sarcover2022.jpg

 


 

TABLE OF CONTENTS

 

Letter to Shareholders 3
Fund Performance 6
Expense Example 78
Schedules of Investments and Options Written 81
Statements of Assets and Liabilities 153
Statements of Operations 162
Statements of Changes in Net Assets 171
Financial Highlights 180
Notes to Financial Statements 189
Trustees and Officers 219
Additional Information 221

 


 

Letter to Shareholders (Unaudited)

 

Dear Valued Shareholders,

 

Thank you for your interest in Innovator ETFs.

 

The six-month period ended April 30, 2022 was marked by a number of confounding challenges. Just when much of the world was beginning to move beyond many of the constraints imposed from the Covid pandemic, a war broke out in Europe and inflation climbed to its highest level in 40 years. Central banks began to tighten monetary policy even as disruptions to global supply chains persisted.

 

In recent years, prior to the 2022 bond market selloff, historically-low bond yields meant that one of the few remaining portfolio benefits from a bond allocation was as a diversifier against a downturn in stocks. In 2022, however, we believe the traditional bond allocation that investors have relied on for decades has not lived up to the task. In the face of these economic challenges, not only did the stock market fall 10%, but the bond market also suffered a 9.5% loss, its worst six-month return since March 1980.1

 

At Innovator, we have been focused for several years on the challenges posed by bonds and the potential solution that Defined Outcome ETFs™ can provide - and the industry has been listening. During the six months ended April 30, 2022, Defined Outcome ETFs™ saw $3.3 billion in net flows, representing industry growth of 38%. Not surprisingly, ETFs with 15% and 30% buffers garnered the lion’s share of flows as investors sought out higher levels of risk management.

 

Among the 148 ETFs receiving Morningstar’s “Defined Outcome ETF” designation, Innovator remains the leader with a total of 79 ETFs and more than $6.2 billion in assets.

 

During this period, Innovator rounded out its industry-first suite of US Equity Accelerated ETFs®, which seek to offer 2x or 3x the upside of the SPDR S&P 500 ETF (SPY) to a cap, with 1-to-1 exposure on the downside over the outcome period.

 

I’m also pleased to be able to report that Innovator’s Buffer ETFs™ have performed as they were designed to, mitigating equity market drawdown and volatility during this period. On average, our 36 US Equity Buffer ETFs™ exhibited just 43% participation in the downside of the SPY and only 48% of its volatility.

 

 


 

Letter to Shareholders (Unaudited) (Continued)

 

Amidst these challenging market conditions, Innovator remains committed to providing products that enable investors to redefine the risk and reward of their market exposures. We intend to continue striving to earn your trust and look forward to working together to bring meaningful solutions to the ever-changing investment landscape.

 

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.

 

 

sig1.jpg

Bruce Bond

Chief Executive Officer

 

 

The views in this report were those of the Funds CEO as of April 30, 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.

 

 

1.

Source: Bloomberg LP. Stock and bond market measured by the S&P 500 Index and Bloomberg US Aggregate Bond Index, respectively.

 


 

Letter to Shareholders (Unaudited) (Continued)

 

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

 

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

 

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

 

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

 

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

 

 


 

Letter to Shareholders (Unaudited) (Continued)

 

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

 

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

 

Innovator ETFs are distributed by Foreside Fund Services, LLC.

 

 


 

INNOVATOR U.S. EQUITY BUFFER ETF – JANUARY

 

Fund Performance
April 30, 2022 (Unaudited)

 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Buffer ETF - January from its inception (December 31, 2018) to April 30, 2022 as compared with the S&P 500® Index – Price Return and Total Return.

 

bjan.jpg

 

   

Average Annual Total Returns as of April 30, 2022

 
   

One Year

   

Three Years

   

Since

Inception (a)

 

Innovator U.S. Equity Buffer ETF - January

                       

NAV Return

    -3.46 %     7.52 %     10.96 %

Market Return

    -3.24 %     7.45 %     10.93 %

S&P 500® Index - Price Return

    -1.18 %     11.94 %     16.20 %

S&P 500® Index - Total Return

    0.21 %     13.85 %     18.20 %

 

(a)

Inception date is December 31, 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 investors 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 Funds website at innovatoretfs.com.

     

6

 

INNOVATOR U.S. EQUITY BUFFER ETF – JANUARY

 

Fund Performance
April 30, 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 and S&P 500® Index – Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index – Price Return do not include the reinvestment of dividends, if any.

 

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

 

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

 

You cannot invest directly in an index.

 

Premium/Discount Information:

 

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

 

7

 

INNOVATOR U.S. EQUITY BUFFER ETF – FEBRUARY

 

Fund Performance
April 30, 2022 (Unaudited)

 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Buffer ETF – February from its inception (January 31, 2020) to April 30, 2022 as compared with the S&P 500® Index - Price Return and Total Return.

 

bfeb.jpg

 

   

Average Annual Total Returns as of

April 30, 2022

 
   

One Year

   

Since

Inception (a)

 

Innovator U.S. Equity Buffer ETF - February

               

NAV Return

    1.01 %     9.77 %

Market Return

    1.28 %     9.80 %

S&P 500® Index - Price Return

    -1.18 %     11.65 %

S&P 500® Index - Total Return

    0.21 %     13.44 %

 

(a)

Inception date is January 31, 2020.

 

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

 

8

 

INNOVATOR U.S. EQUITY BUFFER ETF – FEBRUARY

 

Fund Performance
April 30, 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 and S&P 500® Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index - Price Return do not include the reinvestment of dividends, if any.

 

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

 

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

 

You cannot invest directly in an index.

 

Premium/Discount Information:

 

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

 

9

 

INNOVATOR U.S. EQUITY BUFFER ETF – MARCH

 

Fund Performance
April 30, 2022 (Unaudited)

 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Buffer ETF – March from its inception (February 28, 2020) to April 30, 2022 as compared with the S&P 500® Index - Price Return and Total Return.

 

bmar.jpg

 

   

Average Annual Total Returns as of

April 30, 2022

 
   

One Year

   

Since

Inception (a)

 

Innovator U.S. Equity Buffer ETF - March

               

NAV Return

    2.35 %     11.30 %

Market Return

    2.20 %     11.22 %

S&P 500® Index - Price Return

    -1.18 %     16.72 %

S&P 500® Index - Total Return

    0.21 %     18.55 %

 

(a)

Inception date is February 28, 2020.

 

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

 

10

 

INNOVATOR U.S. EQUITY BUFFER ETF – MARCH

 

Fund Performance
April 30, 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 and S&P 500® Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index - Price Return do not include the reinvestment of dividends, if any.

 

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

 

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

 

You cannot invest directly in an index.

 

Premium/Discount Information:

 

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

 

11

 

INNOVATOR U.S. EQUITY BUFFER ETF – APRIL

 

Fund Performance
April 30, 2022 (Unaudited)

 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Buffer ETF – April from its inception (March 29, 2019) to April 30, 2022 as compared with the S&P 500® Index – Price Return and Total Return.

 

bapr.jpg

 

   

Average Annual Total Returns as of April 30, 2022

 
   

One Year

   

Three Years

   

Since

Inception (a)

 

Innovator U.S. Equity Buffer ETF - April

                       

NAV Return

    2.37 %     7.05 %     8.00 %

Market Return

    2.40 %     7.06 %     8.07 %

S&P 500® Index - Price Return

    -1.18 %     11.94 %     12.98 %

S&P 500® Index - Total Return

    0.21 %     13.85 %     14.90 %

 

(a)

Inception date is March 29, 2019.

 

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investors 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 Funds website at innovatoretfs.com.

 

12

 

INNOVATOR U.S. EQUITY BUFFER ETF – APRIL

 

Fund Performance
April 30, 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 and S&P 500® Index – Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index – Price Return do not include the reinvestment of dividends, if any.

