Laddered Power Buffer Strategy 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	S&P 500® Price Index
Innovator U.S. Equity Power Buffer ETF – January	PJAN	December 31, 2018	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Power Buffer ETF – February	PFEB	January 31, 2020	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Power Buffer ETF – March	PMAR	February 28, 2020	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Power Buffer ETF – April	PAPR	March 29, 2019	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Power Buffer ETF – May	PMAY	April 30, 2020	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Power Buffer ETF – June	PJUN	May 31, 2019	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Power Buffer ETF – July	PJUL	August 7, 2018	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Power Buffer ETF – August	PAUG	July 31, 2019	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Power Buffer ETF – September	PSEP	August 30, 2019	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Power Buffer ETF – October	POCT	September 28, 2018	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Power Buffer ETF – November	PNOV	October 31, 2019	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Power Buffer ETF – December	PDEC	November 29, 2019	S&P 500® Price Index
Innovator U.S. Equity Ultra Buffer ETF – January	UJAN	December 31, 2018	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Ultra Buffer ETF – February	UFEB	January 31, 2020	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Ultra Buffer ETF – March	UMAR	February 28, 2020	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Ultra Buffer ETF – April	UAPR	March 29, 2019	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Ultra Buffer ETF – May	UMAY	April 30, 2020	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Ultra Buffer ETF – June	UJUN	May 31, 2019	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Ultra Buffer ETF – July	UJUL	August 7, 2018	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Ultra Buffer ETF – August	UAUG	July 31, 2019	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Ultra Buffer ETF – September	USEP	August 30, 2019	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Ultra Buffer ETF – October	UOCT	September 28, 2018	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Ultra Buffer ETF – November	UNOV	October 31, 2019	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Ultra Buffer ETF – December	UDEC	November 29, 2019	S&P 500® Price Index

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INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

The Funds are exchange traded funds that offer one class of shares, do not charge a sales load, do not have a redemption fee and currently do not charge a 12b-1 fee to their shareholders. The Innovator International Developed and Emerging Markets ETFs list and principally trade their shares on NYSE Arca (“NYSE”). All other Innovator ETFs included in this report each, respectively, list and principally trade their shares on Cboe BZX Exchange, Inc. (“Cboe BZX”).

Each Fund employs a specific “defined outcome strategy.” Defined outcome strategies generally seek to produce pre-determined investment outcomes based upon the performance of an index or one or more underlying securities. The Funds’ pre-determined outcomes (“Outcomes”) are based upon the price performance of a benchmark index or one or more underlying exchange-traded fund (the “Benchmark”) over a period of approximately one year or another predetermined period (“Outcome Period”). The Funds’ investment strategy provides shareholders with participation in any gains experienced by the applicable Benchmark over the course of the Outcome Period, subject to a cap on upside returns (a “Cap”), and, if applicable, a predetermined buffer (a “Buffer”) against Benchmark losses for the Outcome Period. These defined outcomes are managed by purchasing and selling call and put FLexible EXchange Options (“FLEX Options”) to create layers within a Fund’s portfolio. Each Fund’s FLEX Option has the same reference asset and expiration date, with uniquely selected strike prices for the Fund’s Outcome Period. Due to the customizable nature of FLEX Options that allows for specific strike prices to be selected for the same reference asset and expiration date, when each of the FLEX Options expire on the last day of the Outcome Period, the Funds are expected to achieve a Benchmark investment return with the applicable Buffer and Cap investment parameters.

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

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INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

2.	SIGNIFICANT ACCOUNTING POLICIES

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

Valuation:

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

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

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 Pricing Committee has determined that the use of amortized cost is an appropriate reflection of fair value given market and issuer specific conditions existing at the time of the determination. Deposit accounts are valued at acquisition cost. Foreign securities and other assets denominated in foreign currencies are translated into U.S. dollars at the exchange rate of such currencies against the U.S. dollar as provided by the pricing service. All assets denominated in foreign currencies will be converted into U.S. dollars at the exchange rates in effect at the time of valuation. Restricted securities (with the exception of Rule 144A Securities for which market quotations are available) will normally be valued at fair value as determined by the Pricing Committee.

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INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

Exchange-traded option contracts (other than FLEX Option contracts) will be valued at the closing price in the market where such contracts are principally traded. If no closing price is available, they will be fair valued at the mean of their most recent bid and asked price, if available, and otherwise at their closing bid price. OTC options are fair valued at the mean of the most recent bid and asked price, if available, and otherwise at their closing bid price. FLEX Options will be valued at a model-based price provided by the exchange on which the option is traded at the official close of that exchange’s trading date. If the exchange on which the option is traded is unable to provide a model price, FLEX Options prices will be provided by backup provider Super Derivatives. Otherwise, the value of a FLEX Option will be determined by the Pricing Committee in accordance with the Trust’s valuation procedures.

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

275

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

Fair Valuation Measurement:

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

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

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

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

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INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

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

IJAN
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	-	$	59,192,819	$	-	$	59,192,819
Short Term Investments		119,190		-		-		119,190
Total Assets	$	119,190	$	59,192,819	$	-	$	59,312,009

Liabilities
Options Written	$	-	$	1,808,244	$	-	$	1,808,244
Total Liabilities	$	-	$	1,808,244	$	-	$	1,808,244

IAPR
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	-	$	20,522,955	$	-	$	20,522,955
Short Term Investments		80,726		-		-		80,726
Total Assets	$	80,726	$	20,522,955	$	-	$	20,603,681

Liabilities
Options Written	$	-	$	542,504	$	-	$	542,504
Total Liabilities	$	-	$	542,504	$	-	$	542,504

IJUL
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	-	$	57,896,619	$	-	$	57,896,619
Short Term Investments		332,830		-		-		332,830
Total Assets	$	332,830	$	57,896,619	$	-	$	58,229,449

Liabilities
Options Written	$	-	$	2,048,823	$	-	$	2,048,823
Total Liabilities	$	-	$	2,048,823	$	-	$	2,048,823

IOCT
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	-	$	9,881,533	$	-	$	9,881,533
Short Term Investments		70,536		-		-		70,536
Total Assets	$	70,536	$	9,881,533	$	-	$	9,952,069

Liabilities
Options Written	$	-	$	422,066	$	-	$	422,066
Total Liabilities	$	-	$	422,066	$	-	$	422,066

EJAN
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	-	$	106,901,670	$	-	$	106,901,670
Short Term Investments		242,711		-		-		242,711
Total Assets	$	242,711	$	106,901,670	$	-	$	107,144,381

Liabilities
Options Written	$	-	$	724,658	$	-	$	724,658
Total Liabilities	$	-	$	724,658	$	-	$	724,658

277

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

EAPR
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	-	$	34,737,382	$	-	$	34,737,382
Short Term Investments		140,337		-		-		140,337
Total Assets	$	140,337	$	34,737,382	$	-	$	34,877,719

Liabilities
Options Written	$	-	$	821,740	$	-	$	821,740
Total Liabilities	$	-	$	821,740	$	-	$	821,740

EJUL
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	-	$	43,269,649	$	-	$	43,269,649
Short Term Investments		244,662		-		-		244,662
Total Assets	$	244,662	$	43,269,649	$	-	$	43,514,311

Liabilities
Options Written	$	-	$	2,246,632	$	-	$	2,246,632
Total Liabilities	$	-	$	2,246,632	$	-	$	2,246,632

