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The 12-month period ending October 31, 2023 played out differently than many had anticipated. The S&P 500 climbed nearly 20% during the first nine months, only to fall 11% during the last three months. The recession that many expected to come never manifested, but signs of its approach began to take form.

In its fight against inflation, the Federal Reserve continued the tightening cycle it had begun earlier in 2022. In addition to increasing the Fed Funds rate 2.25 percentage points, it also reduced the size of its balance sheet by more than $800 billion over the period. These efforts appeared to pay off, as inflation fell from 7.7% at the start of the period to 3.2% by the end of it. Whether or not the Fed will be able to get inflation back down to its 2% target without also triggering a recession remains to be seen.

Equity market volatility trended lower over the period as investors grew increasingly confident that the Fed was moving closer to the end of its hawkish posture. Over the period, five stocks accounted for more than 75% of the S&P 500’s 10.1% return, hinting at the risks of such a broad index being dominated by so few constituents.

In the face of equity market uncertainty and bond market volatility, investors continued to look for ways to maintain exposure to the market’s upside potential while also seeking to mitigate downside risk. During the period, Innovator brought 20 new ETFs to market, including the first Defined Income and Defined Protection ETFs. Strong inflows contributed to a 60% increase in our assets under management. In August, we marked the five-year anniversary of the launch of the world’s first Defined Outcome ETFs. Today, with close to 100 Defined Outcome ETFs, we offer the industry’s largest and widest ranging lineup and we have no intention of slowing down.

On behalf of the team at Innovator, thank you for the confidence and trust you’ve place in us and our products over the past year. We are eager to continue working with you in the months ahead and wish you all the best in the coming year.

The views in this report were those of the Fund’s CEO as of October 31, 2023 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.

The Funds have characteristics unlike many other traditional investment products and may not be suitable for all investors. For more information regarding whether an investment in the Fund is right for you, please see Investor Suitability" in the prospectus.

The Funds' investment objectives, risks, charges and expenses should be considered carefully before investing. The prospectus and summary prospectus contains this and other important information, and it may be obtained at innovatoretfs.com. Read it carefully before investing.

October 2022 saw inflation hit its peak and a bottom for the Nasdaq composite and S&P 500. Since then, markets have been highly sensitive to economic reports in anticipation of Fed action regarding an unusually hawkish cycle.

Historically, we tend to see underperformance in the IBD 50 in the first few months from a bottom as the relative strength takes time to rotate into the next area of leadership. Interestingly, in the first three months from the October 2022 bottom the Dow Jones Industrial Average started as the leading index and then the Nasdaq took over leadership in January. Just as we would expect that rotation to solidify for the IBD 50, markets were having their own rotation.

But the trend didn’t last. The strong January led to a weak February and even more turbulence with the regional banks’ shakeup after the failure of Silicon Valley Bank. It was generally flat for the indexes and IBD 50 but we started to see a narrowness in strength that continued into the summer. While not as strong as the so-called “Magnificent Seven,” the IBD 50 did outperform the S&P 500 during this rally into the summer.

After the July 2023 near-term top, indexes took a few legs down and growth got hit the hardest. Just like in the bear market of 2022, the IBD 50 underperformed. Exacerbating the issue were the false starts that would start a rotation in the IBD 50 that wouldn’t last.

In the previous year, markets were highly sensitive to economic reports and Fed policy actions. Market performance was largely driven by the narrow “Magnificent 7” companies – of which BOUT’s methodology does not allow for inclusion in the ETF.

The IBD Breakout Stocks Index had fewer breakouts during the time period. With fewer breakouts to choose from, the IBD Breakout Stocks tends to shift its growth bent away from the high fliers. While the IBD Breakout Stocks did underperform the S&P 500 for the year, it didn’t underperform as much as the IBD 50.

The previous fiscal year was a strong period for technology investing as the Fed reached the end of its hiking cycle and interest rate sensitive equities were buoyed by hopes of interest rate cuts in the not-too-distant future. In particular, LOUP’s exposure to stocks that fell within the Deepwater Frontier Tech Index’s Artificial Intelligence theme drove strong performance.

The market was “narrow”, with Magnificent 7 stocks powering the S&P 500 to strong positive returns while U.S. equities more broadly were mostly stagnant.

Due to market-cap weight constraints that are part of the Deepwater Frontier Tech Index’s methodology, LOUP doesn’t own mega-cap technology stocks, but rather owns companies believed to be on the frontier of technology. LOUP’s ability to generate strong positive returns without exposure to the Magnificent 7 highlights the strength of the Deepwater Frontier Tech Index’s ability to identify names on the frontier of innovation, rather than established names.

EPRF is the only 100% investment grade preferred ETF available. Investment grade preferred stocks tend to have more duration than benchmark preferred stocks because their higher credit quality typically means they are structured as perpetual cash flows (no maturity).

From 10/31/2022 through 10/31/2023, the Federal Funds Rate increased 200bps – which caused price losses for all investment vehicles with duration risk. EPRF experienced price losses because of the underlying interest rate exposure.

Additionally, EPRF performed mostly in line with benchmark preferred stocks. Despite the rapid rate of interest rate increases, lower credit quality companies have yet to completely digest the effect of higher interest rates. Accordingly – despite EPRF’s 100% investment grade holdings – higher credit quality exposure did not contribute to outperformance over the benchmark as would expect if we were to see an economic downturn.

The Fund seeks to provide investors with returns of the Refinitiv Laddered Power Buffer Strategy Index (Index). The Index is comprised of the shares of twelve Innovator U.S. Equity Power Buffer ETFs (Underlying ETFs), the investment in which seeks to provide investors with U.S. large-cap equity market exposure while attempting to limit downside risk through a laddered portfolio of the Underlying ETFs. Under normal market conditions, the Fund will invest substantially all of its assets in the Underlying ETFs, which seek to provide investors with returns that match the price return of the SPDR® S&P 500® ETF Trust (SPY) up to a stated upside Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of its respective Outcome Period. Unlike the Underlying ETFs, the Fund itself does not pursue a defined outcome strategy. The Buffer is only provided by the Underlying ETFs and the Fund itself does not provide any stated Buffer against losses.

The S&P 500 Index delivered strong positive returns over the year ending October 31st, 2023 -- largely driven by the performance of the "Magnificent 7" stocks as well as expectations of more accommodative monetary policy in the near future.

The Fund seeks to provide investors with returns of the MerQube U.S. Large Cap Equity Buffer Laddered Index. The Index is comprised of the shares of twelve Innovator U.S. Equity Buffer ETFs (Underlying ETFs), the investment in which seeks to provide investors with U.S. large-cap equity market exposure while attempting to limit downside risk through a laddered portfolio of the Underlying ETFs. Under normal market conditions, the Fund will invest substantially all of its assets in the Underlying ETFs, which seek to provide investors with returns that match the price return of the SPDR® S&P 500® ETF Trust (SPY) up to a stated upside Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of its respective Outcome Period. Unlike the Underlying ETFs, the Fund itself does not pursue a defined outcome strategy. The Buffer is only provided by the Underlying ETFs and the Fund itself does not provide any stated Buffer against losses.

The Fund is actively managed and seeks to provide risk-managed exposure to the SPDR S&P 500 ETF Trust (SPY). The Fund seeks to provide an alternative to managing and evaluating a series of buffer strategies, seeking to provide the upside of the SPY while mitigating downside losses with 9% or 15% built-in buffers.

Through the Options Portfolio, the Fund will seek to participate in the price return of the SPY, subject to investment gains up to a limit, and provide protection against SPY losses up to a limit.

The Sub-Adviser will actively monitor the performance of the Options Portfolio and, if certain criteria are met, rebalance or “step-up” the portfolio to protect capital or capture portfolio gains experienced by the Fund, depending on its evaluation of market conditions.

The Fund seeks to match the returns of the Tesla Inc (TSLA) up to a stated upside Cap, while limiting downside losses to TSLA by the amount of its stated Floor over the course of the Outcome Period. Because the periods contemplated herein do not align with the Outcome Period of the Funds, the Funds’ performance stated over the periods covered by this report does not reflect the implementation of the Funds’ investment strategy for the full Outcome Period.

In markets where Tesla Inc is down, the risk mitigation attributes of the stated Floor provide an opportunity for the Funds to soften market losses during the reporting periods and outperform Tesla Inc. Alternatively, in markets where Tesla Inc is appreciating, the risk mitigation attributes of the Floor may limit the upside performance over the reporting periods by virtue of the Fund’s Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Floor will also cause the Fund to experience different returns than Tesla Inc.

The year ending October 31st, 2023 was characterized by extreme volatility for Tesla. After a tumultuous Q4 2022, which saw the stock tumble after disappointing earnings and deliveries shortfalls, Tesla’s stock approximately doubled through the first three quarters of 2023. Tesla stock appreciated on the back of broad exuberance around electric vehicles, and the prospect of more accommodative monetary policy in the near future.

The Fund is actively managed and seeks to provide investors with the potential for rates of return that outperform the price return of the SPDR® S&P 500® ETF Trust (SPY) after achieving performance thresholds.

In markets where the S&P 500 Index is down, the Fund is designed to match
the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the Fund has potential to outperform the S&P 500 Index performance during periods where SPY achieves sustained positive performance.

Through 10/31/23, SFLR Total Return since inception (11/8/22) was 11.20%, the S&P 500 Total Return was 11.36% over the same period. The options overlay portion of the portfolio is comprised of two components: short-dated call overwriting (“Calls”) and long-dated put buying (“Puts”). Calls added 3.85% and Puts detracted 4.87%. The combination thereof was a net loss of 1.02%. As such, the value contribution from call writing compensated for approximately 80% of the drag from purchasing the puts. This is in line with the objective of the fund which is to defray the cost of owning 90% floors through the systematic, sale of short-dated index calls.

The equities replication portion of the portfolio added 12.11% to performance verses the S&P 500 total return of 11.34%. The goal of the replication is to minimize tracking error verses the S&P 500 Index while respecting the 70% overlap constraint imposed by the IRS. It is expected that there will be moderate tracking error from this replication. The 0.77% of total outperformance was attributable to 0.21% from Allocation Effect (Sector Weight Differentials Relative to the S&P 500) and 0.56% from Selection Effect (Individual Security Weight Differentials Relative to the S&P 500).

The basis for the IGTR investment strategy hinges heavily on wide performance dispersions among the indexes that IGTR evaluates. From inception of the fund (November 2022) through 10/30/23, dispersions have been historically low, which means there has been less opportunity to add value through tactical rotation decisions.

In addition, 2023 has been characterized by many extreme risk-on/risk-off moves, which presents challenges to funds like IGTR that base decisions on momentum indicators. In January of ’23, the US High Beta Index experienced an extreme positive spike, which triggered IGTR to invest there beginning in February. US High Beta steadily declined over the subsequent months, which hurt performance. This period continues to be the main period contributing to YTD underperformance relative to our benchmark.

Beginning in June 2023, we’ve seen performance steadily regain its footing and add value relative to our benchmarks.

The Funds’ website, www.innovatoretfs.com, provides important information relating to the Fund. One cannot invest directly in an index. Past performance does not guarantee future results.

The following chart compares the value of a hypothetical $10,000 investment in the Innovator IBD® 50 ETF from its inception (April 8, 2015) to October 31, 2023 as compared with the S&P 500® Index.

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 gross and net expense ratios of the Fund were 0.97% and 0.80%, respectively. For the most recent performance, please visit the Fund’s website at innovatoretfs.com.

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. Total return calculations reflect the effect of the Advisor’s expense limitation agreement for the Fund. Returns shown for the Fund, S&P 500® Index and IBD® 50 Index include the reinvestment of all 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 IBD® 50 Index is a weekly, rule–based, computer–generated stock index compiled and published by Investor’s Business Daily® that seeks to identify the current top 50 growth 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.

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/FFTY.

The following chart compares the value of a hypothetical $10,000 investment in the Innovator IBD® Breakout Opportunities ETF from its inception (September 12, 2018) to October 31, 2023 as compared with the S&P 500® Index and IBD®Breakout Stocks Index.

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 0.81%. For the most recent performance, please visit the Fund’s website at innovatoretfs.com.

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

The IBD® Breakout Stocks Index is a rule–based index compiled and published by Investor’s Business Daily® that seeks to provide opportunistic investment exposure to those stocks with the potential to “break out” or experience a period of sustained price growth beyond the stock’s recent “resistance level,” with consideration for various market conditions.

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/BOUT.

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Deepwater Frontier Tech ETF from its inception (July 24, 2018) to October 31, 2023 as compared with the Dow Jones Global Index and Loup Frontier Tech Index.

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 0.70%. For the most recent performance, please visit the Fund’s website at innovatoretfs.com.

The Dow Jones Global Index is an unmanaged, capitalization–weighted index generally representative of the global market.

The Deepwater Frontier Tech Index is a rules–based stock index that seeks to identify and track those companies identified as being on the frontier of the development of new technologies that have the potential to have an outsized influence on the future.

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/LOUP.

The following chart compares the value of a hypothetical $10,000 investment in the Innovator S&P Investment Grade Preferred ETF from its inception (May 23, 2016) to October 31, 2023 as compared with the S&P U.S. High Quality Preferred Stock Index and the S&P U.S. Preferred Stock Index.

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 0.47%. For the most recent performance, please visit the Fund’s website at innovatoretfs.com.

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, S&P U.S. High Quality Preferred Stock Index and S&P U.S. Preferred Stock Index include the reinvestment of all dividends, if any.

The S&P U.S. High Quality Preferred Stock Index is designed to provide exposure to U.S. - listed preferred stocks that meet a minimum size, liquidity, type of issuance, and quality criteria.

The S&P U.S. Preferred Stock Index generally represents the U.S. preferred stock market.

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.

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/EPRF.

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Laddered Allocation Power Buffer ETF from its inception (October 19, 2016) to October 31, 2023 as compared with the S&P 500® Index.

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 gross and net expense ratios of the Fund were 0.99% and 0.89%, respectively. This expense ratio includes acquired fund fees and expenses of 0.79%. For the most recent performance, please visit the Fund’s website at innovatoretfs.com.

The Refinitiv Laddered Power Buffer Strategy Index is equally weighted in the shares of the twelve Innovator U.S. Equity Power Buffer ETFs which each respectively seek to provide a defined outcome based upon the performance of the S&P 500® Index - Price Return over the course of an approximately one-year time period that begins on the first trading day of the month indicated in the respective ETF's name. Each Innovator U.S. Equity Power Buffer ETF seeks to provide an upside return that is capped for an applicable outcome period and a measure of downside protection from losses for such outcome period. The Index seeks to provide "laddered" investing in the twelve Innovator U.S. Equity Power Buffer ETFs. Laddered investing refers to investments in several similar securities that have different reset dates, with the goal of mitigating timing risks associated with investing in a single investment.

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

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/BUFF.

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Laddered Allocation Buffer ETF from its inception (February 8, 2022) to October 31, 2023 as compared with the S&P 500® Index.

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 gross and net expense ratios of the Fund were 0.99% and 0.89%, respectively. This expense ratio includes acquired fund fees and expenses of 0.79%. For the most recent performance, please visit the Fund’s website at innovatoretfs.com.

The MerQube U.S. Large Cap Equity Buffer Laddered Index is equally weighted in the shares of the twelve Innovator U.S. Equity Buffer ETFs which each respectively seek to provide a defined outcome based upon the performance of the S&P 500® Index - Price Return over the course of an approximately one-year time period that begins on the first trading day of the month indicated in the respective ETF's name. Each Innovator U.S. Equity Buffer ETF seeks to provide an upside return that is capped for an applicable outcome period and a measure of downside protection from losses for such outcome period. The Index seeks to provide "laddered" investing in the twelve Innovator U.S. Equity Buffer ETFs. Laddered investing refers to investments in several similar securities that have different reset dates, with the goal of mitigating timing risks associated with investing in a single investment.

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

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/BUFB.

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Buffer Step-Up Strategy ETF from its inception (March 7, 2022) to October 31, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

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 0.89%. For the most recent performance, please visit the Fund’s website at innovatoretfs.com.

The line graph and performance table does 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.

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/BSTP.

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Power Buffer Step-Up Strategy ETF from its inception (March 7, 2022) to October 31, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

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 0.89%. For the most recent performance, please visit the Fund’s website at innovatoretfs.com.

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

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/PSTP.

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Hedged TSLA Strategy ETF from its inception (July 25, 2022) to October 31, 2023 as compared with Tesla, Inc. and the NASDAQ-100 Index - Price Return and Total Return.

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.

The line graph and performance table does 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, Tesla Inc. and NASDAQ-100 Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the NASDAQ-100 Index - Price Return do not include the reinvestment of dividends, if any.

The NASDAQ-100 Index includes 100 of the largest domestic and international non-financial companies listed on the Nasdaq Stock Market based on market capitalization. The NASDAQ-100 Price Index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnologies. It does not contain securities of financial companies including investment companies.

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/TSLH.

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Uncapped Accelerated U.S. Equity ETF from its inception (August 10, 2022) to October 31, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

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.

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

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/XUSP.

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Equity Managed Floor ETF from its inception (November 8, 2022) to October 31, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

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 0.89%. For the most recent performance, please visit the Fund’s website at innovatoretfs.com.

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

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

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Gradient Tactical Rotation Strategy ETF from its inception (November 16, 2022) to October 31, 2023 as compared with the S&P Global Broad Market Index - Total Return and S&P 500® Index - Total Return.

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 0.80%. For the most recent performance, please visit the Fund’s website at innovatoretfs.com.

The S&P Global Broad Market Index is a market capitalization-weighted index providing a broad measure of global equities markets.

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

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/IGTR.

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 period and held for the entire period from May 1, 2023 to October 31, 2023 for each Fund.

The first line under each Fund in the following table provides information about actual account values and actual expenses. You may use the information in this line, 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.

The second line under each Fund in 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. Therefore, the second line under the Fund in the table is useful in comparing the ongoing Fund 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.

^(b) All or a portion of this security is on loan as of October 31, 2023. The total value of securities on loan is $632,357, or 5.44% of net assets. See Note 6.

^(c) Represents annualized seven-day yield as of the end of the reporting period.

^(d) 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, 2023.

^(b) All or a portion of this security is on loan as of October 31, 2023. The total value of securities on loan is $5,879,477, or 17.47% of net assets. See Note 6.

^(c) To the extent that the Index concentrates in the securities of issuers in a particular industry or sector, the Fund will also concentrate its investments to approximately the same extent.

^(d) Represents annualized seven-day yield as of the end of the reporting period.

^(e) 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, 2023.

^(b) All or a portion of this security is on loan as of October 31, 2023. The total value of securities on loan is $7,352,266, or 7.51% of net assets. See Note 6.

^(c) To the extent that the Index concentrates in the securities of issuers in a particular industry or sector, the Fund will also concentrate its investments to approximately the same extent.

^(d)Represents annualized seven-day yield as of the end of the reporting period.

^(e)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, 2023.

^(b) All or a portion of this security is on loan as of October 31, 2023. The total value of securities on loan is $3,665,523, or 1.26% of net assets. See Note 6.

^(c) Represents annualized seven-day yield as of the end of the reporting period.

^(d)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, 2023.

^(b)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, 2023.

^(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, 2023.

^(b) Purchased option contracts are held in connection with corresponding option contracts written short.

^(d)All or a portion of the security is pledged as collateral in connection with options written contracts.

^(e)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, 2023.

^(b) Purchased option contracts are held in connection with corresponding option contracts written short.

^(b) All or a portion of this security is on loan as of October 31, 2023. The total value of securities on loan is $10,305,885, or 10.63% of net assets. See Note 6.

^(d)All or a portion of the security is pledged as collateral in connection with options written contracts.

^(e) Represents annualized seven-day yield as of the end of the reporting period.

^(f)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, 2023.

^(b) All or a portion of this security is on loan as of October 31, 2023. The total value of securities on loan is $819,642, or 0.45% of net assets. See Note 6.

^(c) Represents annualized seven-day yield as of the end of the reporting period.

^(e)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, 2023.

^(a) Does not include the impact of the expenses of the underlying funds in which the Fund invests.

^(b)Net investment income/(loss) per share has been calculated based on average shares outstanding during the period.

^(d)Excludes in-kind transactions associated with creations and redemptions of the Funds.

^(e)Recognition of net investment income by the Funds are affected by the timing of the declaration of dividends by the underlying investment companies in which the Funds invest. This ratio does not include net investment income of the underlying investment companies in which the Funds invest.

^(c) Net investment income/(loss) per share has been calculated based on average shares outstanding during the period.

^(d) The period ended October 31, 2019 consists of one month due to the Fund's fiscal year end change.

^(e)Excludes in-kind transactions associated with creations and redemptions of the Funds.

^(g)The period ended October 31, 2019 consists of seven months due to the Fund's fiscal year end change.

^(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.

^(j) Does not include the impact of the expenses of the underlying funds in which the Funds invest.

^(k) Recognition of net investment income by the Funds are affected by the timing of the declaration of dividends by the underlying investment companies in which the Funds invest. This ratio does not include net investment income of the underlying investment companies in which the Funds invest.

^(c) Net investment income/(loss) per share has been calculated based on average shares outstanding during the period.

^(e)Excludes in-kind transactions associated with creations and redemptions of the Funds.

^(c) Net investment income/(loss) per share has been calculated based on average shares outstanding during the period.

^(f)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.

^(g)Excludes in-kind transactions associated with creations and redemptions of the Funds.

^(c)Net investment income/(loss) per share has been calculated based on average shares outstanding during the period.

^(f)Excludes in-kind transactions associated with creations and redemptions of the Funds.

^(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.

^(h)Does not include the impact of the expenses of the underlying funds in which the Fund invests.

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. Effective April 1, 2023, LOUP’s name was changed from Innovator Loup Frontier Tech ETF to Innovator Deepwater Frontier Tech ETF. The Trust currently consists of multiple operational series, of which twelve are covered in this report, collectively the (“Funds”):

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. FFTY, BOUT, LOUP, BSTP, PSTP, SFLR and IGTR list and principally trade their shares on NYSE Arca, Inc. (“NYSE”), EPRF, BUFF, BUFB, TSLH and XUSP list and principally trade their shares on Cboe BZX Exchange, Inc. (“Cboe BZX”).

BSTP and PSTP employ a “step-up strategy” in which the sub-adviser will seek to opportunistically manage the respective Fund’s investment exposure by periodically terminating its FLEX Options investments earlier than its one-year expiration date and immediately reset the respective Fund’s options portfolio for a new one-year period. The “step-up strategy” seeks to help a Fund’s shareholder offset the timing risks inherent in owning an options package for one year. BSTP, PSTP, TSLH and XUSP do not pursue a “defined outcome strategy” or seek to achieve the full one-year investment outcomes of the options portfolio held. Unlike other Innovator ETFs that utilize a defined outcome investment strategy, they do not seek to provide shareholders with a set buffer percentage and maximum upside potential over any specified time period.

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”.

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”).

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, exchange traded funds 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. Units of Mount Vernon Liquid Assets Portfolio, LLC are not traded on an exchange and are valued at the investment company’s net asset value per share as provided by the underlying fund’s administrator. 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.

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:

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.

The following table summarizes valuation of the Funds’ investments under the fair value hierarchy as of October 31, 2023:

See the Schedules of Investments for the investments detailed by industry classification.

There were no Level 3 investments for the Funds during the year or period ended October 31.

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”).

BSTP, PSTP, TSLH and XUSP 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.

BSTP, PSTP, TSLH and XUSP 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.

When BSTP, PSTP, TSLH and XUSP 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 BSTP, PSTP, TSLH and XUSP 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. BSTP, PSTP, TSLH and XUSP, 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 BSTP, PSTP, TSLH and XUSP are fully funded and cash settled, therefore balance sheet offsetting under U.S. GAAP does not apply.

BSTP, PSTP, TSLH and XUSP 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.

The value of derivative instruments on the Statements of Assets and Liabilities for the Funds as of October 31, 2023 are as follows:

The effect of derivative instruments on the Statements of Operations for the year or period ended October 31, 2023:

The average volume of derivative activity during the year or period ended October 31, 2023, is as follows:

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.

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.

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 or period ended October 31, 2023, 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, the Funds did not have a liability for any unrecognized tax benefits. As of October 31, 2023, 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 2019, as applicable.

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 or period ended October 31, 2023, the Funds made the following permanent book–to–tax reclassifications primarily related to net operating loss forfeiture, redemptions in kind and the utilization of earnings and profits distributed to shareholders on redemptions of shares:

Distributions to shareholders are recorded on the ex–dividend date. FFTY, BOUT, LOUP, BUFF, BUFB, BSTP, PSTP, TSLH, XUSP and IGTR intend to pay out dividends from their net investment income, if any, annually. EPRF and SFLR intends to pay out dividends from its net investment income, if any, monthly and quarterly, respectively. 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 a return of capital.

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 or, in the case of foreign securities, as soon as the Funds are informed of the ex–dividend dates. Interest income, including accretion of discounts and amortization of premiums is recognized on an accrual basis using the effective yield method.

Distributions received from investments in master limited partnerships (“MLPs”), closed–end funds, real estate investment trusts (“REITs”) and royalty trusts are comprised of ordinary income, capital gains and return of capital. For financial statement purposes, estimates are used to characterize these distributions received as return of capital, capital gains or ordinary income. Such estimates are based on historical information available from each MLP, closed–end fund, REIT or royalty trust and other industry sources. These estimates may subsequently be revised and reflected on the Form 1099 received by shareholders based on information received for the security after its tax reporting periods are concluded, as the actual character of these distributions is not known until after the fiscal year end. The distributions received from MLPs, REITs, closed–end funds, and royalty trust securities that have been classified as income and capital gains are included in dividend income and net realized gain/(loss) on investments, respectively, on the Statements of Operations. The distributions received that are classified as return of capital reduce the cost of investments on the Statements of Assets and Liabilities.

Purchases and sales of investments and dividend and interest income are translated into U.S. dollars using the spot market rates of exchange prevailing on the respective dates of such translations. The gain or loss resulting from changes in foreign exchange rates is included with net realized and unrealized gain or loss from investments, as appropriate. Foreign securities and currency transactions may involve certain considerations and risks not typically associated with those of domestic origin. Foreign securities are recorded in the financial statements after translation to U.S. dollars based on the applicable exchange rate at the end of the period. The Funds report certain foreign currency–related transactions as components of realized gains or losses for financial reporting purposes, whereas such components are treated as ordinary income for federal income tax purposes.

Innovator Capital Management, LLC (the “Adviser”) acts as investment adviser to the Funds pursuant to investment advisory agreements between the Trust and the Adviser with respect to the Funds (“Advisory Agreements”) and, pursuant to the Advisory Agreements, is responsible for the day–to–day management of the Funds.

Pursuant to an investment advisory agreement between the Trust and the Adviser with respect to FFTY, FFTY pays monthly the Adviser a management fee calculated daily based on the average daily net assets of the Fund.

Pursuant to an investment advisory agreement between the Trust and the Adviser with respect to the Funds, excluding FFTY, each respective Fund pays monthly the Adviser a unitary fee calculated daily based on the average daily net assets of the Fund. During the term of the Advisory Agreement, the Adviser pays all expenses of the respective 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.

Penserra Capital Management, LLC (“Penserra"), Milliman Financial Risk Management, LLC (“Milliman”), Parametric Portfolio Associates (“Parametric”), and Gradient Investments, LLC (“Gradient”)(collectively the “Sub–Advisers”) act as sub–adviser to the Funds pursuant to sub–advisory agreements between the Adviser and respective Sub–Adviser with respect to the Funds (“Sub–Advisory Agreements”) and, pursuant to the Sub–Advisory Agreements, are responsible for execution of the Sub– Adviser’s strategy for each of the Funds. The Sub–Advisers are responsible for the day–to–day management of the Fund’s portfolios. Pursuant to the Sub–Advisory Agreements between the Adviser and the respective Sub–Adviser, the Adviser pays the Sub–Advisers a fee, based on the Funds’ average daily net assets, for the services and facilities they provide payable on a monthly basis.

Certain trustees and officers of the Trust are affiliated with the Adviser. Excluding FFTY, Trustee compensation is paid for by the Adviser.

Pursuant to the Advisory Agreement between the Trust and the Adviser with respect to BUFF and BUFB, the Adviser has agreed to waive unitary fees of 0.10% of average daily net assets of the respective Fund beginning February 9, 2022 until June 30, 2024. The waiver may be terminated by action of the Trust’s board at any time upon 60 days written notice by the Trust, on behalf of the Funds, or by the adviser on or after June 30, 2024. The Adviser is not entitled to recoup any of the fees that it waived.

The Trust entered into an Expense Limitation Agreement on behalf of FFTY with the Adviser. Under the terms of the Expense Limitation Agreement with FFTY, the Adviser contractually agreed to waive their advisory fees and/or assume as their own expense, certain expenses otherwise payable by the Fund to the extent necessary to ensure that total annual fund operating expenses (excluding any Rule 12b–1 fees, taxes, interest, brokerage fees, acquired fund fees and expenses, expenses incurred in connection with any merger, reorganization or proxy solicitation, litigation, and other extraordinary expenses) do not exceed 0.80% of average daily net assets of FFTY until August 31, 2024. Pursuant to the terms of the Expense Limitation Agreement, Innovator is entitled to recoup any fees that it waived and/or Fund expenses that it paid for a period of three years following such fee waivers and/or expense payments. The Fund may only make such repayment to the Adviser if, after the recoupment payment has been taken into account, it does not cause the Fund’s expense ratio to exceed either the expense cap in place at the time the expenses were waived or the Fund’s current expense cap. For the year ended October 31, 2023, the Adviser waived $256,501
of their advisory fees for FFTY without recouping any of their previously waived fees. The table below indicates the amount of fees that the Adviser may recoup:

^* Recoupment expires on a rolling monthly basis three years following the respective fee waivers.

For the year or period ended October 31, 2023, the cost of purchases and proceeds from sales of investment securities, other than in–kind purchases and sales and short–term investments were as follows:

For the year or period ended October 31, 2023, in–kind transactions associated with creations and redemptions were as follows:

Net capital gains or losses resulting from in–kind redemptions are excluded for the Funds’ taxable gains and are not distributed to shareholders.

There are 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 applicable 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 shares, called “Creation Units.” Creation Units are issued and redeemed for cash or in–kind for securities included in a specified universe. 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.

The Funds, excluding BSTP, PSTP, TSLH and XUSP, may lend up to 33^1/3% of the value of the securities in their respective portfolios to brokers, dealers and financial institutions (but not individuals) under terms of participation in a securities lending program administered by the securities lending agent. The Trust has entered into a Securities Lending Agreement (“SLA”) with U.S. Bank, N.A., the Funds’ custodian (the “Agent”). Under the terms of the SLA, the Funds may lend securities to certain broker–dealers and banks in exchange for collateral in the amount of at least 102% of the value of U.S. securities loaned or at least 105% of the value of non–U.S. securities loaned, marked to market daily. The collateral can be received in the form of cash collateral and/or non–cash collateral. Non–cash collateral can include U.S. Government Securities and letters of credit. The cash collateral is invested in the Mount Vernon Liquid Assets Portfolio, LLC (“Mount Vernon”), as noted in the Funds’ Schedules of Investments. Mount Vernon seeks to maximize current income to the extent consistent with the preservation of capital and liquidity; and to maintain a stable NAV of $1.00. Mount Vernon has an overnight and continuous maturity. The market value of the loaned securities is determined daily at the close of business of the Funds and any additional required collateral is delivered to the Funds on the next business day. The Funds continue to benefit from interest or dividends on the securities loaned and may also earn a return from the collateral. The Funds pay various fees in connection with the investment of cash collateral. The Funds pay the Agent fees based on the investment income received from securities lending activities. Although risk is mitigated by the collateral, the Funds could experience a delay in recovering their securities and possible loss of income or value if the borrower fails to return them. In the event of a borrower’s material default, the Agent shall take all actions the Agent deems appropriate to liquidate the collateral, purchase replacement securities at the Agents’ expense, or pay the Funds an amount equal to the market value of the loaned securities, subject to certain limitations.

As of October 31, 2023, the values of the securities on loan, cash collateral received, and fees and interest were as follows:

Due to the absence of a master netting agreement related to the applicable Funds’ participation in securities lending, no additional offsetting disclosures have been made on behalf of the Funds for the total borrowings listed above.

At October 31, 2023, the cost of investments and net unrealized appreciation/ (depreciation) for federal income tax purposes were as follows:

The differences between book basis and tax basis cost on investments and net unrealized appreciation/(depreciation) are primarily attributable to wash sale loss deferrals, investments in PFICs, and tax treatment of derivatives.

As of October 31, 2023, the components of distributable earnings/(accumulated deficit) on a tax basis were as follows:

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, 2023, the Funds deferred the following qualified late year ordinary losses:

At October 31, 2023, for federal income tax purposes, the Funds had capital loss carryforwards available to offset future capital gains for an unlimited period as indicated below:

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, 2023, BUFF utilized $4,111 of short-term capital loss carryforwards. All other Funds did not utilize capital loss carryforwards during the current tax year ended October 31, 2023.

The tax character of the distributions paid by the Funds during the fiscal years or period ended October 31, 2023 and October 31, 2022 were as follows:

All other Funds did not pay any distributions during the fiscal years ended October 31, 2023 and October 31, 2022.

BUFF and BUFB had the following transactions during the year ended October 31, 2023 with affiliated companies:

The beneficial ownership, either directly or indirectly, of 25% or more of the voting securities of the Fund creates presumption of control of the Fund, under section 2(a)(9) of the Investment Company Act of 1940. As of October 31, 2023, an affiliate of the Funds owned shares in the secondary market of more than 25% of TSLH shares.

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.

We have audited the accompanying statements of assets and liabilities, including the schedules of investments and options written, of Innovator IBD® 50 ETF, Innovator IBD® Breakout Opportunities ETF, Innovator Deepwater Frontier Tech ETF (formerly Innovator Loup Frontier Tech ETF), Innovator S&P Investment Grade Preferred ETF, Innovator Laddered Allocation Power Buffer ETF, Innovator Laddered Allocation Buffer ETF, Innovator Buffer Step-Up Strategy ETF, Innovator Power Buffer Step-Up Strategy ETF, Innovator Hedged TSLA Strategy ETF, and Innovator Uncapped Accelerated U.S. Equity ETF, Innovator Equity Managed Floor ETF and Innovator Gradient Tactical Rotation Strategy ETF (the “Funds”), each a series of Innovator ETFs Trust, as of October 31, 2023, 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, 2023, 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.

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 31,2023, 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.

The Statement of Additional Information includes additional information about the Trustees and is available upon request, without charge, by calling 1–877–386–3890.

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:

At a quarterly Board meeting held on June 16, 2023, the Trust’s Board considered approval of the Advisory Agreement with Innovator Capital Management, LLC (the “Adviser”), on behalf of the Innovator IBD®50 ETF, Innovator IBD®Breakout Opportunities ETF, Innovator Deepwater Frontier Tech ETF, Innovator S&P Investment Grade Preferred ETF, Innovator Laddered Allocation Power Buffer ETF, Innovator Laddered Allocation Buffer ETF, Innovator Buffer Step-Up Strategy ETF, Innovator Power Buffer Step-Up Strategy ETF, Innovator Hedged TSLA Strategy ETF, and Innovator Uncapped Accelerated U.S. Equity ETF (the “Funds”), and the Sub-Advisory Agreements among the Trust, on behalf of the Funds, the Adviser, Penserra Capital Management LLC (“Penserra”), and Milliman Financial Risk Management LLC (“Milliman”)(collectively the “Sub–Advisers”), 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.

Board Considerations Regarding Approval of Investment
Management Agreement (Unaudited) (Continued)

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-Advisers 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-Advisers to the Funds (including the relevant personnel responsible for these services and their experience); the unitary fee rate or management 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-Advisers, including other ETFs managed by the Adviser and the Sub-Advisers; 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- Advisers; any fall-out benefits accruing to the Adviser or the Sub-Advisers; and information on the Adviser’s and the Sub-Advisers’ compliance programs. The Independent Trustees also met separately with their Independent Counsel to discuss the information provided by the Adviser and the Sub-Advisers. 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-Advisers are reasonable business arrangements from each Fund’s perspective as well as from the perspective of each Fund’s shareholders.

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 Sub–Advisers 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 Penserra and Milliman, as well as the background and experience of the persons responsible for such services. The Board noted that the Adviser oversees Penserra’s and 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, Penserra’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 agreements, the Board reviewed the materials provided by the Sub–Advisers and noted the background and experience of both Penserra’s and Milliman’s portfolio management teams and each Sub–Adviser’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, Penserra, and Milliman under the agreements were satisfactory.

The Board considered the historical investment performance of each of the Funds for the respective one, three and five-year periods ended March 31, 2023 including NAV, market and respective index returns.

The Board reviewed the annual tracking error (NAV return to index return) for each of the applicable Funds that track an index.

Board Considerations Regarding Approval of Investment
Management Agreement (Unaudited) (Continued)

The Adviser noted that index tracking error may be most impacted by index methodologies which rebalance frequently, and many indexes rebalance their constituents annually or quarterly, whereas, notably, FFTY rebalances weekly. The Adviser further explained that more frequent rebalancing activity may generally result in greater tracking error of the ETF to an index, as portfolio turnover may take greater time for managing execution and price sensitivity. It was further noted that frequent rebalances also increase trading costs, including in connection with custom baskets, and cash drag may be amplified as compared to the index performance.

The Adviser explained that these factors which may contribute to higher tracking error may also apply to LOUP, which includes international holdings for its technology exposure. The Adviser noted that in those instances where selecting an ADR over direct listed exposures from harder-to-access markets may demonstrate divergence in performance, and as an optimized portfolio LOUP may also be more sensitive to diverge from the underlying index when excluding one position in favor of another. In addition, it was noted that ETFs which hold preferred securities, such as EPRF, tend to have slightly larger tracking error.

The Board considered the unitary fee rate or management fee rate, as applicable, paid by each Fund under the investment management agreement for the services provided.

The Board noted that except for the Innovator IBD 50®ETF, 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, Penserra, and Milliman to other funds (including ETFs) and non-fund clients, as applicable.

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 or management fee for each of the Funds, including the fee rate to be paid by the Adviser to the Sub–Advisers from the unitary fee or management fee, was fair.

Board Considerations Regarding Approval of Investment
Management Agreement (Unaudited) (Continued)

The Board noted that the respective unitary fee or management fee for each of the Funds was 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, Penserra, and Milliman, but that the unitary fee and management 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 noted that costs associated with higher-than-industry average index license fees, the construction and execution of index methodology, and the necessary cost for an experienced sub-adviser also impact the costs of offering the Funds.