 

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

 

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

 

You cannot invest directly in an index.

 

Premium/Discount Information:

 

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

 

13

 

INNOVATOR U.S. EQUITY BUFFER ETF – MAY

 

Fund Performance
April 30, 2022 (Unaudited)

 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Buffer ETF – May from its inception (April 30, 2020) to April 30, 2022 as compared with the S&P 500® Index - Price Return and Total Return.

 

bmay.jpg

 

   

Average Annual Total Returns as of

April 30, 2022

 
   

One Year

   

Since

Inception (a)

 

Innovator U.S. Equity Buffer ETF - May

               

NAV Return

    -0.84 %     8.46 %

Market Return

    -0.79 %     8.55 %

S&P 500® Index - Price Return

    -1.18 %     19.11 %

S&P 500® Index - Total Return

    0.21 %     20.95 %

 

(a)

Inception date is April 30, 2020.

 

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investors 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 Funds website at innovatoretfs.com.

 

14

 

INNOVATOR U.S. EQUITY BUFFER ETF – MAY

 

Fund Performance
April 30, 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 and S&P 500® Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index -Price Return do not include the reinvestment of dividends, if any.

 

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

 

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

 

You cannot invest directly in an index.

 

Premium/Discount Information:

 

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

 

15

 

INNOVATOR U.S. EQUITY BUFFER ETF – JUNE

 

Fund Performance
April 30, 2022 (Unaudited)

 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Buffer ETF – June from its inception (May 31, 2019) to April 30, 2022 as compared with the S&P 500® Index – Price Return and Total Return.

 

bjun.jpg

 

   

Average Annual Total Returns as of

April 30, 2022

 
   

One Year

   

Since

Inception (a)

 

Innovator U.S. Equity Buffer ETF - June

               

NAV Return

    0.06 %     8.51 %

Market Return

    0.08 %     8.46 %

S&P 500® Index - Price Return

    -1.18 %     14.94 %

S&P 500® Index - Total Return

    0.21 %     16.86 %

 

(a)

Inception date is May 31, 2019.

 

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investors 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 Funds website at innovatoretfs.com.

 

16

 

INNOVATOR U.S. EQUITY BUFFER ETF – JUNE

 

Fund Performance
April 30, 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 and S&P 500® Index – Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index – Price Return do not include the reinvestment of dividends, if any.

 

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

 

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

 

You cannot invest directly in an index.

 

Premium/Discount Information:

 

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

 

17

 

INNOVATOR U.S. EQUITY BUFFER ETF – JULY

 

Fund Performance
April 30, 2022 (Unaudited)

 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Buffer ETF – July from its inception (August 28, 2018) to April 30, 2022 as compared with the S&P 500® Index – Price Return and Total Return.

 

bjul.jpg

 

   

Average Annual Total Returns as of April 30, 2022

 
   

One Year

   

Three Years

   

Since

Inception (a)

 

Innovator U.S. Equity Buffer ETF - July

                       

NAV Return

    -0.78 %     6.01 %     5.44 %

Market Return

    -0.61 %     5.93 %     5.41 %

S&P 500® Index - Price Return

    -1.18 %     11.94 %     10.15 %

S&P 500® Index - Total Return

    0.21 %     13.85 %     12.08 %

 

(a)

Inception date is August 28, 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 investors 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 Funds website at innovatoretfs.com

 

18

 

INNOVATOR U.S. EQUITY BUFFER ETF – JULY

 

Fund Performance
April 30, 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 and S&P 500® Index – Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index – Price Return do not include the reinvestment of dividends, if any.

 

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

 

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

 

You cannot invest directly in an index.

 

Premium/Discount Information:

 

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

 

19

 

INNOVATOR U.S. EQUITY BUFFER ETF – AUGUST

 

Fund Performance
April 30, 2022 (Unaudited)

 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Buffer ETF – August from its inception (July 31, 2019) to April 30, 2022 as compared with the S&P 500® Index – Price Return and Total Return.

 

baug.jpg

 

   

Average Annual Total Returns as of

April 30, 2022

 
   

One Year

   

Since

Inception (a)

 

Innovator U.S. Equity Buffer ETF - August

               

NAV Return

    -1.79 %     7.65 %

Market Return

    -1.67 %     7.60 %

S&P 500® Index - Price Return

    -1.18 %     12.61 %

S&P 500® Index - Total Return

    0.21 %     14.49 %

 

(a)

Inception date is July 31, 2019.

 

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investors 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 Funds website at innovatoretfs.com.

 

20

 

INNOVATOR U.S. EQUITY BUFFER ETF – AUGUST

 

Fund Performance
April 30, 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 and S&P 500® Index – Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index – Price Return do not include the reinvestment of dividends, if any.

 

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

 

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

 

You cannot invest directly in an index.

 

Premium/Discount Information:

 

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

 

21

 

INNOVATOR U.S. EQUITY BUFFER ETF – SEPTEMBER

 

Fund Performance
April 30, 2022 (Unaudited)

 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Buffer ETF – September from its inception (August 30, 2019) to April 30, 2022 as compared with the S&P 500® Index – Price Return and Total Return.

 

bsep.jpg

 

   

Average Annual Total Returns as of

April 30, 2022

 
   

One Year

   

Since

Inception (a)

 

Innovator U.S. Equity Buffer ETF - September

               

NAV Return

    -2.08 %     9.08 %

Market Return

    -1.99 %     9.07 %

S&P 500® Index - Price Return

    -1.18 %     13.80 %

S&P 500® Index - Total Return

    0.21 %     15.66 %

 

(a)

Inception date is August 30, 2019.

 

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investors 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 Funds website at innovatoretfs.com.

 

22

 

INNOVATOR U.S. EQUITY BUFFER ETF – SEPTEMBER

 

Fund Performance
April 30, 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 and S&P 500® Index – Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index – Price Return do not include the reinvestment of dividends, if any.

 

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

 

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

 

You cannot invest directly in an index.

 

Premium/Discount Information:

 

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

 

23

 

INNOVATOR U.S. EQUITY BUFFER ETF – OCTOBER

 

Fund Performance
April 30, 2022 (Unaudited)

 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Buffer ETF – October from its inception (September 28, 2018) to April 30, 2022 as compared with the S&P 500® Index – Price Return and Total Return.

 

boct.jpg

 

   

Average Annual Total Returns as of April 30, 2022

 
   

One Year

   

Three Years

   

Since

Inception (a)

 

Innovator U.S. Equity Buffer ETF - October

                       

NAV Return

    0.60 %     8.74 %     7.76 %

Market Return

    0.57 %     8.61 %     7.73 %

S&P 500® Index - Price Return

    -1.18 %     11.94 %     10.23 %

S&P 500® Index - Total Return

    0.21 %     13.85 %     12.16 %

 

(a)

Inception date is September 28, 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 investors 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 Funds website at innovatoretfs.com.

 

24

 

INNOVATOR U.S. EQUITY BUFFER ETF – OCTOBER

 

Fund Performance
April 30, 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 and S&P 500® Index – Total Return include the reinvestment of all dividends, if any. Return shown for the S&P 500® Index – Price Return do not include the reinvestment of dividends, if any.

 

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

 

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

 

You cannot invest directly in an index.

 

Premium/Discount Information:

 

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

 

25

 

INNOVATOR U.S. EQUITY BUFFER ETF – NOVEMBER

 

Fund Performance
April 30, 2022 (Unaudited)

 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Buffer ETF – November from its inception (October 31, 2019) to April 30, 2022 as compared with the S&P 500® Index - Price Return and Total Return.

 

bnov.jpg

 

   

Average Annual Total Returns as of

April 30, 2022

 
   

One Year

   

Since

Inception (a)

 

Innovator U.S. Equity Buffer ETF - November

               

NAV Return

    -3.92 %     6.81 %

Market Return

    -3.82 %     6.78 %

S&P 500® Index - Price Return

    -1.18 %     13.10 %

S&P 500® Index - Total Return

    0.21 %     14.96 %

 

(a)

Inception date is October 31, 2019.

