inetfs20221224

TABLE OF CONTENTS

Letter to Shareholders	3
Fund Performance	5
Expense Example	77
Schedules of Investments and Options Written	80
Statements of Assets and Liabilities	152
Statements of Operations	170
Statements of Changes in Net Assets	188
Financial Highlights	206
Notes to Financial Statements	224
Report of Independent Registered Public Accounting Firm	254
Trustees and Officers	259
Board Considerations Regarding Approval of Investment Management Agreement	261
Additional Information	264

Letter to Shareholders (Unaudited)

Dear Valued Shareholders,

Thank you for your interest in Innovator ETFs.

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

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

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

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

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

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

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

Bruce Bond

Chief Executive Officer

Letter to Shareholders (Unaudited) (Continued)

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

INNOVATOR U.S. EQUITY BUFFER ETF – JANUARY

Fund Performance

October 31, 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 October 31, 2022 as compared with the S&P 500® Index – Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2022
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Buffer ETF - January
NAV Return		-10.03	%		5.37	%		8.87	%
Market Return		-10.23	%		5.36	%		8.85	%
S&P 500® Index - Price Return		-15.92	%		8.43	%		12.01	%
S&P 500® Index - Total Return		-14.61	%		10.22	%		13.94	%

^(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 investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund’s website at innovatoretfs.com.

INNOVATOR U.S. EQUITY BUFFER ETF – JANUARY

Fund Performance

October 31, 2022 (Unaudited) (Continued)

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

INNOVATOR U.S. EQUITY BUFFER ETF – FEBRUARY

Fund Performance

October 31, 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 October 31, 2022 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2022
	One Year			Since Inception ^(a)
Innovator U.S. Equity Buffer ETF - February
NAV Return		-6.37	%		7.11	%
Market Return		-6.32	%		7.09	%
S&P 500® Index - Price Return		-15.92	%		6.87	%
S&P 500® Index - Total Return		-14.61	%		8.59	%

^(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.

INNOVATOR U.S. EQUITY BUFFER ETF – FEBRUARY

Fund Performance

October 31, 2022 (Unaudited) (Continued)

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

INNOVATOR U.S. EQUITY BUFFER ETF – MARCH

Fund Performance

October 31, 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 October 31, 2022 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2022
	One Year			Since Inception ^(a)
Innovator U.S. Equity Buffer ETF - March
NAV Return		-6.26	%		7.97	%
Market Return		-6.30	%		7.93	%
S&P 500® Index - Price Return		-15.92	%		10.65	%
S&P 500® Index - Total Return		-14.61	%		12.41	%

^(a)	Inception date is February 28, 2020.

INNOVATOR U.S. EQUITY BUFFER ETF – MARCH

Fund Performance

October 31, 2022 (Unaudited) (Continued)

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

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR U.S. EQUITY BUFFER ETF – APRIL

Fund Performance

October 31, 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 October 31, 2022 as compared with the S&P 500® Index – Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2022
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Buffer ETF - April
NAV Return		-5.99	%		4.98	%		6.06	%
Market Return		-6.39	%		4.94	%		5.99	%
S&P 500® Index - Price Return		-15.92	%		8.43	%		9.07	%
S&P 500® Index - Total Return		-14.61	%		10.22	%		10.92	%

^(a)	Inception date is March 29, 2019.

INNOVATOR U.S. EQUITY BUFFER ETF – APRIL

Fund Performance

October 31, 2022 (Unaudited) (Continued)

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR U.S. EQUITY BUFFER ETF – MAY

Fund Performance

October 31, 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 October 31, 2022 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2022
	One Year			Since Inception ^(a)
Innovator U.S. Equity Buffer ETF - May
NAV Return		-10.70	%		5.15	%
Market Return		-10.67	%		5.19	%
S&P 500® Index - Price Return		-15.92	%		12.04	%
S&P 500® Index - Total Return		-14.61	%		13.81	%

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

INNOVATOR U.S. EQUITY BUFFER ETF – MAY

Fund Performance

October 31, 2022 (Unaudited) (Continued)

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

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR U.S. EQUITY BUFFER ETF – JUNE

Fund Performance

October 31, 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 October 31, 2022 as compared with the S&P 500® Index – Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2022
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Buffer ETF - June
NAV Return		-9.93	%		3.76	%		5.67	%
Market Return		-9.97	%		3.76	%		5.67	%
S&P 500® Index - Price Return		-15.92	%		8.43	%		10.50	%
S&P 500® Index - Total Return		-14.61	%		10.22	%		12.35	%

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

INNOVATOR U.S. EQUITY BUFFER ETF – JUNE

Fund Performance

October 31, 2022 (Unaudited) (Continued)

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR U.S. EQUITY BUFFER ETF – JULY

Fund Performance

October 31, 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 October 31, 2022 as compared with the S&P 500® Index – Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2022
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Buffer ETF - July
NAV Return		-5.69	%		5.11	%		4.64	%
Market Return		-6.08	%		5.12	%		4.64	%
S&P 500® Index - Price Return		-15.92	%		8.43	%		7.19	%
S&P 500® Index - Total Return		-14.61	%		10.22	%		9.06	%

^(a)	Inception date is August 28, 2018.

INNOVATOR U.S. EQUITY BUFFER ETF – JULY

Fund Performance

October 31, 2022 (Unaudited) (Continued)

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR U.S. EQUITY BUFFER ETF – AUGUST

Fund Performance

October 31, 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 October 31, 2022 as compared with the S&P 500® Index – Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2022
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Buffer ETF - August
NAV Return		-8.13	%		5.53	%		5.72	%
Market Return		-8.11	%		5.66	%		5.77	%
S&P 500® Index - Price Return		-15.92	%		8.43	%		8.38	%
S&P 500® Index - Total Return		-14.61	%		10.22	%		10.20	%

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

INNOVATOR U.S. EQUITY BUFFER ETF – AUGUST

Fund Performance

October 31, 2022 (Unaudited) (Continued)

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR U.S. EQUITY BUFFER ETF – SEPTEMBER

Fund Performance

October 31, 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 October 31, 2022 as compared with the S&P 500® Index – Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2022
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Buffer ETF - September
NAV Return		-7.13	%		6.72	%		7.32	%
Market Return		-7.25	%		6.72	%		7.29	%
S&P 500® Index - Price Return		-15.92	%		8.43	%		9.23	%
S&P 500® Index - Total Return		-14.61	%		10.22	%		11.03	%

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

INNOVATOR U.S. EQUITY BUFFER ETF – SEPTEMBER

Fund Performance

October 31, 2022 (Unaudited) (Continued)

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR U.S. EQUITY BUFFER ETF – OCTOBER

Fund Performance

October 31, 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 October 31, 2022 as compared with the S&P 500® Index – Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2022
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Buffer ETF - October
NAV Return		-7.29	%		7.75	%		6.34	%
Market Return		-7.37	%		7.70	%		6.37	%
S&P 500® Index - Price Return		-15.92	%		8.43	%		7.20	%
S&P 500® Index - Total Return		-14.61	%		10.22	%		9.06	%

^(a)	Inception date is September 28, 2018.

INNOVATOR U.S. EQUITY BUFFER ETF – OCTOBER

Fund Performance

October 31, 2022 (Unaudited) (Continued)

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

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.

INNOVATOR U.S. EQUITY BUFFER ETF – NOVEMBER

Fund Performance

October 31, 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 October 31, 2022 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2022
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Buffer ETF - November
NAV Return		-7.65	%		5.23	%		5.23	%
Market Return		-7.61	%		5.28	%		5.28	%
S&P 500® Index - Price Return		-15.92	%		8.43	%		8.43	%
S&P 500® Index - Total Return		-14.61	%		10.22	%		10.22	%

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

INNOVATOR U.S. EQUITY BUFFER ETF – NOVEMBER

Fund Performance

October 31, 2022 (Unaudited) (Continued)

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

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR U.S. EQUITY BUFFER ETF – DECEMBER

Fund Performance

October 31, 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 October 31, 2022 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2022
	One Year			Since Inception ^(a)
Innovator U.S. Equity Buffer ETF - December
NAV Return		-6.97	%		6.42	%
Market Return		-6.89	%		6.42	%
S&P 500® Index - Price Return		-15.92	%		7.42	%
S&P 500® Index - Total Return		-14.61	%		9.16	%

^(a)	Inception date is November 29, 2019.

INNOVATOR U.S. EQUITY BUFFER ETF – DECEMBER

Fund Performance

October 31, 2022 (Unaudited) (Continued)

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

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR U.S. EQUITY POWER BUFFER ETF – JANUARY

Fund Performance

October 31, 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 October 31, 2022 as compared with the S&P 500® Index – Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2022
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Power Buffer ETF - January
NAV Return		-5.83	%		3.48	%		5.83	%
Market Return		-5.92	%		3.48	%		5.80	%
S&P 500® Index - Price Return		-15.92	%		8.43	%		12.01	%
S&P 500® Index - Total Return		-14.61	%		10.22	%		13.94	%

^(a)	Inception date is December 31, 2018.

INNOVATOR U.S. EQUITY POWER BUFFER ETF – JANUARY

Fund Performance

October 31, 2022 (Unaudited) (Continued)

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR U.S. EQUITY POWER BUFFER ETF – FEBRUARY

Fund Performance

October 31, 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 October 31, 2022 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2022
	One Year			Since Inception ^(a)
Innovator U.S. Equity Power Buffer ETF - February
NAV Return		-4.02	%		4.72	%
Market Return		-4.01	%		4.68	%
S&P 500® Index - Price Return		-15.92	%		6.87	%
S&P 500® Index - Total Return		-14.61	%		8.59	%

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

INNOVATOR U.S. EQUITY POWER BUFFER ETF – FEBRUARY

Fund Performance

October 31, 2022 (Unaudited) (Continued)

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

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR U.S. EQUITY POWER BUFFER ETF – MARCH

Fund Performance

October 31, 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 October 31, 2022 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2022
	One Year			Since Inception ^(a)
Innovator U.S. Equity Power Buffer ETF - March
NAV Return		-2.72	%		5.97	%
Market Return		-3.18	%		5.88	%
S&P 500® Index - Price Return		-15.92	%		10.65	%
S&P 500® Index - Total Return		-14.61	%		12.41	%

^(a)	Inception date is February 28, 2020.

INNOVATOR U.S. EQUITY POWER BUFFER ETF – MARCH

Fund Performance

October 31, 2022 (Unaudited) (Continued)

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

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR U.S. EQUITY POWER BUFFER ETF – APRIL

Fund Performance

October 31, 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 October 31, 2022 as compared with the S&P 500® Index – Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2022
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Power Buffer ETF - April
NAV Return		-4.29	%		2.90	%		3.93	%
Market Return		-4.49	%		2.91	%		3.92	%
S&P 500® Index - Price Return		-15.92	%		8.43	%		9.07	%
S&P 500® Index - Total Return		-14.61	%		10.22	%		10.92	%

^(a)	Inception date is March 29, 2019.

INNOVATOR U.S. EQUITY POWER BUFFER ETF – APRIL

Fund Performance

October 31, 2022 (Unaudited) (Continued)

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR U.S. EQUITY POWER BUFFER ETF – MAY

Fund Performance

October 31, 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 October 31, 2022 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2022
	One Year			Since Inception ^(a)
Innovator U.S. Equity Power Buffer ETF - May
NAV Return		-7.30	%		3.62	%
Market Return		-7.22	%		3.68	%
S&P 500® Index - Price Return		-15.92	%		12.04	%
S&P 500® Index - Total Return		-14.61	%		13.81	%

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

INNOVATOR U.S. EQUITY POWER BUFFER ETF – MAY

Fund Performance

October 31, 2022 (Unaudited) (Continued)

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

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR U.S. EQUITY POWER BUFFER ETF – JUNE

Fund Performance

October 31, 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 October 31, 2022 as compared with the S&P 500® Index – Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2022
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Power Buffer ETF - June
NAV Return		-6.84	%		3.54	%		4.75	%
Market Return		-6.93	%		3.53	%		4.73	%
S&P 500® Index - Price Return		-15.92	%		8.43	%		10.50	%
S&P 500® Index - Total Return		-14.61	%		10.22	%		12.35	%

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

INNOVATOR U.S. EQUITY POWER BUFFER ETF – JUNE

Fund Performance

October 31, 2022 (Unaudited) (Continued)

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR U.S. EQUITY POWER BUFFER ETF – JULY

Fund Performance

October 31, 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 October 31, 2022 as compared with the S&P 500® Index – Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2022
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Power Buffer ETF - July
NAV Return		-1.59	%		4.57	%		4.36	%
Market Return		-1.77	%		4.66	%		4.39	%
S&P 500® Index - Price Return		-15.92	%		8.43	%		7.43	%
S&P 500® Index - Total Return		-14.61	%		10.22	%		9.33	%

^(a)	Inception date is August 7, 2018.

INNOVATOR U.S. EQUITY POWER BUFFER ETF – JULY

Fund Performance

October 31, 2022 (Unaudited) (Continued)

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR U.S. EQUITY POWER BUFFER ETF – AUGUST

Fund Performance

October 31, 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 October 31, 2022 as compared with the S&P 500® Index – Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2022
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Power Buffer ETF - August
NAV Return		-5.98	%		3.94	%		4.15	%
Market Return		-5.90	%		3.91	%		4.21	%
S&P 500® Index - Price Return		-15.92	%		8.43	%		8.38	%
S&P 500® Index - Total Return		-14.61	%		10.22	%		10.20	%

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

INNOVATOR U.S. EQUITY POWER BUFFER ETF – AUGUST

Fund Performance

October 31, 2022 (Unaudited) (Continued)

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR U.S. EQUITY POWER BUFFER ETF – SEPTEMBER

Fund Performance

October 31, 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 October 31, 2022 as compared with the S&P 500® Index – Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2022
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Power Buffer ETF - September
NAV Return		-2.90	%		4.98	%		5.46	%
Market Return		-2.94	%		4.94	%		5.43	%
S&P 500® Index - Price Return		-15.92	%		8.43	%		9.23	%
S&P 500® Index - Total Return		-14.61	%		10.22	%		11.03	%

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

INNOVATOR U.S. EQUITY POWER BUFFER ETF – SEPTEMBER

Fund Performance

October 31, 2022 (Unaudited) (Continued)

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR U.S. EQUITY POWER BUFFER ETF – OCTOBER

Fund Performance

October 31, 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 October 31, 2022 as compared with the S&P 500® Index – Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2022
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Power Buffer ETF - October
NAV Return		-1.05	%		6.50	%		5.42	%
Market Return		-1.39	%		6.46	%		5.40	%
S&P 500® Index - Price Return		-15.92	%		8.43	%		7.20	%
S&P 500® Index - Total Return		-14.61	%		10.22	%		9.06	%

^(a)	Inception date is September 28, 2018.

INNOVATOR U.S. EQUITY POWER BUFFER ETF – OCTOBER

Fund Performance

October 31, 2022 (Unaudited) (Continued)

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR U.S. EQUITY POWER BUFFER ETF – NOVEMBER

Fund Performance
October 31, 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 October 31, 2022 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2022
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Power Buffer ETF - November
NAV Return		-1.67	%		5.54	%		5.54	%
Market Return		-1.62	%		5.61	%		5.61	%
S&P 500® Index - Price Return		-15.92	%		8.43	%		8.43	%
S&P 500® Index - Total Return		-14.61	%		10.22	%		10.22	%

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

INNOVATOR U.S. EQUITY POWER BUFFER ETF – NOVEMBER

Fund Performance
October 31, 2022 (Unaudited) (Continued)

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

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR U.S. EQUITY POWER BUFFER ETF – DECEMBER

Fund Performance
October 31, 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 October 31, 2022 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2022
	One Year			Since Inception ^(a)
Innovator U.S. Equity Power Buffer ETF - December
NAV Return		-3.16	%		4.50	%
Market Return		-3.33	%		4.43	%
S&P 500® Index - Price Return		-15.92	%		7.42	%
S&P 500® Index - Total Return		-14.61	%		9.16	%

^(a)	Inception date is November 29, 2019.

INNOVATOR U.S. EQUITY POWER BUFFER ETF – DECEMBER

Fund Performance
October 31, 2022 (Unaudited) (Continued)

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

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - JANUARY

Fund Performance
October 31, 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 October 31, 2022 as compared with the S&P 500® Index – Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2022
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Ultra Buffer ETF - January
NAV Return		-5.82	%		2.19	%		4.37	%
Market Return		-5.88	%		2.27	%		4.41	%
S&P 500® Index - Price Return		-15.92	%		8.43	%		12.01	%
S&P 500® Index - Total Return		-14.61	%		10.22	%		13.94	%

^(a)	Inception date is December 31, 2018.

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - JANUARY

Fund Performance
October 31, 2022 (Unaudited) (Continued)

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - FEBRUARY

Fund Performance
October 31, 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 October 31, 2022 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2022
	One Year			Since Inception ^(a)
Innovator U.S. Equity Ultra Buffer ETF - February
NAV Return		-5.21	%		2.65	%
Market Return		-5.37	%		2.61	%
S&P 500® Index - Price Return		-15.92	%		6.87	%
S&P 500® Index - Total Return		-14.61	%		8.59	%

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

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - FEBRUARY

Fund Performance
October 31, 2022 (Unaudited) (Continued)

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

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - MARCH

Fund Performance
October 31, 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 October 31, 2022 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2022
	One Year			Since Inception ^(a)
Innovator U.S. Equity Ultra Buffer ETF - March
NAV Return		-4.15	%		3.25	%
Market Return		-4.14	%		3.30	%
S&P 500® Index - Price Return		-15.92	%		10.65	%
S&P 500® Index - Total Return		-14.61	%		12.41	%

^(a)	Inception date is February 28, 2020.

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - MARCH

Fund Performance
October 31, 2022 (Unaudited) (Continued)

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

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - APRIL

Fund Performance
October 31, 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 October 31, 2022 as compared with the S&P 500® Index – Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2022
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Ultra Buffer ETF - April
NAV Return		-4.59	%		-1.09	%		0.47	%
Market Return		-4.85	%		-1.07	%		0.47	%
S&P 500® Index - Price Return		-15.92	%		8.43	%		9.07	%
S&P 500® Index - Total Return		-14.61	%		10.22	%		10.92	%

^(a)	Inception date is March 29, 2019.

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - APRIL

Fund Performance
October 31, 2022 (Unaudited) (Continued)

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - MAY

Fund Performance
October 31, 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 October 31, 2022 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2022
	One Year			Since Inception ^(a)
Innovator U.S. Equity Ultra Buffer ETF - May
NAV Return		-7.67	%		1.08	%
Market Return		-7.84	%		1.02	%
S&P 500® Index - Price Return		-15.92	%		12.04	%
S&P 500® Index - Total Return		-14.61	%		13.81	%

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

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - MAY

Fund Performance
October 31, 2022 (Unaudited) (Continued)

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

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - JUNE

Fund Performance
October 31, 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 October 31, 2022 as compared with the S&P 500® Index – Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2022
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Ultra Buffer ETF - June
NAV Return		-7.92	%		1.57	%		2.89	%
Market Return		-7.91	%		1.61	%		2.92	%
S&P 500® Index - Price Return		-15.92	%		8.43	%		10.50	%
S&P 500® Index - Total Return		-14.61	%		10.22	%		12.35	%

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

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - JUNE

Fund Performance
October 31, 2022 (Unaudited) (Continued)

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - JULY

Fund Performance
October 31, 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 October 31, 2022 as compared with the S&P 500® Index – Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2022
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Ultra Buffer ETF - July
NAV Return		-6.41	%		1.21	%		1.92	%
Market Return		-6.59	%		1.26	%		1.93	%
S&P 500® Index - Price Return		-15.92	%		8.43	%		7.43	%
S&P 500® Index - Total Return		-14.61	%		10.22	%		9.33	%

^(a)	Inception date is August 7, 2018.

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - JULY

Fund Performance
October 31, 2022 (Unaudited) (Continued)

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - AUGUST

Fund Performance
October 31, 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 October 31, 2022 as compared with the S&P 500® Index – Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2022
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Ultra Buffer ETF - August
NAV Return		-9.87	%		1.16	%		1.58	%
Market Return		-9.76	%		1.27	%		1.66	%
S&P 500® Index - Price Return		-15.92	%		8.43	%		8.38	%
S&P 500® Index - Total Return		-14.61	%		10.22	%		10.20	%

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

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - AUGUST

Fund Performance
October 31, 2022 (Unaudited) (Continued)

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - SEPTEMBER

Fund Performance
October 31, 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 October 31, 2022 as compared with the S&P 500® Index – Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2022
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Ultra Buffer ETF - September
NAV Return		-7.54	%		1.87	%		2.33	%
Market Return		-7.68	%		1.86	%		2.32	%
S&P 500® Index - Price Return		-15.92	%		8.43	%		9.23	%
S&P 500® Index - Total Return		-14.61	%		10.22	%		11.03	%

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

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - SEPTEMBER

Fund Performance
October 31, 2022 (Unaudited) (Continued)

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - OCTOBER

Fund Performance
October 31, 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 October 31, 2022 as compared with the S&P 500® Index – Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2022
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Ultra Buffer ETF - October
NAV Return		-4.52	%		3.27	%		2.96	%
Market Return		-4.66	%		3.33	%		3.00	%
S&P 500® Index - Price Return		-15.92	%		8.43	%		7.20	%
S&P 500® Index - Total Return		-14.61	%		10.22	%		9.06	%

^(a)	Inception date is September 28, 2018.

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - OCTOBER

Fund Performance
October 31, 2022 (Unaudited) (Continued)

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - NOVEMBER

Fund Performance
October 31, 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 October 31, 2022 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2022
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Ultra Buffer ETF - November
NAV Return		-5.76	%		2.64	%		2.64	%
Market Return		-5.80	%		2.65	%		2.65	%
S&P 500® Index - Price Return		-15.92	%		8.43	%		8.43	%
S&P 500® Index - Total Return		-14.61	%		10.22	%		10.22	%

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

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - NOVEMBER

Fund Performance
October 31, 2022 (Unaudited) (Continued)

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

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - DECEMBER

Fund Performance
October 31, 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 October 31, 2022 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2022
	One Year			Since Inception ^(a)
Innovator U.S. Equity Ultra Buffer ETF - December
NAV Return		-5.88	%		2.12	%
Market Return		-5.86	%		2.09	%
S&P 500® Index - Price Return		-15.92	%		7.42	%
S&P 500® Index - Total Return		-14.61	%		9.16	%

^(a)	Inception date is November 29, 2019.

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - DECEMBER

Fund Performance
October 31, 2022 (Unaudited) (Continued)

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

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR ETFs TRUST

Expense Example

For the Period Ended October 31, 2022 (Unaudited)

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

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

					Expenses Paid
	Beginning		Ending		During the
	Account Value		Account Value		Period ^(a)
Innovator U.S. Equity Buffer ETF - January (NAV)	$	1,000.00	$	979.70	$	3.94
Innovator U.S. Equity Buffer ETF - February (NAV)		1,000.00		979.60		3.94
Innovator U.S. Equity Buffer ETF - March (NAV)		1,000.00		973.20		3.93
Innovator U.S. Equity Buffer ETF - April (NAV)		1,000.00		974.10		3.93
Innovator U.S. Equity Buffer ETF - May (NAV)		1,000.00		964.10		3.91
Innovator U.S. Equity Buffer ETF - June (NAV)		1,000.00		951.60		3.89
Innovator U.S. Equity Buffer ETF - July (NAV)		1,000.00		995.00		3.97
Innovator U.S. Equity Buffer ETF - August (NAV)		1,000.00		978.20		3.94
Innovator U.S. Equity Buffer ETF - September (NAV)		1,000.00		991.90		3.97
Innovator U.S. Equity Buffer ETF - October (NAV)		1,000.00		983.60		3.95
Innovator U.S. Equity Buffer ETF - November (NAV)		1,000.00		988.50		3.96
Innovator U.S. Equity Buffer ETF - December (NAV)		1,000.00		989.70		3.96
Innovator U.S. Equity Power Buffer ETF - January (NAV)		1,000.00		1,005.30		3.99
Innovator U.S. Equity Power Buffer ETF - February (NAV)		1,000.00		996.40		3.98
Innovator U.S. Equity Power Buffer ETF - March (NAV)		1,000.00		988.20		3.96
Innovator U.S. Equity Power Buffer ETF - April (NAV)		1,000.00		988.40		3.96
Innovator U.S. Equity Power Buffer ETF - May (NAV)		1,000.00		977.80		3.94
Innovator U.S. Equity Power Buffer ETF - June (NAV)		1,000.00		960.40		3.90
Innovator U.S. Equity Power Buffer ETF - July (NAV)		1,000.00		1,015.10		4.01
Innovator U.S. Equity Power Buffer ETF - August (NAV)		1,000.00		974.70		3.93
Innovator U.S. Equity Power Buffer ETF - September (NAV)		1,000.00		1,015.10		4.01
Innovator U.S. Equity Power Buffer ETF - October (NAV)		1,000.00		1,026.90		4.04
Innovator U.S. Equity Power Buffer ETF - November (NAV)		1,000.00		1,031.30		4.04
Innovator U.S. Equity Power Buffer ETF - December (NAV)		1,000.00		1,012.50		4.01

INNOVATOR ETFs TRUST

Expense Example

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

					Expenses Paid
	Beginning		Ending		During the
	Account Value		Account Value		Period ^(a)
Innovator U.S. Equity Ultra Buffer ETF - January (NAV)		1,000.00		995.40		3.97
Innovator U.S. Equity Ultra Buffer ETF - February (NAV)		1,000.00		977.00		3.94
Innovator U.S. Equity Ultra Buffer ETF - March (NAV)		1,000.00		975.30		3.93
Innovator U.S. Equity Ultra Buffer ETF - April (NAV)		1,000.00		977.50		3.94
Innovator U.S. Equity Ultra Buffer ETF - May (NAV)		1,000.00		974.00		3.93
Innovator U.S. Equity Ultra Buffer ETF - June (NAV)		1,000.00		956.30		3.90
Innovator U.S. Equity Ultra Buffer ETF - July (NAV)		1,000.00		970.70		3.92
Innovator U.S. Equity Ultra Buffer ETF - August (NAV)		1,000.00		939.20		3.86
Innovator U.S. Equity Ultra Buffer ETF - September (NAV)		1,000.00		969.00		3.92
Innovator U.S. Equity Ultra Buffer ETF - October (NAV)		1,000.00		987.00		3.96
Innovator U.S. Equity Ultra Buffer ETF - November (NAV)		1,000.00		986.40		3.96
Innovator U.S. Equity Ultra Buffer ETF - December (NAV)		1,000.00		981.60		3.95

^(a)	Expenses are equal to the Fund’s annualized expense ratio (0.79%), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the six month period).

Hypothetical Example for Comparison Purposes

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

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

INNOVATOR ETFs TRUST

Expense Example

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

					Expenses Paid
	Beginning		Ending		During the
	Account Value		Account Value		Period ^(a)
Innovator U.S. Equity Buffer ETF - January (NAV)	$	1,000.00	$	1,021.22	$	4.02
Innovator U.S. Equity Buffer ETF - February (NAV)		1,000.00		1,021.22		4.02
Innovator U.S. Equity Buffer ETF - March (NAV)		1,000.00		1,021.22		4.02
Innovator U.S. Equity Buffer ETF - April (NAV)		1,000.00		1,021.22		4.02
Innovator U.S. Equity Buffer ETF - May (NAV)		1,000.00		1,021.22		4.02
Innovator U.S. Equity Buffer ETF - June (NAV)		1,000.00		1,021.22		4.02
Innovator U.S. Equity Buffer ETF - July (NAV)		1,000.00		1,021.22		4.02
Innovator U.S. Equity Buffer ETF - August (NAV)		1,000.00		1,021.22		4.02
Innovator U.S. Equity Buffer ETF - September (NAV)		1,000.00		1,021.22		4.02
Innovator U.S. Equity Buffer ETF - October (NAV)		1,000.00		1,021.22		4.02
Innovator U.S. Equity Buffer ETF - November (NAV)		1,000.00		1,021.22		4.02
Innovator U.S. Equity Buffer ETF - December (NAV)		1,000.00		1,021.22		4.02
Innovator U.S. Equity Power Buffer ETF - January (NAV)		1,000.00		1,021.22		4.02
Innovator U.S. Equity Power Buffer ETF - February (NAV)		1,000.00		1,021.22		4.02
Innovator U.S. Equity Power Buffer ETF - March (NAV)		1,000.00		1,021.22		4.02
Innovator U.S. Equity Power Buffer ETF - April (NAV)		1,000.00		1,021.22		4.02
Innovator U.S. Equity Power Buffer ETF - May (NAV)		1,000.00		1,021.22		4.02
Innovator U.S. Equity Power Buffer ETF - June (NAV)		1,000.00		1,021.22		4.02
Innovator U.S. Equity Power Buffer ETF - July (NAV)		1,000.00		1,021.22		4.02
Innovator U.S. Equity Power Buffer ETF - August (NAV)		1,000.00		1,021.22		4.02
Innovator U.S. Equity Power Buffer ETF - September (NAV)		1,000.00		1,021.22		4.02
Innovator U.S. Equity Power Buffer ETF - October (NAV)		1,000.00		1,021.22		4.02
Innovator U.S. Equity Power Buffer ETF - November (NAV)		1,000.00		1,021.22		4.02
Innovator U.S. Equity Power Buffer ETF - December (NAV)		1,000.00		1,021.22		4.02
Innovator U.S. Equity Ultra Buffer ETF - January (NAV)		1,000.00		1,021.22		4.02
Innovator U.S. Equity Ultra Buffer ETF - February (NAV)		1,000.00		1,021.22		4.02
Innovator U.S. Equity Ultra Buffer ETF - March (NAV)		1,000.00		1,021.22		4.02
Innovator U.S. Equity Ultra Buffer ETF - April (NAV)		1,000.00		1,021.22		4.02
Innovator U.S. Equity Ultra Buffer ETF - May (NAV)		1,000.00		1,021.22		4.02
Innovator U.S. Equity Ultra Buffer ETF - June (NAV)		1,000.00		1,021.22		4.02
Innovator U.S. Equity Ultra Buffer ETF - July (NAV)		1,000.00		1,021.22		4.02
Innovator U.S. Equity Ultra Buffer ETF - August (NAV)		1,000.00		1,021.22		4.02
Innovator U.S. Equity Ultra Buffer ETF - September (NAV)		1,000.00		1,021.22		4.02
Innovator U.S. Equity Ultra Buffer ETF - October (NAV)		1,000.00		1,021.22		4.02
Innovator U.S. Equity Ultra Buffer ETF - November (NAV)		1,000.00		1,021.22		4.02
Innovator U.S. Equity Ultra Buffer ETF - December (NAV)		1,000.00		1,021.22		4.02

^(a)	Expenses are equal to the Fund’s annualized expense ratio (0.79%), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the six month period).

INNOVATOR U.S. EQUITY BUFFER ETF – JANUARY

Schedule of Investments

October 31, 2022

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 110.87% ^(a)(b)
CALL OPTIONS - 90.18%
SPY SPDR S&P 500® Trust ETF, Expires 12/30/2022, Strike Price $3.81		3,379	$	130,500,359	$	128,625,014
						128,625,014
PUT OPTIONS - 20.69%
SPY SPDR S&P 500® Trust ETF, Expires 12/30/2022, Strike Price $474.97		3,379		130,500,359		29,505,428
						29,505,428
TOTAL PURCHASED OPTIONS (Cost $167,043,461)						158,130,442
	Principal Amount
SHORT TERM INVESTMENTS - 0.20%
Money Market Deposit Account - 0.20%
U.S. Bank Money Market Deposit Account, 2.750% ^(c)	$	278,144				278,144
TOTAL SHORT TERM INVESTMENTS (Cost $278,144)						278,144

Total Investments (Cost $167,321,605) - 111.07%						158,408,586
Liabilities in Excess of Other Assets - (11.07)%						(15,772,764	)
TOTAL NET ASSETS - 100.00%					$	142,635,822

Asset Type	% of Net Assets
Purchased Options		110.87	%
Short Term Investments		0.20
Total Investments		111.07
Liabilities in Excess of Other Assets		(11.07	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

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

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

INNOVATOR U.S. EQUITY BUFFER ETF – JANUARY

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

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	12/30/2022	$	539.27		3,379	$	(130,500,359	)	$	(20,274	)
										(20,274	)
Put Options
SPY SPDR S&P 500® Trust ETF	12/30/2022		432.21		3,379		(130,500,359	)		(15,658,286	)
										(15,658,286	)
Total Options Written (Premiums Received $11,365,064)									$	(15,678,560	)

^(a)	Exchange-Traded.

