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

	Shares			Value
AFFILIATED EXCHANGE TRADED FUNDS - 99.95% ^(a)
Innovator U.S. Equity Buffer ETF - January		66,798		$	2,214,100
Innovator U.S. Equity Buffer ETF - February		74,227			2,197,661
Innovator U.S. Equity Buffer ETF - March		68,663			2,190,288
Innovator U.S. Equity Buffer ETF - April		71,318			2,192,943
Innovator U.S. Equity Buffer ETF - May		75,498			2,196,237
Innovator U.S. Equity Buffer ETF - June		71,681			2,192,199
Innovator U.S. Equity Buffer ETF - July		71,236			2,195,892
Innovator U.S. Equity Buffer ETF - August		73,205			2,199,810
Innovator U.S. Equity Buffer ETF - September		72,306			2,190,872
Innovator U.S. Equity Buffer ETF - October		69,560			2,188,705
Innovator U.S. Equity Buffer ETF - November		74,652			2,223,883
Innovator U.S. Equity Buffer ETF - December		69,994			2,216,710
TOTAL AFFILIATED EXCHANGE TRADED FUNDS (Cost $27,101,020)					26,399,300

SHORT TERM INVESTMENTS - 0.06%
Money Market Deposit Account - 0.06%	Principal Amount
U.S. Bank Money Market Deposit Account, 2.750% ^(b)	$	16,220			16,220
TOTAL SHORT TERM INVESTMENTS (Cost $16,220)					16,220

Total Investments (Cost $27,117,240) - 100.01%					26,415,520
Liabilities in Excess of Other Assets - (0.01)%					(2,015	)
TOTAL NET ASSETS - 100.00%				$	26,413,505

Asset Type	% of Net Assets
Affiliated Exchange Traded Funds		99.95	%
Short Term Investments		0.06
Total Investments		100.01
Liabilities in Excess of Other Assets		(0.01	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)	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 BUFFER STEP-UP STRATEGY ETF

Schedule of Investments

October 31, 2022

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 104.77% ^(a)(b)
CALL OPTIONS - 98.62%
SPY SPDR S&P 500® Trust ETF, Expires 6/30/2023, Strike Price $3.81		754	$	29,120,234	$	28,455,517
						28,455,517
PUT OPTIONS - 6.15%
SPY SPDR S&P 500® Trust ETF, Expires 6/30/2023, Strike Price $377.24		754		29,120,234		1,773,026
						1,773,026
TOTAL PURCHASED OPTIONS (Cost $31,407,123)						30,228,543

SHORT TERM INVESTMENTS - 0.15%	Principal Amount
Money Market Deposit Account- 0.15%
U.S. Bank Money Market Deposit Account, 2.750% ^(c)	$	42,181				42,181
TOTAL SHORT TERM INVESTMENTS (Cost $42,181)						42,181

Total Investments (Cost $31,449,304) - 104.92%						30,270,724
Liabilities in Excess of Other Assets - (4.92)%						(1,418,214	)
TOTAL NET ASSETS - 100.00%					$	28,852,510

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

INNOVATOR BUFFER STEP-UP STRATEGY ETF

Schedule of Investments

October 31, 2022 (Continued)

Asset Type	% of Net Assets
Purchased Options		104.77	%
Short Term Investments		0.15
Total Investments		104.92
Liabilities in Excess of Other Assets		(4.92	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

(a)	Exchange-Traded.

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

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

Schedule of Options Written ^(a)
October 31, 2022

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	6/30/2023	$	467.79		754	$	(29,120,234	)	$	(363,593	)
										(363,593	)
Put Options
SPY SPDR S&P 500® Trust ETF	6/30/2023		343.32		754		(29,120,234	)		(1,033,789	)
										(1,033,789	)
Total Options Written (Premiums Received $1,796,303)									$	(1,397,382	)

^(a) Exchange-Traded.

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

INNOVATOR POWER BUFFER STEP-UP STRATEGY ETF

Schedule of Investments

October 31, 2022

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 105.03% ^(a)(b)
CALL OPTIONS - 98.87%
SPY SPDR S&P 500® Trust ETF, Expires 6/30/2023, Strike Price $3.82		887	$	34,256,827	$	33,473,998
						33,473,998
PUT OPTIONS - 6.16%
SPY SPDR S&P 500® Trust ETF, Expires 6/30/2023, Strike Price $377.23		887		34,256,827		2,085,485
						2,085,485
TOTAL PURCHASED OPTIONS (Cost $36,525,232)						35,559,483

SHORT TERM INVESTMENTS - 0.19%	Principal Amount
Money Market Deposit Account- 0.19%
U.S. Bank Money Market Deposit Account, 2.750% ^(c)	$	63,309				63,309
TOTAL SHORT TERM INVESTMENTS (Cost $63,309)						63,309

Total Investments (Cost $36,588,541) - 105.22%						35,622,792
Liabilities in Excess of Other Assets - (5.22)%						(1,766,647	)
TOTAL NET ASSETS - 100.00%					$	33,856,145

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

INNOVATOR POWER BUFFER STEP-UP STRATEGY ETF

Schedule of Investments

October 31, 2022 (Continued)

Asset Type	% of Net Assets
Purchased Options		105.03	%
Short Term Investments		0.19
Total Investments		105.22
Liabilities in Excess of Other Assets		(5.22	)
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, 2022.

Schedule of Options Written ^(a)
October 31, 2022

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	6/30/2023	$	442.14		887	$	(34,256,827	)	$	(913,768	)
										(913,768	)
Put Options
SPY SPDR S&P 500® Trust ETF	6/30/2023		320.65		887		(34,256,827	)		(828,322	)
										(828,322	)
Total Options Written (Premiums Received $2,368,100)									$	(1,742,090	)

^(a) Exchange-Traded.

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

INNOVATOR HEDGED TSLA STRATEGY ETF

Schedule of Investments
October 31, 2022

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 6.08% ^(a)(b)
CALL OPTIONS - 6.08%
Tesla, Inc., Expires 12/30/2022, Strike Price $240.46		93	$	2,116,122	$	142,480
TOTAL PURCHASED OPTIONS (Cost $468,562)						142,480

SHORT TERM INVESTMENTS - 95.77%	Principal Amount
U.S. Treasury Bill - 94.63%
United States Treasury Bill, 3.230%, 01/5/2023 ^{(c) (d)}	$	2,234,000				2,218,787
						2,218,787
Money Market Deposit Account- 1.14%
U.S. Bank Money Market Deposit Account, 2.750% ^(e)		26,747				26,747
						26,747
TOTAL SHORT TERM INVESTMENTS (Cost $2,248,404)						2,245,534

Total Investments (Cost $2,716,966) - 101.85%						2,388,014
Liabilities in Excess of Other Assets - (1.85)%						(43,377	)
TOTAL NET ASSETS - 100.00%					$	2,344,637

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

INNOVATOR HEDGED TSLA STRATEGY ETF

Schedule of Investments

October 31, 2022 (Continued)

Asset Type	% of Net Assets
Purchased Options		6.08	%
Short Term Investments		95.77
Total Investments		101.85
Liabilities in Excess of Other Assets		(1.85	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

(a)	Exchange-Traded.

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

(c)	Rate disclosed is the effective yield as of October 31, 2022. The stated interest rate is 0.00%.

(d)	All or a portion of the security can be pledged as collateral in connection with options written contracts.

(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.

Schedule of Options Written ^(a)
October 31, 2022

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
Tesla, Inc.	12/30/2022	$	289.09		93	$	(2,116,122	)	$	(41,913	)
Total Options Written (Premiums Received $219,726)									$	(41,913	)

^(a) Exchange-Traded.

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

INNOVATOR UNCAPPED ACCELERATED U.S. EQUITY ETF

Schedule of Investments

October 31, 2022

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 105.37% ^(a)(b)
CALL OPTIONS - 105.37%
SPY SPDR S&P 500® Trust ETF, Expires 12/30/2022, Strike Price $440.99		73	$	2,819,333	$	6,428
SPY SPDR S&P 500® Trust ETF, Expires 12/30/2022, Strike Price $2.10		36		1,390,356		1,376,152
SPY SPDR S&P 500® Trust ETF, Expires 3/31/2023, Strike Price $440.99		63		2,433,123		33,435
SPY SPDR S&P 500® Trust ETF, Expires 3/31/2023, Strike Price $3.15		36		1,390,356		1,367,004
SPY SPDR S&P 500® Trust ETF, Expires 6/30/2023, Strike Price $440.99		59		2,278,639		62,690
SPY SPDR S&P 500® Trust ETF, Expires 6/30/2023, Strike Price $4.20		36		1,390,356		1,357,257
SPY SPDR S&P 500® Trust ETF, Expires 9/29/2023, Strike Price $375.04		53		2,046,913		256,229
SPY SPDR S&P 500® Trust ETF, Expires 9/29/2023, Strike Price $3.63		36		1,390,356		1,352,961
TOTAL PURCHASED OPTIONS (Cost $6,240,018)						5,812,156

SHORT TERM INVESTMENTS - 0.70%	Principal Amount
Money Market Deposit Account- 0.70%
U.S. Bank Money Market Deposit Account, 2.750% ^(c)	$	38,587				38,587
TOTAL SHORT TERM INVESTMENTS (Cost $38,587)						38,587

Total Investments (Cost $6,278,605) - 106.07%						5,850,743
Liabilities in Excess of Other Assets - (6.07)%						(334,576	)
TOTAL NET ASSETS - 100.00%					$	5,516,167

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

INNOVATOR UNCAPPED ACCELERATED U.S. EQUITY ETF

Schedule of Investments

October 31, 2022 (Continued)

Asset Type	% of Net Assets
Purchased Options		105.37	%
Short Term Investments		0.70
Total Investments		106.07
Liabilities in Excess of Other Assets		(6.07	)
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, 2022.

Schedule of Options Written ^(a)
October 31, 2022

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	12/30/2022	$	419.99		36	$	(1,390,356	)	$	(11,995	)
SPY SPDR S&P 500® Trust ETF	3/31/2023		419.99		36		(1,390,356	)		(39,270	)
SPY SPDR S&P 500® Trust ETF	6/30/2023		419.99		36		(1,390,356	)		(64,293	)
SPY SPDR S&P 500® Trust ETF	9/29/2023		357.20		36		(1,390,356	)		(215,593	)
Total Options Written (Premiums Received $474,965)									$	(331,151	)

^(a) Exchange-Traded.