 

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

 

26

 

INNOVATOR U.S. EQUITY BUFFER ETF – NOVEMBER

 

Fund Performance
April 30, 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 and S&P 500® Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index -Price Return do not include the reinvestment of dividends, if any.

 

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

 

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

 

You cannot invest directly in an index.

 

Premium/Discount Information:

 

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

 

27

 

INNOVATOR U.S. EQUITY BUFFER ETF – DECEMBER

 

Fund Performance
April 30, 2022 (Unaudited)

 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Buffer ETF – December from its inception (November 29, 2019) to April 30, 2022 as compared with the S&P 500® Index - Price Return and Total Return.

 

bdec.jpg

 

   

Average Annual Total Returns as of

April 30, 2022

 
   

One Year

   

Since

Inception (a)

 

Innovator U.S. Equity Buffer ETF - December

               

NAV Return

    -1.70 %     8.28 %

Market Return

    -1.63 %     8.22 %

S&P 500® Index - Price Return

    -1.18 %     12.00 %

S&P 500® Index - Total Return

    0.21 %     13.80 %

 

(a)

Inception date is November 29, 2019.

 

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

 

28

 

INNOVATOR U.S. EQUITY BUFFER ETF – DECEMBER

 

Fund Performance
April 30, 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 and S&P 500® Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index -Price Return do not include the reinvestment of dividends, if any.

 

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

 

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

 

You cannot invest directly in an index.

 

Premium/Discount Information:

 

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

 

29

 

INNOVATOR U.S. EQUITY POWER BUFFER ETF – JANUARY

 

Fund Performance
April 30, 2022 (Unaudited)

 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Power Buffer ETF – January from its inception (December 31, 2018) to April 30, 2022 as compared with the S&P 500® Index – Price Return and Total Return.

 

pjan.jpg

 

   

Average Annual Total Returns as of April 30, 2022

 
   

One Year

   

Three Years

   

Since

Inception (a)

 

Innovator U.S. Equity Power Buffer ETF - January

                       

NAV Return

    -3.22 %     4.34 %     6.58 %

Market Return

    -3.16 %     4.23 %     6.56 %

S&P 500® Index - Price Return

    -1.18 %     11.94 %     16.20 %

S&P 500® Index - Total Return

    0.21 %     13.85 %     18.20 %

 

(a)

Inception date is December 31, 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 investors 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 Funds website at innovatoretfs.com.

 

30

 

INNOVATOR U.S. EQUITY POWER BUFFER ETF – JANUARY

 

Fund Performance
April 30, 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 and S&P 500® Index – Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index – Price Return do not include the reinvestment of dividends, if any.

 

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

 

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

 

You cannot invest directly in an index.

 

Premium/Discount Information:

 

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

 

31

 

INNOVATOR U.S. EQUITY POWER BUFFER ETF – FEBRUARY

 

Fund Performance
April 30, 2022 (Unaudited)

 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Power Buffer ETF – February from its inception (January 31, 2020) to April 30, 2022 as compared with the S&P 500® Index - Price Return and Total Return.

 

pfeb.jpg

 

   

Average Annual Total Returns as of

April 30, 2022

 
   

One Year

   

Since

Inception (a)

 

Innovator U.S. Equity Power Buffer ETF - February

               

NAV Return

    -0.30 %     5.98 %

Market Return

    -0.14 %     6.09 %

S&P 500® Index - Price Return

    -1.18 %     11.65 %

S&P 500® Index - Total Return

    0.21 %     13.44 %

 

(a)

Inception date is January 31, 2020.

 

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

 

32

 

INNOVATOR U.S. EQUITY POWER BUFFER ETF – FEBRUARY

 

Fund Performance
April 30, 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 and S&P 500® Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index -Price Return do not include the reinvestment of dividends, if any.

 

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

 

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

 

You cannot invest directly in an index.

 

Premium/Discount Information:

 

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

 

33

 

INNOVATOR U.S. EQUITY POWER BUFFER ETF – MARCH

 

Fund Performance
April 30, 2022 (Unaudited)

 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Power Buffer ETF – March from its inception (February 28, 2020) to April 30, 2022 as compared with the S&P 500® Index - Price Return and Total Return.

 

pmar.jpg

 

   

Average Annual Total Returns as of

April 30, 2022

 
   

One Year

   

Since

Inception (a)

 

Innovator U.S. Equity Power Buffer ETF - March

               

NAV Return

    2.25 %     8.00 %

Market Return

    2.24 %     8.12 %

S&P 500® Index - Price Return

    -1.18 %     16.72 %

S&P 500® Index - Total Return

    0.21 %     18.55 %

 

(a)

Inception date is February 28, 2020.

 

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

 

34

 

INNOVATOR U.S. EQUITY POWER BUFFER ETF – MARCH

 

Fund Performance
April 30, 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 and S&P 500® Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index -Price Return do not include the reinvestment of dividends, if any.

 

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

 

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

 

You cannot invest directly in an index.

 

Premium/Discount Information:

 

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

 

35

 

INNOVATOR U.S. EQUITY POWER BUFFER ETF – APRIL

 

Fund Performance
April 30, 2022 (Unaudited)

 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Power Buffer ETF – April from its inception (March 29, 2019) to April 30, 2022 as compared with the S&P 500® Index – Price Return and Total Return.

 

papr.jpg

 

   

Average Annual Total Returns as of April 30, 2022

 
   

One Year

   

Three Years

   

Since

Inception (a)

 

Innovator U.S. Equity Power Buffer ETF - April

                       

NAV Return

    0.47 %     4.30 %     4.99 %

Market Return

    0.43 %     4.35 %     5.05 %

S&P 500® Index - Price Return

    -1.18 %     11.94 %     12.98 %

S&P 500® Index - Total Return

    0.21 %     13.85 %     14.90 %

 

(a)

Inception date is March 29, 2019.

 

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investors 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 Funds website at innovatoretfs.com.

 

36

 

INNOVATOR U.S. EQUITY POWER BUFFER ETF – APRIL

 

Fund Performance
April 30, 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 and S&P 500® Index – Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index – Price Return do not include the reinvestment of dividends, if any.

 

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

 

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

 

You cannot invest directly in an index.

 

Premium/Discount Information:

 

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

 

37

 

INNOVATOR U.S. EQUITY POWER BUFFER ETF – MAY

 

Fund Performance
April 30, 2022 (Unaudited)

 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Power Buffer ETF – May from its inception (April 30, 2020) to April 30, 2022 as compared with the S&P 500® Index - Price Return and Total Return.

 

pmay.jpg

 

   

Average Annual Total Returns as of

April 30, 2022

 
   

One Year

   

Since

Inception (a)

 

Innovator U.S. Equity Power Buffer ETF - May

               

NAV Return

    -0.83 %     5.74 %

Market Return

    -0.69 %     5.89 %

S&P 500® Index - Price Return

    -1.18 %     19.11 %

S&P 500® Index - Total Return

    0.21 %     20.95 %

 

(a)

Inception date is April 30, 2020.

 

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investors 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 Funds website at innovatoretfs.com.

 

38

 

INNOVATOR U.S. EQUITY POWER BUFFER ETF – MAY

 

Fund Performance
April 30, 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 and S&P 500® Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index -Price Return do not include the reinvestment of dividends, if any.

 

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

 

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

 

You cannot invest directly in an index.

 

Premium/Discount Information:

 

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

 

39

 

INNOVATOR U.S. EQUITY POWER BUFFER ETF – JUNE

 

Fund Performance
April 30, 2022 (Unaudited)

 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Power Buffer ETF – June from its inception (May 31, 2019) to April 30, 2022 as compared with the S&P 500® Index – Price Return and Total Return.

