NPORT-EX 2 eprf.htm

Innovator S&P Investment Grade Preferred ETF
  
Schedule of Investments
  
January 31, 2026 (Unaudited)
  
   
PREFERRED STOCKS - 76.4%
Shares
  
Value
 
Banks - 40.3% (a)
      
Bank of America Corp.
    
–
    
$
–
  
Series 02, 4.73% (3 mo. Term SOFR + 0.91%), Perpetual  (b)
    
13,132
      
258,438
  
Series 4, 4.83% (3 mo. Term SOFR + 1.01%), Perpetual  (b)
    
12,181
      
255,557
  
Series 5, 4.63% (3 mo. Term SOFR + 0.76%), Perpetual  (b)
    
12,586
      
249,203
  
Series E, 4.46% (3 mo. Term SOFR + 0.61%), Perpetual  (b)
    
12,859
      
259,366
  
Series GG, 6.00%, Perpetual  (b)(c)
    
9,657
      
243,067
  
Series HH, 5.88%, Perpetual  (b)(c)
    
9,882
      
247,149
  
Series KK, 5.38%, Perpetual  (b)(c)
    
11,023
      
250,553
  
Series LL, 5.00%, Perpetual  (b)(c)
    
11,676
      
248,582
  
Series NN, 4.38%, Perpetual  (b)
    
13,363
      
243,875
  
Series PP, 4.13%, Perpetual  (b)
    
14,118
      
243,959
  
Series QQ, 4.25%, Perpetual  (b)
    
13,742
      
242,821
  
Series SS, 4.75%, Perpetual  (b)(c)
    
12,311
      
244,373
  
Bank of New York Mellon Corp., Series K, 6.15% to 03/20/2030 then 5 yr. CMT Rate + 2.16%, Perpetual  (b)
    
113,405
      
2,921,313
  
Cullen/Frost Bankers, Inc., Series B, 4.45%, Perpetual  (b)
    
167,559
      
2,961,605
  
JPMorgan Chase & Co.
    
–
    
$
–
  
Series DD, 5.75%, Perpetual  (b)(c)
    
19,454
      
486,350
  
Series EE, 6.00%, Perpetual  (b)
    
19,284
      
484,607
  
Series GG, 4.75%, Perpetual  (b)
    
23,953
      
487,444
  
Series JJ, 4.55%, Perpetual  (b)
    
24,990
      
489,054
  
Series LL, 4.63%, Perpetual  (b)
    
24,684
      
491,212
  
Series MM, 4.20%, Perpetual  (b)
    
26,535
      
493,020
  
Morgan Stanley
    
–
    
$
–
  
Series A, 4.63% (3 mo. Term SOFR + 0.96%), Perpetual  (b)
    
16,746
      
341,618
  
Series E, 7.13% (3 mo. LIBOR USD + 4.32%), Perpetual  (b)(d)
    
12,801
      
326,938
  
Series F, 6.88% (3 mo. LIBOR USD + 3.94%), Perpetual  (b)(d)
    
12,871
      
324,993
  
Series I, 6.38% (3 mo. LIBOR USD + 3.71%), Perpetual  (b)(d)
    
12,928
      
326,691
  
Series K, 5.85% (3 mo. LIBOR USD + 3.49%), Perpetual  (b)(d)
    
13,181
      
324,516
  
Series L, 4.88%, Perpetual  (b)(c)
    
15,812
      
330,471
  
Series O, 4.25%, Perpetual  (b)(c)
    
18,322
      
327,048
  
Series P, 6.50%, Perpetual  (b)
    
12,690
      
323,087
  
Series Q, 6.63%, Perpetual  (b)
    
12,369
      
324,315
  
Northern Trust Corp., Series E, 4.70%, Perpetual  (b)
    
149,785
      
2,946,271
  
State Street Corp., Series G, 5.35% (3 mo. LIBOR USD + 3.71%), Perpetual  (b)(c)(d)
    
129,570
      
3,035,825
  
Truist Financial Corp.
    
