inetfs20221224

TABLE OF CONTENTS

Letter to Shareholders	3
Fund Performance	5
Expense Example	25
Schedules of Investments	27
Statements of Assets and Liabilities	55
Statements of Operations	58
Statements of Changes in Net Assets	62
Financial Highlights	70
Notes to Financial Statements	78
Report of Independent Registered Public Accounting Firm	100
Trustees and Officers	103
Board Considerations Regarding Approval of Investment Management Agreement	105
Additional Information	112

INNOVATOR ETFs TRUST

Letter to Shareholders (Unaudited)

Dear Valued Shareholders,

During the year ended October 31, 2022, the U.S. equity market continued its pull-back on the heels of the swiftest interest rate hike in U.S. history. For more than a decade, we witnessed the Federal Reserve institute Quantitative Easing in an effort to spur economic growth and keep interest rates artificially low; and for the most part it worked. However, as the country emerged from the COVID-19 lockdowns and restrictions, there were a few key factors that we believe have contributed to a slowdown and to the elevated market volatility:

Record high inflation resulting both from supply chain disruptions and money supply growth

A sharp and swift reversal in Fed policy, from highly accommodative to increasingly restrictive

A process of revaluing future corporate earnings in light of the new interest rate regime

Yet, while it’s important to identify short-term risks facing the economy, we believe that higher interest rates may ultimately lead to higher stock prices over time, as the increased prices of goods and services make their way through to the stock prices of the underlying companies. To that end, we think it’s important to maintain a diversified approach to investing that includes tools that both focus on growth, as well as those that seek to defend against market loss.

At Innovator, we are rooted in the development of risk-managed, growth, and income-oriented ETF solutions. Today, I’m happy to announce that more advisors are using Innovator ETFs than ever before. 2022 was a year of tremendous growth for the firm, with our flagship line of Defined Outcome ETFs™ garnering more than $5b in net flows, nearly doubling Innovator’s assets under management since this time last year.

On behalf of the team at Innovator, thank you for your confidence in us and in the products we offer. May the Lord grant all of us wisdom and peace in the months ahead.

Bruce Bond

Chief Executive Officer

INNOVATOR ETFs TRUST

Letter to Shareholders (Unaudited) (Continued)

The views in this report were those of the Fund’s CEO as of October 31, 2022 and may not reflect his views on the date that this report is first published or anytime thereafter. These views are intended to assist shareholders in understanding their investments and do not constitute investment advice.

INNOVATOR IBD® 50 ETF

Fund Performance

October 31, 2022 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator IBD® 50 ETF from its inception (April 8, 2015) to October 31, 2022 as compared with the S&P 500® Index.

	Average Annual Total Returns As of October 31, 2022
	1 Year			3 Years			5 Years			Since Inception ^(a)
Innovator IBD® 50 ETF
NAV Return		-47.90	%		-7.54	%		-4.66	%		0.66	%
Market Return		-47.83	%		-7.48	%		-4.65	%		0.68	%
S&P 500® Index		-14.61	%		10.22	%		10.44	%		10.61	%
IBD® 50 Index ^(b)		-47.28	%		-6.89	%		N/A			-4.59	%^(c)

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

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the gross and net expense ratios of the Fund were 0.93% and 0.80%, respectively. For the most recent performance, please visit the Fund’s website at innovatoretfs.com.

INNOVATOR IBD® 50 ETF

Fund Performance

October 31, 2022 (Unaudited) (Continued)

The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Total return calculations reflect the effect of the Advisor’s expense limitation agreement for the Fund. Returns shown for the Fund, S&P 500® Index and IBD® 50 Index include the reinvestment of all dividends, if any.

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

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

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR IBD® BREAKOUT OPPORTUNITIES ETF

Fund Performance

October 31, 2022 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator IBD® Breakout Opportunities ETF from its inception (September 12, 2018) to October 31, 2022 as compared with the S&P 500® Index and IBD®Breakout Stocks Index.

	Average Annual Total Returns As of October 31, 2022
	1 Year			3 Years			Since Inception ^(a)
Innovator IBD® Breakout Opportunities ETF
NAV Return		-15.98	%		16.42	%		5.13	%
Market Return		-15.33	%		16.78	%		5.35	%
S&P 500® Index		-14.61	%		10.22	%		9.21	%
IBD® Breakout Stocks Index		-14.93	%		18.09	%		6.52	%

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

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

INNOVATOR IBD® BREAKOUT OPPORTUNITIES ETF

Fund Performance

October 31, 2022 (Unaudited) (Continued)

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

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

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR LOUP FRONTIER TECH ETF

Fund Performance

October 31, 2022 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Loup Frontier Tech ETF from its inception (July 24, 2018) to October 31, 2022 as compared with the Dow Jones Global Index and Loup Frontier Tech Index.

	Average Annual Total Returns As of October 31, 2022
	1 Year			3 Years			Since Inception ^(a)
Innovator Loup Frontier Tech ETF
NAV Return		-47.60	%		7.40	%		3.83	%
Market Return		-47.90	%		7.31	%		3.73	%
Dow Jones Global Index		-20.32	%		4.69	%		4.54	%
Loup Frontier Tech Index		-47.26	%		8.23	%		4.51	%

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

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

INNOVATOR LOUP FRONTIER TECH ETF

Fund Performance

October 31, 2022 (Unaudited) (Continued)

The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund, Dow Jones Global Index and Loup Frontier Tech Index include the reinvestment of all dividends, if any.

