NPORT-EX 2 igtr.htm

Innovator Gradient Tactical Rotation Strategy ETF
  
Schedule of Investments
  
January 31, 2026 (Unaudited)
  
   
COMMON STOCKS - 99.0%
  
Shares
    
Value
 
Aerospace/Defense - 11.4%
        
CAE, Inc. (a)
    
3,797
    
$
121,691
  
Elbit Systems Ltd.
    
471
      
333,992
  
IHI Corp.
    
14,800
      
341,215
  
Kawasaki Heavy Industries Ltd.
    
1,600
      
133,109
  
Leonardo SpA
    
4,641
      
309,719
  
MTU Aero Engines AG
    
357
      
158,478
  
Rheinmetall AG
    
702
      
1,482,419
  
Rolls-Royce Holdings PLC
    
122,444
      
2,028,977
  
Saab AB- Class A
    
2,921
      
227,351
  
Safran SA
    
2,414
      
861,295
  
Singapore Technologies Engineering Ltd.
    
33,600
      
258,847
  
Thales SA
    
728
      
220,912
  
             
6,478,005
  
                 
Agriculture - 2.9%
          
British American Tobacco PLC
    
22,387
      
1,340,506
  
Imperial Brands PLC
    
7,713
      
323,587
  
             
1,664,093
  
                 
Airlines - 1.2%
          
Cathay Pacific Airways Ltd.
    
33,000
      
51,789
  
International Consolidated Airlines Group SA
    
46,874
      
268,232
  
Qantas Airways Ltd.
    
14,451
      
101,334
  
Ryanair Holdings PLC
    
8,012
      
271,711
  
             
693,066
  
                 
Banks - 26.7% (b)
          
ABN AMRO Bank NV (c)
    
1,302
      
47,936
  
Banca Mediolanum SpA
    
13,910
      
325,808
  
Banco Bilbao Vizcaya Argentaria SA
    
43,803
      
1,113,728
  
Banco BPM SpA
    
11,382
      
170,265
  
Banco Santander SA
    
138,332
      
1,767,622
  
Bank Hapoalim BM
    
2,858
      
70,877
  
Bank Leumi Le-Israel BM
    
5,209
      
125,585
  
Bank of Montreal
    
1,425
      
193,994
  
Bank of Nova Scotia
    
747
      
55,847
  
Barclays PLC
    
112,522
      
748,597
  
CaixaBank SA
    
20,354
      
269,133
  
Canadian Imperial Bank of Commerce
    
2,781
      
257,013
  
Commerzbank AG
    
10,151
      
417,408
  
Commonwealth Bank of Australia
    
6,141
      
638,706
  
Computershare Ltd.
    
7,732
      
176,116
  
DBS Group Holdings Ltd.
    
3,900
      
181,495
  
Deutsche Bank AG
    
30,013
      
1,184,682
  
Erste Group Bank AG
    
2,051
      
266,212
  
HSBC Holdings PLC
    
116,476
      
2,048,662
  
ING Groep NV
    
8,643
      
254,281
  
Intesa Sanpaolo SpA
    
104,612
      
739,797
  
Lloyds Banking Group PLC
    
297,314
      
443,239
  
NatWest Group PLC
    
57,397
      
522,441
  
Societe Generale SA
    
9,136
      
799,209
  
SpareBank 1 Sor-Norge ASA
    
2,805
      
56,680
  
Standard Chartered PLC
    
17,824
      
454,130
  
Toronto-Dominion Bank
    
6,048
      
565,247
  
UniCredit SpA
    
14,479
      
1,260,603
  
             
15,155,313
  
                 
Beverages - 0.3%
          
Coca-Cola Europacific Partners PLC (d)
    
1,615
      
148,095
  
                 
Building Materials - 1.6%
          
Heidelberg Materials AG
    
1,572
      
430,999
  
Holcim AG
    
4,540
      
467,126
  
             
898,125
  
                 
Commercial Services - 0.6%
          
Brambles Ltd.
    
15,490
      
241,617
  
Element Fleet Management Corp.
    
4,078
      
103,324
  
             
344,941
  
                 
Computers - 1.0%
          
BayCurrent, Inc.
    