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

INNOVATOR U.S. EQUITY BUFFER ETF – FEBRUARY

Schedule of Investments
October 31, 2022

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 107.08% ^(a)(b)
CALL OPTIONS - 92.01%
SPY SPDR S&P 500® Trust ETF, Expires 1/31/2023, Strike Price $3.61		1,664	$	64,265,344	$	63,360,757
						63,360,757
PUT OPTIONS - 15.07%
SPY SPDR S&P 500® Trust ETF, Expires 1/31/2023, Strike Price $449.92		1,664		64,265,344		10,378,714
						10,378,714
TOTAL PURCHASED OPTIONS (Cost $79,750,061)						73,739,471
	Principal Amount
SHORT TERM INVESTMENTS - 0.30%
Money Market Deposit Account - 0.30%
U.S. Bank Money Market Deposit Account, 2.750% ^(c)	$	203,891				203,891
TOTAL SHORT TERM INVESTMENTS (Cost $203,891)						203,891

Total Investments (Cost $79,953,952) - 107.38%						73,943,362
Liabilities in Excess of Other Assets - (7.38)%						(5,083,126	)
TOTAL NET ASSETS - 100.00%					$	68,860,236

Asset Type	% of Net Assets
Purchased Options		107.08	%
Short Term Investments		0.30
Total Investments		107.38
Liabilities in Excess of Other Assets		(7.38	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

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

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

INNOVATOR U.S. EQUITY BUFFER ETF – FEBRUARY

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

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	1/31/2023	$	516.59		1,664	$	(64,265,344	)	$	(7,791	)
										(7,791	)
Put Options
SPY SPDR S&P 500® Trust ETF	1/31/2023		409.42		1,664		(64,265,344	)		(5,020,745	)
										(5,020,745	)
Total Options Written (Premiums Received $5,184,595)									$	(5,028,536	)

^(a)	Exchange-Traded.

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

INNOVATOR U.S. EQUITY BUFFER ETF – MARCH

Schedule of Investments

October 31, 2022

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 105.80% ^(a)(b)
CALL OPTIONS - 93.34%
SPY SPDR S&P 500® Trust ETF, Expires 2/28/2023, Strike Price $3.51		1,878	$	72,530,238	$	71,529,030
						71,529,030
PUT OPTIONS - 12.46%
SPY SPDR S&P 500® Trust ETF, Expires 2/28/2023, Strike Price $436.64		1,878		72,530,238		9,549,794
						9,549,794
TOTAL PURCHASED OPTIONS (Cost $87,263,683)						81,078,824
	Principal Amount
SHORT TERM INVESTMENTS - 0.35%
Money Market Deposit Account - 0.35%
U.S. Bank Money Market Deposit Account, 2.750% ^(c)	$	269,999				269,999
TOTAL SHORT TERM INVESTMENTS (Cost $269,999)						269,999

Total Investments (Cost $87,533,682) - 106.15%						81,348,823
Liabilities in Excess of Other Assets - (6.15)%						(4,713,819	)
TOTAL NET ASSETS - 100.00%					$	76,635,004

Asset Type	% of Net Assets
Purchased Options		105.80	%
Short Term Investments		0.35
Total Investments		106.15
Liabilities in Excess of Other Assets		(6.15	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

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

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

INNOVATOR U.S. EQUITY BUFFER ETF – MARCH

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

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	2/28/2023	$	509.24		1,878	$	(72,530,238	)	$	(25,894	)
										(25,894	)
Put Options
SPY SPDR S&P 500® Trust ETF	2/28/2023		397.33		1,878		(72,530,238	)		(4,637,342	)
										(4,637,342	)
Total Options Written (Premiums Received $6,144,359)									$	(4,663,236	)

^(a)	Exchange-Traded.

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

INNOVATOR U.S. EQUITY BUFFER ETF – APRIL

Schedule of Investments
October 31, 2022

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 108.16% ^(a)(b)
CALL OPTIONS - 92.49%
SPY SPDR S&P 500® Trust ETF, Expires 3/31/2023, Strike Price $3.63		2,819	$	108,872,599	$	106,911,184
						106,911,184
PUT OPTIONS - 15.67%
SPY SPDR S&P 500® Trust ETF, Expires 3/31/2023, Strike Price $451.65		2,819		108,872,599		18,119,206
						18,119,206
TOTAL PURCHASED OPTIONS (Cost $133,825,539)						125,030,390
	Principal Amount
SHORT TERM INVESTMENTS - 0.37%
Money Market Deposit Account - 0.37%
U.S. Bank Money Market Deposit Account, 2.750% ^(c)	$	427,587				427,587
TOTAL SHORT TERM INVESTMENTS (Cost $427,587)						427,587

Total Investments (Cost $134,253,126) - 108.53%						125,457,977
Liabilities in Excess of Other Assets - (8.53)%						(9,862,800	)
TOTAL NET ASSETS - 100.00%					$	115,595,177

Asset Type	% of Net Assets
Purchased Options		108.16	%
Short Term Investments		0.37
Total Investments		108.53
Liabilities in Excess of Other Assets		(8.53	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

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

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

INNOVATOR U.S. EQUITY BUFFER ETF – APRIL

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

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	3/31/2023	$	525.26		2,819	$	(108,872,599	)	$	(43,235	)
										(43,235	)
Put Options
SPY SPDR S&P 500® Trust ETF	3/31/2023		410.99		2,819		(108,872,599	)		(9,745,617	)
										(9,745,617	)
Total Options Written (Premiums Received $8,508,915)									$	(9,788,852	)

^(a)	Exchange-Traded.

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

INNOVATOR U.S. EQUITY BUFFER ETF – MAY

Schedule of Investments

October 31, 2022

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 104.91% ^(a)(b)
CALL OPTIONS - 95.74%
SPY SPDR S&P 500® Trust ETF, Expires 4/28/2023, Strike Price $4.13		4,445	$	171,670,345	$	168,366,140
						168,366,140
PUT OPTIONS - 9.17%
SPY SPDR S&P 500® Trust ETF, Expires 4/28/2023, Strike Price $412.01		4,445		171,670,345		16,126,512
						16,126,512
TOTAL PURCHASED OPTIONS (Cost $193,403,962)						184,492,652
	Principal Amount
SHORT TERM INVESTMENTS - 0.29%
Money Market Deposit Account - 0.29%
U.S. Bank Money Market Deposit Account, 2.750% ^(c)	$	507,380				507,380
TOTAL SHORT TERM INVESTMENTS (Cost $507,380)						507,380

Total Investments (Cost $193,911,342) - 105.20%						185,000,032
Liabilities in Excess of Other Assets - (5.20)%						(9,141,725	)
TOTAL NET ASSETS - 100.00%					$	175,858,307

Asset Type	% of Net Assets
Purchased Options		104.91	%
Short Term Investments		0.29
Total Investments		105.20
Liabilities in Excess of Other Assets		(5.20	)
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 October 31, 2022.

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

INNOVATOR U.S. EQUITY BUFFER ETF – MAY

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

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	4/28/2023	$	496.67		4,445	$	(171,670,345	)	$	(361,781	)
										(361,781	)
Put Options
SPY SPDR S&P 500® Trust ETF	4/28/2023		374.92		4,445		(171,670,345	)		(8,664,928	)
										(8,664,928	)
Total Options Written (Premiums Received $13,426,016)									$	(9,026,709	)

^(a)	Exchange-Traded.

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

INNOVATOR U.S. EQUITY BUFFER ETF – JUNE

Schedule of Investments
October 31, 2022

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 105.59% ^(a)(b)
CALL OPTIONS - 96.09%
SPY SPDR S&P 500® Trust ETF, Expires 5/31/2023, Strike Price $4.14		1,940	$	74,924,740	$	73,484,273
						73,484,273
PUT OPTIONS - 9.50%
SPY SPDR S&P 500® Trust ETF, Expires 5/31/2023, Strike Price $412.94		1,940		74,924,740		7,267,284
						7,267,284
TOTAL PURCHASED OPTIONS (Cost $85,095,649)						80,751,557
	Principal Amount
SHORT TERM INVESTMENTS - 0.22%
Money Market Deposit Account - 0.22%
U.S. Bank Money Market Deposit Account, 2.750% ^(c)	$	165,550				165,550
TOTAL SHORT TERM INVESTMENTS (Cost $165,550)						165,550

Total Investments (Cost $85,261,199) - 105.81%						80,917,107
Liabilities in Excess of Other Assets - (5.81)%						(4,442,871	)
TOTAL NET ASSETS - 100.00%					$	76,474,236

Asset Type	% of Net Assets
Purchased Options		105.59	%
Short Term Investments		0.22
Total Investments		105.81
Liabilities in Excess of Other Assets		(5.81	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

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

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

INNOVATOR U.S. EQUITY BUFFER ETF – JUNE

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

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	5/31/2023	$	494.28		1,940	$	(74,924,740	)	$	(307,926	)
										(307,926	)
Put Options
SPY SPDR S&P 500® Trust ETF	5/31/2023		375.77		1,940		(74,924,740	)		(4,084,192	)
										(4,084,192	)
Total Options Written (Premiums Received $5,684,018)									$	(4,392,118	)

^(a)	Exchange-Traded.

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

INNOVATOR U.S. EQUITY BUFFER ETF – JULY

Schedule of Investments

October 31, 2022

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 104.67% ^(a)(b)
CALL OPTIONS - 98.53%
SPY SPDR S&P 500® Trust ETF, Expires 6/30/2023, Strike Price $3.78		4,447	$	171,747,587	$	167,840,106
						167,840,106
PUT OPTIONS - 6.14%
SPY SPDR S&P 500® Trust ETF, Expires 6/30/2023, Strike Price $377.26		4,447		171,747,587		10,459,995
						10,459,995
TOTAL PURCHASED OPTIONS (Cost $176,604,348)						178,300,101
	Principal Amount
SHORT TERM INVESTMENTS - 0.27%
Money Market Deposit Account - 0.27%
U.S. Bank Money Market Deposit Account, 2.750% ^(c)	$	457,456				457,456
TOTAL SHORT TERM INVESTMENTS (Cost $457,456)						457,456

Total Investments (Cost $177,061,804) - 104.94%						178,757,557
Liabilities in Excess of Other Assets - (4.94)%						(8,416,446	)
TOTAL NET ASSETS - 100.00%					$	170,341,111

Asset Type	% of Net Assets
Purchased Options		104.67	%
Short Term Investments		0.27
Total Investments		104.94
Liabilities in Excess of Other Assets		(4.94	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

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

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

INNOVATOR U.S. EQUITY BUFFER ETF – JULY

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

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	6/30/2023	$	466.66		4,447	$	(171,747,587	)	$	(2,222,322	)
										(2,222,322	)
Put Options
SPY SPDR S&P 500® Trust ETF	6/30/2023		343.30		4,447		(171,747,587	)		(6,095,133	)
										(6,095,133	)
Total Options Written (Premiums Received $11,818,126)									$	(8,317,455	)

^(a)	Exchange-Traded.

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

INNOVATOR U.S. EQUITY BUFFER ETF – AUGUST

Schedule of Investments
October 31, 2022

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 106.35% ^(a)(b)
CALL OPTIONS - 96.26%
SPY SPDR S&P 500® Trust ETF, Expires 7/31/2023, Strike Price $4.13		2,623	$	101,302,883	$	98,913,279
						98,913,279
PUT OPTIONS - 10.09%
SPY SPDR S&P 500® Trust ETF, Expires 7/31/2023, Strike Price $412.00		2,623		101,302,883		10,366,808
						10,366,808
TOTAL PURCHASED OPTIONS (Cost $114,003,581)						109,280,087
	Principal Amount
SHORT TERM INVESTMENTS - 0.29%
Money Market Deposit Account - 0.29%
U.S. Bank Money Market Deposit Account, 2.750% ^(c)	$	296,282				296,282
TOTAL SHORT TERM INVESTMENTS (Cost $296,282)						296,282

Total Investments (Cost $114,299,863) - 106.64%						109,576,369
Liabilities in Excess of Other Assets - (6.64)%						(6,822,682	)
TOTAL NET ASSETS - 100.00%					$	102,753,687

Asset Type	% of Net Assets
Purchased Options		106.35	%
Short Term Investments		0.29
Total Investments		106.64
Liabilities in Excess of Other Assets		(6.64	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

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

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

INNOVATOR U.S. EQUITY BUFFER ETF – AUGUST

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

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	7/31/2023	$	504.52		2,623	$	(101,302,883	)	$	(506,134	)
										(506,134	)
Put Options
SPY SPDR S&P 500® Trust ETF	7/31/2023		374.91		2,623		(101,302,883	)		(6,244,974	)
										(6,244,974	)
Total Options Written (Premiums Received $6,865,911)									$	(6,751,108	)

^(a)	Exchange-Traded.

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

INNOVATOR U.S. EQUITY BUFFER ETF – SEPTEMBER

Schedule of Investments

October 31, 2022

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 106.04% ^(a)(b)
CALL OPTIONS - 97.66%
SPY SPDR S&P 500® Trust ETF, Expires 8/31/2023, Strike Price $3.96		4,298	$	165,993,058	$	162,154,999
						162,154,999
PUT OPTIONS - 8.38%
SPY SPDR S&P 500® Trust ETF, Expires 8/31/2023, Strike Price $395.19		4,298		165,993,058		13,922,101
						13,922,101
TOTAL PURCHASED OPTIONS (Cost $179,476,421)						176,077,100
	Principal Amount
SHORT TERM INVESTMENTS - 0.28%
Money Market Deposit Account - 0.28%
U.S. Bank Money Market Deposit Account, 2.750% ^(c)	$	463,790				463,790
TOTAL SHORT TERM INVESTMENTS (Cost $463,790)						463,790

Total Investments (Cost $179,940,211) - 106.32%						176,540,890
Liabilities in Excess of Other Assets - (6.32)%						(10,492,360	)
TOTAL NET ASSETS - 100.00%					$	166,048,530

Asset Type	% of Net Assets
Purchased Options		106.04	%
Short Term Investments		0.28
Total Investments		106.32
Liabilities in Excess of Other Assets		(6.32	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

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

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

INNOVATOR U.S. EQUITY BUFFER ETF – SEPTEMBER

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

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	8/31/2023	$	490.38		4,298	$	(165,993,058	)	$	(1,799,687	)
										(1,799,687	)
Put Options
SPY SPDR S&P 500® Trust ETF	8/31/2023		359.61		4,298		(165,993,058	)		(8,577,112	)
										(8,577,112	)
Total Options Written (Premiums Received $11,217,954)									$	(10,376,799	)

^(a)	Exchange-Traded.

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

INNOVATOR U.S. EQUITY BUFFER ETF – OCTOBER

Schedule of Investments

October 31, 2022

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 106.26% ^(a)(b)
CALL OPTIONS - 100.65%
SPY SPDR S&P 500® Trust ETF, Expires 9/29/2023, Strike Price $3.58		6,060	$	234,043,260	$	227,777,493
						227,777,493
PUT OPTIONS - 5.61%
SPY SPDR S&P 500® Trust ETF, Expires 9/29/2023, Strike Price $357.19		6,060		234,043,260		12,699,138
						12,699,138
TOTAL PURCHASED OPTIONS (Cost $231,311,224)						240,476,631
	Principal Amount
SHORT TERM INVESTMENTS - 0.26%
Money Market Deposit Account - 0.26%
U.S. Bank Money Market Deposit Account, 2.750% ^(c)	$	584,821				584,821
TOTAL SHORT TERM INVESTMENTS (Cost $584,821)						584,821

Total Investments (Cost $231,896,045) - 106.52%						241,061,452
Liabilities in Excess of Other Assets - (6.52)%						(14,759,571	)
TOTAL NET ASSETS - 100.00%					$	226,301,881

Asset Type	% of Net Assets
Purchased Options		106.26	%
Short Term Investments		0.26
Total Investments		106.52
Liabilities in Excess of Other Assets		(6.52	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

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

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

INNOVATOR U.S. EQUITY BUFFER ETF – OCTOBER

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

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	9/29/2023	$	458.80		6,060	$	(234,043,260	)	$	(6,584,170	)
										(6,584,170	)
Put Options
SPY SPDR S&P 500® Trust ETF	9/29/2023		325.03		6,060		(234,043,260	)		(8,050,323	)
										(8,050,323	)
Total Options Written (Premiums Received $15,533,032)									$	(14,634,493	)

^(a)	Exchange-Traded.

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

INNOVATOR U.S. EQUITY BUFFER ETF – NOVEMBER

Schedule of Investments

October 31, 2022

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 106.32% ^(a)(b)
CALL OPTIONS - 98.07%
SPY SPDR S&P 500® Trust ETF, Expires 10/31/2023, Strike Price $3.87		1,611	$	62,218,431	$	60,520,437
						60,520,437
PUT OPTIONS - 8.25%
SPY SPDR S&P 500® Trust ETF, Expires 10/31/2023, Strike Price $386.22		1,611		62,218,431		5,090,760
						5,090,760
TOTAL PURCHASED OPTIONS (Cost $65,618,121)						65,611,197
	Principal Amount
SHORT TERM INVESTMENTS - 0.03%
Money Market Deposit Account - 0.03%
U.S. Bank Money Market Deposit Account, 2.750% ^(c)	$	20,740				20,740
TOTAL SHORT TERM INVESTMENTS (Cost $20,740)						20,740

Total Investments (Cost $65,638,861) - 106.35%						65,631,937
Liabilities in Excess of Other Assets - (6.35)%						(3,921,510	)
TOTAL NET ASSETS - 100.00%					$	61,710,427

Asset Type	% of Net Assets
Purchased Options		106.32	%
Short Term Investments		0.03
Total Investments		106.35
Liabilities in Excess of Other Assets		(6.35	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

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

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

100

INNOVATOR U.S. EQUITY BUFFER ETF – NOVEMBER

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

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	10/31/2023		497.01		1,611		(62,218,431	)	$	(724,950	)
										(724,950	)
Put Options
SPY SPDR S&P 500® Trust ETF	10/31/2023		351.45		1,611		(62,218,431	)		(3,291,273	)
										(3,291,273	)
Total Options Written (Premiums Received $4,009,206)									$	(4,016,223	)

^(a)	Exchange-Traded.

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

101

INNOVATOR U.S. EQUITY BUFFER ETF – DECEMBER

Schedule of Investments

October 31, 2022

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 106.75% ^(a)(b)
CALL OPTIONS - 90.55%
SPY SPDR S&P 500® Trust ETF, Expires 11/30/2022, Strike Price $3.66		2,455	$	94,814,555	$	93,918,791
						93,918,791
PUT OPTIONS - 16.20%
SPY SPDR S&P 500® Trust ETF, Expires 11/30/2022, Strike Price $455.57		2,455		94,814,555		16,809,010
						16,809,010
TOTAL PURCHASED OPTIONS (Cost $114,475,514)						110,727,801
	Principal Amount
SHORT TERM INVESTMENTS - 0.15%
Money Market Deposit Account - 0.15%
U.S. Bank Money Market Deposit Account, 2.750% ^(c)	$	158,729				158,729
TOTAL SHORT TERM INVESTMENTS (Cost $158,729)						158,729

Total Investments (Cost $114,634,243) - 106.90%						110,886,530
Liabilities in Excess of Other Assets - (6.90)%						(7,164,515	)
TOTAL NET ASSETS - 100.00%					$	103,722,015

Asset Type	% of Net Assets
Purchased Options		106.75	%
Short Term Investments		0.15
Total Investments		106.90
Liabilities in Excess of Other Assets		(6.90	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

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

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

102

INNOVATOR U.S. EQUITY BUFFER ETF – DECEMBER

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

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	11/30/2022	$	523.76		2,455	$	(94,814,555	)	$	(281	)
										(281	)
Put Options
SPY SPDR S&P 500® Trust ETF	11/30/2022		414.56		2,455		(94,814,555	)		(7,097,584	)
										(7,097,584	)
Total Options Written (Premiums Received $7,526,023)									$	(7,097,865	)

^(a)	Exchange-Traded.

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

103

INNOVATOR U.S. EQUITY POWER BUFFER ETF – JANUARY

Schedule of Investments

October 31, 2022

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 105.35% ^(a)(b)
CALL OPTIONS - 85.56%
SPY SPDR S&P 500® Trust ETF, Expires 12/30/2022, Strike Price $3.80		10,090	$	389,685,890	$	384,000,664
						384,000,664
PUT OPTIONS - 19.79%
SPY SPDR S&P 500® Trust ETF, Expires 12/30/2022, Strike Price $474.96		10,090		389,685,890		88,819,219
						88,819,219
TOTAL PURCHASED OPTIONS (Cost $497,537,522)						472,819,883
	Principal Amount
SHORT TERM INVESTMENTS - 0.20%
Money Market Deposit Account - 0.20%
U.S. Bank Money Market Deposit Account, 2.750% ^(c)	$	889,152				889,152
TOTAL SHORT TERM INVESTMENTS (Cost $889,152)						889,152

Total Investments (Cost $498,426,674) - 105.55%						473,709,035
Liabilities in Excess of Other Assets - (5.55)%						(24,914,526	)
TOTAL NET ASSETS - 100.00%					$	448,794,509

Asset Type	% of Net Assets
Purchased Options		105.35	%
Short Term Investments		0.20
Total Investments		105.55
Liabilities in Excess of Other Assets		(5.55	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

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

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

104

INNOVATOR U.S. EQUITY POWER BUFFER ETF – JANUARY

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

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	12/30/2022	$	517.66		10,090	$	(389,685,890	)	$	(10,099	)
										(10,099	)
Put Options
SPY SPDR S&P 500® Trust ETF	12/30/2022		403.72		10,090		(389,685,890	)		(24,601,929	)
										(24,601,929	)
Total Options Written (Premiums Received $32,315,787)									$	(24,612,028	)

^(a)	Exchange-Traded.

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

105

INNOVATOR U.S. EQUITY POWER BUFFER ETF – FEBRUARY

Schedule of Investments

October 31, 2022

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 103.58% ^(a)(b)
CALL OPTIONS - 89.00%
SPY SPDR S&P 500® Trust ETF, Expires 1/31/2023, Strike Price $3.60		5,596	$	216,123,116	$	213,086,543
						213,086,543
PUT OPTIONS - 14.58%
SPY SPDR S&P 500® Trust ETF, Expires 1/31/2023, Strike Price $449.91		5,596		216,123,116		34,898,238
						34,898,238
TOTAL PURCHASED OPTIONS (Cost $265,127,885)						247,984,781
	Principal Amount
SHORT TERM INVESTMENTS - 0.27%
Money Market Deposit Account - 0.27%
U.S. Bank Money Market Deposit Account, 2.750% ^(c)	$	653,988				653,988
TOTAL SHORT TERM INVESTMENTS (Cost $653,988)						653,988

Total Investments (Cost $265,781,873) - 103.85%						248,638,769
Liabilities in Excess of Other Assets - (3.85)%						(9,223,265	)
TOTAL NET ASSETS - 100.00%					$	239,415,504

Asset Type	% of Net Assets
Purchased Options		103.58	%
Short Term Investments		0.27
Total Investments		103.85
Liabilities in Excess of Other Assets		(3.85	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

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

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

106

INNOVATOR U.S. EQUITY POWER BUFFER ETF – FEBRUARY

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

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	1/31/2023	$	495.80		5,596	$	(216,123,116	)	$	(64,041	)
										(64,041	)
Put Options
SPY SPDR S&P 500® Trust ETF	1/31/2023		382.42		5,596		(216,123,116	)		(9,002,185	)
										(9,002,185	)
Total Options Written (Premiums Received $17,553,442)									$	(9,066,226	)

^(a)	Exchange-Traded.

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

107

INNOVATOR U.S. EQUITY POWER BUFFER ETF – MARCH

Schedule of Investments

October 31, 2022

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 103.18% ^(a)(b)
CALL OPTIONS - 91.03%
SPY SPDR S&P 500® Trust ETF, Expires 2/28/2023, Strike Price $3.49		5,408	$	208,862,368	$	205,989,894
						205,989,894
PUT OPTIONS - 12.15%
SPY SPDR S&P 500® Trust ETF, Expires 2/28/2023, Strike Price $436.63		5,408		208,862,368		27,495,776
						27,495,776
TOTAL PURCHASED OPTIONS (Cost $250,164,701)						233,485,670
	Principal Amount
SHORT TERM INVESTMENTS - 0.33%
Money Market Deposit Account - 0.33%
U.S. Bank Money Market Deposit Account, 2.750% ^(c)	$	746,173				746,173
TOTAL SHORT TERM INVESTMENTS (Cost $746,173)						746,173

Total Investments (Cost $250,910,874) - 103.51%						234,231,843
Liabilities in Excess of Other Assets - (3.51)%						(7,936,655	)
TOTAL NET ASSETS - 100.00%					$	226,295,188

Asset Type	% of Net Assets
Purchased Options		103.18	%
Short Term Investments		0.33
Total Investments		103.51
Liabilities in Excess of Other Assets		(3.51	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

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

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

108

INNOVATOR U.S. EQUITY POWER BUFFER ETF – MARCH

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

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	2/28/2023	$	487.76		5,408	$	(208,862,368	)	$	(207,140	)
										(207,140	)
Put Options
SPY SPDR S&P 500® Trust ETF	2/28/2023		371.14		5,408		(208,862,368	)		(7,582,169	)
										(7,582,169	)
Total Options Written (Premiums Received $16,833,386)									$	(7,789,309	)

^(a)	Exchange-Traded.

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

109

INNOVATOR U.S. EQUITY POWER BUFFER ETF – APRIL

Schedule of Investments

October 31, 2022

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 104.77% ^(a)(b)
CALL OPTIONS - 89.59%
SPY SPDR S&P 500® Trust ETF, Expires 3/31/2023, Strike Price $3.61		7,288	$	281,469,848	$	276,413,285
						276,413,285
PUT OPTIONS - 15.18%
SPY SPDR S&P 500® Trust ETF, Expires 3/31/2023, Strike Price $451.64		7,288		281,469,848		46,837,708
						46,837,708
TOTAL PURCHASED OPTIONS (Cost $343,405,587)						323,250,993
	Principal Amount
SHORT TERM INVESTMENTS - 0.40%
Money Market Deposit Account - 0.40%
U.S. Bank Money Market Deposit Account, 2.750% ^(c)	$	1,223,639				1,223,639
TOTAL SHORT TERM INVESTMENTS (Cost $1,223,639)						1,223,639

Total Investments (Cost $344,629,226) - 105.17%						324,474,632
Liabilities in Excess of Other Assets - (5.17)%						(15,940,692	)
TOTAL NET ASSETS - 100.00%					$	308,533,940

Asset Type	% of Net Assets
Purchased Options		104.77	%
Short Term Investments		0.40
Total Investments		105.17
Liabilities in Excess of Other Assets		(5.17	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

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

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

110

INNOVATOR U.S. EQUITY POWER BUFFER ETF – APRIL

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

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	3/31/2023	$	503.99		7,288	$	(281,469,848	)	$	(253,402	)
										(253,402	)
Put Options
SPY SPDR S&P 500® Trust ETF	3/31/2023		383.89		7,288		(281,469,848	)		(15,447,408	)
										(15,447,408	)
Total Options Written (Premiums Received $21,670,505)									$	(15,700,810	)

^(a)	Exchange-Traded.

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

111

INNOVATOR U.S. EQUITY POWER BUFFER ETF – MAY

Schedule of Investments

October 31, 2022

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 103.40% ^(a)(b)
CALL OPTIONS - 94.47%
SPY SPDR S&P 500® Trust ETF, Expires 4/28/2023, Strike Price $4.12		9,793	$	378,215,453	$	371,262,423
						371,262,423
PUT OPTIONS - 8.93%
SPY SPDR S&P 500® Trust ETF, Expires 4/28/2023, Strike Price $412.00		9,793		378,215,453		35,117,698
						35,117,698
TOTAL PURCHASED OPTIONS (Cost $428,095,220)						406,380,121
	Principal Amount
SHORT TERM INVESTMENTS - 0.28%
Money Market Deposit Account - 0.28%
U.S. Bank Money Market Deposit Account, 2.750% ^(c)	$	1,080,907				1,080,907
TOTAL SHORT TERM INVESTMENTS (Cost $1,080,907)						1,080,907

Total Investments (Cost $429,176,127) - 103.68%						407,461,028
Liabilities in Excess of Other Assets - (3.68)%						(14,493,865	)
TOTAL NET ASSETS - 100.00%					$	392,967,163

Asset Type	% of Net Assets
Purchased Options		103.40	%
Short Term Investments		0.28
Total Investments		103.68
Liabilities in Excess of Other Assets		(3.68	)
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 October 31, 2022.

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

112

INNOVATOR U.S. EQUITY POWER BUFFER ETF – MAY

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

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	4/28/2023	$	471.78		9,793	$	(378,215,453	)	$	(2,252,390	)
										(2,252,390	)
Put Options
SPY SPDR S&P 500® Trust ETF	4/28/2023		350.20		9,793		(378,215,453	)		(12,025,804	)
										(12,025,804	)
Total Options Written (Premiums Received $27,938,573)									$	(14,278,194	)

^(a)	Exchange-Traded.

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

113

INNOVATOR U.S. EQUITY POWER BUFFER ETF – JUNE

Schedule of Investments

October 31, 2022

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 104.15% ^(a)(b)
CALL OPTIONS - 94.79%
SPY SPDR S&P 500® Trust ETF, Expires 5/31/2023, Strike Price $4.13		8,608	$	332,449,568	$	326,415,360
						326,415,360
PUT OPTIONS - 9.36%
SPY SPDR S&P 500® Trust ETF, Expires 5/31/2023, Strike Price $412.93		8,608		332,449,568		32,219,744
						32,219,744
TOTAL PURCHASED OPTIONS (Cost $374,145,748)						358,635,104
	Principal Amount
SHORT TERM INVESTMENTS - 0.27%
Money Market Deposit Account - 0.27%
U.S. Bank Money Market Deposit Account, 2.750% ^(c)	$	935,421				935,421
TOTAL SHORT TERM INVESTMENTS (Cost $935,421)						935,421

Total Investments (Cost $375,081,169) - 104.42%						359,570,525
Liabilities in Excess of Other Assets - (4.42)%						(15,205,239	)
TOTAL NET ASSETS - 100.00%					$	344,365,286

Asset Type	% of Net Assets
Purchased Options		104.15	%
Short Term Investments		0.27
Total Investments		104.42
Liabilities in Excess of Other Assets		(4.42	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets

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

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

114

INNOVATOR U.S. EQUITY POWER BUFFER ETF – JUNE

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

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	5/31/2023	$	472.02		8,608	$	(332,449,568	)	$	(2,935,328	)
										(2,935,328	)
Put Options
SPY SPDR S&P 500® Trust ETF	5/31/2023		350.99		8,608		(332,449,568	)		(12,077,024	)
										(12,077,024	)
Total Options Written (Premiums Received $23,917,979)									$	(15,012,352	)

^(a)	Exchange-Traded.