The Board considered potential “fall-out” or ancillary benefits anticipated to be received by the Adviser, Penserra, and Milliman. The Board concluded that the character and amount of potential fall-out benefits to the Adviser, Penserra, 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, and individual Trustees may have evaluated the information presented differently from one another, attributing different weights to various factors.

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.

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.

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.

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.

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.

For the fiscal year or period ended October 31, 2023, certain dividends paid by the Funds may be subject to a maximum tax rate of 23.8%, as provided for the Jobs and Growth Tax Relief Reconciliation Act of 2003.

The following table lists the percentages of dividend income distributed for the year or period ended October 31, 2023, that were designated as qualified dividend income under the Jobs and Growth Tax Relief Reconciliation Act of 2003 and qualify for the corporate dividends received deduction, respectively:

For the taxable year ended October 31, 2023, the Funds didn’t pay any ordinary income distributions that were designated as short–term capital gain distributions under Internal Revenue Section 871(k)2(c).

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 11, 2023, 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.

The Fund seeks to match the price returns of the iShares MSCI Emerging Markets ETF (EEM) up to a stated upside Cap, while limiting downside losses to EEM by the amount of its stated Buffer over the course of the Outcome Period. Because the periods contemplated herein do not align with the Outcome Period of the Funds, the Funds’ performance stated over the periods covered by this report does not reflect the implementation of the Funds’ investment strategy for the full Outcome Period.

In markets where the MSCI Emerging Markets Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Funds to soften market losses during the reporting periods and outperform the MSCI Emerging Markets Index. Alternatively, in markets where the MSCI Emerging Markets Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting periods by virtue of the Fund’s Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than EEM.

The year ending October 31^st, 2023 saw moderate growth from the MSCI Emerging Markets Index, driven by strong performance through Q4 2022 and January 2023 as EM economies benefited from the prospect of deglobalization. However, rising interest rates in the US throughout 2023 delivered a shock to EM debt, increasing borrowing costs and presenting a headwind to economic growth.

The Funds’ website, www.innovatoretfs.com, provides important information relating to each Fund, including potential Outcomes of an investment in the Fund. One cannot invest directly in an index. Past performance does not guarantee future results.

The Fund seeks to match the price returns of the iShares MSCI EAFE ETF (EFA) up to a stated upside Cap, while limiting downside losses to EFA by the amount of its stated Buffer over the course of the Outcome Period. Because the periods contemplated herein do not align with the Outcome Period of the Funds, the Funds’ performance stated over the periods covered by this report does not reflect the implementation of the Funds’ investment strategy for the full Outcome Period.

In markets where the MSCI EAFE Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Funds to soften market losses during the reporting periods and outperform the MSCI EAFE Index. Alternatively, in markets where the MSCI EAFE Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting periods by virtue of the Fund’s Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than EFA.

The MSCI EAFE Index delivered strong performance over the year ending October 31^st, 2023. Performance was especially strong over the first three quarters, driven in part by a weaker U.S. dollar. As borrowing costs rose and expectations shifted toward higher for longer interest rates in Q3 2023, international developed economies posted losses as investors repositioned for potential macroeconomic headwinds.

The Fund seeks to match the price returns of the iShares 20+ Year U.S. Treasury ETF (TLT) up to a stated upside Cap, while limiting downside losses to TLT by the amount of its stated Buffer over the course of the Outcome Period. Because the periods contemplated herein do not align with the Outcome Period of the Funds, the Funds’ performance stated over the periods covered by this report does not reflect the implementation of the Funds’ investment strategy for the full Outcome Period.

In markets where the I.C.E US Treasury 20+ Year Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Funds to soften market losses during the reporting periods and outperform the I.C.E US Treasury 20+ Year Index. Alternatively, in markets where the I.C.E US Treasury 20+ Year Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting periods by virtue of the Fund’s Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than TLT.

The year ending October 31^st, 2023 was difficult for 20+ Year Treasuries given the restrictive macroeconomic environment. Longer dated fixed income instruments carry the most interest rate risk – and as the Fed continued to hike rates, 20+ Year Treasuries posted further price losses.

The Fund seeks to match the price returns of the iShares 20+ Year U.S. Treasury ETF (TLT) up to a stated upside Cap, while limiting downside losses to TLT by the amount of its stated Floor over the course of the Outcome Period. Because the periods contemplated herein do not align with the Outcome Period of the Funds, the Funds’ performance stated over the periods covered by this report does not reflect the implementation of the Funds’ investment strategy for the full Outcome Period.

In markets where the I.C.E US Treasury 20+ Year Index is down, the risk mitigation attributes of the stated Floor provide an opportunity for the Funds to soften market losses during the reporting periods and outperform the I.C.E US Treasury 20+ Year Index. Alternatively, in markets where the I.C.E US Treasury 20+ Year Index is appreciating, the risk mitigation attributes of the Floor may limit the upside performance over the reporting periods by virtue of the Fund’s Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Floor will also cause the Fund to experience different returns than TLT.

The year ending October 31^st, 2023 was difficult for 20+ Year Treasuries given the restrictive macroeconomic environment. Longer dated fixed income instruments carry the most interest rate risk – and as the Fed continued to hike rates, 20+ Year Treasuries posted further price losses.

The Fund seeks to match the price returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated upside Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period. Because the periods contemplated herein do not align with the Outcome Period of the Funds, the Funds’ performance stated over the periods covered by this report does not reflect the implementation of the Funds’ investment strategy for the full Outcome Period.

The Fund seeks to match the price returns of the SPDR S&P 500 ETF Trust (SPY), plus any positive returns of one or two additional benchmark ETFs, up to a stated upside Cap, over the course of the Outcome Period. Because the periods contemplated herein do not align with the Outcome Period of the Funds, the Funds’ performance stated over the periods covered by this report does not reflect the implementation of the Funds’ investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the Fund will generally provide similar losses to the S&P 500 Index plus any benchmark ETF gains at the end of the Outcome Period, subject to the Cap. Alternatively, in markets where the S&P 500 Index or the benchmark ETFs are appreciating, the Fund seeks to provide returns of SPY plus benchmark ETF gains, limited by the Fund’s Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than SPY and the benchmark ETFs.

The Fund seeks to match the price returns of the SPDR S&P 500 ETF Trust (SPY), plus any positive returns of one or two additional benchmark ETFs, up to a stated upside Cap while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period. Because the periods contemplated herein do not align with the Outcome Period of the Funds, the Funds’ performance stated over the periods covered by this report does not reflect the implementation of the Funds’ investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Funds to soften market losses during the reporting periods and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index or the benchmark ETFs are appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting periods by virtue of the Fund’s Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than SPY and the benchmark ETFs.

The S&P 500 Index delivered strong positive returns over the year ending October 31st, 2023 -- largely driven by the performance of the "Magnificent 7" stocks as well as expectations of more accommodative monetary policy in the near future.

The Fund seeks to match the price returns of the Invesco QQQ Trust (QQQ) up to a stated upside Cap, while limiting downside losses to QQQ by the amount of its stated Buffer over the course of the Outcome Period. Because the periods contemplated herein do not align with the Outcome Period of the Funds, the Funds’ performance stated over the periods covered by this report does not reflect the implementation of the Funds’ investment strategy for the full Outcome Period.

In markets where the Nasdaq-100 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Funds to soften market losses during the reporting periods and outperform the Nasdaq-100 Index. Alternatively, in markets where the Nasdaq-100 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting periods by virtue of the Fund’s Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than QQQ.

The Nasdaq-100 Index posted strong positive performance over the year ending October 31st, 2023 as the technology industry continued to deliver strong earnings despite higher interest rates. With the Fed reaching the end of its hiking cycle, investor excitement about more accommodative monetary policy in the future delivered further tailwinds to the index which is highly concentrated in Magnificent 7 companies.

The Fund seeks to match the price returns of the iShares Russell 2000 ETF (IWM) up to a stated upside Cap, while limiting downside losses to IWM by the amount of its stated Buffer over the course of the Outcome Period. Because the periods contemplated herein do not align with the Outcome Period of the Funds, the Funds’ performance stated over the periods covered by this report does not reflect the implementation of the Funds’ investment strategy for the full Outcome Period.

In markets where the Russell 2000 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Funds to soften market losses during the reporting periods and outperform the Russell 2000 Index. Alternatively, in markets where the Russell 2000 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting periods by virtue of the Fund’s Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than IWM.

The Russell 2000 Index posted sluggish growth over the year ending October 31^st, 2023. Small cap companies, which tend to be more vulnerable to monetary policy actions, delivered mixed results as companies digested the costs of higher interest rates.

The Funds seek to provide accelerated returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated Cap over the course of the Outcome Period. Because the periods contemplated herein do not align with the Outcome Period of the Funds, the Funds’ performance stated over the periods covered by this report does not reflect the implementation of the Funds’ investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the Fund will generally provide similar losses to the S&P 500 Index at the end of the Outcome Period. Alternatively, in markets where the S&P 500 Index is appreciating, the Funds seek to provide accelerated returns of SPY, limited by the Fund’s Cap, which limits the amount of potential accelerated Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap may also cause the Fund to experience different returns than SPY.

The S&P 500 index delivered strong positive returns over the year ending October 31st, 2023 -- largely driven by the performance of the "Magnificent 7" stocks as well as expectations of more accommodative monetary policy in the near future.

The Funds seek to provide accelerated returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period. Because the periods contemplated herein do not align with the Outcome Period of the Funds, the Funds’ performance stated over the periods covered by this report does not reflect the implementation of the Funds’ investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Funds to soften market losses during the reporting periods and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside accelerated performance over the reporting periods by virtue of the Fund’s Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than SPY.

The Funds seek to provide accelerated returns of the Invesco QQQ Trust (QQQ) up to a stated Cap over the course of the Outcome Period. Because the periods contemplated herein do not align with the Outcome Period of the Funds, the Funds’ performance stated over the periods covered by this report does not reflect the implementation of the Funds’ investment strategy for the full Outcome Period.

In markets where the Nasdaq-100 Index is down, the Fund will generally provide similar losses to the Nasdaq-100 Index at the end of the Outcome Period. Alternatively, in markets where the Nasdaq-100 Index is appreciating, the Funds seek to provide accelerated returns of QQQ, limited by the Fund’s Cap, which limits the amount of potential accelerated Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap may also cause the Fund to experience different returns than QQQ.

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Emerging Markets Power Buffer ETF - January from its inception (December 31, 2019) to October 31, 2023 as compared with the MSCI Emerging Markets Index - Price Return and Total Return.

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 0.89%. For the most recent performance, please visit the Fund’s website at innovatoretfs.com.

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 MSCI Emerging Markets Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the MSCI Emerging Markets Index - Price Return do not include the reinvestment of dividends, if any.

The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.

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/EJAN.

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Emerging Markets Power Buffer ETF - April from its inception (March 31, 2021) to October 31, 2023 as compared with the MSCI Emerging Markets Index - Price Return and Total Return.

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 0.89%. For the most recent performance, please visit the Fund’s website at innovatoretfs.com.

The line graph and performance table does 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 MSCI Emerging Markets Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the MSCI Emerging Markets Index - Price Return do not include the reinvestment of dividends, if any.

The MSCI Emerging Markets Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of emerging markets.

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/EAPR.

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Emerging Markets Power Buffer ETF - July from its inception (June 28, 2019) to October 31, 2023 as compared with the MSCI Emerging Markets Index – Price Return and Total Return.

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 0.89%. For the most recent performance, please visit the Fund’s website at innovatoretfs.com.

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 MSCI Emerging Markets Index – Total Return include the reinvestment of all dividends, if any. Returns shown for the MSCI Emerging Markets Index – Price Return do not include the reinvestment of dividends, if any.

The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.

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/EJUL.

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Emerging Markets Power Buffer ETF - October from its inception (September 30, 2021) to October 31, 2023 as compared with the MSCI Emerging Markets Index - Price Return and Total Return.

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 0.89%. For the most recent performance, please visit the Fund’s website at innovatoretfs.com.

The line graph and performance table does 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 MSCI Emerging Markets Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the MSCI Emerging Markets Index - Price Return do not include the reinvestment of dividends, if any.

The MSCI Emerging Markets Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of emerging markets.

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/EOCT.

The following chart compares the value of a hypothetical $10,000 investment in the Innovator International Developed Power Buffer ETF - January from its inception (December 31, 2019) to October 31, 2023 as compared with the MSCI EAFE Index - Price Return and Total Return.

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 0.85%. For the most recent performance, please visit the Fund’s website at innovatoretfs.com.

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 MSCI EAFE Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the MSCI EAFE Index - Price Return do not include the reinvestment of dividends, if any.

The MSCI EAFE Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada.

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/IJAN.

The following chart compares the value of a hypothetical $10,000 investment in the Innovator International Developed Power Buffer ETF - April from its inception (March 31, 2021) to October 31, 2023 as compared with the MSCI EAFE Index - Price Return and Total Return.

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 0.85%. For the most recent performance, please visit the Fund’s website at innovatoretfs.com.

The line graph and performance table does 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 MSCI EAFE Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the MSCI EAFE Index - Price Return do not include the reinvestment of dividends, if any.

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/IAPR.

The following chart compares the value of a hypothetical $10,000 investment in the Innovator International Developed Power Buffer ETF - July from its inception (June 28, 2019) to October 31, 2023 as compared with the MSCI EAFE Index – Price Return and Total Return.

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 0.85%. For the most recent performance, please visit the Fund’s website at innovatoretfs.com.

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 MSCI EAFE Index – Total Return include the reinvestment of all dividends, if any. Returns shown for the MSCI EAFE Index – Price Return do not include the reinvestment of dividends, if any.

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/IJUL.

The following chart compares the value of a hypothetical $10,000 investment in the International Developed Power Buffer ETF – September from its inception (August 31, 2023) to October 31, 2023 as compared with the MSCI EAFE Index – Price Return and Total Return.

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 0.85%. For the most recent performance, please visit the Fund’s website at innovatoretfs.com.

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 MSCI EAFE Index – Total Return include the reinvestment of all dividends, if any. Returns shown for the MSCI EAFE Index – Price Return do not include the reinvestment of dividends, if any.

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/ISEP.

The following chart compares the value of a hypothetical $10,000 investment in the Innovator International Developed Power Buffer ETF - October from its inception (September 30, 2021) to October 31, 2023 as compared with the MSCI EAFE Index - Price Return and Total Return.

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 0.85%. For the most recent performance, please visit the Fund’s website at innovatoretfs.com.

The line graph and performance table does 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 MSCI EAFE Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the MSCI EAFE Index - Price Return do not include the reinvestment of dividends, if any.

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/IOCT.

The following chart compares the value of a hypothetical $10,000 investment in the Innovator 20+ Year Treasury Bond 9 Buffer ETF - July from its inception (August 17, 2020) to October 31, 2023 as compared with the ICE U.S. Treasury 20+ Year Index - Total Return.

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.

The ICE U.S. Treasury 20+ Year Bond Index is market value weighted and is designed to include U.S. dollar denominated, fixed rate U.S. Treasury market securities with minimum term to maturity greater than or equal to twenty years.

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/TBJL.

The following chart compares the value of a hypothetical $10,000 investment in the Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly from its inception (August 17, 2020) to October 31, 2023 as compared with the ICE U.S. Treasury 20+ Year Index - Total Return.

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.

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/TFJL.

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Defined Wealth Shield ETF from its inception (June 30, 2021) to October 31, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

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 0.69%. For the most recent performance, please visit the Fund’s website at innovatoretfs.com.

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.

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/BALT.

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Double Stacker ETF - January from its inception (December 31, 2020) to October 31, 2023 as compared with the S&P 500® Index - Total Return, S&P 500® Index - Price Return and NASDAQ-100 Index - Price Return.

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.

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 and NASDAQ-100 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.

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/DSJA.

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Triple Stacker ETF - January from its inception (December 31, 2020) to October 31, 2023 as compared with the S&P 500® Index - Total Return, S&P 500® Index - Price Return, NASDAQ-100 Index - Price Return and Russell 2000 Index - Price Return.

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.

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, NASDAQ 100 Index - Price Return and Russell 2000 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 Russell 2000 Index is a float-adjusted capitalization-weighted index of equity securities issued by the approximately 2,000 smallest issuers in the Russell 3000 Index. The Russell 2000 Price Index measures the performance of the small-capitalization sector of the U.S. equity market, as defined by FTSE Russell. The Russell 2000 Price Index is a subset of the Russell 3000 Index, which measures the performance of the broad U.S. equity market, as defined by FTSE Russell.

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/TSJA.

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Double Stacker 9 Buffer ETF - January from its inception (December 31, 2020) to October 31, 2023 as compared with the S&P 500® Index - Total Return, S&P 500® Index - Price Return and NASDAQ-100 Index - Price Return.

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.

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 and NASDAQ 100 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.

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/DBJA.

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Growth-100 Power Buffer ETF - January from its inception (December 31, 2019) to October 31, 2023 as compared with the NASDAQ-100 Index - Price Return and Total Return.

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.

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 NASDAQ-100 Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the NASDAQ-100 Index - Price Return do not include the reinvestment of dividends, if any.

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/NJAN.

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Growth-100 Power Buffer ETF - April from its inception (March 31, 2020) to October 31, 2023 as compared with the NASDAQ-100 Index - Price Return and Total Return.

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.

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 NASDAQ-100 Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the NASDAQ-100 Index - Price Return do not include the reinvestment of dividends, if any.

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/NAPR.

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Growth-100 Power Buffer ETF - July from its inception (June 30, 2020) to October 31, 2023 as compared with the NASDAQ-100 Index - Price Return and Total Return.

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.

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 NASDAQ-100 Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the NASDAQ-100 Index - Price Return do not include the reinvestment of dividends, if any.

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/NJUL.

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Growth-100 Power Buffer ETF - October from its inception (September 30, 2019) to October 31, 2023 as compared with the NASDAQ-100 Index - Price Return and Total Return.

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.

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 NASDAQ-100 Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the NASDAQ-100 Index - Price Return do not include the reinvestment of dividends, if any.

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/NOCT.

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Small Cap Power Buffer ETF - January from its inception (December 31, 2019) to October 31, 2023 as compared with the Russell 2000 Index - Price Return and Total Return.

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.

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 Russell 2000 Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the Russell 2000 Index - Price Return do not include the reinvestment of dividends, if any.

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/KJAN.

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Small Cap Power Buffer ETF - April from its inception (March 31, 2020) to October 31, 2023 as compared with the Russell 2000 Index - Price Return and Total Return.

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.

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 Russell 2000 Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the Russell 2000 Index - Price Return do not include the reinvestment of dividends, if any.

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/KAPR.

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Small Cap Power Buffer ETF - July from its inception (June 30, 2020) to October 31, 2023 as compared with the Russell 2000 Index - Price Return and Total Return.

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.

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 Russell 2000 Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the Russell 2000 Index - Price Return do not include the reinvestment of dividends, if any.

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/KJUL.

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Small Cap Power Buffer ETF - October from its inception (September 30, 2019) to October 31, 2023 as compared with the Russell 2000 Index - Price Return and Total Return.

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.

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 Russell 2000 Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the Russell 2000 Index - Price Return do not include the reinvestment of dividends, if any.

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/KOCT.

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Accelerated ETF - January from its inception (December 31, 2021) to October 31, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

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.

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

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/XDJA.

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Accelerated ETF - April from its inception (March 31, 2021) to October 31, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

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.

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.

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/XDAP.

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Accelerated ETF - July from its inception (June 30, 2021) to October 31, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

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.

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.

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/XDJL.

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Accelerated ETF - October from its inception (September 30, 2021) to October 31, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

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.

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

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/XDOC.

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Accelerated Plus ETF - January from its inception (December 31, 2021) to October 31, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

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.

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

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/XTJA.

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Accelerated Plus ETF - April from its inception (March 31, 2021) to October 31, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

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.

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.

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/XTAP.

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Accelerated Plus ETF - July from its inception (June 30, 2021) to October 31, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

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.

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.

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/XTJL.

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Accelerated Plus ETF - October from its inception (September 30, 2021) to October 31, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

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.

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

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/XTOC.

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Accelerated 9 Buffer ETF - January from its inception (December 31, 2021) to October 31, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

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.

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

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/XBJA.

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Accelerated 9 Buffer ETF - April from its inception (March 31, 2021) to October 31, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

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.

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.

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/XBAP.

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Accelerated 9 Buffer ETF - July from its inception (June 30, 2021) to October 31, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

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.

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.

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/XBJL.

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Accelerated 9 Buffer ETF - October from its inception (September 30, 2021) to October 31, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

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.

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

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/XBOC.

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Growth Accelerated Plus ETF - January from its inception (December 31, 2021) to October 31, 2023 as compared with the NASDAQ-100 Index - Price Return and Total Return.

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.

The line graph and performance table does 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 NASDAQ-100 Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the NASDAQ-100 Index - Price Return do not include the reinvestment of dividends, if any.

retail/wholesale trade and biotechnologies. It does not contain securities of financial companies including investment companies.

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/QTJA.

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Growth Accelerated Plus ETF - April from its inception (March 31, 2021) to October 31, 2023 as compared with the NASDAQ-100 Index - Price Return and Total Return.

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.

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 NASDAQ-100 Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the NASDAQ-100 Index - Price Return do not include the reinvestment of dividends, if any.

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/QTAP.

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Growth Accelerated Plus ETF - July from its inception (June 30, 2021) to October 31, 2023 as compared with the NASDAQ-100 Index - Price Return and Total Return.

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.

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 NASDAQ-100 Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the NASDAQ-100 Index - Price Return do not include the reinvestment of dividends, if any.

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/QTJL.

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Growth Accelerated Plus ETF - October from its inception (September 30, 2021) to October 31, 2023 as compared with the NASDAQ-100 Index - Price Return and Total Return.

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.

The line graph and performance table does 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 NASDAQ-100 Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the NASDAQ-100 Index - Price Return do not include the reinvestment of dividends, if any.

retail/wholesale trade and biotechnologies. It does not contain securities of financial companies including investment companies.

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/QTOC.

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Accelerated ETF - Quarterly from its inception (March 31, 2021) to October 31, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

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.

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.

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/XDSQ.

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Growth Accelerated ETF - Quarterly from its inception (March 31, 2021) to October 31, 2023 as compared with the NASDAQ-100 Index - Price Return and Total Return.

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.

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 NASDAQ-100 Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the NASDAQ-100 Index - Price Return do not include the reinvestment of dividends, if any.

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/XDQQ.

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Equity Defined Protection ETF - 2 Yr to July 2025 from its inception (July 17, 2023) to October 31, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

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.

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.

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/TJUL.

The Example is based on an investment of $1,000 invested at the beginning of the respective period and held for the entire respective period from May 1, 2023 to October 31, 2023 for each Fund.

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.

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 (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 forty-three are covered in this report, collectively the (“Funds”):

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 Innovator International Developed and Emerging Markets ETFs list and principally trade their shares on NYSE Arca (“NYSE”). All other Innovator ETFs included in this report each, respectively, list and principally trade their shares on Cboe BZX Exchange, Inc. (“Cboe BZX”).

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.

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.

The following table summarizes valuation of the Funds’ investments under the fair value hierarchy levels as of October 31, 2023:

There were no Level 3 investments for the Funds during the year or period ended October 31, 2023.

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.

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.

The value of derivative instruments on the Statements of Assets and Liabilities for the Funds as of October 31, 2023 are as follows:

The effect of derivative instruments on the Statements of Operations for the year or period ended October 31, 2023:

The average volume of derivative activity during the year or period ended October 31, 2023, is as follows:

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 or period ended October 31, 2023, 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, 2023, the Funds did not have a liability for any unrecognized tax benefits. As of October 31, 2023, 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.

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 or period ended October 31, 2023, the Funds made the following permanent book-to-tax reclassifications due to net operating losses and redemption in-kind transactions:

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 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.

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, IJAN, IAPR, IJUL, ISEP, IOCT, and INOV each pay monthly the Adviser a unitary fee calculated daily based on the average daily net assets of the Fund at the annual rate of 0.85%, EJAN, EAPR, EJUL and EOCT each pay monthly the Adviser a unitary fee calculated daily based on the average daily net assets of the Fund at the annual rate of 0.89%, BALT pays monthly the Adviser a unitary fee calculated daily based on the average daily net assets of the Fund at the annual rate of 0.69%. All other Innovator ETFs included in this report each, respectively, pay monthly the Adviser a unitary fee calculated daily based on the average daily net assets of each 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.

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.

For the year or period ended October 31, 2023, TJUL had $213,651,375 and $8,875,967 of long-term purchases or proceeds of investment securities, respectively. All other Funds had no purchases or proceeds from long-term sales of investment securities.

For the year or period ended October 31, 2023, in-kind transactions associated with creations and redemptions were as follows:

There are 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 applicable 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 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.

At October 31, 2023, the cost of investments including options written and net unrealized appreciation/(depreciation) for federal income tax purposes were as follows:

At October 31, 2023, the components of distributable earnings/(accumulated deficit) on a tax basis were as follows:

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, 2023, the Funds deferred the following qualified late year ordinary losses:

At October 31, 2023, for federal income tax purposes, the Funds had capital loss carryforwards available to offset future capital gains for an unlimited period as indicated below:

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, 2023, the following capital loss carryforwards available were utilized:

All other Funds did not utilize any capital loss carryforwards during the fiscal year or period ended October 31, 2023.

The Funds did not pay any distributions during the fiscal years or periods ended October 31, 2023 and October 31, 2022, respectively.

We have audited the accompanying statements of assets and liabilities, including the schedules of investments and options written, of Innovator International Developed Power Buffer ETF - January, Innovator International Developed Power Buffer ETF - April, Innovator International Developed Power Buffer ETF - July, Innovator International Developed Power Buffer ETF - October, Innovator Emerging Markets Power Buffer ETF - January, Innovator Emerging Markets Power Buffer ETF - April, Innovator Emerging Markets Power Buffer ETF - July, Innovator Emerging Markets Power Buffer ETF - October, Innovator Growth-100 Power Buffer ETF - January, Innovator Growth-100 Power Buffer ETF - April, Innovator Growth-100 Power Buffer ETF - July, Innovator Growth-100 Power Buffer ETF - October, Innovator U.S. Small Cap Power Buffer ETF - January, Innovator U.S. Small Cap Power Buffer ETF - April, Innovator U.S. Small Cap Power Buffer ETF - July, Innovator U.S. Small Cap Power Buffer ETF - October, Innovator Double Stacker ETF - January, Innovator International Developed Power Buffer ETF – November, Innovator Triple Stacker ETF - January, Innovator Double Stacker 9 Buffer ETF - January, Innovator International Developed Power Buffer ETF - September, Innovator U.S. Equity Accelerated ETF - April, Innovator U.S. Equity Accelerated ETF - July, Innovator U.S. Equity Accelerated ETF - October, Innovator U.S. Equity Accelerated Plus ETF - April, Innovator U.S. Equity Accelerated Plus ETF - July, Innovator U.S. Equity Accelerated Plus ETF - October, Innovator U.S. Equity Accelerated 9 Buffer ETF - April, Innovator U.S. Equity Accelerated 9 Buffer ETF - July, Innovator U.S. Equity Accelerated 9 Buffer ETF - October, Innovator Growth Accelerated Plus ETF - April, Innovator Growth Accelerated Plus ETF - July, Innovator Growth Accelerated Plus ETF - October, Innovator 20+ Year Treasury Bond 9 Buffer ETF - July, Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly, Innovator Defined Wealth Shield ETF, Innovator U.S. Equity Accelerated ETF - Quarterly, Innovator Growth Accelerated ETF – Quarterly, Innovator U.S. Equity Accelerated ETF – January, Innovator U.S. Equity Accelerated Plus ETF – January, Innovator U.S. Equity Accelerated 9 Buffer ETF – January, Innovator Growth Accelerated Plus ETF - January, and Innovator Equity Defined Protection ETF – 2 Yr to July 2025 (the “Funds”), each a series of Innovator ETFs Trust, as of October 31, 2023, 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, 2023, 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.

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, 2023, 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.

The Statement of Additional Information includes additional information about the Trustees and is available upon request, without charge, by calling 1-877-386-3890.

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 International Developed Power Buffer ETF – January, April, July, October

Innovator Emerging Markets Power Buffer ETF – January, April, July, October

Innovator U.S. Small Cap Power Buffer ETF – January, April, July, October

Innovator U.S. Equity Accelerated Plus ETF – January, April, July, October

Innovator U.S. Equity Accelerated 9 Buffer ETF – January, April, July, October

At a quarterly Board meeting held on June 16, 2023, the Trust’s Board considered approval of the Advisory Agreement with Innovator Capital Management, LLC (the “Adviser”), on behalf of the Innovator International Developed Power Buffer ETF - January, April, July, October, Innovator Emerging Markets Power Buffer ETF - January, April, July, October, Innovator Growth-100 Power Buffer ETF - January, April, July, October, Innovator U.S. Small Cap Power Buffer ETF - January, April, July, October, Innovator Double Stacker ETF - January, Innovator Triple Stacker ETF - January, Innovator Double Stacker 9 Buffer ETF - January, Innovator 20+ Year Treasury Bond 9 Buffer ETF – July, Innovator 20+ Year Treasury Bond 5 Floor ETF – Quarterly, Innovator U.S. Equity Accelerated ETF - January, April, July, October, Innovator U.S. Equity Accelerated Plus ETF - January, April, July, October, Innovator U.S. Equity Accelerated 9 Buffer ETF - January, April, July, October, Innovator Growth Accelerated Plus ETF - January, April, July, October, Innovator Defined Wealth Shield ETF, Innovator U.S. Equity Accelerated ETF – Quarterly, and Innovator Growth Accelerated ETF – Quarterly (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.

Board Considerations Regarding Approval of Investment Management Agreement (Unaudited)

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.

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.

Board Considerations Regarding Approval of Investment Management Agreement (Unaudited)

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, 2023 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.

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.

Board Considerations Regarding Approval of Investment Management Agreement (Unaudited)

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.

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:

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 to be provided by the Adviser and the Sub-Adviser to the Funds (including the relevant personnel responsible for these services and their experience); the proposed 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 estimated expenses of the Funds as compared to expense ratios of the funds in the respective Fund’s peer group; the nature of the expenses to be 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.

Board Considerations Regarding Approval of Investment Management Agreement (Unaudited)

In evaluating whether to approve the agreements, the Board applied its business judgment and considered the nature, extent and quality of the services to be provided by the Adviser and Milliman pursuant to the agreements. With respect to the investment management agreement, the Board considered that the Adviser will be responsible for the overall management and administration of the Funds and reviewed all of the services to be 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 will oversee Milliman’s day-to-day management of each of the Fund’s investments, including portfolio risk monitoring and performance review. In reviewing the services to be 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 to be provided to the Funds by the Adviser and Milliman under the agreements were expected to be satisfactory.

Since the Funds had yet to commence investment operations, the Board could not consider the historical investment performance of the Funds.

The Board considered the proposed unitary fee rate payable by each Fund under the investment management agreement for the services to be provided. The Board noted that, under the unitary fee arrangement, ISEP and INOV would pay the Adviser a unitary fee equal to an annual rate of 0.85% of its average daily net assets, and TJUL would pay the Adviser a unitary fee equal to an annual rate of 0.79% of its average daily net assets. The Board considered that, from the unitary fee for each of the Funds, the Adviser would pay Milliman an annual sub-advisory fee equal to 0.12% on the Fund’s assets under management.

Board Considerations Regarding Approval of Investment Management Agreement (Unaudited)

The Board noted that the Adviser would be 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. In light of the information considered and the nature, extent and quality of the services expected to be provided to the Funds under the agreements, the Board determined that the proposed 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 proposed unitary fee for each of the Funds was 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.

Because the Funds have not yet commenced operations and the actual asset base of the Funds has not yet been determined, the Board noted that there was no historical profitability information with respect to the Funds to be reviewed. The Board noted that it would review profitability information in connection with subsequent renewals 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.

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.

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.

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.

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.

For the fiscal year ended October 31, 2023, 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, 2023, 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, 2023, 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%.

TABLE OF CONTENTS

Letter to Shareholders	3
Fund Performance	5
Expense Example	113
Schedules of Investments and Options Written	116
Statements of Assets and Liabilities	220
Statements of Operations	246
Statements of Changes in Net Assets	272
Financial Highlights	294
Notes to Financial Statements	320
Report of Independent Registered Public Accounting Firm	355
Trustees and Officers	362
Board Considerations Regarding Approval of Investment Management Agreement	364
Additional Information	373

Letter to Shareholders (Unaudited)

Dear Valued Shareholders,

Bruce Bond,

CEO

Letter to Shareholders (Unaudited) (Continued)

Market data sourced from Bloomberg LP

Investing involves risks. Loss of principal is possible.

Innovator ETFs are distributed by Foreside Fund Services, LLC.

Fund Performance Overview (Unaudited)

The performance overview below applies to the following funds:

●

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

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Innovator U.S. Equity Ultra Buffer ETF – March

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Innovator U.S. Equity Ultra Buffer ETF – April

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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

●

Innovator U.S. Equity Ultra Buffer ETF – December

●

Innovator U.S. Equity 5 to 15 Buffer ETF – Quarterly

●

Innovator U.S. Equity 10 Buffer ETF – Quarterly

Fund Performance Overview (Unaudited) (Continued)

The Fund seeks to match the price returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated upside Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period. Because the periods contemplated herein do not align with the Outcome Period of the Funds [(with the exception of [November funds)], the Funds’ performance stated over the periods covered by this report does not reflect the implementation of the Funds’ investment strategy for the full Outcome Period.

Fund Performance Overview (Unaudited) (Continued)

The performance overview below applies to the following funds:

●

Innovator Premium Income 10 Barrier ETF – April

●

Innovator Premium Income 20 Barrier ETF – April

●

Innovator Premium Income 30 Barrier ETF – April

●

Innovator Premium Income 40 Barrier ETF – April

●

Innovator Premium Income 10 Barrier ETF – July

●

Innovator Premium Income 20 Barrier ETF – July

●

Innovator Premium Income 30 Barrier ETF – July

●

Innovator Premium Income 40 Barrier ETF – July

●

Innovator Premium Income 10 Barrier ETF – October

●

Innovator Premium Income 10 Barrier ETF – October

●

Innovator Premium Income 10 Barrier ETF – October

●

Innovator Premium Income 10 Barrier ETF – October

The Funds seek to provide an income-oriented defined outcome strategy which limits the total return a Fund may provide over the course of the Outcome Period to the Defined Distribution Rate, while potentially limiting downside losses experienced by the S&P 500 Price Return Index (SPX) at the end of the Outcome Period through the implementation of a Barrier. Because the periods contemplated herein do not align with the Outcome Period of the Funds, the Funds’ performance stated over the periods covered by this report does not reflect the implementation of the Funds’ investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Barrier provide an opportunity for the Funds to soften market losses during the reporting periods and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the structure of the Fund’s investments is such that the Fund will not participate in the upside returns of such index, and the total return provided will be the Fund’s stated Defined Distribution Rate, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Defined Distribution Rate and the Barrier will cause the Fund to experience different returns than SPX.

Fund Performance Overview (Unaudited) (Continued)

The performance overview below applies to the following funds:

●

Innovator Premium Income 9 Buffer ETF – October

●

Innovator Premium Income 15 Buffer ETF – October

The Funds seek to provide an income-oriented defined outcome strategy which limits the total return a Fund may provide over the course of the Outcome Period to the Defined Distribution Rate, while potentially limiting downside losses experienced by the SPDR S&P 500 ETF Trust (SPY) at the end of the Outcome Period through the implementation of a Buffer. Because the periods contemplated herein do not align with the Outcome Period of the Funds, the Funds’ performance stated over the periods covered by this report does not reflect the implementation of the Funds’ investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Funds to soften market losses during the reporting periods and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the structure of the Fund’s investments is such that the Fund will not participate in the upside returns of such index, and the total return provided will be the Fund’s stated Defined Distribution Rate, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Defined Distribution Rate and the Buffer will cause the Fund to experience different returns than SPY.

INNOVATOR U.S. EQUITY BUFFER ETF – JANUARY

Fund Performance
October 31, 2023 (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, 2023 as compared with the S&P 500® Index – Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Buffer ETF - January
NAV Return		8.50	%		6.53	%		8.79	%
Market Return		8.55	%		6.45	%		8.79	%
S&P 500® Index - Price Return		8.31	%		8.65	%		11.24	%
S&P 500® Index - Total Return		10.14	%		10.36	%		13.14	%

^(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, 2023 (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/BJAN.

INNOVATOR U.S. EQUITY BUFFER ETF – FEBRUARY

Fund Performance

October 31, 2023 (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, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Buffer ETF - February
NAV Return		10.62	%		9.30	%		8.03	%
Market Return		10.65	%		9.55	%		8.03	%
S&P 500® Index - Price Return		8.31	%		8.65	%		7.25	%
S&P 500® Index - Total Return		10.14	%		10.36	%		9.01	%

^(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, 2023 (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/BFEB.

INNOVATOR U.S. EQUITY BUFFER ETF – MARCH

Fund Performance

October 31, 2023 (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, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Buffer ETF - March
NAV Return		11.89	%		8.56	%		9.03	%
Market Return		11.99	%		8.76	%		9.02	%
S&P 500® Index - Price Return		8.31	%		8.65	%		10.01	%
S&P 500® Index - Total Return		10.14	%		10.36	%		11.79	%

^(a)	Inception date is February 28, 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 – MARCH

Fund Performance

October 31, 2023 (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, 2023 (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, 2023 as compared with the S&P 500® Index – Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Buffer ETF - April
NAV Return		11.65	%		6.60	%		7.26	%
Market Return		11.91	%		6.70	%		7.25	%
S&P 500® Index - Price Return		8.31	%		8.65	%		8.91	%
S&P 500® Index - Total Return		10.14	%		10.36	%		10.75	%

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

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 – APRIL

Fund Performance
October 31, 2023 (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/BAPR.

INNOVATOR U.S. EQUITY BUFFER ETF – MAY

Fund Performance
October 31, 2023 (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, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Buffer ETF - May
NAV Return		5.29	%		3.11	%		5.19	%
Market Return		5.20	%		3.32	%		5.19	%
S&P 500® Index - Price Return		8.31	%		8.65	%		10.97	%
S&P 500® Index - Total Return		10.14	%		10.36	%		12.75	%

^(a)	Inception date is April 30, 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 – MAY

Fund Performance
October 31, 2023 (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, 2023 (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, 2023 as compared with the S&P 500® Index – Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Buffer ETF - June
NAV Return		5.69	%		3.40	%		5.68	%
Market Return		5.62	%		3.60	%		5.65	%
S&P 500® Index - Price Return		8.31	%		8.65	%		10.00	%
S&P 500® Index - Total Return		10.14	%		10.36	%		11.85	%

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

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 – JUNE

Fund Performance

October 31, 2023 (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/BJUN.

