NPORT-EX 2 qhdg.htm PART F

Innovator Hedged Nasdaq-100 ETF
Schedule of Investments
January 31, 2025 (Unaudited)

COMMON STOCKS - 100.4%
  
Shares
    
Value
 
Advertising - 0.3%
        
Trade Desk, Inc. - Class A (a)(b)
    
265
    
$
31,450
  
                   
Auto Manufacturers - 4.1%
          
PACCAR, Inc.
    
310
      
34,373
  
Tesla, Inc. (a)
    
870
      
352,002
  
             
386,375
  
Beverages - 2.1%
          
Coca-Cola Europacific Partners PLC
    
272
      
21,366
  
Keurig Dr Pepper, Inc.
    
801
      
25,712
  
Monster Beverage Corp. (a)
    
574
      
27,959
  
PepsiCo, Inc.
    
810
      
122,059
  
             
197,096
  
                   
Biotechnology - 3.0%
          
Amgen, Inc.
    
317
      
90,478
  
Biogen, Inc. (a)
    
86
      
12,378
  
Gilead Sciences, Inc.
    
736
      
71,539
  
Regeneron Pharmaceuticals, Inc. (a)
    
64
      
43,071
  
Vertex Pharmaceuticals, Inc. (a)
    
152
      
70,176
  
             
287,642
  
                   
Chemicals - 1.3%
          
Linde PLC
    
281
      
125,360
  
                   
Commercial Services - 2.1%
          
Automatic Data Processing, Inc.
    
241
      
73,025
  
Cintas Corp.
    
238
      
47,736
  
PayPal Holdings, Inc. (a)
    
592
      
52,439
  
Verisk Analytics, Inc.
    
83
      
23,858
  
             
197,058
  
                   
Computers - 10.6%
          
Apple, Inc.
    
3,627
      
855,972
  
Cognizant Technology Solutions Corp. - Class A
    
293
      
24,205
  
Crowdstrike Holdings, Inc. - Class A (a)
    
138
      
54,933
  
Fortinet, Inc. (a)
    
452
      
45,598
  
Zscaler, Inc. (a)
    
91
      
18,436
  
             
999,144
  
                   
Distribution/Wholesale - 0.6%
          
Copart, Inc. (a)
    
569
      
32,962
  
Fastenal Co.
    
338
      
24,755
  
             
57,717
  
                   
Electric - 1.4%
          
American Electric Power Co., Inc.
    
314
      
30,885
  
Constellation Energy Corp.
    
185
      
55,496
  
Exelon Corp.
    
593
      
23,720
  
Xcel Energy, Inc.
    
339
      
22,781
  
             
132,882
  
                   
Electronics - 0.9%
          
Honeywell International, Inc.
    
384
      
85,909
  
                   
Food - 0.7%
          
Kraft Heinz Co.
    
714
      
21,306
  
Mondelez International, Inc. - Class A
    
789
      
45,754
  
             
67,060
  
                   
Healthcare-Products - 1.7%
          
GE HealthCare Technologies, Inc.
    
270
      
23,841
  
IDEXX Laboratories, Inc. (a)
    
48
      
20,258
  
Intuitive Surgical, Inc. (a)
    
210
      
120,095
  
             
164,194
  
                   
Internet - 22.5%
          
Airbnb, Inc. - Class A (a)
    
256
      
33,579
  
Alphabet, Inc. - Class A
    
1,402
      
286,036
  
Alphabet, Inc. - Class C
    
1,328
      
273,037
  
Amazon.com, Inc. (a)
    
2,523
      
599,667
  
Booking Holdings, Inc.
    
20
      
94,751
  
CDW Corp./DE
    
79
      
15,732
  
DoorDash, Inc. - Class A (a)
    
230
      
43,431
  
MercadoLibre, Inc. (a)
    
30
      
57,666
  
Meta Platforms, Inc. - Class A
    
523
      
360,441
  
Netflix, Inc. (a)
    
252
      
246,143
  
Palo Alto Networks, Inc. (a)
    
387
      
71,371
  
PDD Holdings, Inc. - ADR (a)(b)
    
394
      
44,093
  
             
2,125,947
  
                   
Lodging - 0.5%
          
Marriott International, Inc./MD - Class A
    
164
      
47,657
  
                   
Media - 1.3%
          
Charter Communications, Inc. - Class A (a)(b)
    
84
      
29,021
  
Comcast Corp. - Class A
    
2,253
      
75,836
  
Warner Bros Discovery, Inc. (a)
    
1,448
      
15,117
  
             
119,974
  
                   
Miscellaneous Manufacturing - 0.3%
          
Axon Enterprise, Inc. (a)
    
45
      
29,348
  
                   
Oil & Gas - 0.3%
          
Diamondback Energy, Inc.
    