 

pjun.jpg

 

   

Average Annual Total Returns as of

April 30, 2022

 
   

One Year

   

Since

Inception (a)

 

Innovator U.S. Equity Power Buffer ETF - June

               

NAV Return

    0.54 %     7.06 %

Market Return

    0.81 %     7.09 %

S&P 500® Index - Price Return

    -1.18 %     14.94 %

S&P 500® Index - Total Return

    0.21 %     16.86 %

 

(a)

Inception date is May 31, 2019.

 

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investors 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 Funds website at innovatoretfs.com.

 

40

 

INNOVATOR U.S. EQUITY POWER BUFFER ETF – JUNE

 

Fund Performance
April 30, 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 and S&P 500® Index – Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index – Price Return do not include the reinvestment of dividends, if any.

 

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

 

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

 

You cannot invest directly in an index.

 

Premium/Discount Information:

 

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

 

41

 

INNOVATOR U.S. EQUITY POWER BUFFER ETF – JULY

 

Fund Performance
April 30, 2022 (Unaudited)

 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Power Buffer ETF – July from its inception (August 7, 2018) to April 30, 2022 as compared with the S&P 500® Index – Price Return and Total Return.

 

pjul.jpg

 

   

Average Annual Total Returns as of April 30, 2022

 
   

One Year

   

Three Years

   

Since

Inception (a)

 

Innovator U.S. Equity Power Buffer ETF - July

                       

NAV Return

    -0.26 %     4.63 %     4.54 %

Market Return

    -0.07 %     4.62 %     4.53 %

S&P 500® Index - Price Return

    -1.18 %     11.94 %     10.39 %

S&P 500® Index - Total Return

    0.21 %     13.85 %     12.34 %

 

(a)

Inception date is August 7, 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 investors 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 Funds website at innovatoretfs.com.

 

42

 

INNOVATOR U.S. EQUITY POWER BUFFER ETF – JULY

 

Fund Performance
April 30, 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 and S&P 500® Index – Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index – Price Return do not include the reinvestment of dividends, if any.

 

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

 

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

 

You cannot invest directly in an index.

 

Premium/Discount Information:

 

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

 

43

 

INNOVATOR U.S. EQUITY POWER BUFFER ETF – AUGUST

 

Fund Performance
April 30, 2022 (Unaudited)

 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Power Buffer ETF – August from its inception (July 31, 2019) to April 30, 2022 as compared with the S&P 500® Index – Price Return and Total Return.

 

paug.jpg

 

   

Average Annual Total Returns as of

April 30, 2022

 
   

One Year

   

Since

Inception (a)

 

Innovator U.S. Equity Power Buffer ETF - August

               

NAV Return

    -0.91 %     5.91 %

Market Return

    -0.67 %     5.94 %

S&P 500® Index - Price Return

    -1.18 %     12.61 %

S&P 500® Index - Total Return

    0.21 %     14.49 %

 

(a)

Inception date is July 31, 2019.

 

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investors 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 Funds website at innovatoretfs.com.

 

44

 

INNOVATOR U.S. EQUITY POWER BUFFER ETF – AUGUST

 

Fund Performance
April 30, 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 and S&P 500® Index – Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index – Price Return do not include the reinvestment of dividends, if any.

 

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

 

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

 

You cannot invest directly in an index.

 

Premium/Discount Information:

 

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

 

45

 

INNOVATOR U.S. EQUITY POWER BUFFER ETF – SEPTEMBER

 

Fund Performance
April 30, 2022 (Unaudited)

 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Power Buffer ETF – September from its inception (August 30, 2019) to April 30, 2022 as compared with the S&P 500® Index – Price Return and Total Return.

 

psep.jpg

 

   

Average Annual Total Returns as of

April 30, 2022

 
   

One Year

   

Since

Inception (a)

 

Innovator U.S. Equity Power Buffer ETF - September

               

NAV Return

    -1.67 %     5.92 %

Market Return

    -1.53 %     5.95 %

S&P 500® Index - Price Return

    -1.18 %     13.80 %

S&P 500® Index - Total Return

    0.21 %     15.66 %

 

(a)

Inception date is August 30, 2019.

 

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investors 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 Funds website at innovatoretfs.com.

 

46

 

INNOVATOR U.S. EQUITY POWER BUFFER ETF – SEPTEMBER

 

Fund Performance
April 30, 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 and S&P 500® Index – Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index – Price Return do not include the reinvestment of dividends, if any.

 

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

 

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

 

You cannot invest directly in an index.

 

Premium/Discount Information:

 

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

 

47

 

INNOVATOR U.S. EQUITY POWER BUFFER ETF – OCTOBER

 

Fund Performance
April 30, 2022 (Unaudited)

 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Power Buffer ETF – October from its inception (September 28, 2018) to April 30, 2022 as compared with the S&P 500® Index – Price Return and Total Return.

 

poct.jpg

 

   

Average Annual Total Returns as of April 30, 2022

 
   

One Year

   

Three Years

   

Since

Inception (a)

 

Innovator U.S. Equity Power Buffer ETF - October

                       

NAV Return

    0.36 %     5.88 %     5.42 %

Market Return

    0.70 %     5.81 %     5.45 %

S&P 500® Index - Price Return

    -1.18 %     11.94 %     10.23 %

S&P 500® Index - Total Return

    0.21 %     13.85 %     12.16 %

 

(a)

Inception date is September 28, 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 investors 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 Funds website at innovatoretfs.com.

 

48

 

INNOVATOR U.S. EQUITY POWER BUFFER ETF – OCTOBER

 

Fund Performance
April 30, 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 and S&P 500® Index – Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index – Price Return do not include the reinvestment of dividends, if any.

 

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

 

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

 

You cannot invest directly in an index.

 

Premium/Discount Information:

 

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

 

49

 

INNOVATOR U.S. EQUITY POWER BUFFER ETF – NOVEMBER

 

Fund Performance
April 30, 2022 (Unaudited)

 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Power Buffer ETF – November from its inception (October 31, 2019) to April 30, 2022 as compared with the S&P 500® Index - Price Return and Total Return.

 

pnov.jpg

 

   

Average Annual Total Returns as of

April 30, 2022

 
   

One Year

   

Since

Inception (a)

 

Innovator U.S. Equity Power Buffer ETF - November

               

NAV Return

    -3.00 %     5.38 %

Market Return

    -3.06 %     5.39 %

S&P 500® Index - Price Return

    -1.18 %     13.10 %

S&P 500® Index - Total Return

    0.21 %     14.96 %

 

(a)

Inception date is October 31, 2019.

 

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

 

50

 

INNOVATOR U.S. EQUITY POWER BUFFER ETF – NOVEMBER

 

Fund Performance
April 30, 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 and S&P 500® Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index -Price Return do not include the reinvestment of dividends, if any.

 

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

 

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

 

You cannot invest directly in an index.

 

Premium/Discount Information:

 

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

 

51

 

INNOVATOR U.S. EQUITY POWER BUFFER ETF – DECEMBER

 

Fund Performance
April 30, 2022 (Unaudited)

 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Power Buffer ETF – December from its inception (November 29, 2019) to April 30, 2022 as compared with the S&P 500® Index - Price Return and Total Return.

 

pdec.jpg

 

   

Average Annual Total Returns as of

April 30, 2022

 
   

One Year

   

Since

Inception (a)

 

Innovator U.S. Equity Power Buffer ETF - December

               

NAV Return

    -1.73 %     4.92 %

Market Return

    -1.77 %     4.94 %

S&P 500® Index - Price Return

    -1.18 %     12.00 %

S&P 500® Index - Total Return

    0.21 %     13.80 %

 

(a)

Inception date is November 29, 2019.