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

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR S&P INVESTMENT GRADE PREFERRED ETF

Fund Performance

October 31, 2022 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator S&P Investment Grade Preferred ETF from its inception (May 23, 2016) to October 31, 2022 as compared with the S&P U.S. High Quality Preferred Stock Index and the S&P U.S. Preferred Stock Index.

	Average Annual Total Returns As of October 31, 2022
	1 Year			3 Years			5 Years			Since Inception ^(a)
Innovator S&P Investment Grade Preferred ETF
NAV Return		-22.27	%		-4.71	%		-0.72	%		-0.03	%
Market Return		-22.30	%		-4.84	%		-0.72	%		-0.10	%
S&P U.S. High Quality Preferred Stock Index		-22.07	%		-4.37	%		-0.32	%		0.44	%
S&P U.S. Preferred Stock Index		-19.61	%		-2.08	%		0.93	%		1.80	%

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

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

INNOVATOR S&P INVESTMENT GRADE PREFERRED ETF

Fund Performance

October 31, 2022 (Unaudited) (Continued)

The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund, S&P U.S. High Quality Preferred Stock Index and S&P U.S. Preferred Stock Index include the reinvestment of all dividends, if any.

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

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

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR LADDERED ALLOCATION POWER BUFFER ETF

Fund Performance

October 31, 2022 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Laddered Allocation Power Buffer ETF from its inception (October 19, 2016) to October 31, 2022 as compared with the S&P 500® Index.

	Average Annual Total Returns As of October 31, 2022
	1 Year			3 Years			5 Years			Since Inception ^(a)
Innovator Laddered Allocation Power Buffer ETF
NAV Return		-4.11	%		-1.57	%		2.71	%		6.34	%
Market Return		-4.18	%		-1.49	%		2.73	%		6.37	%
S&P 500®Index		-14.61	%		10.22	%		10.44	%		12.31	%
Refinitiv Laddered Power Buffer Strategy Index ^(b)		-4.05	%		N/A			N/A			3.60	%^(c)

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

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the gross and net expense ratios of the Fund were 0.99% and 0.89%, respectively. This expense ratio includes acquired fund fees and expenses of 0.79%. For the most recent performance, please visit the Fund’s website at innovatoretfs.com.

INNOVATOR LADDERED ALLOCATION POWER BUFFER ETF

Fund Performance

October 31, 2022 (Unaudited) (Continued)

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

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

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR LADDERED ALLOCATION BUFFER ETF

Fund Performance

October 31, 2022 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Laddered Allocation Buffer ETF from its inception (February 8, 2022) to October 31, 2022 as compared with the S&P 500® Index.

	Total Returns As of October 31, 2022
	Since Inception ^(a)
Innovator Laddered Allocation Buffer ETF
NAV Return		-7.72	%
Market Return		-7.67	%
S&P 500®Index		-13.35	%
MerQube U.S. Large Cap Equity Buffer Laddered Index		-7.66	%

^(a)	Inception date is February 8, 2022.

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the gross and net expense ratios of the Fund were 0.99% and 0.89%, respectively. This expense ratio includes acquired fund fees and expenses of 0.79%. For the most recent performance, please visit the Fund’s website at innovatoretfs.com.

INNOVATOR LADDERED ALLOCATION BUFFER ETF

Fund Performance

October 31, 2022 (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, MerQube U.S. Large Cap Equity Buffer Laddered Index and S&P 500® Index include the reinvestment of all dividends, if any.

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

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR BUFFER STEP-UP STRATEGY ETF

Fund Performance

October 31, 2022 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Buffer Step-Up Strategy ETF from its inception (March 7, 2022) to October 31, 2022 as compared with the S&P 500® Index - Price Return and Total Return.

	Total Returns As of October 31, 2022
	Since Inception ^(a)
Innovator Buffer Step-Up Strategy ETF
NAV Return		-5.64	%
Market Return		-5.52	%
S&P 500® Index - Price Return		-7.83	%
S&P 500® Index - Total Return		-6.88	%

^(a)	Inception date is March 7, 2022.

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 BUFFER STEP-UP STRATEGY ETF

Fund Performance

October 31, 2022 (Unaudited) (Continued)

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

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR POWER BUFFER STEP-UP STRATEGY ETF

Fund Performance

October 31, 2022 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Power Buffer Step-Up Strategy ETF from its inception (March 7, 2022) to October 31, 2022 as compared with the S&P 500® Index - Price Return and Total Return.

	Total Returns As of October 31, 2022
	Since Inception ^(a)
Innovator Power Buffer Step-Up Strategy ETF
NAV Return		-4.08	%
Market Return		-4.08	%
S&P 500® Index - Price Return		-7.83	%
S&P 500® Index - Total Return		-6.88	%

^(a)	Inception date is March 7, 2022.

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 POWER BUFFER STEP-UP STRATEGY ETF

Fund Performance

October 31, 2022 (Unaudited) (Continued)

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/PSTP.

INNOVATOR HEDGED TSLA STRATEGY ETF

Fund Performance

October 31, 2022 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Hedged TSLA Strategy ETF from its inception (July 25, 2022) to October 31, 2022 as compared with Tesla, Inc. and the NASDAQ-100 Index - Price Return and Total Return.

	Total Returns As of October 31, 2022
	Since Inception ^(a)
Innovator Hedged TSLA Strategy ETF
NAV Return		-5.88	%
Market Return		-5.48	%
Tesla, Inc.		-15.23	%
NASDAQ-100 Index - Price Return		-7.49	%
NASDAQ-100 Index - Total Return		-7.27	%

^(a)	Inception date is July 25, 2022.