–
    
$
–
  
Series I, 4.45%, Perpetual  (b)(c)
    
49,020
      
978,439
  
Series O, 5.25%, Perpetual  (b)(c)
    
44,993
      
1,001,094
  
Series R, 4.75%, Perpetual  (b)(c)
    
50,501
      
990,830
  
UMB Financial Corp.,  7.75% to 07/15/2030 then 5 yr. CMT Rate + 3.74%, Perpetual  (b)
    
107,734
      
2,918,514
  
US Bancorp
    
–
    
$
–
  
Series B*, 4.53% (3 mo. Term SOFR + 0.86%), Perpetual  (b)
    
32,592
      
630,003
  
Series K, 5.50%, Perpetual  (b)(c)
    
25,856
      
607,357
  
Series L, 3.75%, Perpetual  (b)
    
37,949
      
586,691
  
Series M, 4.00%, Perpetual  (b)(c)
    
35,604
      
586,754
  
Series O, 4.50%, Perpetual  (b)
    
32,035
      
592,007
  
             
29,625,010
  
                 
Diversified Financial Services - 7.9%
          
Charles Schwab Corp.
    
–
    
$
–
  
Series D, 5.95%, Perpetual  (b)(c)
    
58,176
      
1,473,598
  
Series J, 4.45%, Perpetual  (b)(c)
    
77,610
      
1,480,799
  
Voya Financial, Inc., Series B, 5.35% to 09/15/2029 then 5 yr. CMT Rate + 3.21%, Perpetual  (b)
    
117,623
      
2,867,649
  
             
5,822,046
  
                 
Insurance - 28.2% (a)
          
Arch Capital Group Ltd.
    
–
    
$
–
  
Series F, 5.45%, Perpetual  (b)
    
71,752
      
1,519,707
  
Series G, 4.55%, Perpetual  (b)
    
87,090
      
1,550,202
  
Athene Holding Ltd.
    
–
    
$
–
  
Series A, 6.35% to 6/30/2029 then 3 mo. LIBOR USD + 4.25%, Perpetual  (b)(d)
    
29,562
      
732,546
  
Series B, 5.63%, Perpetual  (b)
    
36,179
      
718,153
  
Series D, 4.88%, Perpetual  (b)
    
42,701
      
724,636
  
Series E, 7.75% (5 yr. CMT Rate + 3.96%), Perpetual  (b)
    
28,307
      
732,019
  
Axis Capital Holdings Ltd., Series E, 5.50%, Perpetual  (b)
    
145,879
      
2,959,885
  
Equitable Holdings, Inc.
    
–
    
$
–
  
Series A, 5.25%, Perpetual  (b)
    
72,000
      
1,507,680
  
Series C, 4.30%, Perpetual  (b)
    
89,393
      
1,489,287
  
Hartford Insurance Group, Inc., Series G, 6.00%, Perpetual  (b)
    
116,213
      
2,919,271
  
MetLife, Inc.
    
–
    
$
–
  
Series A, 4.98% (3 mo. Term SOFR + 1.26%), Perpetual  (b)
    
44,849
      
976,811
  
Series E, 5.63%, Perpetual  (b)
    
40,825
      
983,066
  
Series F, 4.75%, Perpetual  (b)
    
49,144
      
982,880
  
RenaissanceRe Holdings Ltd.
    
–
    
$
–
  
Series F, 5.75%, Perpetual  (b)
    
65,930
      
1,474,195
  
Series G, 4.20%, Perpetual  (b)
    
92,168
      
1,489,435
  
             
20,759,773
  
TOTAL PREFERRED STOCKS (Cost $63,961,630)
      
56,206,829
  
                 
REAL ESTATE INVESTMENT TRUSTS - PREFERRED - 12.0%
Shares
  
Value
 
REITS - 12.0%
          
Agree Realty Corp., Series A, 4.25%, Perpetual
    
169,908
      
2,925,816
  
Kimco Realty Corp.
    