 

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

 

52

 

INNOVATOR U.S. EQUITY POWER BUFFER ETF – DECEMBER

 

Fund Performance
April 30, 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 and S&P 500® Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index -Price Return do not include the reinvestment of dividends, if any.

 

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

 

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

 

You cannot invest directly in an index.

 

Premium/Discount Information:

 

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

 

53

 

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – JANUARY

 

Fund Performance
April 30, 2022 (Unaudited)

 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Ultra Buffer ETF – January from its inception (December 31, 2018) to April 30, 2022 as compared with the S&P 500® Index – Price Return and Total Return.

 

ujan.jpg

 

   

Average Annual Total Returns as of April 30, 2022

 
   

One Year

   

Three Years

   

Since

Inception (a)

 

Innovator U.S. Equity Ultra Buffer ETF - January

                       

NAV Return

    -3.37 %     3.31 %     5.19 %

Market Return

    -3.21 %     3.31 %     5.26 %

S&P 500® Index - Price Return

    -1.18 %     11.94 %     16.20 %

S&P 500® Index - Total Return

    0.21 %     13.85 %     18.20 %

 

(a)

Inception date is December 31, 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 investors 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 Funds website at innovatoretfs.com.

 

54

 

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – JANUARY

 

Fund Performance
April 30, 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 and S&P 500® Index – Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index – Price Return do not include the reinvestment of dividends, if any.

 

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

 

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

 

You cannot invest directly in an index.

 

Premium/Discount Information:

 

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

 

55

 

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – FEBRUARY

 

Fund Performance
April 30, 2022 (Unaudited)

 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Ultra Buffer ETF – February from its inception (January 31, 2020) to April 30, 2022 as compared with the S&P 500® Index - Price Return and Total Return.

 

ufeb.jpg

 

   

Average Annual Total Returns as of

April 30, 2022

 
   

One Year

   

Since

Inception (a)

 

Innovator U.S. Equity Ultra Buffer ETF - February

               

NAV Return

    -0.81 %     4.33 %

Market Return

    -0.59 %     4.36 %

S&P 500® Index - Price Return

    -1.18 %     11.65 %

S&P 500® Index - Total Return

    0.21 %     13.44 %

 

(a)

Inception date is January 31, 2020.

 

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

 

56

 

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – FEBRUARY

 

Fund Performance
April 30, 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 and S&P 500® Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index -Price Return do not include the reinvestment of dividends, if any.

 

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

 

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

 

You cannot invest directly in an index.

 

Premium/Discount Information:

 

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

 

57

 

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – MARCH

 

Fund Performance
April 30, 2022 (Unaudited)

 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Ultra Buffer ETF – March from its inception (February 28, 2020) to April 30, 2022 as compared with the S&P 500® Index - Price Return and Total Return.

 

umar.jpg

 

   

Average Annual Total Returns as of

April 30, 2022

 
   

One Year

   

Since

Inception (a)

 

Innovator U.S. Equity Ultra Buffer ETF - March

               

NAV Return

    0.90 %     5.22 %

Market Return

    1.05 %     5.37 %

S&P 500® Index - Price Return

    -1.18 %     16.72 %

S&P 500® Index - Total Return

    0.21 %     18.55 %

 

(a)

Inception date is February 28, 2020.

 

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

 

58

 

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – MARCH

 

Fund Performance
April 30, 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 and S&P 500® Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index -Price Return do not include the reinvestment of dividends, if any.

 

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

 

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

 

You cannot invest directly in an index.

 

Premium/Discount Information:

 

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

 

59

 

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – APRIL

 

Fund Performance
April 30, 2022 (Unaudited)

 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Ultra Buffer ETF – April from its inception (March 29, 2019) to April 30, 2022 as compared with the S&P 500® Index – Price Return and Total Return.

 

uapr.jpg

 

   

Average Annual Total Returns as of April 30, 2022

 
   

One Year

   

Three Years

   

Since

Inception (a)

 

Innovator U.S. Equity Ultra Buffer ETF - April

                       

NAV Return

    0.13 %     0.51 %     1.29 %

Market Return

    0.08 %     0.63 %     1.36 %

S&P 500® Index - Price Return

    -1.18 %     11.94 %     12.98 %

S&P 500® Index - Total Return

    0.21 %     13.85 %     14.90 %

 

(a)

Inception date is March 29, 2019.

 

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investors 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 Funds website at innovatoretfs.com.

 

60

 

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – APRIL

 

Fund Performance
April 30, 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 and S&P 500® Index – Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index – Price Return do not include the reinvestment of dividends, if any.

 

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

 

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

 

You cannot invest directly in an index.

 

Premium/Discount Information:

 

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

 

61

 

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – MAY

 

Fund Performance
April 30, 2022 (Unaudited)

 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Ultra Buffer ETF – May from its inception (April 30, 2020) to April 30, 2022 as compared with the S&P 500® Index - Price Return and Total Return.

 

umay.jpg

 

   

Average Annual Total Returns as of

April 30, 2022

 
   

One Year

   

Since

Inception (a)

 

Innovator U.S. Equity Ultra Buffer ETF - May

               

NAV Return

    -2.09 %     2.70 %

Market Return

    -2.01 %     2.75 %

S&P 500® Index - Price Return

    -1.18 %     19.11 %

S&P 500® Index - Total Return

    0.21 %     20.95 %

 

(a)

Inception date is April 30, 2020.

 

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investors 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 Funds website at innovatoretfs.com.

 

62

 

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – MAY

 

Fund Performance
April 30, 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 and S&P 500® Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index -Price Return do not include the reinvestment of dividends, if any.

 

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

 

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

 

You cannot invest directly in an index.

 

Premium/Discount Information:

 

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

 

63

 

 

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – JUNE

 

Fund Performance
April 30, 2022 (Unaudited)

 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Ultra Buffer ETF – June from its inception (May 31, 2019) to April 30, 2022 as compared with the S&P 500® Index – Price Return and Total Return.

 

ujun.jpg

 

   

Average Annual Total Returns as of

April 30, 2022

 
   

One Year

   

Since

Inception (a)

 

Innovator U.S. Equity Ultra Buffer ETF - June

               

NAV Return

    -1.05 %     4.99 %

Market Return

    -0.91 %     5.02 %

S&P 500® Index - Price Return

    -1.18 %     14.94 %

S&P 500® Index - Total Return

    0.21 %     16.86 %

 

(a)

Inception date is May 31, 2019.

 

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investors 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 Funds website at innovatoretfs.com.

 

64

 

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – JUNE

 

Fund Performance
April 30, 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 and S&P 500® Index – Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index – Price Return do not include the reinvestment of dividends, if any.

 

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

 

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

 

You cannot invest directly in an index.

 

Premium/Discount Information:

 

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

 

65

 

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – JULY

 

Fund Performance
April 30, 2022 (Unaudited)

 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Ultra Buffer ETF – July from its inception (August 7, 2018) to April 30, 2022 as compared with the S&P 500® Index – Price Return and Total Return.

 

ujul.jpg

 

   

Average Annual Total Returns as of April 30, 2022

 
   

One Year

   

Three Years

   

Since

Inception (a)

 

Innovator U.S. Equity Ultra Buffer ETF - July

                       

NAV Return

    -1.81 %     2.84 %     3.00 %

Market Return

    -1.51 %     2.86 %     3.03 %

S&P 500® Index - Price Return

    -1.18 %     11.94 %     10.39 %

S&P 500® Index - Total Return

    0.21 %     13.85 %     12.34 %

 

(a)

Inception date is August 7, 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 investors 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 Funds website at innovatoretfs.com.

 

66

 

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – JULY

 

Fund Performance
April 30, 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 and S&P 500® Index – Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index – Price Return do not include the reinvestment of dividends, if any.

 

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

 

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

 

You cannot invest directly in an index.