172
      
28,270
  
                   
Oil & Gas Services - 0.3%
          
Baker Hughes Co.
    
584
      
26,969
  
                   
Pharmaceuticals - 0.5%
          
AstraZeneca PLC - ADR
    
344
      
24,341
  
Dexcom, Inc. (a)
    
231
      
20,058
  
             
44,399
  
                   
Real Estate - 0.2%
          
CoStar Group, Inc. (a)
    
242
      
18,537
  
                   
Retail - 4.5%
          
Costco Wholesale Corp.
    
262
      
256,728
  
Lululemon Athletica, Inc. (a)
    
69
      
28,580
  
O'Reilly Automotive, Inc. (a)
    
34
      
44,010
  
Ross Stores, Inc.
    
196
      
29,510
  
Starbucks Corp.
    
669
      
72,038
  
             
430,866
  
                   
Semiconductors - 21.2%
          
Advanced Micro Devices, Inc. (a)
    
958
      
111,080
  
Analog Devices, Inc.
    
293
      
62,084
  
Applied Materials, Inc.
    
487
      
87,830
  
ARM Holdings PLC - ADR (a)(b)
    
76
      
12,126
  
ASML Holding NV
    
52
      
38,444
  
Broadcom, Inc.
    
1,854
      
410,235
  
GLOBALFOUNDRIES, Inc. (a)
    
326
      
13,519
  
Intel Corp.
    
2,546
      
49,469
  
KLA Corp.
    
79
      
58,321
  
Lam Research Corp.
    
760
      
61,598
  
Marvell Technology, Inc. (b)
    
511
      
57,671
  
Microchip Technology, Inc.
    
317
      
17,213
  
Micron Technology, Inc.
    
658
      
60,036
  
NVIDIA Corp.
    
5,876
      
705,531
  
NXP Semiconductors NV
    
150
      
31,283
  
ON Semiconductor Corp. (a)
    
251
      
13,137
  
QUALCOMM, Inc.
    
656
      
113,442
  
Texas Instruments, Inc.
    
539
      
99,505
  
             
2,002,524
  
                   
Software - 16.2%
          
Adobe, Inc. (a)
    
260
      
113,737
  
ANSYS, Inc. (a)
    
52
      
18,226
  
AppLovin Corp. - Class A (a)
    
176
      
65,048
  
Atlassian Corp. - Class A (a)(b)
    
95
      
29,144
  
Autodesk, Inc. (a)
    
127
      
39,540
  
Cadence Design Systems, Inc. (a)
    
162
      
48,214
  
Datadog, Inc. - Class A (a)
    
185
      
26,401
  
Electronic Arts, Inc.
    
155
      
19,051
  
Intuit, Inc.
    
165
      
99,249
  
Microsoft Corp.
    
1,784
      
740,467
  
MicroStrategy, Inc. - Class A (a)(b)
    
133
      
44,527
  
MongoDB, Inc. (a)
    
44
      
12,026
  
Palantir Technologies, Inc. - Class A (a)
    
1,287
      
106,165
  
Paychex, Inc.
    
212
      
31,306
  
Roper Technologies, Inc.
    
63
      
36,266
  
Synopsys, Inc. (a)
    
91
      
47,819
  
Take-Two Interactive Software, Inc. (a)
    
104
      
19,293
  
Workday, Inc. - Class A (a)
    
126
      
33,020
  
             
1,529,499
  
                   
Telecommunications - 3.2%
          
Cisco Systems, Inc.
    
2,351
      
142,471
  
T-Mobile US, Inc. (b)
    
685
      
159,584
  
             
302,055
  
                   
Transportation - 0.6%
          
CSX Corp.
    
1,138
      
37,406
  
Old Dominion Freight Line, Inc.
    