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

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

October 31, 2022

		Innovator IBD® 50 ETF			Innovator IBD® Breakout Opportunities ETF			Innovator Loup Frontier Tech ETF
	Assets:
	Investments, at value ^(a)(b)	$	126,950,890		$	17,960,269		$	41,481,610
	Dividends and interest receivable		39,068			6,851			12,944
	Receivable for investments sold		48,490,332			-			-
	Securities lending income receivable		3,188			462			1,843
	Prepaid expenses		1,391			-			-
	Total Assets		175,484,869			17,967,582			41,496,397

	Liabilities:
	Payable for collateral upon return of securities loaned		25,438,971			4,152,384			9,077,312
	Payable to Adviser		64,592			8,879			19,322
	Payable for investments purchased		47,832,013			-			-
	Payable to Trustees		1,197			-			-
	Payable to Custodian		6,699			-			109,868
	Accrued expenses and other liabilities		98,281			-			1,612
	Total Liabilities		73,441,753			4,161,263			9,208,114
	Net Assets	$	102,043,116		$	13,806,319		$	32,288,283

	Net Assets Consist of:
	Capital stock	$	407,965,430		$	25,915,265		$	74,002,076
	Total distributable earnings/(accumulated deficit)		(305,922,314	)		(12,108,946	)		(41,713,793	)
	Net Assets	$	102,043,116		$	13,806,319		$	32,288,283

	Net Asset Value:
	Net assets	$	102,043,116		$	13,806,319		$	32,288,283
	Shares of beneficial interest outstanding (unlimited shares without par authorized)		3,900,000			450,000			1,100,001
	Net asset value price per share	$	26.16		$	30.68		$	29.35

^(a)	Cost of investments	$	121,471,976		$	17,231,512		$	49,753,499
^(b)	Including securities on loan at a value of		24,206,208			4,029,560			8,690,825

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

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

October 31, 2022

		Innovator S&P Investment Grade Preferred ETF				Innovator Laddered Allocation Power Buffer ETF				Innovator Laddered Allocation Buffer ETF
	Assets:
	Investments, at value ^(a)	$	124,408,117		^(b)	$	1,199,005			$	16,220
	Investments in affiliates, at value ^(c)		-				149,810,463		^(b)		26,399,300
	Dividends and interest receivable		327,370				486				24
	Receivable for fund shares sold		-				1,708,815				-
	Securities lending income receivable		27,600				3,687				-
	Total Assets		124,763,087				152,722,456				26,415,544

	Liabilities:
	Payable to Adviser		48,894				12,167				2,039
	Distribution payable		598,500				-				-
	Payable for investments purchased		-				1,706,255				-
	Payable for collateral upon return of securities loaned		5,059,149				988,825				-
	Total Liabilities		5,706,543				2,707,247				2,039
	Net Assets	$	119,056,544			$	150,015,209			$	26,413,505

	Net Assets Consist of:
	Capital stock	$	165,953,762			$	189,091,982			$	27,143,058
	Total distributable earnings/(accumulated deficit)		(46,897,218	)			(39,076,773	)			(729,553	)
	Net Assets	$	119,056,544			$	150,015,209			$	26,413,505

	Net Asset Value:
	Net assets	$	119,056,544			$	150,015,209			$	26,413,505
	Shares of beneficial interest outstanding (unlimited shares without par authorized)		6,650,000				4,400,000				1,150,000
	Net asset value price per share	$	17.90			$	34.09			$	22.97

^(a)	Cost of investments	$	154,694,452			$	1,199,005			$	16,220
^(b)	Including securities on loan at a value of		4,855,509				959,233				-
^(c)	Cost of investments in affiliates		-				150,154,756				27,101,020

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

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

October 31, 2022

		Innovator Buffer Step-Up Strategy ETF			Innovator Power Buffer Step-Up Strategy ETF
	Assets:
	Investments, at value ^(a)	$	30,270,724		$	35,622,792
	Interest receivable		102			143
	Total Assets		30,270,826			35,622,935

	Liabilities:
	Payable to Adviser		20,934			24,700
	Options written, at value ^(b)		1,397,382			1,742,090
	Total Liabilities		1,418,316			1,766,790
	Net Assets	$	28,852,510		$	33,856,145

	Net Assets Consist of:
	Capital stock	$	31,900,740		$	36,127,764
	Total distributable earnings/(accumulated deficit)		(3,048,230	)		(2,271,619	)
	Net Assets	$	28,852,510		$	33,856,145

	Net Asset Value:
	Net assets	$	28,852,510		$	33,856,145
	Shares of beneficial interest outstanding (unlimited shares without par value authorized)		1,200,000			1,375,000
	Net asset value price per share	$	24.04		$	24.62

^(a)	Cost of investments	$	31,449,304		$	36,588,541
^(b)	Premiums received		1,796,303			2,368,100

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

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

October 31, 2022

		Innovator Hedged TSLA Strategy ETF			Innovator Uncapped Accelerated U.S. Equity ETF
	Assets:
	Investments, at value ^(a)	$	2,388,014		$	5,850,743
	Interest receivable		60			93
	Deposit at broker for options		68			18
	Total Assets		2,388,142			5,850,854

	Liabilities:
	Payable to Adviser		1,592			3,536
	Options written, at value ^(b)		41,913			331,151
	Total Liabilities		43,505			334,687
	Net Assets	$	2,344,637		$	5,516,167

	Net Assets Consist of:
	Capital stock	$	2,583,423		$	6,031,918
	Total distributable earnings/(accumulated deficit)		(238,786	)		(515,751	)
	Net Assets	$	2,344,637		$	5,516,167

	Net Asset Value:
	Net assets	$	2,344,637		$	5,516,167
	Shares of beneficial interest outstanding (unlimited shares without par value authorized)		100,000			225,000
	Net asset value price per share	$	23.45		$	24.52

^(a)	Cost of investments	$	2,716,966		$	6,278,605
^(b)	Premiums received		219,726			474,965

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

INNOVATOR ETFs TRUST

Statements of Operations

For the Year Ended October 31, 2022

	Innovator IBD® 50 ETF			Innovator IBD® Breakout Opportunities ETF			Innovator Loup Frontier Tech ETF
Investment Income:
Dividends	$	3,472,842		$	279,668		$	336,364
Less: Foreign witholding taxes and issuance fees		(380,575	)		(5,725	)		(32,507	)
Interest		6,568			798			841
Securities lending income, net		349,331			3,919			23,125
Total Investment Income		3,448,166			278,660			327,823

Expenses:
Investment advisory fee		1,152,664			129,399			380,877
Professional fees		50,636			-			-
Administration fees		68,649			-			-
Fund accounting fees		1,635			-			-
Trustees fees and expenses		7,902			-			-
Printing and mailing expenses		38,043			-			-
Custody fees		27,139			-			-
Insurance expense		3,196			-			-
Other expenses		244,719			-			-
Total Expenses Before Expense Limitation		1,594,583			129,399			380,877
Net advisory recoupment/(waivers)(see Note 3)		(277,253	)		-			-
Net Expenses		1,317,330			129,399			380,877
Net Investment Income/(Loss)		2,130,836			149,261			(53,054	)

Realized & Unrealized Gain/(Loss):
Net realized gain/(loss) on:
Investments and foreign currency transactions		(101,048,228	)		(5,288,490	)		(25,248,527	)
Redemptions sold in-kind on investments		8,755,777			1,920,170			2,368,900
Net change in unrealized appreciation/(depreciation) on:
Investments and translation of foreign currency		(27,381,789	)		134,380			(13,811,288	)
Net Realized and Unrealized Gain/(Loss)		(119,674,240	)		(3,233,940	)		(36,690,915	)
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	(117,543,404	)	$	(3,084,679	)	$	(36,743,969	)

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

INNOVATOR ETFs TRUST

Statements of Operations

For the Year or Period Ended October 31, 2022

	Innovator S&P Investment Grade Preferred ETF			Innovator Laddered Allocation Power Buffer ETF			Innovator Laddered Allocation Buffer ETF			^(a)
Investment Income:
Dividends	$	8,373,274		$	-		$	-
Interest		4,073			1,434			64
Securities lending income, net		210,523			56,586			-
Total Investment Income		8,587,870			58,020			64

Expenses:
Investment advisory fee		781,016			212,794			20,278
Total Expenses Before Expense Limitation		781,016			212,794			20,278
Net advisory recoupment/(waivers)(see Note 3)		-			(84,854	)		(10,139	)
Net Expenses		781,016			127,940			10,139
Net Investment Income/(Loss)		7,806,854			(69,920	)		(10,075	)

Realized & Unrealized Gain/(Loss):
Net realized gain/(loss) on:
Investments		(13,249,898	)		-			-
Redemptions sold in-kind on investments		(3,966,307	)		-			-
Redemptions sold in-kind on affiliates		-			923,913			(4,544	)
Investments in affiliates		-			(90,949	)		(17,758	)
Net change in unrealized appreciation/(depreciation) on:
Investments		(33,343,643	)		-			-
Investments in affiliates		-			(4,269,274	)		(701,720	)
Net Realized and Unrealized Gain/(Loss)		(50,559,848	)		(3,436,310	)		(724,022	)
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	(42,752,994	)	$	(3,506,230	)	$	(734,097	)

^(a) Since Commencement of Operations on February 8, 2022.

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

INNOVATOR ETFs TRUST

Statements of Operations

For the Period Ended October 31, 2022

		Innovator Buffer Step-Up Strategy ETF			^(a)	Innovator Power Buffer Step-Up Strategy ETF		^(a)
Investment Income:
Interest		$	313			$	320
Total Investment Income			313				320

Expenses:
Investment advisory fee		$	108,184				106,469
Total Expenses			108,184				106,469
Net Investment Income/(Loss)			(107,871	)			(106,149	)

Realized & Unrealized Gain/(Loss):
Net realized gain/(loss) on:
	Investments		(1,814,698	)			(1,665,404	)
	Redemptions sold in-kind on investments		1,365,049				1,269,338
	Redemptions sold in-kind on options written		451,737				437,764
	Options written		(346,002	)			(160,327	)
Net change in unrealized appreciation/(depreciation) on:
	Investments		(1,178,580	)			(965,749	)
	Options written		398,921				626,010
Net Realized and Unrealized Gain/(Loss) on Investments and Options Written			(1,123,573	)			(458,368	)
Net Increase/(Decrease) in Net Assets Resulting From Operations		$	(1,231,444	)		$	(564,517	)

^(a) Since Commencement of Operations on March 7, 2022.