 

Premium/Discount Information:

 

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

 

67

 

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – AUGUST

 

Fund Performance
April 30, 2022 (Unaudited)

 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Ultra Buffer ETF – August from its inception (July 31, 2019) to April 30, 2022 as compared with the S&P 500® Index – Price Return and Total Return.

 

uaug.jpg

 

   

Average Annual Total Returns as of

April 30, 2022

 
   

One Year

   

Since

Inception (a)

 

Innovator U.S. Equity Ultra Buffer ETF - August

               

NAV Return

    -2.30 %     4.22 %

Market Return

    -1.99 %     4.26 %

S&P 500® Index - Price Return

    -1.18 %     12.61 %

S&P 500® Index - Total Return

    0.21 %     14.49 %

 

(a)

Inception date is July 31, 2019.

 

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investors 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 Funds website at innovatoretfs.com.

 

68

 

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – AUGUST

 

Fund Performance
April 30, 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 and S&P 500® Index – Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index – Price Return do not include the reinvestment of dividends, if any.

 

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

 

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

 

You cannot invest directly in an index.

 

Premium/Discount Information:

 

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

 

69

 

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – SEPTEMBER

 

Fund Performance
April 30, 2022 (Unaudited)

 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Ultra Buffer ETF – September from its inception (August 30, 2019) to April 30, 2022 as compared with the S&P 500® Index – Price Return and Total Return.

 

usep.jpg

 

   

Average Annual Total Returns as of

April 30, 2022

 
   

One Year

   

Since

Inception (a)

 

Innovator U.S. Equity Ultra Buffer ETF - September

               

NAV Return

    -2.74 %     3.99 %

Market Return

    -2.62 %     4.03 %

S&P 500® Index - Price Return

    -1.18 %     13.80 %

S&P 500® Index - Total Return

    0.21 %     15.66 %

 

(a)

Inception date is August 30, 2019.

 

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investors 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 Funds website at innovatoretfs.com.

 

70

 

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – SEPTEMBER

 

Fund Performance
April 30, 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 and S&P 500® Index – Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index – Price Return do not include the reinvestment of dividends, if any.

 

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

 

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

 

You cannot invest directly in an index.

 

Premium/Discount Information:

 

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

 

71

 

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – OCTOBER

 

Fund Performance
April 30, 2022 (Unaudited)

 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Ultra Buffer ETF – October from its inception (September 28, 2018) to April 30, 2022 as compared with the S&P 500® Index – Price Return and Total Return.

 

uoct.jpg

 

   

Average Annual Total Returns as of April 30, 2022

 
   

One Year

   

Three Years

   

Since

Inception (a)

 

Innovator U.S. Equity Ultra Buffer ETF - October

                       

NAV Return

    -0.80 %     4.03 %     3.76 %

Market Return

    -0.29 %     4.10 %     3.83 %

S&P 500® Index - Price Return

    -1.18 %     11.94 %     10.23 %

S&P 500® Index - Total Return

    0.21 %     13.85 %     12.16 %

 

(a)

Inception date is September 28, 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 investors 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 Funds website at innovatoretfs.com.

 

72

 

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – OCTOBER

 

Fund Performance
April 30, 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 and S&P 500® Index – Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index – Price Return do not include the reinvestment of dividends, if any.

 

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

 

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

 

You cannot invest directly in an index.

 

Premium/Discount Information:

 

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

 

73

 

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – NOVEMBER

 

Fund Performance
April 30, 2022 (Unaudited)

 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Ultra Buffer ETF – November from its inception (October 31, 2019) to April 30, 2022 as compared with the S&P 500® Index - Price Return and Total Return.

 

unov.jpg

 

   

Average Annual Total Returns as of

April 30, 2022

 
   

One Year

   

Since

Inception (a)

 

Innovator U.S. Equity Ultra Buffer ETF - November

               

NAV Return

    -3.37 %     3.75 %

Market Return

    -2.92 %     3.82 %

S&P 500® Index - Price Return

    -1.18 %     13.10 %

S&P 500® Index - Total Return

    0.21 %     14.96 %

 

(a)

Inception date is October 31, 2019.

 

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

 

74

 

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – NOVEMBER

 

Fund Performance
April 30, 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 and S&P 500® Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index - Price Return do not include the reinvestment of dividends, if any.

 

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

 

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

 

You cannot invest directly in an index.

 

Premium/Discount Information:

 

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

 

75

 

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – DECEMBER

 

Fund Performance
April 30, 2022 (Unaudited)

 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Ultra Buffer ETF – December from its inception (November 29, 2019) to April 30, 2022 as compared with the S&P 500® Index - Price Return and Total Return.

 

udec.jpg

 

   

Average Annual Total Returns as of

April 30, 2022

 
   

One Year

   

Since

Inception (a)

 

Innovator U.S. Equity Ultra Buffer ETF - December

               

NAV Return

    -2.21 %     3.36 %

Market Return

    -1.90 %     3.46 %

S&P 500® Index - Price Return

    -1.18 %     12.00 %

S&P 500® Index - Total Return

    0.21 %     13.80 %

 

(a)

Inception date is November 29, 2019.

 

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

 

76

 

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – DECEMBER

 

Fund Performance
April 30, 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 and S&P 500® Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index -Price Return do not include the reinvestment of dividends, if any.

 

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

 

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

 

You cannot invest directly in an index.

 

Premium/Discount Information:

 

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

 

77

 

INNOVATOR ETFs TRUST


Expense Example
For the Period Ended April 30, 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 period from November 1, 2021 to April 30, 2022 for each Fund.

 

Actual Expenses

 

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

 

   

Beginning

Account

Value

   

Ending

Account

Value

   

Expenses

Paid

During the

Period (a)

 

Innovator U.S. Equity Buffer ETF - January (NAV)

  $ 1,000.00     $ 918.30     $ 3.76  

Innovator U.S. Equity Buffer ETF - February (NAV)

    1,000.00       955.80       3.83  

Innovator U.S. Equity Buffer ETF - March (NAV)

    1,000.00       963.30       3.85  

Innovator U.S. Equity Buffer ETF - April (NAV)

    1,000.00       965.20       3.85  

Innovator U.S. Equity Buffer ETF - May (NAV)

    1,000.00       926.20       3.77  

Innovator U.S. Equity Buffer ETF - June (NAV)

    1,000.00       946.50       3.81  

Innovator U.S. Equity Buffer ETF - July (NAV)

    1,000.00       947.90       3.82  

Innovator U.S. Equity Buffer ETF - August (NAV)

    1,000.00       939.20       3.80  

Innovator U.S. Equity Buffer ETF - September (NAV)

    1,000.00       936.30       3.79  

Innovator U.S. Equity Buffer ETF - October (NAV)

    1,000.00       942.60       3.81  

Innovator U.S. Equity Buffer ETF - November (NAV)

    1,000.00       934.20       3.79  

Innovator U.S. Equity Buffer ETF - December (NAV)

    1,000.00       940.00       3.80  

Innovator U.S. Equity Power Buffer ETF - January (NAV)

    1,000.00       936.70       3.79  

Innovator U.S. Equity Power Buffer ETF - February (NAV)

    1,000.00       963.20       3.85  

Innovator U.S. Equity Power Buffer ETF - March (NAV)

    1,000.00       984.40       3.89  

Innovator U.S. Equity Power Buffer ETF - April (NAV)

    1,000.00       968.30       3.86  

Innovator U.S. Equity Power Buffer ETF - May (NAV)

    1,000.00       948.00       3.82  

Innovator U.S. Equity Power Buffer ETF - June (NAV)

    1,000.00       969.90       3.86  

Innovator U.S. Equity Power Buffer ETF - July (NAV)

    1,000.00       969.50       3.86  

Innovator U.S. Equity Power Buffer ETF - August (NAV)

    1,000.00       964.60       3.85  

Innovator U.S. Equity Power Buffer ETF - September (NAV)