INNOVATOR U.S. EQUITY BUFFER ETF – JULY

Fund Performance

October 31, 2023 (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, 2023 as compared with the S&P 500® Index – Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Three Years			5 years			Since Inception ^(a)
Innovator U.S. Equity Buffer ETF - July
NAV Return		9.98	%		6.83	%		6.62	%		5.65	%
Market Return		10.03	%		6.81	%		6.64	%		5.66	%
S&P 500® Index - Price Return		8.31	%		8.65	%		9.11	%		7.41	%
S&P 500® Index - Total Return		10.14	%		10.36	%		11.01	%		9.27	%

^(a)	Inception date is August 28, 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 – JULY

Fund Performance

October 31, 2023 (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/BJUL.

INNOVATOR U.S. EQUITY BUFFER ETF – AUGUST

Fund Performance
October 31, 2023 (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, 2023 as compared with the S&P 500® Index – Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Buffer ETF - August
NAV Return		8.35	%		5.75	%		6.33	%
Market Return		8.12	%		6.05	%		6.32	%
S&P 500® Index - Price Return		8.31	%		8.65	%		8.36	%
S&P 500® Index - Total Return		10.14	%		10.36	%		10.18	%

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

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 – AUGUST

Fund Performance
October 31, 2023 (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/BAUG.

INNOVATOR U.S. EQUITY BUFFER ETF – SEPTEMBER

Fund Performance
October 31, 2023 (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, 2023 as compared with the S&P 500® Index – Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Buffer ETF - September
NAV Return		9.26	%		7.86	%		7.78	%
Market Return		9.31	%		7.95	%		7.77	%
S&P 500® Index - Price Return		8.31	%		8.65	%		9.01	%
S&P 500® Index - Total Return		10.14	%		10.36	%		10.82	%

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

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 – SEPTEMBER

Fund Performance
October 31, 2023 (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/BSEP.

INNOVATOR U.S. EQUITY BUFFER ETF – OCTOBER

Fund Performance
October 31, 2023 (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, 2023 as compared with the S&P 500® Index – Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Three Years			5 years			Since Inception ^(a)
Innovator U.S. Equity Buffer ETF - October
NAV Return		11.18	%		8.63	%		8.37	%		7.28	%
Market Return		11.15	%		8.69	%		8.47	%		7.29	%
S&P 500® Index - Price Return		8.31	%		8.65	%		9.11	%		7.41	%
S&P 500® Index - Total Return		10.14	%		10.36	%		11.01	%		9.27	%

^(a)	Inception date is September 28, 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 – OCTOBER

Fund Performance
October 31, 2023 (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, 2023 (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, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Buffer ETF - November
NAV Return		7.49	%		5.39	%		5.79	%
Market Return		7.38	%		5.32	%		5.80	%
S&P 500® Index - Price Return		8.31	%		8.65	%		8.40	%
S&P 500® Index - Total Return		10.14	%		10.36	%		10.20	%

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

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 – NOVEMBER

Fund Performance

October 31, 2023 (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, 2023 (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, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Buffer ETF - December
NAV Return		8.18	%		7.30	%		6.87	%
Market Return		8.16	%		7.51	%		6.86	%
S&P 500® Index - Price Return		8.31	%		8.65	%		7.65	%
S&P 500® Index - Total Return		10.14	%		10.36	%		9.41	%

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

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 – DECEMBER

Fund Performance
October 31, 2023 (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, 2023 (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, 2023 as compared with the S&P 500® Index – Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Power Buffer ETF - January
NAV Return		9.91	%		5.61	%		6.66	%
Market Return		9.89	%		5.72	%		6.63	%
S&P 500® Index - Price Return		8.31	%		8.65	%		11.24	%
S&P 500® Index - Total Return		10.14	%		10.36	%		13.14	%

^(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 POWER BUFFER ETF – JANUARY

Fund Performance
October 31, 2023 (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/PJAN.

INNOVATOR U.S. EQUITY POWER BUFFER ETF – FEBRUARY

Fund Performance
October 31, 2023 (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, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Power Buffer ETF - February
NAV Return		7.84	%		6.25	%		5.54	%
Market Return		7.99	%		6.45	%		5.55	%
S&P 500® Index - Price Return		8.31	%		8.65	%		7.25	%
S&P 500® Index - Total Return		10.14	%		10.36	%		9.01	%

^(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 POWER BUFFER ETF – FEBRUARY

Fund Performance
October 31, 2023 (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, 2023 (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, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Power Buffer ETF - March
NAV Return		9.24	%		6.60	%		6.85	%
Market Return		9.36	%		6.67	%		6.82	%
S&P 500® Index - Price Return		8.31	%		8.65	%		10.01	%
S&P 500® Index - Total Return		10.14	%		10.36	%		11.79	%

^(a)	Inception date is February 28, 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 POWER BUFFER ETF – MARCH

Fund Performance
October 31, 2023 (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, 2023 (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, 2023 as compared with the S&P 500® Index – Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Power Buffer ETF - April
NAV Return		8.78	%		4.45	%		4.97	%
Market Return		8.75	%		4.55	%		4.95	%
S&P 500® Index - Price Return		8.31	%		8.65	%		8.91	%
S&P 500® Index - Total Return		10.14	%		10.36	%		10.75	%

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

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 POWER BUFFER ETF – APRIL

Fund Performance
October 31, 2023 (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/PAPR.

INNOVATOR U.S. EQUITY POWER BUFFER ETF – MAY

Fund Performance

October 31, 2023 (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, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Power Buffer ETF - May
NAV Return		4.19	%		2.20	%		3.78	%
Market Return		3.88	%		2.39	%		3.74	%
S&P 500® Index - Price Return		8.31	%		8.65	%		10.97	%
S&P 500® Index - Total Return		10.14	%		10.36	%		12.75	%

^(a)	Inception date is April 30, 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 POWER BUFFER ETF – MAY

Fund Performance

October 31, 2023 (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, 2023 (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, 2023 as compared with the S&P 500® Index – Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Power Buffer ETF - June
NAV Return		4.54	%		2.43	%		4.70	%
Market Return		4.47	%		2.53	%		4.67	%
S&P 500® Index - Price Return		8.31	%		8.65	%		10.00	%
S&P 500® Index - Total Return		10.14	%		10.36	%		11.85	%

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

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 POWER BUFFER ETF – JUNE

Fund Performance
October 31, 2023 (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/PJUN.

INNOVATOR U.S. EQUITY POWER BUFFER ETF – JULY

Fund Performance

October 31, 2023 (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, 2023 as compared with the S&P 500® Index – Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Three Years			5 years			Since Inception ^(a)
Innovator U.S. Equity Power Buffer ETF - July
NAV Return		11.41	%		6.70	%		6.30	%		5.67	%
Market Return		11.22	%		6.82	%		6.30	%		5.66	%
S&P 500® Index - Price Return		8.31	%		8.65	%		9.11	%		7.60	%
S&P 500® Index - Total Return		10.14	%		10.36	%		11.01	%		9.48	%

^(a)	Inception date is August 7, 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 POWER BUFFER ETF – JULY

Fund Performance

October 31, 2023 (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/PJUL.

INNOVATOR U.S. EQUITY POWER BUFFER ETF – AUGUST

Fund Performance

October 31, 2023 (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, 2023 as compared with the S&P 500® Index – Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Power Buffer ETF - August
NAV Return		8.82	%		4.55	%		5.23	%
Market Return		8.53	%		4.70	%		5.21	%
S&P 500® Index - Price Return		8.31	%		8.65	%		8.36	%
S&P 500® Index - Total Return		10.14	%		10.36	%		10.18	%

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

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 POWER BUFFER ETF – AUGUST

Fund Performance
October 31, 2023 (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/PAUG.

INNOVATOR U.S. EQUITY POWER BUFFER ETF – SEPTEMBER

Fund Performance

October 31, 2023 (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, 2023 as compared with the S&P 500® Index – Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Power Buffer ETF - September
NAV Return		10.09	%		7.20	%		6.55	%
Market Return		10.29	%		7.29	%		6.58	%
S&P 500® Index - Price Return		8.31	%		8.65	%		9.01	%
S&P 500® Index - Total Return		10.14	%		10.36	%		10.82	%

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

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 POWER BUFFER ETF – SEPTEMBER

Fund Performance

October 31, 2023 (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/PSEP.

INNOVATOR U.S. EQUITY POWER BUFFER ETF – OCTOBER

Fund Performance

October 31, 2023 (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, 2023 as compared with the S&P 500® Index – Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Three Years			5 years			Since Inception ^(a)
Innovator U.S. Equity Power Buffer ETF - October
NAV Return		13.04	%		8.89	%		7.86	%		6.87	%
Market Return		13.22	%		8.78	%		7.74	%		6.89	%
S&P 500® Index - Price Return		8.31	%		8.65	%		9.11	%		7.41	%
S&P 500® Index - Total Return		10.14	%		10.36	%		11.01	%		9.27	%

^(a)	Inception date is September 28, 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 POWER BUFFER ETF – OCTOBER

Fund Performance

October 31, 2023 (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/POCT.

INNOVATOR U.S. EQUITY POWER BUFFER ETF – NOVEMBER

Fund Performance
October 31, 2023 (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, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Power Buffer ETF - November
NAV Return		7.50	%		5.73	%		6.03	%
Market Return		7.35	%		5.63	%		6.04	%
S&P 500® Index - Price Return		8.31	%		8.65	%		8.40	%
S&P 500® Index - Total Return		10.14	%		10.36	%		10.20	%

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

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 POWER BUFFER ETF – NOVEMBER

Fund Performance
October 31, 2023 (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, 2023 (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, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Power Buffer ETF - December
NAV Return		5.38	%		4.89	%		4.72	%
Market Return		5.41	%		4.93	%		4.68	%
S&P 500® Index - Price Return		8.31	%		8.65	%		7.65	%
S&P 500® Index - Total Return		10.14	%		10.36	%		9.41	%

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

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 POWER BUFFER ETF – DECEMBER

Fund Performance
October 31, 2023 (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, 2023 (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, 2023 as compared with the S&P 500® Index – Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Ultra Buffer ETF - January
NAV Return		8.93	%		4.31	%		5.30	%
Market Return		8.79	%		4.46	%		5.30	%
S&P 500® Index - Price Return		8.31	%		8.65	%		11.24	%
S&P 500® Index - Total Return		10.14	%		10.36	%		13.14	%

^(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 ULTRA BUFFER ETF - JANUARY

Fund Performance
October 31, 2023 (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/UJAN.

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - FEBRUARY

Fund Performance
October 31, 2023 (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, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Ultra Buffer ETF - February
NAV Return		2.85	%		2.85	%		2.70	%
Market Return		2.93	%		3.02	%		2.70	%
S&P 500® Index - Price Return		8.31	%		8.65	%		7.25	%
S&P 500® Index - Total Return		10.14	%		10.36	%		9.01	%

^(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 ULTRA BUFFER ETF - FEBRUARY

Fund Performance
October 31, 2023 (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, 2023 (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, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Ultra Buffer ETF - March
NAV Return		4.09	%		3.07	%		3.47	%
Market Return		3.88	%		3.22	%		3.46	%
S&P 500® Index - Price Return		8.31	%		8.65	%		10.01	%
S&P 500® Index - Total Return		10.14	%		10.36	%		11.79	%

^(a)	Inception date is February 28, 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 ULTRA BUFFER ETF - MARCH

Fund Performance
October 31, 2023 (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, 2023 (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, 2023 as compared with the S&P 500® Index – Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Ultra Buffer ETF - April
NAV Return		2.62	%		1.34	%		0.93	%
Market Return		2.61	%		1.41	%		0.94	%
S&P 500® Index - Price Return		8.31	%		8.65	%		8.91	%
S&P 500® Index - Total Return		10.14	%		10.36	%		10.75	%

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

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 ULTRA BUFFER ETF - APRIL

Fund Performance
October 31, 2023 (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/UAPR.

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - MAY

Fund Performance
October 31, 2023 (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, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Ultra Buffer ETF - May
NAV Return		3.83	%		0.82	%		1.86	%
Market Return		3.97	%		1.04	%		1.85	%
S&P 500® Index - Price Return		8.31	%		8.65	%		10.97	%
S&P 500® Index - Total Return		10.14	%		10.36	%		12.75	%

^(a)	Inception date is April 30, 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 ULTRA BUFFER ETF - MAY

Fund Performance
October 31, 2023 (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, 2023 (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, 2023 as compared with the S&P 500® Index – Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Ultra Buffer ETF - June
NAV Return		4.09	%		0.88	%		3.16	%
Market Return		4.06	%		1.05	%		3.17	%
S&P 500® Index - Price Return		8.31	%		8.65	%		10.00	%
S&P 500® Index - Total Return		10.14	%		10.36	%		11.85	%

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

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 ULTRA BUFFER ETF - JUNE

Fund Performance
October 31, 2023 (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/UJUN.

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - JULY

Fund Performance
October 31, 2023 (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, 2023 as compared with the S&P 500® Index – Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Three Years			5 years			Since Inception ^(a)
Innovator U.S. Equity Ultra Buffer ETF - July
NAV Return		8.78	%		2.95	%		3.76	%		3.20	%
Market Return		8.93	%		2.99	%		3.78	%		3.23	%
S&P 500® Index - Price Return		8.31	%		8.65	%		9.11	%		7.60	%
S&P 500® Index - Total Return		10.14	%		10.36	%		11.01	%		9.48	%

^(a)	Inception date is August 7, 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 ULTRA BUFFER ETF - JULY

Fund Performance
October 31, 2023 (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/UJUL.

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - AUGUST

Fund Performance
October 31, 2023 (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, 2023 as compared with the S&P 500® Index – Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Ultra Buffer ETF - August
NAV Return		8.32	%		1.75	%		3.13	%
Market Return		8.21	%		1.83	%		3.17	%
S&P 500® Index - Price Return		8.31	%		8.65	%		8.36	%
S&P 500® Index - Total Return		10.14	%		10.36	%		10.18	%

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

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 ULTRA BUFFER ETF - AUGUST

Fund Performance
October 31, 2023 (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/UAUG.

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - SEPTEMBER

Fund Performance
October 31, 2023 (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, 2023 as compared with the S&P 500® Index – Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Ultra Buffer ETF - September
NAV Return		9.93	%		3.80	%		4.10	%
Market Return		10.17	%		3.94	%		4.15	%
S&P 500® Index - Price Return		8.31	%		8.65	%		9.01	%
S&P 500® Index - Total Return		10.14	%		10.36	%		10.82	%

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

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 ULTRA BUFFER ETF - SEPTEMBER

Fund Performance
October 31, 2023 (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/USEP.

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - OCTOBER

Fund Performance
October 31, 2023 (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, 2023 as compared with the S&P 500® Index – Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Three Years			5 years			Since Inception ^(a)
Innovator U.S. Equity Ultra Buffer ETF - October
NAV Return		11.88	%		5.48	%		5.48	%		4.65	%
Market Return		11.89	%		5.48	%		5.39	%		4.69	%
S&P 500® Index - Price Return		8.31	%		8.65	%		9.11	%		7.41	%
S&P 500® Index - Total Return		10.14	%		10.36	%		11.01	%		9.27	%

^(a)	Inception date is September 28, 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 ULTRA BUFFER ETF - OCTOBER

Fund Performance
October 31, 2023 (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/UOCT.

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - NOVEMBER

Fund Performance
October 31, 2023 (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, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Ultra Buffer ETF - November
NAV Return		7.48	%		2.84	%		3.83	%
Market Return		7.47	%		2.72	%		3.83	%
S&P 500® Index - Price Return		8.31	%		8.65	%		8.40	%
S&P 500® Index - Total Return		10.14	%		10.36	%		10.20	%

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

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 ULTRA BUFFER ETF - NOVEMBER

Fund Performance
October 31, 2023 (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, 2023 (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, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Ultra Buffer ETF - December
NAV Return		2.34	%		1.90	%		2.17	%
Market Return		2.40	%		2.06	%		2.17	%
S&P 500® Index - Price Return		8.31	%		8.65	%		7.65	%
S&P 500® Index - Total Return		10.14	%		10.36	%		9.41	%

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

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 ULTRA BUFFER ETF - DECEMBER

Fund Performance
October 31, 2023 (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 PREMIUM INCOME 10 BARRIER ETF - APRIL

Fund Performance
October 31, 2023 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Premium Income 10 Barrier ETF - April from its inception (March 31, 2023) to October 31, 2023 as compared with the S&P 500® Index – Price Return and Total Return.

	Total Returns as of October 31, 2023
	Since Inception ^(a)
Innovator Premium Income 10 Barrier ETF - April
NAV Return		5.44	%
Market Return		5.46	%
S&P 500® Index - Price Return		2.06	%
S&P 500® Index - Total Return		2.97	%

^(a) Inception date is March 31, 2023.

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 PREMIUM INCOME 10 BARRIER ETF - APRIL

Fund Performance

October 31, 2023 (Unaudited) (Continued)

The line graph and performance table does 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/APRD.

INNOVATOR PREMIUM INCOME 20 BARRIER ETF - APRIL

Fund Performance
October 31, 2023 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Premium Income 20 Barrier ETF - April from its inception (March 31, 2023) to October 31, 2023 as compared with the S&P 500® Index – Price Return and Total Return.

	Total Returns as of October 31, 2023
	Since Inception ^(a)
Innovator Premium Income 20 Barrier ETF - April
NAV Return		5.04	%
Market Return		5.05	%
S&P 500® Index - Price Return		2.06	%
S&P 500® Index - Total Return		2.97	%

^(a)	Inception date is March 31, 2023.

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 PREMIUM INCOME 20 BARRIER ETF - APRIL

Fund Performance

October 31, 2023 (Unaudited) (Continued)

The line graph and performance table does 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/APRH.

INNOVATOR PREMIUM INCOME 30 BARRIER ETF - APRIL

Fund Performance

October 31, 2023 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Premium Income 30 Barrier ETF - April from its inception (March 31, 2023) to October 31, 2023 as compared with the S&P 500® Index – Price Return and Total Return.

	Total Returns as of October 31, 2023
	Since Inception ^(a)
Innovator Premium Income 30 Barrier ETF - April
NAV Return		4.23	%
Market Return		4.16	%
S&P 500® Index - Price Return		2.06	%
S&P 500® Index - Total Return		2.97	%

^(a)	Inception date is March 31, 2023.

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 PREMIUM INCOME 30 BARRIER ETF - APRIL

Fund Performance

October 31, 2023 (Unaudited) (Continued)

The line graph and performance table does 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/APRJ.

INNOVATOR PREMIUM INCOME 40 BARRIER ETF - APRIL

Fund Performance

October 31, 2023 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Premium Income 40 Barrier ETF - April from its inception (March 31, 2023) to October 31, 2023 as compared with the S&P 500® Index – Price Return and Total Return.

	Total Returns as of October 31, 2023
	Since Inception ^(a)
Innovator Premium Income 40 Barrier ETF - April
NAV Return		3.49	%
Market Return		3.25	%
S&P 500® Index - Price Return		2.06	%
S&P 500® Index - Total Return		2.97	%

^(a)	Inception date is March 31, 2023.

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 PREMIUM INCOME 40 BARRIER ETF - APRIL

Fund Performance

October 31, 2023 (Unaudited) (Continued)

The line graph and performance table does 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/APRQ.

INNOVATOR PREMIUM INCOME 10 BARRIER ETF - JULY

Fund Performance

October 31, 2023 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Premium Income 10 Barrier ETF – July from its inception (June 30, 2023) to October 31, 2023 as compared with the S&P 500® Index – Price Return and Total Return.

	Total Returns as of October 31, 2023
	Since Inception ^(a)
Innovator Premium Income 10 Barrier ETF - July
NAV Return		0.17	%
Market Return		0.17	%
S&P 500® Index - Price Return		-5.77	%
S&P 500® Index - Total Return		-5.31	%

^(a)	Inception date is June 30, 2023.

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 PREMIUM INCOME 10 BARRIER ETF - JULY

Fund Performance
October 31, 2023 (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/JULD.

INNOVATOR PREMIUM INCOME 20 BARRIER ETF - JULY

Fund Performance

October 31, 2023 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Premium Income 20 Barrier ETF – July from its inception (June 30, 2023) to October 31, 2023 as compared with the S&P 500® Index – Price Return and Total Return.

	Total Returns as of October 31, 2023
	Since Inception ^(a)
Innovator Premium Income 20 Barrier ETF - July
NAV Return		1.20	%
Market Return		1.26	%
S&P 500® Index - Price Return		-5.77	%
S&P 500® Index - Total Return		-5.31	%

^(a)	Inception date is June 30, 2023.

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 PREMIUM INCOME 20 BARRIER ETF - JULY

Fund Performance
October 31, 2023 (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/JULH.

INNOVATOR PREMIUM INCOME 30 BARRIER ETF - JULY

Fund Performance

October 31, 2023 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Premium Income 30 Barrier ETF – July from its inception (June 30, 2023) to October 31, 2023 as compared with the S&P 500® Index – Price Return and Total Return.

	Total Returns as of October 31, 2023
	Since Inception ^(a)
Innovator Premium Income 30 Barrier ETF - July
NAV Return		1.79	%
Market Return		1.84	%
S&P 500® Index - Price Return		-5.77	%
S&P 500® Index - Total Return		-5.31	%

^(a)	Inception date is June 30, 2023.

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 PREMIUM INCOME 30 BARRIER ETF - JULY

Fund Performance
October 31, 2023 (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/JULJ.

INNOVATOR PREMIUM INCOME 40 BARRIER ETF - JULY

Fund Performance

October 31, 2023 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Premium Income 40 Barrier ETF – July from its inception (June 30, 2023) to October 31, 2023 as compared with the S&P 500® Index – Price Return and Total Return.

	Total Returns as of October 31, 2023
	Since Inception ^(a)
Innovator Premium Income 40 Barrier ETF - July
NAV Return		1.82	%
Market Return		1.94	%
S&P 500® Index - Price Return		-5.77	%
S&P 500® Index - Total Return		-5.31	%

^(a)	Inception date is June 30, 2023.

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 PREMIUM INCOME 40 BARRIER ETF - JULY

Fund Performance
October 31, 2023 (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/JULQ.

INNOVATOR PREMIUM INCOME 10 BARRIER ETF - OCTOBER

Fund Performance

October 31, 2023 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Premium Income 10 Barrier ETF – October from its inception (September 29, 2023) to October 31, 2023 as compared with the S&P 500® Index – Price Return and Total Return.

	Total Returns as of October 31, 2023
	Since Inception ^(a)
Innovator Premium Income 10 Barrier ETF - October
NAV Return		-0.14	%
Market Return		-0.06	%
S&P 500® Index - Price Return		-2.20	%
S&P 500® Index - Total Return		-2.10	%

^(a)	Inception date is September 29, 2023.

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 PREMIUM INCOME 10 BARRIER ETF - OCTOBER

Fund Performance
October 31, 2023 (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/OCTD.

INNOVATOR PREMIUM INCOME 20 BARRIER ETF - OCTOBER

Fund Performance

October 31, 2023 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Premium Income 20 Barrier ETF – October from its inception (September 29, 2023) to October 31, 2023 as compared with the S&P 500® Index – Price Return and Total Return.

	Total Returns as of October 31, 2023
	Since Inception ^(a)
Innovator Premium Income 20 Barrier ETF - October
NAV Return		0.04	%
Market Return		0.15	%
S&P 500® Index - Price Return		-2.20	%
S&P 500® Index - Total Return		-2.10	%

^(a)	Inception date is September 29, 2023.

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 PREMIUM INCOME 20 BARRIER ETF - OCTOBER

Fund Performance
October 31, 2023 (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/OCTH.

100

INNOVATOR PREMIUM INCOME 30 BARRIER ETF - OCTOBER

Fund Performance

October 31, 2023 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Premium Income 30 Barrier ETF – October from its inception (September 29, 2023) to October 31, 2023 as compared with the S&P 500® Index – Price Return and Total Return.

	Total Returns as of October 31, 2023
	Since Inception ^(a)
Innovator Premium Income 30 Barrier ETF - October
NAV Return		0.17	%
Market Return		0.42	%
S&P 500® Index - Price Return		-2.20	%
S&P 500® Index - Total Return		-2.10	%

^(a)	Inception date is September 29, 2023.

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.

101

INNOVATOR PREMIUM INCOME 30 BARRIER ETF - OCTOBER

Fund Performance

October 31, 2023 (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/OCTJ.

102

INNOVATOR PREMIUM INCOME 40 BARRIER ETF - OCTOBER

Fund Performance

October 31, 2023 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Premium Income 40 Barrier ETF – October from its inception (September 29, 2023) to October 31, 2023 as compared with the S&P 500® Index – Price Return and Total Return.

	Total Returns as of October 31, 2023
	Since Inception ^(a)
Innovator Premium Income 40 Barrier ETF - October
NAV Return		0.17	%
Market Return		0.27	%
S&P 500® Index - Price Return		-2.20	%
S&P 500® Index - Total Return		-2.10	%

^(a)	Inception date is September 29, 2023.

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.

103

INNOVATOR PREMIUM INCOME 40 BARRIER ETF - OCTOBER

Fund Performance

October 31, 2023 (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/OCTQ.

104

INNOVATOR U.S. EQUITY 5 TO 15 BUFFER ETF - QUARTERLY

Fund Performance

October 31, 2023 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity 5 to 15 Buffer ETF – Quarterly from its inception (September 29, 2023) to October 31, 2023 as compared with the S&P 500® Index – Price Return and Total Return.

	Total Returns as of October 31, 2023
	Since Inception ^(a)
Innovator U.S. Equity 5 to 15 Buffer ETF - Quarterly
NAV Return		-1.49	%
Market Return		-1.37	%
S&P 500® Index - Price Return		-2.20	%
S&P 500® Index - Total Return		-2.10	%

^(a)	Inception date is September 29, 2023.

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 0.69%. For the most recent performance, please visit the Fund’s website at innovatoretfs.com.

105

INNOVATOR U.S. EQUITY 5 TO 15 BUFFER ETF - QUARTERLY

Fund Performance

October 31, 2023 (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/EALT.

106

INNOVATOR U.S. EQUITY 10 BUFFER ETF - QUARTERLY

Fund Performance

October 31, 2023 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity 10 Buffer ETF – Quarterly from its inception (September 29, 2023) to October 31, 2023 as compared with the S&P 500® Index – Price Return and Total Return.

	Total Returns as of October 31, 2023
	Since Inception ^(a)
Innovator U.S. Equity 10 Buffer ETF - Quarterly
NAV Return		-0.30	%
Market Return		-0.33	%
S&P 500® Index - Price Return		-2.20	%
S&P 500® Index - Total Return		-2.10	%

^(a)	Inception date is September 29, 2023.

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 0.69%. For the most recent performance, please visit the Fund’s website at innovatoretfs.com.

107

INNOVATOR U.S. EQUITY 10 BUFFER ETF - QUARTERLY

Fund Performance

October 31, 2023 (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/ZALT.

108

INNOVATOR PREMIUM INCOME 9 BUFFER ETF - OCTOBER

Fund Performance

October 31, 2023 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Premium Income 9 Buffer ETF – October from its inception (September 29, 2023) to October 31, 2023 as compared with the S&P 500® Index – Price Return and Total Return.

	Total Returns as of October 31, 2023
	Since Inception ^(a)
Innovator Premium Income 9 Buffer ETF - October
NAV Return		0.18	%
Market Return		0.32	%
S&P 500® Index - Price Return		-2.20	%
S&P 500® Index - Total Return		-2.10	%

^(a)	Inception date is September 29, 2023.

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.

109

INNOVATOR PREMIUM INCOME 9 BUFFER ETF - OCTOBER

Fund Performance

October 31, 2023 (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/HOCT.

110

INNOVATOR PREMIUM INCOME 15 BUFFER ETF - OCTOBER

Fund Performance

October 31, 2023 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Premium Income 15 Buffer ETF – October from its inception (September 29, 2023) to October 31, 2023 as compared with the S&P 500® Index – Price Return and Total Return.

	Total Returns as of October 31, 2023
	Since Inception ^(a)
Innovator Premium Income 15 Buffer ETF - October
NAV Return		0.32	%
Market Return		0.49	%
S&P 500® Index - Price Return		-2.20	%
S&P 500® Index - Total Return		-2.10	%

^(a)	Inception date is September 29, 2023.

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.

111

INNOVATOR PREMIUM INCOME 15 BUFFER ETF - OCTOBER

Fund Performance

October 31, 2023 (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/LOCT.

112

INNOVATOR ETFs TRUST

Expense Example

For the Period Ended October 31, 2023 (Unaudited)

The Example is based on an investment of $1,000 invested at the beginning of the respective period and held for the entire respective period to October 31, 2023 for each Fund.

Actual Expenses

					Expenses Paid
	Beginning		Ending		During the
	Account Value		Account Value		Period
Innovator U.S. Equity Buffer ETF - January (NAV)	$	1,000.00	$	1,007.20	$	4.00	^(a)
Innovator U.S. Equity Buffer ETF - February (NAV)		1,000.00		1,010.10		4.00	^(a)
Innovator U.S. Equity Buffer ETF - March (NAV)		1,000.00		1,013.70		4.01	^(a)
Innovator U.S. Equity Buffer ETF - April (NAV)		1,000.00		1,012.60		4.01	^(a)
Innovator U.S. Equity Buffer ETF - May (NAV)		1,000.00		1,013.30		4.01	^(a)
Innovator U.S. Equity Buffer ETF - June (NAV)		1,000.00		1,004.60		3.99	^(a)
Innovator U.S. Equity Buffer ETF - July (NAV)		1,000.00		1,023.80		4.03	^(a)
Innovator U.S. Equity Buffer ETF - August (NAV)		1,000.00		1,020.10		4.02	^(a)
Innovator U.S. Equity Buffer ETF - September (NAV)		1,000.00		1,019.70		4.02	^(a)
Innovator U.S. Equity Buffer ETF - October (NAV)		1,000.00		1,017.50		4.02	^(a)
Innovator U.S. Equity Buffer ETF - November (NAV)		1,000.00		998.40		3.98	^(a)
Innovator U.S. Equity Buffer ETF - December (NAV)		1,000.00		999.70		3.98	^(a)
Innovator U.S. Equity Power Buffer ETF - January (NAV)		1,000.00		1,017.30		4.02	^(a)
Innovator U.S. Equity Power Buffer ETF - February (NAV)		1,000.00		1,014.30		4.01	^(a)
Innovator U.S. Equity Power Buffer ETF - March (NAV)		1,000.00		1,020.30		4.02	^(a)
Innovator U.S. Equity Power Buffer ETF - April (NAV)		1,000.00		1,016.40		4.02	^(a)
Innovator U.S. Equity Power Buffer ETF - May (NAV)		1,000.00		1,016.90		4.02	^(a)
Innovator U.S. Equity Power Buffer ETF - June (NAV)		1,000.00		1,005.80		3.99	^(a)
Innovator U.S. Equity Power Buffer ETF - July (NAV)		1,000.00		1,036.50		4.06	^(a)
Innovator U.S. Equity Power Buffer ETF - August (NAV)		1,000.00		1,032.30		4.05	^(a)
Innovator U.S. Equity Power Buffer ETF - September (NAV)		1,000.00		1,031.60		4.05	^(a)
Innovator U.S. Equity Power Buffer ETF - October (NAV)		1,000.00		1,045.10		4.07	^(a)
Innovator U.S. Equity Power Buffer ETF - November (NAV)		1,000.00		1,000.70		3.98	^(a)
Innovator U.S. Equity Power Buffer ETF - December (NAV)		1,000.00		996.20		3.97	^(a)
Innovator U.S. Equity Ultra Buffer ETF - January (NAV)		1,000.00		1,021.30		4.02	^(a)
Innovator U.S. Equity Ultra Buffer ETF - February (NAV)		1,000.00		1,009.90		4.00	^(a)
Innovator U.S. Equity Ultra Buffer ETF - March (NAV)		1,000.00		1,016.10		4.01	^(a)
Innovator U.S. Equity Ultra Buffer ETF - April (NAV)		1,000.00		1,010.60		4.00	^(a)
Innovator U.S. Equity Ultra Buffer ETF - May (NAV)		1,000.00		1,009.40		4.00	^(a)
Innovator U.S. Equity Ultra Buffer ETF - June (NAV)		1,000.00		1,006.10		3.99	^(a)
Innovator U.S. Equity Ultra Buffer ETF - July (NAV)		1,000.00		1,012.90		4.01	^(a)

113

INNOVATOR ETFs TRUST

Expense Example

For the Period Ended October 31, 2023 (Unaudited) (Continued)

					Expenses Paid
	Beginning		Ending		During the
	Account Value		Account Value		Period
Innovator U.S. Equity Ultra Buffer ETF - August (NAV)		1,000.00		1,037.20		4.06	^(a)
Innovator U.S. Equity Ultra Buffer ETF - September (NAV)		1,000.00		1,036.10		4.05	^(a)
Innovator U.S. Equity Ultra Buffer ETF - October (NAV)		1,000.00		1,042.20		4.07	^(a)
Innovator U.S. Equity Ultra Buffer ETF - November (NAV)		1,000.00		1,009.30		4.00	^(a)
Innovator U.S. Equity Ultra Buffer ETF - December (NAV)		1,000.00		995.40		3.97	^(a)
Innovator Premium Income 10 Barrier ETF - April (NAV)		1,000.00		1,054.40		4.09	^(a)
Innovator Premium Income 20 Barrier ETF - April (NAV)		1,000.00		1,050.40		4.08	^(a)
Innovator Premium Income 30 Barrier ETF - April (NAV)		1,000.00		1,036.90		4.06	^(a)
Innovator Premium Income 40 Barrier ETF - April (NAV)		1,000.00		1,030.70		4.04	^(a)
Innovator Premium Income 10 Barrier ETF - July (NAV)		1,000.00		1,001.70		2.62	^(b)
Innovator Premium Income 20 Barrier ETF - July (NAV)		1,000.00		1,012.00		2.63	^(b)
Innovator Premium Income 30 Barrier ETF - July (NAV)		1,000.00		1,017.90		2.64	^(b)
Innovator Premium Income 40 Barrier ETF - July (NAV)		1,000.00		1,018.20		2.64	^(b)
Innovator Premium Income 10 Barrier ETF - October (NAV)		1,000.00		998.60		0.65	^(c)
Innovator Premium Income 20 Barrier ETF - October (NAV)		1,000.00		1,000.40		0.65	^(c)
Innovator Premium Income 30 Barrier ETF - October (NAV)		1,000.00		1,001.70		0.65	^(c)
Innovator Premium Income 40 Barrier ETF - October (NAV)		1,000.00		1,001.70		0.65	^(c)
Innovator U.S. Equity 5 to 15 Buffer ETF - Quarterly (NAV)		1,000.00		985.10		0.56	^(d)
Innovator U.S. Equity 10 Buffer ETF - Quarterly (NAV)		1,000.00		997.00		0.57	^(d)
Innovator Premium Income 9 Buffer ETF - October (NAV)		1,000.00		1,001.80		0.65	^(c)
Innovator Premium Income 15 Buffer ETF - October (NAV)		1,000.00		1,003.20		0.65	^(c)

^(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).

^(b)	Expenses are equal to the Fund’s annualized expense ratio (0.79%), multiplied by the average account value over the period, multiplied by 121/365 (to reflect the period since the Fund's inception).

^(c)	Expenses are equal to the Fund’s annualized expense ratio (0.79%), multiplied by the average account value over the period, multiplied by 31/365 (to reflect the period since the Fund's inception).

^(d)	Expenses are equal to the Fund’s annualized expense ratio (0.69%), multiplied by the average account value over the period, multiplied by 31/365 (to reflect the period since the Fund's inception).

Hypothetical Example for Comparison Purposes

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.