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

INNOVATOR ETFs TRUST

Statements of Operations

For the Period Ended October 31, 2022

		Innovator Hedged TSLA Strategy ETF			^(a)	Innovator Uncapped Accelerated U.S. Equity ETF			^(b)
Investment Income:
Interest		$	15,135			$	173
Total Investment Income			15,135				173

Expenses:
Investment advisory fee		$	5,289				9,511
Total Expenses			5,289				9,511
Net Investment Income/(Loss)			9,846				(9,338	)

Realized & Unrealized Gain/(Loss):
Net realized gain/(loss) on:
	Investments		(116,275	)			(262,817	)
	Redemptions sold in-kind on options written		128,259				-
	Options written		18,782				40,452
Net change in unrealized appreciation/(depreciation) on:
	Investments		(328,952	)			(427,862	)
	Options written		177,813				143,814
Net Realized and Unrealized Gain/(Loss) on Investments and Options Written			(120,373	)			(506,413	)
Net Increase/(Decrease) in Net Assets Resulting From Operations		$	(110,527	)		$	(515,751	)

^(a) Since Commencement of Operations on July 25, 2022.

^(b) Since Commencement of Operations on August 10, 2022.

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

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets

	Innovator IBD® 50 ETF
	Year Ended			Year Ended
	October 31, 2022			October 31, 2021

Operations:
Net investment income/(loss)	$	2,130,836		$	516,414
Net realized gain/(loss)		(92,292,451	)		47,870,932
Net change in unrealized appreciation/(depreciation)		(27,381,789	)		21,260,902
Net Increase/(Decrease) in Net Assets Resulting from Operations		(117,543,404	)		69,648,248

Distributions to Shareholders:
Net distributions to shareholders		(520,522	)		-

Capital Share Transactions:
Proceeds from shares sold		32,771,310			327,062,865
Cost of shares redeemed		(87,029,075	)		(303,970,475	)
Transaction fees (see Note 5)		-			30
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		(54,257,765	)		23,092,420
Total Increase/(Decrease) in Net Assets	$	(172,321,691	)	$	92,740,668

Net Assets:
Beginning of period	$	274,364,807		$	181,624,139
End of period	$	102,043,116		$	274,364,807

Change in Shares Outstanding:
Shares sold		700,000			7,100,000
Shares redeemed		(2,250,000	)		(6,700,000	)
Net Increase/(Decrease)		(1,550,000	)		400,000

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

INNOVATOR ETFs TRUST

Innovator IBD® Breakout Opportunities ETF						Innovator Loup Frontier Tech ETF
Year Ended			Year Ended			Year Ended			Year Ended
October 31, 2022			October 31, 2021			October 31, 2022			October 31, 2021


$	149,261		$	(10,940	)	$	(53,054	)	$	(198,576	)
	(3,368,320	)		1,869,422			(22,879,627	)		8,185,639
	134,380			777,977			(13,811,288	)		2,224,157
	(3,084,679	)		2,636,459			(36,743,969	)		10,211,220


	-			-			-			-


	27,819,425			75,836,535			10,044,230			107,818,940
	(25,535,495	)		(69,749,030	)		(19,449,030	)		(56,415,275	)
	-			-			8,974			7,950
	2,283,930			6,087,505			(9,395,826	)		51,411,615
$	(800,749	)	$	8,723,964		$	(46,139,795	)	$	61,622,835


$	14,607,068		$	5,883,104		$	78,428,078		$	16,805,243
$	13,806,319		$	14,607,068		$	32,288,283		$	78,428,078


	750,000			2,200,000			200,000			2,000,000
	(700,000	)		(2,050,000	)		(500,000	)		(1,050,000	)
	50,000			150,000			(300,000	)		950,000

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

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets

	Innovator S&P Investment Grade Preferred ETF
	Year Ended			Year Ended
	October 31, 2022			October 31, 2021

Operations:
Net investment income/(loss)	$	7,806,854		$	9,317,728
Net realized gain/(loss)		(17,216,205	)		(1,078,724	)
Net change in unrealized appreciation/(depreciation)		(33,343,643	)		2,353,258
Net Increase/(Decrease) in Net Assets Resulting from Operations		(42,752,994	)		10,592,262

Distributions to Shareholders:
Distributions to shareholders		(7,781,626	)		(9,442,181	)
Distributions from return of capital		(179,692	)		(570,855	)
Net distributions to shareholders		(7,961,318	)		(10,013,036	)

Capital Share Transactions:
Proceeds from shares sold		9,342,305			111,812,865
Cost of shares redeemed		(62,365,145	)		(16,913,660	)
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		(53,022,840	)		94,899,205
Total Increase/(Decrease) in Net Assets	$	(103,737,152	)	$	95,478,431

Net Assets:
Beginning of period	$	222,793,696		$	127,315,265
End of period	$	119,056,544		$	222,793,696

Change in Shares Outstanding:
Shares sold		450,000			4,600,000
Shares redeemed		(3,000,000	)		(700,000	)
Net Increase/(Decrease)		(2,550,000	)		3,900,000

^(a) Since Commencement of Operations on February 8, 2022.

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

INNOVATOR ETFs TRUST

Innovator Laddered Allocation Power Buffer ETF						Innovator Laddered Allocation Buffer ETF
Year Ended			Year Ended			Period Ended
October 31, 2022			October 31, 2021			October 31, 2022			^(a)


$	(69,920	)	$	(73,125	)	$	(10,075	)
	832,964			1,314,917			(22,302	)
	(4,269,274	)		4,326,731			(701,720	)
	(3,506,230	)		5,568,523			(734,097	)


	-			-			-
	-			-			-
	-			-			-


	98,082,895			62,212,670			27,694,797
	(13,898,890	)		(26,781,995	)		(547,195	)
	84,184,005			35,430,675			27,147,602
$	80,677,775		$	40,999,198		$	26,413,505


$	69,337,434		$	28,338,236		$	-
$	150,015,209		$	69,337,434		$	26,413,505


	2,850,000			1,850,000			1,175,000
	(400,000	)		(800,000	)		(25,000	)
	2,450,000			1,050,000			1,150,000

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

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets





Operations:
Net investment income/(loss)
Net realized gain/(loss)
Net change in unrealized appreciation/(depreciation)
Net Increase/(Decrease) in Net Assets Resulting from Operations

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 7, 2022.

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

INNOVATOR ETFs TRUST

Innovator Buffer Step-Up Strategy ETF				Innovator Power Buffer Step-Up Strategy ETF
Period Ended				Period Ended
October 31, 2022			^(a)	October 31, 2022			^(a)


$	(107,871	)		$	(106,149	)
	(343,914	)			(118,629	)
	(779,659	)			(339,739	)
	(1,231,444	)			(564,517	)


	68,555,817				69,013,632
	(38,486,250	)			(34,610,805	)
	14,387				17,835
	30,083,954				34,420,662
$	28,852,510			$	33,856,145


$	-			$	-
$	28,852,510			$	33,856,145


	2,750,000				2,750,000
	(1,550,000	)			(1,375,000	)
	1,200,000				1,375,000

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

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets





Operations:
Net investment income/(loss)
Net realized gain/(loss)
Net change in unrealized appreciation/(depreciation)
Net Increase/(Decrease) in Net Assets Resulting from Operations

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 July 25, 2022.
^(b) Since Commencement of Operations on August 10, 2022.

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

INNOVATOR ETFs TRUST

Innovator Hedged TSLA Strategy ETF				Innovator Uncapped Accelerated U.S. Equity ETF
Period Ended				Period Ended
October 31, 2022			^(a)	October 31, 2022			^(b)


$	9,846			$	(9,338	)
	30,766				(222,365	)
	(151,139	)			(284,048	)
	(110,527	)			(515,751	)


	5,105,365				6,031,590
	(2,650,830	)			-
	629				328
	2,455,164				6,031,918
$	2,344,637			$	5,516,167


$	-			$	-
$	2,344,637			$	5,516,167


	200,000				225,000
	(100,000	)			-
	100,000				225,000

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

INNOVATOR ETFs TRUST

Financial Highlights

Per Share Operating Performance (For a share outstanding throughout

			Investment Operations:										Capital Share Transactions:
	Net Asset Value, Beginning of Period		Net investment income/(loss) ^(e)				Net realized and unrealized gain/(loss)			Total From Investment Operations			Transaction fees (see Note 5)
Innovator IBD® 50 ETF
For the year ended 10/31/2022	$	50.34		0.46				(24.54	)		(24.08	)		-
For the year ended 10/31/2021	$	35.97		0.10				14.27			14.37			-	^(f)
For the year ended 10/31/2020	$	33.17		0.04				2.76			2.80			-
For the year ended 10/31/2019	$	31.24		(0.07	)			2.00			1.93			-	^(f)
For the year ended 10/31/2018	$	33.34		(0.12	)			(1.92	)		(2.04	)		-	^(f)

Innovator IBD® Breakout Opportunities ETF
For the year ended 10/31/2022	$	36.52		0.32				(6.16	)		(5.84	)		-
For the year ended 10/31/2021	$	23.53		(0.02	)			13.01			12.99			-
For the year ended 10/31/2020	$	19.44		(0.03	)			4.12			4.09			-
For the year ended 10/31/2019	$	20.26		-		^(f)		(0.78	)		(0.78	)		-	^(f)
For the period 9/12/2018 ^(d) - 10/31/2018	$	25.00		(0.01	)			(4.73	)		(4.74	)		-

Innovator Loup Frontier Tech ETF
For the year ended 10/31/2022	$	56.02		(0.04	)			(26.64	)		(26.68	)		0.01
For the year ended 10/31/2021	$	37.34		(0.14	)			18.81			18.67			0.01
For the year ended 10/31/2020	$	23.70		(0.09	)			13.73			13.64			-	^(f)
For the year ended 10/31/2019	$	22.77		(0.02	)			0.95			0.93			-
For the period 7/24/2018 ^(d) - 10/31/2018	$	25.00		(0.01	)			(2.22	)		(2.23	)		-	^(f)

(a)	Annualized for periods less than one year.