126
      
23,387
  
             
60,793
  
TOTAL COMMON STOCKS (Cost $9,132,548)
      
9,498,725
  
                   
PURCHASED OPTIONS - 0.9%
Notional Amount
  
Contracts
    
Value
  
Put Options - 0.9%
          
$
–
  
Invesco QQQ Trust Series 1, Expiration: 03/31/2025; Exercise Price: $485.67 (c)(d)(e)
$ 9,505,678
    
182
    
$
88,418
  
TOTAL PURCHASED OPTIONS (Cost $177,124)
      
88,418
  
                   
SHORT-TERM INVESTMENTS - 3.4%
          
Value
 
Investments Purchased with Proceeds from Securities Lending - 3.4%
  
Units
          
Mount Vernon Liquid Assets Portfolio, LLC, 5.50% (f)
    
319,549
      
319,549
  
TOTAL SHORT-TERM INVESTMENTS (Cost $319,549)
      
319,549
  
                   
TOTAL INVESTMENTS - 104.7% (Cost $9,629,221)
      
9,906,692
  
Money Market Deposit Account - 0.1% (g)
      
8,648
  
Liabilities in Excess of Other Assets - (4.8)%
      
(453,963
)
TOTAL NET ASSETS - 100.0%
            
$
9,461,377
  
two
      
–
%
Percentages are stated as a percent of net assets.
      
–
%

ADR - American Depositary Receipt
PLC - Public Limited Company

(a)
Non-income producing security.
(b)
All or a portion of this security is on loan as of January 31, 2025. The total market value of these securities was $315,480 which represented 3.3% of net assets.
(c)
Held in connection with written option contracts. See Schedule of Options Written for further information.
(d)
Exchange-traded.
(e)
100 shares per contract.
(f)
The rate shown represents the 7-day annualized effective yield as of January 31, 2025.
(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, 2025 was 4.20%.
   
Innovator Hedged Nasdaq-100 ETF
  
Schedule of Written Options
  
January 31, 2025 (Unaudited)
  
   
WRITTEN OPTIONS - (1.4)%
  
Notional Amount
    
Contracts
    
Value
  
Call Options - (1.2)%
  
Invesco QQQ Trust Series 1, Expiration: 03/31/2025; Exercise Price: $546.30 (a)(b)
  
$
(9,505,678
)
    
(182
)
  
$
(109,928
)
                         
Put Options - (0.2)%
  
Invesco QQQ Trust Series 1, Expiration: 03/31/2025; Exercise Price: $434.55 (a)(b)
    
(9,505,678
)
    
(182
)
    
(23,964
)
TOTAL WRITTEN OPTIONS (Premiums received $175,913)
                  
$
(133,892
)
   
Percentages are stated as a percent of net assets.
  
   

(a)
Exchange-traded.
(b)
100 shares per contract.
Summary of Fair Value Disclosure as of January 31, 2025 (Unaudited)
 
Innovator Hedged Nasdaq-100 ETF has adopted authoritative fair value accounting standards which establish an authoritative 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 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 would be 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, 2025:

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
Investments:
                        
  Common Stocks
  
$
9,498,725
    
$
–
    
$
–
    
$
9,498,725
  
  Purchased Options
    
–
      
88,418
      
–
      
88,418
  
  Investments Purchased with Proceeds from Securities Lending(a)
    
–
      
–
      
–
      
319,549
  
Total Investments
  
$
9,498,725
    
$
88,418
    
$
–
    
$
9,906,692
  
                                 
Liabilities:
                                
Investments:
                                
  Written Options
  
$
–
    
$
(133,892
)
  
$
–
    
$
(133,892
)
Total Investments
  
$
–
    
$
(133,892
)
  
$
–
    
$
(133,892
)
   
   
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 $319,549 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, 2025
(% of Net Assets)

Common Stocks
  
$
9,498,725
      
100.4
%
Purchased Options
    
88,418
      
0.9
  
Investments Purchased with Proceeds from Securities Lending
    
319,549
      
3.4
  
Written Options
    
(133,892
)
    
(1.4
)
Money Market Deposit Account
    
8,648
      
0.0
  
Liabilities in Excess of Other Assets
    
(320,071
)
    
(3.3
)
   
$
9,461,377
      
100.0
%