1,300
      
45,705
  
CyberArk Software Ltd. (a)
    
402
      
173,194
  
Matrix IT Ltd.
    
910
      
40,866
  
NEC Corp.
    
9,400
      
316,451
  
             
576,216
  
                 
Distribution/Wholesale - 0.1%
          
SGH Ltd.
    
2,559
      
82,719
  
                 
Diversified Financial Services - 3.1%
          
Brookfield Asset Management Ltd. - Class A
    
6,761
      
335,903
  
Deutsche Boerse AG
    
1,462
      
369,646
  
Hong Kong Exchanges & Clearing Ltd.
    
11,100
      
614,101
  
Plus500 Ltd.
    
1,174
      
67,374
  
Singapore Exchange Ltd.
    
15,100
      
209,270
  
TMX Group Ltd.
    
4,707
      
173,775
  
             
1,770,069
  
                 
Electric - 3.5%
          
Emera, Inc.
    
2,918
      
144,630
  
Endesa SA
    
3,044
      
112,179
  
Engie SA
    
19,281
      
573,656
  
Iberdrola SA
    
45,288
      
1,015,938
  
OPC Energy Ltd. (a)
    
3,974
      
108,528
  
             
1,954,931
  
                 
Electrical Components & Equipment - 0.9%
          
Fujikura Ltd.
    
3,800
      
480,525
  
                 
Engineering & Construction - 1.9%
          
ACS Actividades de Construccion y Servicios SA
    
2,307
      
258,831
  
Aena SME SA (c)
    
8,055
      
250,445
  
AtkinsRealis Group, Inc.
    
1,503
      
105,480
  
Keppel Ltd.
    
27,300
      
234,564
  
Kinden Corp.
    
1,000
      
44,184
  
Shikun & Binui Ltd. (a)
    
8,078
      
47,223
  
Shimizu Corp.
    
5,700
      
100,862
  
Strabag SE
    
527
      
54,660
  
             
1,096,249
  
                 
Entertainment - 0.2%
          
Sankyo Co. Ltd.
    
1,900
      
29,655
  
Toho Co. Ltd./Tokyo
    
1,300
      
66,168
  
             
95,823
  
                 
Food - 2.1%
          
Aeon Co. Ltd.
    
20,800
      
284,260
  
DFI Retail Group Holdings Ltd.
    
5,100
      
21,012
  
Empire Co. Ltd. - Class A
    
1,425
      
46,549
  
George Weston Ltd.
    
968
      
67,514
  
Loblaw Cos. Ltd.
    
4,316
      
194,207
  
Metro, Inc./CN
    
1,561
      
103,623
  
Orkla ASA
    
5,288
      
62,706
  
Shufersal Ltd.
    
6,167
      
79,663
  
Strauss Group Ltd.
    
2,116
      
79,939
  
Tesco PLC
    
44,037
      
256,216
  
             
1,195,689
  
                 
Gas - 0.2%
          
Naturgy Energy Group SA
    
1,458
      
45,764
  
Sembcorp Industries Ltd.
    
19,100
      
90,538
  
             
136,302
  
                 
Hand/Machine Tools - 0.1%
          
Schindler Holding AG
    
134
      
49,315
  
                 
Healthcare-Services - 0.3%
          
Fresenius SE & Co. KGaA
    
2,518
      
140,909
  
                 
Holding Companies-Diversified - 0.3%
          
Jardine Matheson Holdings Ltd.
    
2,000
      
145,540
  
                 
Household Products/Wares - 0.8%
          
Reckitt Benckiser Group PLC
    
5,373
      
447,891
  
                 
Insurance - 14.7%
          
Admiral Group PLC
    
1,899
      
71,458
  
Ageas SA/NV
    
2,879
      
204,587
  
Allianz SE
    
3,446
      
1,518,702
  
Aviva PLC - Class B (a)
    
36,673
      
319,053
  
AXA SA
    
16,813
      
765,885
  
Clal Insurance Enterprises Holdings Ltd.
    
1,789
      
130,843
  
Fairfax Financial Holdings Ltd.
    
267
      
440,630
  
Generali
    
12,955
      
528,102
  
Gjensidige Forsikring ASA
    
3,514
      
99,905
  
Great-West Lifeco, Inc.
    