EOCT
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	-	$	5,335,073	$	-	$	5,335,073
Short Term Investments		40,375		-		-		40,375
Total Assets	$	40,375	$	5,335,073	$	-	$	5,375,448

Liabilities
Options Written	$	-	$	326,125	$	-	$	326,125
Total Liabilities	$	-	$	326,125	$	-	$	326,125

NJAN
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	-	$	96,512,260	$	-	$	96,512,260
Short Term Investments		163,025		-		-		163,025
Total Assets	$	163,025	$	96,512,260	$	-	$	96,675,285

Liabilities
Options Written	$	-	$	9,318,075	$	-	$	9,318,075
Total Liabilities	$	-	$	9,318,075	$	-	$	9,318,075

NAPR
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	-	$	46,661,596	$	-	$	46,661,596
Short Term Investments		183,163		-		-		183,163
Total Assets	$	183,163	$	46,661,596	$	-	$	46,844,759

Liabilities
Options Written	$	-	$	5,563,251	$	-	$	5,563,251
Total Liabilities	$	-	$	5,563,251	$	-	$	5,563,251

278

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

NJUL
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	-	$	60,887,636	$	-	$	60,887,636
Short Term Investments		307,012		-		-		307,012
Total Assets	$	307,012	$	60,887,636	$	-	$	61,194,648

Liabilities
Options Written	$	-	$	5,171,040	$	-	$	5,171,040
Total Liabilities	$	-	$	5,171,040	$	-	$	5,171,040

NOCT
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	-	$	85,421,333	$	-	$	85,421,333
Short Term Investments		608,472		-		-		608,472
Total Assets	$	608,472	$	85,421,333	$	-	$	86,029,805

Liabilities
Options Written	$	-	$	8,054,158	$	-	$	8,054,158
Total Liabilities	$	-	$	8,054,158	$	-	$	8,054,158

KJAN
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	-	$	89,671,861	$	-	$	89,671,861
Short Term Investments		162,903		-		-		162,903
Total Assets	$	162,903	$	89,671,861	$	-	$	89,834,764

Liabilities
Options Written	$	-	$	4,817,981	$	-	$	4,817,981
Total Liabilities	$	-	$	4,817,981	$	-	$	4,817,981

KAPR
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	-	$	87,519,897	$	-	$	87,519,897
Short Term Investments		329,181		-		-		329,181
Total Assets	$	329,181	$	87,519,897	$	-	$	87,849,078

Liabilities
Options Written	$	-	$	2,918,445	$	-	$	2,918,445
Total Liabilities	$	-	$	2,918,445	$	-	$	2,918,445

KJUL
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	-	$	77,734,856	$	-	$	77,734,856
Short Term Investments		432,972		-		-		432,972
Total Assets	$	432,972	$	77,734,856	$	-	$	78,167,828

Liabilities
Options Written	$	-	$	4,037,194	$	-	$	4,037,194
Total Liabilities	$	-	$	4,037,194	$	-	$	4,037,194

279

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

KOCT
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	-	$	39,186,655	$	-	$	39,186,655
Short Term Investments		279,440		-		-		279,440
Total Assets	$	279,440	$	39,186,655	$	-	$	39,466,095

Liabilities
Options Written	$	-	$	2,815,178	$	-	$	2,815,178
Total Liabilities	$	-	$	2,815,178	$	-	$	2,815,178

DSJA
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	-	$	8,296,414	$	-	$	8,296,414
Short Term Investments		4,083		-		-		4,083
Total Assets	$	4,083	$	8,296,414	$	-	$	8,300,497

Liabilities
Options Written	$	-	$	1,599,528	$	-	$	1,599,528
Total Liabilities	$	-	$	1,599,528	$	-	$	1,599,528

DSOC
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	-	$	10,151,069	$	-	$	10,151,069
Short Term Investments		83,064		-		-		83,064
Total Assets	$	83,064	$	10,151,069	$	-	$	10,234,133

Liabilities
Options Written	$	-	$	1,250,731	$	-	$	1,250,731
Total Liabilities	$	-	$	1,250,731	$	-	$	1,250,731

TSJA
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	-	$	61,673,837	$	-	$	61,673,837
Short Term Investments		96,839		-		-		96,839
Total Assets	$	96,839	$	61,673,837	$	-	$	61,770,676

Liabilities
Options Written	$	-	$	17,634,797	$	-	$	17,634,797
Total Liabilities	$	-	$	17,634,797	$	-	$	17,634,797

TSOC
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	-	$	20,826,567	$	-	$	20,826,567
Short Term Investments		131,676		-		-		131,676
Total Assets	$	131,676	$	20,826,567	$	-	$	20,958,243

Liabilities
Options Written	$	-	$	4,244,914	$	-	$	4,244,914
Total Liabilities	$	-	$	4,244,914	$	-	$	4,244,914

280

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

DBJA
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	-	$	17,558,945	$	-	$	17,558,945
Short Term Investments		9,028		-		-		9,028
Total Assets	$	9,028	$	17,558,945	$	-	$	17,567,973

Liabilities
Options Written	$	-	$	4,216,268	$	-	$	4,216,268
Total Liabilities	$	-	$	4,216,268	$	-	$	4,216,268

DBOC
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	-	$	26,119,306	$	-	$	26,119,306
Short Term Investments		178,733		-		-		178,733
Total Assets	$	178,733	$	26,119,306	$	-	$	26,298,039

Liabilities
Options Written	$	-	$	4,721,151	$	-	$	4,721,151
Total Liabilities	$	-	$	4,721,151	$	-	$	4,721,151

XDAP
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	-	$	9,192,264	$	-	$	9,192,264
Short Term Investments		27,855		-		-		27,855
Total Assets	$	27,855	$	9,192,264	$	-	$	9,220,119

Liabilities
Options Written	$	-	$	1,411,170	$	-	$	1,411,170
Total Liabilities	$	-	$	1,411,170	$	-	$	1,411,170

XDJL
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	-	$	3,742,628	$	-	$	3,742,628
Short Term Investments		19,211		-		-		19,211
Total Assets	$	19,211	$	3,742,628	$	-	$	3,761,839

Liabilities
Options Written	$	-	$	356,242	$	-	$	356,242
Total Liabilities	$	-	$	356,242	$	-	$	356,242

XDOC
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	-	$	2,106,338	$	-	$	2,106,338
Short Term Investments		14,954		-		-		14,954
Total Assets	$	14,954	$	2,106,338	$	-	$	2,121,292

Liabilities
Options Written	$	-	$	224,313	$	-	$	224,313
Total Liabilities	$	-	$	224,313	$	-	$	224,313

281

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

XTAP
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	-	$	11,357,185	$	-	$	11,357,185
Short Term Investments		24,460		-		-		24,460
Total Assets	$	24,460	$	11,357,185	$	-	$	11,381,645

Liabilities
Options Written	$	-	$	2,919,481	$	-	$	2,919,481
Total Liabilities	$	-	$	2,919,481	$	-	$	2,919,481

XTJL
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	-	$	11,482,765	$	-	$	11,482,765
Short Term Investments		51,205		-		-		51,205
Total Assets	$	51,205	$	11,482,765	$	-	$	11,533,970