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 HEDGED TSLA STRATEGY ETF

Fund Performance

October 31, 2022 (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, Tesla Inc. 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/TSLH.

INNOVATOR UNCAPPED ACCELERATED U.S. EQUITY ETF

Fund Performance

October 31, 2022 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Uncapped Accelerated U.S. Equity ETF from its inception (August 10, 2022) to October 31, 2022 as compared with the S&P 500® Index - Price Return and Total Return.

	Total Returns As of October 31, 2022
	Since Inception ^(a)
Innovator Uncapped Accelerated U.S. Equity ETF
NAV Return		-8.79	%
Market Return		-8.63	%
S&P 500® Index - Price Return		-8.03	%
S&P 500® Index - Total Return		-7.68	%

^(a)	Inception date is August 10, 2022.

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 UNCAPPED ACCELERATED U.S. EQUITY ETF

Fund Performance

October 31, 2022 (Unaudited) (Continued)

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/XUSP.

INNOVATOR ETFs TRUST

Expense Example

For the Period Ended October 31, 2022 (Unaudited)

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire respective period to October 31, 2022 for each Fund.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

INNOVATOR ETFs TRUST

Expense Example

For the Period Ended October 31, 2022 (Unaudited) (Continued)

					Expenses Paid			Annualized Expense
	Beginning Account		Ending Account		During the			Ratio for the
	Value		Value		Period			Period
Innovator IBD 50® ETF (NAV)									0.80	%
Actual	$	1,000.00	$	806.00	$	3.64	(a)
Hypothetical		1,000.00		1,021.17		4.08	(a)
Innovator IBD® Breakout Opportunities ETF (NAV)									0.80	%
Actual		1,000.00		880.50		3.79	(a)
Hypothetical		1,000.00		1,021.17		4.08	(a)
Innovator Loup Frontier Tech ETF (NAV)									0.70	%
Actual		1,000.00		782.70		3.15	(a)
Hypothetical		1,000.00		1,021.68		3.57	(a)
Innovator S&P Investment Grade Preferred ETF (NAV)									0.47	%
Actual		1,000.00		918.10		2.27	(a)
Hypothetical		1,000.00		1,022.84		2.40	(a)
Innovator Laddered Allocation Power Buffer ETF (NAV)									0.10	%
Actual		1,000.00		997.80		0.50	(a)
Hypothetical		1,000.00		1,024.70		0.51	(a)
Innovator Laddered Allocation Buffer ETF (NAV)									0.10	%
Actual		1,000.00		979.00		0.50	(a)
Hypothetical		1,000.00		1,024.70		0.51	(a)
Innovator Buffer Step-Up Strategy ETF (NAV)									0.89	%
Actual		1,000.00		958.30		4.39	(a)
Hypothetical		1,000.00		1,020.72		4.53	(a)
Innovator Power Buffer Step-Up Strategy ETF (NAV)									0.89	%
Actual		1,000.00		971.90		4.42	(a)
Hypothetical		1,000.00		1,020.72		4.53	(a)
Innovator Hedged TSLA Strategy ETF (NAV)									0.79	%
Actual		1,000.00		941.20		2.06	(b)
Hypothetical		1,000.00		1,021.22		4.02	(d)
Innovator Uncapped Accelerated U.S. Equity ETF (NAV)									0.79	%
Actual		1,000.00		912.10		1.70	(c)
Hypothetical		1,000.00		1,021.22		4.02	(d)

^(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 98/365 (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 82/365 (to reflect the period since the Fund’s inception).
^(d)	For comparative purposes only as the Fund was not in operation for the full six month period.

INNOVATOR IBD® 50 ETF

Schedule of Investments

October 31, 2022

	Shares		Value
COMMON STOCKS - 99.22%
Agriculture - 0.50%
Darling Ingredients, Inc. ^(a)		6,490	$	509,335

Biotechnology - 2.95%
Sarepta Therapeutics, Inc. ^(a)(b)		26,417		3,012,066

Chemicals - 4.93%
CF Industries Holdings, Inc.		33,448		3,554,184
Mosaic Co.		9,436		507,185
Sociedad Quimica y Minera de Chile SA - ADR		10,341		968,745
				5,030,114
Commercial Services - 6.61%
AMN Healthcare Services, Inc. ^(a)		25,161		3,157,705
Cross Country Healthcare, Inc. ^(a)(b)		96,896		3,593,873
				6,751,578
Computers - 4.70%
Pure Storage, Inc. - Class A ^(a)		34,355		1,060,195
Super Micro Computer, Inc. ^(a)		53,665		3,734,547
				4,794,742
Distribution & Wholesale - 1.56%
WESCO International, Inc. ^(a)		7,512		1,034,928
WW Grainger, Inc.		947		553,380
				1,588,308
Diversified Financial Services - 1.01%
Interactive Brokers Group, Inc. - Class A		12,889		1,033,053

Energy - Alternate Sources - 3.63%
Enphase Energy, Inc. ^(a)		12,071		3,705,797

Healthcare - Products - 3.41%
Shockwave Medical, Inc. ^(a)		11,870		3,479,691

Healthcare - Services - 3.96%
Medpace Holdings, Inc. ^(a)		15,906		3,530,814
UnitedHealth Group, Inc. ^(b)		926		514,069
				4,044,883
Insurance - 0.50%
Corebridge Financial, Inc.		22,390		507,581

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

INNOVATOR IBD® 50 ETF

Schedule of Investments

October 31, 2022 (Continued)