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

115

INNOVATOR U.S. EQUITY POWER BUFFER ETF – JULY

Schedule of Investments

October 31, 2022

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 104.87% ^(a)(b)
CALL OPTIONS - 98.72%
SPY SPDR S&P 500® Trust ETF, Expires 6/30/2023, Strike Price $3.77		13,178	$	508,947,538	$	497,381,100
						497,381,100
PUT OPTIONS - 6.15%
SPY SPDR S&P 500® Trust ETF, Expires 6/30/2023, Strike Price $377.25		13,178		508,947,538		30,992,291
						30,992,291
TOTAL PURCHASED OPTIONS (Cost $529,455,847)						528,373,391
	Principal Amount
SHORT TERM INVESTMENTS - 0.27%
Money Market Deposit Account - 0.27%
U.S. Bank Money Market Deposit Account, 2.750% ^(c)	$	1,336,172				1,336,172
TOTAL SHORT TERM INVESTMENTS (Cost $1,336,172)						1,336,172

Total Investments (Cost $530,792,019) - 105.14%						529,709,563
Liabilities in Excess of Other Assets - (5.14)%						(25,881,389	)
TOTAL NET ASSETS - 100.00%					$	503,828,174

Asset Type	% of Net Assets
Purchased Options		104.87	%
Short Term Investments		0.27
Total Investments		105.14
Liabilities in Excess of Other Assets		(5.14	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets

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

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

116

INNOVATOR U.S. EQUITY POWER BUFFER ETF – JULY

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

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	6/30/2023	$	443.00		13,178	$	(508,947,538	)	$	(13,262,744	)
										(13,262,744	)
Put Options
SPY SPDR S&P 500® Trust ETF	6/30/2023		320.66		13,178		(508,947,538	)		(12,308,372	)
										(12,308,372	)
Total Options Written (Premiums Received $34,449,736)									$	(25,571,116	)

^(a)	Exchange-Traded.

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

117

INNOVATOR U.S. EQUITY POWER BUFFER ETF – AUGUST

Schedule of Investments

October 31, 2022

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 105.14% ^(a)(b)
CALL OPTIONS - 95.17%
SPY SPDR S&P 500® Trust ETF, Expires 7/31/2023, Strike Price $4.12		10,998	$	424,753,758	$	414,744,990
						414,744,990
PUT OPTIONS - 9.97%
SPY SPDR S&P 500® Trust ETF, Expires 7/31/2023, Strike Price $411.99		10,998		424,753,758		43,461,403
						43,461,403
TOTAL PURCHASED OPTIONS (Cost $475,860,675)						458,206,393
	Principal Amount
SHORT TERM INVESTMENTS - 0.28%
Money Market Deposit Account - 0.28%
U.S. Bank Money Market Deposit Account, 2.750% ^(c)	$	1,227,533				1,227,533
TOTAL SHORT TERM INVESTMENTS (Cost $1,227,533)						1,227,533

Total Investments (Cost $477,088,208) - 105.42%						459,433,926
Liabilities in Excess of Other Assets - (5.42)%						(23,662,132	)
TOTAL NET ASSETS - 100.00%					$	435,771,794

Asset Type	% of Net Assets
Purchased Options		105.14	%
Short Term Investments		0.28
Total Investments		105.42
Liabilities in Excess of Other Assets		(5.42	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets

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

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

118

INNOVATOR U.S. EQUITY POWER BUFFER ETF – AUGUST

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

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	7/31/2023	$	476.22		10,998	$	(424,753,758	)	$	(5,289,347	)
										(5,289,347	)
Put Options
SPY SPDR S&P 500® Trust ETF	7/31/2023		350.19		10,998		(424,753,758	)		(18,094,042	)
										(18,094,042	)
Total Options Written (Premiums Received $29,489,670)									$	(23,383,389	)

^(a)	Exchange-Traded.

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

119

INNOVATOR U.S. EQUITY POWER BUFFER ETF – SEPTEMBER

Schedule of Investments

October 31, 2022

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 105.64% ^(a)(b)
CALL OPTIONS - 97.15%
SPY SPDR S&P 500® Trust ETF, Expires 8/31/2023, Strike Price $3.95		14,084	$	543,938,164	$	531,558,328
						531,558,328
PUT OPTIONS - 8.49%
SPY SPDR S&P 500® Trust ETF, Expires 8/31/2023, Strike Price $395.18		14,084		543,938,164		46,449,032
						46,449,032
TOTAL PURCHASED OPTIONS (Cost $587,182,959)						578,007,360
	Principal Amount
SHORT TERM INVESTMENTS - 0.28%
Money Market Deposit Account - 0.28%
U.S. Bank Money Market Deposit Account, 2.750% ^(c)	$	1,526,325				1,526,325
TOTAL SHORT TERM INVESTMENTS (Cost $1,526,325)						1,526,325

Total Investments (Cost $588,709,284) - 105.92%						579,533,685
Liabilities in Excess of Other Assets - (5.92)%						(32,390,556	)
TOTAL NET ASSETS - 100.00%					$	547,143,129

Asset Type	% of Net Assets
Purchased Options		105.64	%
Short Term Investments		0.28
Total Investments		105.92
Liabilities in Excess of Other Assets		(5.92	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

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

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

120

INNOVATOR U.S. EQUITY POWER BUFFER ETF – SEPTEMBER

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

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	8/31/2023	$	464.34		14,084	$	(543,938,164	)	$	(11,548,880	)
										(11,548,880	)
Put Options
SPY SPDR S&P 500® Trust ETF	8/31/2023		335.90		14,084		(543,938,164	)		(20,520,388	)
										(20,520,388	)
Total Options Written (Premiums Received $36,064,146)									$	(32,069,268	)

^(a)	Exchange-Traded.

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

121

INNOVATOR U.S. EQUITY POWER BUFFER ETF – OCTOBER

Schedule of Investments

October 31, 2022

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 107.62% ^(a)(b)
CALL OPTIONS - 101.88%
SPY SPDR S&P 500® Trust ETF, Expires 9/29/2023, Strike Price $3.57		17,591	$	679,382,011	$	661,667,874
						661,667,874
PUT OPTIONS - 5.74%
SPY SPDR S&P 500® Trust ETF, Expires 9/29/2023, Strike Price $357.18		17,591		679,382,011		37,257,738
						37,257,738
TOTAL PURCHASED OPTIONS (Cost $673,935,763)						698,925,612
	Principal Amount
SHORT TERM INVESTMENTS - 0.26%
Money Market Deposit Account - 0.26%
U.S. Bank Money Market Deposit Account, 2.750% ^(c)	$	1,703,158				1,703,158
TOTAL SHORT TERM INVESTMENTS (Cost $1,703,158)						1,703,158

Total Investments (Cost $675,638,921) - 107.88%						700,628,770
Liabilities in Excess of Other Assets - (7.88)%						(51,140,802	)
TOTAL NET ASSETS - 100.00%					$	649,487,968

Asset Type	% of Net Assets
Purchased Options		107.62	%
Short Term Investments		0.26
Total Investments		107.88
Liabilities in Excess of Other Assets		(7.88	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

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

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

122

INNOVATOR U.S. EQUITY POWER BUFFER ETF – OCTOBER

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

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	9/29/2023	$	431.22		17,591	$	(679,382,011	)	$	(34,003,403	)
										(34,003,403	)
Put Options
SPY SPDR S&P 500® Trust ETF	9/29/2023		303.60		17,591		(679,382,011	)		(16,799,405	)
										(16,799,405	)
Total Options Written (Premiums Received $46,318,444)									$	(50,802,808	)

^(a)	Exchange-Traded.

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

123

INNOVATOR U.S. EQUITY POWER BUFFER ETF – NOVEMBER

Schedule of Investments
October 31, 2022

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 106.31% ^(a)(b)
CALL OPTIONS - 98.07%
SPY SPDR S&P 500® Trust ETF, Expires 10/31/2023, Strike Price $3.86		8,283	$	319,897,743	$	311,266,857
						311,266,857
PUT OPTIONS - 8.24%
SPY SPDR S&P 500® Trust ETF, Expires 10/31/2023, Strike Price $386.21		8,283		319,897,743		26,141,148
						26,141,148
TOTAL PURCHASED OPTIONS (Cost $337,443,386)						337,408,005
	Principal Amount
SHORT TERM INVESTMENTS - 0.04%
Money Market Deposit Account - 0.04%
U.S. Bank Money Market Deposit Account, 2.750% ^(c)	$	139,984				139,984
TOTAL SHORT TERM INVESTMENTS (Cost $139,984)						139,984

Total Investments (Cost $337,583,370) - 106.35%						337,547,989
Liabilities in Excess of Other Assets - (6.35)%						(20,158,835	)
TOTAL NET ASSETS - 100.00%					$	317,389,154

Asset Type	% of Net Assets
Purchased Options		106.31	%
Short Term Investments		0.04
Total Investments		106.35
Liabilities in Excess of Other Assets		(6.35	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

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

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

124

INNOVATOR U.S. EQUITY POWER BUFFER ETF – NOVEMBER

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

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	10/31/2023		465.46		8,283		(319,897,743	)	$	(8,721,999	)
										(8,721,999	)
Put Options
SPY SPDR S&P 500® Trust ETF	10/31/2023		328.28		8,283		(319,897,743	)		(11,993,784	)
										(11,993,784	)
Total Options Written (Premiums Received $20,679,927)									$	(20,715,783	)

^(a)	Exchange-Traded.

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

125

INNOVATOR U.S. EQUITY POWER BUFFER ETF – DECEMBER

Schedule of Investments
October 31, 2022

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 102.35% ^(a)(b)
CALL OPTIONS - 86.81%
SPY SPDR S&P 500® Trust ETF, Expires 11/30/2022, Strike Price $3.64		4,718	$	182,213,878	$	180,501,812
						180,501,812
PUT OPTIONS - 15.54%
SPY SPDR S&P 500® Trust ETF, Expires 11/30/2022, Strike Price $455.56		4,718		182,213,878		32,298,728
						32,298,728
TOTAL PURCHASED OPTIONS (Cost $228,062,391)						212,800,540
	Principal Amount
SHORT TERM INVESTMENTS - 0.13%
Money Market Deposit Account - 0.13%
U.S. Bank Money Market Deposit Account, 2.750% ^(c)	$	275,953				275,953
TOTAL SHORT TERM INVESTMENTS (Cost $275,953)						275,953

Total Investments (Cost $228,338,344) - 102.48%						213,076,493
Liabilities in Excess of Other Assets - (2.48)%						(5,147,862	)
TOTAL NET ASSETS - 100.00%					$	207,928,631

Asset Type	% of Net Assets
Purchased Options		102.35	%
Short Term Investments		0.13
Total Investments		102.48
Liabilities in Excess of Other Assets		(2.48	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets

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

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

126

INNOVATOR U.S. EQUITY POWER BUFFER ETF – DECEMBER

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

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	11/30/2022	$	502.30		4,718	$	(182,213,878	)	$	(1,120	)
										(1,120	)
Put Options
SPY SPDR S&P 500® Trust ETF	11/30/2022		387.23		4,718		(182,213,878	)		(5,010,788	)
										(5,010,788	)
Total Options Written (Premiums Received $16,051,824)									$	(5,011,908	)

^(a)	Exchange-Traded.

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

127

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – JANUARY

Schedule of Investments
October 31, 2022

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 100.07% ^(a)(b)
CALL OPTIONS - 85.61%
SPY SPDR S&P 500® Trust ETF, Expires 12/30/2022, Strike Price $3.79		6,385	$	246,595,085	$	242,821,551
						242,821,551
PUT OPTIONS - 14.46%
SPY SPDR S&P 500® Trust ETF, Expires 12/30/2022, Strike Price $451.21		6,385		246,595,085		41,004,470
						41,004,470
TOTAL PURCHASED OPTIONS (Cost $298,523,806)						283,826,021
	Principal Amount
SHORT TERM INVESTMENTS - 0.21%
Money Market Deposit Account - 0.21%
U.S. Bank Money Market Deposit Account, 2.750% ^(c)	$	598,443				598,443
TOTAL SHORT TERM INVESTMENTS (Cost $598,443)						598,443

Total Investments (Cost $299,122,249) - 100.28%						284,424,464
Liabilities in Excess of Other Assets - (0.28)%						(786,585	)
TOTAL NET ASSETS - 100.00%					$	283,637,879

Asset Type	% of Net Assets
Purchased Options		100.07	%
Short Term Investments		0.21
Total Investments		100.28
Liabilities in Excess of Other Assets		(0.28	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets

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

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

128

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – JANUARY

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

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	12/30/2022	$	507.73		6,385	$	(246,595,085	)	$	(38,310	)
										(38,310	)
Put Options
SPY SPDR S&P 500® Trust ETF	12/30/2022		308.72		6,385		(246,595,085	)		(529,955	)
										(529,955	)
Total Options Written (Premiums Received $8,011,102)									$	(568,265	)

^(a)	Exchange-Traded.

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

129

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – FEBRUARY

Schedule of Investments
October 31, 2022

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 100.18% ^(a)(b)
CALL OPTIONS - 89.99%
SPY SPDR S&P 500® Trust ETF, Expires 1/31/2023, Strike Price $3.59		1,261	$	48,701,081	$	48,018,069
						48,018,069
PUT OPTIONS - 10.19%
SPY SPDR S&P 500® Trust ETF, Expires 1/31/2023, Strike Price $427.41		1,261		48,701,081		5,437,888
						5,437,888
TOTAL PURCHASED OPTIONS (Cost $58,326,977)						53,455,957
	Principal Amount
SHORT TERM INVESTMENTS - 0.27%
Money Market Deposit Account - 0.27%
U.S. Bank Money Market Deposit Account, 2.750% ^(c)	$	144,447				144,447
TOTAL SHORT TERM INVESTMENTS (Cost $144,447)						144,447

Total Investments (Cost $58,471,424) - 100.45%						53,600,404
Liabilities in Excess of Other Assets - (0.45)%						(242,842	)
TOTAL NET ASSETS - 100.00%					$	53,357,562

Asset Type	% of Net Assets
Purchased Options		100.18	%
Short Term Investments		0.27
Total Investments		100.45
Liabilities in Excess of Other Assets		(0.45	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets

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

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

130

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – FEBRUARY

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

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	1/31/2023	$	485.54		1,261	$	(48,701,081	)	$	(23,514	)
										(23,514	)
Put Options
SPY SPDR S&P 500® Trust ETF	1/31/2023		292.44		1,261		(48,701,081	)		(183,947	)
										(183,947	)
Total Options Written (Premiums Received $2,221,358)									$	(207,461	)

^(a)	Exchange-Traded.

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

131

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – MARCH

Schedule of Investments
October 31, 2022

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 100.31% ^(a)(b)
CALL OPTIONS - 91.99%
SPY SPDR S&P 500® Trust ETF, Expires 2/28/2023, Strike Price $3.48		1,677	$	64,767,417	$	63,848,421
						63,848,421
PUT OPTIONS - 8.32%
SPY SPDR S&P 500® Trust ETF, Expires 2/28/2023, Strike Price $414.80		1,677		64,767,417		5,777,265
						5,777,265
TOTAL PURCHASED OPTIONS (Cost $74,612,993)						69,625,686
	Principal Amount
SHORT TERM INVESTMENTS - 0.31%
Money Market Deposit Account - 0.31%
U.S. Bank Money Market Deposit Account, 2.750% ^(c)	$	212,603				212,603
TOTAL SHORT TERM INVESTMENTS (Cost $212,603)						212,603

Total Investments (Cost $74,825,596) - 100.62%						69,838,289
Liabilities in Excess of Other Assets - (0.62)%						(432,323	)
TOTAL NET ASSETS - 100.00%					$	69,405,966

Asset Type	% of Net Assets
Purchased Options		100.31	%
Short Term Investments		0.31
Total Investments		100.62
Liabilities in Excess of Other Assets		(0.62	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets

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

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

132

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – MARCH

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

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	2/28/2023	$	475.32		1,677	$	(64,767,417	)	$	(110,682	)
										(110,682	)
Put Options
SPY SPDR S&P 500® Trust ETF	2/28/2023		283.81		1,677		(64,767,417	)		(288,444	)
										(288,444	)
Total Options Written (Premiums Received $2,510,967)									$	(399,126	)

^(a)	Exchange-Traded.

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

133

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – APRIL

Schedule of Investments
October 31, 2022

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 100.58% ^(a)(b)
CALL OPTIONS - 89.60%
SPY SPDR S&P 500® Trust ETF, Expires 3/31/2023, Strike Price $3.60		2,903	$	112,116,763	$	110,105,453
						110,105,453
PUT OPTIONS - 10.98%
SPY SPDR S&P 500® Trust ETF, Expires 3/31/2023, Strike Price $429.06		2,903		112,116,763		13,486,489
						13,486,489
TOTAL PURCHASED OPTIONS (Cost $127,126,411)						123,591,942
	Principal Amount
SHORT TERM INVESTMENTS - 0.39%
Money Market Deposit Account - 0.39%
U.S. Bank Money Market Deposit Account, 2.750% ^(c)	$	479,583				479,583
TOTAL SHORT TERM INVESTMENTS (Cost $479,583)						479,583

Total Investments (Cost $127,605,994) - 100.97%						124,071,525
Liabilities in Excess of Other Assets - (0.97)%						(1,185,965	)
TOTAL NET ASSETS - 100.00%					$	122,885,560

Asset Type	% of Net Assets
Purchased Options		100.58	%
Short Term Investments		0.39
Total Investments		100.97
Liabilities in Excess of Other Assets		(0.97	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets

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

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

134

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – APRIL

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

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	3/31/2023	$	494.14		2,903	$	(112,116,763	)	$	(155,854	)
										(155,854	)
Put Options
SPY SPDR S&P 500® Trust ETF	3/31/2023		293.57		2,903		(112,116,763	)		(948,380	)
										(948,380	)
Total Options Written (Premiums Received $4,297,110)									$	(1,104,234	)

^(a)	Exchange-Traded.

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

135

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – MAY

Schedule of Investments
October 31, 2022

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 101.26% ^(a)(b)
CALL OPTIONS - 94.77%
SPY SPDR S&P 500® Trust ETF, Expires 4/28/2023, Strike Price $4.11		2,487	$	96,050,427	$	94,192,638
						94,192,638
PUT OPTIONS - 6.49%
SPY SPDR S&P 500® Trust ETF, Expires 4/28/2023, Strike Price $391.40		2,487		96,050,427		6,446,304
						6,446,304
TOTAL PURCHASED OPTIONS (Cost $102,975,515)						100,638,942
	Principal Amount
SHORT TERM INVESTMENTS - 0.25%
Money Market Deposit Account - 0.25%
U.S. Bank Money Market Deposit Account, 2.750% ^(c)	$	253,107				253,107
TOTAL SHORT TERM INVESTMENTS (Cost $253,107)						253,107

Total Investments (Cost $103,228,622) - 101.51%						100,892,049
Liabilities in Excess of Other Assets - (1.51)%						(1,498,465	)
TOTAL NET ASSETS - 100.00%					$	99,393,584

Asset Type	% of Net Assets
Purchased Options		101.26	%
Short Term Investments		0.25
Total Investments		101.51
Liabilities in Excess of Other Assets		(1.51	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets

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

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

136

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – MAY

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

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	4/28/2023	$	459.79		2,487	$	(96,050,427	)	$	(853,041	)
										(853,041	)
Put Options
SPY SPDR S&P 500® Trust ETF	4/28/2023		267.80		2,487		(96,050,427	)		(601,854	)
										(601,854	)
Total Options Written (Premiums Received $4,348,417)									$	(1,454,895	)

^(a)	Exchange-Traded.

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

137

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – JUNE

Schedule of Investments
October 31, 2022

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 101.82% ^(a)(b)
CALL OPTIONS - 94.95%
SPY SPDR S&P 500® Trust ETF, Expires 5/31/2023, Strike Price $4.12		2,879	$	111,189,859	$	109,057,783
						109,057,783
PUT OPTIONS - 6.87%
SPY SPDR S&P 500® Trust ETF, Expires 5/31/2023, Strike Price $392.28		2,879		111,189,859		7,896,278
						7,896,278
TOTAL PURCHASED OPTIONS (Cost $119,063,510)						116,954,061
	Principal Amount
SHORT TERM INVESTMENTS - 0.27%
Money Market Deposit Account - 0.27%
U.S. Bank Money Market Deposit Account, 2.750% ^(c)	$	307,300				307,300
TOTAL SHORT TERM INVESTMENTS (Cost $307,300)						307,300

Total Investments (Cost $119,370,810) - 102.09%						117,261,361
Liabilities in Excess of Other Assets - (2.09)%						(2,401,223	)
TOTAL NET ASSETS - 100.00%					$	114,860,138

Asset Type	% of Net Assets
Purchased Options		101.82	%
Short Term Investments		0.27
Total Investments		102.09
Liabilities in Excess of Other Assets		(2.09	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets

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

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

138

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – JUNE

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

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	5/31/2023	$	462.07		2,879	$	(111,189,859	)	$	(1,406,942	)
										(1,406,942	)
Put Options
SPY SPDR S&P 500® Trust ETF	5/31/2023		268.40		2,879		(111,189,859	)		(919,478	)
										(919,478	)
Total Options Written (Premiums Received $4,428,526)									$	(2,326,420	)

^(a)	Exchange-Traded.

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

139

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – JULY

Schedule of Investments
October 31, 2022

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 104.10% ^(a)(b)
CALL OPTIONS - 99.47%
SPY SPDR S&P 500® Trust ETF, Expires 6/30/2023, Strike Price $3.76		1,941	$	74,963,361	$	73,261,612
						73,261,612
PUT OPTIONS - 4.63%
SPY SPDR S&P 500® Trust ETF, Expires 6/30/2023, Strike Price $358.39		1,941		74,963,361		3,406,139
						3,406,139
TOTAL PURCHASED OPTIONS (Cost $76,137,468)						76,667,751
	Principal Amount
SHORT TERM INVESTMENTS - 0.24%
Money Market Deposit Account - 0.24%
U.S. Bank Money Market Deposit Account, 2.750% ^(c)	$	176,879				176,879
TOTAL SHORT TERM INVESTMENTS (Cost $176,879)						176,879

Total Investments (Cost $76,314,347) - 104.34%						76,844,630
Liabilities in Excess of Other Assets - (4.34)%						(3,194,986	)
TOTAL NET ASSETS - 100.00%					$	73,649,644

Asset Type	% of Net Assets
Purchased Options		104.10	%
Short Term Investments		0.24
Total Investments		104.34
Liabilities in Excess of Other Assets		(4.34	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets

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

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

140

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – JULY

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

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	6/30/2023	$	431.61		1,941	$	(74,963,361	)	$	(2,628,474	)
										(2,628,474	)
Put Options
SPY SPDR S&P 500® Trust ETF	6/30/2023		245.21		1,941		(74,963,361	)		(520,411	)
										(520,411	)
Total Options Written (Premiums Received $3,740,166)									$	(3,148,885	)

^(a)	Exchange-Traded.

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

141

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – AUGUST

Schedule of Investments
October 31, 2022

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 102.49% ^(a)(b)
CALL OPTIONS - 94.93%
SPY SPDR S&P 500® Trust ETF, Expires 7/31/2023, Strike Price $4.11		2,072	$	80,022,712	$	78,139,083
						78,139,083
PUT OPTIONS - 7.56%
SPY SPDR S&P 500® Trust ETF, Expires 7/31/2023, Strike Price $391.39		2,072		80,022,712		6,221,059
						6,221,059
TOTAL PURCHASED OPTIONS (Cost $86,758,691)						84,360,142
	Principal Amount
SHORT TERM INVESTMENTS - 0.29%
Money Market Deposit Account - 0.29%
U.S. Bank Money Market Deposit Account, 2.750% ^(c)	$	239,046				239,046
TOTAL SHORT TERM INVESTMENTS (Cost $239,046)						239,046

Total Investments (Cost $86,997,737) - 102.78%						84,599,188
Liabilities in Excess of Other Assets - (2.78)%						(2,291,662	)
TOTAL NET ASSETS - 100.00%					$	82,307,526

Asset Type	% of Net Assets
Purchased Options		102.49	%
Short Term Investments		0.29
Total Investments		102.78
Liabilities in Excess of Other Assets		(2.78	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets

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

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

142

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – AUGUST

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

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	7/31/2023	$	466.17		2,072	$	(80,022,712	)	$	(1,335,530	)
										(1,335,530	)
Put Options
SPY SPDR S&P 500® Trust ETF	7/31/2023		267.79		2,072		(80,022,712	)		(904,117	)
										(904,117	)
Total Options Written (Premiums Received $3,648,515)									$	(2,239,647	)

^(a)	Exchange-Traded.

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

143

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – SEPTEMBER

Schedule of Investments
October 31, 2022

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 103.69% ^(a)(b)
CALL OPTIONS - 97.17%
SPY SPDR S&P 500® Trust ETF, Expires 8/31/2023, Strike Price $3.94		4,095	$	158,152,995	$	154,487,970
						154,487,970
PUT OPTIONS - 6.52%
SPY SPDR S&P 500® Trust ETF, Expires 8/31/2023, Strike Price $375.42		4,095		158,152,995		10,360,350
						10,360,350
TOTAL PURCHASED OPTIONS (Cost $163,806,808)						164,848,320
	Principal Amount
SHORT TERM INVESTMENTS - 0.27%
Money Market Deposit Account - 0.27%
U.S. Bank Money Market Deposit Account, 2.750% ^(c)	$	432,894				432,894
TOTAL SHORT TERM INVESTMENTS (Cost $432,894)						432,894

Total Investments (Cost $164,239,702) - 103.96%						165,281,214
Liabilities in Excess of Other Assets - (3.96)%						(6,295,201	)
TOTAL NET ASSETS - 100.00%					$	158,986,013

Asset Type	% of Net Assets
Purchased Options		103.69	%
Short Term Investments		0.27
Total Investments		103.96
Liabilities in Excess of Other Assets		(3.96	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

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

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

144

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – SEPTEMBER

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

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	8/31/2023	$	452.16		4,095	$	(158,152,995	)	$	(4,578,210	)
										(4,578,210	)
Put Options
SPY SPDR S&P 500® Trust ETF	8/31/2023		256.87		4,095		(158,152,995	)		(1,633,905	)
										(1,633,905	)
Total Options Written (Premiums Received $6,536,739)									$	(6,212,115	)

^(a)	Exchange-Traded.

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

145

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – OCTOBER

Schedule of Investments
October 31, 2022

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 107.56% ^(a)(b)
CALL OPTIONS - 103.08%
SPY SPDR S&P 500® Trust ETF, Expires 9/29/2023, Strike Price $3.56		3,105	$	119,918,205	$	116,713,727
						116,713,727
PUT OPTIONS - 4.48%
SPY SPDR S&P 500® Trust ETF, Expires 9/29/2023, Strike Price $339.32		3,105		119,918,205		5,073,020
						5,073,020
TOTAL PURCHASED OPTIONS (Cost $116,381,522)						121,786,747
	Principal Amount
SHORT TERM INVESTMENTS - 0.28%
Money Market Deposit Account - 0.28%
U.S. Bank Money Market Deposit Account, 2.750% ^(c)	$	313,582				313,582
TOTAL SHORT TERM INVESTMENTS (Cost $313,582)						313,582

Total Investments (Cost $116,695,104) - 107.84%						122,100,329
Liabilities in Excess of Other Assets - (7.84)%						(8,879,320	)
TOTAL NET ASSETS - 100.00%					$	113,221,009

Asset Type	% of Net Assets
Purchased Options		107.56	%
Short Term Investments		0.28
Total Investments		107.84
Liabilities in Excess of Other Assets		(7.84	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

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

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

146

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – OCTOBER

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

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	9/29/2023	$	418.22		3,105	$	(119,918,205	)	$	(7,801,711	)
										(7,801,711	)
Put Options
SPY SPDR S&P 500® Trust ETF	9/29/2023		232.17		3,105		(119,918,205	)		(1,007,137	)
										(1,007,137	)
Total Options Written (Premiums Received $6,057,966)									$	(8,808,848	)

^(a)	Exchange-Traded.

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

147

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – NOVEMBER

Schedule of Investments
October 31, 2022

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 104.61% ^(a)(b)
CALL OPTIONS - 98.14%
SPY SPDR S&P 500® Trust ETF, Expires 10/31/2023, Strike Price $3.85		1,386	$	53,528,706	$	52,137,162
						52,137,162
PUT OPTIONS - 6.47%
SPY SPDR S&P 500® Trust ETF, Expires 10/31/2023, Strike Price $366.90		1,386		53,528,706		3,435,894
						3,435,894
TOTAL PURCHASED OPTIONS (Cost $55,579,014)						55,573,056
	Principal Amount
SHORT TERM INVESTMENTS - 0.02%
Money Market Deposit Account - 0.02%
U.S. Bank Money Market Deposit Account, 2.750% ^(c)	$	9,695				9,695
TOTAL SHORT TERM INVESTMENTS (Cost $9,695)						9,695

Total Investments (Cost $55,588,709) - 104.63%						55,582,751
Liabilities in Excess of Other Assets - (4.63)%						(2,456,829	)
TOTAL NET ASSETS - 100.00%					$	53,125,922

Asset Type	% of Net Assets
Purchased Options		104.61	%
Short Term Investments		0.02
Total Investments		104.63
Liabilities in Excess of Other Assets		(4.63	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

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

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

148

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – NOVEMBER

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

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	10/31/2023		452.21		1,386		(53,528,706	)	$	(1,959,804	)
										(1,959,804	)
Put Options
SPY SPDR S&P 500® Trust ETF	10/31/2023		251.04		1,386		(53,528,706	)		(618,156	)
										(618,156	)
Total Options Written (Premiums Received $2,571,944)									$	(2,577,960	)

^(a)	Exchange-Traded.

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

149

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – DECEMBER

Schedule of Investments
October 31, 2022

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 99.99% ^(a)(b)
CALL OPTIONS - 89.31%
SPY SPDR S&P 500® Trust ETF, Expires 11/30/2022, Strike Price $3.63		1,081	$	41,749,301	$	41,358,106
						41,358,106
PUT OPTIONS - 10.68%
SPY SPDR S&P 500® Trust ETF, Expires 11/30/2022, Strike Price $432.78		1,081		41,749,301		4,948,017
						4,948,017
TOTAL PURCHASED OPTIONS (Cost $50,938,020)						46,306,123
	Principal Amount
SHORT TERM INVESTMENTS - 0.12%
Money Market Deposit Account - 0.12%
U.S. Bank Money Market Deposit Account, 2.750% ^(c)	$	54,327				54,327
TOTAL SHORT TERM INVESTMENTS (Cost $54,327)						54,327

Total Investments (Cost $50,992,347) - 100.11%						46,360,450
Liabilities in Excess of Other Assets - (0.11)%						(49,108	)
TOTAL NET ASSETS - 100.00%					$	46,311,342

Asset Type	% of Net Assets
Purchased Options		99.99	%
Short Term Investments		0.12
Total Investments		100.11
Liabilities in Excess of Other Assets		(0.11	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets

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

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

150

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – DECEMBER

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

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	11/30/2022	$	489.18		1,081	$	(41,749,301	)	$	(587	)
										(587	)
Put Options
SPY SPDR S&P 500® Trust ETF	11/30/2022		296.11		1,081		(41,749,301	)		(18,266	)
										(18,266	)
Total Options Written (Premiums Received $2,316,961)									$	(18,853	)

^(a)	Exchange-Traded.