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

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

(d)	Commencement of operations.

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

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

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

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

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

INNOVATOR ETFs TRUST

each period)

Ratios/Supplemental Data:

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

	(0.10	)		(24.18	)	$	26.16		(47.90	)%	$	102,043		0.97	%		0.80	%		1.29	%		1961	%
	-			14.37		$	50.34		39.95	%	$	274,365		0.93	%		0.80	%		0.22	%		1,133	%
	-			2.80		$	35.97		8.42	%	$	181,624		0.90	%		0.80	%		0.12	%		974	%
	-			1.93		$	33.17		6.20	%	$	326,748		0.78	%		0.80	%		(0.21	)%		786	%
	(0.06	)		(2.10	)	$	31.24		(6.15	)%	$	440,451		0.84	%		0.80	%		(0.43	)%		719	%


	-			(5.84	)	$	30.68		(15.98	)%	$	13,806		0.80	%		0.80	%		0.92	%		1980	%
	-			12.99		$	36.52		55.18	%	$	14,607		0.80	%		0.80	%		(0.07	)%		1,846	%
	-			4.09		$	23.53		21.04	%	$	5,883		0.80	%		0.80	%		(0.12	)%		1,637	%
	(0.04	)		(0.82	)	$	19.44		(3.84	)%	$	7,777		0.80	%		0.80	%		0.02	%		1,777	%
	-			(4.74	)	$	20.26		(18.95	)%	$	8,105		0.80	%		0.80	%		(0.38	)%		289	%


	-			(26.67	)	$	29.35		(47.60	)%	$	32,288		0.70	%		0.70	%		-0.10	%		138	%
	-			18.68		$	56.02		50.01	%	$	78,428		0.70	%		0.70	%		(0.27	)%		134	%
	-			13.64		$	37.34		57.59	%	$	16,805		0.70	%		0.70	%		(0.32	)%		97	%
	-			0.93		$	23.70		4.07	%	$	10,664		0.70	%		0.70	%		(0.07	)%		107	%
	-			(2.23	)	$	22.77		(8.92	)%	$	12,524		0.70	%		0.70	%		(0.23	)%		53	%

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

INNOVATOR ETFs TRUST

Financial Highlights

Per Share Operating Performance (For a share

			Investment Operations:										Capital Share Transactions:
	Net Asset Value, Beginning of Period		Net investment income/(loss) ^(c)			Net realized and unrealized gain/(loss)				Total From Investment Operations			Transaction fees (see Note 5)
Innovator S&P Investment Grade Preferred ETF
For the year ended 10/31/2022	$	24.22		1.00			(6.28	)			(5.28	)		-
For the year ended 10/31/2021	$	24.02		1.14			0.27		⁽ⁱ⁾		1.41			-
For the year ended 10/31/2020	$	24.11		1.23			(0.07	)			1.16			-	^(k)
For the period 4/1/2019 ^(h) - 10/31/2019	$	23.18		0.67			0.93				1.60			-
For the year ended 3/31/2019	$	23.38		1.18			(0.18	)			1.00			-
For the year ended 3/31/2018	$	24.06		1.29			(0.57	)			0.72			-

Innovator Laddered Allocation Power Buffer ETF
For the year ended 10/31/2022	$	35.56		(0.02	)		(1.45	)			(1.47	)		-
For the year ended 10/31/2021	$	31.49		(0.05	)		4.12				4.07			-
For the year ended 10/31/2020	$	36.66		0.81			(5.26	)			(4.45	)		-
For the period 10/1/2019 ^(d) - 10/31/2019	$	36.81		0.02			(0.17	)			(0.15	)		-
For the year ended 9/30/2019	$	31.55		0.66			5.29				5.95			-
For the year ended 9/30/2018	$	31.23		0.47			0.32		⁽ⁱ⁾		0.79			-

Innovator Laddered Allocation Buffer ETF
For the period 2/8/2022 ^(f) - 10/31/2022	$	24.89		(0.02	)		(1.90	)			(1.92	)		-

(a)	Annualized for periods less than one year.

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

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

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

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

(f)	Commencement of operations.

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

(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: transactions for the period.

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

(j)	Amount represents less than $0.01 per share.

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

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

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

INNOVATOR ETFs TRUST

outstanding throughout each period)

Ratios/Supplemental Data:

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

	(1.02	)		(0.02	)		(1.04	)		(6.32	)	$	17.90		(22.27	)%	$	119,057		0.47	%			0.47	%			4.70	%		46	%
	(1.14	)		(0.07	)		(1.21	)		0.20		$	24.22		5.97	%	$	222,794		0.47	%			0.47	%			4.70	%		68	%
	(1.25	)		-			(1.25	)		(0.09	)	$	24.02		5.04	%	$	127,315		0.47	%			0.47	%			5.15	%		58	%
	(0.67	)		-			(0.67	)		0.93		$	24.11		6.93	%	$	19,288		0.47	%			0.47	%			4.75	%		34	%
	(1.20	)		-			(1.20	)		(0.20	)	$	23.18		4.54	%	$	13,911		0.47	%			0.47	%			5.12	%		58	%
	(1.36	)		(0.04	)		(1.40	)		(0.68	)	$	23.38		2.98	%	$	19,870		0.47	%			0.47	%			5.39	%		67	%


	-			-			-			(1.47	)	$	34.09		(4.11	)%	$	150,015		0.20	%			0.12	%			-0.07	%		2	%
	-			-			-			4.07		$	35.56		12.93	%	$	69,337		0.20	%			0.20	%			(0.14	%)		1	%
	(0.72	)		-			(0.72	)		(5.17	)	$	31.49		(11.93	)%	$	28,338		0.47	%			0.47	%			2.47	%		750	%
	-			-			-			(0.15	)	$	36.66		(0.42	)%	$	137,463		0.49	%			0.49	%			0.63	%		0	%
	(0.69	)		-			(0.69	)		5.26		$	36.81		19.11	%	$	136,195		0.49	%			0.49	%			2.00	%		44	%
	(0.47	)		-			(0.47	)		0.32		$	31.55		2.55	%	$	162,484		0.52	%	^(j)		0.52	%	^(j)		1.47	%		667	%


	-			-			-			(1.92	)	$	22.97		(7.72	)%	$	26,414		0.20	%			0.10	%			-0.10	%		1	%

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

INNOVATOR ETFs TRUST

Financial Highlights

Per Share Operating Performance (For a share outstanding throughout 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 Buffer Step-Up Strategy ETF
For the period 3/7/2022^(d) - 10/31/2022	$	25.48		(0.14	)		(1.32	)		(1.46	)		0.02

Innovator Power Buffer Step-Up Strategy ETF
For the period 3/7/2022^(d) - 10/31/2022	$	25.67		(0.14	)		(0.93	)		(1.07	)		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.

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

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)

(1.44	)	$	24.04		(5.64	)%	$	28,853		0.89	%		-0.89	%		0	%


(1.05	)	$	24.62		(4.08	)%	$	33,856		0.89	%		-0.89	%		0	%

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

INNOVATOR ETFs TRUST

Financial Highlights

Per Share Operating Performance (For a share outstanding throughout 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 Hedged TSLA Strategy ETF
For the period 7/25/2022^(d) - 10/31/2022	$	24.91		0.10			(1.57	)		(1.47	)		0.01

Innovator Uncapped Accelerated U.S. Equity ETF
For the period 8/10/2022^(d) - 10/31/2022	$	26.88		(0.04	)		(2.32	)		(2.36	)		-	^(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.

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)

(1.46	)	$	23.45		(5.88	)%	$	2,345		0.79	%		1.47	%		0	%


(2.36	)	$	24.52		(8.79	)%	$	5,516		0.79	%		-0.78	%		0	%

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

INNOVATOR ETFs TRUST

Notes to Financial Statements

1.	ORGANIZATION

Innovator ETFs Trust (the “Trust”) was organized under Delaware law as a Delaware statutory trust on October 17, 2007, and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (the “1940 Act”) as an open–end management investment company. Effective February 9, 2022, BUFF’s name was changed from Innovator Laddered Fund of U.S. Equity Power Buffer ETFs to Innovator Laddered Allocation Power Buffer ETF. The Trust currently consists of multiple operational series, of which ten are covered in this report, collectively the (“Funds”):

Name	Ticker	Commencement of Operations	Tracking Index/Fund ^(a)
Innovator IBD® 50 ETF	FFTY	April 8, 2015	IBD® 50 Index
Innovator IBD® Breakout Opportunities ETF	BOUT	September 12, 2018	IBD® Breakout Stocks Index
Innovator Loup Frontier Tech ETF	LOUP	July 24, 2018	Loup Frontier Tech Index
Innovator S&P Investment Grade Preferred ETF	EPRF	May 23, 2016	S&P U.S. High Quality Preferred Stock Index
Innovator Laddered Allocation Power Buffer ETF ^(b)	BUFF	October 19, 2016	Refinitiv Laddered Power Buffer Strategy Index
Innovator Laddered Allocation Buffer ETF ^(c)	BUFB	February 8, 2022	MerQube U.S. Large Cap Equity Buffer Laddered Index
Innovator Buffer Step-Up Strategy ETF	BSTP	March 7, 2022	SPDR S&P 500® ETF Trust
Innovator Power Buffer Step-Up Strategy ETF	PSTP	March 7, 2022	SPDR S&P 500® ETF Trust
Innovator Hedged TSLA Strategy ETF ^(d)	TSLH	July 25, 2022	Tesla, Inc.
Innovator Uncapped Accelerated U.S. Equity ETF	XUSP	August 10, 2022	SPDR S&P 500® ETF Trust

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

(b)

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

(c)

BUFB seeks to achieve its investment objective by investing primarily in other Innovator ETFs (Affiliated Fund of Fund structure) that themselves seek investment results corresponding to their own respective underlying indexes. In addition to its own fees and expenses, BUFB will pay indirectly a proportional share of the fees and expenses of the underlying Innovator ETFs in which it invests, including advisory and administration fees (Acquired Fund Fees and Expenses).