114

INNOVATOR ETFs TRUST

Expense Example

For the Period Ended October 31, 2023 (Unaudited) (Continued)

					Expenses Paid
	Beginning		Ending		During the
	Account Value		Account Value		Period
Innovator U.S. Equity Buffer ETF - January (NAV)	$	1,000.00	$	1,021.22	$	4.02	^(a)
Innovator U.S. Equity Buffer ETF - February (NAV)		1,000.00		1,021.22		4.02	^(a)
Innovator U.S. Equity Buffer ETF - March (NAV)		1,000.00		1,021.22		4.02	^(a)
Innovator U.S. Equity Buffer ETF - April (NAV)		1,000.00		1,021.22		4.02	^(a)
Innovator U.S. Equity Buffer ETF - May (NAV)		1,000.00		1,021.22		4.02	^(a)
Innovator U.S. Equity Buffer ETF - June (NAV)		1,000.00		1,021.22		4.02	^(a)
Innovator U.S. Equity Buffer ETF - July (NAV)		1,000.00		1,021.22		4.02	^(a)
Innovator U.S. Equity Buffer ETF - August (NAV)		1,000.00		1,021.22		4.02	^(a)
Innovator U.S. Equity Buffer ETF - September (NAV)		1,000.00		1,021.22		4.02	^(a)
Innovator U.S. Equity Buffer ETF - October (NAV)		1,000.00		1,021.22		4.02	^(a)
Innovator U.S. Equity Buffer ETF - November (NAV)		1,000.00		1,021.22		4.02	^(a)
Innovator U.S. Equity Buffer ETF - December (NAV)		1,000.00		1,021.22		4.02	^(a)
Innovator U.S. Equity Power Buffer ETF - January (NAV)		1,000.00		1,021.22		4.02	^(a)
Innovator U.S. Equity Power Buffer ETF - February (NAV)		1,000.00		1,021.22		4.02	^(a)
Innovator U.S. Equity Power Buffer ETF - March (NAV)		1,000.00		1,021.22		4.02	^(a)
Innovator U.S. Equity Power Buffer ETF - April (NAV)		1,000.00		1,021.22		4.02	^(a)
Innovator U.S. Equity Power Buffer ETF - May (NAV)		1,000.00		1,021.22		4.02	^(a)
Innovator U.S. Equity Power Buffer ETF - June (NAV)		1,000.00		1,021.22		4.02	^(a)
Innovator U.S. Equity Power Buffer ETF - July (NAV)		1,000.00		1,021.22		4.02	^(a)
Innovator U.S. Equity Power Buffer ETF - August (NAV)		1,000.00		1,021.22		4.02	^(a)
Innovator U.S. Equity Power Buffer ETF - September (NAV)		1,000.00		1,021.22		4.02	^(a)
Innovator U.S. Equity Power Buffer ETF - October (NAV)		1,000.00		1,021.22		4.02	^(a)
Innovator U.S. Equity Power Buffer ETF - November (NAV)		1,000.00		1,021.22		4.02	^(a)
Innovator U.S. Equity Power Buffer ETF - December (NAV)		1,000.00		1,021.22		4.02	^(a)
Innovator U.S. Equity Ultra Buffer ETF - January (NAV)		1,000.00		1,021.22		4.02	^(a)
Innovator U.S. Equity Ultra Buffer ETF - February (NAV)		1,000.00		1,021.22		4.02	^(a)
Innovator U.S. Equity Ultra Buffer ETF - March (NAV)		1,000.00		1,021.22		4.02	^(a)
Innovator U.S. Equity Ultra Buffer ETF - April (NAV)		1,000.00		1,021.22		4.02	^(a)
Innovator U.S. Equity Ultra Buffer ETF - May (NAV)		1,000.00		1,021.22		4.02	^(a)
Innovator U.S. Equity Ultra Buffer ETF - June (NAV)		1,000.00		1,021.22		4.02	^(a)
Innovator U.S. Equity Ultra Buffer ETF - July (NAV)		1,000.00		1,021.22		4.02	^(a)
Innovator U.S. Equity Ultra Buffer ETF - August (NAV)		1,000.00		1,021.22		4.02	^(a)
Innovator U.S. Equity Ultra Buffer ETF - September (NAV)		1,000.00		1,021.22		4.02	^(a)
Innovator U.S. Equity Ultra Buffer ETF - October (NAV)		1,000.00		1,021.22		4.02	^(a)
Innovator U.S. Equity Ultra Buffer ETF - November (NAV)		1,000.00		1,021.22		4.02	^(a)
Innovator U.S. Equity Ultra Buffer ETF - December (NAV)		1,000.00		1,021.22		4.02	^(a)
Innovator Premium Income 10 Barrier ETF - April (NAV)		1,000.00		1,021.22		4.02	^(a)
Innovator Premium Income 20 Barrier ETF - April (NAV)		1,000.00		1,021.22		4.02	^(a)
Innovator Premium Income 30 Barrier ETF - April (NAV)		1,000.00		1,021.22		4.02	^(a)
Innovator Premium Income 40 Barrier ETF - April (NAV)		1,000.00		1,021.22		4.02	^(a)
Innovator Premium Income 10 Barrier ETF - July (NAV)		1,000.00		1,021.22		4.02	^(b)
Innovator Premium Income 20 Barrier ETF - July (NAV)		1,000.00		1,021.22		4.02	^(b)
Innovator Premium Income 30 Barrier ETF - July (NAV)		1,000.00		1,021.22		4.02	^(b)
Innovator Premium Income 40 Barrier ETF - July (NAV)		1,000.00		1,021.22		4.02	^(b)
Innovator Premium Income 10 Barrier ETF - October (NAV)		1,000.00		1,021.22		4.02	^(b)
Innovator Premium Income 20 Barrier ETF - October (NAV)		1,000.00		1,021.22		4.02	^(b)
Innovator Premium Income 30 Barrier ETF - October (NAV)		1,000.00		1,021.22		4.02	^(b)
Innovator Premium Income 40 Barrier ETF - October (NAV)		1,000.00		1,021.22		4.02	^(b)
Innovator U.S. Equity 5 to 15 Buffer ETF - Quarterly (NAV)		1,000.00		1,021.73		3.52	^(b)
Innovator U.S. Equity 10 Buffer ETF - Quarterly (NAV)		1,000.00		1,021.73		3.52	^(b)
Innovator Premium Income 9 Buffer ETF - October (NAV)		1,000.00		1,021.22		4.02	^(b)
Innovator Premium Income 15 Buffer ETF - October (NAV)		1,000.00		1,021.22		4.02	^(b)

^(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).

^(b)	For comparative purposes only as the Fund was not in operation for the full six month period.

115

INNOVATOR U.S. EQUITY BUFFER ETF – JANUARY

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 100.02% ^(a)(b)
CALL OPTIONS - 99.44%
SPDR S&P 500 ETF, Expires 12/29/2023, Strike Price $3.84		3,576	$	149,548,320	$	147,625,755
						147,625,755
PUT OPTIONS - 0.58%
SPDR S&P 500 ETF, Expires 12/29/2023, Strike Price $382.44		3,576		149,548,320		856,810
						856,810
TOTAL PURCHASED OPTIONS (Cost $144,374,993)						148,482,565
	Principal Amount
SHORT-TERM INVESTMENTS - 0.24%
Money Market Deposit Account - 0.24%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)	$	351,726				351,726
TOTAL SHORT-TERM INVESTMENTS (Cost $351,726)						351,726

Total Investments (Cost $144,726,719) - 100.26%						148,834,291
Liabilities in Excess of Other Assets - (0.26)%						(373,964	)
TOTAL NET ASSETS - 100.00%					$	148,460,327

Asset Type	% of Net Assets
Purchased Options		100.02	%
Short Term Investments		0.24
Total Investments		100.26
Liabilities in Excess of Other Assets		(0.26	)
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, 2023.

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

116

INNOVATOR U.S. EQUITY BUFFER ETF – JANUARY

Schedule of Options Written^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPDR S&P 500 ETF	12/29/2023	$	478.31		3,576	$	(149,548,320	)	$	(25,711	)
										(25,711	)
Put Options
SPDR S&P 500 ETF	12/29/2023		348.01		3,576		(149,548,320	)		(250,213	)
										(250,213	)
Total Options Written (Premiums Received $7,667,569)									$	(275,924	)

^(a)	Exchange-Traded.

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

117

INNOVATOR U.S. EQUITY BUFFER ETF – FEBRUARY

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 100.45% ^(a)(b)
CALL OPTIONS - 98.49%
SPDR S&P 500 ETF, Expires 1/31/2024, Strike Price $4.08		2,385	$	99,740,700	$	98,416,334
						98,416,334
PUT OPTIONS - 1.96%
SPDR S&P 500 ETF, Expires 1/31/2024, Strike Price $406.49		2,385		99,740,700		1,959,301
						1,959,301
TOTAL PURCHASED OPTIONS (Cost $100,806,196)						100,375,635
	Principal Amount
SHORT-TERM INVESTMENTS - 0.30%
Money Market Deposit Account - 0.30%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)	$	298,635				298,635
TOTAL SHORT-TERM INVESTMENTS (Cost $298,635)						298,635

Total Investments (Cost $101,104,831) - 100.75%						100,674,270
Liabilities in Excess of Other Assets - (0.75)%						(745,281	)
TOTAL NET ASSETS - 100.00%					$	99,928,989

Asset Type	% of Net Assets
Purchased Options		100.45	%
Short Term Investments		0.30
Total Investments		100.75
Liabilities in Excess of Other Assets		(0.75	)
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, 2023.

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

118

INNOVATOR U.S. EQUITY BUFFER ETF – FEBRUARY

Schedule of Options Written ^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPDR S&P 500 ETF	1/31/2024	$	485.66		2,385	$	(99,740,700	)	$	(36,896	)
										(36,896	)
Put Options
SPDR S&P 500 ETF	1/31/2024		369.90		2,385		(99,740,700	)		(644,594	)
										(644,594	)
Total Options Written (Premiums Received $4,263,961)									$	(681,490	)

^(a)	Exchange-Traded.

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

119

INNOVATOR U.S. EQUITY BUFFER ETF – MARCH

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 100.64% ^(a)(b)
CALL OPTIONS - 98.86%
SPDR S&P 500 ETF, Expires 2/29/2024, Strike Price $3.97		2,096	$	87,654,720	$	86,538,201
						86,538,201
PUT OPTIONS - 1.78%
SPDR S&P 500 ETF, Expires 2/29/2024, Strike Price $396.27		2,096		87,654,720		1,561,709
						1,561,709
TOTAL PURCHASED OPTIONS (Cost $86,184,810)						88,099,910
	Principal Amount
SHORT-TERM INVESTMENTS - 0.26%
Money Market Deposit Account - 0.26%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)	$	223,245				223,245
TOTAL SHORT-TERM INVESTMENTS (Cost $223,245)						223,245

Total Investments (Cost $86,408,055) - 100.90%						88,323,155
Liabilities in Excess of Other Assets - (0.90)%						(787,271	)
TOTAL NET ASSETS - 100.00%					$	87,535,884

Asset Type	% of Net Assets
Purchased Options		100.64	%
Short Term Investments		0.26
Total Investments		100.90
Liabilities in Excess of Other Assets		(0.90	)
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, 2023.

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

120

INNOVATOR U.S. EQUITY BUFFER ETF – MARCH

Schedule of Options Written^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPDR S&P 500 ETF	2/29/2024	$	480.47		2,096	$	(87,654,720	)	$	(104,989	)
										(104,989	)
Put Options
SPDR S&P 500 ETF	2/29/2024		360.60		2,096		(87,654,720	)		(623,601	)
										(623,601	)
Total Options Written (Premiums Received $3,844,013)									$	(728,590	)

^(a)	Exchange-Traded.

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

121

INNOVATOR U.S. EQUITY BUFFER ETF – APRIL

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 101.17% ^(a)(b)
CALL OPTIONS - 98.24%
SPDR S&P 500 ETF, Expires 3/28/2024, Strike Price $4.11		3,617	$	151,262,940	$	148,760,337
						148,760,337
PUT OPTIONS - 2.93%
SPDR S&P 500 ETF, Expires 3/28/2024, Strike Price $409.40		3,617		151,262,940		4,436,974
						4,436,974
TOTAL PURCHASED OPTIONS (Cost $153,666,851)						153,197,311
	Principal Amount
SHORT-TERM INVESTMENTS - 0.25%
Money Market Deposit Account - 0.25%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)	$	382,738				382,738
TOTAL SHORT-TERM INVESTMENTS (Cost $382,738)						382,738

Total Investments (Cost $154,049,589) - 101.42%						153,580,049
Liabilities in Excess of Other Assets - (1.42)%						(2,147,356	)
TOTAL NET ASSETS - 100.00%					$	151,432,693

Asset Type	% of Net Assets
Purchased Options		101.17	%
Short Term Investments		0.25
Total Investments		101.42
Liabilities in Excess of Other Assets		(1.42	)
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, 2023.

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

122

INNOVATOR U.S. EQUITY BUFFER ETF – APRIL

Schedule of Options Written^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPDR S&P 500 ETF	3/28/2024	$	491.84		3,617	$	(151,262,940	)	$	(155,821	)
										(155,821	)
Put Options
SPDR S&P 500 ETF	3/28/2024		372.54		3,617		(151,262,940	)		(1,890,967	)
										(1,890,967	)
Total Options Written (Premiums Received $7,058,998)									$	(2,046,788	)

^(a)	Exchange-Traded.

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

123

INNOVATOR U.S. EQUITY BUFFER ETF – MAY

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 101.62% ^(a)(b)
CALL OPTIONS - 97.94%
SPDR S&P 500 ETF, Expires 4/30/2024, Strike Price $4.17		2,642	$	110,488,440	$	108,648,843
						108,648,843
PUT OPTIONS - 3.68%
SPDR S&P 500 ETF, Expires 4/30/2024, Strike Price $415.94		2,642		110,488,440		4,083,633
						4,083,633
TOTAL PURCHASED OPTIONS (Cost $113,920,900)						112,732,476
	Principal Amount
SHORT-TERM INVESTMENTS - 0.29%
Money Market Deposit Account - 0.29%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)	$	321,370				321,370
TOTAL SHORT-TERM INVESTMENTS (Cost $321,370)						321,370

Total Investments (Cost $114,242,270) - 101.91%						113,053,846
Liabilities in Excess of Other Assets - (1.91)%						(2,114,189	)
TOTAL NET ASSETS - 100.00%					$	110,939,657

Asset Type	% of Net Assets
Purchased Options		101.62	%
Short Term Investments		0.29
Total Investments		101.91
Liabilities in Excess of Other Assets		(1.91	)
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, 2023.

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

124

INNOVATOR U.S. EQUITY BUFFER ETF – MAY

Schedule of Options Written^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPDR S&P 500 ETF	4/30/2024	$	496.87		2,642	$	(110,488,440	)	$	(163,249	)
										(163,249	)
Put Options
SPDR S&P 500 ETF	4/30/2024		378.50		2,642		(110,488,440	)		(1,870,114	)
										(1,870,114	)
Total Options Written (Premiums Received $5,068,740)									$	(2,033,363	)

^(a)	Exchange-Traded.

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

125

INNOVATOR U.S. EQUITY BUFFER ETF – JUNE

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 101.98% ^(a)(b)
CALL OPTIONS - 97.91%
SPDR S&P 500 ETF, Expires 5/31/2024, Strike Price $4.19		2,405	$	100,577,100	$	98,915,413
						98,915,413
PUT OPTIONS - 4.07%
SPDR S&P 500 ETF, Expires 5/31/2024, Strike Price $417.86		2,405		100,577,100		4,112,310
						4,112,310
TOTAL PURCHASED OPTIONS (Cost $104,256,768)						103,027,723
	Principal Amount
SHORT-TERM INVESTMENTS - 0.26%
Money Market Deposit Account - 0.26%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)	$	259,779				259,779
TOTAL SHORT-TERM INVESTMENTS (Cost $259,779)						259,779

Total Investments (Cost $104,516,547) - 102.24%						103,287,502
Liabilities in Excess of Other Assets - (2.24)%						(2,256,695	)
TOTAL NET ASSETS - 100.00%					$	101,030,807

Asset Type	% of Net Assets
Purchased Options		101.98	%
Short Term Investments		0.26
Total Investments		102.24
Liabilities in Excess of Other Assets		(2.24	)
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, 2023.

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

126

INNOVATOR U.S. EQUITY BUFFER ETF – JUNE

Schedule of Options Written^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPDR S&P 500 ETF	5/31/2024	$	501.13		2,405	$	(100,577,100	)	$	(197,571	)
										(197,571	)
Put Options
SPDR S&P 500 ETF	5/31/2024		380.24		2,405		(100,577,100	)		(1,989,993	)
										(1,989,993	)
Total Options Written (Premiums Received $4,135,330)									$	(2,187,564	)

^(a)	Exchange-Traded.

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

127

INNOVATOR U.S. EQUITY BUFFER ETF – JULY

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 103.27% ^(a)(b)
CALL OPTIONS - 96.49%
SPDR S&P 500 ETF, Expires 6/28/2024, Strike Price $4.45		8,057	$	336,943,740	$	329,636,041
						329,636,041
PUT OPTIONS - 6.78%
SPDR S&P 500 ETF, Expires 6/28/2024, Strike Price $443.29		8,057		336,943,740		23,139,704
						23,139,704
TOTAL PURCHASED OPTIONS (Cost $365,238,419)						352,775,745
	Principal Amount
SHORT-TERM INVESTMENTS - 0.29%
Money Market Deposit Account - 0.29%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)	$	982,112				982,112
TOTAL SHORT-TERM INVESTMENTS (Cost $982,112)						982,112

Total Investments (Cost $366,220,531) - 103.56%						353,757,857
Liabilities in Excess of Other Assets - (3.56)%						(12,142,607	)
TOTAL NET ASSETS - 100.00%					$	341,615,250

Asset Type	% of Net Assets
Purchased Options		103.27	%
Short Term Investments		0.29
Total Investments		103.56
Liabilities in Excess of Other Assets		(3.56	)
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, 2023.

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

128

INNOVATOR U.S. EQUITY BUFFER ETF – JULY

Schedule of Options Written^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPDR S&P 500 ETF	6/28/2024	$	528.61		8,057	$	(336,943,740	)	$	(241,710	)
										(241,710	)
Put Options
SPDR S&P 500 ETF	6/28/2024		403.38		8,057		(336,943,740	)		(11,674,593	)
										(11,674,593	)
Total Options Written (Premiums Received $11,205,712)									$	(11,916,303	)

^(a)	Exchange-Traded.

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

129

INNOVATOR U.S. EQUITY BUFFER ETF – AUGUST

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 104.34% ^(a)(b)
CALL OPTIONS - 95.75%
SPDR S&P 500 ETF, Expires 7/31/2024, Strike Price $4.59		4,260	$	178,153,200	$	174,303,609
						174,303,609
PUT OPTIONS - 8.59%
SPDR S&P 500 ETF, Expires 7/31/2024, Strike Price $457.80		4,260		178,153,200		15,639,481
						15,639,481
TOTAL PURCHASED OPTIONS (Cost $198,536,835)						189,943,090
	Principal Amount
SHORT-TERM INVESTMENTS - 0.27%
Money Market Deposit Account - 0.27%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)	$	493,584				493,584
TOTAL SHORT-TERM INVESTMENTS (Cost $493,584)						493,584

Total Investments (Cost $199,030,419) - 104.61%						190,436,674
Liabilities in Excess of Other Assets - (4.61)%						(8,399,510	)
TOTAL NET ASSETS - 100.00%					$	182,037,164

Asset Type	% of Net Assets
Purchased Options		104.34	%
Short Term Investments		0.27
Total Investments		104.61
Liabilities in Excess of Other Assets		(4.61	)
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, 2023.

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

130

INNOVATOR U.S. EQUITY BUFFER ETF – AUGUST

Schedule of Options Written^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPDR S&P 500 ETF	7/31/2024	$	550.95		4,260	$	(178,153,200	)	$	(109,184	)
										(109,184	)
Put Options
SPDR S&P 500 ETF	7/31/2024		416.59		4,260		(178,153,200	)		(8,167,698	)
										(8,167,698	)
Total Options Written (Premiums Received $6,459,837)									$	(8,276,882	)

^(a)	Exchange-Traded.

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

131

INNOVATOR U.S. EQUITY BUFFER ETF – SEPTEMBER

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 104.09% ^(a)(b)
CALL OPTIONS - 96.32%
SPDR S&P 500 ETF, Expires 8/30/2024, Strike Price $4.52		4,190	$	175,225,800	$	171,544,047
						171,544,047
PUT OPTIONS - 7.77%
SPDR S&P 500 ETF, Expires 8/30/2024, Strike Price $450.36		4,190		175,225,800		13,843,090
						13,843,090
TOTAL PURCHASED OPTIONS (Cost $192,443,157)						185,387,137
	Principal Amount
SHORT-TERM INVESTMENTS - 0.32%
Money Market Deposit Account - 0.32%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)	$	573,434				573,434
TOTAL SHORT-TERM INVESTMENTS (Cost $573,434)						573,434

Total Investments (Cost $193,016,591) - 104.41%						185,960,571
Liabilities in Excess of Other Assets - (4.41)%						(7,851,909	)
TOTAL NET ASSETS - 100.00%					$	178,108,662

Asset Type	% of Net Assets
Purchased Options		104.09	%
Short Term Investments		0.32
Total Investments		104.41
Liabilities in Excess of Other Assets		(4.41	)
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, 2023.

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

132

INNOVATOR U.S. EQUITY BUFFER ETF – SEPTEMBER

Schedule of Options Written^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPDR S&P 500 ETF	8/30/2024	$	539.38		4,190	$	(175,225,800	)	$	(227,559	)
										(227,559	)
Put Options
SPDR S&P 500 ETF	8/30/2024		409.82		4,190		(175,225,800	)		(7,508,019	)
										(7,508,019	)
Total Options Written (Premiums Received $6,409,612)									$	(7,735,578	)

^(a)	Exchange-Traded.

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

133

INNOVATOR U.S. EQUITY BUFFER ETF – OCTOBER

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 103.57% ^(a)(b)
CALL OPTIONS - 97.62%
SPDR S&P 500 ETF, Expires 9/30/2024, Strike Price $4.29		4,097	$	171,336,540	$	167,148,914
						167,148,914
PUT OPTIONS - 5.95%
SPDR S&P 500 ETF, Expires 9/30/2024, Strike Price $427.49		4,097		171,336,540		10,191,329
						10,191,329
TOTAL PURCHASED OPTIONS (Cost $180,101,052)						177,340,243
	Principal Amount
SHORT-TERM INVESTMENTS - 0.27%
Money Market Deposit Account - 0.27%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)	$	469,884				469,884
TOTAL SHORT-TERM INVESTMENTS (Cost $469,884)						469,884

Total Investments (Cost $180,570,936) - 103.84%						177,810,127
Liabilities in Excess of Other Assets - (3.84)%						(6,580,094	)
TOTAL NET ASSETS - 100.00%					$	171,230,033

Asset Type	% of Net Assets
Purchased Options		103.57	%
Short Term Investments		0.27
Total Investments		103.84
Liabilities in Excess of Other Assets		(3.84	)
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, 2023.

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

134

INNOVATOR U.S. EQUITY BUFFER ETF – OCTOBER

Schedule of Options Written^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPDR S&P 500 ETF	9/30/2024	$	514.34		4,097	$	(171,336,540	)	$	(741,680	)
										(741,680	)
Put Options
SPDR S&P 500 ETF	9/30/2024		389.01		4,097		(171,336,540	)		(5,730,146	)
										(5,730,146	)
Total Options Written (Premiums Received $6,814,783)									$	(6,471,826	)

^(a)	Exchange-Traded.

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

135

INNOVATOR U.S. EQUITY BUFFER ETF – NOVEMBER

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 103.93% ^(a)(b)
CALL OPTIONS - 98.33%
SPDR S&P 500 ETF, Expires 10/31/2024, Strike Price $4.19		2,023	$	84,601,860	$	82,520,193
						82,520,193
PUT OPTIONS - 5.60%
SPDR S&P 500 ETF, Expires 10/31/2024, Strike Price $418.21		2,023		84,601,860		4,701,452
						4,701,452
TOTAL PURCHASED OPTIONS (Cost $87,230,301)						87,221,645
	Principal Amount
SHORT-TERM INVESTMENTS - 0.22%
Money Market Deposit Account - 0.22%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)	$	184,270				184,270
TOTAL SHORT-TERM INVESTMENTS (Cost $184,270)						184,270

Total Investments (Cost $87,414,571) - 104.15%						87,405,915
Liabilities in Excess of Other Assets - (4.15)%						(3,481,852	)
TOTAL NET ASSETS - 100.00%					$	83,924,063

Asset Type	% of Net Assets
Purchased Options		103.93	%
Short Term Investments		0.22
Total Investments		104.15
Liabilities in Excess of Other Assets		(4.15	)
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, 2023.

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

136

INNOVATOR U.S. EQUITY BUFFER ETF – NOVEMBER

Schedule of Options Written^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPDR S&P 500 ETF	10/31/2024	$	504.22		2,023	$	(84,601,860	)	$	(809,200	)
										(809,200	)
Put Options
SPDR S&P 500 ETF	10/31/2024		380.56		2,023		(84,601,860	)		(2,676,429	)
										(2,676,429	)
Total Options Written (Premiums Received $3,476,946)									$	(3,485,629	)

^(a)	Exchange-Traded.

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

137

INNOVATOR U.S. EQUITY BUFFER ETF – DECEMBER

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 99.92% ^(a)(b)
CALL OPTIONS - 99.04%
SPDR S&P 500 ETF, Expires 11/30/2023, Strike Price $4.09		2,293	$	95,893,260	$	95,006,534
						95,006,534
PUT OPTIONS - 0.88%
SPDR S&P 500 ETF, Expires 11/30/2023, Strike Price $407.69		2,293		95,893,260		846,621
						846,621
TOTAL PURCHASED OPTIONS (Cost $97,672,080)						95,853,155
	Principal Amount
SHORT-TERM INVESTMENTS - 0.27%
Money Market Deposit Account - 0.27%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)	$	255,040				255,040
TOTAL SHORT-TERM INVESTMENTS (Cost $255,040)						255,040

Total Investments (Cost $97,927,120) - 100.19%						96,108,195
Liabilities in Excess of Other Assets - (0.19)%						(178,446	)
TOTAL NET ASSETS - 100.00%					$	95,929,749

Asset Type	% of Net Assets
Purchased Options		99.92	%
Short Term Investments		0.27
Total Investments		100.19
Liabilities in Excess of Other Assets		(0.19	)
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, 2023.

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

138

INNOVATOR U.S. EQUITY BUFFER ETF – DECEMBER

Schedule of Options Written^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPDR S&P 500 ETF	11/30/2023	$	509.60		2,293	$	(95,893,260	)	$	(1,605	)
										(1,605	)
Put Options
SPDR S&P 500 ETF	11/30/2023		370.99		2,293		(95,893,260	)		(112,587	)
										(112,587	)
Total Options Written (Premiums Received $5,536,138)									$	(114,192	)

^(a)	Exchange-Traded.

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

139

INNOVATOR U.S. EQUITY POWER BUFFER ETF – JANUARY

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 100.04% ^(a)(b)
CALL OPTIONS - 99.46%
SPDR S&P 500 ETF, Expires 12/29/2023, Strike Price $3.82		13,719	$	573,728,580	$	566,380,135
						566,380,135
PUT OPTIONS - 0.58%
SPDR S&P 500 ETF, Expires 12/29/2023, Strike Price $382.43		13,719		573,728,580		3,285,837
						3,285,837
TOTAL PURCHASED OPTIONS (Cost $551,920,994)						569,665,972
	Principal Amount
SHORT-TERM INVESTMENTS - 0.26%
Money Market Deposit Account - 0.26%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)	$	1,500,104				1,500,104
TOTAL SHORT-TERM INVESTMENTS (Cost $1,500,104)						1,500,104

Total Investments (Cost $553,421,098) - 100.30%						571,166,076
Liabilities in Excess of Other Assets - (0.30)%						(1,700,760	)
TOTAL NET ASSETS - 100.00%					$	569,465,316

Asset Type	% of Net Assets
Purchased Options		100.04	%
Short Term Investments		0.26
Total Investments		100.30
Liabilities in Excess of Other Assets		(0.30	)
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, 2023.

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

140

INNOVATOR U.S. EQUITY POWER BUFFER ETF – JANUARY

Schedule of Options Written^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPDR S&P 500 ETF	12/29/2023	$	454.48		13,719	$	(573,728,580	)	$	(747,411	)
										(747,411	)
Put Options
SPDR S&P 500 ETF	12/29/2023		325.07		13,719		(573,728,580	)		(569,750	)
										(569,750	)
Total Options Written (Premiums Received $30,429,099)									$	(1,317,161	)

^(a)	Exchange-Traded.

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

141

INNOVATOR U.S. EQUITY POWER BUFFER ETF – FEBRUARY

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 100.30% ^(a)(b)
CALL OPTIONS - 98.32%
SPDR S&P 500 ETF, Expires 1/31/2024, Strike Price $4.06		10,560	$	441,619,200	$	435,357,120
						435,357,120
PUT OPTIONS - 1.98%
SPDR S&P 500 ETF, Expires 1/31/2024, Strike Price $406.48		10,560		441,619,200		8,754,240
						8,754,240
TOTAL PURCHASED OPTIONS (Cost $447,217,850)						444,111,360
	Principal Amount
SHORT-TERM INVESTMENTS - 0.26%
Money Market Deposit Account - 0.26%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)	$	1,164,944				1,164,944
TOTAL SHORT-TERM INVESTMENTS (Cost $1,164,944)						1,164,944

Total Investments (Cost $448,382,794) - 100.56%						445,276,304
Liabilities in Excess of Other Assets - (0.56)%						(2,474,751	)
TOTAL NET ASSETS - 100.00%					$	442,801,553

Asset Type	% of Net Assets
Purchased Options		100.30	%
Short Term Investments		0.26
Total Investments		100.56
Liabilities in Excess of Other Assets		(0.56	)
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, 2023.

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

142

INNOVATOR U.S. EQUITY POWER BUFFER ETF – FEBRUARY

Schedule of Options Written^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPDR S&P 500 ETF	1/31/2024	$	464.77		10,560	$	(441,619,200	)	$	(739,200	)
										(739,200	)
Put Options
SPDR S&P 500 ETF	1/31/2024		345.51		10,560		(441,619,200	)		(1,478,400	)
										(1,478,400	)
Total Options Written (Premiums Received $19,505,194)									$	(2,217,600	)

^(a)	Exchange-Traded.

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

143

INNOVATOR U.S. EQUITY POWER BUFFER ETF – MARCH

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 100.77% ^(a)(b)
CALL OPTIONS - 98.98%
SPDR S&P 500 ETF, Expires 2/29/2024, Strike Price $3.96		9,048	$	378,387,360	$	373,576,448
						373,576,448
PUT OPTIONS - 1.79%
SPDR S&P 500 ETF, Expires 2/29/2024, Strike Price $396.26		9,048		378,387,360		6,739,765
						6,739,765
TOTAL PURCHASED OPTIONS (Cost $371,980,962)						380,316,213
	Principal Amount
SHORT-TERM INVESTMENTS - 0.26%
Money Market Deposit Account - 0.26%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)	$	985,305				985,305
TOTAL SHORT-TERM INVESTMENTS (Cost $985,305)						985,305

Total Investments (Cost $372,966,267) - 101.03%						381,301,518
Liabilities in Excess of Other Assets - (1.03)%						(3,874,405	)
TOTAL NET ASSETS - 100.00%					$	377,427,113

Asset Type	% of Net Assets
Purchased Options		100.77	%
Short Term Investments		0.26
Total Investments		101.03
Liabilities in Excess of Other Assets		(1.03	)
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, 2023.

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

144

INNOVATOR U.S. EQUITY POWER BUFFER ETF – MARCH

Schedule of Options Written^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPDR S&P 500 ETF	2/29/2024	$	459.54		9,048	$	(378,387,360	)	$	(2,074,073	)
										(2,074,073	)
Put Options
SPDR S&P 500 ETF	2/29/2024		336.82		9,048		(378,387,360	)		(1,545,851	)
										(1,545,851	)
Total Options Written (Premiums Received $16,584,451)									$	(3,619,924	)

^(a)	Exchange-Traded.

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

145

INNOVATOR U.S. EQUITY POWER BUFFER ETF – APRIL

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 100.90% ^(a)(b)
CALL OPTIONS - 97.99%
SPDR S&P 500 ETF, Expires 3/28/2024, Strike Price $4.09		13,819	$	577,910,580	$	568,168,185
						568,168,185
PUT OPTIONS - 2.91%
SPDR S&P 500 ETF, Expires 3/28/2024, Strike Price $409.39		13,819		577,910,580		16,886,818
						16,886,818
TOTAL PURCHASED OPTIONS (Cost $587,193,583)						585,055,003
	Principal Amount
SHORT-TERM INVESTMENTS - 0.27%
Money Market Deposit Account - 0.27%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)	$	1,578,793				1,578,793
TOTAL SHORT-TERM INVESTMENTS (Cost $1,578,793)						1,578,793

Total Investments (Cost $588,772,376) - 101.17%						586,633,796
Liabilities in Excess of Other Assets - (1.17)%						(6,829,751	)
TOTAL NET ASSETS - 100.00%					$	579,804,045

Asset Type	% of Net Assets
Purchased Options		100.90	%
Short Term Investments		0.27
Total Investments		101.17
Liabilities in Excess of Other Assets		(1.17	)
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, 2023.

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

146

INNOVATOR U.S. EQUITY POWER BUFFER ETF – APRIL

Schedule of Options Written^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPDR S&P 500 ETF	3/28/2024	$	470.59		13,819	$	(577,910,580	)	$	(2,335,411	)
										(2,335,411	)
Put Options
SPDR S&P 500 ETF	3/28/2024		347.98		13,819		(577,910,580	)		(4,145,700	)
										(4,145,700	)
Total Options Written (Premiums Received $26,685,881)									$	(6,481,111	)

^(a)	Exchange-Traded.

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

147

INNOVATOR U.S. EQUITY POWER BUFFER ETF – MAY

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 101.29% ^(a)(b)
CALL OPTIONS - 97.62%
SPDR S&P 500 ETF, Expires 4/30/2024, Strike Price $4.16		10,897	$	455,712,540	$	448,135,638
						448,135,638
PUT OPTIONS - 3.67%
SPDR S&P 500 ETF, Expires 4/30/2024, Strike Price $415.93		10,897		455,712,540		16,839,570
						16,839,570
TOTAL PURCHASED OPTIONS (Cost $469,990,700)						464,975,208
	Principal Amount
SHORT-TERM INVESTMENTS - 0.27%
Money Market Deposit Account - 0.27%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)	$	1,236,730				1,236,730
TOTAL SHORT-TERM INVESTMENTS (Cost $1,236,730)						1,236,730

Total Investments (Cost $471,227,430) - 101.56%						466,211,938
Liabilities in Excess of Other Assets - (1.56)%						(7,149,270	)
TOTAL NET ASSETS - 100.00%					$	459,062,668

Asset Type	% of Net Assets
Purchased Options		101.29	%
Short Term Investments		0.27
Total Investments		101.56
Liabilities in Excess of Other Assets		(1.56	)
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, 2023.

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

148

INNOVATOR U.S. EQUITY POWER BUFFER ETF – MAY

Schedule of Options Written^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPDR S&P 500 ETF	4/30/2024	$	476.32		10,897	$	(455,712,540	)	$	(2,244,673	)
										(2,244,673	)
Put Options
SPDR S&P 500 ETF	4/30/2024		353.54		10,897		(455,712,540	)		(4,585,131	)
										(4,585,131	)
Total Options Written (Premiums Received $20,810,246)									$	(6,829,804	)

^(a)	Exchange-Traded.

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

149

INNOVATOR U.S. EQUITY POWER BUFFER ETF – JUNE

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 101.64% ^(a)(b)
CALL OPTIONS - 97.58%
SPDR S&P 500 ETF, Expires 5/31/2024, Strike Price $4.18		12,370	$	517,313,400	$	508,778,471
						508,778,471
PUT OPTIONS - 4.06%
SPDR S&P 500 ETF, Expires 5/31/2024, Strike Price $417.85		12,370		517,313,400		21,147,505
						21,147,505
TOTAL PURCHASED OPTIONS (Cost $536,737,707)						529,925,976
	Principal Amount
SHORT-TERM INVESTMENTS - 0.27%
Money Market Deposit Account - 0.27%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)	$	1,411,836				1,411,836
TOTAL SHORT-TERM INVESTMENTS (Cost $1,411,836)						1,411,836

Total Investments (Cost $538,149,543) - 101.91%						531,337,812
Liabilities in Excess of Other Assets - (1.91)%						(9,939,842	)
TOTAL NET ASSETS - 100.00%					$	521,397,970

Asset Type	% of Net Assets
Purchased Options		101.64	%
Short Term Investments		0.27
Total Investments		101.91
Liabilities in Excess of Other Assets		(1.91	)
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, 2023.

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

150

INNOVATOR U.S. EQUITY POWER BUFFER ETF – JUNE

Schedule of Options Written^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPDR S&P 500 ETF	5/31/2024	$	479.82		12,370	$	(517,313,400	)	$	(3,285,225	)
										(3,285,225	)
Put Options
SPDR S&P 500 ETF	5/31/2024		355.17		12,370		(517,313,400	)		(6,302,886	)
										(6,302,886	)
Total Options Written (Premiums Received $21,602,189)									$	(9,588,111	)

^(a)	Exchange-Traded.

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

151

INNOVATOR U.S. EQUITY POWER BUFFER ETF – JULY

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 102.06% ^(a)(b)
CALL OPTIONS - 95.35%
SPDR S&P 500 ETF, Expires 6/28/2024, Strike Price $4.43		23,288	$	973,904,160	$	952,944,961
						952,944,961
PUT OPTIONS - 6.71%
SPDR S&P 500 ETF, Expires 6/28/2024, Strike Price $443.28		23,288		973,904,160		67,046,152
						67,046,152
TOTAL PURCHASED OPTIONS (Cost $1,057,526,359)						1,019,991,113
	Principal Amount
SHORT-TERM INVESTMENTS - 0.28%
Money Market Deposit Account - 0.28%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)	$	2,825,477				2,825,477
TOTAL SHORT-TERM INVESTMENTS (Cost $2,825,477)						2,825,477

Total Investments (Cost $1,060,351,836) - 102.34%						1,022,816,590
Liabilities in Excess of Other Assets - (2.34)%						(23,442,872	)
TOTAL NET ASSETS - 100.00%					$	999,373,718

Asset Type	% of Net Assets
Purchased Options		102.06	%
Short Term Investments		0.28
Total Investments		102.34
Liabilities in Excess of Other Assets		(2.34	)
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, 2023.

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

152

INNOVATOR U.S. EQUITY POWER BUFFER ETF – JULY

Schedule of Options Written^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPDR S&P 500 ETF	6/28/2024	$	506.62		23,288	$	(973,904,160	)	$	(1,932,904	)
										(1,932,904	)
Put Options
SPDR S&P 500 ETF	6/28/2024		376.79		23,288		(973,904,160	)		(20,889,336	)
										(20,889,336	)
Total Options Written (Premiums Received $33,732,265)									$	(22,822,240	)

^(a)	Exchange-Traded.

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

153

INNOVATOR U.S. EQUITY POWER BUFFER ETF – AUGUST

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 102.70% ^(a)(b)
CALL OPTIONS - 94.21%
SPDR S&P 500 ETF, Expires 7/31/2024, Strike Price $4.58		20,409	$	853,504,380	$	834,932,190
						834,932,190
PUT OPTIONS - 8.49%
SPDR S&P 500 ETF, Expires 7/31/2024, Strike Price $457.79		20,409		853,504,380		75,247,983
						75,247,983
TOTAL PURCHASED OPTIONS (Cost $951,882,412)						910,180,173
	Principal Amount
SHORT-TERM INVESTMENTS - 0.28%
Money Market Deposit Account - 0.28%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)	$	2,511,653				2,511,653
TOTAL SHORT-TERM INVESTMENTS (Cost $2,511,653)						2,511,653

Total Investments (Cost $954,394,065) - 102.98%						912,691,826
Liabilities in Excess of Other Assets - (2.98)%						(26,410,729	)
TOTAL NET ASSETS - 100.00%					$	886,281,097

Asset Type	% of Net Assets
Purchased Options		102.70	%
Short Term Investments		0.28
Total Investments		102.98
Liabilities in Excess of Other Assets		(2.98	)
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, 2023.

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

154

INNOVATOR U.S. EQUITY POWER BUFFER ETF – AUGUST

Schedule of Options Written^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPDR S&P 500 ETF	7/31/2024	$	527.51		20,409	$	(853,504,380	)	$	(1,000,041	)
										(1,000,041	)
Put Options
SPDR S&P 500 ETF	7/31/2024		389.12		20,409		(853,504,380	)		(24,858,162	)
										(24,858,162	)
Total Options Written (Premiums Received $29,941,024)									$	(25,858,203	)

^(a)	Exchange-Traded.

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

155

INNOVATOR U.S. EQUITY POWER BUFFER ETF – SEPTEMBER

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 102.74% ^(a)(b)
CALL OPTIONS - 95.07%
SPDR S&P 500 ETF, Expires 8/30/2024, Strike Price $4.50		16,050	$	671,211,000	$	657,138,360
						657,138,360
PUT OPTIONS - 7.67%
SPDR S&P 500 ETF, Expires 8/30/2024, Strike Price $450.35		16,050		671,211,000		53,018,928
						53,018,928
TOTAL PURCHASED OPTIONS (Cost $738,659,339)						710,157,288
	Principal Amount
SHORT-TERM INVESTMENTS - 0.30%
Money Market Deposit Account - 0.30%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)	$	2,103,088				2,103,088
TOTAL SHORT-TERM INVESTMENTS (Cost $2,103,088)						2,103,088

Total Investments (Cost $740,762,427) - 103.04%						712,260,376
Liabilities in Excess of Other Assets - (3.04)%						(21,018,113	)
TOTAL NET ASSETS - 100.00%					$	691,242,263

Asset Type	% of Net Assets
Purchased Options		102.74	%
Short Term Investments		0.30
Total Investments		103.04
Liabilities in Excess of Other Assets		(3.04	)
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, 2023.