	Shares		Value
Machinery - Diversified - 1.00%
Deere & Co. ^(b)		2,573		1,018,445

Metal Fabricate & Hardware - 0.52%
The Timken Co.		7,406		527,974

Oil & Gas - 37.78%^(c)
Canadian Natural Resources Ltd.		16,740		1,003,396
Cenovus Energy, Inc.		100,762		2,035,392
Civitas Resources, Inc. ^(b)		43,153		3,016,826
ConocoPhillips ^(b)		15,906		2,005,588
Coterra Energy, Inc. ^(b)		99,764		3,105,653
CVR Energy, Inc.		49,980		1,952,219
Delek US Holdings, Inc.		68,946		2,044,938
Devon Energy Corp. ^(b)		13,086		1,012,202
Diamondback Energy, Inc.		19,435		3,053,433
Earthstone Energy, Inc. - Class A ^(a)		218,558		3,531,897
Hess Corp.		3,537		499,000
Matador Resources Co. ^(b)		51,704		3,435,731
Pioneer Natural Resources Co. ^(b)		11,374		2,916,407
Ranger Oil Corp. - Class A		71,866		2,939,319
SM Energy Co. ^(b)		22,380		1,006,652
Talos Energy, Inc. ^(a)(b)		141,048		3,001,502
Valero Energy Corp.		15,885		1,994,362
				38,554,517
Oil & Gas Services - 0.51%
Liberty Energy, Inc. ^(a)		30,541		516,448

Packaging & Containers - 3.42%
Graphic Packaging Holding Co.		85,962		1,973,687
Silgan Holdings, Inc.		21,560		1,021,082
Sonoco Products Co.		8,036		498,875
				3,493,644
Pharmaceuticals - 3.95%
AdaptHealth Corp. ^(a)(b)		87,532		1,995,730
Harmony Biosciences Holdings, Inc. ^(a)(b)		39,138		2,035,176
				4,030,906
Pipelines - 3.44%
New Fortress Energy, Inc.		63,686		3,507,188

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

INNOVATOR IBD® 50 ETF

Schedule of Investments

October 31, 2022 (Continued)

	Shares		Value
Retail - 5.23%
Murphy USA, Inc. ^(b)		10,452		3,287,259
Wingstop, Inc.		12,950		2,051,151
				5,338,410
Semiconductors - 0.90%
ON Semiconductor Corp. ^(a)		14,860		912,850

Software - 2.41%
Box, Inc. - Class A ^(a)		17,748		515,579
DoubleVerify Holdings, Inc. ^(a)(b)		66,443		1,942,129
				2,457,708
Telecommunications - 3.50%
Clearfield, Inc. ^(a)		29,397		3,570,854

Transportation - 2.80%
FLEX LNG Ltd.		91,399		2,856,219
TOTAL COMMON STOCKS (Cost $95,763,397)				101,242,311

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 24.93%	Units
Mount Vernon Liquid Assets Portfolio, LLC, 3.24% ^(d)		25,438,971		25,438,971
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $25,438,971)				25,438,971

SHORT TERM INVESTMENTS - 0.26%
Money Market Deposit Account - 0.26%	Principal Amount		Value
U.S. Bank Money Market Deposit Account, 2.750% ^(e)	$	269,608		269,608
TOTAL SHORT TERM INVESTMENTS (Cost $269,608)				269,608

Total Investments (Cost $121,471,976) - 124.41%				126,950,890
Liabilities in Excess of Other Assets - (24.41)%				(24,907,774	)
TOTAL NET ASSETS - 100.00%			$	102,043,116

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

INNOVATOR IBD® 50 ETF

Schedule of Investments

October 31, 2022 (Continued)

Asset Type	% of Net Assets
Common Stocks		99.22	%
Investments Purchased with Proceeds From Securities Lending		24.93
Short Term Investments		0.26
Total Investments		124.41
Liabilities in Excess of Other Assets		(24.41	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

(a)	Non-income producing security.

(b)	All or a portion of this security is on loan as of October 31, 2022. The total value of securities on loan is $24,206,208, or 23.72% of net assets. See Note 6.

(c)	To the extent that the Index concentrates in the securities of issuers in a particular industry or sector, the Fund will also concentrate its investments to approximately the same extent.

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

(e)	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, 2022.

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

INNOVATOR IBD® BREAKOUT OPPORTUNITIES ETF

Schedule of Investments

October 31, 2022

	Shares		Value
COMMON STOCKS - 96.24%
Auto Manufacturers - 3.98%
Cummins, Inc. ^(a)		1,962	$	479,729
PACCAR, Inc.		720		69,717
				549,446
Banks - 6.20%
Eastern Bankshares, Inc.		6,300		120,771
ICICI Bank Ltd. - ADR		20,754		457,418
United Community Banks, Inc. ^(a)		7,218		277,893
				856,082
Beverages - 2.97%
PepsiCo, Inc.		2,259		410,189

Biotechnology - 8.47%
Amgen, Inc. ^(a)		1,557		420,935
Biogen, Inc. ^(a)(b)		1,710		484,683
Sarepta Therapeutics, Inc. ^(a)(b)		2,313		263,728
				1,169,346
Commercial Services - 1.69%
CBIZ, Inc. ^(b)		2,799		138,942
Stride, Inc. ^(a)(b)		2,808		94,096
				233,038
Cosmetics & Personal Care - 2.95%
elf Beauty, Inc. ^(b)		9,414		407,250