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

151

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

October 31, 2022


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

Liabilities:
Options written, at value ^(b)
Payable for fund shares redeemed
Payable to Adviser
Payable for investments purchased
Total Liabilities
Net Assets

Net Assets Consist of:
Capital stock
Total distributable earnings/(accumulated deficit)
Net Assets

Net Asset Value:
Net assets
Shares of beneficial interest outstanding (unlimited shares without par value authorized)
Net asset value price per share

^(a)Cost of investments
^(b)Premiums received

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

152

INNOVATOR ETFs TRUST

Innovator U.S. Equity Buffer ETF - January			Innovator U.S. Equity Buffer ETF - February			Innovator U.S. Equity Buffer ETF - March			Innovator U.S. Equity Buffer ETF - April

$	158,408,586		$	73,943,362		$	81,348,823		$	125,457,977
	740			614			658			1,067
	2,761,071			–			–			–
	150			203			200			201
	161,170,547			73,944,179			81,349,681			125,459,245


	15,678,560			5,028,536			4,663,236			9,788,852
	2,487,832			–			–			–
	94,564			55,407			51,441			75,216
	273,769			–			–			–
	18,534,725			5,083,943			4,714,677			9,864,068
$	142,635,822		$	68,860,236		$	76,635,004		$	115,595,177


$	185,587,196		$	78,295,460		$	84,614,006		$	126,456,779
	(42,951,374	)		(9,435,224	)		(7,979,002	)		(10,861,602	)
$	142,635,822		$	68,860,236		$	76,635,004		$	115,595,177


$	142,635,822		$	68,860,236		$	76,635,004		$	115,595,177
	4,300,000			2,325,000			2,400,000			3,750,000
$	33.17		$	29.62		$	31.93		$	30.83

$	167,321,605		$	79,953,952		$	87,533,682		$	134,253,126
	11,365,064			5,184,595			6,144,359			8,508,915

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

153

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

October 31, 2022


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

Liabilities:
Options written, at value ^(b)
Payable to Adviser
Total Liabilities
Net Assets

Net Assets Consist of:
Capital stock
Total distributable earnings/(accumulated deficit)
Net Assets

Net Asset Value:
Net assets
Shares of beneficial interest outstanding (unlimited shares without par value authorized)
Net asset value price per share

^(a)Cost of investments
^(b)Premiums received

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

154

INNOVATOR ETFs TRUST

Innovator U.S. Equity Buffer ETF - May			Innovator U.S. Equity Buffer ETF - June			Innovator U.S. Equity Buffer ETF - July			Innovator U.S. Equity Buffer ETF - August

$	185,000,032		$	80,917,107		$	178,757,557		$	109,576,369
	1,174			468			965			723
	101			116			203			190
	185,001,307			80,917,691			178,758,725			109,577,282


	9,026,709			4,392,118			8,317,455			6,751,108
	116,291			51,337			100,159			72,487
	9,143,000			4,443,455			8,417,614			6,823,595
$	175,858,307		$	76,474,236		$	170,341,111		$	102,753,687


$	185,983,068		$	82,870,980		$	171,810,987		$	116,187,265
	(10,124,761	)		(6,396,744	)		(1,469,876	)		(13,433,578	)
$	175,858,307		$	76,474,236		$	170,341,111		$	102,753,687


$	175,858,307		$	76,474,236		$	170,341,111		$	102,753,687
	6,050,000			2,500,000			5,525,000			3,425,000
$	29.07		$	30.59		$	30.83		$	30.00

$	193,911,342		$	85,261,199		$	177,061,804		$	114,299,863
	13,426,016			5,684,018			11,818,126			6,865,911

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

155

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

October 31, 2022


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

Liabilities:
Options written, at value ^(b)
Payable to Adviser
Payable for investments purchased
Total Liabilities
Net Assets

Net Assets Consist of:
Capital stock
Total distributable earnings/(accumulated deficit)
Net Assets

Net Asset Value:
Net assets
Shares of beneficial interest outstanding (unlimited shares without par value authorized)
Net asset value price per share

^(a)Cost of investments
^(b)Premiums received

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

156

INNOVATOR ETFs TRUST

Innovator U.S. Equity Buffer ETF - September			Innovator U.S. Equity Buffer ETF - October			Innovator U.S. Equity Buffer ETF - November			Innovator U.S. Equity Buffer ETF - December

$	176,540,890		$	241,061,452		$	65,631,937		$	110,886,530
	1,274			1,105			87			374
	–			–			70,377,973			–
	111			99			78			201
	176,542,275			241,062,656			136,010,075			110,887,105


	10,376,799			14,634,493			4,016,223			7,097,865
	116,946			126,282			42,025			67,225
	–			–			70,241,400			–
	10,493,745			14,760,775			74,299,648			7,165,090
$	166,048,530		$	226,301,881		$	61,710,427		$	103,722,015


$	179,404,510		$	231,268,646		$	72,839,199		$	111,906,944
	(13,355,980	)		(4,966,765	)		(11,128,772	)		(8,184,929	)
$	166,048,530		$	226,301,881		$	61,710,427		$	103,722,015


$	166,048,530		$	226,301,881		$	61,710,427		$	103,722,015
	5,475,000			7,200,000			2,075,000			3,275,000
$	30.33		$	31.43		$	29.74		$	31.67

$	179,940,211		$	231,896,045		$	65,638,861		$	114,634,243
	11,217,954			15,533,032			4,009,206			7,526,023

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

157

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

October 31, 2022


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

Liabilities:
Options written, at value ^(b)
Payable for fund shares redeemed
Payable to Adviser
Payable for investments purchased
Total Liabilities
Net Assets

Net Assets Consist of:
Capital stock
Total distributable earnings/(accumulated deficit)
Net Assets

Net Asset Value:
Net assets
Shares of beneficial interest outstanding (unlimited shares without par value authorized)
Net asset value price per share

^(a)Cost of investments
^(b)Premiums received

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

158

INNOVATOR ETFs TRUST

Innovator U.S. Equity Power Buffer ETF - January			Innovator U.S. Equity Power Buffer ETF - February			Innovator U.S. Equity Power Buffer ETF - March			Innovator U.S. Equity Power Buffer ETF - April

$	473,709,035		$	248,638,769		$	234,231,843		$	324,474,632
	2,424			1,632			1,890			3,234
	–			–			–			1,419,324
	132			180			233			200
	473,711,591			248,640,581			234,233,966			325,897,390


	24,612,028			9,066,226			7,789,309			15,700,810
	–			–			–			1,389,795
	305,054			158,851			149,469			203,906
	–			–			–			68,939
	24,917,082			9,225,077			7,938,778			17,363,450
$	448,794,509		$	239,415,504		$	226,295,188		$	308,533,940


$	538,914,204		$	262,899,939		$	243,803,219		$	333,382,299
	(90,119,695	)		(23,484,435	)		(17,508,031	)		(24,848,359	)
$	448,794,509		$	239,415,504		$	226,295,188		$	308,533,940


$	448,794,509		$	239,415,504		$	226,295,188		$	308,533,940
	14,400,000			8,600,000			7,450,000			11,100,000
$	31.17		$	27.84		$	30.38		$	27.80

$	498,426,674		$	265,781,873		$	250,910,874		$	344,629,226
	32,315,787			17,553,442			16,833,386			21,670,505

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

159

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

October 31, 2022


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

Liabilities:
Options written, at value ^(b)
Payable for fund shares redeemed
Payable to Adviser
Payable for investments purchased
Total Liabilities
Net Assets

Net Assets Consist of:
Capital stock
Total distributable earnings/(accumulated deficit)
Net Assets

Net Asset Value:
Net assets
Shares of beneficial interest outstanding (unlimited shares without par value authorized)
Net asset value price per share

^(a)Cost of investments
^(b)Premiums received

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

160

INNOVATOR ETFs TRUST

Innovator U.S. Equity Power Buffer ETF - May			Innovator U.S. Equity Power Buffer ETF - June			Innovator U.S. Equity Power Buffer ETF - July			Innovator U.S. Equity Power Buffer ETF - August

$	407,461,028		$	359,570,525		$	529,709,563		$	459,433,926
	2,604			2,233			2,960			2,760
	1,493,882			1,583,183			–			–
	72			215			194			173
	408,957,586			361,156,156			529,712,717			459,436,859


	14,278,194			15,012,352			25,571,116			23,383,389
	1,400,950			1,484,335			–			–
	258,783			227,903			313,427			281,676
	52,496			66,280			–			–
	15,990,423			16,790,870			25,884,543			23,665,065
$	392,967,163		$	344,365,286		$	503,828,174		$	435,771,794


$	419,420,174		$	358,292,205		$	512,944,706		$	460,784,070
	(26,453,011	)		(13,926,919	)		(9,116,532	)		(25,012,276	)
$	392,967,163		$	344,365,286		$	503,828,174		$	435,771,794


$	392,967,163		$	344,365,286		$	503,828,174		$	435,771,794
	14,025,000			11,600,000			16,850,000			15,450,000
$	28.02		$	29.69		$	29.90		$	28.21

$	429,176,127		$	375,081,169		$	530,792,019		$	477,088,208
	27,938,573			23,917,979			34,449,736			29,489,670

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

161

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

October 31, 2022


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

Liabilities:
Options written, at value ^(b)
Payable to Adviser
Payable for investments purchased
Total Liabilities
Net Assets

Net Assets Consist of:
Capital stock
Total distributable earnings/(accumulated deficit)
Net Assets

Net Asset Value:
Net assets
Shares of beneficial interest outstanding (unlimited shares without par value authorized)
Net asset value price per share

^(a)Cost of investments
^(b)Premiums received

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

162

INNOVATOR ETFs TRUST

Innovator U.S. Equity Power Buffer ETF - September			Innovator U.S. Equity Power Buffer ETF - October			Innovator U.S. Equity Power Buffer ETF - November			Innovator U.S. Equity Power Buffer ETF - December

$	579,533,685		$	700,628,770		$	337,547,989		$	213,076,493
	3,298			3,086			355			819
	728			743			75,789			–
	84,088			115,346			187,994,878			–
	1,455,165			1,486,240			151,577,265			–
	7			97			97			200
	581,076,971			702,234,282			677,196,373			213,077,512


	32,069,268			50,802,808			20,715,783			5,011,908
	345,935			354,054			115,879			136,973
	1,518,639			1,589,452			338,975,557			–
	33,933,842			52,746,314			359,807,219			5,148,881
$	547,143,129		$	649,487,968		$	317,389,154		$	207,928,631


$	565,451,467		$	659,574,858		$	335,392,900		$	216,909,979
	(18,308,338	)		(10,086,890	)		(18,003,746	)		(8,981,348	)
$	547,143,129		$	649,487,968		$	317,389,154		$	207,928,631


$	547,143,129		$	649,487,968		$	317,389,154		$	207,928,631
	18,800,000			21,850,000			10,575,000			6,925,000
$	29.10		$	29.72		$	30.01		$	30.03

$	588,709,284		$	675,638,921		$	337,583,370		$	228,338,344
	36,064,146			46,318,444			20,679,927			16,051,824

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

163

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

October 31, 2022


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

Liabilities:
Options written, at value ^(b)
Payable for fund shares redeemed
Payable to Adviser
Payable for investments purchased
Total Liabilities
Net Assets

Net Assets Consist of:
Capital stock
Total distributable earnings/(accumulated deficit)
Net Assets

Net Asset Value:
Net assets
Shares of beneficial interest outstanding (unlimited shares without par value authorized)
Net asset value price per share

^(a)Cost of investments
^(b)Premiums received

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

164

INNOVATOR ETFs TRUST

Innovator U.S. Equity Ultra Buffer ETF - January			Innovator U.S. Equity Ultra Buffer ETF - February			Innovator U.S. Equity Ultra Buffer ETF - March			Innovator U.S. Equity Ultra Buffer ETF - April

$	284,424,464		$	53,600,404		$	69,838,289		$	124,071,525
	1,555			386			456			1,203
	1,477			–			354			–
	5,695,107			–			3,973			–
	2,954,550			–			708,222			–
	195			201			200			200
	293,077,348			53,600,991			70,551,494			124,072,928


	568,265			207,461			399,126			1,104,234
	5,909,100			–			–			–
	194,422			35,968			40,523			83,134
	2,767,682			–			705,879			–
	9,439,469			243,429			1,145,528			1,187,368
$	283,637,879		$	53,357,562		$	69,405,966		$	122,885,560


$	319,039,482		$	58,926,467		$	74,161,619		$	127,194,628
	(35,401,603	)		(5,568,905	)		(4,755,653	)		(4,309,068	)
$	283,637,879		$	53,357,562		$	69,405,966		$	122,885,560


$	283,637,879		$	53,357,562		$	69,405,966		$	122,885,560
	9,600,000			2,025,000			2,450,000			4,950,000
$	29.55		$	26.35		$	28.33		$	24.83

$	299,122,249		$	58,471,424		$	74,825,596		$	127,605,994
	8,011,102			2,221,358			2,510,967			4,297,110

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

165

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

October 31, 2022


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

Liabilities:
Options written, at value ^(b)
Payable to Adviser
Payable for investments purchased
Total Liabilities
Net Assets

Net Assets Consist of:
Capital stock
Total distributable earnings/(accumulated deficit)
Net Assets

Net Asset Value:
Net assets
Shares of beneficial interest outstanding (unlimited shares without par value authorized)
Net asset value price per share

^(a)Cost of investments
^(b)Premiums received

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

166

INNOVATOR ETFs TRUST

Innovator U.S. Equity Ultra Buffer ETF - May			Innovator U.S. Equity Ultra Buffer ETF - June			Innovator U.S. Equity Ultra Buffer ETF - July			Innovator U.S. Equity Ultra Buffer ETF - August

$	100,892,049		$	117,261,361		$	76,844,630		$	84,599,188
	639			736			419			490
	329			–			–			–
	9,291			–			–			–
	658,235			–			–			–
	157			100			196			194
	101,560,700			117,262,197			76,845,245			84,599,872


	1,454,895			2,326,420			3,148,885			2,239,647
	64,696			75,639			46,716			52,699
	647,525			–			–			–
	2,167,116			2,402,059			3,195,601			2,292,346
$	99,393,584		$	114,860,138		$	73,649,644		$	82,307,526


$	102,529,712		$	116,036,998		$	76,791,203		$	86,451,111
	(3,136,128	)		(1,176,860	)		(3,141,559	)		(4,143,585	)
$	99,393,584		$	114,860,138		$	73,649,644		$	82,307,526


$	99,393,584		$	114,860,138		$	73,649,644		$	82,307,526
	3,775,000			4,275,000			2,875,000			3,150,000
$	26.33		$	26.87		$	25.62		$	26.13

$	103,228,622		$	119,370,810		$	76,314,347		$	86,997,737
	4,348,417			4,428,526			3,740,166			3,648,515

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

167

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

October 31, 2022


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

Liabilities:
Options written, at value ^(b)
Payable for fund shares redeemed
Payable to Adviser
Payable for investments purchased
Total Liabilities
Net Assets

Net Assets Consist of:
Capital stock
Total distributable earnings/(accumulated deficit)
Net Assets

Net Asset Value:
Net assets
Shares of beneficial interest outstanding (unlimited shares without par value authorized)
Net asset value price per share

^(a)Cost of investments
^(b)Premiums received

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

168

INNOVATOR ETFs TRUST

Innovator U.S. Equity Ultra Buffer ETF - September			Innovator U.S. Equity Ultra Buffer ETF - October			Innovator U.S. Equity Ultra Buffer ETF - November			Innovator U.S. Equity Ultra Buffer ETF - December

$	165,281,214		$	122,100,329		$	55,582,751		$	46,360,450
	835			619			78			164
	328			–			–			–
	1,310,882			–			55,735,670			–
	656,965			–			–			–
	105			100			99			200
	167,250,329			122,101,048			111,318,598			46,360,814


	6,212,115			8,808,848			2,577,960			18,853
	1,313,930			–			–			–
	85,823			71,191			35,703			30,619
	652,448			–			55,579,013			–
	8,264,316			8,880,039			58,192,676			49,472
$	158,986,013		$	113,221,009		$	53,125,922		$	46,311,342


$	162,824,493		$	121,415,477		$	59,385,081		$	49,373,786
	(3,838,480	)		(8,194,468	)		(6,259,159	)		(3,062,444	)
$	158,986,013		$	113,221,009		$	53,125,922		$	46,311,342


$	158,986,013		$	113,221,009		$	53,125,922		$	46,311,342
	6,050,000			4,200,000			1,925,000			1,650,000
$	26.28		$	26.96		$	27.60		$	28.07

$	164,239,702		$	116,695,104		$	55,588,709		$	50,992,347
	6,536,739			6,057,966			2,571,944			2,316,961

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

169

INNOVATOR ETFs TRUST

Statements of Operations

For the Year Ended October 31, 2022


Investment Income:
Interest
Total Investment Income

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

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

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

170

INNOVATOR ETFs TRUST

Innovator U.S. Equity Buffer ETF - January			Innovator U.S. Equity Buffer ETF - February			Innovator U.S. Equity Buffer ETF - March			Innovator U.S. Equity Buffer ETF - April

$	3,709		$	3,015		$	2,790		$	4,374
	3,709			3,015			2,790			4,374


	1,396,134			777,228			603,103			949,806
	1,396,134			777,228			603,103			949,806
	(1,392,425	)		(774,213	)		(600,313	)		(945,432	)



	(13,751,675	)		(887,883	)		(2,512,563	)		428,275
	34,814,146			7,332,267			6,705,787			8,229,528
	6,767,974			3,389,866			4,067,872			6,740,740
	(14,773,707	)		(2,012,669	)		(241,419	)		(388,153	)

	(32,140,101	)		(17,518,388	)		(13,805,609	)		(19,767,672	)
	(1,980,335	)		151,128			1,122,779			(577,056	)
	(21,063,698	)		(9,545,679	)		(4,663,153	)		(5,334,338	)
$	(22,456,123	)	$	(10,319,892	)	$	(5,263,466	)	$	(6,279,770	)

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

171

INNOVATOR ETFs TRUST

Statements of Operations

For the Year Ended October 31, 2022


Investment Income:
Interest
Total Investment Income

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

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

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

172

INNOVATOR ETFs TRUST

Innovator U.S. Equity Buffer ETF - May			Innovator U.S. Equity Buffer ETF - June			Innovator U.S. Equity Buffer ETF - July			Innovator U.S. Equity Buffer ETF - August

$	3,458		$	1,515		$	2,391		$	2,015
	3,458			1,515			2,391			2,015


	956,516			573,887			880,697			816,067
	956,516			573,887			880,697			816,067
	(953,058	)		(572,372	)		(878,306	)		(814,052	)



	(4,949,542	)		(3,036,271	)		(6,647,374	)		(8,710,324	)
	3,568,402			486,809			6,154,268			(138,463	)
	4,388,885			3,604,388			2,566,414			4,130,726
	187,032			168,134			700,949			590,213

	(13,731,303	)		(8,990,334	)		(5,252,599	)		(6,785,804	)
	3,136,412			1,147,396			3,063,491			(540,363	)
	(7,400,114	)		(6,619,878	)		585,149			(11,454,015	)
$	(8,353,172	)	$	(7,192,250	)	$	(293,157	)	$	(12,268,067	)

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

173

INNOVATOR ETFs TRUST

Statements of Operations

For the Year Ended October 31, 2022


Investment Income:
Interest
Total Investment Income

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

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

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

174

INNOVATOR ETFs TRUST

Innovator U.S. Equity Buffer ETF – September			Innovator U.S. Equity Buffer ETF – October			Innovator U.S. Equity Buffer ETF – November			Innovator U.S. Equity Buffer ETF – December

$	2,531		$	2,235		$	848		$	2,584
	2,531			2,235			848			2,584


	1,136,579			857,360			582,390			677,921
	1,136,579			857,360			582,390			677,921
	(1,134,048	)		(855,125	)		(581,542	)		(675,337	)



	(11,287,463	)		(12,226,172	)		(9,377,958	)		(17,021,818	)
	3,053,659			5,806,146			3,857,363			455,994
	2,178,569			1,186,989			800,633			277,129
	1,423,476			(2,099,840	)		(1,262,288	)		(7,693,979	)

	(5,115,314	)		5,217,464			(3,206	)		8,140,075
	(375,596	)		902,049			(3,287	)		8,977,718
	(10,122,669	)		(1,213,364	)		(5,988,743	)		(6,864,881	)
$	(11,256,717	)	$	(2,068,489	)	$	(6,570,285	)	$	(7,540,218	)

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

175

INNOVATOR ETFs TRUST

Statements of Operations

For the Year Ended October 31, 2022


Investment Income:
Interest
Total Investment Income

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

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

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

176

INNOVATOR ETFs TRUST

Innovator U.S. Equity Power Buffer ETF - January			Innovator U.S. Equity Power Buffer ETF - February			Innovator U.S. Equity Power Buffer ETF - March			Innovator U.S. Equity Power Buffer ETF - April

$	11,726		$	7,200		$	7,553		$	11,735
	11,726			7,200			7,553			11,735


	3,808,107			1,892,954			1,517,833			2,112,738
	3,808,107			1,892,954			1,517,833			2,112,738
	(3,796,381	)		(1,885,754	)		(1,510,280	)		(2,101,003	)



	(24,360,730	)		(4,442,100	)		(6,687,873	)		1,739,349
	73,111,469			20,987,669			14,520,864			17,284,926
	11,780,836			6,464,941			6,008,335			10,737,753
	(45,320,618	)		(8,709,654	)		(1,821,416	)		(10,599,638	)

	(68,831,630	)		(42,757,976	)		(31,788,094	)		(44,704,704	)
	24,009,478			15,790,484			13,452,755			14,456,203
	(29,611,195	)		(12,666,636	)		(6,315,429	)		(11,086,111	)
$	(33,407,576	)	$	(14,552,390	)	$	(7,825,709	)	$	(13,187,114	)

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

177

INNOVATOR ETFs TRUST

Statements of Operations

For the Year Ended October 31, 2022


Investment Income:
Interest
Total Investment Income

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

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

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

178

INNOVATOR ETFs TRUST

Innovator U.S. Equity Power Buffer ETF – May			Innovator U.S. Equity Power Buffer ETF – June			Innovator U.S. Equity Power Buffer ETF – July			Innovator U.S. Equity Power Buffer ETF – August

$	7,827		$	6,379		$	7,678		$	6,234
	7,827			6,379			7,678			6,234


	2,399,749			1,768,219			2,114,066			1,830,356
	2,399,749			1,768,219			2,114,066			1,830,356
	(2,391,922	)		(1,761,840	)		(2,106,388	)		(1,824,122	)



	(16,193,229	)		(5,493,153	)		(16,682,807	)		(11,829,423	)
	9,634,734			(656,480	)		9,555,018			654,607
	13,623,784			9,957,591			9,827,854			11,140,749
	(120,362	)		(264,386	)		1,590,148			(50,374	)

	(36,133,555	)		(24,995,957	)		(10,574,066	)		(22,195,992	)
	15,324,605			11,586,758			11,424,468			6,563,266
	(13,864,023	)		(9,865,627	)		5,140,615			(15,717,167	)
$	(16,255,945	)	$	(11,627,467	)	$	3,034,227		$	(17,541,289	)

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

179

INNOVATOR ETFs TRUST

Statements of Operations

For the Year Ended October 31, 2022


Investment Income:
Interest
Total Investment Income

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

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

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

180

INNOVATOR ETFs TRUST

Innovator U.S. Equity Power Buffer ETF - September			Innovator U.S. Equity Power Buffer ETF - October			Innovator U.S. Equity Power Buffer ETF - November			Innovator U.S. Equity Power Buffer ETF - December

$	6,407		$	5,024		$	2,516		$	4,016
	6,407			5,024			2,516			4,016


	2,343,565			1,885,936			1,531,858			1,650,243
	2,343,565			1,885,936			1,531,858			1,650,243
	(2,337,158	)		(1,880,912	)		(1,529,342	)		(1,646,227	)



	(20,975,671	)		(26,981,941	)		(23,154,455	)		(29,571,822	)
	5,162,575			13,524,440			9,393,317			658,769
	6,248,712			11,845,588			3,737,760			522,892
	9,818,420			(2,004,520	)		6,501,395			(18,557,216	)

	(12,040,099	)		17,334,670			(25,732	)		8,694,184
	2,821,210			(1,874,195	)		(26,179	)		31,901,559
	(8,964,853	)		11,844,042			(3,573,894	)		(6,351,634	)
$	(11,302,011	)	$	9,963,130		$	(5,103,236	)	$	(7,997,861	)

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

181

INNOVATOR ETFs TRUST

Statements of Operations

For the Year Ended October 31, 2022


Investment Income:
Interest
Total Investment Income

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

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

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

182

INNOVATOR ETFs TRUST

Innovator U.S. Equity Ultra Buffer ETF - January			Innovator U.S. Equity Ultra Buffer ETF - February			Innovator U.S. Equity Ultra Buffer ETF - March			Innovator U.S. Equity Ultra Buffer ETF - April

$	7,764		$	1,546		$	1,721		$	3,985
	7,764			1,546			1,721			3,985


	1,856,980			326,843			336,827			576,087
	1,856,980			326,843			336,827			576,087
	(1,849,216	)		(325,297	)		(335,106	)		(572,102	)



	(14,758,248	)		(522,370	)		(221,902	)		164,792
	26,985,765			4,288,540			4,278,833			3,633,780
	4,145,071			672,752			837,559			1,680,867
	(11,651,701	)		(1,898,688	)		(1,364,346	)		(3,616,427	)

	(30,618,961	)		(9,376,764	)		(9,974,497	)		(10,068,796	)
	15,921,053			4,445,641			4,636,952			6,569,710
	(9,977,021	)		(2,390,889	)		(1,807,401	)		(1,636,074	)
$	(11,826,237	)	$	(2,716,186	)	$	(2,142,507	)	$	(2,208,176	)

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

183

INNOVATOR ETFs TRUST

Statements of Operations

For the Year Ended October 31, 2022


Investment Income:
Interest
Total Investment Income

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

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

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

184

INNOVATOR ETFs TRUST

Innovator U.S. Equity Ultra Buffer ETF - May			Innovator U.S. Equity Ultra Buffer ETF - June			Innovator U.S. Equity Ultra Buffer ETF - July			Innovator U.S. Equity Ultra Buffer ETF - August

$	1,769		$	1,998		$	1,071		$	1,100
	1,769			1,998			1,071			1,100


	495,003			427,883			396,699			328,282
	495,003			427,883			396,699			328,282
	(493,234	)		(425,885	)		(395,628	)		(327,182	)



	(3,161,905	)		(717,552	)		(3,442,181	)		(2,473,522	)
	1,432,082			351,430			935,669			83,160
	1,733,807			917,053			1,723,186			1,389,163
	(92,660	)		(52,678	)		(494,300	)		(401,421	)

	(5,189,753	)		(3,596,513	)		(1,906,213	)		(3,648,405	)
	4,065,671			2,813,018			1,983,487			2,025,570
	(1,212,758	)		(285,242	)		(1,200,352	)		(3,025,455	)
$	(1,705,992	)	$	(711,127	)	$	(1,595,980	)	$	(3,352,637	)

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

185

INNOVATOR ETFs TRUST

Statements of Operations

For the Year Ended October 31, 2022


Investment Income:
Interest
Total Investment Income

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

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

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

186

INNOVATOR ETFs TRUST

Innovator U.S. Equity Ultra Buffer ETF - September			Innovator U.S. Equity Ultra Buffer ETF - October			Innovator U.S. Equity Ultra Buffer ETF - November			Innovator U.S. Equity Ultra Buffer ETF - December

$	1,411		$	1,224		$	603		$	816
	1,411			1,224			603			816


	539,449			575,479			329,976			345,008
	539,449			575,479			329,976			345,008
	(538,038	)		(574,255	)		(329,373	)		(344,192	)



	(6,228,055	)		(10,390,764	)		(6,410,736	)		3,150,968
	471,273			3,944,079			1,984,567			(173,573	)
	1,382,086			3,723,916			1,767,804			360,079
	1,476,905			25,210			449,963			(5,408,910	)

	245,436			2,756,317			(4,623	)		(9,010,082	)
	511,620			(980,773	)		(4,679	)		8,503,269
	(2,140,735	)		(922,015	)		(2,217,704	)		(2,578,249	)
$	(2,678,773	)	$	(1,496,270	)	$	(2,547,077	)	$	(2,922,441	)

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

187

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets

	Innovator U.S. Equity Buffer ETF - January
	Year Ended October 31, 2022			Year Ended October 31, 2021
Operations:
Net Investment income/(loss)	$	(1,392,425	)	$	(1,185,596	)
Net realized gain/(loss)		13,056,738			3,578,517
Net change in unrealized appreciation/(depreciation)		(34,120,436	)		28,868,519
Net Increase/(Decrease) in Net Assets Resulting from Operations		(22,456,123	)		31,261,440


Capital Share Transactions:
Proceeds from shares sold		264,258,187			184,391,120
Cost of shares redeemed		(249,518,483	)		(191,274,643	)
Transaction fees (see Note 5)		112,606			94,546
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		14,852,310			(6,788,977	)
Total Increase/(Decrease) in Net Assets	$	(7,603,813	)	$	24,472,463

Net Assets:
Beginning of the period	$	150,239,635		$	125,767,172
End of the period	$	142,635,822		$	150,239,635

Change in Shares Outstanding:
Shares sold		7,225,000			5,650,000
Shares redeemed		(7,000,000	)		(5,800,000	)
Net Increase/(Decrease)		225,000			(150,000	)

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

188

INNOVATOR ETFs TRUST

Innovator U.S. Equity Buffer ETF - February						Innovator U.S. Equity Buffer ETF - March						Innovator U.S. Equity Buffer ETF - April
Year Ended October 31, 2022			Year Ended October 31, 2021			Year Ended October 31, 2022			Year Ended October 31, 2021			Year Ended October 31, 2022			Year Ended October 31, 2021

$	(774,213	)	$	(561,816	)	$	(600,313	)	$	(402,184	)	$	(945,432	)	$	(761,390	)
	7,821,581			(2,653,750	)		8,019,677			(5,818,816	)		15,010,390			(30,367,943	)
	(17,367,260	)		17,371,227			(12,682,830	)		15,766,764			(20,344,728	)		44,492,247
	(10,319,892	)		14,155,661			(5,263,466	)		9,545,764			(6,279,770	)		13,362,914



	135,143,030			88,951,570			96,744,935			72,173,690			166,719,955			77,380,390
	(142,224,700	)		(53,948,647	)		(77,037,963	)		(43,325,395	)		(167,876,110	)		(37,447,975	)
	59,259			36,390			27,371			34,858			75,410			51,547
	(7,022,411	)		35,039,313			19,734,343			28,883,153			(1,080,745	)		39,983,962
$	(17,342,303	)	$	49,194,974		$	14,470,877		$	38,428,917		$	(7,360,515	)	$	53,346,876


$	86,202,539		$	37,007,565		$	62,164,127		$	23,735,210		$	122,955,692		$	69,608,816
$	68,860,236		$	86,202,539		$	76,635,004		$	62,164,127		$	115,595,177		$	122,955,692


	4,275,000			3,175,000			2,900,000			2,375,000			5,225,000			2,525,000
	(4,675,000	)		(1,925,000	)		(2,325,000	)		(1,400,000	)		(5,225,000	)		(1,225,000	)
	(400,000	)		1,250,000			575,000			975,000			–			1,300,000

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

189

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets

	Innovator U.S. Equity Buffer ETF - May
	Year Ended October 31, 2022			Year Ended October 31, 2021
Operations:
Net Investment income/(loss)	$	(953,058	)	$	(386,125	)
Net realized gain/(loss)		3,194,777			(4,594,201	)
Net change in unrealized appreciation/(depreciation)		(10,594,891	)		12,281,286
Net Increase/(Decrease) in Net Assets Resulting from Operations		(8,353,172	)		7,300,960


Capital Share Transactions:
Proceeds from shares sold		204,029,287			88,101,790
Cost of shares redeemed		(102,090,475	)		(29,299,918	)
Transaction fees (see Note 5)		82,306			32,898
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		102,021,118			58,834,770
Total Increase/(Decrease) in Net Assets	$	93,667,946		$	66,135,730

Net Assets:
Beginning of the period	$	82,190,361		$	16,054,631
End of the period	$	175,858,307		$	82,190,361

Change in Shares Outstanding:
Shares sold		6,850,000			2,900,000
Shares redeemed		(3,325,000	)		(950,000	)
Net Increase/(Decrease)		3,525,000			1,950,000

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

190

INNOVATOR ETFs TRUST

Innovator U.S. Equity Buffer ETF - June						Innovator U.S. Equity Buffer ETF - July						Innovator U.S. Equity Buffer ETF - August
Year Ended October 31, 2022			Year Ended October 31, 2021			Year Ended October 31, 2022			Year Ended October 31, 2021			Year Ended October 31, 2022			Year Ended October 31, 2021

$	(572,372	)	$	(425,960	)	$	(878,306	)	$	(773,597	)	$	(814,052	)	$	(394,447	)
	1,223,060			(4,635,923	)		2,774,257			9,975,739			(4,127,848	)		1,922,924
	(7,842,938	)		12,698,416			(2,189,108	)		5,702,775			(7,326,167	)		7,414,735
	(7,192,250	)		7,636,533			(293,157	)		14,904,917			(12,268,067	)		8,943,212