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

156

INNOVATOR U.S. EQUITY POWER BUFFER ETF – SEPTEMBER

Schedule of Options Written^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPDR S&P 500 ETF	8/30/2024	$	517.77		16,050	$	(671,211,000	)	$	(1,954,569	)
										(1,954,569	)
Put Options
SPDR S&P 500 ETF	8/30/2024		382.80		16,050		(671,211,000	)		(18,606,284	)
										(18,606,284	)
Total Options Written (Premiums Received $24,442,725)									$	(20,560,853	)

^(a)	Exchange-Traded.

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

157

INNOVATOR U.S. EQUITY POWER BUFFER ETF – OCTOBER

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 103.04% ^(a)(b)
CALL OPTIONS - 97.12%
SPDR S&P 500 ETF, Expires 9/30/2024, Strike Price $4.27		17,276	$	722,482,320	$	704,856,827
						704,856,827
PUT OPTIONS - 5.92%
SPDR S&P 500 ETF, Expires 9/30/2024, Strike Price $427.48		17,276		722,482,320		42,968,003
						42,968,003
TOTAL PURCHASED OPTIONS (Cost $758,701,845)						747,824,830
	Principal Amount
SHORT-TERM INVESTMENTS - 0.28%
Money Market Deposit Account - 0.28%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)	$	2,066,438				2,066,438
TOTAL SHORT-TERM INVESTMENTS (Cost $2,066,438)						2,066,438

Total Investments (Cost $760,768,283) - 103.32%						749,891,268
Liabilities in Excess of Other Assets - (3.32)%						(24,137,555	)
TOTAL NET ASSETS - 100.00%					$	725,753,713

Asset Type	% of Net Assets
Purchased Options		103.04	%
Short Term Investments		0.28
Total Investments		103.32
Liabilities in Excess of Other Assets		(3.32	)
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, 2023.

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

158

INNOVATOR U.S. EQUITY POWER BUFFER ETF – OCTOBER

Schedule of Options Written^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPDR S&P 500 ETF	9/30/2024	$	493.74		17,276	$	(722,482,320	)	$	(7,556,177	)
										(7,556,177	)
Put Options
SPDR S&P 500 ETF	9/30/2024		363.36		17,276		(722,482,320	)		(16,203,506	)
										(16,203,506	)
Total Options Written (Premiums Received $28,783,669)									$	(23,759,683	)

^(a)	Exchange-Traded.

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

159

INNOVATOR U.S. EQUITY POWER BUFFER ETF – NOVEMBER

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 103.95% ^(a)(b)
CALL OPTIONS - 98.33%
SPDR S&P 500 ETF, Expires 10/31/2024, Strike Price $4.18		15,027	$	628,429,140	$	612,996,411
						612,996,411
PUT OPTIONS - 5.62%
SPDR S&P 500 ETF, Expires 10/31/2024, Strike Price $418.20		15,027		628,429,140		35,012,910
						35,012,910
TOTAL PURCHASED OPTIONS (Cost $648,073,123)						648,009,321
	Principal Amount
SHORT-TERM INVESTMENTS - 0.26%
Money Market Deposit Account - 0.26%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)	$	1,593,192				1,593,192
TOTAL SHORT-TERM INVESTMENTS (Cost $1,593,192)						1,593,192

Total Investments (Cost $649,666,315) - 104.21%						649,602,513
Liabilities in Excess of Other Assets - (4.21)%						(26,220,368	)
TOTAL NET ASSETS - 100.00%					$	623,382,145

Asset Type	% of Net Assets
Purchased Options		103.95	%
Short Term Investments		0.26
Total Investments		104.21
Liabilities in Excess of Other Assets		(4.21	)
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, 2023.

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

160

INNOVATOR U.S. EQUITY POWER BUFFER ETF – NOVEMBER

Schedule of Options Written^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPDR S&P 500 ETF	10/31/2024	$	484.19		15,027	$	(628,429,140	)	$	(12,322,140	)
										(12,322,140	)
Put Options
SPDR S&P 500 ETF	10/31/2024		355.47		15,027		(628,429,140	)		(13,674,570	)
										(13,674,570	)
Total Options Written (Premiums Received $25,932,700)									$	(25,996,710	)

^(a)	Exchange-Traded.

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

161

INNOVATOR U.S. EQUITY POWER BUFFER ETF – DECEMBER

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 99.85% ^(a)(b)
CALL OPTIONS - 98.97%
SPDR S&P 500 ETF, Expires 11/30/2023, Strike Price $4.08		13,453	$	562,604,460	$	557,415,503
						557,415,503
PUT OPTIONS - 0.88%
SPDR S&P 500 ETF, Expires 11/30/2023, Strike Price $407.68		13,453		562,604,460		4,964,157
						4,964,157
TOTAL PURCHASED OPTIONS (Cost $572,833,572)						562,379,660
	Principal Amount
SHORT-TERM INVESTMENTS - 0.27%
Money Market Deposit Account - 0.27%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)	$	1,536,793				1,536,793
TOTAL SHORT-TERM INVESTMENTS (Cost $1,536,793)						1,536,793

Total Investments (Cost $574,370,365) - 100.12%						563,916,453
Liabilities in Excess of Other Assets - (0.12)%						(705,614	)
TOTAL NET ASSETS - 100.00%					$	563,210,839

Asset Type	% of Net Assets
Purchased Options		99.85	%
Short Term Investments		0.27
Total Investments		100.12
Liabilities in Excess of Other Assets		(0.12	)
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, 2023.

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

162

INNOVATOR U.S. EQUITY POWER BUFFER ETF – DECEMBER

Schedule of Options Written^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPDR S&P 500 ETF	11/30/2023	$	482.61		13,453	$	(562,604,460	)	$	(20,717	)
										(20,717	)
Put Options
SPDR S&P 500 ETF	11/30/2023		346.53		13,453		(562,604,460	)		(301,617	)
										(301,617	)
Total Options Written (Premiums Received $29,867,423)									$	(322,334	)

^(a)	Exchange-Traded.

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

163

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – JANUARY

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 100.23% ^(a)(b)
CALL OPTIONS - 99.95%
SPDR S&P 500 ETF, Expires 12/29/2023, Strike Price $3.81		2,805	$	117,305,100	$	115,805,406
						115,805,406
PUT OPTIONS - 0.28%
SPDR S&P 500 ETF, Expires 12/29/2023, Strike Price $363.31		2,805		117,305,100		321,481
						321,481
TOTAL PURCHASED OPTIONS (Cost $110,770,163)						116,126,887
	Principal Amount
SHORT-TERM INVESTMENTS - 0.23%
Money Market Deposit Account - 0.23%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)	$	271,264				271,264
TOTAL SHORT-TERM INVESTMENTS (Cost $271,264)						271,264

Total Investments (Cost $111,041,427) - 100.46%						116,398,151
Liabilities in Excess of Other Assets - (0.46)%						(533,968	)
TOTAL NET ASSETS - 100.00%					$	115,864,183

Asset Type	% of Net Assets
Purchased Options		100.23	%
Short Term Investments		0.23
Total Investments		100.46
Liabilities in Excess of Other Assets		(0.46	)
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, 2023.

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

164

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – JANUARY

Schedule of Options Written^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPDR S&P 500 ETF	12/29/2023	$	445.15		2,805	$	(117,305,100	)	$	(428,239	)
										(428,239	)
Put Options
SPDR S&P 500 ETF	12/29/2023		248.58		2,805		(117,305,100	)		(28,275	)
										(28,275	)
Total Options Written (Premiums Received $4,546,087)									$	(456,514	)

^(a)	Exchange-Traded.

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

165

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – FEBRUARY

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 100.19% ^(a)(b)
CALL OPTIONS - 99.13%
SPDR S&P 500 ETF, Expires 1/31/2024, Strike Price $4.05		1,188	$	49,682,160	$	49,025,980
						49,025,980
PUT OPTIONS - 1.06%
SPDR S&P 500 ETF, Expires 1/31/2024, Strike Price $386.16		1,188		49,682,160		524,110
						524,110
TOTAL PURCHASED OPTIONS (Cost $49,503,286)						49,550,090
	Principal Amount
SHORT-TERM INVESTMENTS - 0.21%
Money Market Deposit Account - 0.21%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)	$	103,444				103,444
TOTAL SHORT-TERM INVESTMENTS (Cost $103,444)						103,444

Total Investments (Cost $49,606,730) - 100.40%						49,653,534
Liabilities in Excess of Other Assets - (0.40)%						(195,441	)
TOTAL NET ASSETS - 100.00%					$	49,458,093

Asset Type	% of Net Assets
Purchased Options		100.19	%
Short Term Investments		0.21
Total Investments		100.40
Liabilities in Excess of Other Assets		(0.40	)
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, 2023.

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

166

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – FEBRUARY

Schedule of Options Written^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPDR S&P 500 ETF	1/31/2024	$	460.54		1,188	$	(49,682,160	)	$	(122,388	)
										(122,388	)
Put Options
SPDR S&P 500 ETF	1/31/2024		264.21		1,188		(49,682,160	)		(38,966	)
										(38,966	)
Total Options Written (Premiums Received $1,556,285)									$	(161,354	)

^(a)	Exchange-Traded.

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

167

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – MARCH

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 100.71% ^(a)(b)
CALL OPTIONS - 99.64%
SPDR S&P 500 ETF, Expires 2/29/2024, Strike Price $3.95		1,086	$	45,416,520	$	44,802,930
						44,802,930
PUT OPTIONS - 1.07%
SPDR S&P 500 ETF, Expires 2/29/2024, Strike Price $376.45		1,086		45,416,520		482,184
						482,184
TOTAL PURCHASED OPTIONS (Cost $44,697,728)						45,285,114
	Principal Amount
SHORT-TERM INVESTMENTS - 0.18%
Money Market Deposit Account - 0.18%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)	$	80,981				80,981
TOTAL SHORT-TERM INVESTMENTS (Cost $80,981)						80,981

Total Investments (Cost $44,778,709) - 100.89%						45,366,095
Liabilities in Excess of Other Assets - (0.89)%						(398,993	)
TOTAL NET ASSETS - 100.00%					$	44,967,102

Asset Type	% of Net Assets
Purchased Options		100.71	%
Short Term Investments		0.18
Total Investments		100.89
Liabilities in Excess of Other Assets		(0.89	)
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, 2023.

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

168

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – MARCH

Schedule of Options Written^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPDR S&P 500 ETF	2/29/2024	$	454.43		1,086	$	(45,416,520	)	$	(358,380	)
										(358,380	)
Put Options
SPDR S&P 500 ETF	2/29/2024		257.57		1,086		(45,416,520	)		(49,956	)
										(49,956	)
Total Options Written (Premiums Received $1,355,195)									$	(408,336	)

^(a)	Exchange-Traded.

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

169

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – APRIL

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 100.56% ^(a)(b)
CALL OPTIONS - 98.72%
SPDR S&P 500 ETF, Expires 3/28/2024, Strike Price $4.08		2,293	$	95,893,260	$	94,313,406
						94,313,406
PUT OPTIONS - 1.84%
SPDR S&P 500 ETF, Expires 3/28/2024, Strike Price $388.92		2,293		95,893,260		1,757,814
						1,757,814
TOTAL PURCHASED OPTIONS (Cost $96,303,565)						96,071,220
	Principal Amount
SHORT-TERM INVESTMENTS - 0.25%
Money Market Deposit Account - 0.25%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)	$	240,111				240,111
TOTAL SHORT-TERM INVESTMENTS (Cost $240,111)						240,111

Total Investments (Cost $96,543,676) - 100.81%						96,311,331
Liabilities in Excess of Other Assets - (0.81)%						(778,218	)
TOTAL NET ASSETS - 100.00%					$	95,533,113

Asset Type	% of Net Assets
Purchased Options		100.56	%
Short Term Investments		0.25
Total Investments		100.81
Liabilities in Excess of Other Assets		(0.81	)
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, 2023.

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

170

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – APRIL

Schedule of Options Written^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPDR S&P 500 ETF	3/28/2024	$	465.15		2,293	$	(95,893,260	)	$	(546,262	)
										(546,262	)
Put Options
SPDR S&P 500 ETF	3/28/2024		266.10		2,293		(95,893,260	)		(167,618	)
										(167,618	)
Total Options Written (Premiums Received $3,153,093)									$	(713,880	)

^(a)	Exchange-Traded.

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

171

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – MAY

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 100.75% ^(a)(b)
CALL OPTIONS - 98.35%
SPDR S&P 500 ETF, Expires 4/30/2024, Strike Price $4.15		1,471	$	61,517,220	$	60,495,816
						60,495,816
PUT OPTIONS - 2.40%
SPDR S&P 500 ETF, Expires 4/30/2024, Strike Price $395.13		1,471		61,517,220		1,478,296
						1,478,296
TOTAL PURCHASED OPTIONS (Cost $62,628,607)						61,974,112
	Principal Amount
SHORT-TERM INVESTMENTS - 0.26%
Money Market Deposit Account - 0.26%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)	$	159,707				159,707
TOTAL SHORT-TERM INVESTMENTS (Cost $159,707)						159,707

Total Investments (Cost $62,788,314) - 101.01%						62,133,819
Liabilities in Excess of Other Assets - (1.01)%						(626,633	)
TOTAL NET ASSETS - 100.00%					$	61,507,186

Asset Type	% of Net Assets
Purchased Options		100.75	%
Short Term Investments		0.26
Total Investments		101.01
Liabilities in Excess of Other Assets		(1.01	)
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, 2023.

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

172

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – MAY

Schedule of Options Written^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPDR S&P 500 ETF	4/30/2024	$	470.42		1,471	$	(61,517,220	)	$	(430,738	)
										(430,738	)
Put Options
SPDR S&P 500 ETF	4/30/2024		270.35		1,471		(61,517,220	)		(149,910	)
										(149,910	)
Total Options Written (Premiums Received $1,932,903)									$	(580,648	)

^(a)	Exchange-Traded.

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

173

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – JUNE

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 101.00% ^(a)(b)
CALL OPTIONS - 98.21%
SPDR S&P 500 ETF, Expires 5/31/2024, Strike Price $4.17		1,771	$	74,063,220	$	72,784,558
						72,784,558
PUT OPTIONS - 2.79%
SPDR S&P 500 ETF, Expires 5/31/2024, Strike Price $396.96		1,771		74,063,220		2,072,070
						2,072,070
TOTAL PURCHASED OPTIONS (Cost $75,727,436)						74,856,628
	Principal Amount
SHORT-TERM INVESTMENTS - 0.23%
Money Market Deposit Account - 0.23%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)	$	172,803				172,803
TOTAL SHORT-TERM INVESTMENTS (Cost $172,803)						172,803

Total Investments (Cost $75,900,239) - 101.23%						75,029,431
Liabilities in Excess of Other Assets - (1.23)%						(917,595	)
TOTAL NET ASSETS - 100.00%					$	74,111,836

Asset Type	% of Net Assets
Purchased Options		101.00	%
Short Term Investments		0.23
Total Investments		101.23
Liabilities in Excess of Other Assets		(1.23	)
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, 2023.

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

174

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – JUNE

Schedule of Options Written^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPDR S&P 500 ETF	5/31/2024	$	474.51		1,771	$	(74,063,220	)	$	(646,415	)
										(646,415	)
Put Options
SPDR S&P 500 ETF	5/31/2024		271.60		1,771		(74,063,220	)		(232,001	)
										(232,001	)
Total Options Written (Premiums Received $2,261,384)									$	(878,416	)

^(a)	Exchange-Traded.

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

175

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – JULY

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 100.47% ^(a)(b)
CALL OPTIONS - 95.85%
SPDR S&P 500 ETF, Expires 6/28/2024, Strike Price $4.42		3,786	$	158,330,520	$	154,923,120
						154,923,120
PUT OPTIONS - 4.62%
SPDR S&P 500 ETF, Expires 6/28/2024, Strike Price $421.12		3,786		158,330,520		7,458,420
						7,458,420
TOTAL PURCHASED OPTIONS (Cost $170,165,965)						162,381,540
	Principal Amount
SHORT-TERM INVESTMENTS - 0.28%
Money Market Deposit Account - 0.28%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)	$	450,069				450,069
TOTAL SHORT-TERM INVESTMENTS (Cost $450,069)						450,069

Total Investments (Cost $170,616,034) - 100.75%						162,831,609
Liabilities in Excess of Other Assets - (0.75)%						(1,207,688	)
TOTAL NET ASSETS - 100.00%					$	161,623,921

Asset Type	% of Net Assets
Purchased Options		100.47	%
Short Term Investments		0.28
Total Investments		100.75
Liabilities in Excess of Other Assets		(0.75	)
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, 2023.

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

176

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – JULY

Schedule of Options Written^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPDR S&P 500 ETF	6/28/2024	$	504.90		3,786	$	(158,330,520	)	$	(348,312	)
										(348,312	)
Put Options
SPDR S&P 500 ETF	6/28/2024		288.13		3,786		(158,330,520	)		(764,772	)
										(764,772	)
Total Options Written (Premiums Received $3,685,855)									$	(1,113,084	)

^(a)	Exchange-Traded.

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

177

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – AUGUST

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 100.52% ^(a)(b)
CALL OPTIONS - 94.60%
SPDR S&P 500 ETF, Expires 7/31/2024, Strike Price $4.56		7,939	$	332,008,980	$	325,316,403
						325,316,403
PUT OPTIONS - 5.92%
SPDR S&P 500 ETF, Expires 7/31/2024, Strike Price $434.90		7,939		332,008,980		20,363,535
						20,363,535
TOTAL PURCHASED OPTIONS (Cost $357,177,082)						345,679,938
	Principal Amount
SHORT-TERM INVESTMENTS - 0.28%
Money Market Deposit Account - 0.28%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)	$	947,864				947,864
TOTAL SHORT-TERM INVESTMENTS (Cost $947,864)						947,864

Total Investments (Cost $358,124,946) - 100.80%						346,627,802
Liabilities in Excess of Other Assets - (0.80)%						(2,736,439	)
TOTAL NET ASSETS - 100.00%					$	343,891,363

Asset Type	% of Net Assets
Purchased Options		100.52	%
Short Term Investments		0.28
Total Investments		100.80
Liabilities in Excess of Other Assets		(0.80	)
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, 2023.

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

178

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – AUGUST

Schedule of Options Written^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPDR S&P 500 ETF	7/31/2024	$	525.82		7,939	$	(332,008,980	)	$	(460,462	)
										(460,462	)
Put Options
SPDR S&P 500 ETF	7/31/2024		297.56		7,939		(332,008,980	)		(2,119,713	)
										(2,119,713	)
Total Options Written (Premiums Received $4,860,036)									$	(2,580,175	)

^(a)	Exchange-Traded.

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

179

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – SEPTEMBER

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 100.69% ^(a)(b)
CALL OPTIONS - 95.23%
SPDR S&P 500 ETF, Expires 8/30/2024, Strike Price $4.49		2,083	$	87,111,060	$	85,286,352
						85,286,352
PUT OPTIONS - 5.46%
SPDR S&P 500 ETF, Expires 8/30/2024, Strike Price $427.83		2,083		87,111,060		4,890,884
						4,890,884
TOTAL PURCHASED OPTIONS (Cost $94,382,508)						90,177,236
	Principal Amount
SHORT-TERM INVESTMENTS - 0.29%
Money Market Deposit Account - 0.29%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)	$	259,454				259,454
TOTAL SHORT-TERM INVESTMENTS (Cost $259,454)						259,454

Total Investments (Cost $94,641,962) - 100.98%						90,436,690
Liabilities in Excess of Other Assets - (0.98)%						(880,216	)
TOTAL NET ASSETS - 100.00%					$	89,556,474

Asset Type	% of Net Assets
Purchased Options		100.69	%
Short Term Investments		0.29
Total Investments		100.98
Liabilities in Excess of Other Assets		(0.98	)
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, 2023.

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

180

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – SEPTEMBER

Schedule of Options Written^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPDR S&P 500 ETF	8/30/2024	$	516.24		2,083	$	(87,111,060	)	$	(264,541	)
										(264,541	)
Put Options
SPDR S&P 500 ETF	8/30/2024		292.73		2,083		(87,111,060	)		(587,406	)
										(587,406	)
Total Options Written (Premiums Received $1,878,507)									$	(851,947	)

^(a)	Exchange-Traded.

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

181

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – OCTOBER

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 101.54% ^(a)(b)
CALL OPTIONS - 97.18%
SPDR S&P 500 ETF, Expires 9/30/2024, Strike Price $4.26		2,460	$	102,877,200	$	100,377,840
						100,377,840
PUT OPTIONS - 4.36%
SPDR S&P 500 ETF, Expires 9/30/2024, Strike Price $406.11		2,460		102,877,200		4,501,800
						4,501,800
TOTAL PURCHASED OPTIONS (Cost $106,805,181)						104,879,640
	Principal Amount
SHORT-TERM INVESTMENTS - 0.26%
Money Market Deposit Account - 0.26%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)	$	269,013				269,013
TOTAL SHORT-TERM INVESTMENTS (Cost $269,013)						269,013

Total Investments (Cost $107,074,194) - 101.80%						105,148,653
Liabilities in Excess of Other Assets - (1.80)%						(1,853,243	)
TOTAL NET ASSETS - 100.00%					$	103,295,410

Asset Type	% of Net Assets
Purchased Options		101.54	%
Short Term Investments		0.26
Total Investments		101.80
Liabilities in Excess of Other Assets		(1.80	)
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, 2023.

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

182

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – OCTOBER

Schedule of Options Written^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPDR S&P 500 ETF	9/30/2024	$	491.73		2,460	$	(102,877,200	)	$	(1,188,180	)
										(1,188,180	)
Put Options
SPDR S&P 500 ETF	9/30/2024		277.86		2,460		(102,877,200	)		(646,980	)
										(646,980	)
Total Options Written (Premiums Received $2,678,535)									$	(1,835,160	)

^(a)	Exchange-Traded.

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

183

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – NOVEMBER

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 102.52% ^(a)(b)
CALL OPTIONS - 98.34%
SPDR S&P 500 ETF, Expires 10/31/2024, Strike Price $4.17		733	$	30,654,060	$	29,902,002
						29,902,002
PUT OPTIONS - 4.18%
SPDR S&P 500 ETF, Expires 10/31/2024, Strike Price $397.29		733		30,654,060		1,269,556
						1,269,556
TOTAL PURCHASED OPTIONS (Cost $31,174,694)						31,171,558
	Principal Amount
SHORT-TERM INVESTMENTS - 0.21%
Money Market Deposit Account - 0.21%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)	$	64,672				64,672
TOTAL SHORT-TERM INVESTMENTS (Cost $64,672)						64,672

Total Investments (Cost $31,239,366) - 102.73%						31,236,230
Liabilities in Excess of Other Assets - (2.73)%						(828,670	)
TOTAL NET ASSETS - 100.00%					$	30,407,560

Asset Type	% of Net Assets
Purchased Options		102.52	%
Short Term Investments		0.21
Total Investments		102.73
Liabilities in Excess of Other Assets		(2.73	)
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, 2023.

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

184

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – NOVEMBER

Schedule of Options Written^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPDR S&P 500 ETF	10/31/2024	$	482.81		733	$	(30,654,060	)	$	(629,647	)
										(629,647	)
Put Options
SPDR S&P 500 ETF	10/31/2024		271.83		733		(30,654,060	)		(200,109	)
										(200,109	)
Total Options Written (Premiums Received $826,613)									$	(829,756	)

^(a)	Exchange-Traded.

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

185

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – DECEMBER

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 99.85% ^(a)(b)
CALL OPTIONS - 99.58%
SPDR S&P 500 ETF, Expires 11/30/2023, Strike Price $4.06		1,674	$	70,006,680	$	69,364,333
						69,364,333
PUT OPTIONS - 0.27%
SPDR S&P 500 ETF, Expires 11/30/2023, Strike Price $387.30		1,674		70,006,680		188,208
						188,208
TOTAL PURCHASED OPTIONS (Cost $70,939,648)						69,552,541
	Principal Amount
SHORT-TERM INVESTMENTS - 0.23%
Money Market Deposit Account - 0.23%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)	$	160,745				160,745
TOTAL SHORT-TERM INVESTMENTS (Cost $160,745)						160,745

Total Investments (Cost $71,100,393) - 100.08%						69,713,286
Liabilities in Excess of Other Assets - (0.08)%						(55,494	)
TOTAL NET ASSETS - 100.00%					$	69,657,792

Asset Type	% of Net Assets
Purchased Options		99.85	%
Short Term Investments		0.23
Total Investments		100.08
Liabilities in Excess of Other Assets		(0.08	)
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, 2023.

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

186

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – DECEMBER

Schedule of Options Written^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPDR S&P 500 ETF	11/30/2023	$	471.69		1,674	$	(70,006,680	)	$	(4,202	)
										(4,202	)
Put Options
SPDR S&P 500 ETF	11/30/2023		264.99		1,674		(70,006,680	)		(4,486	)
										(4,486	)
Total Options Written (Premiums Received $1,592,131)									$	(8,688	)

^(a)	Exchange-Traded.

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

187

INNOVATOR PREMIUM INCOME 10 BARRIER ETF – APRIL

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 10.58% ^(a)(b)
PUT OPTIONS - 10.58%
S&P 500 Index, Expires 3/28/2024, Strike Price $3,656.95		195	$	81,779,100	$	847,353

TOTAL PURCHASED OPTIONS (Cost $2,331,728)						847,353
	Principal Amount
SHORT-TERM INVESTMENTS - 102.27%
U.S. Treasury Bills - 102.12%
United States Treasury Bill, 0.91%, 12/28/2023 ^(c)	$	185,600				184,038
United States Treasury Bill, 1.80%, 3/21/2024 ^(c)(e)		8,164,100				7,994,027
						8,178,065
Money Market Deposit Account - 0.15%
U.S. Bank Money Market Deposit Account, 5.20% ^(d)		12,002				12,002
TOTAL SHORT-TERM INVESTMENTS (Cost $8,211,882)						8,190,067

Total Investments (Cost $10,543,610) - 112.85%						9,037,420
Liabilities in Excess of Other Assets - (12.85)%						(1,029,454	)
TOTAL NET ASSETS - 100.00%					$	8,007,966

Asset Type	% of Net Assets
Purchased Options		10.58	%
Short Term Investments		102.27
Total Investments		112.85
Liabilities in Excess of Other Assets		(12.85	)
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)	Rate disclosed is the effective yield as of October 31, 2023.

^(d)	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, 2023.

^(e)	All or portion of the security is pledged as collateral in connection with options written short.

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

188

INNOVATOR PREMIUM INCOME 10 BARRIER ETF – APRIL

Schedule of Options Written ^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Put Options
S&P 500 Index	3/28/2024	$	3,698.04		208	$	(87,231,040	)	$	(992,270	)
S&P 500 Mini Index	3/28/2024		369.80		65		(2,725,970	)		(31,210	)

Total Options Written (Premiums Received $2,156,426)									$	(1,023,480	)

^(a)	Exchange-Traded.

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

189

INNOVATOR PREMIUM INCOME 20 BARRIER ETF – APRIL

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 8.89% ^(a)(b)
PUT OPTIONS - 8.89%
S&P 500 Index, Expires 3/28/2024, Strike Price $3,246.05		1,286	$	539,322,680	$	2,362,138

TOTAL PURCHASED OPTIONS (Cost $9,117,969)						2,362,138
	Principal Amount
SHORT-TERM INVESTMENTS - 101.29%
U.S. Treasury Bills - 101.17%
United States Treasury Bill, 0.94%, 12/28/2023 ^(c)	$	523,300				518,896
United States Treasury Bill, 1.86%, 3/21/2024 ^(c)(e)		26,913,500				26,352,844
						26,871,740
Money Market Deposit Account - 0.12%
U.S. Bank Money Market Deposit Account, 5.20% ^(d)		32,674				32,674
TOTAL SHORT-TERM INVESTMENTS (Cost $26,988,601)						26,904,414

Total Investments (Cost $36,106,570) - 110.18%						29,266,552
Liabilities in Excess of Other Assets - (10.18)%						(2,703,329	)
TOTAL NET ASSETS - 100.00%					$	26,563,223

Asset Type	% of Net Assets
Purchased Options		8.89	%
Short Term Investments		101.29
Total Investments		110.18
Liabilities in Excess of Other Assets		(10.18	)
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)	Rate disclosed is the effective yield as of October 31, 2023.

^(d)	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, 2023.

^(e)	All or portion of the security is pledged as collateral in connection with options written short.

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

190

INNOVATOR PREMIUM INCOME 20 BARRIER ETF – APRIL

Schedule of Options Written ^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Put Options
S&P 500 Index	3/28/2024	$	3,287.14		1,329	$	(557,356,020	)	$	(2,642,225	)
S&P 500 Mini Index	3/28/2024		328.71		213		(8,932,794	)		(43,260	)

Total Options Written (Premiums Received $8,774,464)									$	(2,685,485	)

^(a)	Exchange-Traded.

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

191

INNOVATOR PREMIUM INCOME 30 BARRIER ETF – APRIL

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 6.57% ^(a)(b)
PUT OPTIONS - 6.57%
S&P 500 Index, Expires 3/28/2024, Strike Price $2,835.16		3,540	$	1,484,605,200	$	3,200,726

TOTAL PURCHASED OPTIONS (Cost $13,270,911)						3,200,726
	Principal Amount
SHORT-TERM INVESTMENTS - 100.73%
U.S. Treasury Bills - 100.53%
United States Treasury Bill, 0.96%, 12/28/2023 ^(c)	$	790,800				784,145
United States Treasury Bill, 1.89%, 3/21/2024 ^(c)(e)		49,255,800				48,229,714
						49,013,859
Money Market Deposit Account - 0.20%
U.S. Bank Money Market Deposit Account, 5.20% ^(d)		96,166				96,166
TOTAL SHORT-TERM INVESTMENTS (Cost $49,261,637)						49,110,025

Total Investments (Cost $62,532,548) - 107.30%						52,310,751
Liabilities in Excess of Other Assets - (7.30)%						(3,556,876	)
TOTAL NET ASSETS - 100.00%					$	48,753,875

Asset Type	% of Net Assets
Purchased Options		6.57	%
Short Term Investments		100.73
Total Investments		107.30
Liabilities in Excess of Other Assets		(7.30	)
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)	Rate disclosed is the effective yield as of October 31, 2023.

^(d)	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, 2023.

^(e)	All or portion of the security is pledged as collateral in connection with options written short.

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

192

INNOVATOR PREMIUM INCOME 30 BARRIER ETF – APRIL

Schedule of Options Written ^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Put Options
S&P 500 Index	3/28/2024	$	2,876.25		3,619	$	(1,517,736,220	)	$	(3,490,779	)
S&P 500 Mini Index	3/28/2024		287.63		390		(16,355,820	)		(37,865	)

Total Options Written (Premiums Received $12,804,267)									$	(3,528,644	)

^(a)	Exchange-Traded.

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

193

INNOVATOR PREMIUM INCOME 40 BARRIER ETF – APRIL

Schedule of Investments
October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 4.85% ^(a)(b)
PUT OPTIONS - 4.85%
S&P 500 Index, Expires 3/28/2024, Strike Price $2,424.27		3,228	$	1,353,758,640	$	1,611,353

TOTAL PURCHASED OPTIONS (Cost $7,471,799)						1,611,353
	Principal Amount
SHORT-TERM INVESTMENTS - 100.48%
U.S. Treasury Bills - 100.26%
United States Treasury Bill, 0.90%, 12/28/2023 ^(c)	$	455,500				451,667
United States Treasury Bill, 1.76%, 3/21/2024 ^(c)(e)		33,586,200				32,886,540
						33,338,207
Money Market Deposit Account - 0.22%
U.S. Bank Money Market Deposit Account, 5.20% ^(d)		73,873				73,873
TOTAL SHORT-TERM INVESTMENTS (Cost $33,533,254)						33,412,080

Total Investments (Cost $41,005,053) - 105.33%						35,023,433
Liabilities in Excess of Other Assets - (5.33)%						(1,771,258	)
TOTAL NET ASSETS - 100.00%					$	33,252,175

Asset Type	% of Net Assets
Purchased Options		4.85	%
Short Term Investments		100.48
Total Investments		105.33
Liabilities in Excess of Other Assets		(5.33	)
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)	Rate disclosed is the effective yield as of October 31, 2023.
^(d)	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, 2023.
^(e)	All or portion of the security is pledged as collateral in connection with options written short.

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

194

INNOVATOR PREMIUM INCOME 40 BARRIER ETF – APRIL

Schedule of Options Written ^(a)
October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Put Options
S&P 500 Index	3/28/2024	$	2,465.36		3,282	$	(1,376,405,160	)	$	(1,732,470	)
S&P 500 Mini Index	3/28/2024		246.54		267		(11,197,446	)		(14,252	)

Total Options Written (Premiums Received $6,397,843)									$	(1,746,722	)

^(a)	Exchange-Traded.

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

195

INNOVATOR PREMIUM INCOME 10 BARRIER ETF – JULY

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 28.62% ^(a)(b)
PUT OPTIONS - 28.62%
S&P 500 Index, Expires 6/28/2024, Strike Price $3,960.64		112	$	46,970,560	$	1,388,270

TOTAL PURCHASED OPTIONS (Cost $1,146,373)						1,388,270
	Principal Amount
SHORT-TERM INVESTMENTS - 105.57%
U.S. Treasury Bills - 105.47%
United States Treasury Bill, 1.99%, 12/28/2023 ^(c)	$	102,700				101,836
United States Treasury Bill, 2.94%, 3/21/2024 ^(c)		102,900				100,756
United States Treasury Bill, 3.41%, 6/13/2024 ^(c)(e)		5,077,800				4,913,645
						5,116,237
Money Market Deposit Account - 0.10%
U.S. Bank Money Market Deposit Account, 5.20% ^(d)		4,672				4,672
TOTAL SHORT-TERM INVESTMENTS (Cost $5,122,701)						5,120,909

Total Investments (Cost $6,269,074) - 134.19%						6,509,179
Liabilities in Excess of Other Assets - (34.19)%						(1,658,484	)
TOTAL NET ASSETS - 100.00%					$	4,850,695

Asset Type	% of Net Assets
Purchased Options		28.62	%
Short Term Investments		105.57
Total Investments		134.19
Liabilities in Excess of Other Assets		(34.19	)
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)	Rate disclosed is the effective yield as of October 31, 2023.
^(d)	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, 2023.
^(e)	All or portion of the security is pledged as collateral in connection with options written short.

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

196

INNOVATOR PREMIUM INCOME 10 BARRIER ETF – JULY

Schedule of Options Written ^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Put Options
S&P 500 Index	6/28/2024	$	4,005.14		120	$	(50,325,600	)	$	(1,612,333	)
S&P 500 Mini Index	6/28/2024		400.52		32		(1,342,016	)		(43,011	)

Total Options Written (Premiums Received $1,342,282)									$	(1,655,344	)

^(a)	Exchange-Traded.

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

197

INNOVATOR PREMIUM INCOME 20 BARRIER ETF – JULY

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 25.20% ^(a)(b)
PUT OPTIONS - 25.20%
S&P 500 Index, Expires 6/28/2024, Strike Price $3,515.63		1,146	$	480,609,480	$	6,343,293

TOTAL PURCHASED OPTIONS (Cost $6,159,252)						6,343,293
	Principal Amount
SHORT-TERM INVESTMENTS - 103.50%
U.S. Treasury Bills - 103.36%
United States Treasury Bill, 2.00%, 12/28/2023 ^(c)	$	463,400				459,500
United States Treasury Bill, 3.06%, 3/21/2024 ^(c)		464,300				454,628
United States Treasury Bill, 3.60%, 6/13/2024 ^(c)(e)		25,942,300				25,103,634
						26,017,762
Money Market Deposit Account - 0.14%
U.S. Bank Money Market Deposit Account, 5.20% ^(d)		35,174				35,174
TOTAL SHORT-TERM INVESTMENTS (Cost $26,062,819)						26,052,936

Total Investments (Cost $32,222,071) - 128.70%						32,396,229
Liabilities in Excess of Other Assets - (28.70)%						(7,224,400	)
TOTAL NET ASSETS - 100.00%					$	25,171,829

Asset Type	% of Net Assets
Purchased Options		25.20	%
Short Term Investments		103.50
Total Investments		128.70
Liabilities in Excess of Other Assets		(28.70	)
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)	Rate disclosed is the effective yield as of October 31, 2023.
^(d)	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, 2023.
^(e)	All or portion of the security is pledged as collateral in connection with options written short.

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

198

INNOVATOR PREMIUM INCOME 20 BARRIER ETF – JULY

Schedule of Options Written ^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Put Options
S&P 500 Index	6/28/2024	$	3,560.13		1,187	$	(497,804,060	)	$	(7,109,975	)
S&P 500 Mini Index	6/28/2024		356.02		163		(6,835,894	)		(97,564	)

Total Options Written (Premiums Received $6,741,251)									$	(7,207,539	)

^(a)	Exchange-Traded.

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

199

INNOVATOR PREMIUM INCOME 30 BARRIER ETF – JULY

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 17.87% ^(a)(b)
PUT OPTIONS - 17.87%
S&P 500 Index, Expires 6/28/2024, Strike Price $3,070.61		1,929	$	808,984,020	$	5,091,383

TOTAL PURCHASED OPTIONS (Cost $5,881,752)						5,091,383
	Principal Amount
SHORT-TERM INVESTMENTS - 101.99%
U.S. Treasury Bills - 101.80%
United States Treasury Bill, 2.04%, 12/28/2023 ^(c)	$	451,600				447,800
United States Treasury Bill, 3.06%, 3/21/2024 ^(c)		452,500				443,074
United States Treasury Bill, 3.59%, 6/13/2024 ^(c)(e)		29,048,500				28,109,416
						29,000,290
Money Market Deposit Account - 0.19%
U.S. Bank Money Market Deposit Account, 5.20% ^(d)		54,348				54,348
TOTAL SHORT-TERM INVESTMENTS (Cost $29,067,315)						29,054,638

Total Investments (Cost $34,949,067) - 119.86%						34,146,021
Liabilities in Excess of Other Assets - (19.86)%						(5,658,585	)
TOTAL NET ASSETS - 100.00%					$	28,487,436

Asset Type	% of Net Assets
Purchased Options		17.87	%
Short Term Investments		101.99
Total Investments		119.86
Liabilities in Excess of Other Assets		(19.86	)
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)	Rate disclosed is the effective yield as of October 31, 2023.
^(d)	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, 2023.
^(e)	All or portion of the security is pledged as collateral in connection with options written short.