Electric - 3.47%
NRG Energy, Inc. ^(a)		10,782		478,721

Electronics - 0.48%
Sanmina Corp. ^(b)		1,179		66,083

Engineering & Construction - 1.09%
Comfort Systems USA, Inc.		1,224		150,895

Food - 8.99%
Hershey Co.		1,143		272,914
J M Smucker Co. ^(a)		3,204		482,714
Kellogg Co. ^(a)		6,318		485,349
				1,240,977

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

INNOVATOR IBD® BREAKOUT OPPORTUNITIES ETF

Schedule of Investments

October 31, 2022 (Continued)

	Shares		Value
Healthcare - Services - 3.94%
The Ensign Group, Inc.		3,051		273,919
UnitedHealth Group, Inc. ^(a)		486		269,803
				543,722
Insurance - 14.96%
Arch Capital Group Ltd. ^(b)		8,118		466,785
Kinsale Capital Group, Inc.		468		147,500
Old Republic International Corp. ^(a)		19,962		463,318
Principal Financial Group, Inc.		5,787		510,008
The Travelers Companies, Inc.		2,592		478,120
				2,065,731
Internet - 3.33%
Netflix, Inc. ^(a)(b)		1,575		459,711

Iron & Steel - 4.36%
Commercial Metals Co. ^(a)		2,979		135,544
Reliance Steel & Aluminum Co.		351		70,719
Steel Dynamics, Inc. ^(a)		4,212		396,139
				602,402
Machinery - Diversified - 2.11%
Applied Industrial Technologies, Inc. ^(a)		2,340		291,049

Oil & Gas - 4.37%
Chevron Corp. ^(a)		747		135,132
ConocoPhillips		522		65,819
Phillips 66		648		67,580
Sitio Royalties Corp.		4,716		133,746
TotalEnergies SE - ADR		2,502		137,035
Valero Energy Corp.		504		63,277
				602,589
Oil & Gas Services - 1.01%
ProFrac Holding Corp. - Class A ^(b)		6,381		139,808

Packaging & Containers - 0.47%
Sonoco Products Co.		1,053		65,370

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

INNOVATOR IBD® BREAKOUT OPPORTUNITIES ETF

Schedule of Investments

October 31, 2022 (Continued)

	Shares		Value
Pharmaceuticals - 7.94%
Cardinal Health, Inc.		5,364		407,128
McKesson Corp.		1,062		413,511
Merck & Co., Inc.		2,727		275,972
				1,096,611
Retail - 7.26%
AutoZone, Inc. ^(b)		171		433,123
Casey's General Stores, Inc.		1,215		282,743
Genuine Parts Co.		1,611		286,532
				1,002,398
Savings & Loans - 0.50%
Washington Federal, Inc.		1,773		68,615

Semiconductors - 2.80%
Aehr Test Systems ^(a)(b)		18,810		386,922

Software - 2.90%
Verra Mobility Corp. ^(b)		23,418		399,745
TOTAL COMMON STOCKS (Cost $12,568,115)				13,286,700

MASTER LIMITED PARTNERSHIPS - 2.87%
Oil & Gas - 0.48%
Kimbell Royalty Partners L.P.		3,501		66,659
Pipelines - 2.39%
MPLX L.P.		7,839		262,920
Western Midstream Partners L.P.		2,331		66,923
				329,843
TOTAL MASTER LIMITED PARTNERSHIPS (Cost $386,330)				396,502

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 30.08%	Units
Mount Vernon Liquid Assets Portfolio, LLC, 3.24% ^(c)		4,152,384		4,152,384
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $4,152,384)				4,152,384

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

INNOVATOR IBD® BREAKOUT OPPORTUNITIES ETF

Schedule of Investments

October 31, 2022 (Continued)

SHORT TERM INVESTMENTS - 0.90%
Money Market Deposit Account - 0.90%	Principal Amount			Value
U.S. Bank Money Market Deposit Account, 2.750% ^(d)	$	124,683			124,683
TOTAL SHORT TERM INVESTMENTS (Cost $124,683)					124,683

Total Investments (Cost $17,231,512) - 130.09%					17,960,269
Liabilities in Excess of Other Assets - (30.09)%					(4,153,950	)
TOTAL NET ASSETS - 100.00%				$	13,806,319

Asset Type	% of Net Assets
Common Stocks		96.24	%
Master Limited Partnerships		2.87
Investments Purchased with Proceeds From Securities Lending		30.08
Short Term Investments		0.90
Total Investments		130.09
Liabilities in Excess of Other Assets		(30.09	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt

(a)	All or a portion of this security is on loan as of October 31, 2022. The total value of securities on loan is $4,029,560, or 29.19% of net assets. See Note 6.

(b)	Non-income producing security.

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

(d)	The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

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

INNOVATOR LOUP FRONTIER TECH ETF

Schedule of Investments

October 31, 2022

	Shares		Value
COMMON STOCKS – 94.43%
Aerospace & Defense - 6.60%
AeroVironment, Inc. ^(a)(b)		11,644	$	1,065,426
Lockheed Martin Corp.		2,191		1,066,316
				2,131,742
Auto Parts & Equipment - 8.35%
LG Energy Solution Ltd. ^(a)		4,433		1,643,178
Magna International, Inc.		18,899		1,053,241
				2,696,419
Commercial Services - 5.85%
Block, Inc. ^(a)		15,865		953,010
GXO Logistics, Inc. ^(a)(b)		25,614		935,936
				1,888,946
Computers - 2.78%
Crowdstrike Holdings, Inc. - Class A ^(a)		5,576		898,851