	110,271,314			92,524,980			230,534,290			200,680,682			202,934,790			88,707,932
	(108,154,937	)		(50,852,033	)		(243,100,360	)		(100,360,368	)		(174,555,855	)		(59,252,027	)
	41,315			27,423			134,739			85,318			107,383			37,169
	2,157,692			41,700,370			(12,431,331	)		100,405,632			28,486,318			29,493,074
$	(5,034,558	)	$	49,336,903		$	(12,724,488	)	$	115,310,549		$	16,218,251		$	38,436,286


$	81,508,794		$	32,171,891		$	183,065,599		$	67,755,050		$	86,535,436		$	48,099,150
$	76,474,236		$	81,508,794		$	170,341,111		$	183,065,599		$	102,753,687		$	86,535,436


	3,475,000			2,875,000			7,675,000			6,375,000			6,475,000			2,800,000
	(3,375,000	)		(1,575,000	)		(7,750,000	)		(3,200,000	)		(5,700,000	)		(1,900,000	)
	100,000			1,300,000			(75,000	)		3,175,000			775,000			900,000

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

191

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets

	Innovator U.S. Equity Buffer ETF - September
	Year Ended October 31, 2022			Year Ended October 31, 2021
Operations:
Net Investment income/(loss)	$	(1,134,048	)	$	(718,733	)
Net realized gain/(loss)		(4,631,759	)		10,780,549
Net change in unrealized appreciation/(depreciation)		(5,490,910	)		9,685,559
Net Increase/(Decrease) in Net Assets Resulting from Operations		(11,256,717	)		19,747,375


Capital Share Transactions:
Proceeds from shares sold		163,473,610			195,271,855
Cost of shares redeemed		(143,014,130	)		(136,244,920	)
Transaction fees (see Note 5)		96,491			83,130
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		20,555,971			59,110,065
Total Increase/(Decrease) in Net Assets	$	9,299,254		$	78,857,440

Net Assets:
Beginning of the period	$	156,749,276		$	77,891,836
End of the period	$	166,048,530		$	156,749,276

Change in Shares Outstanding:
Shares sold		5,325,000			6,225,000
Shares redeemed		(4,650,000	)		(4,375,000	)
Net Increase/(Decrease)		675,000			1,850,000

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

192

INNOVATOR ETFs TRUST

Innovator U.S. Equity Buffer ETF - October						Innovator U.S. Equity Buffer ETF - November						Innovator U.S. Equity Buffer ETF - December
Year Ended October 31, 2022			Year Ended October 31, 2021			Year Ended October 31, 2022			Year Ended October 31, 2021			Year Ended October 31, 2022			Year Ended October 31, 2021

$	(855,125	)	$	(657,252	)	$	(581,542	)	$	(173,282	)	$	(675,337	)	$	(603,516	)
	(7,332,877	)		11,163,815			(5,982,250	)		3,634,536			(23,982,674	)		28,529,207
	6,119,513			7,718,734			(6,493	)		(5,539	)		17,117,793			(14,999,717	)
	(2,068,489	)		18,225,297			(6,570,285	)		3,455,715			(7,540,218	)		12,925,974



	235,324,437			111,675,225			106,444,640			43,864,835			97,437,537			176,963,223
	(118,936,245	)		(91,657,535	)		(68,807,962	)		(31,758,055	)		(44,121,098	)		(157,048,647	)
	107,477			18,784			45,349			13,267			71,769			75,094
	116,495,669			20,036,474			37,682,027			12,120,047			53,388,208			19,989,670
$	114,427,180		$	38,261,771		$	31,111,742		$	15,575,762		$	45,847,990		$	32,915,644


$	111,874,701		$	73,612,930		$	30,598,685		$	15,022,923		$	57,874,025		$	24,958,381
$	226,301,881		$	111,874,701		$	61,710,427		$	30,598,685		$	103,722,015		$	57,874,025


	7,700,000			3,425,000			3,400,000			1,400,000			2,950,000			5,625,000
	(3,800,000	)		(2,825,000	)		(2,275,000	)		(1,000,000	)		(1,375,000	)		(4,825,000	)
	3,900,000			600,000			1,125,000			400,000			1,575,000			800,000

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

193

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets

	Innovator U.S. Equity Power Buffer ETF - January
	Year Ended October 31, 2022			Year Ended October 31, 2021
Operations:
Net Investment income/(loss)	$	(3,796,381	)	$	(2,676,286	)
Net realized gain/(loss)		15,210,957			(16,726,748	)
Net change in unrealized appreciation/(depreciation)		(44,822,152	)		63,542,764
Net Increase/(Decrease) in Net Assets Resulting from Operations		(33,407,576	)		44,139,730


Capital Share Transactions:
Proceeds from shares sold		712,865,811			313,352,247
Cost of shares redeemed		(525,540,307	)		(351,745,125	)
Transaction fees (see Note 5)		315,853			217,229
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		187,641,357			(38,175,649	)
Total Increase/(Decrease) in Net Assets	$	154,233,781		$	5,964,081

Net Assets:
Beginning of the period	$	294,560,728		$	288,596,647
End of the period	$	448,794,509		$	294,560,728

Change in Shares Outstanding:
Shares sold		21,850,000			10,250,000
Shares redeemed		(16,350,000	)		(11,275,000	)
Net Increase/(Decrease)		5,500,000			(1,025,000	)

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

194

INNOVATOR ETFs TRUST

Innovator U.S. Equity Power Buffer ETF - February						Innovator U.S. Equity Power Buffer ETF - March						Innovator U.S. Equity Power Buffer ETF - April
Year Ended October 31, 2022			Year Ended October 31, 2021			Year Ended October 31, 2022			Year Ended October 31, 2021			Year Ended October 31, 2022			Year Ended October 31, 2021

$	(1,885,754	)	$	(1,314,741	)	$	(1,510,280	)	$	(800,814	)	$	(2,101,003	)	$	(1,692,975	)
	14,300,856			(24,473,389	)		12,019,910			(23,155,114	)		19,162,390			(99,453,461	)
	(26,967,492	)		48,615,397			(18,335,339	)		37,044,072			(30,248,501	)		120,950,615
	(14,552,390	)		22,827,267			(7,825,709	)		13,088,144			(13,187,114	)		19,804,179



	346,725,900			220,910,615			287,366,113			86,166,745			388,545,420			193,061,285
(263,323,423		)	(188,560,837		)	(171,226,173		)		(53,344,082	)		(309,481,353	)		(157,605,677	)
	158,673			108,516			106,314			68,994			153,742			165,496
	83,561,150			32,458,294			116,246,254			32,891,657			79,217,809			35,621,104
$	69,008,760		$	55,285,561		$	108,420,545		$	45,979,801		$	66,030,695		$	55,425,283


$	170,406,744		$	115,121,183		$	117,874,643		$	71,894,842		$	242,503,245		$	187,077,962
$	239,415,504		$	170,406,744		$	226,295,188		$	117,874,643		$	308,533,940		$	242,503,245


	11,950,000			8,275,000			9,175,000			2,975,000			13,500,000			6,950,000
	(9,225,000	)		(7,000,000	)		(5,500,000	)		(1,825,000	)		(10,750,000	)		(5,650,000	)
	2,725,000			1,275,000			3,675,000			1,150,000			2,750,000			1,300,000

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

195

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets

	Innovator U.S. Equity Power Buffer ETF - May
	Year Ended October 31, 2022			Year Ended October 31, 2021
Operations:
Net Investment income/(loss)	$	(2,391,922	)	$	(1,237,109	)
Net realized gain/(loss)		6,944,927			(23,700,562	)
Net change in unrealized appreciation/(depreciation)		(20,808,950	)		40,806,512
Net Increase/(Decrease) in Net Assets Resulting from Operations		(16,255,945	)		15,868,841


Capital Share Transactions:
Proceeds from shares sold		500,467,810			226,991,957
Cost of shares redeemed		(330,230,175	)		(69,826,345	)
Transaction fees (see Note 5)		205,825			118,881
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		170,443,460			157,284,493
Total Increase/(Decrease) in Net Assets	$	154,187,515		$	173,153,334

Net Assets:
Beginning of the period	$	238,779,648		$	65,626,314
End of the period	$	392,967,163		$	238,779,648

Change in Shares Outstanding:
Shares sold		17,475,000			7,875,000
Shares redeemed		(11,350,000	)		(2,375,000	)
Net Increase/(Decrease)		6,125,000			5,500,000

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

196

INNOVATOR ETFs TRUST

Innovator U.S. Equity Power Buffer ETF - June						Innovator U.S. Equity Power Buffer ETF - July						Innovator U.S. Equity Power Buffer ETF - August
Year Ended October 31, 2022			Year Ended October 31, 2021			Year Ended October 31, 2022			Year Ended October 31, 2021			Year Ended October 31, 2022			Year Ended October 31, 2021

$	(1,761,840	)	$	(894,828	)	$	(2,106,388	)	$	(1,079,931	)	$	(1,824,122	)	$	(937,008	)
	3,543,572			(22,617,650	)		4,290,213			8,829,473			(84,441	)		(18,700	)
	(13,409,199	)		35,205,333			850,402			5,743,600			(15,632,726	)		14,335,167
	(11,627,467	)		11,692,855			3,034,227			13,493,142			(17,541,289	)		13,379,459



	428,015,688			153,923,730			552,054,235			263,914,680			490,066,589			191,780,793
	(225,145,245	)		(107,358,325	)		(270,255,030	)		(170,525,447	)		(222,920,795	)		(128,696,635	)
	156,573			119,083			239,304			114,217			175,874			69,818
	203,027,016			46,684,488			282,038,509			93,503,450			267,321,668			63,153,976
$	191,399,549		$	58,377,343		$	285,072,736		$	106,996,592		$	249,780,379		$	76,533,435


$	152,965,737		$	94,588,394		$	218,755,438		$	111,758,846		$	185,991,415		$	109,457,980
$	344,365,286		$	152,965,737		$	503,828,174		$	218,755,438		$	435,771,794		$	185,991,415


	14,200,000			5,000,000			18,800,000			8,900,000			16,900,000			6,525,000
	(7,400,000	)		(3,475,000	)		(9,150,000	)		(5,775,000	)		(7,650,000	)		(4,400,000	)
	6,800,000			1,525,000			9,650,000			3,125,000			9,250,000			2,125,000

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

197

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets

	Innovator U.S. Equity Power Buffer ETF - September
	Year Ended October 31, 2022			Year Ended October 31, 2021
Operations:
Net Investment income/(loss)	$	(2,337,158	)	$	(2,075,118	)
Net realized gain/(loss)		254,036			32,783,140
Net change in unrealized appreciation/(depreciation)		(9,218,889	)		10,523,646
Net Increase/(Decrease) in Net Assets Resulting from Operations		(11,302,011	)		41,231,668


Capital Share Transactions:
Proceeds from shares sold		502,832,858			365,752,667
Cost of shares redeemed		(248,135,755	)		(391,085,960	)
Transaction fees (see Note 5)		275,109			186,618
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		254,972,212			(25,146,675	)
Total Increase/(Decrease) in Net Assets	$	243,670,201		$	16,084,993

Net Assets:
Beginning of the period	$	303,472,928		$	287,387,935
End of the period	$	547,143,129		$	303,472,928

Change in Shares Outstanding:
Shares sold		17,200,000			12,525,000
Shares redeemed		(8,525,000	)		(13,450,000	)
Net Increase/(Decrease)		8,675,000			(925,000	)

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

198

INNOVATOR ETFs TRUST

Innovator U.S. Equity Power Buffer ETF - October						Innovator U.S. Equity Power Buffer ETF - November						Innovator U.S. Equity Power Buffer ETF - December
Year Ended October 31, 2022			Year Ended October 31, 2021			Year Ended October 31, 2022			Year Ended October 31, 2021			Year Ended October 31, 2022			Year Ended October 31, 2021

$	(1,880,912	)	$	(1,260,844	)	$	(1,529,342	)	$	(487,244	)	$	(1,646,227	)	$	(1,205,400	)
	(3,616,433	)		19,677,482			(3,521,983	)		7,219,597			(46,947,377	)		47,736,905
	15,460,475			7,595,535			(51,911	)		(14,825	)		40,595,743			(29,573,550	)
	9,963,130			26,012,173			(5,103,236	)		6,717,528			(7,997,861	)		16,957,955



	678,118,137			220,029,025			417,456,003			108,673,042			150,588,793			352,113,070
	(248,418,882	)		(226,560,945	)		(174,482,237	)		(74,295,220	)		(43,274,947	)		(325,826,193	)
	292,559			86,230			175,984			30,075			92,161			164,217
	429,991,814			(6,445,690	)		243,149,750			34,407,897			107,406,007			26,451,094
$	439,954,944		$	19,566,483		$	238,046,514		$	41,125,425		$	99,408,146		$	43,409,049


$	209,533,024		$	189,966,541		$	79,342,640		$	38,217,215		$	108,520,485		$	65,111,436
$	649,487,968		$	209,533,024		$	317,389,154		$	79,342,640		$	207,928,631		$	108,520,485


	23,450,000			7,525,000			13,850,000			3,650,000			4,875,000			12,000,000
	(8,575,000	)		(7,850,000	)		(5,875,000	)		(2,450,000	)		(1,450,000	)		(10,875,000	)
	14,875,000			(325,000	)		7,975,000			1,200,000			3,425,000			1,125,000

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

199

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets

	Innovator U.S. Equity Ultra Buffer ETF - January
	Year Ended October 31, 2022			Year Ended October 31, 2021
Operations:
Net Investment income/(loss)	$	(1,849,216	)	$	(819,851	)
Net realized gain/(loss)		4,720,887			(31,184,196	)
Net change in unrealized appreciation/(depreciation)		(14,697,908	)		43,010,224
Net Increase/(Decrease) in Net Assets Resulting from Operations		(11,826,237	)		11,006,177


Capital Share Transactions:
Proceeds from shares sold		431,531,228			45,707,263
Cost of shares redeemed		(222,552,470	)		(82,526,250	)
Transaction fees (see Note 5)		211,171			63,731
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		209,189,929			(36,755,256	)
Total Increase/(Decrease) in Net Assets	$	197,363,692		$	(25,749,079	)

Net Assets:
Beginning of the period	$	86,274,187		$	112,023,266
End of the period	$	283,637,879		$	86,274,187

Change in Shares Outstanding:
Shares sold		14,200,000			1,525,000
Shares redeemed		(7,350,000	)		(2,725,000	)
Net Increase/(Decrease)		6,850,000			(1,200,000	)

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

200

INNOVATOR ETFs TRUST

Innovator U.S. Equity Ultra Buffer ETF - February						Innovator U.S. Equity Ultra Buffer ETF - March						Innovator U.S. Equity Ultra Buffer ETF - April
Year Ended October 31, 2022			Year Ended October 31, 2021			Year Ended October 31, 2022			Year Ended October 31, 2021			Year Ended October 31, 2022			Year Ended October 31, 2021

$	(325,297	)	$	(242,936	)	$	(335,106	)	$	(261,730	)	$	(572,102	)	$	(365,577	)
	2,540,234			(11,951,173	)		3,530,144			(16,471,145	)		1,863,012			(9,760,218	)
	(4,931,123	)		15,595,512			(5,337,545	)		19,672,888			(3,499,086	)		12,961,820
	(2,716,186	)		3,401,403			(2,142,507	)		2,940,013			(2,208,176	)		2,836,025



	62,813,015			17,846,370			80,205,350			21,852,792			146,114,520			65,050,742
	(33,169,010	)		(26,618,438	)		(41,937,333	)		(19,837,095	)		(78,334,945	)		(41,288,300	)
	21,232			22,233			29,319			20,845			71,856			50,300
	29,665,237			(8,749,835	)		38,297,336			2,036,542			67,851,431			23,812,742
$	26,949,051		$	(5,348,432	)	$	36,154,829		$	4,976,555		$	65,643,255		$	26,648,767


$	26,408,511		$	31,756,943		$	33,251,137		$	28,274,582		$	57,242,305		$	30,593,538
$	53,357,562		$	26,408,511		$	69,405,966		$	33,251,137		$	122,885,560		$	57,242,305


	2,275,000			675,000			2,750,000			775,000			5,800,000			2,575,000
	(1,200,000	)		(1,000,000	)		(1,425,000	)		(700,000	)		(3,050,000	)		(1,625,000	)
	1,075,000			(325,000	)		1,325,000			75,000			2,750,000			950,000

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

201

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets

	Innovator U.S. Equity Ultra Buffer ETF - May
	Year Ended October 31, 2022			Year Ended October 31, 2021
Operations:
Net Investment income/(loss)	$	(493,234	)	$	(209,424	)
Net realized gain/(loss)		(88,676	)		(3,930,524	)
Net change in unrealized appreciation/(depreciation)		(1,124,082	)		5,947,782
Net Increase/(Decrease) in Net Assets Resulting from Operations		(1,705,992	)		1,807,834


Capital Share Transactions:
Proceeds from shares sold		121,467,737			46,252,428
Cost of shares redeemed		(61,062,960	)		(18,111,840	)
Transaction fees (see Note 5)		60,756			16,999
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		60,465,533			28,157,587
Total Increase/(Decrease) in Net Assets	$	58,759,541		$	29,965,421

Net Assets:
Beginning of the period	$	40,634,043		$	10,668,622
End of the period	$	99,393,584		$	40,634,043

Change in Shares Outstanding:
Shares sold		4,550,000			1,675,000
Shares redeemed		(2,200,000	)		(650,000	)
Net Increase/(Decrease)		2,350,000			1,025,000

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

202

INNOVATOR ETFs TRUST

Innovator U.S. Equity Ultra Buffer ETF - June						Innovator U.S. Equity Ultra Buffer ETF - July						Innovator U.S. Equity Ultra Buffer ETF - August
Year Ended October 31, 2022			Year Ended October 31, 2021			Year Ended October 31, 2022			Year Ended October 31, 2021			Year Ended October 31, 2022			Year Ended October 31, 2021

$	(425,885	)	$	(157,929	)	$	(395,628	)	$	(299,631	)	$	(327,182	)	$	(250,772	)
	498,253			862,371			(1,277,626	)		2,105,744			(1,402,620	)		1,419,071
	(783,495	)		664,338			77,274			871,090			(1,622,835	)		1,656,959
	(711,127	)		1,368,780			(1,595,980	)		2,677,203			(3,352,637	)		2,825,258



	119,789,758			39,052,202			89,725,618			60,542,613			111,274,400			47,249,040
	(25,425,937	)		(34,268,610	)		(67,210,810	)		(50,137,815	)		(72,056,085	)		(49,394,117	)
	52,913			18,176			41,955			23,382			59,049			24,001
	94,416,734			4,801,768			22,556,763			10,428,180			39,277,364			(2,121,076	)
$	93,705,607		$	6,170,548		$	20,960,783		$	13,105,383		$	35,924,727		$	704,182


$	21,154,531		$	14,983,983		$	52,688,861		$	39,583,478		$	46,382,799		$	45,678,617
$	114,860,138		$	21,154,531		$	73,649,644		$	52,688,861		$	82,307,526		$	46,382,799


	4,475,000			1,375,000			3,525,000			2,250,000			4,175,000			1,650,000
	(925,000	)		(1,200,000	)		(2,575,000	)		(1,875,000	)		(2,625,000	)		(1,750,000	)
	3,550,000			175,000			950,000			375,000			1,550,000			(100,000	)

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

203

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets

	Innovator U.S. Equity Ultra Buffer ETF - September
	Year Ended October 31, 2022			Year Ended October 31, 2021
Operations:
Net Investment income/(loss)	$	(538,038	)	$	(425,362	)
Net realized gain/(loss)		(2,897,791	)		4,899,842
Net change in unrealized appreciation/(depreciation)		757,056			1,339,852
Net Increase/(Decrease) in Net Assets Resulting from Operations		(2,678,773	)		5,814,332


Capital Share Transactions:
Proceeds from shares sold		154,017,692			87,776,507
Cost of shares redeemed		(59,931,218	)		(91,360,843	)
Transaction fees (see Note 5)		75,835			51,506
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		94,162,309			(3,532,830	)
Total Increase/(Decrease) in Net Assets	$	91,483,536		$	2,281,502

Net Assets:
Beginning of the period	$	67,502,477		$	65,220,975
End of the period	$	158,986,013		$	67,502,477

Change in Shares Outstanding:
Shares sold		5,900,000			3,150,000
Shares redeemed		(2,225,000	)		(3,300,000	)
Net Increase/(Decrease)		3,675,000			(150,000	)

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

204

INNOVATOR ETFs TRUST

Innovator U.S. Equity Ultra Buffer ETF - October						Innovator U.S. Equity Ultra Buffer ETF - November						Innovator U.S. Equity Ultra Buffer ETF - December
Year Ended October 31, 2022			Year Ended October 31, 2021			Year Ended October 31, 2022			Year Ended October 31, 2021			Year Ended October 31, 2022			Year Ended October 31, 2021

$	(574,255	)	$	(569,928	)	$	(329,373	)	$	(105,883	)	$	(344,192	)	$	(326,715	)
	(2,697,559	)		6,545,657			(2,208,402	)		1,040,225			(2,071,436	)		(5,389,132	)
	1,775,544			1,856,858			(9,302	)		(1,547	)		(506,813	)		9,205,471
	(1,496,270	)		7,832,587			(2,547,077	)		932,795			(2,922,441	)		3,489,624



	152,701,155			65,441,403			80,750,695			20,065,740			30,094,508			67,298,308
	(100,855,685	)		(115,868,045	)		(36,086,448	)		(18,890,845	)		(12,938,490	)		(62,526,630	)
	53,330			36,725			26,502			7,761			18,723			42,052
	51,898,800			(50,389,917	)		44,690,749			1,182,656			17,174,741			4,813,730
$	50,402,530		$	(42,557,330	)	$	42,143,672		$	2,115,451		$	14,252,300		$	8,303,354


$	62,818,479		$	105,375,809		$	10,982,250		$	8,866,799		$	32,059,042		$	23,755,688
$	113,221,009		$	62,818,479		$	53,125,922		$	10,982,250		$	46,311,342		$	32,059,042


	5,775,000			2,350,000			2,850,000			700,000			1,025,000			2,375,000
	(3,800,000	)		(4,225,000	)		(1,300,000	)		(650,000	)		(450,000	)		(2,175,000	)
	1,975,000			(1,875,000	)		1,550,000			50,000			575,000			200,000

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

205

INNOVATOR ETFs TRUST

Financial Highlights

	Per Share Operating Performance (For a share outstanding throughout each period)

			Investment Operations:									Capital Share Transactions:
	Net Asset Value, Beginning of Period		Net investment income/(loss) ^(b)			Net realized and unrealized gain/(loss)			Total From Investment Operations			Transaction fees (see Note 5)		Distributions Paid to Shareholders: Paid from realized gains
Innovator U.S. Equity Buffer ETF - January
For the year ended 10/31/2022	$	36.87		(0.27	)		(3.45	)		(3.72	)		0.02		–
For the year ended 10/31/2021	$	29.77		(0.27	)		7.35			7.08			0.02		–
For the year ended 10/31/2020	$	29.69		(0.23	)	1.63		^(d)		1.40			0.04		(1.36	)
For the period 12/31/2018 ^(e) - 10/31/2019	$	25.08		(0.19	)		4.75			4.56			0.05		–
Innovator U.S. Equity Buffer ETF - February
For the year ended 10/31/2022	$	31.63		(0.24	)		(1.79	)		(2.03	)		0.02		–
For the year ended 10/31/2021	$	25.09		(0.23	)		6.75			6.52			0.02		–
For the period 1/31/2020 ^(e) - 10/31/2020	$	24.52		(0.14	)		0.69			0.55			0.02		–
Innovator U.S. Equity Buffer ETF - March
For the year ended 10/31/2022	$	34.06		(0.26	)		(1.88	)		(2.14	)		0.01		–
For the year ended 10/31/2021	$	27.92		(0.25	)		6.37			6.12			0.02		–
For the period 2/28/2020 ^(e) - 10/31/2020	$	26.01		(0.14	)		2.03			1.89			0.02		–
Innovator U.S. Equity Buffer ETF - April
For the year ended 10/31/2022	$	32.79		(0.25	)		(1.73	)		(1.98	)		0.02		–
For the year ended 10/31/2021	$	28.41		(0.25	)		4.61			4.36			0.02		–
For the year ended 10/31/2020	$	26.64		(0.22	)		1.95			1.73			0.04		–
For the period 3/29/2019 ^(e) - 10/31/2019	$	24.95		(0.12	)		1.79			1.67			0.02		–

^(a)	Annualized for periods less than one year.
^(b)	Net investment income/(loss) per share has been calculated based on average shares outstanding during the period.
^(c)	Not annualized for periods less than one year.
^(d)	Net realized and unrealized gain/(loss) per share includes balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain/(loss) in the Statement of Operations due to share transactions for the period.
^(e)	Commencement of operations.
^(f)	Includes broker interest expense of 0.01%.

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

206

INNOVATOR ETFs TRUST

					Ratios/Supplemental Data:

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

	(3.70	)	$	33.17		(10.03	)%	$	142,636		0.79	%		(0.79	)%		0	%
	7.10		$	36.87		23.85	%	$	150,240		0.79	%		(0.79	)%		0	%
	0.08		$	29.77		4.99	%	$	125,767		0.79	%		(0.79	)%		0	%

	4.61		$	29.69		18.38	%	$	22,267	0.80%		^(f)		(0.80	)%		0	%


	(2.01	)	$	29.62		(6.37	)%	$	68,860		0.79	%		(0.79	)%		0	%
	6.54		$	31.63		26.08	%	$	86,203		0.79	%		(0.79	)%		0	%

	0.57		$	25.09		2.32	%	$	37,008		0.79	%		(0.79	)%		0	%

	(2.13	)	$	31.93		(6.26	)%	$	76,635		0.79	%		(0.79	)%		0	%
	6.14		$	34.06		21.98	%	$	62,164		0.79	%		(0.79	)%		0	%

	1.91		$	27.92		7.36	%	$	23,735		0.79	%		(0.79	)%		0	%

	(1.96	)	$	30.83		(5.99	)%	$	115,595		0.79	%		(0.79	)%		0	%
	4.38		$	32.79		15.40	%	$	122,956		0.79	%		(0.79	)%		0	%
	1.77		$	28.41		6.65	%	$	69,609		0.79	%		(0.79	)%		0	%

	1.69		$	26.64		6.78	%	$	41,295		0.79	%		(0.79	)%		121	%

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

207

INNOVATOR ETFs TRUST

Financial Highlights

	Per Share Operating Performance (For a share outstanding throughout each period)

			Investment Operations:										Capital Share Transactions:
	Net Asset Value, Beginning of Period		Net investment income/(loss) ^(b)			Net realized and unrealized gain/(loss)				Total From Investment Operations			Transaction fees (see Note 5)
Innovator U.S. Equity Buffer ETF - May
For the year ended 10/31/2022	$	32.55		(0.24	)		(3.26	)			(3.50	)		0.02
For the year ended 10/31/2021	$	27.92		(0.25	)		4.86				4.61			0.02
For the period 4/30/2020 ^(d) - 10/31/2020	$	25.63		(0.11	)		2.39				2.28			0.01
Innovator U.S. Equity Buffer ETF - June
For the year ended 10/31/2022	$	33.96		(0.25	)		(3.14	)			(3.39	)		0.02
For the year ended 10/31/2021	$	29.25		(0.26	)		4.95				4.69			0.02
For the year ended 10/31/2020	$	27.38		(0.22	)		2.03				1.81			0.06
For the period 5/31/2019 ^(d) - 10/31/2019	$	25.33		(0.09	)		2.11				2.02			0.03
Innovator U.S. Equity Buffer ETF - July
For the year ended 10/31/2022	$	32.69		(0.25	)		(1.65	)	^(h)		(1.90	)		0.04
For the year ended 10/31/2021	$	27.94		(0.25	)		4.97				4.72			0.03
For the year ended 10/31/2020	$	26.55		(0.21	)		1.56				1.35			0.04
For the year ended 10/31/2019	$	24.61		(0.21	)		2.09				1.88			0.06
For the period 8/28/2018 ^(d) - 10/31/2018	$	25.51		(0.03	)		(0.90	)			(0.93	)		0.03
Innovator U.S. Equity Buffer ETF - August
For the year ended 10/31/2022	$	32.65		(0.25	)		(2.43	)			(2.68	)		0.03
For the year ended 10/31/2021	$	27.49		(0.24	)		5.38				5.14			0.02
For the year ended 10/31/2020	$	25.53		(0.21	)		2.15				1.94			0.02
For the period 7/31/2019 ^(d) - 10/31/2019	$	25.04		(0.05	)		0.52				0.47			0.02

^(a)	Annualized for periods less than one year.
^(b)	Net investment income/(loss) per share has been calculated based on average shares outstanding during the period.
^(c)	Not annualized for periods less than one year.
^(d)	Commencement of operations.
^(e)	Includes broker interest expense of 0.01%.
^(f)	The total return for the period includes the impact of financial statement adjustments. This return differs from the actual performance a shareholder experienced over the period.
^(g)	Includes extraordinary expense of 0.01%.
^(h)	Net realized and unrealized gain/(loss) per share includes balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain/(loss) in the Statement of Operations due to share transactions for the period.

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

208

INNOVATOR ETFs TRUST

					Ratios/Supplemental Data:

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

	(3.48	)	$	29.07		(10.70	)%	$	175,858		0.79	%		(0.79	)%		0	%
	4.63		$	32.55		16.58	%	$	82,190		0.79	%		(0.79	)%		0	%
	2.29		$	27.92		8.94	%	$	16,055		0.79	%		(0.79	)%		0	%

	(3.37	)	$	30.59		(9.93	)%	$	76,474		0.79	%		(0.79	)%		0	%
	4.71		$	33.96		16.12	%	$	81,509		0.79	%		(0.79	)%		0	%
	1.87		$	29.25		6.81	%	$	32,172		0.79	%		(0.79	)%		0	%
	2.05		$	27.38		8.10	%	$	4,792	0.80		%^(e)		(0.80	)%		0	%

	(1.86	)	$	30.83		(5.69	)%	$	170,341		0.79	%		(0.79	)%		0	%
	4.75		$	32.69		17.53	%	$	183,066		0.79	%		(0.79	)%		0	%
	1.39		$	27.94	5.24		%^(f)	$	67,755		0.79	%		(0.79	)%		4	%
	1.94		$	26.55		7.89	%	$	83,639	0.81		%^(e)(g)		(0.80	)%		106	%
	(0.90	)	$	24.61		3.53	%	$	3,691		0.79	%		(0.78	)%		0	%

	(2.65	)	$	30.00		(8.13	)%	$	102,754		0.79	%		(0.79	)%		0	%
	5.16		$	32.65		18.81	%	$	86,535		0.79	%		(0.79	)%		0	%
	1.96		$	27.49		7.68	%	$	48,099		0.79	%		(0.79	)%		0	%
	0.49		$	25.53		1.94	%	$	47,221		0.79	%		(0.79	)%		0	%

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

209

INNOVATOR ETFs TRUST

Financial Highlights

	Per Share Operating Performance (For a share outstanding throughout each period)

			Investment Operations:									Capital Share Transactions:
	Net Asset Value, Beginning of Period		Net investment income/(loss) ^(b)			Net realized and unrealized gain/(loss)			Total From Investment Operations			Transaction fees (see Note 5)		Distributions Paid to Shareholders: Paid from realized gains
Innovator U.S. Equity Buffer ETF - September
For the year ended 10/31/2022	$	32.66		(0.25	)		(2.10	)		(2.35	)		0.02		–
For the year ended 10/31/2021	$	26.40		(0.24	)		6.47			6.23			0.03		–
For the year ended 10/31/2020	$	25.31		(0.21	)	1.59		^(d)		1.38			0.07		(0.36	)
For the period 8/30/2019 ^(e) - 10/31/2019	$	24.59		(0.03	)		0.73			0.70			0.02		–
Innovator U.S. Equity Buffer ETF - October
For the year ended 10/31/2022	$	33.90		(0.26	)		(2.24	)		(2.50	)		0.03		–
For the year ended 10/31/2021	$	27.26		(0.25	)		6.88			6.63			0.01		–
For the year ended 10/31/2020	$	25.18		(0.20	)		2.31			2.11			0.02		(0.05	)
For the year ended 10/31/2019	$	23.42		(0.20	)		1.92			1.72			0.04		–
For the period 9/28/2018 ^(e) - 10/31/2018	$	24.49		(0.01	)		(1.07	)		(1.08	)		0.01		–
Innovator U.S. Equity Buffer ETF - November
For the year ended 10/31/2022	$	32.21		(0.24	)		(2.25	)		(2.49	)		0.02		–
For the year ended 10/31/2021	$	27.31		(0.24	)		5.12			4.88			0.02		–
For the year ended 10/31/2020	$	25.53		(0.20	)		1.92			1.72			0.06		–
For the period 10/31/2019 ^(e) - 10/31/2019	$	25.53		–			–			–			–		–
Innovator U.S. Equity Buffer ETF - December
For the year ended 10/31/2022	$	34.04		(0.26	)		(2.14	)		(2.40	)		0.03		–
For the year ended 10/31/2021	$	27.73		(0.25	)		6.53			6.28			0.03		–
For the period 11/29/2019 ^(e) - 10/31/2020	$	26.40		(0.19	)		1.47			1.28			0.05		–

^(a)	Annualized for periods less than one year.
^(b)	Net investment income/(loss) per share has been calculated based on average shares outstanding during the period.
^(c)	Not annualized for periods less than one year.
^(d)	Net realized and unrealized gain/(loss) per share includes balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain/(loss) in the Statement of Operations due to share transactions for the period.
^(e)	Commencement of operations.
^(f)	Includes broker interest expense of 0.01%.