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

200

INNOVATOR PREMIUM INCOME 30 BARRIER ETF – JULY

Schedule of Options Written ^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Put Options
S&P 500 Index	6/28/2024	$	3,115.11		1,975	$	(828,275,500	)	$	(5,588,915	)
S&P 500 Mini Index	6/28/2024		311.51		183		(7,674,654	)		(51,851	)

Total Options Written (Premiums Received $6,201,617)									$	(5,640,766	)

^(a)	Exchange-Traded.

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

201

INNOVATOR PREMIUM INCOME 40 BARRIER ETF – JULY

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 12.46% ^(a)(b)
PUT OPTIONS - 12.46%
S&P 500 Index, Expires 6/28/2024, Strike Price $2,625.59		728	$	305,308,640	$	1,005,397

TOTAL PURCHASED OPTIONS (Cost $1,158,054)						1,005,397
	Principal Amount
SHORT-TERM INVESTMENTS - 101.19%
U.S. Treasury Bills - 101.12%
United States Treasury Bill, 1.56%, 12/28/2023 ^(c)	$	112,800				111,851
United States Treasury Bill, 2.45%, 3/21/2024 ^(c)		113,000				110,646
United States Treasury Bill, 2.94%, 6/13/2024 ^(c)(e)		8,201,100				7,935,973
						8,158,470
Money Market Deposit Account - 0.07%
U.S. Bank Money Market Deposit Account, 5.20% ^(d)		5,408				5,408
TOTAL SHORT-TERM INVESTMENTS (Cost $8,166,540)						8,163,878

Total Investments (Cost $9,324,594) - 113.65%						9,169,275
Liabilities in Excess of Other Assets - (13.65)%						(1,100,995	)
TOTAL NET ASSETS - 100.00%					$	8,068,280

Asset Type	% of Net Assets
Purchased Options		12.46	%
Short Term Investments		101.19
Total Investments		113.65
Liabilities in Excess of Other Assets		(13.65	)
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)	Rate disclosed is the effective yield as of October 31, 2023.
^(d)	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, 2023.
^(e)	All or portion of the security is pledged as collateral in connection with options written short.

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

202

INNOVATOR PREMIUM INCOME 40 BARRIER ETF – JULY

Schedule of Options Written ^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Put Options
S&P 500 Index	6/28/2024	$	2,670.10		741	$	(310,760,580	)	$	(1,088,025	)
S&P 500 Mini Index	6/28/2024		267.01		52		(2,180,776	)		(7,634	)

Total Options Written (Premiums Received $1,260,367)									$	(1,095,659	)

^(a)	Exchange-Traded.

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

203

INNOVATOR PREMIUM INCOME 10 BARRIER ETF – OCTOBER

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 29.00% ^(a)(b)
PUT OPTIONS - 29.00%
S&P 500 Index, Expires 9/30/2024, Strike Price $3,816.59		70	$	29,356,600	$	862,241

TOTAL PURCHASED OPTIONS (Cost $821,180)						862,241
	Principal Amount
SHORT-TERM INVESTMENTS - 105.14%
U.S. Treasury Bills - 105.02%
United States Treasury Bill, 2.95%, 12/28/2023 ^(c)	$	68,700				68,122
United States Treasury Bill, 3.55%, 3/21/2024 ^(c)		68,900				67,465
United States Treasury Bill, 3.66%, 6/13/2024 ^(c)		69,000				66,769
United States Treasury Bill, 3.78%, 10/3/2024 ^(c)(e)		3,068,700				2,920,041
						3,122,397
Money Market Deposit Account - 0.12%
U.S. Bank Money Market Deposit Account, 5.20% ^(d)		3,525				3,525
TOTAL SHORT-TERM INVESTMENTS (Cost $3,127,410)						3,125,922

Total Investments (Cost $3,948,590) - 134.14%						3,988,163
Liabilities in Excess of Other Assets - (34.14)%						(1,014,945	)
TOTAL NET ASSETS - 100.00%					$	2,973,218

Asset Type	% of Net Assets
Purchased Options		29.00	%
Short Term Investments		105.14
Total Investments		134.14
Liabilities in Excess of Other Assets		(34.14	)
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)	Rate disclosed is the effective yield as of October 31, 2023.
^(d)	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, 2023.
^(e)	All or portion of the security is pledged as collateral in connection with options written short.

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

204

INNOVATOR PREMIUM INCOME 10 BARRIER ETF – OCTOBER

Schedule of Options Written ^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Put Options
S&P 500 Index	9/30/2024	$	3,859.47		75	$	(31,453,500	)	$	(987,496	)
S&P 500 Mini Index	9/30/2024		385.95		20		(838,760	)		(26,366	)

Total Options Written (Premiums Received $958,411).									$	(1,013,862	)

^(a)	Exchange-Traded.

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

205

INNOVATOR PREMIUM INCOME 20 BARRIER ETF – OCTOBER

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 29.64% ^(a)(b)
PUT OPTIONS - 29.64%
S&P 500 Index, Expires 9/30/2024, Strike Price $3,387.76		504	$	211,367,520	$	3,178,909

TOTAL PURCHASED OPTIONS (Cost $3,263,152)						3,178,909
	Principal Amount
SHORT-TERM INVESTMENTS - 103.66%
U.S. Treasury Bills - 103.54%
United States Treasury Bill, 3.28%, 12/28/2023 ^(c)	$	212,100				210,315
United States Treasury Bill, 3.98%, 3/21/2024 ^(c)		212,500				208,073
United States Treasury Bill, 4.12%, 6/13/2024 ^(c)		212,900				206,017
United States Treasury Bill, 4.23%, 10/3/2024 ^(c)(e)		11,012,200				10,478,729
						11,103,134
Money Market Deposit Account - 0.12%
U.S. Bank Money Market Deposit Account, 5.20% ^(d)		12,998				12,998
TOTAL SHORT-TERM INVESTMENTS (Cost $11,121,501)						11,116,132

Total Investments (Cost $14,384,653) - 133.30%						14,295,041
Liabilities in Excess of Other Assets - (33.30)%						(3,571,465	)
TOTAL NET ASSETS - 100.00%					$	10,723,576

Asset Type	% of Net Assets
Purchased Options		29.64	%
Short Term Investments		103.66
Total Investments		133.30
Liabilities in Excess of Other Assets		(33.30	)
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)	Rate disclosed is the effective yield as of October 31, 2023.
^(d)	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, 2023.
^(e)	All or portion of the security is pledged as collateral in connection with options written short.

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

206

INNOVATOR PREMIUM INCOME 20 BARRIER ETF – OCTOBER

Schedule of Options Written ^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Put Options
S&P 500 Index	9/30/2024	$	3,430.64		522	$	(218,916,360	)	$	(3,518,243	)
S&P 500 Mini Index	9/30/2024		343.06		72		(3,019,536	)		(48,565	)

Total Options Written (Premiums Received $3,625,366)									$	(3,566,808	)

^(a)	Exchange-Traded.

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

207

INNOVATOR PREMIUM INCOME 30 BARRIER ETF – OCTOBER

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 23.42% ^(a)(b)
PUT OPTIONS - 23.42%
S&P 500 Index, Expires 9/30/2024, Strike Price $2,958.93		966	$	405,121,080	$	3,213,351

TOTAL PURCHASED OPTIONS (Cost $3,402,329)						3,213,351
	Principal Amount
SHORT-TERM INVESTMENTS - 102.36%
U.S. Treasury Bills - 102.21%
United States Treasury Bill, 3.31%, 12/28/2023 ^(c)	$	229,400				227,470
United States Treasury Bill, 3.94%, 3/21/2024 ^(c)		229,900				225,111
United States Treasury Bill, 4.07%, 6/13/2024 ^(c)		230,400				222,952
United States Treasury Bill, 4.17%, 10/3/2024 ^(c)(e)		14,028,500				13,348,906
						14,024,439
Money Market Deposit Account - 0.15%
U.S. Bank Money Market Deposit Account, 5.20% ^(d)		20,381				20,381
TOTAL SHORT-TERM INVESTMENTS (Cost $14,051,691)						14,044,820

Total Investments (Cost $17,454,020) - 125.78%						17,258,171
Liabilities in Excess of Other Assets - (25.78)%						(3,537,911	)
TOTAL NET ASSETS - 100.00%					$	13,720,260

Asset Type	% of Net Assets
Purchased Options		23.42	%
Short Term Investments		102.36
Total Investments		125.78
Liabilities in Excess of Other Assets		(25.78	)
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)	Rate disclosed is the effective yield as of October 31, 2023.
^(d)	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, 2023.
^(e)	All or portion of the security is pledged as collateral in connection with options written short.

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

208

INNOVATOR PREMIUM INCOME 30 BARRIER ETF – OCTOBER

Schedule of Options Written ^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Put Options
S&P 500 Index	9/30/2024	$	3,001.81		989	$	(414,766,820	)	$	(3,499,497	)
S&P 500 Mini Index	9/30/2024		300.18		92		(3,858,296	)		(32,781	)

Total Options Written (Premiums Received $3,699,981)									$	(3,532,278	)

^(a)	Exchange-Traded.

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

209

INNOVATOR PREMIUM INCOME 40 BARRIER ETF – OCTOBER

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 17.34% ^(a)(b)
PUT OPTIONS - 17.34%
S&P 500 Index, Expires 9/30/2024, Strike Price $2,530.10		616	$	258,338,080	$	1,137,524

TOTAL PURCHASED OPTIONS (Cost $1,252,034)						1,137,524
	Principal Amount
SHORT-TERM INVESTMENTS - 101.52%
U.S. Treasury Bills - 101.38%
United States Treasury Bill, 2.46%, 12/28/2023 ^(c)	$	95,400				94,597
United States Treasury Bill, 3.07%, 3/21/2024 ^(c)		95,600				93,608
United States Treasury Bill, 3.22%, 6/13/2024 ^(c)		95,800				92,703
United States Treasury Bill, 3.33%, 10/3/2024 ^(c)(e)		6,696,000				6,371,622
						6,652,530
Money Market Deposit Account - 0.14%
U.S. Bank Money Market Deposit Account, 5.20% ^(d)		9,057				9,057
TOTAL SHORT-TERM INVESTMENTS (Cost $6,664,203)						6,661,587

Total Investments (Cost $7,916,237) - 118.86%						7,799,111
Liabilities in Excess of Other Assets - (18.86)%						(1,237,462	)
TOTAL NET ASSETS - 100.00%					$	6,561,649

Asset Type	% of Net Assets
Purchased Options		17.34	%
Short Term Investments		101.52
Total Investments		118.86
Liabilities in Excess of Other Assets		(18.86	)
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)	Rate disclosed is the effective yield as of October 31, 2023.
^(d)	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, 2023.
^(e)	All or portion of the security is pledged as collateral in connection with options written short.

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

210

INNOVATOR PREMIUM INCOME 40 BARRIER ETF – OCTOBER

Schedule of Options Written ^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Put Options
S&P 500 Index	9/30/2024	$	2,572.98		627	$	(262,951,260	)	$	(1,225,327	)
S&P 500 Mini Index	9/30/2024		257.30		44		(1,845,272	)		(8,675	)

Total Options Written (Premiums Received $1,346,569)									$	(1,234,002	)

^(a)	Exchange-Traded.

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

211

INNOVATOR U.S. EQUITY 5 TO 15 BUFFER ETF – QUARTERLY

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 100.30% ^(a)(b)
CALL OPTIONS - 98.83%
SPDR S&P 500 ETF, Expires 12/29/2023, Strike Price $1.04		300	$	12,546,000	$	12,467,937
						12,467,937
PUT OPTIONS - 1.47%
SPDR S&P 500 ETF, Expires 12/29/2023, Strike Price $406.11		300		12,546,000		184,848
						184,848
TOTAL PURCHASED OPTIONS (Cost $13,015,404)						12,652,785
	Principal Amount
SHORT-TERM INVESTMENTS - 0.10%
Money Market Deposit Account - 0.10%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)	$	12,916				12,916
TOTAL SHORT-TERM INVESTMENTS (Cost $12,916)						12,916

Total Investments (Cost $13,028,320) - 100.40%						12,665,701
Liabilities in Excess of Other Assets - (0.40)%						(51,012	)
TOTAL NET ASSETS - 100.00%					$	12,614,689

Asset Type	% of Net Assets
Purchased Options		100.30	%
Short Term Investments		0.10
Total Investments		100.40
Liabilities in Excess of Other Assets		(0.40	)
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, 2023.

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

212

INNOVATOR U.S. EQUITY 5 TO 15 BUFFER ETF – QUARTERLY

Schedule of Options Written ^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPDR S&P 500 ETF	12/29/2023	$	456.55		300	$	(12,546,000	)	$	(13,029	)
										(13,029	)
Put Options
SPDR S&P 500 ETF	12/29/2023		363.36		300		(12,546,000	)		(34,443	)
										(34,443	)
Total Options Written (Premiums Received $137,690).									$	(47,472	)

^(a)	Exchange-Traded.

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

213

INNOVATOR U.S. EQUITY 10 BUFFER ETF – QUARTERLY

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 100.93% ^(a)(b)
CALL OPTIONS - 97.65%
SPDR S&P 500 ETF, Expires 12/29/2023, Strike Price $1.06		585	$	24,464,700	$	24,311,319
						24,311,319
PUT OPTIONS - 3.28%
SPDR S&P 500 ETF, Expires 12/29/2023, Strike Price $427.47		585		24,464,700		816,695
						816,695
TOTAL PURCHASED OPTIONS (Cost $25,419,493)						25,128,014
	Principal Amount
SHORT-TERM INVESTMENTS - 0.13%
Money Market Deposit Account - 0.13%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)	$	31,712				31,712
TOTAL SHORT-TERM INVESTMENTS (Cost $31,712)						31,712

Total Investments (Cost $25,451,205) - 101.06%						25,159,726
Liabilities in Excess of Other Assets - (1.06)%						(263,651	)
TOTAL NET ASSETS - 100.00%					$	24,896,075

Asset Type	% of Net Assets
Purchased Options		100.93	%
Short Term Investments		0.13
Total Investments		101.06
Liabilities in Excess of Other Assets		(1.06	)
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, 2023.

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

214

INNOVATOR U.S. EQUITY 10 BUFFER ETF – QUARTERLY

Schedule of Options Written ^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPDR S&P 500 ETF	12/29/2023	$	443.77		585	$	(24,464,700	)	$	(103,165	)
										(103,165	)
Put Options
SPDR S&P 500 ETF	12/29/2023		384.73		585		(24,464,700	)		(153,639	)
										(153,639	)
Total Options Written (Premiums Received $509,202)									$	(256,804	)

^(a)	Exchange-Traded.

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

215

INNOVATOR PREMIUM INCOME 9 BUFFER ETF – OCTOBER

Schedule of Investments

October 31, 2023

	Principal Amount
SHORT-TERM INVESTMENTS - 103.99%
U.S. Treasury Bills - 103.21%
United States Treasury Bill, 2.42%, 11/30/2023 ^(a)	$	15,200	$	15,136
United States Treasury Bill, 2.98%, 12/28/2023 ^(a)		15,200		15,072
United States Treasury Bill, 3.26%, 1/25/2024 ^(a)		15,200		15,010
United States Treasury Bill, 3.46%, 2/29/2024 ^(a)		15,200		14,931
United States Treasury Bill, 3.55%, 3/21/2024 ^(a)		15,200		14,883
United States Treasury Bill, 3.60%, 4/18/2024 ^(a)		15,200		14,820
United States Treasury Bill, 3.64%, 5/16/2024 ^(a)		15,200		14,764
United States Treasury Bill, 3.67%, 6/13/2024 ^(a)		15,300		14,805
United States Treasury Bill, 3.69%, 7/11/2024 ^(a)		15,300		14,745
United States Treasury Bill, 3.75%, 8/8/2024 ^(a)		15,300		14,680
United States Treasury Bill, 3.78%, 10/3/2024 ^(a)(c)		2,406,800		2,290,207
				2,439,053
Money Market Deposit Account - 0.78%
U.S. Bank Money Market Deposit Account, 5.20% ^(b)		18,319		18,319
TOTAL SHORT-TERM INVESTMENTS (Cost $2,458,037)				2,457,372

Total Investments (Cost $2,458,037) - 103.99%				2,457,372
Liabilities in Excess of Other Assets - (3.99)%				(94,284	)
TOTAL NET ASSETS - 100.00%			$	2,363,088

Asset Type	% of Net Assets
Short Term Investments		103.99	%
Total Investments		103.99
Liabilities in Excess of Other Assets		(3.99	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

^(a)	Rate disclosed is the effective yield as of October 31, 2023.
^(b)	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, 2023.
^(c)	All or portion of the security is pledged as collateral in connection with options written short.

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

216

INNOVATOR PREMIUM INCOME 9 BUFFER ETF – OCTOBER

Schedule of Options Written ^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Put Options
SPDR S&P 500 ETF	9/30/2024	$	388.98		56	$	(2,341,920	)	$	(78,286	)

Total Options Written (Premiums Received $75,703)									$	(78,286	)

^(a)	Exchange-Traded.

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

217

INNOVATOR PREMIUM INCOME 15 BUFFER ETF – OCTOBER

Schedule of Investments

October 31, 2023

	Principal Amount
SHORT-TERM INVESTMENTS - 102.76%
U.S. Treasury Bills - 102.11%
United States Treasury Bill, 2.83%, 11/30/2023 ^(a)	$	39,900	$	39,730
United States Treasury Bill, 3.45%, 12/28/2023 ^(a)		39,900		39,564
United States Treasury Bill, 3.76%, 1/25/2024 ^(a)		39,900		39,401
United States Treasury Bill, 3.99%, 2/29/2024 ^(a)		39,900		39,194
United States Treasury Bill, 4.09%, 3/21/2024 ^(a)		40,000		39,167
United States Treasury Bill, 4.14%, 4/18/2024 ^(a)		40,000		39,001
United States Treasury Bill, 4.18%, 5/16/2024 ^(a)		40,000		38,852
United States Treasury Bill, 4.21%, 6/13/2024 ^(a)		40,000		38,707
United States Treasury Bill, 4.24%, 7/11/2024 ^(a)		40,100		38,646
United States Treasury Bill, 4.29%, 8/8/2024 ^(a)		40,100		38,476
United States Treasury Bill, 4.33%, 10/3/2024 ^(a)(c)		7,210,900		6,861,577
				7,252,315
Money Market Deposit Account - 0.65%
U.S. Bank Money Market Deposit Account, 5.20% ^(b)		46,128		46,128
TOTAL SHORT-TERM INVESTMENTS (Cost $7,301,082)				7,298,443

Total Investments (Cost $7,301,082) - 102.76%				7,298,443
Liabilities in Excess of Other Assets - (2.76)%				(195,823	)
TOTAL NET ASSETS - 100.00%			$	7,102,620

Asset Type	% of Net Assets
Short Term Investments		102.76	%
Total Investments		102.76
Liabilities in Excess of Other Assets		(2.76	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

^(a)	Rate disclosed is the effective yield as of October 31, 2023.
^(b)	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, 2023.
^(c)	All or portion of the security is pledged as collateral in connection with options written short.

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

218

INNOVATOR PREMIUM INCOME 15 BUFFER ETF – OCTOBER

Schedule of Options Written ^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Put Options
SPDR S&P 500 ETF	9/30/2024	$	363.35		168	$	(7,025,760	)	$	(158,760	)

Total Options Written (Premiums Received $155,109)									$	(158,760	)

^(a)	Exchange-Traded.

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

219

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

October 31, 2023


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.

220

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

$	148,834,291		$	100,674,270		$	88,323,155		$	153,580,049
	1,686			1,074			934			1,750
	154			208			206			206
	148,836,131			100,675,552			88,324,295			153,582,005


	275,924			681,490			728,590			2,046,788
	99,880			65,073			59,821			102,524
	375,804			746,563			788,411			2,149,312
$	148,460,327		$	99,928,989		$	87,535,884		$	151,432,693


$	190,245,904		$	103,377,517		$	88,440,170		$	156,350,798
	(41,785,577	)		(3,448,528	)		(904,286	)		(4,918,105	)
$	148,460,327		$	99,928,989		$	87,535,884		$	151,432,693


$	148,460,327		$	99,928,989		$	87,535,884		$	151,432,693
	4,125,000			3,050,000			2,450,000			4,400,000
$	35.99		$	32.76		$	35.73		$	34.42

$	144,726,719		$	101,104,831		$	86,408,055		$	154,049,589
	7,667,569			4,263,961			3,844,013			7,058,998

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

221

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

October 31, 2023


Assets:
Investments, at value ^(a)
Interest receivable
ETF variable fee 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.

222

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

$	113,053,846		$	103,287,502		$	353,757,857		$	190,436,674
	1,445			1,177			4,302			2,259
	–			–			424			–
	–			–			875,607			–
	103			146			98			193
	113,055,394			103,288,825			354,638,288			190,439,126


	2,033,363			2,187,564			11,916,303			8,276,882
	–			–			847,680			–
	82,374			70,454			229,389			125,080
	–			–			29,666			–
	2,115,737			2,258,018			13,023,038			8,401,962
$	110,939,657		$	101,030,807		$	341,615,250		$	182,037,164


$	121,085,394		$	111,769,103		$	354,788,516		$	206,891,037
	(10,145,737	)		(10,738,296	)		(13,173,266	)		(24,853,873	)
$	110,939,657		$	101,030,807		$	341,615,250		$	182,037,164


$	110,939,657		$	101,030,807		$	341,615,250		$	182,037,164
	3,625,000			3,125,000			10,075,000			5,600,000
$	30.60		$	32.33		$	33.91		$	32.51

$	114,242,270		$	104,516,547		$	366,220,531		$	199,030,419
	5,068,740			4,135,330			11,205,712			6,459,837

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

223

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

October 31, 2023


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.

224

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

$	185,960,571		$	177,810,127		$	87,405,915		$	96,108,195
	2,428			2,067			985			1,042
	–			–			87,290,907			–
	113			102			200			206
	185,963,112			177,812,296			174,698,007			96,109,443


	7,735,578			6,471,826			3,485,629			114,192
	118,872			110,437			58,014			65,502
	–			–			87,230,301			–
	7,854,450			6,582,263			90,773,944			179,694
$	178,108,662		$	171,230,033		$	83,924,063		$	95,929,749


$	193,720,513		$	197,865,005		$	93,556,235		$	102,837,163
	(15,611,851	)		(26,634,972	)		(9,632,172	)		(6,907,414	)
$	178,108,662		$	171,230,033		$	83,924,063		$	95,929,749


$	178,108,662		$	171,230,033		$	83,924,063		$	95,929,749
	5,375,000			4,900,000			2,625,000			2,800,000
$	33.14		$	34.94		$	31.97		$	34.26

$	193,016,591		$	180,570,936		$	87,414,571		$	97,927,120
	6,409,612			6,814,783			3,476,946			5,536,138

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

225

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

October 31, 2023


Assets:
Investments, at value ^(a)
Interest receivable
ETF variable fee 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.

226

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

$	571,166,076		$	445,276,304		$	381,301,518		$	586,633,796
	6,566			5,270			4,387			7,092
	–			–			–			378
	–			42,051			–			804,315
	136			185			239			202
	571,172,778			445,323,810			381,306,144			587,445,783


	1,317,161			2,217,600			3,619,924			6,481,111
	–			–			–			755,938
	390,301			304,443			259,107			395,697
	–			214			–			8,992
	1,707,462			2,522,257			3,879,031			7,641,738
$	569,465,316		$	442,801,553		$	377,427,113		$	579,804,045


$	643,645,271		$	454,551,124		$	383,188,509		$	605,473,728
	(74,179,955	)		(11,749,571	)		(5,761,396	)		(25,669,683	)
$	569,465,316		$	442,801,553		$	377,427,113		$	579,804,045


$	569,465,316		$	442,801,553		$	377,427,113		$	579,804,045
	16,625,000			14,750,000			11,375,000			19,175,000
$	34.25		$	30.02		$	33.18		$	30.24

$	553,421,098		$	448,382,794		$	372,966,267		$	588,772,376
	30,429,099			19,505,194			16,584,451			26,685,881

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

227

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

October 31, 2023


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.

228

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

$	466,211,938		$	531,337,812		$	1,022,816,590		$	912,691,826
	5,664			6,061			12,522			11,249
	–			–			43,794			44,592
	73			228			206			68
	466,217,675			531,344,101			1,022,873,112			912,747,735


	6,829,804			9,588,111			22,822,240			25,858,203
	325,203			358,020			676,170			607,164
	–			–			984			1,271
	7,155,007			9,946,131			23,499,394			26,466,638
$	459,062,668		$	521,397,970		$	999,373,718		$	886,281,097


$	491,458,674		$	537,679,525		$	1,053,401,571		$	966,490,413
	(32,396,006	)		(16,281,555	)		(54,027,853	)		(80,209,316	)
$	459,062,668		$	521,397,970		$	999,373,718		$	886,281,097


$	459,062,668		$	521,397,970		$	999,373,718		$	886,281,097
	15,725,000			16,800,000			30,000,000			28,875,000
$	29.19		$	31.04		$	33.31		$	30.69

$	471,227,430		$	538,149,543		$	1,060,351,836		$	954,394,065
	20,810,246			21,602,189			33,732,265			29,941,024

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

229

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

October 31, 2023


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.

230

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

$	712,260,376		$	749,891,268		$	649,602,513		$	563,916,453
	9,188			7,283			7,023			6,813
	–			–			11,293			–
	–			–			625,695,752			–
	–			–			22,585,990			–
	10			106			97			204
	712,269,574			749,898,657			1,297,902,668			563,923,470


	20,560,853			23,759,683			25,996,710			322,334
	466,458			385,261			450,690			390,297
	–			–			648,073,123			–
	21,027,311			24,144,944			674,520,523			712,631
$	691,242,263		$	725,753,713		$	623,382,145		$	563,210,839


$	756,289,102		$	754,625,354		$	688,548,183		$	563,878,576
	(65,046,839	)		(28,871,641	)		(65,166,038	)		(667,737	)
$	691,242,263		$	725,753,713		$	623,382,145		$	563,210,839


$	691,242,263		$	725,753,713		$	623,382,145		$	563,210,839
	21,575,000			21,600,000			19,325,000			17,800,000
$	32.04		$	33.60		$	32.26		$	31.64

$	740,762,427		$	760,768,283		$	649,666,315		$	574,370,365
	24,442,725			28,783,669			25,932,700			29,867,423

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

231

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

October 31, 2023


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.

232

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

$	116,398,151		$	49,653,534		$	45,366,095		$	96,311,331
	1,262			515			478			1,102
	–			–			41,694			–
	373			206			172			205
	116,399,786			49,654,255			45,408,439			96,312,638


	456,514			161,354			408,336			713,880
	79,089			34,808			32,621			65,645
	–			–			380			–
	535,603			196,162			441,337			779,525
$	115,864,183		$	49,458,093		$	44,967,102		$	95,533,113


$	154,548,232		$	55,169,933		$	51,988,303		$	102,098,827
	(38,684,049	)		(5,711,840	)		(7,021,201	)		(6,565,714	)
$	115,864,183		$	49,458,093		$	44,967,102		$	95,533,113


$	115,864,183		$	49,458,093		$	44,967,102		$	95,533,113
	3,600,000			1,825,000			1,525,000			3,750,000
$	32.18		$	27.10		$	29.49		$	25.48

$	111,041,427		$	49,606,730		$	44,778,709		$	96,543,676
	4,546,087			1,556,285			1,355,195			3,153,093

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

233

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

October 31, 2023


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.

234

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

$	62,133,819		$	75,029,431		$	162,831,609		$	346,627,802
	736			837			2,007			3,406
	–			–			697			4,245
	–			718,551			1,415,217			62,861
	–			–			–			8,491,080
	162			103			201			163
	62,134,717			75,748,922			164,249,731			355,189,557


	580,648			878,416			1,113,084			2,580,175
	–			699,168			1,393,305			–
	46,883			51,066			109,578			182,949
	–			8,436			9,843			8,535,070
	627,531			1,637,086			2,625,810			11,298,194
$	61,507,186		$	74,111,836		$	161,623,921		$	343,891,363


$	68,526,860		$	78,526,305		$	167,956,277		$	360,955,239
	(7,019,674	)		(4,414,469	)		(6,332,356	)		(17,063,876	)
$	61,507,186		$	74,111,836		$	161,623,921		$	343,891,363


$	61,507,186		$	74,111,836		$	161,623,921		$	343,891,363
	2,250,000			2,650,000			5,800,000			12,150,000
$	27.34		$	27.97		$	27.87		$	28.30

$	62,788,314		$	75,900,239		$	170,616,034		$	358,124,946
	1,932,903			2,261,384			3,685,855			4,860,036

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

235

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

October 31, 2023


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.

236

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

$	90,436,690		$	105,148,653		$	31,236,230		$	69,713,286
	1,127			1,144			321			838
	722			377			–			–
	13,356			12,609			31,196,657			–
	1,444,450			753,980			–			–
	107			103			102			205
	91,896,452			105,916,866			62,433,310			69,714,329


	851,947			1,835,160			829,756			8,688
	59,254			61,445			21,300			47,849
	1,428,777			724,851			31,174,694			–
	2,339,978			2,621,456			32,025,750			56,537
$	89,556,474		$	103,295,410		$	30,407,560		$	69,657,792


$	102,176,050		$	111,499,191		$	33,953,968		$	74,111,266
	(12,619,576	)		(8,203,781	)		(3,546,408	)		(4,453,474	)
$	89,556,474		$	103,295,410		$	30,407,560		$	69,657,792


$	89,556,474		$	103,295,410		$	30,407,560		$	69,657,792
	3,100,000			3,425,000			1,025,000			2,425,000
$	28.89		$	30.16		$	29.67		$	28.72

$	94,641,962		$	107,074,194		$	31,239,366		$	71,100,393
	1,878,507			2,678,535			826,613			1,592,131

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

237

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

October 31, 2023


Assets:
Investments, at value ^(a)
Interest receivable
ETF variable fee 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.

238

INNOVATOR ETFs TRUST

Innovator Premium Income 10 Barrier ETF - April			Innovator Premium Income 20 Barrier ETF - April			Innovator Premium Income 30 Barrier ETF - April		Innovator Premium Income 40 Barrier ETF - April

$	9,037,420		$	29,266,552		$	52,310,751	$	35,023,433
	88			231			521		314
	–			–			373		–
	–			–			1,991,006		–
	153			111			289		49
	9,037,661			29,266,894			54,302,940		35,023,796


	1,023,480			2,685,485			3,528,644		1,746,722
	–			–			1,851,397		–
	6,215			18,186			34,457		24,899
	–			–			134,567		–
	1,029,695			2,703,671			5,549,065		1,771,621
$	8,007,966		$	26,563,223		$	48,753,875	$	33,252,175


$	8,029,781		$	26,585,315		$	48,752,598	$	33,373,349
	(21,815	)		(22,092	)		1,277		(121,174	)
$	8,007,966		$	26,563,223		$	48,753,875	$	33,252,175


$	8,007,966		$	26,563,223		$	48,753,875	$	33,252,175
	325,000			1,075,000			1,975,000		1,350,000
$	24.64		$	24.71		$	24.69	$	24.63

$	10,543,610		$	36,106,570		$	62,532,548	$	41,005,053
	2,156,426			8,774,464			12,804,267		6,397,843

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

239

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

October 31, 2023


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.

240

INNOVATOR ETFs TRUST

Innovator Premium Income 10 Barrier ETF - July			Innovator Premium Income 20 Barrier ETF - July			Innovator Premium Income 30 Barrier ETF - July			Innovator Premium Income 40 Barrier ETF - July

$	6,509,179		$	32,396,229		$	34,146,021		$	9,169,275
	38			325			302			51
	17			13			8			6
	6,509,234			32,396,567			34,146,331			9,169,332


	1,655,344			7,207,539			5,640,766			1,095,659
	3,195			17,199			18,129			5,393
	1,658,539			7,224,738			5,658,895			1,101,052
$	4,850,695		$	25,171,829		$	28,487,436		$	8,068,280


$	4,923,652		$	25,357,389		$	28,518,093		$	8,064,409
	(72,957	)		(185,560	)		(30,657	)		3,871
$	4,850,695		$	25,171,829		$	28,487,436		$	8,068,280


$	4,850,695		$	25,171,829		$	28,487,436		$	8,068,280
	200,000			1,025,000			1,150,000			325,000
$	24.25		$	24.56		$	24.77		$	24.83

$	6,269,074		$	32,222,071		$	34,949,067		$	9,324,594
	1,342,282			6,741,251			6,201,617			1,260,367

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

241

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

October 31, 2023


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.

242

INNOVATOR ETFs TRUST

Innovator Premium Income 10 Barrier ETF - October			Innovator Premium Income 20 Barrier ETF - October			Innovator Premium Income 30 Barrier ETF - October		Innovator Premium Income 40 Barrier ETF - October

$	3,988,163		$	14,295,041		$	17,258,171	$	7,799,111
	269			120			138		119
	–			–			1		–
	3,988,432			14,295,161			17,258,310		7,799,230


	1,013,862			3,566,808			3,532,278		1,234,002
	1,352			4,777			5,772		3,579
	1,015,214			3,571,585			3,538,050		1,237,581
$	2,973,218		$	10,723,576		$	13,720,260	$	6,561,649


$	2,980,615		$	10,723,915		$	13,711,448	$	6,544,005
	(7,397	)		(339	)		8,812		17,644
$	2,973,218		$	10,723,576		$	13,720,260	$	6,561,649


$	2,973,218		$	10,723,576		$	13,720,260	$	6,561,649
	125,000			450,000			575,000		275,000
$	23.79		$	23.83		$	23.86	$	23.86

$	3,948,590		$	14,384,653		$	17,454,020	$	7,916,237
	958,411			3,625,366			3,699,981		1,346,569

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

243

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

October 31, 2023


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
Distributions payable
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.

244

INNOVATOR ETFs TRUST

Innovator U.S. Equity 5 to 15 Buffer ETF - Quarterly			Innovator U.S. Equity 10 Buffer ETF - Quarterly			Innovator Premium Income 9 Buffer ETF - October			Innovator Premium Income 15 Buffer ETF - October

$	12,665,701		$	25,159,726		$	2,457,372		$	7,298,443
	30			68			94			112
	–			–			–			296
	–			–			–			13,200
	–			–			–			591,865
	200			200			–			–
	12,665,931			25,159,994			2,457,466			7,903,916


	47,472			256,804			78,286			158,760
	3,770			7,115			977			2,843
	–			–			–			603,421
	–			–			15,115			36,272
	51,242			263,919			94,378			801,296
$	12,614,689		$	24,896,075		$	2,363,088		$	7,102,620


$	12,890,830		$	24,942,202		$	2,366,337		$	7,108,911
	(276,141	)		(46,127	)		(3,249	)		(6,291	)
$	12,614,689		$	24,896,075		$	2,363,088		$	7,102,620


$	12,614,689		$	24,896,075		$	2,363,088		$	7,102,620
	500,000			975,000			100,000			300,000
$	25.23		$	25.53		$	23.63		$	23.68

$	13,028,320		$	25,451,205		$	2,458,037		$	7,301,082
	137,690			509,202			75,703			155,109

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

245

INNOVATOR ETFs TRUST

Statements of Operations

For the Year Ended October 31, 2023


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.

246

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

$	17,905		$	11,269		$	9,385		$	16,451
	17,905			11,269			9,385			16,451


	1,301,980			793,537			715,905			1,151,778
	1,301,980			793,537			715,905			1,151,778
	(1,284,075	)		(782,268	)		(706,520	)		(1,135,327	)



	(17,182,874	)		(5,654,752	)		(5,504,604	)		(13,171,021	)
	13,659,539			2,007,642			799,200			6,743,143
	1,648,675			2,873,869			3,205,131			3,723,542
	(6,486,285	)		2,647,205			2,932,351			4,693,752

	13,020,590			5,580,027			8,099,959			8,325,609
	11,705,141			3,426,413			1,634,300			6,292,147
	16,364,786			10,880,404			11,166,337			16,607,172
$	15,080,711		$	10,098,136		$	10,459,817		$	15,471,845

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

247

INNOVATOR ETFs TRUST

Statements of Operations

For the Year Ended October 31, 2023


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.

248

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

$	16,724		$	14,797		$	25,687		$	19,308
	16,724			14,797			25,687			19,308


	1,116,789			972,665			1,635,681			1,094,397
	1,116,789			972,665			1,635,681			1,094,397
	(1,100,065	)		(957,868	)		(1,609,994	)		(1,075,089	)



	(10,507,864	)		(7,811,964	)		4,470,415			(5,631,494	)
	510,226			6,402,150			10,619,451			14,325,990
	8,723,538			7,143,208			6,907,827			7,201,507
	4,147,574			81,109			4,345,053			250,417

	7,722,886			3,115,047			(14,158,427	)		(3,870,251	)
	(1,363,929	)		655,866			(4,211,260	)		(1,931,848	)
	9,232,431			9,585,416			7,973,059			10,344,321
$	8,132,366		$	8,627,548		$	6,363,065		$	9,269,232

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

249

INNOVATOR ETFs TRUST

Statements of Operations

For the Year Ended October 31, 2023


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.

250

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

$	20,066		$	20,295		$	13,142		$	11,624
	20,066			20,295			13,142			11,624


	1,325,414			1,455,109			927,582			818,903
	1,325,414			1,455,109			927,582			818,903
	(1,305,348	)		(1,434,814	)		(914,440	)		(807,279	)



	(510,879	)		(10,524,073	)		(1,735,397	)		(6,668,991	)
	10,637,177			29,758,058			7,114,698			3,789,711
	6,793,169			11,755,947			4,590,550			3,736,164
	4,226,861			1,767,551			3,511,604			1,134,269

	(3,656,699	)		(11,926,216	)		(1,730	)		1,928,790
	(2,167,120	)		(555,582	)		(1,666	)		4,993,789
	15,322,509			20,275,685			13,478,059			8,913,732
$	14,017,161		$	18,840,871		$	12,563,619		$	8,106,453

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

251

INNOVATOR ETFs TRUST

Statements of Operations

For the Year Ended October 31, 2023


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.