Diversified Financial Services - 7.58%
Coinbase Global, Inc. - Class A ^(a)(b)		22,332		1,479,495
Nasdaq, Inc.		15,568		968,952
				2,448,447
Electrical Components & Equipment - 6.53%
ABB Ltd.		35,827		996,079
Novanta, Inc. ^(a)		7,866		1,112,252
				2,108,331
Electronics - 7.62%
Coherent Corp. ^(a)(b)		43,283		1,454,742
Trimble, Inc. ^(a)		16,690		1,004,070
				2,458,812
Hand & Machine Tools - 2.85%
KUKA AG		11,122		919,973

Internet - 2.65%
Snap, Inc. - Class A ^(a)(b)		86,290		855,134

Miscellaneous Manufacturing - 3.21%
Axon Enterprise, Inc. ^(a)		7,120		1,035,533

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

INNOVATOR LOUP FRONTIER TECH ETF

Schedule of Investments

October 31, 2022 (Continued)

	Shares		Value
Semiconductors - 26.78%^(c)
Advanced Micro Devices, Inc. ^(a)		15,539		933,272
ams-OSRAM AG ^(a)		156,200		885,396
Applied Materials, Inc. ^(b)		11,344		1,001,562
ASML Holding NV		2,139		1,010,428
Micron Technology, Inc. ^(b)		17,484		945,884
NVIDIA Corp.		7,697		1,038,864
Samsung Electronics Co. Ltd.		22,835		952,226
Skyworks Solutions, Inc.		10,704		920,651
Teradyne, Inc.^(b)		11,802		960,093
				8,648,376
Software - 13.63%
Palantir Technologies, Inc. - Class A ^(a)(b)		111,450		979,646
Pegasystems, Inc. ^(b)		29,014		1,079,612
Take-Two Interactive Software, Inc. ^(a)		12,695		1,504,104
Unity Software, Inc. ^(a)(b)		28,400		837,800
				4,401,162
TOTAL COMMON STOCKS (Cost $39,000,616)				30,491,726

PREFERRED STOCKS - 5.60%
Auto Manufacturers - 5.60%
Dr Ing hc F Porsche AG^(a)		17,666		1,806,946
TOTAL PREFERRED STOCKS (Cost $1,569,945)				1,806,946

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 28.11%	Units
Mount Vernon Liquid Assets Portfolio, LLC, 3.24% ^(d)		9,077,312		9,077,312
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $9,077,312)				9,077,312

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

INNOVATOR LOUP FRONTIER TECH ETF

Schedule of Investments

October 31, 2022 (Continued)

SHORT TERM INVESTMENTS - 0.33%
Money Market Deposit Account - 0.33%	Principal Amount		Value
U.S. Bank Money Market Deposit Account, 2.750% ^(e)	$	105,626		105,626
TOTAL SHORT TERM INVESTMENTS (Cost $105,626)				105,626

Total Investments (Cost $49,753,499) - 128.47%				41,481,610
Liabilities in Excess of Other Assets - (28.47)%				(9,193,327	)
TOTAL NET ASSETS - 100.00%			$	32,288,283

Country	% of Net Assets
Austria		2.74	%
Canada		3.26
Germany		8.45
Netherlands		3.13
South Korea		8.04
Switzerland		3.08
United States		71.33
Total Country		100.03
Investments Purchased with Proceeds From Securities Lending		28.11
Short Term Investments		0.33
Total Investments		128.47
Liabilities in Excess of Other Assets		(28.47	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)	All or a portion of this security is on loan as of October 31, 2022. The total value of securities on loan is $8,690,825, or 26.92% of net assets. See Note 6.

(c)	To the extent that the Index concentrates in the securities of issuers in a particular industry or sector, the Fund will also concentrate its investments to approximately the same extent.

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

(e)	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, 2022.

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

INNOVATOR S&P INVESTMENT GRADE PREFERRED ETF

Schedule of Investments

October 31, 2022

	Shares		Value
PREFERRED STOCKS - 99.69% ^(a)
Banks - 39.97% ^(c)
Bank of America Corp., Series 02, 3.693% to 11/28/2022 then 3-Month USD Libor + 0.650%		22,403	$	422,969
Bank of America Corp., Series 4, 5.190% to 11/28/2022 then 3-Month USD Libor + 0.750%		21,600		406,728
Bank of America Corp., Series 5, 4.000% to 11/21/2022 then 3-Month USD Libor + 0.500%		21,242		404,660
Bank of America Corp., Series E, 4.790% to 11/15/2022 then 3-Month USD Libor + 0.350%		21,807		403,429
Bank of America Corp., Series GG, 6.000%		16,934		403,029
Bank of America Corp., Series HH, 5.875%		17,513		406,126
Bank of America Corp., Series KK, 5.375%		18,867		403,754
Bank of America Corp., Series LL, 5.000%		20,057		399,937
Bank of America Corp., Series NN, 4.375%		22,391		389,827
Bank of America Corp., Series PP, 4.125%		23,637		385,047
Bank of America Corp., Series QQ, 4.250%		23,454		391,213
Bank of America Corp., Series SS, 4.750%		21,068		410,405
Bank of Hawaii Corp., Series A, 4.375%		277,802		4,722,634
Cullen/Frost Bankers, Inc., Series B, 4.450%		258,533		5,002,614
First Republic Bank/CA, Series J, 4.700%		51,142		898,565
First Republic Bank/CA, Series K, 4.125%		58,223		898,381
First Republic Bank/CA, Series L, 4.250%		56,131		891,360
First Republic Bank/CA, Series M, 4.000%		59,815		897,823
First Republic Bank/CA, Series N, 4.500%		53,158		895,181
JPMorgan Chase & Co., Series DD, 5.750%		33,305		771,677
JPMorgan Chase & Co., Series EE, 6.000% ^(b)		32,864		801,882
JPMorgan Chase & Co., Series GG, 4.750% ^(b)		39,327		777,101
JPMorgan Chase & Co., Series JJ, 4.550% ^(b)		43,339		789,203
JPMorgan Chase & Co., Series LL, 4.625%		42,785		793,234
JPMorgan Chase & Co., Series MM, 4.200% ^(b)		46,247		795,911
Morgan Stanley, Series A, 5.140% to 01/16/2023 then 3-Month USD Libor + 0.700%		31,830		596,812