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

210

INNOVATOR ETFs TRUST

					Ratios/Supplemental Data:

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

	(2.33	)	$	30.33		(7.13	)%	$	166,049		0.79	%		(0.79	)%		0	%
	6.26		$	32.66		23.68	%	$	156,749		0.79	%		(0.79	)%		0	%
	1.09		$	26.40		5.81	%	$	77,892		0.79	%		(0.79	)%		0	%

	0.72		$	25.31		2.91	%	$	4,429		0.79	%		(0.79	)%		186	%

	(2.47	)	$	31.43		(7.29	)%	$	226,302		0.79	%		(0.79	)%		0	%
	6.64		$	33.90		24.34	%	$	111,875		0.79	%		(0.79	)%		0	%
	2.08		$	27.26		8.51	%	$	73,613		0.79	%		(0.79	)%		0	%
	1.76		$	25.18		7.48	%	$	173,098	0.80		%^(f)		(0.80	)%		25	%

	(1.07	)	$	23.42		(4.35	)%	$	21,082		0.79	%		(0.79	)%		4	%

	(2.47	)	$	29.74		(7.65	)%	$	61,710		0.79	%		(0.79	)%		0	%
	4.90		$	32.21		17.93	%	$	30,599		0.79	%		(0.79	)%		0	%
	1.78		$	27.31		7.00	%	$	15,023		0.79	%		(0.79	)%		0	%

	–		$	25.53		–		$	2,553		–			–			–	%


	(2.37	)	$	31.67		(6.97	)%	$	103,722		0.79	%		(0.79	)%		0	%
	6.31		$	34.04		22.76	%	$	57,874		0.79	%		(0.79	)%		0	%

	1.33		$	27.73		5.04	%	$	24,958		0.79	%		(0.79	)%		146	%

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

211

INNOVATOR ETFs TRUST

Financial Highlights

	Per Share Operating Performance (For a share outstanding throughout each period)

			Investment Operations:									Capital Share Transactions:
	Net Asset Value, Beginning of Period		Net investment income/(loss) ^(b)			Net realized and unrealized gain/(loss)			Total From Investment Operations			Transaction fees (see Note 5)		Distributions Paid to Shareholders: Paid from realized gains
Innovator U.S. Equity Power Buffer ETF - January
For the year ended 10/31/2022	$	33.10		(0.25	)		(1.70	)		(1.95	)		0.02		–
For the year ended 10/31/2021	$	29.08		(0.25	)		4.25			4.00			0.02		–
For the year ended 10/31/2020	$	28.13		(0.22	)		1.14			0.92			0.03		–
For the period 12/31/2018 ^(d) - 10/31/2019	$	25.08		(0.18	)		3.20			3.02			0.03		–
Innovator U.S. Equity Power Buffer ETF - February
For the year ended 10/31/2022	$	29.01		(0.22	)		(0.97	)		(1.19	)		0.02		–
For the year ended 10/31/2021	$	25.03		(0.22	)		4.18			3.96			0.02		–
For the period 1/31/2020 ^(d) - 10/31/2020	$	24.52		(0.14	)		0.63			0.49			0.02		–
Innovator U.S. Equity Power Buffer ETF - March
For the year ended 10/31/2022	$	31.23		(0.24	)		(0.63	)		(0.87	)		0.02		–
For the year ended 10/31/2021	$	27.39		(0.24	)		4.06			3.82			0.02		–
For the period 2/28/2020 ^(d) - 10/31/2020	$	26.01		(0.14	)		1.50			1.36			0.02		–
Innovator U.S. Equity Power Buffer ETF - April
For the year ended 10/31/2022	$	29.04		(0.22	)		(1.04	)		(1.26	)		0.02		–
For the year ended 10/31/2021	$	26.54		(0.22	)		2.70			2.48			0.02		–
For the year ended 10/31/2020	$	26.31		(0.20	)		1.20			1.00			0.03		(0.80	)
For the period 3/29/2019 ^(d) - 10/31/2019	$	24.95		(0.12	)		1.46			1.34			0.02		–

^(a)	Annualized for periods less than one year.
^(b)	Net investment income/(loss) per share has been calculated based on average shares outstanding during the period.
^(c)	Not annualized for periods less than one year.
^(d)	Commencement of operations.

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

212

INNOVATOR ETFs TRUST

					Ratios/Supplemental Data:

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

	(1.93	)	$	31.17		(5.83	)%	$	448,795		0.79	%		(0.79	)%		0	%
	4.02		$	33.10		13.82	%	$	294,561		0.79	%		(0.79	)%		0	%
	0.95		$	29.08		3.38	%	$	288,597		0.79	%		(0.79	)%		0	%

	3.05		$	28.13		12.15	%	$	67,507		0.79	%		(0.79	)%		0	%


	(1.17	)	$	27.84		(4.02	)%	$	239,416		0.79	%		(0.79	)%		0	%
	3.98		$	29.01		15.90	%	$	170,407		0.79	%		(0.79	)%		0	%

	0.51		$	25.03		2.06	%	$	115,121		0.79	%		(0.79	)%		0	%


	(0.85	)	$	30.38		(2.72	)%	$	226,295		0.79	%		(0.79	)%		0	%
	3.84		$	31.23		14.01	%	$	117,875		0.79	%		(0.79	)%		0	%

	1.38		$	27.39		5.30	%	$	71,895		0.79	%		(0.79	)%		0	%


	(1.24	)	$	27.80		(4.29	)%	$	308,534		0.79	%		(0.79	)%		0	%
	2.50		$	29.04		9.45	%	$	242,503		0.79	%		(0.79	)%		0	%
	0.23		$	26.54		4.00	%	$	187,078		0.79	%		(0.79	)%		0	%

	1.36		$	26.31		5.44	%	$	129,561		0.79	%		(0.79	)%		126	%

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

213

INNOVATOR ETFs TRUST

Financial Highlights

	Per Share Operating Performance (For a share outstanding throughout each period)

				Investment Operations:										Capital Share Transactions:
		Net Asset Value, Beginning of Period		Net investment income/(loss) ^(b)			Net realized and unrealized gain/(loss)				Total From Investment Operations			Transaction fees (see Note 5)		Distributions Paid to Shareholders: Paid from realized gains
Innovator U.S. Equity Power Buffer ETF - May
For the year ended 10/31/2022		$	30.23		(0.23	)		(2.00	)			(2.23	)		0.02		–
For the year ended 10/31/2021		$	27.34		(0.23	)		3.10				2.87			0.02		–
For the period 4/30/2020 ^(d) - 10/31/2020		$	25.63		(0.11	)		1.80				1.69			0.02		–
Innovator U.S. Equity Power Buffer ETF - June
For the year ended 10/31/2022		$	31.87		(0.24	)		(1.96	)			(2.20	)		0.02		–
For the year ended 10/31/2021		$	28.88		(0.24	)		3.20				2.96			0.03		–
For the year ended 10/31/2020		$	26.74		(0.22	)		2.30				2.08			0.06		–
For the period 5/31/2019 ^(d) - 10/31/2019		$	25.33		(0.09	)		1.48				1.39			0.02		–
Innovator U.S. Equity Power Buffer ETF - July
For the year ended 10/31/2022		$	30.38		(0.24	)		(0.27	)	^(e)		(0.51	)		0.03		–
For the year ended 10/31/2021		$	27.43		(0.23	)		3.16				2.93			0.02		–
For the year ended 10/31/2020		$	26.36		(0.21	)		1.46				1.25			0.04		(0.22	)
For the year ended 10/31/2019		$	24.75		(0.20	)		1.77				1.57			0.04		–
For the period 8/7/2018 ^(d) - 10/31/2018		$	25.17		(0.04	)		(0.39	)			(0.43	)		0.01		–
Innovator U.S. Equity Power Buffer ETF - August
For the year ended 10/31/2022		$	30.00		(0.23	)		(1.58	)			(1.81	)		0.02		–
For the year ended 10/31/2021		$	26.86		(0.23	)		3.35				3.12			0.02		–
For the year ended 10/31/2020		$	25.45		(0.21	)		1.93				1.72			0.03		(0.34	)
For the period 7/31/2019 ^(d) - 10/31/2019		$	25.04		(0.05	)		0.44				0.39			0.02		–

^(a)	Annualized for periods less than one year.
^(b)	Net investment income/(loss) per share has been calculated based on average shares outstanding during the period.
^(c)	Not annualized for periods less than one year.
^(d)	Commencement of operations.
^(e)	Net realized and unrealized gain/(loss) per share includes balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain/(loss) in the Statement of Operations due to share transactions for the period.

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

214

INNOVATOR ETFs TRUST

					Ratios/Supplemental Data:

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

	(2.21	)	$	28.02		(7.30	)%	$	392,967		0.79	%		(0.79	)%		0	%
	2.89		$	30.23		10.54	%	$	238,780		0.79	%		(0.79	)%		0	%

	1.71		$	27.34		6.69	%	$	65,626		0.79	%		(0.79	)%		0	%


	(2.18	)	$	29.69		(6.84	)%	$	344,365		0.79	%		(0.79	)%		0	%
	2.99		$	31.87		10.34	%	$	152,966		0.79	%		(0.79	)%		0	%
	2.14		$	28.88		8.00	%	$	94,588		0.79	%		(0.79	)%		0	%

	1.41		$	26.74		5.58	%	$	20,057		0.79	%		(0.79	)%		0	%


	(0.48	)	$	29.90		(1.59	)%	$	503,828		0.79	%		(0.79	)%		0	%
	2.95		$	30.38		10.78	%	$	218,755		0.79	%		(0.79	)%		0	%
	1.07		$	27.43		4.89	%	$	111,759		0.79	%		(0.79	)%		15	%
	1.61		$	26.36		6.53	%	$	92,273		0.79	%		(0.79	)%		137	%
	(0.42	)	$	24.75		(1.68	)%	$	3,712		0.79	%		(0.79	)%		0	%


	(1.79	)	$	28.21		(5.98	)%	$	435,772		0.79	%		(0.79	)%		0	%
	3.14		$	30.00		11.68	%	$	185,991		0.79	%		(0.79	)%		0	%
	1.41		$	26.86		6.95	%	$	109,458		0.79	%		(0.79	)%		0	%

	0.41		$	25.45		1.65	%	$	116,446		0.79	%		(0.79	)%		0	%

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

215

INNOVATOR ETFs TRUST

Financial Highlights

	Per Share Operating Performance (For a share outstanding throughout each period)

			Investment Operations:									Capital Share Transactions:
	Net Asset Value, Beginning of Period		Net investment income/(loss) ^(b)			Net realized and unrealized gain/(loss)			Total From Investment Operations			Transaction fees (see Note 5)		Distributions Paid to Shareholders: Paid from realized gains
Innovator U.S. Equity Power Buffer ETF - September
For the year ended 10/31/2022	$	29.97		(0.23	)		(0.67	)		(0.90	)		0.03		–
For the year ended 10/31/2021	$	26.01		(0.23	)		4.17			3.94			0.02		–
For the year ended 10/31/2020	$	25.15		(0.21	)	1.01		^(d)		0.80			0.06		–
For the period 8/30/2019 ^(e) - 10/31/2019	$	24.59		(0.03	)		0.58			0.55			0.01		–
Innovator U.S. Equity Power Buffer ETF - October
For the year ended 10/31/2022	$	30.04		(0.23	)		(0.13	)^(g)		(0.36	)		0.04		–
For the year ended 10/31/2021	$	26.02		(0.23	)		4.23			4.00			0.02		–
For the year ended 10/31/2020	$	25.16		(0.20	)		1.60			1.40			0.02		(0.56	)
For the year ended 10/31/2019	$	23.54		(0.20	)		1.79			1.59			0.03		–
For the period 9/28/2018 ^(e) - 10/31/2018	$	24.49		(0.01	)		(0.95	)		(0.96	)		0.01		–
Innovator U.S. Equity Power Buffer ETF - November
For the year ended 10/31/2022	$	30.52		(0.23	)		(0.31	)		(0.54	)		0.03		–
For the year ended 10/31/2021	$	27.30		(0.23	)		3.44			3.21			0.01		–
For the year ended 10/31/2020	$	25.53		(0.21	)		1.94			1.73			0.04		–
For the period 10/31/2019 ^(e) - 10/31/2019	$	25.53		–			–			–			–		–
Innovator U.S. Equity Power Buffer ETF - December
For the year ended 10/31/2022	$	31.01		(0.24	)		(0.75	)		(0.99	)		0.01		–
For the year ended 10/31/2021	$	27.42		(0.24	)		3.80			3.56			0.03		–
For the period 11/29/2019 ^(e) - 10/31/2020	$	26.40		(0.19	)		1.17			0.98			0.04		–

^(a)	Annualized for periods less than one year.
^(b)	Net investment income/(loss) per share has been calculated based on average shares outstanding during the period.
^(c)	Not annualized for periods less than one year.
^(d)	Net realized and unrealized gain/(loss) per share includes balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain/(loss) in the Statement of Operations due to share transactions for the period.
^(e)	Commencement of operations.
^(f)	Includes broker interest expense of 0.01%.
^(g)	Net realized and unrealized gain/(loss) per share includes balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain/(loss) in the Statement of Operations due to share transactions for the period.

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

216

INNOVATOR ETFs TRUST

					Ratios/Supplemental Data:

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

	(0.87	)	$	29.10		(2.90	)%	$	547,143		0.79	%		(0.79	)%		0	%
	3.96		$	29.97		15.24	%	$	303,473		0.79	%		(0.79	)%		0	%
	0.86		$	26.01		3.40	%	$	287,388		0.79	%		(0.79	)%		3	%

	0.56		$	25.15		2.29	%	$	20,122		0.79	%		(0.79	)%		127	%


	(0.32	)	$	29.72		(1.05	)%	$	649,488		0.79	%		(0.79	)%		0	%
	4.02		$	30.04		15.44	%	$	209,533		0.79	%		(0.79	)%		0	%
	0.86		$	26.02		5.74	%	$	189,967		0.79	%		(0.79	)%		0	%
	1.62		$	25.16		6.90	%	$	311,363	0.80		%^(f)		(0.79	)%		3	%

	(0.95	)	$	23.54		(3.89	)%	$	11,180		0.79	%		(0.79	)%		4	%


	(0.51	)	$	30.01		(1.67	)%	$	317,389		0.79	%		(0.79	)%		0	%
	3.22		$	30.52		11.80	%	$	79,343		0.79	%		(0.79	)%		0	%
	1.77		$	27.30		6.94	%	$	38,217		0.79	%		(0.79	)%		0	%
	–		$	25.53		–		$	2,553		–			–			–	%



	(0.98	)	$	30.03		(3.16	)%	$	207,929		0.79	%		(0.79	)%		0	%
	3.59		$	31.01		13.10	%	$	108,520		0.79	%		(0.79	)%		0	%

	1.02		$	27.42		3.85	%	$	65,111		0.79	%		(0.79	)%		141	%

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

217

INNOVATOR ETFs TRUST

Financial Highlights

	Per Share Operating Performance (For a share outstanding throughout each period)

			Investment Operations:									Capital Share Transactions:
	Net Asset Value, Beginning of Period		Net investment income/(loss) ^(b)			Net realized and unrealized gain/(loss)			Total From Investment Operations			Transaction fees (see Note 5)		Distributions Paid to Shareholders: Paid from realized gains
Innovator U.S. Equity Ultra Buffer ETF - January
For the year ended 10/31/2022	$	31.37		(0.23	)		(1.62	)		(1.85	)		0.03		–
For the year ended 10/31/2021	$	28.36		(0.24	)		3.23			2.99			0.02		–
For the year ended 10/31/2020	$	27.69		(0.22	)		0.86			0.64			0.03		–
For the period 12/31/2018 ^(d) - 10/31/2019	$	25.08		(0.18	)		2.77			2.59			0.02		–
Innovator U.S. Equity Ultra Buffer ETF - February
For the year ended 10/31/2022	$	27.80		(0.21	)		(1.25	)		(1.46	)		0.01		–
For the year ended 10/31/2021	$	24.91		(0.21	)		3.08			2.87			0.02		–
For the period 1/31/2020 ^(d) - 10/31/2020	$	24.52		(0.14	)		0.50			0.36			0.03		–
Innovator U.S. Equity Ultra Buffer ETF - March
For the year ended 10/31/2022	$	29.56		(0.23	)		(1.02	)		(1.25	)		0.02		–
For the year ended 10/31/2021	$	26.93		(0.23	)		2.84			2.61			0.02		–
For the period 2/28/2020 ^(d) - 10/31/2020	$	26.01		(0.14	)		1.03			0.89			0.03		–
Innovator U.S. Equity Ultra Buffer ETF - April
For the year ended 10/31/2022	$	26.02		(0.20	)		(1.01	)		(1.21	)		0.02		–
For the year ended 10/31/2021	$	24.47		(0.20	)		1.72			1.52			0.03		–
For the year ended 10/31/2020	$	26.22		(0.19	)	(1.01		)^(e)		(1.20	)		0.02		(0.57	)
For the period 3/29/2019 ^(d) - 10/31/2019	$	24.95		(0.12	)		1.37			1.25			0.02		–

^(a)	Annualized for periods less than one year.
^(b)	Net investment income/(loss) per share has been calculated based on average shares outstanding during the period.
^(c)	Not annualized for periods less than one year.
^(d)	Commencement of operations.
^(e)	Net realized and unrealized gain/(loss) per share includes balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain/(loss) in the Statement of Operations due to share transactions for the period.

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

218

INNOVATOR ETFs TRUST

					Ratios/Supplemental Data:

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

	(1.82	)	$	29.55		(5.82	)%	$	283,638		0.79	%		(0.79	)%		0	%
	3.01		$	31.37		10.62	%	$	86,274		0.79	%		(0.79	)%		0	%
	0.67		$	28.36		2.44	%	$	112,023		0.79	%		(0.79	)%		0	%

	2.61		$	27.69		10.39	%	$	30,455		0.79	%		(0.79	)%		0	%


	(1.45	)	$	26.35		(5.21	)%	$	53,358		0.79	%		(0.79	)%		0	%
	2.89		$	27.80		11.61	%	$	26,409		0.79	%		(0.79	)%		0	%

	0.39		$	24.91		1.58	%	$	31,757		0.79	%		(0.79	)%		0	%


	(1.23	)	$	28.33		(4.15	)%	$	69,406		0.79	%		(0.79	)%		0	%
	2.63		$	29.56		9.76	%	$	33,251		0.79	%		(0.79	)%		0	%

	0.92		$	26.93		3.53	%	$	28,275		0.79	%		(0.79	)%		0	%

	(1.19	)	$	24.83		(4.59	)%	$	122,886		0.79	%		(0.78	)%		0	%
	1.55		$	26.02		6.31	%	$	57,242		0.79	%		(0.79	)%		0	%
	(1.75	)	$	24.47		(4.59	)%	$	30,594		0.79	%		(0.79	)%		0	%

	1.27		$	26.22		5.07	%	$	19,006		0.79	%		(0.79	)%		106	%

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

219

INNOVATOR ETFs TRUST

Financial Highlights

	Per Share Operating Performance (For a share outstanding throughout each period)

			Investment Operations:										Capital Share Transactions:
	Net Asset Value, Beginning of Period		Net investment income/(loss) ^(b)			Net realized and unrealized gain/(loss)				Total From Investment Operations			Transaction fees (see Note 5)		Distributions Paid to Shareholders: Paid from realized gains
Innovator U.S. Equity Ultra Buffer ETF - May
For the year ended 10/31/2022	$	28.52		(0.21	)		(2.01	)			(2.22	)		0.03		–
For the year ended 10/31/2021	$	26.67		(0.22	)		2.05				1.83			0.02		–
For the period 4/30/2020 ^(d) - 10/31/2020	$	25.63		(0.11	)		1.14				1.03			0.01		–
Innovator U.S. Equity Ultra Buffer ETF - June
For the year ended 10/31/2022	$	29.18		(0.21	)		(2.13	)	^(f)		(2.34	)		0.03		–
For the year ended 10/31/2021	$	27.24		(0.23	)		2.14				1.91			0.03		–
For the year ended 10/31/2020	$	26.65		(0.21	)		1.74				1.53			0.08		(1.02	)
For the period 5/31/2019 ^(d) - 10/31/2019	$	25.33		(0.09	)		1.37				1.28			0.04		–
Innovator U.S. Equity Ultra Buffer ETF - July
For the year ended 10/31/2022	$	27.37		(0.21	)		(1.56	)			(1.77	)		0.02		–
For the year ended 10/31/2021	$	25.54		(0.21	)		2.02				1.81			0.02		–
For the year ended 10/31/2020	$	26.31		(0.20	)		1.01				0.81			0.04		(1.62	)
For the year ended 10/31/2019	$	24.68		(0.20	)		1.78				1.58			0.05		–
For the period 8/7/2018 ^(d) - 10/31/2018	$	25.17		(0.04	)		(0.46	)			(0.50	)		0.01		–
Innovator U.S. Equity Ultra Buffer ETF - August
For the year ended 10/31/2022	$	28.99		(0.22	)		(2.68	)			(2.90	)		0.04		–
For the year ended 10/31/2021	$	26.87		(0.22	)		2.32				2.10			0.02		–
For the year ended 10/31/2020	$	25.45		(0.21	)		1.81				1.60			0.03		(0.21	)
For the period 7/31/2019 ^(d) - 10/31/2019	$	25.04		(0.05	)		0.44				0.39			0.02		–

^(a)	Annualized for periods less than one year.
^(b)	Net investment income/(loss) per share has been calculated based on average shares outstanding during the period.
^(c)	Not annualized for periods less than one year.
^(d)	Commencement of operations.
^(e)	Includes broker interest expense of 0.01%.
^(d)	Net realized and unrealized gain/(loss) per share includes balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain/(loss) in the Statement of Operations due to share transactions for the period.

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

220

INNOVATOR ETFs TRUST

					Ratios/Supplemental Data:

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

	(2.19	)	$	26.33		(7.67	)%	$	99,394		0.79	%		(0.79	)%		0	%
	1.85		$	28.52		6.91	%	$	40,634		0.79	%		(0.79	)%		0	%

	1.04		$	26.67		4.06	%	$	10,669		0.79	%		(0.79	)%		0	%

	(2.31	)	$	26.87		(7.92	)%	$	114,860		0.79	%		(0.79	)%		0	%
	1.94		$	29.18		7.10	%	$	21,155		0.79	%		(0.79	)%		0	%
	0.59		$	27.24		6.26	%	$	14,984		0.79	%		(0.79	)%		0	%

	1.32		$	26.65		5.19	%	$	2,665	0.80		%^(e)		(0.80	)%		0	%

	(1.75	)	$	25.62		(6.41	)%	$	73,650		0.79	%		(0.79	)%		0	%
	1.83		$	27.37		7.18	%	$	52,689		0.79	%		(0.79	)%		0	%
	(0.77	)	$	25.54		3.37	%	$	39,583		0.79	%		(0.79	)%		1	%
	1.63		$	26.31		6.62	%	$	38,809		0.79	%		(0.79	)%		27	%
	(0.49	)	$	24.68		(1.95	)%	$	3,702		0.79	%		(0.79	)%		0	%


	(2.86	)	$	26.13		(9.87	)%	$	82,308		0.79	%		(0.79	)%		0	%
	2.12		$	28.99		7.89	%	$	46,383		0.79	%		(0.79	)%		0	%
	1.42		$	26.87		6.46	%	$	45,679		0.79	%		(0.79	)%		0	%

	0.41		$	25.45		1.64	%	$	18,452		0.79	%		(0.79	)%		0	%

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

221

INNOVATOR ETFs TRUST

Financial Highlights

	Per Share Operating Performance (For a share outstanding throughout each period)

			Investment Operations:									Capital Share Transactions:
	Net Asset Value, Beginning of Period		Net investment income/(loss) ^(b)			Net realized and unrealized gain/(loss)			Total From Investment Operations			Transaction fees (see Note 5)		Distributions Paid to Shareholders: Paid from realized gains
Innovator U.S. Equity Ultra Buffer ETF - September
For the year ended 10/31/2022	$	28.42		(0.21	)		(1.96	)		(2.17	)		0.03		–
For the year ended 10/31/2021	$	25.83		(0.22	)		2.78			2.56			0.03		–
For the year ended 10/31/2020	$	25.02		(0.20	)		1.09			0.89			0.08		(0.16	)
For the period 8/30/2019 ^(d) - 10/31/2019	$	24.59		(0.03	)		0.43			0.40			0.03		–
Innovator U.S. Equity Ultra Buffer ETF - October
For the year ended 10/31/2022	$	28.23		(0.22	)		(1.07	)		(1.29	)		0.02		–
For the year ended 10/31/2021	$	25.70		(0.22	)		2.74			2.52			0.01		–
For the year ended 10/31/2020	$	25.05		(0.20	)		1.41			1.21			0.02		(0.58	)
For the year ended 10/31/2019	$	23.64		(0.19	)		1.58			1.39			0.02		–
For the period 9/28/2018 ^(d) - 10/31/2018	$	24.49		(0.01	)		(0.85	)		(0.86	)		0.01		–
Innovator U.S. Equity Ultra Buffer ETF - November
For the year ended 10/31/2022	$	29.29		(0.22	)		(1.49	)		(1.71	)		0.02		–
For the year ended 10/31/2021	$	27.28		(0.23	)		2.22			1.99			0.02		–
For the year ended 10/31/2020	$	25.53		(0.21	)		1.94			1.73			0.02		–
For the period 10/31/2019 ^(d) - 10/31/2019	$	25.53		–			–			–			–		–
Innovator U.S. Equity Ultra Buffer ETF - December
For the year ended 10/31/2022	$	29.82		(0.23	)		(1.53	)		(1.76	)		0.01		–
For the year ended 10/31/2021	$	27.15		0.23			2.87			2.64			0.03		–
For the period 11/29/2019 ^(d) - 10/31/2020	$	26.40		(0.19	)		0.91			0.72			0.03		–

^(a)	Annualized for periods less than one year.
^(b)	Net investment income/(loss) per share has been calculated based on average shares outstanding during the period.
^(c)	Not annualized for periods less than one year.
^(d)	Commencement of operations.
^(e)	Includes broker interest expense of 0.01%.