252

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

$	69,554		$	56,207		$	41,606		$	63,107
	69,554			56,207			41,606			63,107


	4,765,858			3,700,176			2,843,460			3,969,794
	4,765,858			3,700,176			2,843,460			3,969,794
	(4,696,304	)		(3,643,969	)		(2,801,854	)		(3,906,687	)



	(45,521,911	)		(17,528,723	)		(16,020,239	)		(32,081,485	)
	35,216,684			12,457,220			5,817,032			20,748,498
	11,792,045			12,808,151			17,463,248			20,362,689
	(1,689,754	)		8,083,483			(25,910	)		706,124

	42,462,618			14,036,614			25,014,282			18,016,013
	21,408,179			8,800,378			3,920,450			14,235,075
	63,667,861			38,657,123			36,168,863			41,986,914
$	58,971,557		$	35,013,154		$	33,367,009		$	38,080,227

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

253

INNOVATOR ETFs TRUST

Statements of Operations

For the Year Ended October 31, 2023


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.

254

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

$	62,177		$	55,991		$	79,267		$	79,580
	62,177			55,991			79,267			79,580


	3,700,493			3,569,573			4,986,454			4,793,714
	3,700,493			3,569,573			4,986,454			4,793,714
	(3,638,316	)		(3,513,582	)		(4,907,187	)		(4,714,134	)



	(31,421,610	)		(25,689,518	)		(13,285,053	)		(26,979,657	)
	7,963,287			11,534,281			53,655,075			56,149,951
	18,857,068			11,556,431			27,558,756			30,515,171
	9,522,178			13,014,543			5,198,940			399,677

	16,699,605			8,698,912			(36,452,791	)		(24,047,957	)
	320,063			3,108,451			2,031,405			(2,023,460	)
	21,940,591			22,223,100			38,706,332			34,013,725
$	18,302,275		$	18,709,518		$	33,799,145		$	29,299,591

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

255

INNOVATOR ETFs TRUST

Statements of Operations

For the Year Ended October 31, 2023


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.

256

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

$	74,934		$	62,194		$	86,531		$	77,564
	74,934			62,194			86,531			77,564


	4,798,422			4,267,205			5,863,953			4,889,028
	4,798,422			4,267,205			5,863,953			4,889,028
	(4,723,488	)		(4,205,011	)		(5,777,422	)		(4,811,464	)



	(25,790,271	)		(7,768,789	)		(45,006,805	)		(21,010,646	)
	74,151,707			71,966,979			65,283,952			14,976,645
	37,271,558			15,804,452			44,899,384			14,835,776
	465,800			17,086,389			1,428,399			8,901,080

	(19,326,452	)		(35,866,865	)		(28,420	)		4,807,940
	(113,006	)		9,508,350			(28,154	)		18,505,173
	66,659,336			70,730,516			66,548,356			41,015,968
$	61,935,848		$	66,525,505		$	60,770,934		$	36,204,504

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

257

INNOVATOR ETFs TRUST

Statements of Operations

For the Year Ended October 31, 2023


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.

258

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

$	16,202		$	7,950		$	8,172		$	16,471
	16,202			7,950			8,172			16,471


	1,312,896			569,068			577,199			1,114,997
	1,312,896			569,068			577,199			1,114,997
	(1,296,694	)		(561,118	)		(569,027	)		(1,098,526	)



	(22,711,625	)		(4,571,272	)		(6,249,815	)		(4,361,880	)
	14,766,406			2,305,337			3,205,910			4,273,311
	6,032,635			1,855,626			2,550,172			4,153,968
	1,929,468			319,761			(244,680	)		(5,225	)

	20,054,509			4,917,823			5,574,693			3,302,124
	(3,353,264	)		(618,967	)		(1,164,982	)		(753,662	)
	16,718,129			4,208,308			3,671,298			6,608,636
$	15,421,435		$	3,647,190		$	3,102,271		$	5,510,110

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

259

INNOVATOR ETFs TRUST

Statements of Operations

For the Year Ended October 31, 2023


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.

260

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

$	9,938		$	9,880		$	11,252		$	15,605
	9,938			9,880			11,252			15,605


	684,089			685,907			725,876			973,232
	684,089			685,907			725,876			973,232
	(674,151	)		(676,027	)		(714,624	)		(957,627	)



	(4,830,761	)		(4,833,741	)		3,068,658			(4,164,269	)
	5,204,694			5,660,259			3,368,240			12,154,378
	3,348,795			2,681,283			1,427,915			4,097,766
	922,233			1,223,233			365,014			20,061

	1,682,077			1,238,641			(8,314,708	)		(9,098,594	)
	(1,541,267	)		(719,138	)		1,981,490			870,993
	4,785,771			5,250,537			1,896,609			3,880,335
$	4,111,620		$	4,574,510		$	1,181,985		$	2,922,708

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

261

INNOVATOR ETFs TRUST

Statements of Operations

For the Year Ended October 31, 2023


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.

262

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

$	12,700		$	10,650		$	5,579		$	9,949
	12,700			10,650			5,579			9,949


	856,544			766,022			405,800			683,423
	856,544			766,022			405,800			683,423
	(843,844	)		(755,372	)		(400,221	)		(673,474	)



	(4,469,009	)		2,258,239			1,363,343			(4,508,034	)
	15,217,088			11,003,413			1,900,838			3,207,925
	4,414,187			545,555			894,621			3,187,176
	423,328			1,592,926			1,369,742			888,042

	(5,246,782	)		(7,330,768	)		2,821			3,244,789
	701,936			3,594,257			2,873			(714,665	)
	11,040,748			11,663,622			5,534,238			5,305,233
$	10,196,904		$	10,908,250		$	5,134,017		$	4,631,759

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

263

INNOVATOR ETFs TRUST

Statements of Operations

For the Period Ended October 31, 2023


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

(a)

Since Commencement of Operations on March 31, 2023.

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

264

INNOVATOR ETFs TRUST

Innovator Premium Income 10 Barrier ETF – April^(a)			Innovator Premium Income 20 Barrier ETF – April^(a)			Innovator Premium Income 30 Barrier ETF – April^(a)			Innovator Premium Income 40 Barrier ETF – April^(a)

$	237,194		$	700,523		$	1,250,382		$	932,395
	237,194			700,523			1,250,382			932,395


	37,017			113,091			202,773			154,344
	37,017			113,091			202,773			154,344
	200,177			587,432			1,047,609			778,051



	(2,970	)		(287,492	)		8,035			(149,168	)
	(77,886	)		(111,657	)		(152,701	)		(105,649	)
	634,398			704,045			969,363			921,582
	10,984			1,097,880			784,785			975,555

	(1,506,190	)		(6,840,019	)		(10,221,796	)		(5,981,620	)
	1,132,946			6,088,979			9,275,623			4,651,121
	191,282			651,736			663,309			311,821
$	391,459		$	1,239,168		$	1,710,918		$	1,089,872

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

265

INNOVATOR ETFs TRUST

Statements of Operations

For the Period Ended October 31, 2023


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

(a)

Since Commencement of Operations on June 30, 2023.

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

266

INNOVATOR ETFs TRUST

Innovator Premium Income 10 Barrier ETF – July^(a)			Innovator Premium Income 20 Barrier ETF – July^(a)			Innovator Premium Income 30 Barrier ETF – July^(a)			Innovator Premium Income 40 Barrier ETF – July^(a)

$	65,765		$	355,535		$	411,838		$	127,531
	65,765			355,535			411,838			127,531


	9,058			49,662			58,468			18,117
	9,058			49,662			58,468			18,117
	56,707			305,873			353,370			109,414



	–			(29	)		(8,457	)		–
	–			79,974			(21,875	)		–
	–			26,625			183,885			–
	–			–			57,985			–

	240,105			174,158			(803,046	)		(155,318	)
	(313,062	)		(466,288	)		560,851			164,708
	(72,957	)		(185,560	)		(30,657	)		9,390
$	(16,250	)	$	120,313		$	322,713		$	118,804

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

267

INNOVATOR ETFs TRUST

Statements of Operations

For the Period Ended October 31, 2023


Investment Income:
Interest
Total Investment Income

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

Unrealized Gain/(Loss):
Net change in unrealized appreciation/(depreciation) on:
Investments
Options written
Net Unrealized Gain/(Loss) on Investments and Options Written
Net Increase/(Decrease) in Net Assets Resulting From Operations

(a)

Since Commencement of Operations on September 29, 2023.

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

268

INNOVATOR ETFs TRUST

Innovator Premium Income 10 Barrier ETF – October^(a)			Innovator Premium Income 20 Barrier ETF – October^(a)			Innovator Premium Income 30 Barrier ETF – October^(a)			Innovator Premium Income 40 Barrier ETF – October^(a)

$	9,834		$	35,492		$	42,730		$	25,782
	9,834			35,492			42,730			25,782


	1,352			4,777			5,772			3,578
	1,352			4,777			5,772			3,578
	8,482			30,715			36,958			22,204



	39,572			(89,612	)		(195,848	)		(117,126	)
	(55,451	)		58,558			167,702			112,566
	(15,879	)		(31,054	)		(28,146	)		(4,560	)
$	(7,397	)	$	(339	)	$	8,812		$	17,644

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

269

INNOVATOR ETFs TRUST

Statements of Operations

For the Period Ended October 31, 2023


Investment Income:
Interest
Total Investment Income

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

Unrealized Gain/(Loss):
Net change in unrealized appreciation/(depreciation) on:
Investments
Options written
Net Unrealized Gain/(Loss) on Investments and Options Written
Net Increase/(Decrease) in Net Assets Resulting From Operations

(a)

Since Commencement of Operations on September 29, 2023

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

270

INNOVATOR ETFs TRUST

Innovator U.S. Equity 5 to 15 Buffer ETF – Quarterly^(a)			Innovator U.S. Equity 10 Buffer ETF – Quarterly^(a)			Innovator Premium Income 9 Buffer ETF – October^(a)			Innovator Premium Income 15 Buffer ETF – October^(a)

$	30		$	68		$	7,328		$	20,710
	30			68			7,328			20,710


	3,770			7,115			977			2,841
	3,770			7,115			977			2,841
	(3,740	)		(7,047	)		6,351			17,869



	(362,619	)		(291,479	)		(666	)		(2,640	)
	90,218			252,399			(2,583	)		(3,651	)
	(272,401	)		(39,080	)		(3,249	)		(6,291	)
$	(276,141	)	$	(46,127	)	$	3,102		$	11,578

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

271

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets

	Innovator U.S. Equity Buffer ETF - January
	Year Ended October 31, 2023			Year Ended October 31, 2022
Operations:
Net Investment income/(loss)	$	(1,284,075	)	$	(1,392,425	)
Net realized gain/(loss)		(8,360,945	)		13,056,738
Net change in unrealized appreciation/(depreciation)		24,725,731			(34,120,436	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		15,080,711			(22,456,123	)


Capital Share Transactions:
Proceeds from shares sold		127,283,770			264,258,187
Cost of shares redeemed		(136,578,385	)		(249,518,483	)
Transaction fees (see Note 5)		38,409			112,606
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		(9,256,206	)		14,852,310
Total Increase/(Decrease) in Net Assets	$	5,824,505		$	(7,603,813	)

Net Assets:
Beginning of the period	$	142,635,822		$	150,239,635
End of the period	$	148,460,327		$	142,635,822

Change in Shares Outstanding:
Shares sold		3,775,000			7,225,000
Shares redeemed		(3,950,000	)		(7,000,000	)
Net Increase/(Decrease)		(175,000	)		225,000

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

272

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, 2023			Year Ended October 31, 2022			Year Ended October 31, 2023			Year Ended October 31, 2022			Year Ended October 31, 2023			Year Ended October 31, 2022

$	(782,268	)	$	(774,213	)	$	(706,520	)	$	(600,313	)	$	(1,135,327	)	$	(945,432	)
	1,873,964			7,821,581			1,432,078			8,019,677			1,989,416			15,010,390
	9,006,440			(17,367,260	)		9,734,259			(12,682,830	)		14,617,756			(20,344,728	)
	10,098,136			(10,319,892	)		10,459,817			(5,263,466	)		15,471,845			(6,279,770	)



	93,931,975			135,143,030			74,164,290			96,744,935			170,550,915			166,719,955
	(72,996,860	)		(142,224,700	)		(73,749,233	)		(77,037,963	)		(150,222,185	)		(167,876,110	)
	35,502			59,259			26,006			27,371			36,941			75,410
	20,970,617			(7,022,411	)		441,063			19,734,343			20,365,671			(1,080,745	)
$	31,068,753		$	(17,342,303	)	$	10,900,880		$	14,470,877		$	35,837,516		$	(7,360,515	)


$	68,860,236		$	86,202,539		$	76,635,004		$	62,164,127		$	115,595,177		$	122,955,692
$	99,928,989		$	68,860,236		$	87,535,884		$	76,635,004		$	151,432,693		$	115,595,177


	2,975,000			4,275,000			2,200,000			2,900,000			5,225,000			5,225,000
	(2,250,000	)		(4,675,000	)		(2,150,000	)		(2,325,000	)		(4,575,000	)		(5,225,000	)
	725,000			(400,000	)		50,000			575,000			650,000			–

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

273

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets

	Innovator U.S. Equity Buffer ETF - May
	Year Ended October 31, 2023			Year Ended October 31, 2022
Operations:
Net Investment income/(loss)	$	(1,100,065	)	$	(953,058	)
Net realized gain/(loss)		2,873,474			3,194,777
Net change in unrealized appreciation/(depreciation)		6,358,957			(10,594,891	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		8,132,366			(8,353,172	)


Capital Share Transactions:
Proceeds from shares sold		96,013,247			204,029,287
Cost of shares redeemed		(169,099,124	)		(102,090,475	)
Transaction fees (see Note 5)		34,861			82,306
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		(73,051,016	)		102,021,118
Total Increase/(Decrease) in Net Assets	$	(64,918,650	)	$	93,667,946

Net Assets:
Beginning of the period	$	175,858,307		$	82,190,361
End of the period	$	110,939,657		$	175,858,307

Change in Shares Outstanding:
Shares sold		3,200,000			6,850,000
Shares redeemed		(5,625,000	)		(3,325,000	)
Net Increase/(Decrease)		(2,425,000	)		3,525,000

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

274

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, 2023			Year Ended October 31, 2022			Year Ended October 31, 2023			Year Ended October 31, 2022			Year Ended October 31, 2023			Year Ended October 31, 2022

$	(957,868	)	$	(572,372	)	$	(1,609,994	)	$	(878,306	)	$	(1,075,089	)	$	(814,052	)
	5,814,503			1,223,060			26,342,746			2,774,257			16,146,420			(4,127,848	)
	3,770,913			(7,842,938	)		(18,369,687	)		(2,189,108	)		(5,802,099	)		(7,326,167	)
	8,627,548			(7,192,250	)		6,363,065			(293,157	)		9,269,232			(12,268,067	)



	319,119,125			110,271,314			296,289,177			230,534,290			262,266,050			202,934,790
	(303,292,985	)		(108,154,937	)		(131,517,565	)		(243,100,360	)		(192,343,482	)		(174,555,855	)
	102,883			41,315			139,462			134,739			91,677			107,383
	15,929,023			2,157,692			164,911,074			(12,431,331	)		70,014,245			28,486,318
$	24,556,571		$	(5,034,558	)	$	171,274,139		$	(12,724,488	)	$	79,283,477		$	16,218,251


$	76,474,236		$	81,508,794		$	170,341,111		$	183,065,599		$	102,753,687		$	86,535,436
$	101,030,807		$	76,474,236		$	341,615,250		$	170,341,111		$	182,037,164		$	102,753,687


	9,975,000			3,475,000			8,500,000			7,675,000			7,875,000			6,475,000
	(9,350,000	)		(3,375,000	)		(3,950,000	)		(7,750,000	)		(5,700,000	)		(5,700,000	)
	625,000			100,000			4,550,000			(75,000	)		2,175,000			775,000

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

275

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets

	Innovator U.S. Equity Buffer ETF - September
	Year Ended October 31, 2023			Year Ended October 31, 2022
Operations:
Net Investment income/(loss)	$	(1,305,348	)	$	(1,134,048	)
Net realized gain/(loss)		21,146,328			(4,631,759	)
Net change in unrealized appreciation/(depreciation)		(5,823,819	)		(5,490,910	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		14,017,161			(11,256,717	)


Capital Share Transactions:
Proceeds from shares sold		129,468,422			163,473,610
Cost of shares redeemed		(131,462,895	)		(143,014,130	)
Transaction fees (see Note 5)		37,444			96,491
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		(1,957,029	)		20,555,971
Total Increase/(Decrease) in Net Assets	$	12,060,132		$	9,299,254

Net Assets:
Beginning of the period	$	166,048,530		$	156,749,276
End of the period	$	178,108,662		$	166,048,530

Change in Shares Outstanding:
Shares sold		3,800,000			5,325,000
Shares redeemed		(3,900,000	)		(4,650,000	)
Net Increase/(Decrease)		(100,000	)		675,000

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

276

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, 2023			Year Ended October 31, 2022			Year Ended October 31, 2023			Year Ended October 31, 2022			Year Ended October 31, 2023			Year Ended October 31, 2022

$	(1,434,814	)	$	(855,125	)	$	(914,440	)	$	(581,542	)	$	(807,279	)	$	(675,337	)
	32,757,483			(7,332,877	)		13,481,455			(5,982,250	)		1,991,153			(23,982,674	)
	(12,481,798	)		6,119,513			(3,396	)		(6,493	)		6,922,579			17,117,793
	18,840,871			(2,068,489	)		12,563,619			(6,570,285	)		8,106,453			(7,540,218	)



	163,680,488			235,324,437			100,042,130			106,444,640			113,316,305			97,437,537
	(237,622,715	)		(118,936,245	)		(90,434,823	)		(68,807,962	)		(129,265,390	)		(44,121,098	)
	29,508			107,477			42,710			45,349			50,366			71,769
	(73,912,719	)		116,495,669			9,650,017			37,682,027			(15,898,719	)		53,388,208
$	(55,071,848	)	$	114,427,180		$	22,213,636		$	31,111,742		$	(7,792,266	)	$	45,847,990


$	226,301,881		$	111,874,701		$	61,710,427		$	30,598,685		$	103,722,015		$	57,874,025
$	171,230,033		$	226,301,881		$	83,924,063		$	61,710,427		$	95,929,749		$	103,722,015


	4,550,000			7,700,000			3,325,000			3,400,000			3,475,000			2,950,000
	(6,850,000	)		(3,800,000	)		(2,775,000	)		(2,275,000	)		(3,950,000	)		(1,375,000	)
	(2,300,000	)		3,900,000			550,000			1,125,000			(475,000	)		1,575,000

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

277

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets

	Innovator U.S. Equity Power Buffer ETF - January
	Year Ended October 31, 2023			Year Ended October 31, 2022
Operations:
Net Investment income/(loss)	$	(4,696,304	)	$	(3,796,381	)
Net realized gain/(loss)		(202,936	)		15,210,957
Net change in unrealized appreciation/(depreciation)		63,870,797			(44,822,152	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		58,971,557			(33,407,576	)


Capital Share Transactions:
Proceeds from shares sold		498,598,470			712,865,811
Cost of shares redeemed		(437,078,503	)		(525,540,307	)
Transaction fees (see Note 5)		179,283			315,853
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		61,699,250			187,641,357
Total Increase/(Decrease) in Net Assets	$	120,670,807		$	154,233,781

Net Assets:
Beginning of the period	$	448,794,509		$	294,560,728
End of the period	$	569,465,316		$	448,794,509

Change in Shares Outstanding:
Shares sold		15,575,000			21,850,000
Shares redeemed		(13,350,000	)		(16,350,000	)
Net Increase/(Decrease)		2,225,000			5,500,000

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

278

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, 2023			Year Ended October 31, 2022			Year Ended October 31, 2023			Year Ended October 31, 2022			Year Ended October 31, 2023			Year Ended October 31, 2022

$	(3,643,969	)	$	(1,885,754	)	$	(2,801,854	)	$	(1,510,280	)	$	(3,906,687	)	$	(2,101,003	)
	15,820,131			14,300,856			7,234,131			12,019,910			9,735,826			19,162,390
	22,836,992			(26,967,492	)		28,934,732			(18,335,339	)		32,251,088			(30,248,501	)
	35,013,154			(14,552,390	)		33,367,009			(7,825,709	)		38,080,227			(13,187,114	)



	524,558,752			346,725,900			489,466,240			287,366,113			733,077,275			388,545,420
	(356,410,367	)		(263,323,423	)		(371,858,568	)		(171,226,173	)		(500,144,450	)		(309,481,353	)
	224,510			158,673			157,244			106,314			257,053			153,742
	168,372,895			83,561,150			117,764,916			116,246,254			233,189,878			79,217,809
$	203,386,049		$	69,008,760		$	151,131,925		$	108,420,545		$	271,270,105		$	66,030,695


$	239,415,504		$	170,406,744		$	226,295,188		$	117,874,643		$	308,533,940		$	242,503,245
$	442,801,553		$	239,415,504		$	377,427,113		$	226,295,188		$	579,804,045		$	308,533,940


	18,050,000			11,950,000			15,600,000			9,175,000			24,950,000			13,500,000
	(11,900,000	)		(9,225,000	)		(11,675,000	)		(5,500,000	)		(16,875,000	)		(10,750,000	)
	6,150,000			2,725,000			3,925,000			3,675,000			8,075,000			2,750,000

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

279

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets

	Innovator U.S. Equity Power Buffer ETF - May
	Year Ended October 31, 2023			Year Ended October 31, 2022
Operations:
Net Investment income/(loss)	$	(3,638,316	)	$	(2,391,922	)
Net realized gain/(loss)		4,920,923			6,944,927
Net change in unrealized appreciation/(depreciation)		17,019,668			(20,808,950	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		18,302,275			(16,255,945	)


Capital Share Transactions:
Proceeds from shares sold		583,967,935			500,467,810
Cost of shares redeemed		(536,440,747	)		(330,230,175	)
Transaction fees (see Note 5)		266,042			205,825
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		47,793,230			170,443,460
Total Increase/(Decrease) in Net Assets	$	66,095,505		$	154,187,515

Net Assets:
Beginning of the period	$	392,967,163		$	238,779,648
End of the period	$	459,062,668		$	392,967,163

Change in Shares Outstanding:
Shares sold		20,375,000			17,475,000
Shares redeemed		(18,675,000	)		(11,350,000	)
Net Increase/(Decrease)		1,700,000			6,125,000

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

280

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, 2023			Year Ended October 31, 2022			Year Ended October 31, 2023			Year Ended October 31, 2022			Year Ended October 31, 2023			Year Ended October 31, 2022

$	(3,513,582	)	$	(1,761,840	)	$	(4,907,187	)	$	(2,106,388	)	$	(4,714,134	)	$	(1,824,122	)
	10,415,737			3,543,572			73,127,718			4,290,213			60,085,142			(84,441	)
	11,807,363			(13,409,199	)		(34,421,386	)		850,402			(26,071,417	)		(15,632,726	)
	18,709,518			(11,627,467	)		33,799,145			3,034,227			29,299,591			(17,541,289	)



	417,323,715			428,015,688			988,712,938			552,054,235			1,071,320,288			490,066,589
	(259,167,067	)		(225,145,245	)		(527,322,722	)		(270,255,030	)		(650,463,435	)		(222,920,795	)
	166,518			156,573			356,183			239,304			352,859			175,874
	158,323,166			203,027,016			461,746,399			282,038,509			421,209,712			267,321,668
$	177,032,684		$	191,399,549		$	495,545,544		$	285,072,736		$	450,509,303		$	249,780,379


$	344,365,286		$	152,965,737		$	503,828,174		$	218,755,438		$	435,771,794		$	185,991,415
$	521,397,970		$	344,365,286		$	999,373,718		$	503,828,174		$	886,281,097		$	435,771,794


	13,575,000			14,200,000			29,225,000			18,800,000			34,125,000			16,900,000
	(8,375,000	)		(7,400,000	)		(16,075,000	)		(9,150,000	)		(20,700,000	)		(7,650,000	)
	5,200,000			6,800,000			13,150,000			9,650,000			13,425,000			9,250,000

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

281

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets

	Innovator U.S. Equity Power Buffer ETF - September
	Year Ended October 31, 2023			Year Ended October 31, 2022
Operations:
Net Investment income/(loss)	$	(4,723,488	)	$	(2,337,158	)
Net realized gain/(loss)		86,098,794			254,036
Net change in unrealized appreciation/(depreciation)		(19,439,458	)		(9,218,889	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		61,935,848			(11,302,011	)


Capital Share Transactions:
Proceeds from shares sold		848,288,787			502,832,858
Cost of shares redeemed		(766,332,245	)		(248,135,755	)
Transaction fees (see Note 5)		206,744			275,109
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		82,163,286			254,972,212
Total Increase/(Decrease) in Net Assets	$	144,099,134		$	243,670,201

Net Assets:
Beginning of the period	$	547,143,129		$	303,472,928
End of the period	$	691,242,263		$	547,143,129

Change in Shares Outstanding:
Shares sold		26,475,000			17,200,000
Shares redeemed		(23,700,000	)		(8,525,000	)
Net Increase/(Decrease)		2,775,000			8,675,000

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

282

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, 2023			Year Ended October 31, 2022			Year Ended October 31, 2023			Year Ended October 31, 2022			Year Ended October 31, 2023			Year Ended October 31, 2022

$	(4,205,011	)	$	(1,880,912	)	$	(5,777,422	)	$	(1,529,342	)	$	(4,811,464	)	$	(1,646,227	)
	97,089,031			(3,616,433	)		66,604,930			(3,521,983	)		17,702,855			(46,947,377	)
	(26,358,515	)		15,460,475			(56,574	)		(51,911	)		23,313,113			40,595,743
	66,525,505			9,963,130			60,770,934			(5,103,236	)		36,204,504			(7,997,861	)



	595,582,417			678,118,137			1,112,516,447			417,456,003			665,060,360			150,588,793
	(586,065,137	)		(248,418,882	)		(867,577,250	)		(174,482,237	)		(346,315,393	)		(43,274,947	)
	222,960			292,559			282,860			175,984			332,737			92,161
	9,740,240			429,991,814			245,222,057			243,149,750			319,077,704			107,406,007
$	76,265,745		$	439,954,944		$	305,992,991		$	238,046,514		$	355,282,208		$	99,408,146


$	649,487,968		$	209,533,024		$	317,389,154		$	79,342,640		$	207,928,631		$	108,520,485
$	725,753,713		$	649,487,968		$	623,382,145		$	317,389,154		$	563,210,839		$	207,928,631


	17,725,000			23,450,000			35,675,000			13,850,000			21,725,000			4,875,000
	(17,975,000	)		(8,575,000	)		(26,925,000	)		(5,875,000	)		(10,850,000	)		(1,450,000	)
	(250,000	)		14,875,000			8,750,000			7,975,000			10,875,000			3,425,000

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

283

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets

	Innovator U.S. Equity Ultra Buffer ETF - January
	Year Ended October 31, 2023			Year Ended October 31, 2022
Operations:
Net Investment income/(loss)	$	(1,296,694	)	$	(1,849,216	)
Net realized gain/(loss)		16,884			4,720,887
Net change in unrealized appreciation/(depreciation)		16,701,245			(14,697,908	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		15,421,435			(11,826,237	)


Capital Share Transactions:
Proceeds from shares sold		151,614,790			431,531,228
Cost of shares redeemed		(334,857,225	)		(222,552,470	)
Transaction fees (see Note 5)		47,304			211,171
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		(183,195,131	)		209,189,929
Total Increase/(Decrease) in Net Assets	$	(167,773,696	)	$	197,363,692

Net Assets:
Beginning of the period	$	283,637,879		$	86,274,187
End of the period	$	115,864,183		$	283,637,879

Change in Shares Outstanding:
Shares sold		5,100,000			14,200,000
Shares redeemed		(11,100,000	)		(7,350,000	)
Net Increase/(Decrease)		(6,000,000	)		6,850,000

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

284

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, 2023			Year Ended October 31, 2022			Year Ended October 31, 2023			Year Ended October 31, 2022			Year Ended October 31, 2023			Year Ended October 31, 2022

$	(561,118	)	$	(325,297	)	$	(569,027	)	$	(335,106	)	$	(1,098,526	)	$	(572,102	)
	(90,548	)		2,540,234			(738,413	)		3,530,144			4,060,174			1,863,012
	4,298,856			(4,931,123	)		4,409,711			(5,337,545	)		2,548,462			(3,499,086	)
	3,647,190			(2,716,186	)		3,102,271			(2,142,507	)		5,510,110			(2,208,176	)



	83,759,869			62,813,015			178,510,980			80,205,350			284,210,560			146,114,520
	(91,340,087	)		(33,169,010	)		(206,099,725	)		(41,937,333	)		(317,150,238	)		(78,334,945	)
	33,559			21,232			47,610			29,319			77,121			71,856
	(7,546,659	)		29,665,237			(27,541,135	)		38,297,336			(32,862,557	)		67,851,431
$	(3,899,469	)	$	26,949,051		$	(24,438,864	)	$	36,154,829		$	(27,352,447	)	$	65,643,255


$	53,357,562		$	26,408,511		$	69,405,966		$	33,251,137		$	122,885,560		$	57,242,305
$	49,458,093		$	53,357,562		$	44,967,102		$	69,405,966		$	95,533,113		$	122,885,560


	3,175,000			2,275,000			6,300,000			2,750,000			11,400,000			5,800,000
	(3,375,000	)		(1,200,000	)		(7,225,000	)		(1,425,000	)		(12,600,000	)		(3,050,000	)
	(200,000	)		1,075,000			(925,000	)		1,325,000			(1,200,000	)		2,750,000

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

285

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets

	Innovator U.S. Equity Ultra Buffer ETF - May
	Year Ended October 31, 2023			Year Ended October 31, 2022
Operations:
Net Investment income/(loss)	$	(674,151	)	$	(493,234	)
Net realized gain/(loss)		4,644,961			(88,676	)
Net change in unrealized appreciation/(depreciation)		140,810			(1,124,082	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		4,111,620			(1,705,992	)


Capital Share Transactions:
Proceeds from shares sold		94,363,725			121,467,737
Cost of shares redeemed		(136,405,330	)		(61,062,960	)
Transaction fees (see Note 5)		43,587			60,756
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		(41,998,018	)		60,465,533
Total Increase/(Decrease) in Net Assets	$	(37,886,398	)	$	58,759,541

Net Assets:
Beginning of the period	$	99,393,584		$	40,634,043
End of the period	$	61,507,186		$	99,393,584

Change in Shares Outstanding:
Shares sold		3,550,000			4,550,000
Shares redeemed		(5,075,000	)		(2,200,000	)
Net Increase/(Decrease)		(1,525,000	)		2,350,000

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

286

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, 2023			Year Ended October 31, 2022			Year Ended October 31, 2023			Year Ended October 31, 2022			Year Ended October 31, 2023			Year Ended October 31, 2022

$	(676,027	)	$	(425,885	)	$	(714,624	)	$	(395,628	)	$	(957,627	)	$	(327,182	)
	4,731,034			498,253			8,229,827			(1,277,626	)		12,107,936			(1,402,620	)
	519,503			(783,495	)		(6,333,218	)		77,274			(8,227,601	)		(1,622,835	)
	4,574,510			(711,127	)		1,181,985			(1,595,980	)		2,922,708			(3,352,637	)



	76,443,600			119,789,758			139,395,697			89,725,618			412,903,672			111,274,400
	(121,810,847	)		(25,425,937	)		(52,670,440	)		(67,210,810	)		(154,422,560	)		(72,056,085	)
	44,435			52,913			67,035			41,955			180,017			59,049
	(45,322,812	)		94,416,734			86,792,292			22,556,763			258,661,129			39,277,364
$	(40,748,302	)	$	93,705,607		$	87,974,277		$	20,960,783		$	261,583,837		$	35,924,727


$	114,860,138		$	21,154,531		$	73,649,644		$	52,688,861		$	82,307,526		$	46,382,799
$	74,111,836		$	114,860,138		$	161,623,921		$	73,649,644		$	343,891,363		$	82,307,526


	2,775,000			4,475,000			4,850,000			3,525,000			14,425,000			4,175,000
	(4,400,000	)		(925,000	)		(1,925,000	)		(2,575,000	)		(5,425,000	)		(2,625,000	)
	(1,625,000	)		3,550,000			2,925,000			950,000			9,000,000			1,550,000

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

287

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets

	Innovator U.S. Equity Ultra Buffer ETF - September
	Year Ended October 31, 2023			Year Ended October 31, 2022
Operations:
Net Investment income/(loss)	$	(843,844	)	$	(538,038	)
Net realized gain/(loss)		15,585,594			(2,897,791	)
Net change in unrealized appreciation/(depreciation)		(4,544,846	)		757,056
Net Increase/(Decrease) in Net Assets Resulting from Operations		10,196,904			(2,678,773	)


Capital Share Transactions:
Proceeds from shares sold		103,096,440			154,017,692
Cost of shares redeemed		(182,756,658	)		(59,931,218	)
Transaction fees (see Note 5)		33,775			75,835
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		(79,626,443	)		94,162,309
Total Increase/(Decrease) in Net Assets	$	(69,429,539	)	$	91,483,536

Net Assets:
Beginning of the period	$	158,986,013		$	67,502,477
End of the period	$	89,556,474		$	158,986,013

Change in Shares Outstanding:
Shares sold		3,525,000			5,900,000
Shares redeemed		(6,475,000	)		(2,225,000	)
Net Increase/(Decrease)		(2,950,000	)		3,675,000

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

288

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, 2023			Year Ended October 31, 2022			Year Ended October 31, 2023			Year Ended October 31, 2022			Year Ended October 31, 2023			Year Ended October 31, 2022

$	(755,372	)	$	(574,255	)	$	(400,221	)	$	(329,373	)	$	(673,474	)	$	(344,192	)
	15,400,133			(2,697,559	)		5,528,544			(2,208,402	)		2,775,109			(2,071,436	)
	(3,736,511	)		1,775,544			5,694			(9,302	)		2,530,124			(506,813	)
	10,908,250			(1,496,270	)		5,134,017			(2,547,077	)		4,631,759			(2,922,441	)



	70,835,078			152,701,155			23,303,373			80,750,695			124,998,823			30,094,508
	(91,694,255	)		(100,855,685	)		(51,171,567	)		(36,086,448	)		(106,342,178	)		(12,938,490	)
	25,328			53,330			15,815			26,502			58,046			18,723
	(20,833,849	)		51,898,800			(27,852,379	)		44,690,749			18,714,691			17,174,741
$	(9,925,599	)	$	50,402,530		$	(22,718,362	)	$	42,143,672		$	23,346,450		$	14,252,300


$	113,221,009		$	62,818,479		$	53,125,922		$	10,982,250		$	46,311,342		$	32,059,042
$	103,295,410		$	113,221,009		$	30,407,560		$	53,125,922		$	69,657,792		$	46,311,342


	2,350,000			5,775,000			850,000			2,850,000			4,475,000			1,025,000
	(3,125,000	)		(3,800,000	)		(1,750,000	)		(1,300,000	)		(3,700,000	)		(450,000	)
	(775,000	)		1,975,000			(900,000	)		1,550,000			775,000			575,000

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

289

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets

	Innovator Premium Income 10 Barrier ETF - April			Innovator Premium Income 20 Barrier ETF - April
	Period Ended October 31, 2023^(a)			Period Ended October 31, 2023^(a)
Operations:
Net Investment income/(loss)	$	200,177		$	587,432
Net realized gain/(loss)		564,526			1,402,776
Net change in unrealized appreciation/(depreciation)		(373,244	)		(751,040	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		391,459			1,239,168

Distributions to Shareholders:
Distributions to shareholders		413,273			1,080,306
Distributions from return of capital		56,909			-
Distribution to shareholders		470,182			1,080,306

Capital Share Transactions:
Proceeds from shares sold		10,547,182			33,265,223
Cost of shares redeemed		(2,465,720	)		(6,879,773	)
Transaction fees (see Note 5)		5,227			18,911
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		8,086,689			26,404,361
Total Increase/(Decrease) in Net Assets	$	8,007,966		$	26,563,223

Net Assets:
Beginning of the period	$	–		$	–
End of the period	$	8,007,966		$	26,563,223

Change in Shares Outstanding:
Shares sold		425,000			1,350,000
Shares redeemed		(100,000	)		(275,000	)
Net Increase/(Decrease)		325,000			1,075,000

^(a)

Since Commencement of Operations on March 31, 2023.

^(b)

Since Commencement of Operations on June 30, 2023.

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

290

INNOVATOR ETFs TRUST

Innovator Premium Income 30 Barrier ETF - April			Innovator Premium Income 40 Barrier ETF - April			Innovator Premium Income 10 Barrier ETF - July			Innovator Premium Income 20 Barrier ETF - July			Innovator Premium Income 30 Barrier ETF - July			Innovator Premium Income 40 Barrier ETF - July
Period Ended October 31, 2023^(a)			Period Ended October 31, 2023^(a)			Period Ended October 31, 2023^(b)			Period Ended October 31, 2023^(b)			Period Ended October 31, 2023^(b)			Period Ended October 31, 2023^(b)

$	1,047,609		$	778,051		$	56,707		$	305,873		$	353,370		$	109,414
	1,609,482			1,642,320			–			106,570			211,538			–
	(946,173	)		(1,330,499	)		(72,957	)		(292,130	)		(242,195	)		9,390
	1,710,918			1,089,872			(16,250	)		120,313			322,713			118,804


	1,667,118			1,019,234			56,707			305,873			353,370			114,933
	-			-			34,284			164,147			65,989			-
	1,667,118			1,019,234			90,991			470,020			419,359			114,933


	55,458,505			43,592,020			4,954,963			26,733,505			32,302,587			8,056,353
	(6,790,045	)		(10,455,635	)		–			(1,228,730	)		(3,745,855	)		–
	41,615			45,152			2,973			16,761			27,350			8,056
	48,710,075			33,181,537			4,957,936			25,521,536			28,584,082			8,064,409
$	48,753,875		$	33,252,175		$	4,850,695		$	25,171,829		$	28,487,436		$	8,068,280


$	–		$	–		$	–		$	–		$	–		$	–
$	48,753,875		$	33,252,175		$	4,850,695		$	25,171,829		$	28,487,436		$	8,068,280


	2,250,000			1,775,000			200,000			1,075,000			1,300,000			325,000
	(275,000	)		(425,000	)		–			(50,000	)		(150,000	)		–
	1,975,000			1,350,000			200,000			1,025,000			1,150,000			325,000

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

291

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets

	Innovator Premium Income 10 Barrier ETF - October			Innovator Premium Income 20 Barrier ETF - October
	Period Ended October 31, 2023^(a)			Period Ended October 31, 2023^(a)
Operations:
Net Investment income/(loss)	$	8,482		$	30,715
Net change in unrealized appreciation/(depreciation)		(15,879	)		(31,054	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		(7,397	)		(339	)

Distributions to Shareholders:
Distributions to shareholders		–			–
Distributions from return of capital		–			–
Distribution to shareholders		–			–

Capital Share Transactions:
Proceeds from shares sold		2,978,255			10,717,485
Transaction fees (see Note 5)		2,360			6,430
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		2,980,615			10,723,915
Total Increase/(Decrease) in Net Assets	$	2,973,218		$	10,723,576

Net Assets:
Beginning of the period	$	–		$	–
End of the period	$	2,973,218		$	10,723,576

Change in Shares Outstanding:
Shares sold		125,000			450,000
Shares redeemed		–			–
Net Increase/(Decrease)		125,000			450,000

^(a)

Since Commencement of Operations on September 29, 2023.