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

INNOVATOR S&P INVESTMENT GRADE PREFERRED ETF

Schedule of Investments

October 31, 2022 (Continued)

	Shares		Value
Morgan Stanley, Series E, 7.125% to 10/15/2023 then 3-Month USD Libor + 4.320%		24,326		609,366
Morgan Stanley, Series F, 6.875% to 01/15/2024 then 3-Month USD Libor + 3.940%		24,442		611,539
Morgan Stanley, Series I, 6.375% to 10/15/2024 then 3-Month USD Libor + 3.708%		25,019		607,712
Morgan Stanley, Series K, 5.850% to 04/15/2027 then 3-Month USD Libor + 3.491%		25,571		585,832
Morgan Stanley, Series L, 4.875% ^(b)		29,795		578,619
Morgan Stanley, Series O, 4.250% ^(b)		34,646		564,037
Morgan Stanley, Series P, 6.500%		24,461		606,633
Northern Trust Corp., Series E, 4.700%		236,761		4,739,955
State Street Corp., Series D, 5.900% to 03/15/2024 then 3-Month USD Libor + 3.108%		100,611		2,451,890
State Street Corp., Series G, 5.350% to 03/15/2026 then 3-Month USD Libor + 3.709% ^(b)		102,327		2,460,964
Truist Financial Corp., Series O, 5.250% ^(b)		111,058		2,339,992
Truist Financial Corp., Series R, 4.750%		125,251		2,373,506
US Bancorp., Series B, 4.679% to 01/17/2023 then 3-Month USD Libor + 0.600% ^(b)		51,194		915,861
US Bancorp., Series K, 5.500%		41,853		946,296
US Bancorp., Series L, 3.750%		61,614		932,220
US Bancorp., Series M, 4.000%		58,586		947,921
US Bancorp., Series O, 4.500%		51,350		949,975
				47,581,820

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

INNOVATOR S&P INVESTMENT GRADE PREFERRED ETF

Schedule of Investments

October 31, 2022 (Continued)

	Shares		Value
Capital Markets - 8.55%
KKR & Co., Inc., Series C, 6.000%, 09/15/2023 ^(b)		87,000		5,282,640
Oaktree Capital Group LLC, Series A, 6.625%		103,575		2,454,728
Oaktree Capital Group LLC, Series B, 6.550%		105,305		2,438,864
				10,176,232
Close-End Funds - 4.05%
The Gabelli Dividend & Income Trust, Series K, 4.250% ^(b)		258,806		4,824,144

Diversified Financial Services - 5.21%
Apollo Asset Management, Inc., Series A, 6.375%		35,358		766,208
Apollo Asset Management, Inc., Series B, 6.375%		35,343		770,477
The Charles Schwab Corp., Series D, 5.950%		100,364		2,311,383
The Charles Schwab Corp., Series J, 4.450%		128,255		2,356,044
				6,204,112
Insurance - 30.40% ^(c)
Arch Capital Group Ltd., Series F, 5.450%		115,004		2,329,981
Arch Capital Group Ltd., Series G, 4.550%		131,829		2,314,917
Athene Holding Ltd., Series A, 6.350% to 06/30/2029 then 3-Month USD Libor + 4.253%		34,023		810,088
Athene Holding Ltd., Series B, 5.625%		37,442		769,433
Athene Holding Ltd., Series C, 6.375% to 09/30/2025 then Five-Year Treasury Constant Maturity + 5.970%		32,838		818,651
Athene Holding Ltd., Series D, 4.875%		45,428		781,816
Axis Capital Holdings Ltd., Series E, 5.500%		236,874		4,680,630
Equitable Holdings, Inc., Series A, 5.250%		120,471		2,243,170
Equitable Holdings, Inc., Series C, 4.300%		142,193		2,322,012
MetLife, Inc., Series A, 4.293% to 12/15/2022 then 3-Month USD Libor + 1.000%		75,819		1,556,564
MetLife, Inc., Series E, 5.625%		69,138		1,607,458
MetLife, Inc., Series F, 4.750%		80,786		1,588,253

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

INNOVATOR S&P INVESTMENT GRADE PREFERRED ETF

Schedule of Investments

October 31, 2022 (Continued)

