NPORT-EX 2 ffty.htm

Innovator IBD 50 ETF
  
Schedule of Investments
  
July 31, 2025 (Unaudited)
  
   
COMMON STOCKS - 99.6%
  
Shares
    
Value
 
Aerospace/Defense - 4.7%
        
HEICO Corp.
    
1,272
    
$
415,690
  
Innovative Solutions and Support, Inc. (a)
    
53,158
      
826,075
  
Rocket Lab Corp. (a)(b)
    
58,221
      
2,673,508
  
             
3,915,273
  
                 
Banks - 0.4%
          
Bancorp, Inc. (a)(b)
    
5,881
      
371,444
  
                 
Biotechnology - 1.0%
          
BeOne Medicines Ltd. - ADR (a)(b)
    
2,773
      
835,034
  
                 
Commercial Services - 5.5%
          
Affirm Holdings, Inc. (a)
    
37,367
      
2,561,881
  
Quanta Services, Inc.
    
4,036
      
1,639,141
  
Toast, Inc. - Class A (a)
    
8,619
      
420,952
  
             
4,621,974
  
                 
Diversified Financial Services - 11.7%
          
Circle Internet Group, Inc. (a)(b)
    
12,117
      
2,223,712
  
Coinbase Global, Inc. - Class A (a)
    
2,055
      
776,297
  
Futu Holdings Ltd. - ADR
    
16,943
      
2,603,800
  
Interactive Brokers Group, Inc. - Class A
    
25,823
      
1,692,956
  
SoFi Technologies, Inc. (a)
    
75,841
      
1,712,490
  
StoneX Group, Inc. (a)
    
8,549
      
831,304
  
             
9,840,559
  
                 
Electrical Components & Equipment - 4.5%
          
American Superconductor Corp. (a)
    
66,609
      
3,786,722
  
                 
Electronics - 10.0%
          
Amphenol Corp. - Class A
    
24,354
      
2,593,944
  
Celestica, Inc. (a)
    
16,953
      
3,388,227
  
Jabil, Inc.
    
10,704
      
2,388,812
  
             
8,370,983
  
                 
Engineering & Construction - 6.1%
          
Comfort Systems USA, Inc.
    
2,984
      
2,098,647
  
TSS, Inc. (a)(b)
    
110,739
      
3,012,101
  
             
5,110,748
  
                 
Internet - 5.4%
          
DoorDash, Inc. - Class A (a)
    
1,700
      
425,425
  
Kanzhun Ltd. - ADR (a)
    
20,552
      
389,666
  
Robinhood Markets, Inc. - Class A (a)
    
28,032
      
2,888,697
  
Shopify, Inc. - Class A (a)
    
6,690
      
817,585
  
             
4,521,373
  
                 
Investment Companies - 2.9%
          
IREN Ltd. (a)(b)
    
150,686
      
2,427,552
  
                 
Iron/Steel - 2.4%
          
ATI, Inc. (a)
    
26,068
      
2,005,672
  
                 
Lodging - 2.7%
          
Atour Lifestyle Holdings Ltd. - ADR
    
67,642
      
2,287,652
  
                 
Machinery-Construction & Mining - 6.1%
          
Argan, Inc.
    
13,236
      
3,242,555
  
Vertiv Holdings Co. - Class A
    
12,560
      
1,828,736
  
             
5,071,291
  
                 
Machinery-Diversified - 2.9%
          
Symbotic, Inc. (a)(b)
    
45,354
      
2,446,848
  
                 
Mining - 1.4%
          
Agnico Eagle Mines Ltd.
    
3,214
      
399,693
  
Cameco Corp.
    
5,165
      
387,013
  
Triple Flag Precious Metals Corp.
    
17,146
      
391,272
  
             
1,177,978
  
                 
Pharmaceuticals - 3.3%
          
Mirum Pharmaceuticals, Inc. (a)
    
7,705
      
398,194
  
Rhythm Pharmaceuticals, Inc. (a)
    
27,933
      
2,380,730
  
             
2,778,924
  
                 
Retail - 2.8%
          
Urban Outfitters, Inc. (a)
    
31,449
      
2,367,481
  
                 
Semiconductors - 10.9%
          
ACM Research, Inc. - Class A (a)
    
13,540
      
411,075
  
Astera Labs, Inc. (a)
    
20,529
      
2,806,930
  
NVIDIA Corp.
    
9,574
      
1,702,928
  
Ouster, Inc. (a)
    
107,374
      
2,510,404
  
Rambus, Inc. (a)
    
12,397
      
916,510
  
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR
    
3,402
      
821,991
  
             
9,169,838
  
                 
Software - 13.8%
          
Cloudflare, Inc. - Class A (a)
    
8,645
      
1,795,394
  
Doximity, Inc. - Class A (a)
    
26,806
      
1,574,853
  
Life360, Inc. (a)(b)
    
21,595
      
1,653,961
  
Palantir Technologies, Inc. - Class A (a)
    
18,507
      
2,930,583
  
ROBLOX Corp. - Class A (a)
    
13,784
      
1,899,297
  
Snowflake, Inc. - Class A (a)
    
3,847
      
859,804
  
Veeva Systems, Inc. - Class A (a)
    
2,858
      
812,244
  
             
11,526,136
  
                 
Telecommunications - 1.1%
          
Arista Networks, Inc. (a)
    
7,233
      
891,250
  
TOTAL COMMON STOCKS (Cost $68,519,299)
      
83,524,732
  
                 
SHORT-TERM INVESTMENTS - 12.5%
          
Value
 
Investments Purchased with Proceeds from Securities Lending - 12.5%
  
Units
          
Mount Vernon Liquid Assets Portfolio, LLC, 4.58%(c)
    
10,444,765
      
10,444,765
  
TOTAL SHORT-TERM INVESTMENTS (Cost $10,444,765)
      
10,444,765
  
                 
TOTAL INVESTMENTS - 112.1% (Cost $78,964,064)
      
93,969,497
  
Money Market Deposit Account - 0.2% (d)
      
182,775
  
Liabilities in Excess of Other Assets - (12.3)%
      
(10,307,757
)
TOTAL NET ASSETS - 100.0%
          
$
83,844,515
  
two
      
–
%
Percentages are stated as a percent of net assets.
      
–
%

ADR - American Depositary Receipt
LLC - Limited Liability Company

(a)
Non-income producing security.
(b)
All or a portion of this security is on loan as of July 31, 2025. The fair value of these securities was $10,404,484.
(c)
The rate shown represents the 7-day annualized effective yield as of July 31, 2025.
(d)
The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of July 31, 2025 was 4.20%.
Summary of Fair Value Disclosure as of July 31, 2025 (Unaudited)
 
Innovator IBD 50 ETF (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has 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 Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of July 31, 2025:
 

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
Investments:
                        
  Common Stocks
  
$
83,524,732
    
$
–
    
$
–
    
$
83,524,732
  
  Investments Purchased with Proceeds from Securities Lending(a)
    
–
      
–
      
–
      
10,444,765
  
Total Investments
  
$
83,524,732
    
$
–
    
$
–
    
$
93,969,497
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.
  
   

(a)
Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $10,444,765 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

Allocation of Portfolio Holdings as of July 31, 2025
(% of Net Assets)

Common Stocks
  
$
83,524,732
      
99.6
%
Investments Purchased with Proceeds from Securities Lending
    
10,444,765
      
12.5
  
Money Market Deposit Account
    
182,775
      
0.2
  
Liabilities in Excess of Other Assets
    
(10,307,757
)
    
(12.3
)
   
$
83,844,515
      
100.0
%