Liabilities
Options Written	$	-	$	2,040,308	$	-	$	2,040,308
Total Liabilities	$	-	$	2,040,308	$	-	$	2,040,308

XTOC
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	-	$	3,039,740	$	-	$	3,039,740
Short Term Investments		14,423		-		-		14,423
Total Assets	$	14,423	$	3,039,740	$	-	$	3,054,163

Liabilities
Options Written	$	-	$	572,715	$	-	$	572,715
Total Liabilities	$	-	$	572,715	$	-	$	572,715

XBAP
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	-	$	24,566,474	$	-	$	24,566,474
Short Term Investments		72,858		-		-		72,858
Total Assets	$	72,858	$	24,566,474	$	-	$	24,639,332

Liabilities
Options Written	$	-	$	4,987,459	$	-	$	4,987,459
Total Liabilities	$	-	$	4,987,459	$	-	$	4,987,459

XBJL
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	-	$	12,416,743	$	-	$	12,416,743
Short Term Investments		58,179		-		-		58,179
Total Assets	$	58,179	$	12,416,743	$	-	$	12,474,922

Liabilities
Options Written	$	-	$	1,871,178	$	-	$	1,871,178
Total Liabilities	$	-	$	1,871,178	$	-	$	1,871,178

282

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

XBOC
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	-	$	5,150,796	$	-	$	5,150,796
Short Term Investments		33,408		-		-		33,408
Total Assets	$	33,408	$	5,150,796	$	-	$	5,184,204

Liabilities
Options Written	$	-	$	847,774	$	-	$	847,774
Total Liabilities	$	-	$	847,774	$	-	$	847,774

QTAP
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	-	$	26,283,092	$	-	$	26,283,092
Short Term Investments		85,120		-		-		85,120
Total Assets	$	85,120	$	26,283,092	$	-	$	26,368,212

Liabilities
Options Written	$	-	$	7,902,783	$	-	$	7,902,783
Total Liabilities	$	-	$	7,902,783	$	-	$	7,902,783

QTJL
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	-	$	10,308,922	$	-	$	10,308,922
Short Term Investments		41,837		-		-		41,837
Total Assets	$	41,837	$	10,308,922	$	-	$	10,350,759

Liabilities
Options Written	$	-	$	2,095,975	$	-	$	2,095,975
Total Liabilities	$	-	$	2,095,975	$	-	$	2,095,975

QTOC
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	-	$	3,278,637	$	-	$	3,278,637
Short Term Investments		18,814		-		-		18,814
Total Assets	$	18,814	$	3,278,637	$	-	$	3,297,451

Liabilities
Options Written	$	-	$	725,863	$	-	$	725,863
Total Liabilities	$	-	$	725,863	$	-	$	725,863

TBJL
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	-	$	5,066,749	$	-	$	5,066,749
Short Term Investments		24,073		-		-		24,073
Total Assets	$	24,073	$	5,066,749	$	-	$	5,090,822

Liabilities
Options Written	$	-	$	195,901	$	-	$	195,901
Total Liabilities	$	-	$	195,901	$	-	$	195,901

283

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

TFJL
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	-	$	9,572,200	$	-	$	9,572,200
Short Term Investments		18,553		-		-		18,553
Total Assets	$	18,553	$	9,572,200	$	-	$	9,590,753

Liabilities
Options Written	$	-	$	94,513	$	-	$	94,513
Total Liabilities	$	-	$	94,513	$	-	$	94,513

BALT
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	-	$	31,064,334	$	-	$	31,064,334
Short Term Investments		37,943		-		-		37,943
Total Assets	$	37,943	$	31,064,334	$	-	$	31,102,277

Liabilities
Options Written	$	-	$	2,041,882	$	-	$	2,041,882
Total Liabilities	$	-	$	2,041,882	$	-	$	2,041,882

XDSQ
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	-	$	14,737,090	$	-	$	14,737,090
Short Term Investments		8,022		-		-		8,022
Total Assets	$	8,022	$	14,737,090	$	-	$	14,745,112

Liabilities
Options Written	$	-	$	1,315,199	$	-	$	1,315,199
Total Liabilities	$	-	$	1,315,199	$	-	$	1,315,199

XDQQ
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	-	$	17,365,027	$	-	$	17,365,027
Short Term Investments		17,352		-		-		17,352
Total Assets	$	17,352	$	17,365,027	$	-	$	17,382,379

Liabilities
Options Written	$	-	$	1,687,382	$	-	$	1,687,382
Total Liabilities	$	-	$	1,687,382	$	-	$	1,687,382

284

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

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

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.

285

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

When the Funds purchase an option, an amount equal to the premium paid by the Funds are recorded as an investment and is subsequently adjusted to the current value of the option purchased. If an option expires on the stipulated expiration date or if the Funds enter into a closing sale transaction, a gain or loss is realized. If a call option is exercised, the cost of the security acquired is increased by the premium paid for the call. If a put option is exercised, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are decreased by the premium originally paid. Purchased options are non-income producing securities.

When the Funds write an option, an amount equal to the premium received by the Funds are recorded as a liability and is subsequently adjusted to the current value of the option written. Premiums received from writing options that expire unexercised are treated by the Funds on the expiration date as realized gain from written options. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Funds have realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Funds. The Funds, as writers of an option, bear the market risk of an unfavorable change in the price of the security underlying the written option.

All of the FLEX Option contracts held by the Funds are fully funded and cash settled, therefore balance sheet offsetting under ASC 210 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.

286

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

The value of derivative instruments on the Statements of Assets and Liabilities for the Funds as of October 31, 2021 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	$	59,192,819	$	1,808,244
IAPR		20,522,955		542,504
IJUL		57,896,619		2,048,823
IOCT		9,881,533		422,066
EJAN		106,901,670		724,658
EAPR		34,737,382		821,740
EJUL		43,269,649		2,246,632
EOCT		5,335,073		326,125
NJAN		96,512,260		9,318,075
NAPR		46,661,596		5,563,251
NJUL		60,887,636		5,171,040
NOCT		85,421,333		8,054,158
KJAN		89,671,861		4,817,981
KAPR		87,519,897		2,918,445
KJUL		77,734,856		4,037,194
KOCT		39,186,655		2,815,178
DSJA		8,296,414		1,599,528
DSOC		10,151,069		1,250,731
TSJA		61,673,837		17,634,797
TSOC		20,826,567		4,244,914
DBJA		17,558,945		4,216,268
DBOC		26,119,306		4,721,151
XDAP		9,192,264		1,411,170
XDJL		3,742,628		356,242
XDOC		2,106,338		224,313
XTAP		11,357,185		2,919,481
XTJL		11,482,765		2,040,308
XTOC		3,039,740		572,715
XBAP		24,566,474		4,987,459
XBJL		12,416,743		1,871,178
XBOC		5,150,796		847,774
QTAP		26,283,092		7,902,783
QTJL		10,308,922		2,095,975
QTOC		3,278,637		725,863
TBJL		5,066,749		195,901
TFJL		9,572,200		94,513
BALT		31,064,334		2,041,882
XDSQ		14,737,090		1,315,199
XDQQ		17,365,027		1,687,382

287

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

The effect of derivative instruments on the Statements of Operations for the year or period ended October 31, 2021:

	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	$	(2,504,936	)	$	1,012,534	$	889,316		$	473,594
IAPR		(147,886	)		44,300		3,989			16,426
IJUL		15,629,541			345,536		(10,844,445	)		(254,474	)
IOCT		-			-		-			-
EJAN		(1,433,474	)		51,179		(346,660	)		1,871,221
EAPR		(262,170	)		19,366		(39,223	)		22,608
EJUL		10,813,924			863,059		(8,949,682	)		(667,415	)
EOCT		-			-		-			-
NJAN		(5,246,492	)		971,724		(21,332,427	)		249,617
NAPR		6,659,233			482,264		(12,303,071	)		(31,165	)
NJUL		7,393,817			188,426		(16,026,360	)		(456,025	)
NOCT		8,779,325			2,265,555		(2,410,441	)		(521,432	)
KJAN		(12,416,694	)		447,452		(3,542,272	)		335,105
KAPR		16,706,563			37,325		(30,256,733	)		35,495
KJUL		12,543,458			657,626		(14,922,156	)		(756,966	)
KOCT		25,381,953			4,261,613		(23,001,753	)		(937,012	)
DSJA		-			-		-			-
DSOC		(749,593	)		9,470,010		(4,718,958	)		(342,558	)
TSJA		-			237,659		-			49,188
TSOC		798,764			10,694,175		(8,791,949	)		(42,816	)
DBJA		(63,316	)		794,928		(119,277	)		(190,965	)
DBOC		(3,505,425	)		18,215,528		(11,067,397	)		1,403,962
XDAP		-			-		-			-
XDJL		-			-		-			-
XDOC		-			-		-			-
XTAP		-			-		-			-
XTJL		-			-		-			-
XTOC		-			-		-			-
XBAP		-			1,251,424		20,134			(493,420	)
XBJL		-			-		-			-
XBOC		-			-		-			-
QTAP		-			1,637,131		-			447,197
QTJL		-			-		-			-
QTOC		-			-		-			-
TBJL		(320,297	)		42,493		95,917			6,314
TFJL		(1,309,723	)		13,442		348,338			(10,163	)
BALT		(400,969	)		162,026		202,595			33,289
XDSQ		(736,054	)		1,093,891		159,399			26,797
XDQQ		(835,683	)		1,614,319		584,059			(197,657	)

288

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

	Equity Risk - Call and Put Options not Accounted for as Hedging Instruments
	Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income
	Investments			Options written
IJAN	$	7,307,498		$	2,115,916
IAPR		175,500			493,067
IJUL		2,372,454			(1,635,447	)
IOCT		104,742			64,303
EJAN		(3,896,667	)		7,413,734
EAPR		(1,420,538	)		1,136,283
EJUL		(2,764,676	)		1,142,661
EOCT		(11,864	)		46,885
NJAN		29,814,230			8,172,309
NAPR		4,298,528			4,593,049
NJUL		13,609,652			1,715,590
NOCT		4,586,068			(1,914,891	)
KJAN		32,204,162			5,646,954
KAPR		8,000,296			9,637,426
KJUL		3,868,348			2,273,846
KOCT		11,078			997,675
DSJA		1,683,129			(939,223	)
DSOC		1,405,158			(776,712	)
TSJA		11,418,420			(7,278,892	)
TSOC		2,685,737			(1,799,594	)
DBJA		2,999,569			(2,015,629	)
DBOC		3,130,914			(1,906,088	)
XDAP		1,581,876			(874,504	)
XDJL		365,118			(172,343	)
XDOC		183,655			(99,386	)
XTAP		1,887,571			(1,360,747	)
XTJL		1,138,402			(752,130	)
XTOC		179,614			(122,072	)
XBAP		2,965,728			(2,335,341	)
XBJL		758,274			(451,098	)
XBOC		271,125			(183,203	)
QTAP		2,805,860			(3,447,861	)
QTJL		1,071,941			(638,895	)
QTOC		392,922			(273,531	)
TBJL		66,800			35,636
TFJL		265,946			(61,563	)
BALT		1,019,353			(871,757	)
XDSQ		1,475,708			(905,882	)
XDQQ		1,865,864			(1,054,901	)

289

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

The average volume of derivative activity during the year or period ended October 31, 2021, is as follows:

	Purchased Options		Options Written
	Average Monthly Market Value		Average Monthly Market Value
IJAN	$	77,297,732	$	(3,469,455	)
IAPR		20,849,904		(839,948	)
IJUL		56,652,874		(6,324,852	)
IOCT		5,267,207		(227,913	)
EJAN		103,387,918		(4,940,691	)
EAPR		25,456,995		(1,026,901	)
EJUL		33,337,042		(5,768,434	)
EOCT		3,002,088		(187,800	)
NJAN		104,231,928		(9,196,807	)
NAPR		40,370,516		(7,228,105	)
NJUL		53,178,911		(8,676,914	)
NOCT		70,224,615		(10,256,050	)
KJAN		108,311,491		(9,051,664	)
KAPR		65,290,428		(9,679,566	)
KJUL		45,242,035		(8,653,787	)
KOCT		64,726,781		(21,022,470	)
DSJA		5,341,491		(717,631	)
DSOC		22,039,315		(4,022,773	)
TSJA		40,330,835		(9,560,775	)
TSOC		29,672,092		(10,920,976	)
DBJA		15,079,812		(2,701,634	)
DBOC		46,697,502		(10,812,806	)
XDAP		7,366,271		(835,915	)
XDJL		3,119,843		(231,756	)
XDOC		1,688,013		(150,937	)
XTAP		6,902,459		(1,419,750	)
XTJL		7,271,334		(1,088,946	)
XTOC		1,859,426		(327,875	)
XBAP		25,300,180		(4,186,340	)
XBJL		9,598,251		(1,311,811	)
XBOC		3,261,944		(514,509	)
QTAP		21,157,596		(5,453,642	)
QTJL		6,455,872		(1,144,035	)
QTOC		1,994,993		(417,145	)
TBJL		4,501,816		(238,015	)
TFJL		12,513,822		(111,594	)
BALT		11,408,221		(612,564	)
XDSQ		10,380,214		(546,115	)
XDQQ		12,444,692		(733,467	)

290

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

Use of Estimates:

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

Guarantees and Indemnifications:

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

Tax Information:

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

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

291

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

U.S. GAAP requires that certain components of net assets be reclassified between distributable earnings/(accumulated deficit) and additional paid-in capital. These reclassifications have no effect on net assets or net asset value per share. For the year or period ended October 31, 2021, 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	$	(4,416,809	)	$	4,416,809
IAPR		(60,726	)		60,726
IJUL		(987,094	)		987,094
IOCT		-			-
EJAN		(3,159,241	)		3,159,241
EAPR		(41,975	)		41,975
EJUL		336,822			(336,822	)
EOCT		-			-
NJAN		(1,618,185	)		1,618,185
NAPR		(697,529	)		697,529
NJUL		(4,240,692	)		4,240,692
NOCT		(8,259,927	)		8,259,927
KJAN		(9,316,019	)		9,316,019
KAPR		(701,269	)		701,269
KJUL		(2,406,431	)		2,406,431
KOCT		(4,927,998	)		4,927,998
DJSA		-			-
DSOC		(9,104,385	)		9,104,385
TSJA		(286,847	)		286,847
TSOC		(10,634,976	)		10,634,976
DBJA		(603,964	)		603,964
DBOC		(19,560,466	)		19,560,466
XDAP		-			-
XDJL		-			-
XDOC		-			-
XTAP		-			-
XTJL		-			-
XTOC		-			-
XBAP		(758,004	)		758,004
XBJL		-			-
XBOC		-			-
QTAP		(2,084,328	)		2,084,328
QTJL		-			-
QTOC		-			-
TBJL		(32,130	)		32,130
TFJL		7,910			(7,910	)
BALT		(195,315	)		195,315
XDSQ		(1,120,688	)		1,120,688
XDQQ		(1,416,662	)		1,416,662

292

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

Distributions to Shareholders:

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

Investment Transactions and Investment Income:

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

3.	INVESTMENT ADVISOR AND OTHER AFFILIATES

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

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

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.