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

222

INNOVATOR ETFs TRUST

					Ratios/Supplemental Data:

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

	(2.14	)	$	26.28		(7.54	)%	$	158,986		0.79	%		(0.79	)%		0	%
	2.59		$	28.42		10.03	%	$	67,502		0.79	%		(0.79	)%		0	%
	0.81		$	25.83		3.90	%	$	65,221		0.79	%		(0.79	)%		35	%

	0.43		$	25.02		1.76	%	$	5,005		0.79	%		(0.79	)%		152	%


	(1.27	)	$	26.96		(4.52	)%	$	113,221		0.79	%		(0.79	)%		0	%
	2.53		$	28.23		9.85	%	$	62,818		0.79	%		(0.79	)%		0	%
	0.65		$	25.70		5.00	%	$	105,376		0.79	%		(0.79	)%		0	%
	1.41		$	25.05		5.98	%	$	135,912	0.80		%^(e)		(0.79	)%		4	%

	(0.85	)	$	23.64		(3.47	)%	$	13,593		0.79	%		(0.79	)%		3	%


	(1.69	)	$	27.60		(5.76	)%	$	53,126		0.79	%		(0.79	)%		0	%
	2.01		$	29.29		7.36	%	$	10,982		0.79	%		(0.79	)%		0	%
	1.75		$	27.28		6.88	%	$	8,867		0.79	%		(0.79	)%		0	%

	–		$	25.53		–		$	2,553		–			–			–	%


	(1.75	)	$	28.07		(5.88	)%	$	46,311		0.79	%		(0.79	)%		0	%
	2.67		$	29.82		9.85	%	$	32,059		0.79	%		(0.79	)%		0	%

	0.75		$	27.15		2.84	%	$	23,756		0.79	%		(0.79	)%		160	%

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

223

INNOVATOR ETFs TRUST

Notes to Financial Statements

1.	ORGANIZATION

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

Name	Ticker	Commencement of Operations	Tracking Fund ^(a)
Innovator U.S. Equity Buffer ETF – January	BJAN	December 31, 2018	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Buffer ETF – February	BFEB	January 31, 2020	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Buffer ETF – March	BMAR	February 28, 2020	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Buffer ETF – April	BAPR	March 29, 2019	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Buffer ETF – May	BMAY	April 30, 2020	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Buffer ETF – June	BJUN	May 31, 2019	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Buffer ETF – July	BJUL	August 28, 2018	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Buffer ETF – August	BAUG	July 31, 2019	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Buffer ETF – September	BSEP	August 30, 2019	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Buffer ETF – October	BOCT	September 28, 2018	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Buffer ETF – November	BNOV	October 31, 2019	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Buffer ETF – December	BDEC	November 29, 2019	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Power Buffer ETF – January	PJAN	December 31, 2018	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Power Buffer ETF – February	PFEB	January 31, 2020	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Power Buffer ETF – March	PMAR	February 28, 2020	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Power Buffer ETF – April	PAPR	March 29, 2019	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Power Buffer ETF – May	PMAY	April 30, 2020	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Power Buffer ETF – June	PJUN	May 31, 2019	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Power Buffer ETF – July	PJUL	August 7, 2018	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Power Buffer ETF – August	PAUG	July 31, 2019	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Power Buffer ETF – September	PSEP	August 30, 2019	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Power Buffer ETF – October	POCT	September 28, 2018	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Power Buffer ETF – November	PNOV	October 31, 2019	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Power Buffer ETF – December	PDEC	November 29, 2019	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Ultra Buffer ETF – January	UJAN	December 31, 2018	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Ultra Buffer ETF – February	UFEB	January 31, 2020	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Ultra Buffer ETF – March	UMAR	February 28, 2020	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Ultra Buffer ETF – April	UAPR	March 29, 2019	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Ultra Buffer ETF – May	UMAY	April 30, 2020	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Ultra Buffer ETF – June	UJUN	May 31, 2019	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Ultra Buffer ETF – July	UJUL	August 7, 2018	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Ultra Buffer ETF – August	UAUG	July 31, 2019	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Ultra Buffer ETF – September	USEP	August 30, 2019	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Ultra Buffer ETF – October	UOCT	September 28, 2018	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Ultra Buffer ETF – November	UNOV	October 31, 2019	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Ultra Buffer ETF – December	UDEC	November 29, 2019	SPDR S&P 500® ETF Trust

224

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

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

Name	Ticker	Commencement of Operations	Tracking Index/Fund
Innovator IBD® 50 ETF	FFTY	April 8, 2015	IBD® 50 Index
Innovator IBD® Breakout Opportunities ETF	BOUT	September 12, 2018	IBD® Breakout Stocks Index
Innovator Loup Frontier Tech ETF	LOUP	July 24, 2018	Loup Frontier Tech Index
Innovator S&P Investment Grade Preferred ETF	EPRF	May 23, 2016	S&P U.S. High Quality Preferred Stock Index
Innovator Laddered Allocation Buffer ETF	BUFB	February 8, 2022	MerQube U.S. Large Cap Equity Buffer Laddered Index
Innovator Laddered Allocation Power Buffer ETF	BUFF	October 19, 2016	Refinitiv Laddered Power Buffer Strategy Index
Innovator Buffer Step-Up Strategy ETF	BSTP	March 7, 2022	SPDR S&P 500® ETF Trust
Innovator Power Buffer Step-Up Strategy ETF	PSTP	March 7, 2022	SPDR S&P 500® ETF Trust
Innovator Hedged TSLA Strategy ETF	TSLH	July 25, 2022	Tesla, Inc.
Innovator Uncapped Accelerated U.S. Equity ETF	XUSP	August 10, 2022	SPDR S&P 500® ETF Trust
Innovator International Developed Power Buffer ETF - January	IJAN	December 31, 2019	iShares MSCI EAFE ETF
Innovator International Developed Power Buffer ETF - April	IAPR	March 31, 2021	iShares MSCI EAFE ETF
Innovator International Developed Power Buffer ETF - July	IJUL	June 28, 2019	iShares MSCI EAFE ETF
Innovator International Developed Power Buffer ETF - October	IOCT	September 30, 2021	iShares MSCI EAFE ETF
Innovator Emerging Markets Power Buffer ETF - January	EJAN	December 31, 2019	iShares MSCI Emerging Markets ETF
Innovator Emerging Markets Power Buffer ETF - April	EAPR	March 31, 2021	iShares MSCI Emerging Markets ETF
Innovator Emerging Markets Power Buffer ETF - July	EJUL	June 28, 2019	iShares MSCI Emerging Markets ETF
Innovator Emerging Markets Power Buffer ETF - October	EOCT	September 30, 2021	iShares MSCI Emerging Markets ETF
Innovator Growth-100 Power Buffer ETF - January	NJAN	December 31, 2019	Invesco QQQ Trust
Innovator Growth-100 Power Buffer ETF - April	NAPR	March 31, 2020	Invesco QQQ Trust
Innovator Growth-100 Power Buffer ETF - July	NJUL	June 30, 2020	Invesco QQQ Trust
Innovator Growth-100 Power Buffer ETF - October	NOCT	September 30, 2019	Invesco QQQ Trust
Innovator U.S. Small Cap Power Buffer ETF - January	KJAN	December 31, 2019	iShares Russell 2000 ETF
Innovator U.S. Small Cap Power Buffer ETF - April	KAPR	March 31, 2020	iShares Russell 2000 ETF
Innovator U.S. Small Cap Power Buffer ETF - July	KJUL	June 30, 2020	iShares Russell 2000 ETF
Innovator U.S. Small Cap Power Buffer ETF - October	KOCT	September 30, 2019	iShares Russell 2000 ETF
Innovator Double Stacker ETF - January	DSJA	December 31, 2020	SPDR S&P 500® ETF Trust and Invesco QQQ Trust
Innovator Double Stacker ETF - October	DSOC	September 30, 2020	SPDR S&P 500® ETF Trust and Invesco QQQ Trust
Innovator Triple Stacker ETF - January	TSJA	December 31, 2020	SPDR S&P 500® ETF Trust, Invesco QQQ Trust and iShares Russell 2000 ETF
Innovator Triple Stacker ETF - October	TSOC	September 30, 2020	SPDR S&P 500® ETF Trust, Invesco QQQ Trust and iShares Russell 2000 ETF
Innovator Double Stacker 9 Buffer ETF - January	DBJA	December 31, 2020	SPDR S&P 500® ETF Trust and Invesco QQQ Trust
Innovator Double Stacker 9 Buffer ETF - October	DBOC	September 30, 2020	SPDR S&P 500® ETF Trust and Invesco QQQ Trust
Innovator 20+ Year Treasury Bond 9 Buffer ETF - July	TBJL	August 17, 2020	iShares 20+ Year Treasury Bond ETF
Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly	TFJL	August 17, 2020	iShares 20+ Year Treasury Bond ETF
Innovator U.S. Equity Accelerated ETF - January	XDJA	December 31, 2021	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Accelerated ETF - April	XDAP	March 31, 2021	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Accelerated ETF - July	XDJL	June 30, 2021	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Accelerated ETF - October	XDOC	September 30, 2021	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Accelerated Plus ETF - January	XTJA	December 31, 2021	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Accelerated Plus ETF - April	XTAP	March 31, 2021	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Accelerated Plus ETF - July	XTJL	June 30, 2021	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Accelerated Plus ETF - October	XTOC	September 30, 2021	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Accelerated 9 Buffer ETF - January	XBJA	December 31, 2021	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Accelerated 9 Buffer ETF - April	XBAP	March 31, 2021	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Accelerated 9 Buffer ETF - July	XBJL	June 30, 2021	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Accelerated 9 Buffer ETF - October	XBOC	September 30, 2021	SPDR S&P 500® ETF Trust
Innovator Growth Accelerated Plus ETF - January	QTJA	December 31, 2021	Invesco QQQ Trust
Innovator Growth Accelerated Plus ETF - April	QTAP	March 31, 2021	Invesco QQQ Trust
Innovator Growth Accelerated Plus ETF - July	QTJL	June 30, 2021	Invesco QQQ Trust
Innovator Growth Accelerated Plus ETF - October	QTOC	September 30, 2021	Invesco QQQ Trust
Innovator Defined Wealth Shield ETF	BALT	June 30, 2021	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Accelerated ETF - Quarterly	XDSQ	March 31, 2021	SPDR S&P 500® ETF Trust
Innovator Growth Accelerated ETF - Quarterly	XDQQ	March 31, 2021	Invesco QQQ Trust

225

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

The Funds are exchange traded funds that offer one class of shares, do not charge a sales load, do not have a redemption fee and currently do not charge a 12b-1 fee to their shareholders. The Funds list and principally trade their shares on Cboe BZX Exchange, Inc. (“Cboe BZX” or the “Exchange”).

Each Fund employs a specific “defined outcome strategy.” Defined outcome strategies generally seek to produce pre-determined investment outcomes based upon the performance of an index or one or more underlying securities. The Funds’ pre-determined outcomes (“Outcomes”) are based upon the price performance of a benchmark index or one or more underlying exchange-traded fund (the “Benchmark”) over a period of approximately one year or another predetermined period (“Outcome Period”). The Funds’ investment strategy provides shareholders with participation in any gains experienced by the applicable Benchmark over the course of the Outcome Period, subject to a cap on upside returns (a “Cap”), and, if applicable, a predetermined buffer (a “Buffer”) against Benchmark losses for the Outcome Period. These defined outcomes are managed by purchasing and selling call and put FLexible EXchange Options (“FLEX Options”) to create layers within a Fund’s portfolio. Each Fund’s FLEX Option has the same reference asset and expiration date, with uniquely selected strike prices for the Fund’s Outcome Period. Due to the customizable nature of FLEX Options that allows for specific strike prices to be selected for the same reference asset and expiration date, when each of the FLEX Options expire on the last day of the Outcome Period, the Funds are expected to achieve a Benchmark investment return with the applicable Buffer and Cap investment parameters.

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

226

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

2.	SIGNIFICANT ACCOUNTING POLICIES

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

Valuation:

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

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

Common stocks, preferred stocks and other equity securities listed on any national or foreign exchange (excluding the NASDAQ National Market (“NASDAQ”) and the London Stock Exchange Alternative Investment Market (“AIM”)) are generally valued at the last sale price on the exchange on which they are principally traded or, for NASDAQ and AIM securities, the official closing price. Securities traded on more than one securities exchange are valued at the last sale price or official closing price, as applicable, at the close of the exchange representing the principal market for such securities. Securities traded in the over-the-counter market are valued at the mean of the bid and the asked price, if available, and otherwise at their closing bid price. Redeemable securities issued by open-end investment companies shall be valued at the investment company’s applicable net asset value, with the exception of exchange-traded open-end investment companies which are priced as equity securities. Fixed income securities, swaps, currency-, credit- and commodity-linked notes, and other similar instruments will be valued using a pricing service. Fixed income securities having a remaining maturity of 60 days or less when purchased will be valued at cost adjusted for amortization of premiums and accretion of discounts, provided the Valuation Designee has determined that the use of amortized cost is an appropriate reflection of fair value given market and issuer specific conditions existing at the time of the determination. Deposit accounts are valued at acquisition cost. Foreign securities and other assets denominated in foreign currencies are translated into U.S. dollars at the exchange rate of such currencies against the U.S. dollar as provided by the pricing service. All assets denominated in foreign currencies will be converted into U.S. dollars at the exchange rates in effect at the time of valuation. Restricted securities (with the exception of Rule 144A Securities for which market quotations are available) will normally be valued at fair value as determined by the Valuation Designee.

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

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

227

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

Fair Valuation Measurement:

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

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

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

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

228

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

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

BJAN
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	158,130,442	$	–	$	158,130,442
Short Term Investments		278,144		–		–		278,144
Total Assets	$	278,144	$	158,130,442	$	–	$	158,408,586

Liabilities
Options Written	$	–	$	15,678,560	$	–	$	15,678,560
Total Liabilities	$	–	$	15,678,560	$	–	$	15,678,560

BFEB
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	73,739,471	$	–	$	73,739,471
Short Term Investments		203,891		–		–		203,891
Total Assets	$	203,891	$	73,739,471	$	–	$	73,943,362

Liabilities
Options Written	$	–	$	5,028,536	$	–	$	5,028,536
Total Liabilities	$	–	$	5,028,536	$	–	$	5,028,536

BMAR
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	81,078,824	$	–	$	81,078,824
Short Term Investments		269,999		–		–		269,999
Total Assets	$	269,999	$	81,078,824	$	–	$	81,348,823

Liabilities
Options Written	$	–	$	4,663,236	$	–	$	4,663,236
Total Liabilities	$	–	$	4,663,236	$	–	$	4,663,236

BAPR
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	125,030,390	$	–	$	125,030,390
Short Term Investments		427,587		–		–		427,587
Total Assets	$	427,587	$	125,030,390	$	–	$	125,457,977

Liabilities
Options Written	$	–	$	9,788,852	$	–	$	9,788,852
Total Liabilities	$	–	$	9,788,852	$	–	$	9,788,852

BMAY
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	184,492,652	$	–	$	184,492,652
Short Term Investments		507,380		–		–		507,380
Total Assets	$	507,380	$	184,492,652	$	–	$	185,000,032

Liabilities
Options Written	$	–	$	9,026,709	$	–	$	9,026,709
Total Liabilities	$	–	$	9,026,709	$	–	$	9,026,709

229

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

BJUN
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	80,751,557	$	–	$	80,751,557
Short Term Investments		165,550		–		–		165,550
Total Assets	$	165,550	$	80,751,557	$	–	$	80,917,107

Liabilities
Options Written	$	–	$	4,392,118	$	–	$	4,392,118
Total Liabilities	$	–	$	4,392,118	$	–	$	4,392,118

BJUL
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	178,300,101	$	–	$	178,300,101
Short Term Investments		457,456		–		–		457,456
Total Assets	$	457,456	$	178,300,101	$	–	$	178,757,557

Liabilities
Options Written	$	–	$	8,317,455	$	–	$	8,317,455
Total Liabilities	$	–	$	8,317,455	$	–	$	8,317,455

BAUG
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	109,280,087	$	–	$	109,280,087
Short Term Investments		296,282		–		–		296,282
Total Assets	$	296,282	$	109,280,087	$	–	$	109,576,369

Liabilities
Options Written	$	–	$	6,751,108	$	–	$	6,751,108
Total Liabilities	$	–	$	6,751,108	$	–	$	6,751,108

BSEP
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	176,077,100	$	–	$	176,077,100
Short Term Investments		463,790		–		–		463,790
Total Assets	$	463,790	$	176,077,100	$	–	$	176,540,890

Liabilities
Options Written	$	–	$	10,376,799	$	–	$	10,376,799
Total Liabilities	$	–	$	10,376,799	$	–	$	10,376,799

BOCT
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	240,476,631	$	–	$	240,476,631
Short Term Investments		584,821		–		–		584,821
Total Assets	$	584,821	$	240,476,631	$	–	$	241,061,452

Liabilities
Options Written	$	–	$	14,634,493	$	–	$	14,634,493
Total Liabilities	$	–	$	14,634,493	$	–	$	14,634,493

230

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

BNOV
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	65,611,197	$	–	$	65,611,197
Short Term Investments		20,740		–		–		20,740
Total Assets	$	20,740	$	65,611,197	$	–	$	65,631,937

Liabilities
Options Written	$	–	$	4,016,223	$	–	$	4,016,223
Total Liabilities	$	–	$	4,016,223	$	–	$	4,016,223

BDEC
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	110,727,801	$	–	$	110,727,801
Short Term Investments		158,729		–		–		158,729
Total Assets	$	158,729	$	110,727,801	$	–	$	110,886,530

Liabilities
Options Written	$	–	$	7,097,865	$	–	$	7,097,865
Total Liabilities	$	–	$	7,097,865	$	–	$	7,097,865

PJAN
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	472,819,883	$	–	$	472,819,883
Short Term Investments		889,152		–		–		889,152
Total Assets	$	889,152	$	472,819,883	$	–	$	473,709,035

Liabilities
Options Written	$	–	$	24,612,028	$	–	$	24,612,028
Total Liabilities	$	–	$	24,612,028	$	–	$	24,612,028

PFEB
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	247,984,781	$	–	$	247,984,781
Short Term Investments		653,988		–		–		653,988
Total Assets	$	653,988	$	247,984,781	$	–	$	248,638,769

Liabilities
Options Written	$	–	$	9,066,226	$	–	$	9,066,226
Total Liabilities	$	–	$	9,066,226	$	–	$	9,066,226

PMAR
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	233,485,670	$	–	$	233,485,670
Short Term Investments		746,173		–		–		746,173
Total Assets	$	746,173	$	233,485,670	$	–	$	234,231,843

Liabilities
Options Written	$	–	$	7,789,309	$	–	$	7,789,309
Total Liabilities	$	–	$	7,789,309	$	–	$	7,789,309

231

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

PAPR
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	323,250,993	$	–	$	323,250,993
Short Term Investments		1,223,639		–		–		1,223,639
Total Assets	$	1,223,639	$	323,250,993	$	–	$	324,474,632

Liabilities
Options Written	$	–	$	15,700,810	$	–	$	15,700,810
Total Liabilities	$	–	$	15,700,810	$	–	$	15,700,810

PMAY
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	406,380,121	$	–	$	406,380,121
Short Term Investments		1,080,907		–		–		1,080,907
Total Assets	$	1,080,907	$	406,380,121	$	–	$	407,461,028

Liabilities
Options Written	$	–	$	14,278,194	$	–	$	14,278,194
Total Liabilities	$	–	$	14,278,194	$	–	$	14,278,194

PJUN
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	358,635,104	$	–	$	358,635,104
Short Term Investments		935,421		–		–		935,421
Total Assets	$	935,421	$	358,635,104	$	–	$	359,570,525

Liabilities
Options Written	$	–	$	15,012,352	$	–	$	15,012,352
Total Liabilities	$	–	$	15,012,352	$	–	$	15,012,352

PJUL
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	528,373,391	$	–	$	528,373,391
Short Term Investments		1,336,172		–		–		1,336,172
Total Assets	$	1,336,172	$	528,373,391	$	–	$	529,709,563

Liabilities
Options Written	$	–	$	25,571,116	$	–	$	25,571,116
Total Liabilities	$	–	$	25,571,116	$	–	$	25,571,116

PAUG
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	458,206,393	$	–	$	458,206,393
Short Term Investments		1,227,533		–		–		1,227,533
Total Assets	$	1,227,533	$	458,206,393	$	–	$	459,433,926

Liabilities
Options Written	$	–	$	23,383,389	$	–	$	23,383,389
Total Liabilities	$	–	$	23,383,389	$	–	$	23,383,389

232

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Notes to Financial Statements (Continued)

PSEP
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	578,007,360	$	–	$	578,007,360
Short Term Investments		1,526,325		–		–		1,526,325
Total Assets	$	1,526,325	$	578,007,360	$	–	$	579,533,685

Liabilities
Options Written	$	–	$	32,069,268	$	–	$	32,069,268
Total Liabilities	$	–	$	32,069,268	$	–	$	32,069,268

POCT
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	698,925,612	$	–	$	698,925,612
Short Term Investments		1,703,158		–		–		1,703,158
Total Assets	$	1,703,158	$	698,925,612	$	–	$	700,628,770

Liabilities
Options Written	$	–	$	50,802,808	$	–	$	50,802,808
Total Liabilities	$	–	$	50,802,808	$	–	$	50,802,808

PNOV
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	337,408,005	$	–	$	337,408,005
Short Term Investments		139,984		–		–		139,984
Total Assets	$	139,984	$	337,408,005	$	–	$	337,547,989

Liabilities
Options Written	$	–	$	20,715,783	$	–	$	20,715,783
Total Liabilities	$	–	$	20,715,783	$	–	$	20,715,783

PDEC
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	212,800,540	$	–	$	212,800,540
Short Term Investments		275,953		–		–		275,953
Total Assets	$	275,953	$	212,800,540	$	–	$	213,076,493

Liabilities
Options Written	$	–	$	5,011,908	$	–	$	5,011,908
Total Liabilities	$	–	$	5,011,908	$	–	$	5,011,908

233

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Notes to Financial Statements (Continued)

UJAN
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	283,826,021	$	–	$	283,826,021
Short Term Investments		598,443		–		–		598,443
Total Assets	$	598,443	$	283,826,021	$	–	$	284,424,464

Liabilities
Options Written	$	–	$	568,265	$	–	$	568,265
Total Liabilities	$	–	$	568,265	$	–	$	568,265

UFEB
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	53,455,957	$	–	$	53,455,957
Short Term Investments		144,447		–		–		144,447
Total Assets	$	144,447	$	53,455,957	$	–	$	53,600,404

Liabilities
Options Written	$	–	$	207,461	$	–	$	207,461
Total Liabilities	$	–	$	207,461	$	–	$	207,461

UMAR
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	69,625,686	$	–	$	69,625,686
Short Term Investments		212,603		–		–		212,603
Total Assets	$	212,603	$	69,625,686	$	–	$	69,838,289

Liabilities
Options Written	$	–	$	399,126	$	–	$	399,126
Total Liabilities	$	–	$	399,126	$	–	$	399,126

UAPR
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	123,591,942	$	–	$	123,591,942
Short Term Investments		479,583		–		–		479,583
Total Assets	$	479,583	$	123,591,942	$	–	$	124,071,525

Liabilities
Options Written	$	–	$	1,104,234	$	–	$	1,104,234
Total Liabilities	$	–	$	1,104,234	$	–	$	1,104,234

234

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Notes to Financial Statements (Continued)

UMAY
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	100,638,942	$	–	$	100,638,942
Short Term Investments		253,107		–		–		253,107
Total Assets	$	253,107	$	100,638,942	$	–	$	100,892,049

Liabilities
Options Written	$	–	$	1,454,895	$	–	$	1,454,895
Total Liabilities	$	–	$	1,454,895	$	–	$	1,454,895

UJUN
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	116,954,061	$	–	$	116,954,061
Short Term Investments		307,300		–		–		307,300
Total Assets	$	307,300	$	116,954,061	$	–	$	117,261,361

Liabilities
Options Written	$	–	$	2,326,420	$	–	$	2,326,420
Total Liabilities	$	–	$	2,326,420	$	–	$	2,326,420

UJUL
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	76,667,751	$	–	$	76,667,751
Short Term Investments		176,879		–		–		176,879
Total Assets	$	176,879	$	76,667,751	$	–	$	76,844,630

Liabilities
Options Written	$	–	$	3,148,885	$	–	$	3,148,885
Total Liabilities	$	–	$	3,148,885	$	–	$	3,148,885

UAUG
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	84,360,142	$	–	$	84,360,142
Short Term Investments		239,046		–		–		239,046
Total Assets	$	239,046	$	84,360,142	$	–	$	84,599,188

Liabilities
Options Written	$	–	$	2,239,647	$	–	$	2,239,647
Total Liabilities	$	–	$	2,239,647	$	–	$	2,239,647

235

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

USEP
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	164,848,320	$	–	$	164,848,320
Short Term Investments		432,894		–		–		432,894
Total Assets	$	432,894	$	164,848,320	$	–	$	165,281,214

Liabilities
Options Written	$	–	$	6,212,115	$	–	$	6,212,115
Total Liabilities	$	–	$	6,212,115	$	–	$	6,212,115

UOCT
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	121,786,747	$	–	$	121,786,747
Short Term Investments		313,582		–		–		313,582
Total Assets	$	313,582	$	121,786,747	$	–	$	122,100,329

Liabilities
Options Written	$	–	$	8,808,848	$	–	$	8,808,848
Total Liabilities	$	–	$	8,808,848	$	–	$	8,808,848

UNOV
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	55,573,056	$	–	$	55,573,056
Short Term Investments		9,695		–		–		9,695
Total Assets	$	9,695	$	55,573,056	$	–	$	55,582,751

Liabilities
Options Written	$	–	$	2,577,960	$	–	$	2,577,960
Total Liabilities	$	–	$	2,577,960	$	–	$	2,577,960

UDEC
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	46,306,123	$	–	$	46,306,123
Short Term Investments		54,327		–		–		54,327
Total Assets	$	54,327	$	46,306,123	$	–	$	46,360,450

Liabilities
Options Written	$	–	$	18,853	$	–	$	18,853
Total Liabilities	$	–	$	18,853	$	–	$	18,853

236

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

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

Option Contracts:

In general, an option contract is an agreement between a buyer and seller that gives the purchaser of the option the right to buy or sell a particular asset at a specified future date at an agreed upon price (commonly known as the “strike price”).

The Funds invest primarily in FLEX Option contracts. FLEX Options are customized option contracts that trade on an exchange but provide investors with the ability to customize key contract terms like strike price, style and expiration date while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of over-the-counter options positions. Like traditional exchange-traded options, FLEX Options are guaranteed for settlement by the OCC, a market clearinghouse that guarantees performance by counterparties to certain derivatives contracts. The FLEX Options in which the Funds will invest are all European style options (options that are exercisable only on the expiration date). The FLEX Options are listed on the Chicago Board Options Exchange.

The Funds will purchase and sell call and put FLEX Options. In general, put options give the holder (i.e., the buyer) the right to sell an asset (or deliver the cash value of the index, in case of an index put option) and the seller (i.e., the writer) of the put has the obligation to buy the asset (or receive cash value of the index, in case of an index put option) at a certain defined price. Call options give the holder (i.e., the buyer) the right to buy an asset (or receive cash value of the index, in case of an index call option) and the seller (i.e., the writer) the obligation to sell the asset (or deliver cash value of the index, in case of an index call option) at a certain defined price.

237

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

When the Funds purchase an option, an amount equal to the premium paid by the Funds are recorded as an investment and is subsequently adjusted to the current value of the option purchased. If an option expires on the stipulated expiration date or if the Funds enter into a closing sale transaction, a gain or loss is realized. If a call option is exercised, the cost of the security acquired is increased by the premium paid for the call. If a put option is exercised, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are decreased by the premium originally paid. Purchased options are non-income producing securities.

When the Funds write an option, an amount equal to the premium received by the Funds are recorded as a liability and is subsequently adjusted to the current value of the option written. Premiums received from writing options that expire unexercised are treated by the Funds on the expiration date as realized gain from written options. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Funds have realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Funds. The Funds, as writers of an option, bear the market risk of an unfavorable change in the price of the security underlying the written option.

All of the FLEX Option contracts held by the Funds are fully funded and cash settled, therefore balance sheet offsetting under U.S. GAAP does not apply.

The Funds bear the risk that the OCC will be unable or unwilling to perform its obligations under the FLEX Options contracts. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the Funds could suffer significant losses. Additionally, FLEX Options may be less liquid than certain other securities such as standardized options. In less liquid market for the FLEX Options, the Funds may have difficulty closing out certain FLEX Options positions at desired times and prices. The Funds may experience substantial downside from specific FLEX Option positions and certain FLEX Option positions may expire worthless. The value of the underlying FLEX Options will be affected by, among others, changes in the value of the exchange, changes in interest rates, changes in the actual and implied volatility of the Index and the remaining time to until the FLEX Options expire. The value of the FLEX Options does not increase or decrease at the same rate as the level of the Index (although they generally move in the same direction). However, as a FLEX Option approaches its expiration date, its value typically increasingly moves with the value of the Index.

238

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

The value of derivative instruments on the Statements of Assets and Liabilities for the Funds as of October 31, 2022 are as follows:

	Equity Risk - Call and Put Options not Accounted for as Hedging Instruments
	Asset Derivatives		Liability Derivatives
	Investments, at value		Options written, at value
BJAN	$	158,130,442	$	15,678,560
BFEB		73,739,471		5,028,536
BMAR		81,078,824		4,663,236
BAPR		125,030,390		9,788,852
BMAY		184,492,652		9,026,709
BJUN		80,751,557		4,392,118
BJUL		178,300,101		8,317,455
BAUG		109,280,087		6,751,108
BSEP		176,077,100		10,376,799
BOCT		240,476,631		14,634,493
BNOV		65,611,197		4,016,223
BDEC		110,727,801		7,097,865
PJAN		472,819,883		24,612,028
PFEB		247,984,781		9,066,226
PMAR		233,485,670		7,789,309
PAPR		323,250,993		15,700,810
PMAY		406,380,121		14,278,194
PJUN		358,635,104		15,012,352
PJUL		528,373,390		25,571,116
PAUG		458,206,393		23,383,389
PSEP		578,007,360		32,069,268
POCT		698,925,612		50,802,808
PNOV		337,408,005		20,715,783
PDEC		212,800,540		5,011,908
UJAN		283,826,021		568,265
UFEB		53,455,957		207,461
UMAR		69,625,686		399,126
UAPR		123,591,942		1,104,234
UMAY		100,638,942		1,454,895
UJUN		116,954,061		2,326,420
UJUL		76,667,751		3,148,885
UAUG		84,360,142		2,239,647
USEP		164,848,320		6,212,115
UOCT		121,786,747		8,808,848
UNOV		55,573,056		2,577,960
UDEC		46,306,123		18,853

239

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

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

	Equity Risk - Call and Put Options not Accounted for as Hedging Instruments
	Amount of Realized Gain/(Loss) on Derivatives Recognized in Income
	Investments			Investments in-kind			Options written			Options written in-kind
BJAN	$	(13,751,675	)	$	34,814,146		$	(14,773,707	)	$	6,767,974
BFEB		(887,883	)		7,332,267			(2,012,669	)		3,389,866
BMAR		(2,512,563	)		6,705,787			(241,419	)		4,067,872
BAPR		428,275			8,229,528			(388,153	)		6,740,740
BMAY		(4,949,542	)		3,568,402			187,032			4,388,885
BJUN		(3,036,271	)		486,809			168,134			3,604,388
BJUL		(6,647,374	)		6,154,268			700,949			2,566,414
BAUG		(8,710,324	)		(138,463	)		590,213			4,130,726
BSEP		(11,287,463	)		3,053,659			1,423,476			2,178,569
BOCT		(12,226,172	)		5,806,146			(2,099,840	)		1,186,989
BNOV		(9,377,958	)		3,857,363			(1,262,288	)		800,633
BDEC		(17,021,818	)		455,994			(7,693,979	)		277,129
PJAN		(24,360,730	)		73,111,469			(45,320,618	)		11,780,836
PFEB		(4,442,100	)		20,987,669			(8,709,654	)		6,464,941
PMAR		(6,687,873	)		14,520,864			(1,821,416	)		6,008,335
PAPR		1,739,349			17,284,926			(10,599,638	)		10,737,753
PMAY		(16,193,229	)		9,634,734			(120,362	)		13,623,784
PJUN		(5,493,153	)		(656,480	)		(264,386	)		9,957,591
PJUL		(16,682,807	)		9,555,018			1,590,148			9,827,854
PAUG		(11,829,423	)		654,607			(50,374	)		11,140,749
PSEP		(20,975,671	)		5,162,575			9,818,420			6,248,712
POCT		(26,981,941	)		13,524,440			(2,004,520	)		11,845,588
PNOV		(23,154,455	)		9,393,317			6,501,395			3,737,760
PDEC		(29,571,822	)		658,769			(18,557,216	)		522,892
UJAN		(14,758,248	)		26,985,765			(11,651,701	)		4,145,071
UFEB		(522,370	)		4,288,540			(1,898,688	)		672,752
UMAR		(221,902	)		4,278,833			(1,364,346	)		837,559
UAPR		164,792			3,633,780			(3,616,427	)		1,680,867
UMAY		(3,161,905	)		1,432,082			(92,660	)		1,733,807
UJUN		(717,552	)		351,430			(52,678	)		917,053
UJUL		(3,442,181	)		935,669			(494,300	)		1,723,186
UAUG		(2,473,522	)		83,160			(401,421	)		1,389,163
USEP		(6,228,055	)		471,273			1,476,905			1,382,086
UOCT		(10,390,764	)		3,944,079			25,210			3,723,916
UNOV		(6,410,736	)		1,984,567			449,963			1,767,804
UDEC		3,150,968			(173,573	)		(5,408,910	)		360,079

240

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

	Equity Risk - Call and Put Options not Accounted for as Hedging Instruments
	Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income
	Investments			Options written
BJAN	$	(32,140,101	)	$	(1,980,335	)
BFEB		(17,518,388	)		151,128
BMAR		(13,805,609	)		1,122,779
BAPR		(19,767,672	)		(577,056	)
BMAY		(13,731,303	)		3,136,412
BJUN		(8,990,334	)		1,147,396
BJUL		(5,252,599	)		3,063,491
BAUG		(6,785,804	)		(540,363	)
BSEP		(5,115,314	)		(375,596	)
BOCT		5,217,464			902,049
BNOV		(3,206	)		(3,287	)
BDEC		8,140,075			8,977,718
PJAN		(68,831,630	)		24,009,478
PFEB		(42,757,976	)		15,790,484
PMAR		(31,788,094	)		13,452,755
PAPR		(44,704,704	)		14,456,203
PMAY		(36,133,555	)		15,324,605
PJUN		(24,995,957	)		11,586,758
PJUL		(10,574,066	)		11,424,468
PAUG		(22,195,992	)		6,563,266
PSEP		(12,040,099	)		2,821,210
POCT		17,334,670			(1,874,195	)
PNOV		(25,732	)		(26,179	)
PDEC		8,694,184			31,901,559
UJAN		(30,618,961	)		15,921,053
UFEB		(9,376,764	)		4,445,641
UMAR		(9,974,497	)		4,636,952
UAPR		(10,068,796	)		6,569,710
UMAY		(5,189,753	)		4,065,671
UJUN		(3,596,513	)		2,813,018
UJUL		(1,906,213	)		1,983,487
UAUG		(3,648,405	)		2,025,570
USEP		245,436			511,620
UOCT		2,756,317			(980,773	)
UNOV		(4,623	)		(4,679	)
UDEC		(9,010,082	)		8,503,269

241

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

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

	Purchased Options		Options Written
	Average Monthly Market Value		Average Monthly Market Value
BJAN	$	189,319,254	$	(16,218,765	)
BFEB		104,262,020		(7,835,213	)
BMAR		81,341,969		(5,380,683	)
BAPR		127,745,441		(9,143,670	)
BMAY		130,133,548		(7,106,084	)
BJUN		74,614,758		(4,031,860	)
BJUL		115,949,753		(5,479,915	)
BAUG		105,000,626		(5,357,848	)
BSEP		151,764,713		(8,114,053	)
BOCT		120,942,625		(6,335,624	)
BNOV		79,322,537		(5,332,052	)
BDEC		93,824,530		(6,455,814	)
PJAN		523,925,345		(33,372,474	)
PFEB		254,197,574		(15,904,111	)
PMAR		203,917,645		(12,375,971	)
PAPR		289,443,294		(19,110,453	)
PMAY		324,795,481		(16,648,864	)
PJUN		241,893,344		(13,090,887	)
PJUL		296,194,440		(16,223,056	)
PAUG		254,747,261		(12,820,397	)
PSEP		326,237,840		(15,508,636	)
POCT		265,213,456		(13,931,669	)
PNOV		217,271,748		(11,306,180	)
PDEC		223,782,660		(10,986,503	)
UJAN		248,245,760		(5,008,741	)
UFEB		43,724,484		(1,582,999	)
UMAR		46,048,693		(1,926,770	)
UAPR		78,900,233		(2,782,927	)
UMAY		66,668,546		(2,373,748	)
UJUN		59,471,631		(1,998,368	)
UJUL		53,058,861		(2,555,154	)
UAUG		43,070,113		(1,371,589	)
USEP		74,512,362		(2,143,862	)
UOCT		78,825,645		(3,532,197	)
UNOV		43,792,071		(1,084,689	)
UDEC		45,298,982		(1,061,765	)

242

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

Use of Estimates:

In preparing financial statements in conformity with U.S. GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from these estimates.