(d)	TSLH seeks to participate in the price return of the common stock of Tesla, Inc., subject to a limit on investment gains and seeks to provide a level of protection against significant declines in the price return of the common stock of Tesla, Inc.

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

Name	Ticker	Commencement of Operations	Tracking 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	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Power Buffer ETF – January	PJAN	December 31, 2018	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Power Buffer ETF – February	PFEB	January 31, 2020	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Power Buffer ETF – March	PMAR	February 28, 2020	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Power Buffer ETF – April	PAPR	March 29, 2019	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Power Buffer ETF – May	PMAY	April 30, 2020	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Power Buffer ETF – June	PJUN	May 31, 2019	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Power Buffer ETF – July	PJUL	August 7, 2018	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Power Buffer ETF – August	PAUG	July 31, 2019	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Power Buffer ETF – September	PSEP	August 30, 2019	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Power Buffer ETF – October	POCT	September 28, 2018	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Power Buffer ETF – November	PNOV	October 31, 2019	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Power Buffer ETF – December	PDEC	November 29, 2019	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Ultra Buffer ETF – January	UJAN	December 31, 2018	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Ultra Buffer ETF – February	UFEB	January 31, 2020	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Ultra Buffer ETF – March	UMAR	February 28, 2020	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Ultra Buffer ETF – April	UAPR	March 29, 2019	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Ultra Buffer ETF – May	UMAY	April 30, 2020	SPDR S&P 500® ETF Trust

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

Name	Ticker	Commencement of Operations	Tracking Fund
Innovator U.S. Equity Ultra Buffer ETF – June	UJUN	May 31, 2019	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Ultra Buffer ETF – July	UJUL	August 7, 2018	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Ultra Buffer ETF – August	UAUG	July 31, 2019	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Ultra Buffer ETF – September	USEP	August 30, 2019	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Ultra Buffer ETF – October	UOCT	September 28, 2018	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Ultra Buffer ETF – November	UNOV	October 31, 2019	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Ultra Buffer ETF – December	UDEC	November 29, 2019	SPDR S&P 500® ETF Trust
Innovator International Developed Power Buffer ETF - January	IJAN	December 31, 2019	iShares MSCI EAFE ETF
Innovator International Developed Power Buffer ETF - April	IAPR	March 31, 2021	iShares MSCI EAFE ETF
Innovator International Developed Power Buffer ETF - July	IJUL	June 28, 2019	iShares MSCI EAFE ETF
Innovator International Developed Power Buffer ETF - October	IOCT	September 30, 2021	iShares MSCI EAFE ETF
Innovator Emerging Markets Power Buffer ETF - January	EJAN	December 31, 2019	iShares MSCI Emerging Markets ETF
Innovator Emerging Markets Power Buffer ETF - April	EAPR	March 31, 2021	iShares MSCI Emerging Markets ETF
Innovator Emerging Markets Power Buffer ETF - July	EJUL	June 28, 2019	iShares MSCI Emerging Markets ETF
Innovator Emerging Markets Power Buffer ETF - October	EOCT	September 30, 2021	iShares MSCI Emerging Markets ETF
Innovator Growth-100 Power Buffer ETF - January	NJAN	December 31, 2019	Invesco QQQ Trust
Innovator Growth-100 Power Buffer ETF - April	NAPR	March 31, 2020	Invesco QQQ Trust
Innovator Growth-100 Power Buffer ETF - July	NJUL	June 30, 2020	Invesco QQQ Trust
Innovator Growth-100 Power Buffer ETF - October	NOCT	September 30, 2019	Invesco QQQ Trust
Innovator U.S. Small Cap Power Buffer ETF - January	KJAN	December 31, 2019	iShares Russell 2000 ETF
Innovator U.S. Small Cap Power Buffer ETF - April	KAPR	March 31, 2020	iShares Russell 2000 ETF
Innovator U.S. Small Cap Power Buffer ETF - July	KJUL	June 30, 2020	iShares Russell 2000 ETF
Innovator U.S. Small Cap Power Buffer ETF - October	KOCT	September 30, 2019	iShares Russell 2000 ETF
Innovator Double Stacker ETF - January	DSJA	December 31, 2020	SPDR S&P 500® ETF Trust and Invesco QQQ Trust
Innovator Double Stacker ETF - October	DSOC	September 30, 2020	SPDR S&P 500® ETF Trust and Invesco QQQ Trust
Innovator Triple Stacker ETF - January	TSJA	December 31, 2020	SPDR S&P 500® ETF Trust, Invesco QQQ Trust and iShares Russell 2000 ETF
Innovator Triple Stacker ETF - October	TSOC	September 30, 2020	SPDR S&P 500® ETF Trust, Invesco QQQ Trust and iShares Russell 2000 ETF
Innovator Double Stacker 9 Buffer ETF - January	DBJA	December 31, 2020	SPDR S&P 500® ETF Trust and Invesco QQQ Trust
Innovator Double Stacker 9 Buffer ETF - October	DBOC	September 30, 2020	SPDR S&P 500® ETF Trust and Invesco QQQ Trust
Innovator U.S. Equity Accelerated ETF - January	XDJA	December 31, 2021	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Accelerated ETF - April	XDAP	March 31, 2021	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Accelerated ETF - July	XDJL	June 30, 2021	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Accelerated ETF - October	XDOC	September 30, 2021	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Accelerated Plus ETF - January	XTJA	December 31, 2021	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Accelerated Plus ETF - April	XTAP	March 31, 2021	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Accelerated Plus ETF - July	XTJL	June 30, 2021	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Accelerated Plus ETF - October	XTOC	September 30, 2021	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Accelerated 9 Buffer ETF - January	XBJA	December 31, 2021	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Accelerated 9 Buffer ETF - April	XBAP	March 31, 2021	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Accelerated 9 Buffer ETF - July	XBJL	June 30, 2021	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Accelerated 9 Buffer ETF - October	XBOC	September 30, 2021	SPDR S&P 500® ETF Trust
Innovator Growth Accelerated Plus ETF - January	QTJA	December 31, 2021	Invesco QQQ Trust
Innovator Growth Accelerated Plus ETF - April	QTAP	March 31, 2021	Invesco QQQ Trust
Innovator Growth Accelerated Plus ETF - July	QTJL	June 30, 2021	Invesco QQQ Trust
Innovator Growth Accelerated Plus ETF - October	QTOC	September 30, 2021	Invesco QQQ Trust
Innovator 20+ Year Treasury Bond 9 Buffer ETF - July	TBJL	August 17, 2020	iShares 20+ Year Treasury Bond ETF
Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly	TFJL	August 17, 2020	iShares 20+ Year Treasury Bond ETF
Innovator Defined Wealth Shield ETF	BALT	June 30, 2021	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Accelerated ETF - Quarterly	XDSQ	March 31, 2021	SPDR S&P 500® ETF Trust
Innovator Growth Accelerated ETF - Quarterly	XDQQ	March 31, 2021	Invesco QQQ Trust

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

BSTP and PSTP employ a “step-up strategy” in which the sub-adviser will seek to opportunistically manage the respective Fund’s investment exposure by periodically terminating its FLEX Options investments earlier than its one-year expiration date and immediately reset the respective Fund’s options portfolio for a new one-year period. The “step-up strategy” seeks to help a Fund’s shareholder offset the timing risks inherent in owning an options package for one year. BSTP, PSTP, TSLH and XUSP do not pursue a “defined outcome strategy” or seek to achieve the full one-year investment outcomes of the options portfolio held. Unlike other Innovator ETFs that utilize a defined outcome investment strategy, they do not seek to provide shareholders with a set buffer percentage and maximum upside potential over any specified time period.

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

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

2.	SIGNIFICANT ACCOUNTING POLICIES

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

Valuation:

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

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

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

Exchange-traded option contracts (other than FLEX Option contracts) will be valued at the closing price in the market where such contracts are principally traded. If no closing price is available, they will be fair valued at the mean of their most recent bid and asked price, if available, and otherwise at their closing bid price. OTC options are fair valued at the mean of the most recent bid and asked price, if available, and otherwise at their closing bid price. FLEX Options will be valued at a model-based price provided by the exchange on which the option is traded at the official close of that exchange’s trading date. If the exchange on which the option is traded is unable to provide a model price, FLEX Options prices will be provided by backup provider Super Derivatives. Otherwise, the value of a FLEX Option will be determined by the Valuation Designee in accordance with the Trust’s valuation procedures.

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

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.

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

The following table summarizes valuation of the Funds’ investments under the fair value hierarchy as of October 31, 2022:

FFTY
	Level 1		Level 2		Level 3		Total
Assets
Common Stocks	$	101,242,311	$	-	$	-	$	101,242,311
Investments Purchased with Proceeds From Securities Lending		-		25,438,971		-		25,438,971
Short Term Investments		269,608		-		-		269,608
Total Assets	$	101,511,919	$	25,438,971	$	-	$	126,950,890

BOUT
	Level 1		Level 2		Level 3		Total
Assets
Common Stocks	$	13,286,700	$	-	$	-	$	13,286,700
Master Limited Partnerships		396,502		-		-		396,502
Investments Purchased with Proceeds From Securities Lending		-		4,152,384		-		4,152,384
Short Term Investments		124,683		-		-		124,683
Total Assets	$	13,807,885	$	4,152,384	$	-	$	17,960,269

LOUP
	Level 1		Level 2		Level 3		Total
Assets
Common Stocks	$	30,491,726	$	-	$	-	$	30,491,726
Preferred Stocks		1,806,946		-		-		1,806,946
Investments Purchased with Proceeds From Securities Lending		-		9,077,312		-		9,077,312
Short Term Investments		105,626		-		-		105,626
Total Assets	$	32,404,298	$	9,077,312	$	-	$	41,481,610

EPRF
	Level 1		Level 2		Level 3		Total
Assets
Preferred Stocks	$	118,690,389	$	-	$	-	$	118,690,389
Investments Purchased with Proceeds From Securities Lending		-		5,059,149		-		5,059,149
Short Term Investments		658,579		-		-		658,579
Total Assets	$	119,348,968	$	5,059,149	$	-	$	124,408,117