293

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

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

4.	INVESTMENT TRANSACTIONS

For the year or period ended October 31, 2021, there were no purchases or proceeds from long-term sales of investment securities.

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

	In-Kind		In-Kind
	Creations		Redemptions
IJAN	$	-	$	23,898,214
IAPR		2,123,243		699,132
IJUL		19,328,896		1,893,312
IOCT		6,837,642		-
EJAN		4,836,775		20,731,678
EAPR		9,766,263		688,094
EJUL		24,496,716		4,625,976
EOCT		3,578,154		-
NJAN		-		9,294,455
NAPR		9,508,648		4,669,686
NJUL		22,580,001		5,184,758
NOCT		20,880,820		14,790,474
KJAN		2,578,500		3,469,877
KAPR		17,317,419		732,099
KJUL		46,256,833		3,109,975
KOCT		2,313,540		13,253,136
DSJA		850,945		-
DSOC		1,112,857		33,956,984
TSJA		3,175,539		1,203,241
TSOC		4,450,697		31,977,000
DBJA		-		4,383,975
DBOC		-		57,797,386
XDAP		-		-
XDJL		1,436,480		-
XDOC		700,362		-
XTAP		3,693,229		-
XTJL		4,174,395		-
XTOC		1,694,771		-
XBAP		859,965		14,174,994
XBJL		3,308,244		-
XBOC		1,597,811		-
QTAP		24,346,331		31,859,965
QTJL		9,858,106		-
QTOC		1,723,796		-
TBJL		2,638,924		1,980,538
TFJL		-		1,206,070
BALT		-		7,527,020
XDSQ		-		26,125,645
XDQQ		-		31,496,456

294

INNOVATOR ETFs TRUST

Notes to Financial Statements (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 25,000 shares except NOCT, which issues and redeems in blocks of 35,000 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. All the Funds, excluding TFJL and TBJL, assess investors a transaction fee of $250 plus 0.05% of the value of the transaction on creations and redemptions (e.g. variable fees) of the respective Fund. TFJL and TBJL assess investors a transaction fee of $500 of the value of the transaction on creations and redemptions. Each Fund, subject to approval by the Board of Trustees, may adjust transaction fees from time to time based upon actual experience. Variable fees 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.

295

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

6.	FEDERAL INCOME TAX INFORMATION

At October 31, 2021, 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	$	54,031,192	$	7,779,078	$	(4,306,505	)	$	3,472,573
IAPR		19,392,610		1,356,391		(687,824	)		668,567
IJUL		55,271,680		1,699,356		(790,409	)		908,947
IOCT		9,360,958		436,709		(267,664	)		169,045
EJAN		106,539,080		7,438,630		(7,557,987	)		(119,357	)
EAPR		34,340,234		1,250,045		(1,534,300	)		(284,255	)
EJUL		42,222,970		1,704,955		(2,660,246	)		(955,291	)
EOCT		5,014,302		124,021		(89,000	)		35,021
NJAN		77,090,227		23,055,283		(12,788,300	)		10,266,983
NAPR		38,301,323		8,868,747		(5,888,562	)		2,980,185
NJUL		54,192,407		5,214,966		(3,383,765	)		1,831,201
NOCT		75,924,663		6,925,197		(4,874,213	)		2,050,984
KJAN		73,723,445		18,545,356		(7,252,018	)		11,293,338
KAPR		81,756,710		6,808,419		(3,634,496	)		3,173,923
KJUL		73,150,435		2,410,817		(1,430,618	)		980,199
KOCT		35,724,959		2,345,997		(1,420,039	)		925,958
DJSA		5,957,063		1,683,129		(939,223	)		743,906
DSOC		8,557,949		992,660		(567,207	)		425,453
TSJA		39,996,351		11,717,427		(7,577,899	)		4,139,528
TSOC		16,043,727		2,113,687		(1,444,085	)		669,602
DBJA		12,367,765		4,424,863		(3,440,923	)		983,940
DBOC		21,005,346		2,854,362		(2,282,820	)		571,542
XDAP		7,101,577		1,581,876		(874,504	)		707,372
XDJL		3,212,822		365,118		(172,343	)		192,775
XDOC		1,812,710		183,655		(99,386	)		84,269
XTAP		7,935,340		1,887,571		(1,360,747	)		526,824
XTJL		9,107,390		1,138,402		(752,130	)		386,272
XTOC		2,423,906		179,723		(122,181	)		57,542
XBAP		19,021,486		4,472,090		(3,841,703	)		630,387
XBJL		10,296,568		1,207,965		(900,789	)		307,176
XBOC		4,248,508		415,373		(327,451	)		87,922
QTAP		19,107,430		2,805,860		(3,447,861	)		(642,001	)
QTJL		7,821,738		1,071,941		(638,895	)		433,046
QTOC		2,452,197		392,922		(273,531	)		119,391
TBJL		4,902,353		45,936		(53,368	)		(7,432	)
TFJL		9,353,886		254,022		(111,668	)		142,354
BALT		28,912,799		1,737,121		(1,589,525	)		147,596
XDSQ		12,860,087		1,475,708		(905,882	)		569,826
XDQQ		14,884,034		1,865,864		(1,054,901	)		810,963

296

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

At October 31, 2021, 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	$	-		$	-	$	-	$	3,472,573		$	3,472,573
IAPR		(251,751	)		-		-		668,567			416,816
IJUL		(163,223	)		-		-		908,947			745,724
IOCT		(4,901	)		-		-		169,045			164,144
EJAN		(792,659	)		-		-		(119,357	)		(912,016	)
EAPR		(437,211	)		-		-		(284,255	)		(721,466	)
EJUL		(2,017,813	)		-		-		(955,291	)		(2,973,104	)
EOCT		(2,576	)		-		-		35,021			32,445
NJAN		-			-		-		10,266,983			10,266,983
NAPR		(238,069	)		-		-		2,980,185			2,742,116
NJUL		-			-		-		1,831,201			1,831,201
NOCT		-			-		-		2,050,984			2,050,984
KJAN		-			-		-		11,293,338			11,293,338
KAPR		(135,054	)		-		-		3,173,923			3,038,869
KJUL		-			-		-		980,199			980,199
KOCT		-			-		-		925,958			925,958
DSJA		(31,076	)		-		-		743,906			712,830
DSOC		(5,595,392	)		-		-		425,453			(5,169,939	)
TSJA		(205,245	)		-		-		4,139,528			3,934,283
TSOC		(8,127,919	)		-		-		669,602			(7,458,317	)
DBJA		(267,707	)		-		-		983,940			716,233
DBOC		(14,819,066	)		-		-		571,542			(14,247,524	)
XDAP		(32,349	)		-		-		707,372			675,023
XDJL		(8,145	)		-		-		192,775			184,630
XDOC		(1,098	)		-		-		84,269			83,171
XTAP		(25,914	)		-		-		526,824			500,910
XTJL		(18,095	)		-		-		386,272			368,177
XTOC		(793	)		-		-		57,542			56,749
XBAP		(89,083	)		-		-		630,387			541,304
XBJL		(25,133	)		-		-		307,176			282,043
XBOC		(1,939	)		-		-		87,922			85,983
QTAP		(84,706	)		-		-		(642,001	)		(726,707	)
QTJL		(15,166	)		-		-		433,046			417,880
QTOC		(1,155	)		-		-		119,391			118,236
TBJL		(276,567	)		-		-		(7,432	)		(283,999	)
TFJL		(1,068,357	)		-		-		142,354			(926,003	)
BALT		(223,088	)		-		-		147,596			(75,492	)
XDSQ		(626,194	)		-		-		569,826			(56,368	)
XDQQ		(309,135	)		-		-		810,963			501,828