6,061
      
283,721
  
Harel Insurance Investments & Financial Services Ltd.
    
3,131
      
144,143
  
iA Financial Corp., Inc.
    
2,064
      
253,610
  
Medibank Pvt Ltd.
    
40,251
      
129,493
  
Menora Mivtachim Holdings Ltd.
    
763
      
98,340
  
Migdal Insurance & Financial Holdings Ltd.
    
18,796
      
101,267
  
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
    
781
      
474,360
  
Phoenix Financial Ltd.
    
5,223
      
254,439
  
Power Corp. of Canada
    
12,969
      
654,046
  
QBE Insurance Group Ltd.
    
18,648
      
256,334
  
Storebrand ASA
    
7,966
      
139,377
  
Sun Life Financial, Inc.
    
11,207
      
706,173
  
Swiss Life Holding AG
    
212
      
232,116
  
Swiss Re AG
    
2,715
      
433,564
  
Talanx AG
    
801
      
101,118
  
             
8,341,266
  
                 
Internet - 5.2%
          
LY Corp.
    
18,600
      
47,666
  
Prosus NV
    
10,216
      
586,769
  
Sea Ltd. - ADR (a)
    
4,454
      
518,847
  
Shopify, Inc. - Class A (a)
    
8,921
      
1,170,576
  
Spotify Technology SA (a)
    
1,229
      
614,930
  
             
2,938,788
  
                 
Leisure Time - 0.2%
          
Amer Sports, Inc. (a)
    
3,079
      
112,784
  
                 
Lodging - 0.0% (e)
          
Fattal Holdings 1998 Ltd. (a)
    
130
      
26,821
  
                 
Machinery-Construction & Mining - 4.4%
          
Mitsubishi Heavy Industries Ltd.
    
25,100
      
732,921
  
Siemens Energy AG (a)
    
10,210
      
1,749,411
  
             
2,482,332
  
                 
Mining - 3.2%
          
Agnico Eagle Mines Ltd.
    
4,193
      
797,060
  
Evolution Mining Ltd.
    
17,365
      
177,875
  
Kinross Gold Corp.
    
9,606
      
302,504
  
Lynas Rare Earths Ltd. (a)
    
6,509
      
67,535
  
Wheaton Precious Metals Corp.
    
3,355
      
442,003
  
             
1,786,977
  
                 
Oil & Gas - 0.1%
          
Delek Group Ltd.
    
96
      
27,010
  
                 
Pharmaceuticals - 0.6%
          
Galderma Group AG
    
1,274
      
237,150
  
Sigma Healthcare Ltd.
    
57,795
      
124,358
  
             
361,508
  
                 
Pipelines - 2.8%
          
Enbridge, Inc.
    
21,276
      
1,038,604
  
TC Energy Corp.
    
8,999
      
527,654
  
             
1,566,258
  
                 
Private Equity - 0.6%
          
3i Group PLC
    
7,796
      
357,472
  
                 
Real Estate - 1.5%
          
Amot Investments Ltd.
    
10,488
      
81,511
  
Big Shopping Centers Ltd.
    
649
      
156,573
  
Hongkong Land Holdings Ltd.
    
13,100
      
111,219
  
Melisron Ltd.
    
597
      
78,582
  
Mivne Real Estate KD Ltd.
    
13,939
      
65,296
  
Sun Hung Kai Properties Ltd.
    
14,500
      
233,311
  
Swire Properties Ltd.
    
18,400
      
55,868
  
UOL Group Ltd.
    
10,200
      
86,918
  
             
869,278
  
                 
Retail - 1.4%
          
Chow Tai Fook Jewellery Group Ltd.
    
27,800
      
51,243
  
Dollarama, Inc.
    
2,342
      
315,615
  
JB Hi-Fi Ltd.
    
1,416
      
80,016
  
Ryohin Keikaku Co. Ltd.
    
8,200
      
163,248
  
Shimamura Co. Ltd.
    
500
      
33,520
  
Sugi Holdings Co. Ltd.
    
1,000
      
22,997
  
Tokyo Gas Co. Ltd.
    
2,500
      
110,591
  
             
777,230
  
                 
Software - 0.7%
          
Konami Group Corp.
    