Guarantees and Indemnifications:

In the normal course of business, the Trust may enter into a contract with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims against the Trust that have not yet occurred. Based on experience, the Trust expects the risk of loss to be remote.

Tax Information:

The Funds are treated as separate entities for federal income tax purposes. The Funds intend to qualify as regulated investment companies (“RICs”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). To qualify and remain eligible for the special tax treatment accorded to RICs, the Funds must meet certain annual income and quarterly asset diversification requirements and must distribute annually at least 90% of the sum of (i) its investment company taxable income (which includes dividends, interest and net short-term capital gains) and (ii) certain net tax-exempt income, if any. If so qualified, the Funds will not be subject to federal income tax to the extent the Funds distribute substantially all of their net investment income and capital gains to shareholders.

Management evaluates the Funds’ tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Tax benefits associated with an uncertain tax position can be recognized only when the position is “more likely than not” to be sustained assuming examination by taxing authorities. Interest and penalties related to income taxes would be recorded as tax expense in the Statements of Operations. During the year ended October 31, 2022, the Funds did not incur any interest or penalties. The Funds’ federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. As of October 31, 2022, the Funds did not have a liability for any unrecognized tax benefits. As of October 31, 2022, the Funds have no examinations in progress and management is not aware of any tax positions for which it is reasonably possible that the amounts of unrecognized tax benefits will significantly change in the next twelve months. The Funds are subject to examination by U.S. Federal tax authorities for all tax years since inception.

243

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

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

	Distributable Earnings/ (Accumulated Deficit)			Paid-In Capital
BJAN	$	(40,359,803	)	$	40,359,803
BFEB		(10,628,062	)		10,628,062
BMAR		(10,694,631	)		10,694,631
BAPR		(14,851,474	)		14,851,474
BMAY		(7,854,475	)		7,854,475
BJUN		(3,995,240	)		3,995,240
BJUL		(8,562,248	)		8,562,248
BAUG		(3,882,987	)		3,882,987
BSEP		(5,032,006	)		5,032,006
BOCT		(6,842,709	)		6,842,709
BNOV		(4,551,039	)		4,551,039
BDEC		(644,711	)		644,711
PJAN		(84,520,389	)		84,520,389
PFEB		(26,838,024	)		26,838,024
PMAR		(20,382,706	)		20,382,706
PAPR		(27,265,785	)		27,265,785
PMAY		(22,951,297	)		22,951,297
PJUN		(9,103,635	)		9,103,635
PJUL		(19,096,521	)		19,096,521
PAUG		(11,555,712	)		11,555,712
PSEP		(11,044,495	)		11,044,495
POCT		(25,095,030	)		25,095,030
PNOV		(12,881,183	)		12,881,183
PDEC		(983,489	)		983,489
UJAN		(31,018,328	)		31,018,328
UFEB		(4,926,720	)		4,926,720
UMAR		(4,957,353	)		4,957,353
UAPR		(4,919,223	)		4,919,223
UMAY		(2,990,120	)		2,990,120
UJUN		(1,241,885	)		1,241,885
UJUL		(2,589,870	)		2,589,870
UAUG		(1,424,101	)		1,424,101
USEP		(1,768,784	)		1,768,784
UOCT		(7,576,998	)		7,576,998
UNOV		(3,709,410	)		3,709,410
UDEC		(140,004	)		140,004

244

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

Distributions to Shareholders:

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

Investment Transactions and Investment Income:

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

3.	INVESTMENT ADVISOR AND OTHER AFFILIATES

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

Pursuant to the Advisory Agreement, each respective Fund pays monthly the Adviser a unitary fee calculated daily based on the average daily net assets of the Fund at the annual rate of 0.79%. During the term of the Advisory Agreement, the Adviser pays all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit, and other services and license fees, except for the fees paid under the Advisory Agreement, interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution and service fees payable pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses.

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Notes to Financial Statements (Continued)

Milliman Financial Risk Management LLC (the “Sub-Adviser”) acts as sub-adviser to the Funds pursuant to a sub-advisory agreement between the Adviser and the Sub-Adviser with respect to the Funds (“Sub-Advisory Agreement”) and, pursuant to the Sub-Advisory Agreement, is responsible for execution of the Sub-Adviser’s strategy for each of the Funds. The Sub-Adviser is responsible for the day-to-day management of the Funds’ portfolios. Pursuant to the Sub-Advisory Agreement between the Adviser and the Sub-Adviser, the Adviser pays the Sub-Adviser a fee, based on the Funds’ average daily net assets, for the services and facilities it provides payable on a monthly basis.

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

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Notes to Financial Statements (Continued)

4.	INVESTMENT TRANSACTIONS

For the year ended October 31, 2022, there were no purchases or proceeds from long-term sales of investment securities.

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

	In-Kind		In-Kind
	Creations		Redemptions
BJAN	$	-	$	170,793,747
BFEB		-		107,353,334
BMAR		-		64,004,081
BAPR		-		119,862,647
BMAY		-		81,844,411
BJUN		-		32,608,841
BJUL		-		27,486,812
BAUG		-		40,806,837
BSEP		-		46,887,778
BOCT		1,935,758		44,565,320
BNOV		26,424,129		14,339,841
BDEC		-		4,295,569
PJAN		-		383,003,907
PFEB		-		180,899,775
PMAR		-		139,967,250
PAPR		-		211,512,997
PMAY		-		248,615,100
PJUN		-		46,431,773
PJUL		-		46,139,275
PAUG		-		22,443,175
PSEP		824,689		54,075,139
POCT		1,769,564		45,547,555
PNOV		43,055,424		79,344,470
PDEC		-		10,411,382
UJAN		-		161,183,200
UFEB		-		30,970,192
UMAR		-		37,772,071
UAPR		-		44,146,058
UMAY		-		31,607,399
UJUN		-		4,155,640
UJUL		-		4,889,042
UAUG		-		3,372,670
USEP		756,630		19,379,858
UOCT		1,648,205		43,972,323
UNOV		6,838,530		8,120,527
UDEC		-		5,536,384

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Notes to Financial Statements (Continued)

5. CREATION AND REDEMPTION TRANSACTIONS

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

The Funds issue and redeem shares on a continuous basis at NAV only in blocks of 25,000 shares, called “Creation Units.” Creation Units are issued and redeemed principally for cash. Once created, shares generally trade in the secondary market at market prices that change throughout the day in amounts less than a Creation Unit. Except when aggregated in Creation Units, shares are not redeemable securities of the Funds. Shares of the Funds may only be purchased or redeemed by certain financial institutions (“Authorized Participants”). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with the Distributor. A transaction fee is applicable to each transaction regardless of the number of units purchased or sold in the transaction. Each Fund, subject to approval by the Board of Trustees, may adjust transaction fees from time to time based upon actual experience. Additional charges received by the Funds, if any, are disclosed as Transaction Fees on the Statements of Changes in Net Assets. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

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Notes to Financial Statements (Continued)

6.	FEDERAL INCOME TAX INFORMATION

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

	Cost of Portfolio		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation / (Depreciation)
BJAN	$	155,956,541	$	18,541,277	$	(31,767,792	)	$	(13,226,515	)
BFEB		74,769,357		4,910,943		(10,765,474	)		(5,854,531	)
BMAR		81,389,323		3,785,872		(8,489,608	)		(4,703,736	)
BAPR		125,744,211		9,526,575		(19,601,661	)		(10,075,086	)
BMAY		180,485,326		4,399,307		(8,911,310	)		(4,512,003	)
BJUN		79,577,181		1,486,513		(4,538,705	)		(3,052,192	)
BJUL		165,243,678		9,328,015		(4,131,591	)		5,196,424
BAUG		107,433,952		2,448,332		(7,057,023	)		(4,608,691	)
BSEP		168,722,257		841,155		(3,399,321	)		(2,558,166	)
BOCT		216,363,013		19,003,350		(8,939,404	)		10,063,946
BNOV		61,629,655		-		(13,941	)		(13,941	)
BDEC		107,108,220		8,299,575		(11,619,130	)		(3,319,555	)
PJAN		466,110,887		60,542,393		(77,556,273	)		(17,013,880	)
PFEB		248,228,431		21,833,683		(30,489,571	)		(8,655,888	)
PMAR		234,077,488		15,245,854		(22,880,808	)		(7,634,954	)
PAPR		322,958,721		27,956,494		(42,141,393	)		(14,184,899	)
PMAY		401,237,554		13,660,379		(21,715,099	)		(8,054,720	)
PJUN		351,163,190		8,905,627		(15,510,644	)		(6,605,017	)
PJUL		496,342,283		19,062,749		(11,266,585	)		7,796,164
PAUG		447,598,538		13,131,870		(24,679,871	)		(11,548,001	)
PSEP		552,645,138		3,994,878		(9,175,599	)		(5,180,721	)
POCT		629,320,477		47,579,909		(27,074,424	)		20,505,485
PNOV		316,903,443		-		(71,237	)		(71,237	)
PDEC		212,286,520		24,687,748		(28,909,683	)		(4,221,935	)
UJAN		291,111,147		21,043,957		(28,298,905	)		(7,254,948	)
UFEB		56,250,066		3,455,930		(6,313,053	)		(2,857,123	)
UMAR		72,314,629		2,111,841		(4,987,307	)		(2,875,466	)
UAPR		123,308,884		4,621,086		(4,962,679	)		(341,593	)
UMAY		98,880,205		2,893,522		(2,336,573	)		556,949
UJUN		114,942,284		2,338,070		(2,345,413	)		(7,343	)
UJUL		72,574,181		2,698,838		(1,577,274	)		1,121,564
UAUG		83,349,222		1,542,348		(2,532,029	)		(989,681	)
USEP		157,702,963		4,396,817		(3,030,681	)		1,366,136
UOCT		110,637,138		8,656,408		(6,002,065	)		2,654,343
UNOV		53,016,765		-		(11,975	)		(11,975	)
UDEC		48,675,386		3,555,647		(5,889,436	)		(2,333,789	)

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Notes to Financial Statements (Continued)

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

	Accumulated Capital and Other Losses			Undistributed Net Ordinary Income		Undistributed Capital Gains		Unrealized Appreciation / (Depreciation) on Investments			Total Distributable Earnings /(Accumulated Deficit)
BJAN	$	(29,724,859	)	$	-	$	-	$	(13,226,515	)	$	(42,951,374	)
BFEB		(3,580,693	)		-		-		(5,854,531	)		(9,435,224	)
BMAR		(3,275,266	)		-		-		(4,703,736	)		(7,979,002	)
BAPR		(786,516	)		-		-		(10,075,086	)		(10,861,602	)
BMAY		(5,612,758	)		-		-		(4,512,003	)		(10,124,761	)
BJUN		(3,344,552	)		-		-		(3,052,192	)		(6,396,744	)
BJUL		(6,666,300	)		-		-		5,196,424			(1,469,876	)
BAUG		(8,824,887	)		-		-		(4,608,691	)		(13,433,578	)
BSEP		(10,797,814	)		-		-		(2,558,166	)		(13,355,980	)
BOCT		(15,030,711	)		-		-		10,063,946			(4,966,765	)
BNOV		(11,114,831	)		-		-		(13,941	)		(11,128,772	)
BDEC		(4,865,374	)		-		-		(3,319,555	)		(8,184,929	)
PJAN		(73,105,815	)		-		-		(17,013,880	)		(90,119,695	)
PFEB		(14,828,547	)		-		-		(8,655,888	)		(23,484,435	)
PMAR		(9,873,077	)		-		-		(7,634,954	)		(17,508,031	)
PAPR		(10,663,460	)		-		-		(14,184,899	)		(24,848,359	)
PMAY		(18,398,291	)		-		-		(8,054,720	)		(26,453,011	)
PJUN		(7,321,902	)		-		-		(6,605,017	)		(13,926,919	)
PJUL		(16,912,696	)		-		-		7,796,164			(9,116,532	)
PAUG		(13,464,275	)		-		-		(11,548,001	)		(25,012,276	)
PSEP		(13,127,617	)		-		-		(5,180,721	)		(18,308,338	)
POCT		(30,592,375	)		-		-		20,505,485			(10,086,890	)
PNOV		(17,932,509	)		-		-		(71,237	)		(18,003,746	)
PDEC		(4,759,413	)		-		-		(4,221,935	)		(8,981,348	)
UJAN		(28,146,655	)		-		-		(7,254,948	)		(35,401,603	)
UFEB		(2,711,782	)		-		-		(2,857,123	)		(5,568,905	)
UMAR		(1,880,187	)		-		-		(2,875,466	)		(4,755,653	)
UAPR		(3,967,474	)		-		-		(341,593	)		(4,309,068	)
UMAY		(3,693,077	)		-		-		556,949			(3,136,128	)
UJUN		(1,169,517	)		-		-		(7,343	)		(1,176,860	)
UJUL		(4,263,123	)		-		-		1,121,564			(3,141,559	)
UAUG		(3,153,904	)		-		-		(989,681	)		(4,143,585	)
USEP		(5,204,616	)		-		-		1,366,136			(3,838,480	)
UOCT		(10,848,811	)		-		-		2,654,343			(8,194,468	)
UNOV		(6,247,184	)		-		-		(11,975	)		(6,259,159	)
UDEC		(728,655	)		-		-		(2,333,789	)		(3,062,444	)

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Notes to Financial Statements (Continued)

Certain qualified late year ordinary losses incurred after December 31, and within the current taxable year, are deemed to arise on the first business day of the next taxable year. At October 31, 2022, the Funds deferred the following qualified late year ordinary losses:

	Late Year Ordinary Losses
BJAN	$	1,199,475
BFEB		680,142
BMAR		521,285
BAPR		786,516
BMAY		850,246
BJUN		476,415
BJUL		719,872
BAUG		704,776
BSEP		933,826
BOCT		704,699
BNOV		474,585
BDEC		586,925
PJAN		3,424,465
PFEB		1,676,791
PMAR		1,363,787
PAPR		1,803,172
PMAY		2,084,701
PJUN		1,564,364
PJUL		1,820,037
PAUG		1,584,478
PSEP		1,970,366
POCT		1,605,914
PNOV		1,279,448
PDEC		1,448,055
UJAN		1,736,708
UFEB		290,725
UMAR		293,938
UAPR		503,744
UMAY		438,513
UJUN		399,287
UJUL		326,643
UAUG		278,960
USEP		453,463
UOCT		483,258
UNOV		286,412
UDEC		297,690

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Notes to Financial Statements (Continued)

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

	Indefinite Short-Term
BJAN	$	28,525,382
BFEB		2,900,552
BMAR		2,753,982
BAPR		-
BMAY		4,762,510
BJUN		2,868,137
BJUL		5,946,425
BAUG		8,120,111
BSEP		9,863,987
BOCT		14,326,012
BNOV		10,640,246
BDEC		4,278,448
PJAN		69,681,348
PFEB		13,151,754
PMAR		8,509,289
PAPR		8,860,289
PMAY		16,313,591
PJUN		5,757,539
PJUL		15,092,659
PAUG		11,879,797
PSEP		11,157,251
POCT		28,986,461
PNOV		16,653,060
PDEC		3,311,359
UJAN		26,409,949
UFEB		2,421,058
UMAR		1,586,248
UAPR		3,463,730
UMAY		3,254,565
UJUN		770,230
UJUL		3,936,481
UAUG		2,874,943
USEP		4,751,150
UOCT		10,365,554
UNOV		5,960,773
UDEC		430,966

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

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

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Notes to Financial Statements (Continued)

7. NEW ACCOUNTING PRONOUNCEMENTS

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

8. SUBSEQUENT EVENT

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

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Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of Innovator ETFs Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments and options written, of Innovator U.S. Equity Buffer ETF - January, Innovator U.S. Equity Buffer ETF - February, Innovator U.S. Equity Buffer ETF - March, Innovator U.S. Equity Buffer ETF - April, Innovator U.S. Equity Buffer ETF - May, Innovator U.S. Equity Buffer ETF - June, Innovator U.S. Equity Buffer ETF - July, Innovator U.S. Equity Buffer ETF - August, Innovator U.S. Equity Buffer ETF - September, Innovator U.S. Equity Buffer ETF - October, Innovator U.S. Equity Buffer ETF - November, Innovator U.S. Equity Buffer ETF - December, Innovator U.S. Equity Power Buffer ETF - January, Innovator U.S. Equity Power Buffer ETF - February, Innovator U.S. Equity Power Buffer ETF - March, Innovator U.S. Equity Power Buffer ETF - April, Innovator U.S. Equity Power Buffer ETF - May, Innovator U.S. Equity Power Buffer ETF - June, Innovator U.S. Equity Power Buffer ETF - July, Innovator U.S. Equity Power Buffer ETF - August, Innovator U.S. Equity Power Buffer ETF - September, Innovator U.S. Equity Power Buffer ETF - October, Innovator U.S. Equity Power Buffer ETF - November, Innovator U.S. Equity Power Buffer ETF - December, Innovator U.S. Equity Ultra Buffer ETF - January, Innovator U.S. Equity Ultra Buffer ETF - February, Innovator U.S. Equity Ultra Buffer ETF - March, Innovator U.S. Equity Ultra Buffer ETF - April, Innovator U.S. Equity Ultra Buffer ETF - May, Innovator U.S. Equity Ultra Buffer ETF - June, Innovator U.S. Equity Ultra Buffer ETF - July, Innovator U.S. Equity Ultra Buffer ETF - August, Innovator U.S. Equity Ultra Buffer ETF - September, Innovator U.S. Equity Ultra Buffer ETF - October, Innovator U.S. Equity Ultra Buffer ETF - November, and Innovator U.S. Equity Ultra Buffer ETF - December (the “Funds”), each a series of Innovator ETFs Trust, as of October 31, 2022 , the related statements of operations, the statements of changes in net assets, the related notes, and the financial highlights for each of the periods indicated below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2022, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

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Fund Name	Statements of Operations	Statements of Changes in Net Assets	Financial Highlights
Innovator U.S. Equity Power Buffer ETF – July and Innovator U.S. Equity Ultra Buffer ETF – July	For the year ended October 31, 2022	For the years ended October 31, 2022 and 2021	For the years ended October 31, 2022, 2021, 2020 and 2019, and for the period from August 7, 2018 (commencement of operations) through October 31, 2018
Innovator U.S. Equity Buffer ETF – July	For the year ended October 31, 2022	For the years ended October 31, 2022 and 2021	For the years ended October 31, 2022, 2021, 2020 and 2019, and for the period from August 28, 2018 (commencement of operations) through October 31, 2018

Innovator U.S. Equity Buffer ETF – October, Innovator U.S. Equity Power Buffer ETF – October, and Innovator U.S. Equity Ultra Buffer ETF – October	For the year ended October 31, 2022	For the years ended October 31, 2022 and 2021	For the years ended October 31, 2022, 2021, 2020 and 2019, and for the period from September 28, 2018 (commencement of operations) through October 31, 2018
Innovator U.S. Equity Buffer ETF – January, Innovator U.S. Equity Power Buffer ETF – January, and Innovator U.S. Equity Ultra Buffer ETF – January	For the year ended October 31, 2022	For the years ended October 31, 2022 and 2021	For the years ended October 31, 2022, 2021 and 2020, and for the period from December 31, 2018 (commencement of operations) through October 31, 2019

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Innovator U.S. Equity Buffer ETF – April, Innovator U.S. Equity Power Buffer ETF – April, and Innovator U.S. Equity Ultra Buffer ETF – April	For the year ended October 31, 2022	For the years ended October 31, 2022 and 2021	For the years ended October 31, 2022, 2021 and 2020, and for the period from March 29, 2019 (commencement of operations) through October 31, 2019

Innovator U.S. Equity Buffer ETF – June, Innovator U.S. Equity Power Buffer ETF – June, and Innovator U.S. Equity Ultra Buffer ETF – June	For the year ended October 31, 2022	For the years ended October 31, 2022 and 2021	For the years ended October 31, 2022, 2021 and 2020, and for the period from May 31, 2019 (commencement of operations) through October 31, 2019

Innovator U.S. Equity Buffer ETF – August, Innovator U.S. Equity Power Buffer ETF – August, and Innovator U.S. Equity Ultra Buffer ETF – August	For the year ended October 31, 2022	For the years ended October 31, 2022 and 2021	For the years ended October 31, 2022, 2021 and 2020, and for the period from July 31, 2019 (commencement of operations) through October 31, 2019

Innovator U.S. Equity Buffer ETF – September, Innovator U.S. Equity Power Buffer ETF – September, and Innovator U.S. Equity Ultra Buffer ETF – September	For the year ended October 31, 2022	For the years ended October 31, 2022 and 2021	For the years ended October 31, 2022, 2021 and 2020, and for the period from August 30, 2019 (commencement of operations) through October 31, 2019

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INNOVATOR ETFs TRUST

Innovator U.S. Equity Buffer ETF – November, Innovator U.S. Equity Power Buffer ETF – November, and Innovator U.S. Equity Ultra Buffer ETF – November	For the year ended October 31, 2022	For the years ended October 31, 2022 and 2021	For the years ended October 31, 2022, 2021 and 2020, and for the period from October 31, 2019 (commencement of operations) through October 31, 2019

Innovator U.S. Equity Buffer ETF – December, Innovator U.S. Equity Power Buffer ETF – December, and Innovator U.S. Equity Ultra Buffer ETF – December	For the year ended October 31, 2022	For the years ended October 31, 2022 and 2021	For the years ended October 31, 2022 and 2021, and for the period from November 29, 2019 (commencement of operations) through October 31, 2020
Innovator U.S. Equity Buffer ETF – February, Innovator U.S. Equity Power Buffer ETF – February, and Innovator U.S. Equity Ultra Buffer ETF – February	For the year ended October 31, 2022	For the years ended October 31, 2022 and 2021	For the years ended October 31, 2022 and 2021, and for the period from January 31, 2020 (commencement of operations) through October 31, 2020
Innovator U.S. Equity Buffer ETF – March, Innovator U.S. Equity Power Buffer ETF – March, and Innovator U.S. Equity Ultra Buffer ETF – March	For the year ended October 31, 2022	For the years ended October 31, 2022 and 2021	For the years ended October 31, 2022 and 2021, and for the period from February 28, 2020 (commencement of operations) through October 31, 2020
Innovator U.S. Equity Buffer ETF – May, Innovator U.S. Equity Power Buffer ETF – May, and Innovator U.S. Equity Ultra Buffer ETF – May	For the year ended October 31, 2022	For the years ended October 31, 2022 and 2021	For the years ended October 31, 2022 and 2021, and for the period from April 30, 2020 (commencement of operations) through October 31, 2020

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Basis for Opinion

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

COHEN & COMPANY, LTD.

Milwaukee, Wisconsin

December 22, 2022

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Trustees and Officers (Unaudited)

*Name, Address* *and Year of* *Birth*	*Position* *with* *the Trust*	*Length of* *Time* Served*	*Principal* *Occupation(s)* *During Past 5* *Years*	*Number* of *Portfolios* *in Fund* *Complex^(a)* Overseen by Trustee or Officer**	*Other* *Directorships* *Held by* *Trustee* *or Officer in* *the Past Five* *Years*
Independent Trustees
Mark Berg 109 N. Hale Street, Wheaton, IL 60187 Year of Birth: 1971	Trustee	Since 2017	Founding Principal (2001-present), Chief Executive Officer (2019-present), President (2001-2019), Timothy Financial Counsel, Inc.	89	Tortazo, LLC (2018-present)
Joe Stowell 109 N. Hale Street, Wheaton, IL 60187 Year of Birth: 1968	Trustee	Since 2017	Chief Operating Officer, Woodmen Valley Chapel (2015-present).	89	Board of Advisors, Westmont College (2016-2021).
Brian J. Wildman 109 N. Hale Street, Wheaton, IL 60187 Year of Birth: 1963	Trustee	Since 2017	President, Timothy Financial Counsel, Inc. (2019-present); Executive Vice President, Consumer Banking (2016-2019), Chief Risk Officer (2013-2016), MB Financial Bank.	89	Missionary Furlough Homes, Inc. (since 2008); MB Financial Bank (2003-2019).

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Trustees and Officers (Unaudited) (Continued)

Interested Trustee & Officer
H. Bruce Bond ^(b) 109 N. Hale Street, Wheaton, IL 60187 Year of Birth: 1963	Interested Trustee, President and Principal Executive Officer	Since 2017	Chief Executive Officer, Innovator Capital Management, LLC (2017-present).	89	None
Officers
John W. Southard 109 N. Hale Street, Wheaton, IL 60187 Year of Birth: 1969	Vice President, Treasurer and Principal Financial Accounting Officer^(c)	Since 2017	Chief Investment Officer, Innovator Capital Management, LLC (2017-2022); Director and Co-Founder, T2 Capital Management, LLC (2010-present).	89	Independent Trustee, ETF Managers Group, LLC (2012-2018)
Kevin Gustafson 109 N. Hale Street Wheaton, IL 60187 Year of Birth: 1965	Chief Compliance Officer and Anti-Money Laundering Officer	Since 2020	Chief Compliance Officer, Innovator Capital Management LLC (2019 - 2022); General Counsel, Innovator Capital Management LLC (2019 - present); Chief Compliance Officer, General Counsel and Chief Risk Officer, Americas, Eastspring Investments, Inc. (2012 - 2019).	89	None

*	The Funds’ Trustees serve for an indefinite term until their resignation, death or removal. The Funds’ officers are elected annually by the Board and serve at the Board’s pleasure.

^(a)	The Fund Complex includes the Funds, each series of Innovator ETFs Trust.
^(b)	H. Bruce Bond is deemed to be an interested person of the Trust (as defined in the 1940 Act) because of his affiliation with the Adviser.
^(c)	Kathleen I. Meyer is deemed the Principal Financial Accounting Officer as of November 1, 2022.

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

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Board Considerations Regarding Approval of Investment Management

Agreement (Unaudited)

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

Innovator U.S. Equity Buffer ETF – January, February, March, April, May, June, July, August, September, October, November, December

Innovator U.S. Equity Power Buffer ETF – January, February, March, April, May, June, July, August, September, October, November, December

Innovator U.S. Equity Ultra Buffer ETF – January, February, March, April, May, June, July, August, September, October, November, December

At a quarterly Board meeting held on June 16, 2022, the Trust’s Board considered approval of the Advisory Agreement with Innovator Capital Management, LLC (the “Adviser”), on behalf of the Innovator U.S. Equity Buffer ETF – January, February, March, April, May, June, July, August, September, October, November, December, Innovator U.S. Equity Power Buffer ETF – January, February, March, April, May, June, July, August, September, October, November, December and Innovator U.S. Equity Ultra Buffer ETF – January, February, March, April, May, June, July, August, September, October, November, December ETFs (the “Funds”), and the Sub– Advisory Agreement among the Trust, on behalf of the Funds, the Adviser and Milliman Financial Risk Management LLC (“Milliman” or the “Sub–Adviser”), for an additional year term. The Board determined that the agreements were in the best interests of the Funds in light of the extent and quality of the services provided and such other matters as the Board considered to be relevant in the exercise of its reasonable business judgment.

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

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Board Considerations Regarding Approval of Investment Management

Agreement (Unaudited) (Continued)

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

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

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

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

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Board Considerations Regarding Approval of Investment Management

Agreement (Unaudited) (Continued)

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

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

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

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

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

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Additional Information (Unaudited)

1.	INFORMATION ABOUT PROSPECTUS

This report has been prepared for shareholders and may be distributed to others only if preceded or accompanied by a current prospectus. Investors should consider the investment objective and policies, risk considerations, charges and ongoing expenses of an investment carefully before investing. The prospectus contains this and other information relevant to an investment in the respective Fund. Please read the Prospectus carefully before investing. A copy of the Prospectus may be obtained without charge by writing to the Trust’s Distributor, or by calling toll free at 1-800-208-5212 or visiting www.innovatoretfs.com.

2.	PROXY VOTING POLICIES AND PROCEDURES

The Trust’s Proxy Voting Policies and Procedures are available without charge, upon request, by calling 1-877-386-3890 and on the SEC’s website at www.sec.gov. Information relating to how each Fund voted proxies relating to portfolio securities held during each year ended June 30 is also available on the SEC’S website at www.sec.gov.

3.	INFORMATION ABOUT PORTFOLIO SECURITIES

Each Funds’ complete schedule of portfolio holdings for the first and third quarters is filed with the SEC on Form N-Q or Part F of Form N-PORT (beginning with filings after March 31, 2020). The Trust’s Form N-Q or Part F of Form N-PORT is available without charge, upon request, by calling 1-877-386-3890, or on the SEC’s website at www.sec.gov. The Trust’s Form N-Q or Part F of Form N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

4.	HOUSEHOLD DELIVERY OF SHAREHOLDER DOCUMENTS

In order to reduce expenses, the Trust delivers one copy of an annual/semi-annual report, prospectus and/or proxy statement on behalf of two or more shareholders at a shared address (householding). If you do not wish to participate in householding, please indicate this preference on your new account application (if you are opening a new account) or call 1-877-FUND890 (877-386-3890) to change the status of your existing account. You may change your status at any time.

5.	ELECTRONIC DELIVERY OF SHAREHOLDER DOCUMENTS

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

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Additional Information (Unaudited) (Continued)

6.	TAX NOTICE

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

For the taxable year ended October 31, 2022, the percentage of ordinary income dividends paid by the Funds that qualify for the dividends received deduction available to corporations was 0.00%.

For the taxable year ended October 31, 2022, the percentage of ordinary income distributions that were designated as short-term capital gain distributions under Internal Revenue Section 871(k)2(c) was 0.00%.

7.	LIQUIDITY RISK MANAGEMENT PROGRAM

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

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

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

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INVESTMENT ADVISOR

Innovator Capital Management, LLC

109 North Hale Street

Wheaton, IL 60187

INVESTMENT SUB-ADVISOR

Milliman Financial Risk Management LLC

71 S. Wacker Drive, 31^st Floor

Chicago, IL 60606

ADMINISTRATOR, FUND ACCOUNTANT & TRANSFER AGENT

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, WI 53202

DISTRIBUTOR

Foreside Fund Services, LLC

Three Canal Plaza

Portland, ME 04101

CUSTODIAN

U.S. Bank, N.A.

1555 North RiverCenter Drive, Suite 302

Milwaukee, WI 53212

LEGAL COUNSEL

Chapman and Cutler LLP

320 South Canal Street, 27^th Floor

Chicago, IL 60606

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Cohen & Company, Ltd.

342 North Water Street, Suite 830

Milwaukee, WI 53202