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Notes to Financial Statements (Continued)

Certain qualified late year ordinary losses incurred after December 31, and within the current taxable year, are deemed to arise on the first business day of the next taxable year. At October 31, 2021, the Funds deferred the following qualified late year ordinary losses:

	Late Year Ordinary Losses
IJAN	$	-
IAPR		107,854
IJUL		163,223
IOCT		4,901
EJAN		792,659
EAPR		135,817
EJUL		197,448
EOCT		2,576
NJAN		-
NAPR		238,069
NJUL		-
NOCT		-
KJAN		-
KAPR		135,054
KJUL		-
KOCT		-
DSJA		31,076
DSOC		126,840
TSJA		205,245
TSOC		134,734
DBJA		85,113
DBOC		246,244
XDAP		32,349
XDJL		8,145
XDOC		1,098
XTAP		25,914
XTJL		18,095
XTOC		793
XBAP		89,083
XBJL		25,133
XBOC		1,939
QTAP		84,706
QTJL		15,166
QTOC		1,155
TBJL		23,607
TFJL		90,592
BALT		24,714
XDSQ		49,539
XDQQ		57,511

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Notes to Financial Statements (Continued)

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

	Indefinite Short-Term		Indefinite Long-Term
IJAN	$	-	$	-
IAPR		143,897		-
IJUL		-		-
IOCT		-		-
EJAN		-		-
EAPR		301,394		-
EJUL		742,828		1,077,537
EOCT		-		-
NJAN		-		-
NAPR		-		-
NJUL		-		-
NOCT		-		-
KJAN		-		-
KAPR		-		-
KJUL		-		-
KOCT		-		-
DSJA		-		-
DSOC		5,468,552		-
TSJA		-		-
TSOC		7,993,185		-
DBJA		182,594		-
DBOC		14,572,822		-
XDAP		-		-
XDJL		-		-
XDOC		-		-
XTAP		-		-
XTJL		-		-
XTOC		-		-
XBAP		-		-
XBJL		-		-
XBOC		-		-
QTAP		-		-
QTJL		-		-
QTOC		-		-
TBJL		252,960		-
TFJL		977,765		-
BALT		198,374		-
XDSQ		576,655		-
XDQQ		251,624		-

To the extent that these loss carryforwards are utilized, capital gains so offset will not be distributed to shareholders. During the current tax year ended October 31, 2021, EJAN, IJAN, and KJAN utilized $407,883, $546,112, and $874,164 of capital loss carryforwards available, respectively. EJUL, IJUL, and KOCT utilized $1,393,162, $2,954,982, and $255,985 of capital loss carryforwards, available, respectively during the current tax year ended October 31, 2021.

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Notes to Financial Statements (Continued)

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

	Distributions paid from:
	Net Ordinary Income		Net Long-Term Capital Gains		Total Distributions Paid
IJAN	$	-	$	-	$	-
IJUL		424,324		232,892		657,216
EJAN		-		-		-
EJUL		174,583		127,619		302,202
NJAN		-		-		-
NAPR		-		-		-
NJUL		-		-		-
NOCT		217,656		93,861		311,517
KJAN		-		-		-
KAPR		-		-		-
KJUL		-		-		-
KOCT		163,716		77,172		240,888
TFJL		-		-		-
TBJL		-		-		-
DSOC		-		-		-
TSOC		-		-		-
DBOC		-		-		-

The Funds did not pay any distributions during the fiscal year or period ended October 31, 2021.

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Notes to Financial Statements (Continued)

7. NEW ACCOUNTING PRONOUNCEMENTS

In October 2020, the SEC adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). Rule 18f-4 will impose limits on the amount of derivatives a Fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, and require funds whose use of derivatives is greater than a limited specified amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. Funds will be required to comply with Rule 18f-4 by August 19, 2022. It is not currently clear what impact, if any, Rule 18f-4 will have on the availability, liquidity or performance of derivatives. Management is currently evaluating the potential impact of Rule 18f-4 on the Fund(s). When fully implemented, Rule 18f-4 may require changes in how a Fund uses derivatives, adversely affect the Fund’s performance and increase costs related to the Fund’s use of derivatives.

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

8. COVID-19

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

9. SUBSEQUENT EVENT

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

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees of Innovator ETFs Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments and options written, of Innovator International Developed Power Buffer ETF - January, Innovator International Developed Power Buffer ETF - April, Innovator International Developed Power Buffer ETF - July, Innovator International Developed Power Buffer ETF - October, Innovator Emerging Markets Power Buffer ETF - January, Innovator Emerging Markets Power Buffer ETF - April, Innovator Emerging Markets Power Buffer ETF - July, Innovator Emerging Markets Power Buffer ETF - October, Innovator Growth-100 Power Buffer ETF - January, Innovator Growth-100 Power Buffer ETF - April, Innovator Growth-100 Power Buffer ETF - July, Innovator Growth-100 Power Buffer ETF - October, Innovator U.S. Small Cap Power Buffer ETF - January, Innovator U.S. Small Cap Power Buffer ETF - April, Innovator U.S. Small Cap Power Buffer ETF - July, Innovator U.S. Small Cap Power Buffer ETF - October, Innovator Double Stacker ETF - January, Innovator Double Stacker ETF - October, Innovator Triple Stacker ETF - January, Innovator Triple Stacker ETF - October, Innovator Double Stacker 9 Buffer ETF - January, Innovator Double Stacker 9 Buffer ETF - October, Innovator U.S. Equity Accelerated ETF - April, Innovator U.S. Equity Accelerated ETF - July, Innovator U.S. Equity Accelerated ETF - October, Innovator U.S. Equity Accelerated Plus ETF - April, Innovator U.S. Equity Accelerated Plus ETF - July, Innovator U.S. Equity Accelerated Plus ETF - October, Innovator U.S. Equity Accelerated 9 Buffer ETF - April, Innovator U.S. Equity Accelerated 9 Buffer ETF - July, Innovator U.S. Equity Accelerated 9 Buffer ETF - October, Innovator Growth Accelerated Plus ETF - April, Innovator Growth Accelerated Plus ETF - July, Innovator Growth Accelerated Plus ETF - October, Innovator 20+ Year Treasury Bond 9 Buffer ETF - July, Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly, Innovator Defined Wealth Shield ETF, Innovator U.S. Equity Accelerated ETF - Quarterly, and Innovator Growth Accelerated ETF -- Quarterly (the “Funds”), each a series of Innovator ETFs Trust, as of October 31, 2021, the related statements of operations, the statements of changes in net assets, the related notes, and the financial highlights for each of the periods indicated below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2021 the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