    1,000.00       956.60       3.83  

Innovator U.S. Equity Power Buffer ETF - October (NAV)

    1,000.00       963.60       3.85  

Innovator U.S. Equity Power Buffer ETF - November (NAV)

    1,000.00       953.50       3.83  

 

78

 

INNOVATOR ETFs TRUST

 

Expense Example
For the Period Ended April 30, 2022 (Unaudited) (Continued)

 

   

Beginning

Account

Value

   

Ending

Account

Value

   

Expenses

Paid

During the

Period (a)

 

Innovator U.S. Equity Power Buffer ETF - December (NAV)

  $ 1,000.00     $ 956.40     $ 3.83  

Innovator U.S. Equity Ultra Buffer ETF - January (NAV)

    1,000.00       946.10       3.81  

Innovator U.S. Equity Ultra Buffer ETF - February (NAV)

    1,000.00       970.20       3.86  

Innovator U.S. Equity Ultra Buffer ETF - March (NAV)

    1,000.00       982.70       3.88  

Innovator U.S. Equity Ultra Buffer ETF - April (NAV)

    1,000.00       976.10       3.87  

Innovator U.S. Equity Ultra Buffer ETF - May (NAV)

    1,000.00       948.00       3.82  

Innovator U.S. Equity Ultra Buffer ETF - June (NAV)

    1,000.00       962.90       3.84  

Innovator U.S. Equity Ultra Buffer ETF - July (NAV)

    1,000.00       964.20       3.85  

Innovator U.S. Equity Ultra Buffer ETF - August (NAV)

    1,000.00       959.70       3.84  

Innovator U.S. Equity Ultra Buffer ETF - September (NAV)

    1,000.00       954.20       3.83  

Innovator U.S. Equity Ultra Buffer ETF - October (NAV)

    1,000.00       967.40       3.85  

Innovator U.S. Equity Ultra Buffer ETF - November (NAV)

    1,000.00       955.40       3.83  

Innovator U.S. Equity Ultra Buffer ETF - December (NAV)

    1,000.00       958.80       3.84  

 

(a)

Expenses are equal to the Portfolio's annualized expense ratio (0.79%), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the six month period).

 

Hypothetical Example for Comparison Purposes

 

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

 

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

 

   

Beginning

Account

Value

   

Ending

Account

Value

   

Expenses

Paid

During the

Period (a)

 

Innovator U.S. Equity Buffer ETF - January (NAV)

  $ 1,000.00     $ 1,020.88     $ 3.96  

Innovator U.S. Equity Buffer ETF - February (NAV)

    1,000.00       1,020.88       3.96  

Innovator U.S. Equity Buffer ETF - March (NAV)

    1,000.00       1,020.88       3.96  

Innovator U.S. Equity Buffer ETF - April (NAV)

    1,000.00       1,020.88       3.96  

 

79

 

INNOVATOR ETFs TRUST

 

Expense Example
For the Period Ended April 30, 2022 (Unaudited) (Continued)

 

   

Beginning

Account

Value

   

Ending

Account

Value

   

Expenses

Paid

During the

Period (a)

 

Innovator U.S. Equity Buffer ETF - May (NAV)

  $ 1,000.00     $ 1,020.88     $ 3.96  

Innovator U.S. Equity Buffer ETF - June (NAV)

    1,000.00       1,020.88       3.96  

Innovator U.S. Equity Buffer ETF - July (NAV)

    1,000.00       1,020.88       3.96  

Innovator U.S. Equity Buffer ETF - August (NAV)

    1,000.00       1,020.88       3.96  

Innovator U.S. Equity Buffer ETF - September (NAV)

    1,000.00       1,020.88       3.96  

Innovator U.S. Equity Buffer ETF - October (NAV)

    1,000.00       1,020.88       3.96  

Innovator U.S. Equity Buffer ETF - November (NAV)

    1,000.00       1,020.88       3.96  

Innovator U.S. Equity Buffer ETF - December (NAV)

    1,000.00       1,020.88       3.96  

Innovator U.S. Equity Power Buffer ETF - January (NAV)

    1,000.00       1,020.88       3.96  

Innovator U.S. Equity Power Buffer ETF - February (NAV)

    1,000.00       1,020.88       3.96  

Innovator U.S. Equity Power Buffer ETF - March (NAV)

    1,000.00       1,020.88       3.96  

Innovator U.S. Equity Power Buffer ETF - April (NAV)

    1,000.00       1,020.88       3.96  

Innovator U.S. Equity Power Buffer ETF - May (NAV)

    1,000.00       1,020.88       3.96  

Innovator U.S. Equity Power Buffer ETF - June (NAV)

    1,000.00       1,020.88       3.96  

Innovator U.S. Equity Power Buffer ETF - July (NAV)

    1,000.00       1,020.88       3.96  

Innovator U.S. Equity Power Buffer ETF - August (NAV)

    1,000.00       1,020.88       3.96  

Innovator U.S. Equity Power Buffer ETF - September (NAV)

    1,000.00       1,020.88       3.96  

Innovator U.S. Equity Power Buffer ETF - October (NAV)

    1,000.00       1,020.88       3.96  

Innovator U.S. Equity Power Buffer ETF - November (NAV)

    1,000.00       1,020.88       3.96  

Innovator U.S. Equity Power Buffer ETF - December (NAV)

    1,000.00       1,020.88       3.96  

Innovator U.S. Equity Ultra Buffer ETF - January (NAV)

    1,000.00       1,020.88       3.96  

Innovator U.S. Equity Ultra Buffer ETF - February (NAV)

    1,000.00       1,020.88       3.96  

Innovator U.S. Equity Ultra Buffer ETF - March (NAV)

    1,000.00       1,020.88       3.96  

Innovator U.S. Equity Ultra Buffer ETF - April (NAV)

    1,000.00       1,020.88       3.96  

Innovator U.S. Equity Ultra Buffer ETF - May (NAV)

    1,000.00       1,020.88       3.96  

Innovator U.S. Equity Ultra Buffer ETF - June (NAV)

    1,000.00       1,020.88       3.96  

Innovator U.S. Equity Ultra Buffer ETF - July (NAV)

    1,000.00       1,020.88       3.96  

Innovator U.S. Equity Ultra Buffer ETF - August (NAV)

    1,000.00       1,020.88       3.96  

Innovator U.S. Equity Ultra Buffer ETF - September (NAV)

    1,000.00       1,020.88       3.96  

Innovator U.S. Equity Ultra Buffer ETF - October (NAV)

    1,000.00       1,020.88       3.96  

Innovator U.S. Equity Ultra Buffer ETF - November (NAV)

    1,000.00       1,020.88       3.96  

Innovator U.S. Equity Ultra Buffer ETF - December (NAV)

    1,000.00       1,020.88       3.96  

 

(a)

Expenses are equal to the Portfolio's annualized expense ratio (0.79%), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the six month period).

 

80

 

INNOVATOR U.S. EQUITY BUFFER ETF – JANUARY

 

Schedule of Investments
April 30, 2022 (Unaudited)

 

   

Contracts

   

Notional

Amount

   

Value

 

PURCHASED OPTIONS - 109.06% (a)(b)

                       

CALL OPTIONS - 93.55%

                       

SPY SPDR S&P 500® Trust ETF, Expires 12/30/2022, Strike Price $3.81

    4,536     $ 186,883,200     $ 182,919,238  
                      182,919,238  

PUT OPTIONS - 15.51%

                       

SPY SPDR S&P 500® Trust ETF, Expires 12/30/2022, Strike Price $474.97

    4,536       186,883,200       30,335,585  
                      30,335,585  

TOTAL PURCHASED OPTIONS (Cost $225,077,115)

                    213,254,823  
   

Principal

Amount

                 

SHORT TERM INVESTMENTS - 0.62%

                       

Money Market Deposit Account - 0.62%

                       

U.S. Bank Money Market Deposit Account, 0.130% (c)

  $ 1,204,344               1,204,344  

TOTAL SHORT TERM INVESTMENTS (Cost $1,204,344)

                    1,204,344  
                         

Total Investments (Cost $226,281,459) - 109.68%

                    214,459,167  

Liabilities in Excess of Other Assets - (9.68)%

                    (18,930,523 )

TOTAL NET ASSETS - 100.00%

                  $ 195,528,644  

 

Asset Type

 

% of Net Assets

 

Purchased Options

    109.06

%

Short Term Investments

    0.62  

Total Investments

    109.68  

Liabilities in Excess of Other Assets

    (9.68

)

Net Assets

    100.00

%

         

Percentages are stated as a percent of net assets.