BUFF
	Level 1		Level 2		Level 3		Total
Assets
Affiliated Exchange Traded Funds	$	149,810,463	$	-	$	-	$	149,810,463
Investments Purchased with Proceeds From Securities Lending		-		988,825		-		988,825
Short Term Investments		210,180		-		-		210,180
Total Assets	$	150,020,643	$	988,825	$	-	$	151,009,468

BUFB
	Level 1		Level 2		Level 3		Total
Assets
Affiliated Exchange Traded Funds	$	26,399,300	$	-	$	-	$	26,399,300
Short Term Investments		16,220		-		-		16,220
Total Assets	$	26,415,520	$	-	$	-	$	26,415,520

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

BSTP
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	-	$	30,228,543	$	-	$	30,228,543
Short Term Investments		42,181		-		-		42,181
Total Assets	$	42,181	$	30,228,543	$	-	$	30,270,724

Liabilities
Options Written	$	-	$	1,397,382	$	-	$	1,397,382
Total Assets	$	-	$	1,397,382	$	-	$	1,397,382

PSTP
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	-	$	35,559,483	$	-	$	35,559,483
Short Term Investments		63,309		-		-		63,309
Total Assets	$	63,309	$	35,559,483	$	-	$	35,622,792

Liabilities
Options Written	$	-	$	1,742,090	$	-	$	1,742,090
Total Assets	$	-	$	1,742,090	$	-	$	1,742,090

TSLH
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	-	$	142,480	$	-	$	142,480
Short Term Investments		26,747		2,218,787		-		2,245,534
Total Assets	$	26,747	$	2,361,267	$	-	$	2,388,014

Liabilities
Options Written	$	-	$	41,913	$	-	$	41,913
Total Assets	$	-	$	41,913	$	-	$	41,913

XUSP
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	-	$	5,812,156	$	-	$	5,812,156
Short Term Investments		38,587		-		-		38,587
Total Assets	$	38,587	$	5,812,156	$	-	$	5,850,743

Liabilities
Options Written	$	-	$	331,151	$	-	$	331,151
Total Assets	$	-	$	331,151	$	-	$	331,151

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

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

There were no Level 3 investments for the Funds during the year or period ended October 31, 2022.

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”).

BSTP, PSTP, TSLH and XUSP 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.

BSTP, PSTP, TSLH and XUSP 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.

When BSTP, PSTP, TSLH and XUSP 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.

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

When BSTP, PSTP, TSLH and XUSP 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. BSTP, PSTP, TSLH and XUSP, 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 BSTP, PSTP, TSLH and XUSP are fully funded and cash settled, therefore balance sheet offsetting under U.S. GAAP does not apply.

BSTP, PSTP, TSLH and XUSP 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.

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, 2022 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
BSTP	$	30,228,543	$	1,397,382
PSTP		35,559,483		1,742,090
TSLH		142,480		41,913
XUSP		5,812,156		331,151

The effect of derivative instruments on the Statements of Operations for the period ended October 31, 2022:

	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
BSTP	$	(1,814,698	)	$	1,365,049	$	(346,002	)	$	451,737
PSTP		(1,665,404	)		1,269,338		(160,327	)		437,764
TSLH^(a)		(116,190	)		-		18,782			128,259
XUSP		(262,817	)		-		40,452			-

(a)	Amount is included in realized gain/(loss) on investments on the statement of operations.

	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
BSTP	$	(1,178,580	)	$	398,921
PSTP		(965,749	)		626,010
TSLH^(b)		(326,081	)		177,813
XUSP		(427,862	)		143,814

(b)	Amount is included in the change in unrealized appreciation/(depreciation) on investments on the statement of operations.

The average volume of derivative activity during the period ended October 31, 2022, is as follows:

	Purchased Options		Options Written
	Average Monthly Market Value		Average Monthly Market Value
BSTP	$	20,754,311	$	(1,244,843	)
PSTP		21,278,917		(1,309,372	)
TSLH		391,601		(154,407	)
XUSP		5,613,464		(242,757	)

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, 2022, 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, 2022, the Funds did not have a liability for any unrecognized tax benefits. As of October 31, 2022, 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 2018, as applicable.

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

U.S. GAAP requires that certain components of net assets be reclassified between distributable earnings/(accumulated deficit) and additional paid–in capital.
These reclassifications have no effect on net assets or net asset value per share. For the year ended October 31, 2022, the Funds made the following permanent book–to–tax reclassifications primarily related to net operating loss forfeiture and redemptions in kind:

	Distributable Earnings/
	(Accumulated Deficit)			Paid-In Capital
FFTY	$	(5,274,772	)	$	5,274,772
BOUT		(1,815,513	)		1,815,513
LOUP		(766,339	)		766,339
EPRF		4,806,503			(4,806,503	)
BUFF		(818,092	)		818,092
BUFB		4,544			(4,544	)
BSTP		(1,816,786	)		1,816,786
PSTP		(1,707,102	)		1,707,102
TSLH		(128,259	)		128,259
XUSP		-			-

Distributions to Shareholders:

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

Investment Transactions and Investment Income:

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

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

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

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

3.	INVESTMENT ADVISOR AND OTHER AFFILIATES

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

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

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

Pursuant to an investment advisory agreement between the Trust and the Adviser with respect to the Funds, excluding FFTY, each respective Fund pays monthly the Adviser a unitary fee calculated daily based on the average daily net assets of the Fund. During the term of the Advisory Agreement, the Adviser pays all expenses of the respective 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.

Penserra Capital Management LLC (“Penserra”) and Milliman Financial Risk Management LLC (“Milliman”)(collectively the “Sub–Advisers”) act as sub–adviser to the Funds pursuant to sub–advisory agreements between the Adviser and respective Sub–Adviser with respect to the Funds (“Sub–Advisory Agreements”) and, pursuant to the Sub–Advisory Agreements, are responsible for execution of the Sub– Adviser’s strategy for each of the Funds. The Sub–Advisers are responsible for the day–to–day management of the Fund’s portfolios. Pursuant to the Sub–Advisory Agreements between the Adviser and the respective Sub–Adviser, the Adviser pays the Sub–Advisers a fee, based on the Funds’ average daily net assets, for the services and facilities they provide payable on a monthly basis.

	Management/Unitary Fee Rate			Sub-Adviser
FFTY		0.70	%	Penserra
BOUT		0.80	%	Penserra
LOUP		0.70	%	Penserra
EPRF		0.47	%	Penserra
BUFF		0.20	%	Penserra
BUFB		0.20	%	Penserra
BSTP		0.89	%	Milliman
PSTP		0.89	%	Milliman
TSLH		0.79	%	Milliman
XUSP		0.79	%	Milliman

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

Pursuant to the Advisory Agreement between the Trust and the Adviser with respect to BUFF and BUFB, the Adviser has agreed to waive unitary fees of 0.10% of average daily net assets of the respective Fund beginning February 9, 2022 until June 30, 2024. The waiver may be terminated by action of the Trust’s board at any time upon 60 days written notice by the Trust, on behalf of the Funds, or by the adviser on or after June 30, 2024. The Adviser is not entitled to recoup any of the fees that it waived.

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

The Trust entered into an Expense Limitation Agreement on behalf of FFTY with the Adviser. Under the terms of the Expense Limitation Agreement with FFTY, the Adviser contractually agreed to waive their advisory fees and/or assume as their own expense, certain expenses otherwise payable by the Fund to the extent necessary to ensure that total annual fund operating expenses (excluding any Rule 12b–1 fees, taxes, interest, brokerage fees, acquired fund fees and expenses, expenses incurred in connection with any merger, reorganization or proxy solicitation, litigation, and other extraordinary expenses) do not exceed 0.80% of average daily net assets of FFTY until August 31, 2023. Pursuant to the terms of the Expense Limitation Agreement, Innovator is entitled to recoup any fees that it waived and/or Fund expenses that it paid for a period of three years following such fee waivers and/or expense payments. The Fund may only make such repayment to the Adviser if, after the recoupment payment has been taken into account, it does not cause the Fund’s expense ratio to exceed either the expense cap in place at the time the expenses were waived or the Fund’s current expense cap. For the year ended October 31, 2022, the Adviser waived $291,431
of their advisory fees for FFTY and recouped $14,178 of their previously waived fees. The table below indicates the amount of fees that the Adviser may recoup:

	Recovery Expiring in^*:
	FYE 10/31/2023		FYE 10/31/2024		FYE 10/31/2025		Total
FFTY	$	259,644	$	309,101	$	291,430	$	860,175

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

4.	INVESTMENT TRANSACTIONS

For the year or period ended October 31, 2022, the cost of purchases and proceeds from sales of investment securities, other than in–kind purchases and sales and short–term investments were as follows:

	Purchases				Sales
	U.S. Governement		Other		U.S. Governement		Other
FFTY	$	-	$	3,278,458,089	$	-	$	3,256,783,805
BOUT		-		313,564,892		-		313,372,021
LOUP		-		79,708,390		-		75,109,433
EPRF		-		76,291,618		-		75,942,527
BUFF		-		1,798,244		-		1,792,086
BUFB		-		178,585		-		187,180
BSTP		-		-		-		-
PSTP		-		-		-		-
TSLH		-		-		-		-
XUSP		-		-		-		-

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

For the year or period ended October 31, 2022, in–kind transactions associated with creations and redemptions were as follows:

	In-Kind		In-Kind
	Creations		Redemptions
FFTY	$	10,239,785	$	85,250,811
BOUT		27,694,699		25,428,316
LOUP		4,335,427		18,448,066
EPRF		9,296,564		61,984,568
BUFF		97,918,943		13,876,307
BUFB		27,678,962		547,045
BSTP		-		30,916,367
PSTP		-		27,542,352
TSLH		-		26,679
XUSP		-		-

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

5.	CREATION AND REDEMPTION TRANSACTIONS

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

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

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

6.	SECURITIES LENDING

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

As of October 31, 2022, the values of the securities on loan, cash collateral received, and fees and interest were as follows:

	Value of Securities on Loan		Cash Collateral Received		Fees and Interest Earned
FFTY	$	24,206,208	$	25,438,971	$	349,331
BOUT		4,029,560		4,152,384		3,919
LOUP		8,690,825		9,077,312		23,125
EPRF		4,855,509		5,059,149		210,523
BUFF		959,233		988,825		56,586
BUFB		-		-		-

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

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

7.	FEDERAL INCOME TAX INFORMATION

At October 31, 2022, the cost of investments and net unrealized appreciation/
(depreciation) for federal income tax purposes were as follows:

	FFTY			BOUT			LOUP			EPRF			BUFF

Cost of Portfolio	$	129,414,206		$	17,352,282		$	52,848,194		$	155,203,066		$	151,444,918
Gross Unrealized Appreciation	$	5,731,855		$	806,604		$	1,452,208		$	384,426		$	2,088,342
Gross Unrealized Depreciation		(8,195,171	)		(198,617	)		(12,818,792	)		(31,179,375	)		(2,523,792	)
Net Unrealized Appreciation/(Depreciation)	$	(2,463,316	)	$	607,987		$	(11,366,584	)	$	(30,794,949	)	$	(435,450	)

	BUFB			BSTP			PSTP			TSLH			XUSP

Cost of Portfolio	$	27,134,997		$	29,653,001		$	34,220,441		$	2,497,240		$	5,803,640
Gross Unrealized Appreciation	$	244,007		$	566,147		$	1,044,690		$	177,813		$	399,624
Gross Unrealized Depreciation		(963,484	)		(1,345,806	)		(1,384,429	)		(328,952	)		(683,672	)
Net Unrealized Appreciation/(Depreciation)	$	(719,477	)	$	(779,659	)	$	(339,739	)	$	(151,139	)	$	(284,048	)

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

As of October 31, 2022, the components of distributable earnings/(accumulated deficit) on a tax basis were as follows:

	FFTY			BOUT			LOUP			EPRF			BUFF

Accumulated Capital and Other Losses	$	(305,590,158	)	$	(12,865,517	)	$	(30,347,209	)	$	(16,102,269	)	$	(38,641,323	)
Distributions Payable		-			-			-			-			-
Undistributed Net Ordinary Income		2,131,160			148,584			-			-			-
Unrealized Appreciation/(Depreciation) on Investments		(2,463,316	)		607,987			(11,366,584	)		(30,794,949	)		(435,450	)
Total Distributable Earnings/(Accumulated Deficit)	$	(305,922,314	)	$	(12,108,946	)	$	(41,713,793	)	$	(46,897,218	)	$	(39,076,773	)

	BUFB			BSTP			PSTP			TSLH			XUSP

Accumulated Capital and Other Losses	$	(10,076	)	$	(2,268,571	)	$	(1,931,880	)	$	(97,493	)	$	(231,703	)
Undistributed Net Ordinary Income		-			-			-			9,846			-
Unrealized Appreciation/(Depreciation) on Investments		(719,477	)		(779,659	)		(339,739	)		(151,139	)		(284,048	)
Total Distributable Earnings/(Accumulated Deficit)	$	(729,553	)	$	(3,048,230	)	$	(2,271,619	)	$	(238,786	)	$	(515,751	)

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.

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

At October 31, 2022, the Funds deferred the following qualified late year ordinary losses:

	Late Year Ordinary Losses
FFTY	$	-
BOUT		-
LOUP		127,219
EPRF		-
BUFF		48,674
BUFB		10,075
BSTP		107,871
PSTP		106,149
TSLH		-
XUSP		9,338

At October 31, 2022, for federal income tax purposes, the Funds had capital loss carryforwards available to offset future capital gains for an unlimited period as indicated below:

	Indefinite Short-Term		Indefinite Long-Term
FFTY	$	305,568,055	$	-
BOUT		12,865,496		-
LOUP		26,072,594		4,147,532
EPRF		8,231,556		7,272,213
BUFF		38,592,649		-
BUFB		1		-
BSTP		2,160,700		-
PSTP		1,825,731		-
TSLH		97,493		-
XUSP		222,365		-

To the extent that these loss carryforwards are utilized, capital gains so offset will not be distributed to shareholders. During the current tax year ended October 31, 2022, no capital loss carryforwards available were utilized.

The tax character of the distributions paid by the Funds during the fiscal years ended October 31, 2022 and October 31, 2021 were as follows:

	FFTY				EPRF
	2022		2021		2022		2021
Distributions paid from:
Net Ordinary Income	$	520,522	$	-	$	7,781,626	$	9,442,181
Net Long-Term Capital Gains		-		-		-		-
Return of Capital		-		-		179,692		570,855
Total Distributions Paid	$	520,522	$	-	$	7,961,318	$	10,013,036

All other Funds did not pay any distributions during the fiscal years ended October 31, 2022 and October 31, 2021.

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

8.	TRANSACTIONS WITH AFFILITATES

BUFF and BUFB had the following transactions during the year or period ended October 31, 2022 with affiliated companies:

BUFF
									Year Ended October 31, 2022
Security Name	Value as of November 1, 2021		Purchases		Sales		Value as of October 31, 2022		Share Balance		Dividend Income		Net Realized Gain (Loss) on Sale of Shares		Net Change in Unrealized Appreciation (Depreciation)
Innovator U.S. Equity Power Buffer ETF – January	$	5,754,186	$	8,361,650	$	1,184,131	$	12,531,369		402,547	$	-	$	61,214	$	(461,550	)
Innovator U.S. Equity Power Buffer ETF – February		5,744,153		8,171,036		1,177,191		12,437,292		447,235		-		108,075		(408,781	)
Innovator U.S. Equity Power Buffer ETF – March		5,769,279		8,279,027		1,367,123		12,426,551		410,059		-		108,362		(362,994	)
Innovator U.S. Equity Power Buffer ETF – April		5,757,521		8,286,233		1,228,509		12,460,886		448,556		-		62,853		(417,212	)
Innovator U.S. Equity Power Buffer ETF – May		5,777,812		8,470,968		1,162,891		12,489,478		445,099		-		59,445		(655,856	)
Innovator U.S. Equity Power Buffer ETF – June		5,771,325		8,485,340		1,216,942		12,450,896		419,745		-		62,061		(650,888	)
Innovator U.S. Equity Power Buffer ETF – July		5,783,854		8,272,351		1,494,546		12,463,273		416,275		-		55,636		(154,022	)
Innovator U.S. Equity Power Buffer ETF – August		5,786,925		8,401,345		1,175,006		12,482,121		441,845		-		63,975		(595,118	)
Innovator U.S. Equity Power Buffer ETF – September		5,780,273		8,263,236		1,399,055		12,461,179		428,527		-		64,877		(248,152	)
Innovator U.S. Equity Power Buffer ETF – October		5,785,351		8,197,688		1,579,802		12,429,717		418,509		-		71,688		(45,208	)
Innovator U.S. Equity Power Buffer ETF – November		5,745,976		8,294,746		1,398,405		12,682,474		421,765		-		47,884		(7,727	)
Innovator U.S. Equity Power Buffer ETF – December		5,741,324		8,233,567		1,284,792		12,495,227		416,937		-		66,894		(261,766	)

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

BUFB
									Period Ended October 31, 2022
Security Name	Value as of November 1, 2021		Purchases		Sales		Value as of October 31, 2022		Share Balance		Dividend Income		Net Realized Gain (Loss) on Sale of Shares			Net Change in Unrealized Appreciation (Depreciation)
Innovator U.S. Equity Buffer ETF – January	$	-	$	2,318,432	$	45,443	$	2,214,100		66,798	$	-	$	(578	)	$	(58,311	)
Innovator U.S. Equity Buffer ETF – February		-		2,314,175		55,516		2,197,661		74,227		-		(522	)		(60,476	)
Innovator U.S. Equity Buffer ETF – March		-		2,319,784		63,073		2,190,288		68,663		-		(678	)		(65,745	)
Innovator U.S. Equity Buffer ETF – April		-		2,323,123		64,338		2,192,943		71,318		-		(781	)		(65,061	)
Innovator U.S. Equity Buffer ETF – May		-		2,330,743		44,617		2,196,237		75,498		-		(740	)		(89,149	)
Innovator U.S. Equity Buffer ETF – June		-		2,333,238		48,986		2,192,199		71,681		-		(718	)		(91,335	)
Innovator U.S. Equity Buffer ETF – July		-		2,334,801		95,625		2,195,892		71,236		-		(5,745	)		(37,539	)
Innovator U.S. Equity Buffer ETF – August		-		2,318,131		53,067		2,199,810		73,205		-		(1,999	)		(63,255	)
Innovator U.S. Equity Buffer ETF – September		-		2,326,251		88,204		2,190,872		72,306		-		(5,437	)		(41,738	)
Innovator U.S. Equity Buffer ETF – October		-		2,312,662		72,265		2,188,705		69,560		-		(2,951	)		(48,741	)
Innovator U.S. Equity Buffer ETF – November		-		2,313,600		49,851		2,223,883		74,652		-		(857	)		(39,009	)
Innovator U.S. Equity Buffer ETF – December		-		2,312,607		53,240		2,216,710		69,994		-		(1,295	)		(41,362	)

9.	NEW ACCOUNTING PRONOUNCEMENTS

In June 2022, the FASB issued Accounting Standards Update 2022-03, which amends Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"). ASU 2022-03 clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and for interim periods within those fiscal years, with early adoption permitted. Management is currently evaluating the impact of these amendments on the financial statements.

10. OWNERSHIP BY AFFILIATES

The beneficial ownership, either directly or indirectly, of 25% or more of the voting securities of the Fund creates presumption of control of the Fund, under section 2(a)(9) of the Investment Company Act of 1940. As of October 31, 2022, an affiliate of the Funds owned shares in the secondary market of more than 25% of TSLH shares.

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

11.