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Fund Name	Statements of Operations	Statements of Changes in Net Assets	Financial Highlights
Innovator International Developed Power Buffer ETF - July and Innovator Emerging Markets Power Buffer ETF - July	For the year ended October 31, 2021	For the years ended October 31, 2021 and 2020	For the years ended October 31, 2021 and 2020 and for the period from June 28, 2019 (commencement of operations) through October 31, 2019
Innovator Growth-100 Power Buffer ETF - October and Innovator U.S. Small Cap Power Buffer ETF - October	For the year ended October 31, 2021	For the years ended October 31, 2021 and 2020	For the years ended October 31, 2021 and 2020 and for the period from September 30, 2019 (commencement of operations) through October 31, 2019
Innovator Growth-100 Power Buffer ETF - January, Innovator U.S. Small Cap Power Buffer ETF - January, Innovator International Developed Power Buffer ETF - January, and Innovator Emerging Markets Power Buffer ETF - January	For the year ended October 31, 2021	For the year ended October 31, 2021 and for the period from December 31, 2019 (commencement of operations) through October 31, 2020
Innovator Growth-100 Power Buffer ETF - April and Innovator U.S. Small Cap Power Buffer ETF - April	For the year ended October 31, 2021	For the year ended October 31, 2021 and for the period from March 31, 2020 (commencement of operations) through October 31, 2020
Innovator Growth-100 Power Buffer ETF - July and Innovator U.S. Small Cap Power Buffer ETF - July	For the year ended October 31, 2021	For the year ended October 31, 2021 and for the period from June 30, 2020 (commencement of operations) through October 31, 2020

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INNOVATOR ETFs TRUST

Innovator 20+ Year Treasury Bond 9 Buffer ETF - July and Innovator 20+ Year Treasury Bond 5 Floor ETF	For the year ended October 31, 2021	For the year ended October 31, 2021 and for the period from August 17, 2020 (commencement of operations) through October 31, 2020
Innovator Double Stacker ETF - October, Innovator Triple Stacker ETF - October, and Innovator Double Stacker 9 Buffer ETF - October	For the year ended October 31, 2021	For the year ended October 31, 2021 and for the period from September 30, 2020 (commencement of operations) through October 31, 2020
Innovator Double Stacker ETF - January, Innovator Triple Stacker ETF - January, and Innovator Double Stacker 9 Buffer ETF – January	For the period from December 31, 2020 (commencement of operations) through October 31, 2021
Innovator International Developed Power Buffer ETF - April, Innovator Emerging Markets Power Buffer ETF - April, Innovator U.S. Equity Accelerated ETF - April, Innovator U.S. Equity Accelerated Plus ETF - April, Innovator U.S. Equity Accelerated 9 Buffer ETF - April, Innovator Growth Accelerated Plus ETF - April, Innovator U.S. Equity Accelerated ETF - Quarterly, and Innovator Growth Accelerated ETF - Quarterly	For the period from March 31, 2021 (commencement of operations) through October 31, 2021
Innovator U.S. Equity Accelerated ETF - July, Innovator U.S. Equity Accelerated Plus ETF - July, Innovator U.S. Equity Accelerated 9 Buffer ETF - July, Innovator Growth Accelerated Plus ETF - July, and Innovator Defined Wealth Shield ETF	For the period from June 30, 2021 (commencement of operations) through October 31, 2021
Innovator International Developed Power Buffer ETF - October, Innovator Emerging Markets Power Buffer ETF - October, Innovator U.S. Equity Accelerated ETF - October, Innovator U.S. Equity Accelerated Plus ETF - October, Innovator U.S. Equity Accelerated 9 Buffer ETF - October, and Innovator Growth Accelerated Plus ETF - October	For the period from September 30, 2021 (commencement of operations) through October 31, 2021

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Basis for Opinion

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

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

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

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

COHEN & COMPANY, LTD.

Cleveland, Ohio

December 27, 2021

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Trustees and Officers (Unaudited)

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

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Trustees and Officers (Unaudited) (Continued)

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

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

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

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

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Board Considerations Regarding Approval of Investment Management Agreement (Unaudited)

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

Innovator International Developed Power Buffer ETF - January, April, July, October

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

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

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

At a quarterly Board meeting held on June 16, 2021, the Trust’s Board considered approval of the Advisory Agreement with Innovator Capital Management, LLC (the “Adviser”), on behalf of the Innovator International Developed Power Buffer ETF – January, April, July, October, Innovator Emerging Markets Power Buffer ETF – January, April, July, October, Innovator Growth-100 Power Buffer ETF – January, April, July, October and Innovator U.S. Small Cap Power Buffer ETF – January, April, July, October ETFs (the “Funds”), and the Sub–Advisory Agreement among the Trust, on behalf of the Funds, the Adviser and Milliman Financial Risk Management LLC (“Milliman” or the “Sub–Adviser”), for an additional year term. The Board determined that the agreements were in the best interests of the Funds in light of the extent and quality of the services provided and such other matters as the Board considered to be relevant in the exercise of its reasonable business judgment.

experience); the unitary fee rate payable by each Fund as compared to fees charged to peer groups of the Funds and as compared to fees charged to other clients of the Adviser and the Sub–Adviser, including other ETFs managed by the Adviser and the Sub–Adviser; the expenses of the Funds as compared to expense ratios of the funds in the respective Fund’s peer group; the nature of the expenses incurred in providing services to the Funds and the potential for economies of scale, if any; financial data on the Adviser and the Sub–Adviser; any fall–out benefits accruing to the Adviser or the Sub–Adviser; and information on the Adviser’s and the Sub–Adviser’s compliance programs. The Independent Trustees also met separately with their Independent Counsel to discuss the information provided by the Adviser and the Sub–Adviser. The Board applied its business judgment to determine whether the arrangements between the Trust and the Adviser and among the Trust, the Adviser and the Sub–Adviser are reasonable business arrangements from each Fund’s perspective as well as from the perspective of each Fund’s shareholders.

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Board Considerations Regarding Approval of Investment Management Agreement (Unaudited)

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

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

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

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

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Board Considerations Regarding Approval of Investment Management Agreement (Unaudited)

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

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

The Board reviewed profitability information in connection with the Funds.

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

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

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Board Considerations Regarding Approval of Investment Management Agreement (Unaudited)

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

Innovator U.S. Equity Accelerated ETF – July, October

Innovator U.S. Equity Accelerated Plus ETF – July, October

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

At a quarterly Board meeting held on December 16, 2020, the Trust’s Board considered approval of the Advisory Agreement with Innovator Capital Management, LLC (the “Adviser”), on behalf of the Innovator U.S. Equity Accelerated ETF - July, October, Innovator U.S. Equity Accelerated Plus ETF – July, October and Innovator U.S. Equity Accelerated 9 Buffer ETF – July, October (the “Funds”), and the Sub-Advisory Agreement among the Trust, on behalf of the Funds, the Adviser and Milliman Financial Risk Management LLC (“Milliman” or the “Sub- Adviser”), for an initial two-year term. The Board determined that the agreements were in the best interests of the Funds in light of the extent and quality of the services expected to be provided and such other matters as the Board considered to be relevant in the exercise of its reasonable business judgment.