–
    
$
–
  
Series L, 5.13%, Perpetual
    
72,001
      
1,452,980
  
Series M, 5.25%, Perpetual
    
70,432
      
1,453,717
  
Public Storage
    
–
    
$
–
  
Series F, 5.15%, Perpetual
    
11,739
      
249,571
  
Series G, 5.05%, Perpetual
    
12,024
      
256,953
  
Series H, 5.60%, Perpetual
    
10,604
      
249,830
  
Series I, 4.88%, Perpetual
    
12,553
      
249,303
  
Series J, 4.70%, Perpetual
    
12,990
      
247,719
  
Series K, 4.75%, Perpetual
    
12,758
      
248,398
  
Series L, 4.63%, Perpetual
    
13,104
      
250,155
  
Series N, 3.88%, Perpetual
    
15,710
      
246,333
  
Series O, 3.90%, Perpetual  (c)
    
15,490
      
245,671
  
Series P, 4.00%, Perpetual
    
15,237
      
247,144
  
Series R, 4.00%, Perpetual
    
15,189
      
246,518
  
Series S, 4.10%, Perpetual
    
14,909
      
247,489
  
TOTAL REAL ESTATE INVESTMENT TRUSTS - PREFERRED (Cost $10,940,931)
      
8,817,597
  
                 
CONVERTIBLE PREFERRED STOCKS - 11.1%
Shares
  
Value
 
Diversified Financial Services - 7.4%
          
Apollo Global Management, Inc., 6.75%, 07/31/2026  (b)
    
38,517
      
2,671,924
  
Ares Management Corp., Series B, 6.75%, 10/01/2027  (b)
    
57,715
      
2,760,509
  
             
5,432,433
  
                 
Private Equity - 3.7%
          
KKR & Co., Inc., Series D, 6.25%, 03/01/2028  (b)(c)
    
56,111
      
2,746,072
  
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $8,392,713)
      
8,178,505
  
                 
SHORT-TERM INVESTMENTS
  
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 7.1%
Units
  
Value
 
Mount Vernon Liquid Assets Portfolio, LLC, 3.77% (e)
    
5,206,883
      
5,206,883
  
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $5,206,883)
      
5,206,883
  
                 
TOTAL INVESTMENTS - 106.6% (Cost $89,572,672)
      
78,409,814
  
Money Market Deposit Account - 0.8% (f)
      
597,899
  
Liabilities in Excess of Other Assets - (7.4)%
      
(5,456,630
)
TOTAL NET ASSETS - 100.0%
          
$
73,551,083
  
                 
Percentages are stated as a percent of net assets.
          

CMT - Constant Maturity Treasury
LIBOR - London Interbank Offered Rate
LLC - Limited Liability Company
REIT - Real Estate Investment Trust
SOFR - Secured Overnight Financing Rate

(a)
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.
(b)
Non-income producing security.
(c)
All or a portion of this security is on loan as of January 31, 2026. The fair value of these securities was $5,050,256.
(d)
Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date.
(e)
The rate shown represents the 7-day annualized yield as of January 31, 2026.
(f)
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 S&P Investment Grade Preferred 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:
                        
  Preferred Stocks
  
$
56,206,829
    
$
–
    
$
–
    
$
56,206,829
  
  Real Estate Investment Trusts - Preferred
    
8,817,597
      
–
      
–
      
8,817,597
  
  Convertible Preferred Stocks
    
8,178,505
      
–
      
–
      
8,178,505
  
  Investments Purchased with Proceeds from Securities Lending(a)
    
–
      
–
      
–
      
5,206,883
  
Total Investments
  
$
73,202,931
    
$
–
    
$
–
    
$
78,409,814
  
   
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 $5,206,883 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)
        

           
Preferred Stocks
  
$
56,206,829
      
76.4
%
Real Estate Investment Trusts - Preferred
    
8,817,597
      
12.0
  
Convertible Preferred Stocks
    
8,178,505
      
11.1
  
Investments Purchased with Proceeds from Securities Lending
    
5,206,883
      
7.1
  
Money Market Deposit Account
    
597,899
      
0.8
  
Liabilities in Excess of Other Assets
    
(5,456,630
)
    
(7.4
)
   
$
73,551,083
      
100.0
%