1,000
      
145,193
  
Pro Medicus Ltd.
    
658
      
84,363
  
Square Enix Holdings Co. Ltd.
    
3,500
      
60,474
  
Technology One Ltd.
    
3,781
      
66,323
  
TIS, Inc.
    
1,700
      
49,409
  
             
405,762
  
                 
Telecommunications - 3.8%
          
Bezeq The Israeli Telecommunication Corp. Ltd.
    
60,940
      
156,948
  
BT Group PLC
    
69,315
      
181,489
  
Deutsche Telekom AG
    
24,326
      
812,280
  
HKT Trust & HKT Ltd.
    
47,000
      
70,391
  
Orange SA
    
18,136
      
335,792
  
Singapore Telecommunications Ltd.
    
73,400
      
264,843
  
Tele2 AB - Class B
    
4,804
      
87,882
  
Telenor ASA
    
4,786
      
80,508
  
Telstra Group Ltd.
    
51,037
      
173,433
  
             
2,163,566
  
                 
Toys/Games/Hobbies - 0.1%
          
Sanrio Co. Ltd.
    
1,600
      
49,160
  
                 
Transportation - 0.5%
          
Poste Italiane SpA (c)
    
11,118
      
292,568
  
TOTAL COMMON STOCKS (Cost $54,802,938)
      
56,112,596
  
                 
REAL ESTATE INVESTMENT TRUSTS - 0.4%
  
Shares
    
Value
 
REITS - 0.4%
          
Japan Metropolitan Fund Invest
    
57
      
44,823
  
Link REIT
    
21,600
      
99,317
  
Nippon Building Fund, Inc.
    
62
      
57,489
  
Orix JREIT, Inc.
    
51
      
34,141
  
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $233,730)
      
235,770
  
                 
SHORT-TERM INVESTMENTS
  
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 0.3%
  
Units
    
Value
 
Mount Vernon Liquid Assets Portfolio, LLC, 3.77% (f)
    
143,046
      
143,046
  
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $143,046)
      
143,046
  
                 
TOTAL INVESTMENTS - 99.7% (Cost $55,179,714)
      
56,491,412
  
Money Market Deposit Account - 0.4% (g)
      
221,560
  
Liabilities in Excess of Other Assets - (0.1)%
      
(34,786
)
TOTAL NET ASSETS - 100.0%
          
$
56,678,186
  
                 
Percentages are stated as a percent of net assets.
          

ADR - American Depositary Receipt
LLC - Limited Liability Company
PLC - Public Limited Company
REIT - Real Estate Investment Trust

(a)
Non-income producing security.
(b)
To the extent that the Fund invests more heavily in a particular industries or sectors of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.
(c)
Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of January 31, 2026, the value of these securities total $590,949 or 1.0% of the Fund’s net assets.
(d)
All or a portion of this security is on loan as of January 31, 2026. The fair value of these securities was $140,668.
(e)
Represents less than 0.05% of net assets.
(f)
The rate shown represents the 7-day annualized yield as of January 31, 2026.
(g)
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 January 31, 2026 was 3.45%.
Summary of Fair Value Disclosure as of January 31, 2026 (Unaudited)
 
Innovator Gradient Tactical Rotation Strategy 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 January 31, 2026:


   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Common Stocks
  
$
56,112,596
    
$
–
    
$
–
    
$
56,112,596
  
  Real Estate Investment Trusts
    
235,770
      
–
      
–
      
235,770
  
  Investments Purchased with Proceeds from Securities Lending(a)
    
–
      
–
      
–
      
143,046
  
Total Investments
  
$
56,348,366
    
$
–
    
$
–
    
$
56,491,412
  
   
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 $143,046 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 January 31, 2026
(% of Net Assets)
        

           
Common Stocks
  
$
56,112,596
      
99.0
%
Real Estate Investment Trusts
    
235,770
      
0.4
  
Money Market Deposit Account
    
221,560
      
0.4
  
Investments Purchased with Proceeds from Securities Lending
    
143,046
      
0.3
  
Liabilities in Excess of Other Assets
    
(34,786
)
    
(0.1
)
   
$
56,678,186
      
100.0
%