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

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Board Considerations Regarding Approval of Investment Management Agreement (Unaudited)

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

Since the Funds had yet to commence investment operations, the Board could not consider the historical investment performance of the Funds.

The Board considered the proposed unitary fee rate payable by each Fund under the investment management agreement for the services to be provided. The Board noted that, under the unitary fee arrangement, each Fund would pay the Adviser a unitary fee equal to an annual rate of 0.79% of its average daily net assets. The Board considered that, from the unitary fee for each of the Funds, the Adviser would pay Milliman an annual sub-advisory fee equal to 0.12% on each Fund’s assets under management.

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Board Considerations Regarding Approval of Investment Management Agreement (Unaudited)

The Board noted that the Adviser would be responsible for the Funds’ expenses, including the cost of transfer agency, custody, fund administration, legal, audit and other services and license fees (if any), but excluding the fee payment under the investment management agreement, interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, and extraordinary expenses. The Board received and reviewed information for the Funds showing the advisory fee rates and expense ratios of the funds comprising of each Fund’s peer group, as well as advisory fee rates charged by the Adviser and Milliman to other funds (including ETFs) and non-fund clients, as applicable. In light of the information considered and the nature, extent and quality of the services expected to be provided to the Funds under the agreements, the Board determined that the proposed unitary fee for each of the Funds, including the fee rate to be paid by the Adviser to Milliman from the unitary fee, was fair.

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

Because the Funds have not yet commenced operations and the actual asset base of the Funds have not yet been determined, the Board noted that there was no historical profitability information with respect to the Funds to be reviewed. The Board noted that it would review profitability information in connection with subsequent renewals of the agreements.

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

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INNOVATOR ETFs TRUST

Board Considerations Regarding Approval of Investment Management Agreement (Unaudited)

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

Innovator Growth Accelerated Plus ETFs - July & October

At a quarterly Board meeting held on March 18, 2021, the Trust’s Board considered approval of the Advisory Agreement with Innovator Capital Management, LLC (the “Adviser”), on behalf of the Innovator Growth Accelerated Plus ETFs – July & October (the “Funds”), and the Sub-Advisory Agreement among the Trust, on behalf of the Funds, the Adviser and Milliman Financial Risk Management LLC (the “Sub- Adviser”), for an initial two-year term. The Board determined that the agreements were in the best interests of the Funds in light of the extent and quality of the services expected to be provided and such other matters as the Board considered to be relevant in the exercise of its reasonable business judgment.

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INNOVATOR ETFs TRUST

Board Considerations Regarding Approval of Investment Management Agreement (Unaudited)

Since the Funds had yet to commence investment operations, the Board could not consider the historical investment performance of the Funds.

315

INNOVATOR ETFs TRUST

Board Considerations Regarding Approval of Investment Management Agreement (Unaudited)

316

INNOVATOR ETFs TRUST

Board Considerations Regarding Approval of Investment Management Agreement (Unaudited)

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

Innovator Defined Wealth Shield ETF

At a quarterly Board meeting held on June 16, 2021, the Trust’s Board considered approval of the Advisory Agreement with Innovator Capital Management, LLC (the “Adviser”), on behalf of the Innovator Defined Wealth Shield ETF (the “Fund”), and the Sub-Advisory Agreement among the Trust, on behalf of the Fund, the Adviser and Milliman Financial Risk Management LLC (the “Sub- Adviser”), for an initial two-year term. The Board determined that the agreements were in the best interests of the Fund in light of the extent and quality of the services expected to be provided and such other matters as the Board considered to be relevant in the exercise of its reasonable business judgment.

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

317

INNOVATOR ETFs TRUST

Board Considerations Regarding Approval of Investment Management Agreement (Unaudited)

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

Since the Fund had yet to commence investment operations, the Board could not consider the historical investment performance of the Fund.

The Board considered the proposed unitary fee rate payable by the Fund under the investment management agreement for the services to be provided. The Board noted that, under the unitary fee arrangement the Fund would pay the Adviser a unitary fee equal to an annual rate of 0.69% of its average daily net assets. The Board considered that, from the unitary fee for the Fund, the Adviser would pay Milliman an annual sub-advisory fee equal to 0.12% on the Fund assets under management.

The Board noted that the Adviser would be responsible for the Fund’s expenses, including the cost of transfer agency, custody, fund administration, legal, audit and other services and license fees (if any), but excluding the fee payment under the investment management agreement, interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, and extraordinary expenses. The Board received and reviewed information for the Fund showing the advisory fee rates and expense ratios of the funds comprising of the Fund’s peer group, as well as advisory fee rates charged by the Adviser and Milliman to other funds (including ETFs) and non-fund clients, as applicable. In light of the information considered and the nature, extent and quality of the services expected to be provided to the Fund under the agreements, the Board determined that the proposed unitary fee for the Funds, including the fee rate to be paid by the Adviser to Milliman from the unitary fee, was fair.

318

INNOVATOR ETFs TRUST

Board Considerations Regarding Approval of Investment Management Agreement (Unaudited)

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

Because the Fund has not yet commenced operations and the actual asset base of the Fund has not yet been determined, the Board noted that there was no historical profitability information with respect to the Fund to be reviewed. The Board noted that it would review profitability information in connection with subsequent renewals of the agreements.

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

319

INNOVATOR ETFs TRUST

Additional Information (Unaudited)

1. INFORMATION ABOUT PROSPECTUS

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

2. PROXY VOTING POLICIES AND PROCEDURES

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

3. INFORMATION ABOUT PORTFOLIO SECURITIES

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

4. HOUSEHOLD DELIVERY OF SHAREHOLDER DOCUMENTS

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

5. ELECTRONIC DELIVERY OF SHAREHOLDER DOCUMENTS

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

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INNOVATOR ETFs TRUST

Additional Information (Unaudited) (Continued)

6. TAX NOTICE

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

For the taxable year ended October 31, 2021, 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, 2021, 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 27, 2021, the Trustees received a written report from the Committee regarding the design and operational effectiveness of the Program which has been in operation since September 2019. The Committee determined, and reported to the Board, that the Program is reasonably designed to assess and manage the Funds’ liquidity risk and has operated adequately and effectively to manage the Funds’ liquidity risk since implementation. The Committee reported that during the period covered by the report, there were no liquidity events that impacted the Funds or their ability to timely meet redemptions without dilution to existing shareholders. The Committee also noted no Fund has filed a Form N-LIQUID with the SEC.

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INNOVATOR ETFs TRUST

Additional Information (Unaudited) (Continued)

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

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

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INVESTMENT ADVISOR

Innovator Capital Management, LLC

109 North Hale Street

Wheaton, IL 60187

INVESTMENT SUB-ADVISOR

Milliman Financial Risk Management LLC

71 S. 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

Portland, ME 04101

CUSTODIAN

U.S. Bank, N.A.

1555 North RiverCenter Drive, Suite 302

Milwaukee, WI 53212

LEGAL COUNSEL

Chapman and Cutler LLP

111 West Monroe Street

Chicago, IL 60603

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Cohen & Company, Ltd.

1350 Euclid Ave., Suite 800

Cleveland, OH 44115