	Shares		Value
RenaissanceRe Holdings Ltd., Series F, 5.750%		108,415		2,358,026
RenaissanceRe Holdings Ltd., Series G, 4.200%		144,278		2,405,114
The Allstate Corp., 5.100% to 01/15/2023 then 3-Month USD Libor + 3.165%, 01/15/2053		67,822		1,639,936
The Allstate Corp., Series H, 5.100%		78,768		1,547,791
The Allstate Corp., Series I, 4.750%		82,910		1,547,101
The Hartford Financial Services Group, Inc., Series G, 6.000% ^(b)		198,622		4,874,184
				36,195,125
Real Estate Investment Trusts - 7.72%
Kimco Realty Corp., Series L, 5.125%		117,532		2,255,439
Kimco Realty Corp., Series M, 5.250%		113,886		2,236,721
Public Storage, Series F, 5.150%		16,083		338,225
Public Storage, Series G, 5.050%		16,223		335,492
Public Storage, Series H, 5.600%		14,709		335,806
Public Storage, Series I, 4.875%		17,009		334,567
Public Storage, Series J, 4.700%		17,596		332,037
Public Storage, Series K, 4.750%		17,500		344,050
Public Storage, Series L, 4.625%		17,938		333,647
Public Storage, Series M, 4.125%		19,697		329,531
Public Storage, Series N, 3.875%		21,559		335,674
Public Storage, Series O, 3.900% ^(b)		21,285		336,090
Public Storage, Series P, 4.000%		20,806		338,722
Public Storage, Series Q, 3.950%		21,194		338,468
Public Storage, Series R, 4.000%		20,831		335,171
Public Storage, Series S, 4.100%		20,424		335,975
				9,195,615
Savings & Loans - 3.79%
Washington Federal, Inc., Series A, 4.875%		258,941		4,513,341
TOTAL PREFERRED STOCKS (Cost $148,976,724)				118,690,389

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

INNOVATOR S&P INVESTMENT GRADE PREFERRED ETF

Schedule of Investments

October 31, 2022 (Continued)

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 4.25%	Units
Mount Vernon Liquid Assets Portfolio, LLC, 3.24%^(d)		5,059,149		5,059,149
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $5,059,149)				5,059,149

SHORT TERM INVESTMENTS - 0.55%
Money Market Deposit Account - 0.55%	Principal Amount
U.S. Bank Money Market Deposit Account, 2.750% ^(e)	$	658,579		658,579
TOTAL SHORT TERM INVESTMENTS (Cost $658,579)				658,579

Total Investments (Cost $154,694,452) - 104.49%				124,408,117
Liabilities in Excess of Other Assets - (4.49)%				(5,351,573	)
TOTAL NET ASSETS - 100.00%			$	119,056,544

Asset Type	% of Net Assets
Preferred Stocks		99.69	%
Investments Purchased with Proceeds From Securities Lending		4.25
Short Term Investments		0.55
Total Investments		104.49
Liabilities in Excess of Other Assets		(4.49	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

USD - United States Dollar

Libor - London Interbank Offered Rate

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

(b)	All or a portion of this security is on loan as of October 31, 2022. The total value of securities on loan is $4,855,509, or 4.08% of net assets. See Note 6.

(c)	To the extent that the Index concentrates in the securities of issuers in a particular industry or sector, the Fund will also concentrate its investments to approximately the same extent.

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

(e)	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, 2022.

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

INNOVATOR LADDERED ALLOCATION POWER BUFFER ETF

Schedule of Investments

October 31, 2022

	Shares		Value
AFFILIATED EXCHANGE TRADED FUNDS - 99.86% ^(a)
Innovator U.S. Equity Power Buffer ETF - January		402,547	$	12,531,369
Innovator U.S. Equity Power Buffer ETF - February		447,235		12,437,292
Innovator U.S. Equity Power Buffer ETF - March		410,059		12,426,551
Innovator U.S. Equity Power Buffer ETF - April		448,556		12,460,886
Innovator U.S. Equity Power Buffer ETF - May		445,099		12,489,478
Innovator U.S. Equity Power Buffer ETF - June		419,745		12,450,896
Innovator U.S. Equity Power Buffer ETF - July		416,275		12,463,273
Innovator U.S. Equity Power Buffer ETF - August		441,845		12,482,121
Innovator U.S. Equity Power Buffer ETF - September		428,527		12,461,179
Innovator U.S. Equity Power Buffer ETF - October		418,509		12,429,717
Innovator U.S. Equity Power Buffer ETF - November ^(b)		421,765		12,682,474
Innovator U.S. Equity Power Buffer ETF - December		416,937		12,495,227
TOTAL AFFILIATED EXCHANGE TRADED FUNDS (Cost $150,154,756)				149,810,463

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 0.66%	Units
Mount Vernon Liquid Assets Portfolio, LLC, 3.24% ^(c)		988,825		988,825
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $988,825)				988,825

SHORT TERM INVESTMENTS - 0.14%
Money Market Deposit Account - 0.14%	Principal Amount
U.S. Bank Money Market Deposit Account, 2.750% ^(d)	$	210,180		210,180
TOTAL SHORT TERM INVESTMENTS (Cost $210,180)				210,180

Total Investments (Cost $151,353,761) - 100.66%				151,009,468
Liabilities in Excess of Other Assets - (0.66)%				(994,259	)
TOTAL NET ASSETS - 100.00%			$	150,015,209

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

INNOVATOR LADDERED ALLOCATION POWER BUFFER ETF

Schedule of Investments

October 31, 2022 (Continued)

Asset Type	% of Net Assets
Affiliated Exchange Traded Funds		99.86	%
Investments Purchased with Proceeds From Securities Lending		0.66
Short Term Investments		0.14
Total Investments		100.66
Liabilities in Excess of Other Assets		(0.66	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)	All or a portion of this security is on loan as of October 31, 2022. The total value of securities on loan is $959,233, or 0.64% of net assets. See Note 6.

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

(d)	The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

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

INNOVATOR LADDERED ALLOCATION BUFFER ETF

Schedule of Investments

October 31, 2022