SUBSEQUENT EVENT

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

INNOVATOR ETFs TRUST

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of Innovator ETFs Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments and options written, of Innovator IBD® 50 ETF, Innovator IBD® Breakout Opportunities ETF, Innovator Loup Frontier Tech ETF, Innovator S&P Investment Grade Preferred ETF, Innovator Laddered Allocation Power Buffer ETF, Innovator Laddered Allocation Buffer ETF, Innovator Buffer Step-Up Strategy ETF, Innovator Power Buffer Step-Up Strategy ETF, Innovator Hedged TSLA Strategy ETF, and Innovator Uncapped Accelerated U.S. Equity ETF (the “Funds”), each a series of Innovator ETFs Trust, as of October 31, 2022, 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, 2022, 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.

INNOVATOR ETFs TRUST

Fund Name	Statements of Operations	Statements of Changes in Net Assets	Financial Highlights
Innovator IBD® 50 ETF	For the year ended October 31, 2022	For the years ended October 31, 2022 and 2021	For the years ended October 31, 2022, 2021, 2020, 2019, and 2018
Innovator IBD® Breakout Opportunities ETF	For the year ended October 31, 2022	For the years ended October 31, 2022 and 2021	For the years ended October 31, 2022, 2021, 2020, 2019, and for the period from September 12, 2018 (commencement of operations) through October 31, 2018
Innovator Loup Frontier Tech ETF	For the year ended October 31, 2022	For the years ended October 31, 2022 and 2021	For the years ended October 31, 2022, 2021, 2020, 2019, and for the period from July 24, 2018 (commencement of operations) through October 31, 2018
Innovator S&P Investment Grade Preferred ETF	For the year ended October 31, 2022	For the years ended October 31, 2022 and 2021	For the years ended October 31, 2022, 2021, 2020, the period April 1, 2019 through October 31, 2019, and for the years ended March 31, 2019 and 2018
Innovator Laddered Allocation Power Buffer ETF	For the year ended October 31, 2022	For the years ended October 31, 2022 and 2021	For the years ended October 31, 2022, 2021, 2020, the period October 1, 2019 through October 31, 2019, and for the years ended September 30, 2019 and 2018

Innovator Laddered Allocation Buffer ETF	For the period from February 8, 2022 (commencement of operations) through October 31, 2022
Innovator Buffer Step-Up Strategy ETF and Innovator Power Buffer Step-Up Strategy ETF	For the period from March 7, 2022 (commencement of operations) through October 31, 2022
Innovator Hedged TSLA Strategy ETF	For the period from July 25, 2022 (commencement of operations) through October 31, 2022
Innovator Uncapped Accelerated U.S. Equity ETF	For the period from August 10, 2022 (commencement of operations) through October 31, 2022

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INNOVATOR ETFs TRUST

The financial highlights of Innovator S&P Investment Grade Preferred ETF for the period ended March 31, 2018 were audited by other auditors whose report dated May 30, 2018, expressed an unqualified opinion on those financial highlights.

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, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

COHEN & COMPANY, LTD.

Milwaukee, Wisconsin

December 22, 2022

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INNOVATOR ETFs TRUST

Trustees and Officers (Unaudited)

*Name, Address* *and Year of Birth*	*Position with* *the Trust*	*Length of* *Time* Served*	*Principal Occupation(s)* *During Past 5 Years*	*Number of* *Portfolios in Fund* *Complex^(a)* Overseen by Trustee or Officer**	*Other* *Directorships* *Held by Trustee* *or Officer in the Past Five Years*
*Independent Trustees*
Mark Berg 109 N. Hale Street Wheaton, IL 60187 Year of Birth: 1971	Trustee	Since 2017	Founding Principal (2001-present), Chief Executive Officer (2019-present), President (2001-2019), Timothy Financial Counsel, Inc.	89	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).	89	Board of Advisors, Westmont College (2016-2021).
Brian J. Wildman 109 N. Hale Street Wheaton, IL 60187 Year of Birth: 1963	Trustee	Since 2017	President, Timothy Financial Counsel, Inc. (2019–present); Executive Vice President, Consumer Banking (2016–2019), Chief Risk Officer (2013–2016), MB Financial Bank.	89	Missionary Furlough Homes, Inc. (since 2008); MB Financial Bank (2003– 2019).

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INNOVATOR ETFs TRUST

Trustees and Officers (Unaudited) (Continued)

*Interested Trustee & Officer*
H. Bruce Bond ^(b) 109 N. Hale Street Wheaton, IL 60187 Year of Birth: 1963	Interested Trustee, President and Principal Executive Officer	Since 2017	Chief Executive Officer, Innovator Capital Management, LLC (2017–present).	89	None
*Officers*
John W. Southard 109 N. Hale Street Wheaton, IL 60187 Year of Birth: 1969	Vice President, Treasurer and Principal Financial Accounting Officer^(c)	Since 2017	Chief Investment Officer, Innovator Capital Management, LLC (2017–2022); Director and Co–Founder, T2 Capital Management, LLC (2010–present).	89	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 - 2022); General Counsel, Innovator Capital Management LLC (2019 - present); Chief Compliance Officer, General Counsel and Chief Risk Officer, Americas, Eastspring Investments, Inc. (2012 - 2019).	89	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.
^(c)	Kathleen I. Meyer is deemed the Principal Financial Accounting Officer as of November 1, 2022.

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

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INNOVATOR ETFs TRUST

Board Considerations Regarding Approval of Investment

Management Agreement (Unaudited)

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

Innovator IBD®50 ETF

Innovator IBD®Breakout Opportunities ETF

Innovator Loup Frontier Tech ETF

Innovator S&P Investment Grade Preferred ETF

Innovator Laddered Allocation Power Buffer ETF

At a quarterly Board meeting held on June 16, 2022, the Trust’s Board considered approval of the Advisory Agreement with Innovator Capital Management, LLC (the “Adviser”), on behalf of the Innovator IBD®50 ETF, Innovator IBD®Breakout Opportunities ETF, Innovator Loup Frontier Tech ETF, Innovator S&P Investment Grade Preferred ETF, and Innovator Laddered Allocation Power Buffer ETF (the “Funds”), and the Sub-Advisory Agreement among the Trust, on behalf of the Funds, the Adviser and Penserra Capital Management LLC (“Penserra” or the “Sub-Adviser”), for an additional year term. The Board determined that the agreements were in the best interests of the Funds in light of the extent and quality of the services provided and such other matters as the Board considered to be relevant in the exercise of its reasonable business judgment.

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

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Board Considerations Regarding Approval of Investment

Management Agreement (Unaudited) (Continued)

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

The Board considered the historical investment performance of each of the Funds for the respective one, three and five-year periods ended March 31, 2022 including NAV, market and respective index returns.

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

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

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Board Considerations Regarding Approval of Investment

Management Agreement (Unaudited) (Continued)

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

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

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

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

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

The Board reviewed profitability information in connection with the approval of the agreements.

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Board Considerations Regarding Approval of Investment

Management Agreement (Unaudited) (Continued)

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

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

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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 Hedged TSLA Strategy ETF

Innovator Uncapped Accelerated U.S. Equity ETF

At a quarterly Board meeting held on March 16, 2022, the Trust’s Board considered approval of the Advisory Agreement with Innovator Capital Management, LLC (the “Adviser”), on behalf of the Innovator Hedged TSLA Strategy ETF and Innovator Uncapped Accelerated U.S. Equity ETF (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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INNOVATOR ETFs TRUST

Board Considerations Regarding Approval of Investment

Management Agreement (Unaudited) (Continued)

In evaluating whether to approve the agreements, the Board applied its business judgment and considered the nature, extent and quality of the services 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.

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.

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INNOVATOR ETFs TRUST

Board Considerations Regarding Approval of Investment

Management Agreement (Unaudited) (Continued)

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

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.

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INNOVATOR ETFs TRUST

Additional Information (Unaudited) (Continued)

5.	ELECTRONIC DELIVERY OF SHAREHOLDER DOCUMENTS

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

6.	TAX NOTICE

For the fiscal year ended October 31, 2022, certain dividends paid by the Funds may be subject to a maximum tax rate of 23.8%, as provided for the Jobs and Growth Tax Relief Reconciliation Act of 2003.

The following table lists the percentages of dividend income distributed for the year ended October 31, 2022, that were designated as qualified dividend income under the Jobs and Growth Tax Relief Reconciliation Act of 2003 and qualify for the corporate dividends received deduction, respectively:

	% of Dividend Income Distributed
Fund	Qualified Dividend Income			Corporate Dividends Received Deduction
FFTY		0.00	%		0.00	%
BOUT		0.00			0.00
LOUP		0.00			0.00
EPRF		0.00			0.00
BUFF		0.00			0.00
BUFB		0.00			0.00
BSTP		0.00			0.00
PSTP		0.00			0.00
TSLH		0.00			0.00
XUSP		0.00			0.00

For the taxable year ended October 31, 2022, the Funds didn’t pay any ordinary income distributions that were designated as short–term capital gain distributions under Internal Revenue Section 871(k)2(c).

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Additional Information (Unaudited) (Continued)

7.	LIQUIDITY RISK MANAGEMENT PROGRAM

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

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

At a meeting of the Board held on September 13, 2022, the Trustees received a written report from the Committee regarding the design and operational effectiveness of the Program which has been in operation since September 2019. The Committee determined, and reported to the Board, that the Program is reasonably designed to assess and manage the Funds’ liquidity risk and has operated adequately and effectively to manage the Funds’ liquidity risk since implementation. The Committee reported that during the period covered by the report, there were no liquidity events that impacted the Funds or their ability to timely meet redemptions without dilution to existing shareholders. The Committee also noted no Fund has filed a Form N-LIQUID with the SEC.

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INVESTMENT ADVISOR

Innovator Capital Management, LLC

109 North Hale Street

Wheaton, IL 60187

INVESTMENT SUB–ADVISOR

Penserra Capital Management LLC

140 Broadway, 26th Floor

New York, NY 10005

ADMINISTRATOR, FUND ACCOUNTANT & TRANSFER AGENT

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, WI 53202

DISTRIBUTOR

Foreside Fund Services, LLC

Three Canal Plaza

Portland, ME 04101

CUSTODIAN

U.S. Bank, N.A.

1555 North RiverCenter Drive, Suite 302

Milwaukee, WI 53212

LEGAL COUNSEL

Chapman and Cutler LLP

320 South Canal Street, 27th Floor

Chicago, IL 60606

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Cohen & Company, Ltd.

342 North Water Street, Suite 830

Milwaukee, WI 53202