       

 

(a)

Exchange-Traded.

(b)

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

(c)

The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of April 30, 2022.

 

 

 

81

 

INNOVATOR U.S. EQUITY BUFFER ETF – JANUARY

 

Schedule of Options Written (a)
April 30, 2022 (Unaudited)

 

Description (a)   Expiration  

Strike

Price

    Contracts    

Notional

Amount

    Value  

Call Options

                                   

SPY SPDR S&P 500® Trust ETF

 

12/30/2022

  $ 539.27       4,536     $ (186,883,200 )   $ (281,055 )
                                  (281,055 )

Put Options

                                   

SPY SPDR S&P 500® Trust ETF

 

12/30/2022

    432.21       4,536       (186,883,200 )     (18,512,055 )
                                  (18,512,055 )

Total Options Written (Premiums Received $14,911,180)

                          $ (18,793,110 )

 

(a)

Exchange-Traded.

 

 

 

82

 

INNOVATOR U.S. EQUITY BUFFER ETF – FEBRUARY

 

Schedule of Investments
April 30, 2022 (Unaudited)

 

   

Contracts

   

Notional

Amount

   

Value

 

PURCHASED OPTIONS - 107.52% (a)(b)

                       

CALL OPTIONS - 95.49%

                       

SPY SPDR S&P 500® Trust ETF, Expires 1/31/2023, Strike Price $3.61

    2,755     $ 113,506,000     $ 111,152,876  
                      111,152,876  

PUT OPTIONS - 12.03%

                       

SPY SPDR S&P 500® Trust ETF, Expires 1/31/2023, Strike Price $449.92

    2,755       113,506,000       14,000,572  
                      14,000,572  

TOTAL PURCHASED OPTIONS (Cost $131,030,084)

                    125,153,448  
   

Principal

Amount

                 

SHORT TERM INVESTMENTS - 0.68%

                       

Money Market Deposit Account - 0.68%

                       

U.S. Bank Money Market Deposit Account, 0.130% (c)

  $ 787,729               787,729  

TOTAL SHORT TERM INVESTMENTS (Cost $787,729)

                    787,729  
                         

Total Investments (Cost $131,817,813) - 108.20%

                    125,941,177  

Liabilities in Excess of Other Assets - (8.20)%

                    (9,536,164 )

TOTAL NET ASSETS - 100.00%

                  $ 116,405,013  

 

Asset Type

 

% of Net Assets

 

Purchased Options

    107.52

%

Short Term Investments

    0.68  

Total Investments

    108.20  

Liabilities in Excess of Other Assets

    (8.20

)

Net Assets

    100.00

%

         

Percentages are stated as a percent of net assets.

       

 

(a)

Exchange-Traded.

(b)

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

(c)

The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of April 30, 2022.

 

 

 

83

 

INNOVATOR U.S. EQUITY BUFFER ETF – FEBRUARY

 

Schedule of Options Written (a)
April 30, 2022 (Unaudited)

 

Description (a)   Expiration  

Strike

Price

    Contracts    

Notional

Amount

    Value  

Call Options

                                   

SPY SPDR S&P 500® Trust ETF

 

1/31/2023

  $ 516.59       2,755     $ (113,506,000 )   $ (540,583 )
                                  (540,583 )

Put Options

                                   

SPY SPDR S&P 500® Trust ETF

 

1/31/2023

    409.42       2,755       (113,506,000 )     (8,918,440 )
                                  (8,918,440 )

Total Options Written (Premiums Received $8,842,515)

                          $ (9,459,023 )

 

(a)

Exchange-Traded.

 

 

 

84

 

INNOVATOR U.S. EQUITY BUFFER ETF – MARCH

 

Schedule of Investments
April 30, 2022 (Unaudited)

 

   

Contracts

   

Notional

Amount

   

Value

 

PURCHASED OPTIONS - 106.95% (a)(b)

                       

CALL OPTIONS - 96.22%

                       

SPY SPDR S&P 500® Trust ETF, Expires 2/28/2023, Strike Price $3.51

    2,073     $ 85,407,600     $ 83,659,315  
                      83,659,315  

PUT OPTIONS - 10.73%

                       

SPY SPDR S&P 500® Trust ETF, Expires 2/28/2023, Strike Price $436.64

    2,073       85,407,600       9,331,262  
                      9,331,262  

TOTAL PURCHASED OPTIONS (Cost $96,552,375)

                    92,990,577  
   

Principal

Amount

                 

SHORT TERM INVESTMENTS - 0.75%

                       

Money Market Deposit Account - 0.75%

                       

U.S. Bank Money Market Deposit Account, 0.130% (c)

  $ 654,905               654,905  

TOTAL SHORT TERM INVESTMENTS (Cost $654,905)

                    654,905  
                         

Total Investments (Cost $97,207,280) - 107.70%

                    93,645,482  

Liabilities in Excess of Other Assets - (7.70)%

                    (6,696,136 )

TOTAL NET ASSETS - 100.00%

                  $ 86,949,346  

 

Asset Type

 

% of Net Assets

 

Purchased Options

    106.95

%

Short Term Investments

    0.75  

Total Investments

    107.70  

Liabilities in Excess of Other Assets

    (7.70

)

Net Assets

    100.00

%

         

Percentages are stated as a percent of net assets.

       

 

(a)

Exchange-Traded.

(b)

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

(c)

The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of April 30, 2022.

 

 

 

85

 

INNOVATOR U.S. EQUITY BUFFER ETF – MARCH

 

Schedule of Options Written (a)
April 30, 2022 (Unaudited)

 

Description (a)   Expiration  

Strike

Price

    Contracts    

Notional

Amount

    Value  

Call Options

                                   

SPY SPDR S&P 500® Trust ETF

 

2/28/2023

  $ 509.24       2,073     $ (85,407,600 )   $ (643,630 )
                                  (643,630 )

Put Options

                                   

SPY SPDR S&P 500® Trust ETF

 

2/28/2023

    397.33       2,073       (85,407,600 )     (5,994,511 )
                                  (5,994,511 )

Total Options Written (Premiums Received $6,722,043)

                          $ (6,638,141 )

 

(a)

Exchange-Traded.

 

 

 

86

 

INNOVATOR U.S. EQUITY BUFFER ETF – APRIL

 

Schedule of Investments
April 30, 2022 (Unaudited)

 

   

Contracts

   

Notional

Amount

   

Value

 

PURCHASED OPTIONS - 108.34% (a)(b)

                       

CALL OPTIONS - 95.41%

                       

SPY SPDR S&P 500® Trust ETF, Expires 3/31/2023, Strike Price $3.63

    2,967     $ 122,240,400     $ 119,260,359  
                      119,260,359  

PUT OPTIONS - 12.93%

                       

SPY SPDR S&P 500® Trust ETF, Expires 3/31/2023, Strike Price $451.65

    2,967       122,240,400       16,163,029  
                      16,163,029  

TOTAL PURCHASED OPTIONS (Cost $141,361,927)

                    135,423,388