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

292

INNOVATOR ETFs TRUST

Innovator Premium Income 30 Barrier ETF - October			Innovator Premium Income 40 Barrier ETF - October			Innovator U.S. Equity 5 to 15 Buffer ETF - Quarterly			Innovator U.S. Equity 10 Buffer ETF - Quarterly			Innovator Premium Income 9 Buffer ETF - October			Innovator Premium Income 15 Buffer ETF - October
Period Ended October 31, 2023^(a)			Period Ended October 31, 2023^(a)			Period Ended October 31, 2023^(a)			Period Ended October 31, 2023^(a)			Period Ended October 31, 2023^(a)			Period Ended October 31, 2023^(a)

$	36,958		$	22,204		$	(3,740	)	$	(7,047	)	$	6,351		$	17,869
	(28,146	)		(4,560	)		(272,401	)		(39,080	)		(3,249	)		(6,291	)
	8,812			17,644			(276,141	)		(46,127	)		3,102			11,578


	–			–			–			–			6,351			17,869
	–			–			–			–			8,763			18,403
	–			–			–			–			15,114			36,272


	13,700,488			6,537,468			12,884,708			24,930,057			2,373,913			7,123,752
	10,960			6,537			6,122			12,145			1,187			3,562
	13,711,448			6,544,005			12,890,830			24,942,202			2,375,100			7,127,314
$	13,720,260		$	6,561,649		$	12,614,689		$	24,896,075		$	2,363,088		$	7,102,620


$	–		$	–		$	–		$	–		$	–		$	–
$	13,720,260		$	6,561,649		$	12,614,689		$	24,896,075		$	2,363,088		$	7,102,620


	575,000			275,000			500,000			975,000			100,000			300,000
	–			–			–			–			–			–
	575,000			275,000			500,000			975,000			100,000			300,000

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

293

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 10/31/2023	$	33.17		(0.28	)		3.09			2.81			0.01		–
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 10/31/2023	$	29.62		(0.25	)		3.38			3.13			0.01		–
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 10/31/2023	$	31.93		(0.27	)		4.06			3.79			0.01		–
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 10/31/2023	$	30.83		(0.26	)		3.84			3.58			0.01		–
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.

294

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)

2.82		$	35.99		8.50	%	$	148,460		0.79	%		(0.78	)%		0	%
(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	%

3.14		$	32.76		10.62	%	$	99,929		0.79	%		(0.78	)%		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	%

3.80		$	35.73		11.89	%	$	87,536		0.79	%		(0.78	)%		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	%

3.59		$	34.42		11.65	%	$	151,433		0.79	%		(0.78	)%		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.

295

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 10/31/2023	$	29.07		(0.24	)		1.76			1.52			0.01
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 10/31/2023	$	30.59		(0.25	)		1.96			1.71			0.03
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 10/31/2023	$	30.83		(0.26	)		3.32			3.06			0.02
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
Innovator U.S. Equity Buffer ETF - August
For the year ended 10/31/2023	$	30.00		(0.25	)		2.74			2.49			0.02
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.

296

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)

1.53		$	30.60		5.29	%	$	110,940		0.79	%		(0.78	)%		0	%
(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	%

1.74		$	32.33		5.69	%	$	101,031		0.79	%		(0.78	)%		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	%

3.08		$	33.91		9.98	%	$	341,615		0.79	%		(0.78	)%		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	%

2.51		$	32.51		8.35	%	$	182,037		0.79	%		(0.77	)%		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.

297

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 10/31/2023	$	30.33		(0.25	)		3.05			2.80			0.01		–
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 10/31/2023	$	31.43		(0.26	)		3.76			3.50			0.01		–
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		–
Innovator U.S. Equity Buffer ETF - November
For the year ended 10/31/2023	$	29.74		(0.25	)		2.47			2.22			0.01		–
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 10/31/2023	$	31.67		(0.27	)		2.84			2.57			0.02		–
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.

298

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)

2.81		$	33.14		9.26	%	$	178,109		0.79	%		(0.78	)%		0	%
(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	%

3.51		$	34.94		11.18	%	$	171,230		0.79	%		(0.78	)%		0	%
(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	%

2.23		$	31.97		7.49	%	$	83,924		0.79	%		(0.78	)%		0	%
(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		–			–			–	%

2.59		$	34.26		8.18	%	$	95,930		0.79	%		(0.78	)%		0	%
(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.

299

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	0
For the year ended 10/31/2023	$	31.17		(0.26	)		3.33			3.07			0.01		–
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		0
For the year ended 10/31/2023	$	27.84		(0.23	)		2.40			2.17			0.01		–
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		0
For the year ended 10/31/2023	$	30.38		(0.25	)		3.04			2.79			0.01		–
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		0
For the year ended 10/31/2023	$	27.80		(0.23	)		2.65			2.42			0.02		–
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.

300

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)

3.08		$	34.25		9.91	%	$	569,465		0.79	%		(0.78	)%		0	%
(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	%

2.18		$	30.02		7.84	%	$	442,802		0.79	%		(0.78	)%		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	%

2.80		$	33.18		9.24	%	$	377,427		0.79	%		(0.78	)%		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	%

2.44		$	30.24		8.78	%	$	579,804		0.79	%		(0.78	)%		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.

301

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 10/31/2023	$	28.02		(0.23	)		1.38			1.15			0.02		–
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 10/31/2023	$	29.69		(0.24	)		1.58			1.34			0.01		–
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 10/31/2023	$	29.90		(0.25	)		3.64			3.39			0.02		–
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		–
Innovator U.S. Equity Power Buffer ETF - August
For the year ended 10/31/2023	$	28.21		(0.23	)		2.69			2.46			0.02		–
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.

302

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)

1.17		$	29.19		4.19	%	$	459,063		0.79	%		(0.78	)%		0	%
(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	%

1.35		$	31.04		4.54	%	$	521,398		0.79	%		(0.78	)%		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	%

3.41		$	33.31		11.41	%	$	999,374		0.79	%		(0.78	)%		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	%

2.48		$	30.69		8.82	%	$	886,281		0.79	%		(0.78	)%		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.

303

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 10/31/2023	$	29.10		(0.24	)		3.17			2.93			0.01		–
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 10/31/2023	$	29.72		(0.25	)		4.12			3.87			0.01		–
For the year ended 10/31/2022	$	30.04		(0.23	)		(0.13	)^(d)		(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		–
Innovator U.S. Equity Power Buffer ETF - November
For the year ended 10/31/2023	$	30.01		(0.25	)		2.49			2.24			0.01		–
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 10/31/2023	$	30.03		(0.25	)		1.84			1.59			0.02		–
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%.

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

304

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)

2.94		$	32.04		10.09	%	$	691,242		0.79	%		(0.78	)%		0	%
(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	%

3.88		$	33.60		13.04	%	$	725,754		0.79	%		(0.78	)%		0	%
(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	%

2.25		$	32.26		7.50	%	$	623,382		0.79	%		(0.78	)%		0	%
(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		–			–			–	%

1.61		$	31.64		5.38	%	$	563,211		0.79	%		(0.77	)%		0	%
(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.

305

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 10/31/2023	$	29.55		(0.24	)		2.86			2.62			0.01		–
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 10/31/2023	$	26.35		(0.21	)		0.95			0.74			0.01		–
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 10/31/2023	$	28.33		(0.23	)		1.37			1.14			0.02		–
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 10/31/2023	$	24.83		(0.20	)		0.84			0.64			0.01		–
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.

306

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)

2.63		$	32.18		8.93	%	$	115,864		0.79	%		(0.79	)%		0	%
(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	%

0.75		$	27.10		2.85	%	$	49,458		0.79	%		(0.78	)%		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	%

1.16		$	29.49		4.09	%	$	44,967		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	%

0.65		$	25.48		2.62	%	$	95,533		0.79	%		(0.78	)%		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.

307

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 10/31/2023	$	26.33		(0.21	)		1.21			1.00			0.01		–
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 10/31/2023	$	26.87		(0.22	)		1.31			1.09			0.01		–
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 10/31/2023	$	25.62		(0.21	)		2.44			2.23			0.02		–
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		–
Innovator U.S. Equity Ultra Buffer ETF - August
For the year ended 10/31/2023	$	26.13		(0.21	)		2.34			2.13			0.04		–
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%.
^(f)	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.

308

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)

1.01		$	27.34		3.83	%	$	61,507		0.79	%		(0.78	)%		0	%
(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	%

1.10		$	27.97		4.09	%	$	74,112		0.79	%		(0.78	)%		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	%

2.25		$	27.87		8.78	%	$	161,624		0.79	%		(0.77	)%		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	%

2.17		$	28.30		8.32	%	$	343,891		0.79	%		(0.77	)%		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.

309

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 10/31/2023	$	26.28		(0.22	)		2.82			2.60			0.01		–
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 10/31/2023	$	26.96		(0.22	)		3.41			3.19			0.01		–
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		–
Innovator U.S. Equity Ultra Buffer ETF - November
For the year ended 10/31/2023	$	27.60		(0.23	)		2.29			2.06			0.01		–
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 10/31/2023	$	28.07		(0.22	)		0.85	^(f)		0.63			0.02		–
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%.
^(f)	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.

310

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)

2.61		$	28.89		9.93	%	$	89,556		0.79	%		(0.78	)%		0	%
(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	%

3.20		$	30.16		11.88	%	$	103,295		0.79	%		(0.78	)%		0	%
(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	%

2.07		$	29.67		7.48	%	$	30,408		0.79	%		(0.78	)%		0	%
(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		–			–			–	%

0.65		$	28.72		2.34	%	$	69,658		0.79	%		(0.78	)%		0	%
(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.

311

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 Premium Income 10 Barrier ETF - April
For the period 3/31/2023 ^(d) - 10/31/2023	$	24.46		0.61		0.69		1.30		0.02
Innovator Premium Income 20 Barrier ETF - April
For the period 3/31/2023 ^(d) - 10/31/2023	$	24.46		0.59		0.61		1.20		0.02
Innovator Premium Income 30 Barrier ETF - April
For the period 3/31/2023 ^(d) - 10/31/2023	$	24.46		0.58		0.43		1.01		0.02
Innovator Premium Income 40 Barrier ETF - April
For the period 3/31/2023 ^(d) - 10/31/2023	$	24.46		0.56		0.25		0.81		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.

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

312

INNOVATOR ETFs TRUST

											Ratios/Supplemental Data:

Distributions Paid to Shareholders:																				Ratio to Average Net Assets of: ^(a)
Paid from net investment income		Paid from realized capital gains			Paid from return of capital			Total Distributions Paid			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)

(0.68	)		(0.32	)		(0.14	)		(1.14	)		0.18	$	24.64		5.44	%	$	8,008		0.79	%		4.27	%		0	%

(0.79	)		(0.18	)		-			(0.97	)		0.25	$	24.71		5.04	%	$	26,563		0.79	%		4.10	%		0	%

(0.66	)		(0.14	)		-			(0.80	)		0.23	$	24.69		4.23	%	$	48,754		0.79	%		4.08	%		0	%

(0.62	)		(0.05	)		-			(0.67	)		0.17	$	24.63		3.49	%	$	33,252		0.79	%		3.98	%		0	%

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

313

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 Premium Income 10 Barrier ETF - July
For the period 6/30/2023 ^(d) - 10/31/2023	$	24.73		0.40		(0.38	)		0.02		0.02
Innovator Premium Income 20 Barrier ETF - July
For the period 6/30/2023 ^(d) - 10/31/2023	$	24.72		0.39		(0.11	)^(e)		0.28		0.02
Innovator Premium Income 30 Barrier ETF - July
For the period 6/30/2023 ^(d) - 10/31/2023	$	24.73		0.39		0.02	^(e)		0.41		0.03
Innovator Premium Income 40 Barrier ETF - July
For the period 6/30/2023 ^(d) - 10/31/2023	$	24.73		0.39		0.03			0.42		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)	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.
^(f)	Amount represents less than $0.01 per share.

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

314

INNOVATOR ETFs TRUST

											Ratios/Supplemental Data:

Distributions Paid to Shareholders:																					Ratio to Average Net Assets of: ^(a)
Paid from net investment income		Paid from realized capital gains			Paid from return of capital			Total Distributions Paid			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)

(0.32	)		-			(0.20	)		(0.52	)		(0.48	)	$	24.25		0.17	%	$	4,851		0.79	%		4.94	%		0	%

(0.30	)		-			(0.16	)		(0.46	)		(0.16	)	$	24.56		1.20	%	$	25,172		0.79	%		4.86	%		0	%

(0.34	)		-			(0.06	)		(0.40	)		0.04		$	24.77		1.79	%	$	28,487		0.79	%		4.77	%		0	%

(0.35	)		-	^(f)		-			(0.35	)		0.10		$	24.83		1.82	%	$	8,068		0.79	%		4.77	%		0	%

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

315

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 Premium Income 10 Barrier ETF - October
For the period 9/29/2023 ^(d) - 10/31/2023	$	23.82		0.09		(0.15	)		(0.06	)		0.03
Innovator Premium Income 20 Barrier ETF - October
For the period 9/29/2023 ^(d) - 10/31/2023	$	23.82		0.09		(0.10	)		(0.01	)		0.02
Innovator Premium Income 30 Barrier ETF - October
For the period 9/29/2023 ^(d) - 10/31/2023	$	23.82		0.09		(0.08	)		0.01			0.03
Innovator Premium Income 40 Barrier ETF - October
For the period 9/29/2023 ^(d) - 10/31/2023	$	23.82		0.09		(0.08	)		0.01			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.

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

316

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)

(0.03	)	$	23.79		(0.14	)%	$	2,973		0.79	%		4.96	%		0	%

0.01		$	23.83		0.04	%	$	10,724		0.79	%		5.08	%		0	%

0.04		$	23.86		0.17	%	$	13,720		0.79	%		5.06	%		0	%

0.04		$	23.86		0.17	%	$	6,562		0.79	%		4.90	%		0	%

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

317

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 5 to 15 Buffer ETF - Quarterly
For the period 9/29/2023 ^(d) - 10/31/2023	$	25.61		(0.01	)		(0.39	)		(0.40	)		0.02
Innovator U.S. Equity 10 Buffer ETF - Quarterly
For the period 9/29/2023 ^(d) - 10/31/2023	$	25.61		(0.01	)		(0.09	)		(0.10	)		0.02
Innovator Premium Income 9 Buffer ETF - October
For the period 9/29/2023 ^(d) - 10/31/2023	$	23.74		0.09			(0.07	)		0.02			0.02
Innovator Premium Income 15 Buffer ETF - October
For the period 9/29/2023 ^(d) - 10/31/2023	$	23.73		0.09			(0.03	)		0.06			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.

318

INNOVATOR ETFs TRUST

								Ratios/Supplemental Data:

Distributions Paid to Shareholders																		Ratio to Average Net Assets of: ^(a)
Paid from net investment income		Paid from return of capital			Total Distributions Paid			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)

-			-			-			(0.38	)	$	25.23		(1.49	)%	$	12,615		0.69	%		(0.68	)%		0	%

-			-			-			(0.08	)	$	25.53		(0.30	)%	$	24,896		0.69	%		(0.68	)%		0	%

(0.06	)		(0.09	)		(0.15	)		(0.11	)	$	23.63		0.18	%	$	2,363		0.79	%		5.14	%		0	%

(0.06	)		(0.07	)		(0.13	)		(0.05	)	$	23.68		0.32	%	$	7,103		0.79	%		4.97	%		0	%

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

319

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 fifty-two are covered in this report, collectively the (“Funds”):

Name	Ticker	Commencement of Operations	Tracking Index/Fund
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
Innovator Premium Income 10 Barrier ETF - April	APRD	March 31, 2023	S&P 500® Index
Innovator Premium Income 20 Barrier ETF - April	APRH	March 31, 2023	S&P 500® Index
Innovator Premium Income 30 Barrier ETF - April	APRJ	March 31, 2023	S&P 500® Index
Innovator Premium Income 40 Barrier ETF - April	APRQ	March 31, 2023	S&P 500® Index
Innovator Premium Income 10 Barrier ETF - July	JULD	June 30, 2023	S&P 500® Index
Innovator Premium Income 20 Barrier ETF - July	JULH	June 30, 2023	S&P 500® Index
Innovator Premium Income 30 Barrier ETF - July	JULJ	June 30, 2023	S&P 500® Index
Innovator Premium Income 40 Barrier ETF - July	JULQ	June 30, 2023	S&P 500® Index
Innovator Premium Income 10 Barrier ETF - October	OCTD	September 29, 2023	S&P 500® Index
Innovator Premium Income 20 Barrier ETF - October	OCTH	September 29, 2023	S&P 500® Index
Innovator Premium Income 30 Barrier ETF - October	OCTJ	September 29, 2023	S&P 500® Index
Innovator Premium Income 40 Barrier ETF - October	OCTQ	September 29, 2023	S&P 500® Index
Innovator U.S. Equity 5 to 15 Buffer ETF - Quarterly	EALT	September 29, 2023	SPDR S&P 500® ETF Trust
Innovator U.S. Equity 10 Buffer ETF - Quarterly	ZALT	September 29, 2023	SPDR S&P 500® ETF Trust
Innovator Premium Income 9 Buffer ETF - October	HOCT	September 29, 2023	SPDR S&P 500® ETF Trust
Innovator Premium Income 15 Buffer ETF - October	LOCT	September 29, 2023	SPDR S&P 500® ETF Trust

320

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 Deepwater 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 Equity Managed Floor ETF	SFLR	November 8, 2022	SPDR S&P 500® ETF Trust
Innovator Gradient Tactical Rotation Strategy ETF	IGTR	November 16, 2022	S&P Global Broad Market Index
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 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 - September	ISEP	August 31, 2023	iShares MSCI EAFE ETF
Innovator International Developed Power Buffer ETF - October	IOCT	September 30, 2021	iShares MSCI EAFE ETF
Innovator International Developed Power Buffer ETF - November	INOV	October 31, 2023	iShares MSCI EAFE ETF
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 Defined Wealth Shield ETF	BALT	June 30, 2021	SPDR S&P 500® ETF Trust
Innovator Double Stacker ETF - January	DSJA	December 31, 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 Double Stacker 9 Buffer ETF - January	DBJA	December 31, 2020	SPDR S&P 500® ETF Trust and Invesco QQQ Trust
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 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 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
Innovator Equity Defined Protection ETF - 2 Yr to July 2025	TJUL	July 17, 2023	S&P 500® Index

321

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

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 a predetermined buffer (a “Buffer”), each as applicable, 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.

322

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

2.	SIGNIFICANT ACCOUNTING POLICIES

Valuation:

323

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

324

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

Fair Valuation Measurement:

•	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.

325

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, 2023:

BJAN
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	148,482,565	$	–	$	148,482,565
Short Term Investments		351,726		–		–		351,726
Total Assets	$	351,726	$	148,482,565	$	–	$	148,834,291

Liabilities
Options Written	$	–	$	275,924	$	–	$	275,924
Total Liabilities	$	–	$	275,924	$	–	$	275,924

BFEB
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	100,375,635	$	–	$	100,375,635
Short Term Investments		298,635		–		–		298,635
Total Assets	$	298,635	$	100,375,635	$	–	$	100,674,270

Liabilities
Options Written	$	–	$	681,490	$	–	$	681,490
Total Liabilities	$	–	$	681,490	$	–	$	681,490

BMAR
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	88,099,910	$	–	$	88,099,910
Short Term Investments		223,245		–		–		223,245
Total Assets	$	223,245	$	88,099,910	$	–	$	88,323,155

Liabilities
Options Written	$	–	$	728,590	$	–	$	728,590
Total Liabilities	$	–	$	728,590	$	–	$	728,590

BAPR
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	153,197,311	$	–	$	153,197,311
Short Term Investments		382,738		–		–		382,738
Total Assets	$	382,738	$	153,197,311	$	–	$	153,580,049

Liabilities
Options Written	$	–	$	2,046,788	$	–	$	2,046,788
Total Liabilities	$	–	$	2,046,788	$	–	$	2,046,788

BMAY
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	112,732,476	$	–	$	112,732,476
Short Term Investments		321,370		–		–		321,370
Total Assets	$	321,370	$	112,732,476	$	–	$	113,053,846

Liabilities
Options Written	$	–	$	2,033,363	$	–	$	2,033,363
Total Liabilities	$	–	$	2,033,363	$	–	$	2,033,363

326

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

BJUN
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	103,027,723	$	–	$	103,027,723
Short Term Investments		259,779		–		–		259,779
Total Assets	$	259,779	$	103,027,723	$	–	$	103,287,502

Liabilities
Options Written	$	–	$	2,187,564	$	–	$	2,187,564
Total Liabilities	$	–	$	2,187,564	$	–	$	2,187,564

BJUL
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	352,775,745	$	–	$	352,775,745
Short Term Investments		982,112		–		–		982,112
Total Assets	$	982,112	$	352,775,745	$	–	$	353,757,857

Liabilities
Options Written	$	–	$	11,916,303	$	–	$	11,916,303
Total Liabilities	$	–	$	11,916,303	$	–	$	11,916,303

BAUG
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	189,943,090	$	–	$	189,943,090
Short Term Investments		493,584		–		–		493,584
Total Assets	$	493,584	$	189,943,090	$	–	$	190,436,674

Liabilities
Options Written	$	–	$	8,276,882	$	–	$	8,276,882
Total Liabilities	$	–	$	8,276,882	$	–	$	8,276,882

BSEP
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	185,387,137	$	–	$	185,387,137
Short Term Investments		573,434		–		–		573,434
Total Assets	$	573,434	$	185,387,137	$	–	$	185,960,571

Liabilities
Options Written	$	–	$	7,735,578	$	–	$	7,735,578
Total Liabilities	$	–	$	7,735,578	$	–	$	7,735,578

BOCT
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	177,340,243	$	–	$	177,340,243
Short Term Investments		469,884		–		–		469,884
Total Assets	$	469,884	$	177,340,243	$	–	$	177,810,127

Liabilities
Options Written	$	–	$	6,471,826	$	–	$	6,471,826
Total Liabilities	$	–	$	6,471,826	$	–	$	6,471,826

327

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

BNOV
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	87,221,645	$	–	$	87,221,645
Short Term Investments		184,270		–		–		184,270
Total Assets	$	184,270	$	87,221,645	$	–	$	87,405,915

Liabilities
Options Written	$	–	$	3,485,629	$	–	$	3,485,629
Total Liabilities	$	–	$	3,485,629	$	–	$	3,485,629

BDEC
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	95,853,155	$	–	$	95,853,155
Short Term Investments		255,040		–		–		255,040
Total Assets	$	255,040	$	95,853,155	$	–	$	96,108,195

Liabilities
Options Written	$	–	$	114,192	$	–	$	114,192
Total Liabilities	$	–	$	114,192	$	–	$	114,192

PJAN
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	569,665,972	$	–	$	569,665,972
Short Term Investments		1,500,104		–		–		1,500,104
Total Assets	$	1,500,104	$	569,665,972	$	–	$	571,166,076

Liabilities
Options Written	$	–	$	1,317,161	$	–	$	1,317,161
Total Liabilities	$	–	$	1,317,161	$	–	$	1,317,161

PFEB
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	444,111,360	$	–	$	444,111,360
Short Term Investments		1,164,944		–		–		1,164,944
Total Assets	$	1,164,944	$	444,111,360	$	–	$	445,276,304

Liabilities
Options Written	$	–	$	2,217,600	$	–	$	2,217,600
Total Liabilities	$	–	$	2,217,600	$	–	$	2,217,600

PMAR
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	380,316,213	$	–	$	380,316,213
Short Term Investments		985,305		–		–		985,305
Total Assets	$	985,305	$	380,316,213	$	–	$	381,301,518

Liabilities
Options Written	$	–	$	3,619,924	$	–	$	3,619,924
Total Liabilities	$	–	$	3,619,924	$	–	$	3,619,924

328

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

PAPR
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	585,055,003	$	–	$	585,055,003
Short Term Investments		1,578,793		–		–		1,578,793
Total Assets	$	1,578,793	$	585,055,003	$	–	$	586,633,796

Liabilities
Options Written	$	–	$	6,481,111	$	–	$	6,481,111
Total Liabilities	$	–	$	6,481,111	$	–	$	6,481,111

PMAY
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	464,975,208	$	–	$	464,975,208
Short Term Investments		1,236,730		–		–		1,236,730
Total Assets	$	1,236,730	$	464,975,208	$	–	$	466,211,938

Liabilities
Options Written	$	–	$	6,829,804	$	–	$	6,829,804
Total Liabilities	$	–	$	6,829,804	$	–	$	6,829,804

PJUN
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	529,925,976	$	–	$	529,925,976
Short Term Investments		1,411,836		–		–		1,411,836
Total Assets	$	1,411,836	$	529,925,976	$	–	$	531,337,812

Liabilities
Options Written	$	–	$	9,588,111	$	–	$	9,588,111
Total Liabilities	$	–	$	9,588,111	$	–	$	9,588,111

PJUL
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	1,019,991,113	$	–	$	1,019,991,113
Short Term Investments		2,825,477		–		–		2,825,477
Total Assets	$	2,825,477	$	1,019,991,113	$	–	$	1,022,816,590

Liabilities
Options Written	$	–	$	22,822,240	$	–	$	22,822,240
Total Liabilities	$	–	$	22,822,240	$	–	$	22,822,240

PAUG
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	910,180,173	$	–	$	910,180,173
Short Term Investments		2,511,653		–		–		2,511,653
Total Assets	$	2,511,653	$	910,180,173	$	–	$	912,691,826

Liabilities
Options Written	$	–	$	25,858,203	$	–	$	25,858,203
Total Liabilities	$	–	$	25,858,203	$	–	$	25,858,203

329

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

PSEP
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	710,157,288	$	–	$	710,157,288
Short Term Investments		2,103,088		–		–		2,103,088
Total Assets	$	2,103,088	$	710,157,288	$	–	$	712,260,376

Liabilities
Options Written	$	–	$	20,560,853	$	–	$	20,560,853
Total Liabilities	$	–	$	20,560,853	$	–	$	20,560,853

POCT
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	747,824,830	$	–	$	747,824,830
Short Term Investments		2,066,438		–		–		2,066,438
Total Assets	$	2,066,438	$	747,824,830	$	–	$	749,891,268

Liabilities
Options Written	$	–	$	23,759,683	$	–	$	23,759,683
Total Liabilities	$	–	$	23,759,683	$	–	$	23,759,683

PNOV
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	648,009,321	$	–	$	648,009,321
Short Term Investments		1,593,192		–		–		1,593,192
Total Assets	$	1,593,192	$	648,009,321	$	–	$	649,602,513

Liabilities
Options Written	$	–	$	25,996,710	$	–	$	25,996,710
Total Liabilities	$	–	$	25,996,710	$	–	$	25,996,710

PDEC
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	562,379,660	$	–	$	562,379,660
Short Term Investments		1,536,793		–		–		1,536,793
Total Assets	$	1,536,793	$	562,379,660	$	–	$	563,916,453

Liabilities
Options Written	$	–	$	322,334	$	–	$	322,334
Total Liabilities	$	–	$	322,334	$	–	$	322,334

UJAN
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	116,126,887	$	–	$	116,126,887
Short Term Investments		271,264		–		–		271,264
Total Assets	$	271,264	$	116,126,887	$	–	$	116,398,151

Liabilities
Options Written	$	–	$	456,514	$	–	$	456,514
Total Liabilities	$	–	$	456,514	$	–	$	456,514

330

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

UFEB
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	49,550,090	$	–	$	49,550,090
Short Term Investments		103,444		–		–		103,444
Total Assets	$	103,444	$	49,550,090	$	–	$	49,653,534

Liabilities
Options Written	$	–	$	161,354	$	–	$	161,354
Total Liabilities	$	–	$	161,354	$	–	$	161,354

UMAR
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	45,285,114	$	–	$	45,285,114
Short Term Investments		80,981		–		–		80,981
Total Assets	$	80,981	$	45,285,114	$	–	$	45,366,095

Liabilities
Options Written	$	–	$	408,336	$	–	$	408,336
Total Liabilities	$	–	$	408,336	$	–	$	408,336

UAPR
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	96,071,220	$	–	$	96,071,220
Short Term Investments		240,111		–		–		240,111
Total Assets	$	240,111	$	96,071,220	$	–	$	96,311,331

Liabilities
Options Written	$	–	$	713,880	$	–	$	713,880
Total Liabilities	$	–	$	713,880	$	–	$	713,880

UMAY
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	61,974,112	$	–	$	61,974,112
Short Term Investments		159,707		–		–		159,707
Total Assets	$	159,707	$	61,974,112	$	–	$	62,133,819

Liabilities
Options Written	$	–	$	580,648	$	–	$	580,648
Total Liabilities	$	–	$	580,648	$	–	$	580,648

UJUN
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	74,856,628	$	–	$	74,856,628
Short Term Investments		172,803		–		–		172,803
Total Assets	$	172,803	$	74,856,628	$	–	$	75,029,431

Liabilities
Options Written	$	–	$	878,416	$	–	$	878,416
Total Liabilities	$	–	$	878,416	$	–	$	878,416

331

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

UJUL
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	162,381,540	$	–	$	162,381,540
Short Term Investments		450,069		–		–		450,069
Total Assets	$	450,069	$	162,381,540	$	–	$	162,831,609

Liabilities
Options Written	$	–	$	1,113,084	$	–	$	1,113,084
Total Liabilities	$	–	$	1,113,084	$	–	$	1,113,084

UAUG
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	345,679,938	$	–	$	345,679,938
Short Term Investments		947,864		–		–		947,864
Total Assets	$	947,864	$	345,679,938	$	–	$	346,627,802

Liabilities
Options Written	$	–	$	2,580,175	$	–	$	2,580,175
Total Liabilities	$	–	$	2,580,175	$	–	$	2,580,175

USEP
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	90,177,236	$	–	$	90,177,236
Short Term Investments		259,454		–		–		259,454
Total Assets	$	259,454	$	90,177,236	$	–	$	90,436,690

Liabilities
Options Written	$	–	$	851,947	$	–	$	851,947
Total Liabilities	$	–	$	851,947	$	–	$	851,947

UOCT
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	104,879,640	$	–	$	104,879,640
Short Term Investments		269,013		–		–		269,013
Total Assets	$	269,013	$	104,879,640	$	–	$	105,148,653

Liabilities
Options Written	$	–	$	1,835,160	$	–	$	1,835,160
Total Liabilities	$	–	$	1,835,160	$	–	$	1,835,160

UNOV
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	31,171,558	$	–	$	31,171,558
Short Term Investments		64,672		–		–		64,672
Total Assets	$	64,672	$	31,171,558	$	–	$	31,236,230

Liabilities
Options Written	$	–	$	829,756	$	–	$	829,756
Total Liabilities	$	–	$	829,756	$	–	$	829,756

332

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

UDEC
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	69,552,541	$	–	$	69,552,541
Short Term Investments		160,745		–		–		160,745
Total Assets	$	160,745	$	69,552,541	$	–	$	69,713,286

Liabilities
Options Written	$	–	$	8,688	$	–	$	8,688
Total Liabilities	$	–	$	8,688	$	–	$	8,688

APRD
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	847,353	$	–	$	847,353
Short Term Investments		12,002		8,178,065		–		8,190,067
Total Assets	$	12,002	$	9,025,418	$	–	$	9,037,420

Liabilities
Options Written	$	–	$	1,023,480	$	–	$	1,023,480
Total Liabilities	$	–	$	1,023,480	$	–	$	1,023,480

APRH
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	2,362,138	$	–	$	2,362,138
Short Term Investments		32,674		26,871,740		–		26,904,414
Total Assets	$	32,674	$	29,233,878	$	–	$	29,266,552

Liabilities
Options Written	$	–	$	2,685,485	$	–	$	2,685,485
Total Liabilities	$	–	$	2,685,485	$	–	$	2,685,485

APRJ
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	3,200,726	$	–	$	3,200,726
Short Term Investments		96,166		49,013,859		–		49,110,025
Total Assets	$	96,166	$	52,214,585	$	–	$	52,310,751

Liabilities
Options Written	$	–	$	3,528,644	$	–	$	3,528,644
Total Liabilities	$	–	$	3,528,644	$	–	$	3,528,644

APRQ
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	1,611,353	$	–	$	1,611,353
Short Term Investments		73,873		33,338,207		–		33,412,080
Total Assets	$	73,873	$	34,949,560	$	–	$	35,023,433

Liabilities
Options Written	$	–	$	1,746,722	$	–	$	1,746,722
Total Liabilities	$	–	$	1,746,722	$	–	$	1,746,722

333

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

JULD
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	1,388,270	$	–	$	1,388,270
Short Term Investments		4,672		5,116,237		–		5,120,909
Total Assets	$	4,672	$	6,504,507	$	–	$	6,509,179

Liabilities
Options Written	$	–	$	1,655,344	$	–	$	1,655,344
Total Liabilities	$	–	$	1,655,344	$	–	$	1,655,344

JULH
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	6,343,293	$	–	$	6,343,293
Short Term Investments		35,174		26,017,762		–		26,052,936
Total Assets	$	35,174	$	32,361,055	$	–	$	32,396,229

Liabilities
Options Written	$	–	$	7,207,539	$	–	$	7,207,539
Total Liabilities	$	–	$	7,207,539	$	–	$	7,207,539

JULJ
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	5,091,383	$	–	$	5,091,383
Short Term Investments		54,348		29,000,290		–		29,054,638
Total Assets	$	54,348	$	34,091,673	$	–	$	34,146,021

Liabilities
Options Written	$	–	$	5,640,766	$	–	$	5,640,766
Total Liabilities	$	–	$	5,640,766	$	–	$	5,640,766

JULQ
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	1,005,397	$	–	$	1,005,397
Short Term Investments		5,408		8,158,470		–		8,163,878
Total Assets	$	5,408	$	9,163,867	$	–	$	9,169,275

Liabilities
Options Written	$	–	$	1,095,659	$	–	$	1,095,659
Total Liabilities	$	–	$	1,095,659	$	–	$	1,095,659

334

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

OCTD
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	862,241	$	–	$	862,241
Short Term Investments		3,525		3,122,397		–		3,125,922
Total Assets	$	3,525	$	3,984,638	$	–	$	3,988,163

Liabilities
Options Written	$	–	$	1,013,862	$	–	$	1,013,862
Total Liabilities	$	–	$	1,013,862	$	–	$	1,013,862

OCTH
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	3,178,909	$	–	$	3,178,909
Short Term Investments		12,998		11,103,134		–		11,116,132
Total Assets	$	12,998	$	14,282,043	$	–	$	14,295,041

Liabilities
Options Written	$	–	$	3,566,808	$	–	$	3,566,808
Total Liabilities	$	–	$	3,566,808	$	–	$	3,566,808

OCTJ
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	3,213,351	$	–	$	3,213,351
Short Term Investments		20,381		14,024,439		–		14,044,820
Total Assets	$	20,381	$	17,237,790	$	–	$	17,258,171

Liabilities
Options Written	$	–	$	3,532,278	$	–	$	3,532,278
Total Liabilities	$	–	$	3,532,278	$	–	$	3,532,278

OCTQ
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	1,137,524	$	–	$	1,137,524
Short Term Investments		9,057		6,652,530		–		6,661,587
Total Assets	$	9,057	$	7,790,054	$	–	$	7,799,111

Liabilities
Options Written	$	–	$	1,234,002	$	–	$	1,234,002
Total Liabilities	$	–	$	1,234,002	$	–	$	1,234,002

335

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

EALT
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	12,652,785	$	–	$	12,652,785
Short Term Investments		12,916		–		–		12,916
Total Assets	$	12,916	$	12,652,785	$	–	$	12,665,701

Liabilities
Options Written	$	–	$	47,472	$	–	$	47,472
Total Liabilities	$	–	$	47,472	$	–	$	47,472

ZALT
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	25,128,014	$	–	$	25,128,014
Short Term Investments		31,712		–		–		31,712
Total Assets	$	31,712	$	25,128,014	$	–	$	25,159,726

Liabilities
Options Written	$	–	$	256,804	$	–	$	256,804
Total Liabilities	$	–	$	256,804	$	–	$	256,804

HOCT
	Level 1		Level 2		Level 3		Total
Assets
Short Term Investments	$	18,319	$	2,439,053	$	–	$	2,457,372
Total Assets	$	18,319	$	2,439,053	$	–	$	2,457,372

Liabilities
Options Written	$	–	$	78,286	$	–	$	78,286
Total Liabilities	$	–	$	78,286	$	–	$	78,286

LOCT
	Level 1		Level 2		Level 3		Total
Assets
Short Term Investments	$	46,128	$	7,252,315	$	–	$	7,298,443
Total Assets	$	46,128	$	7,252,315	$	–	$	7,298,443

Liabilities
Options Written	$	–	$	158,760	$	–	$	158,760
Total Liabilities	$	–	$	158,760	$	–	$	158,760

336

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

There were no Level 3 investments for the Funds during the year or period ended October 31, 2023.

Option Contracts:

337

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

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.

338

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, 2023 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	$	148,482,565	$	275,924
BFEB		100,375,635		681,490
BMAR		88,099,910		728,590
BAPR		153,197,311		2,046,788
BMAY		112,732,476		2,033,363
BJUN		103,027,723		2,187,564
BJUL		352,775,745		11,916,303
BAUG		189,943,090		8,276,882
BSEP		185,387,137		7,735,578
BOCT		177,340,243		6,471,826
BNOV		87,221,645		3,485,629
BDEC		95,853,155		114,192
PJAN		569,665,972		1,317,161
PFEB		444,111,360		2,217,600
PMAR		380,316,213		3,619,924
PAPR		585,055,003		6,481,111
PMAY		464,975,208		6,829,804
PJUN		529,925,976		9,588,111
PJUL		1,019,991,113		22,822,240
PAUG		910,180,173		25,858,203
PSEP		710,157,288		20,560,853
POCT		747,824,830		23,759,683
PNOV		648,009,321		25,996,710
PDEC		562,379,660		322,334
UJAN		116,126,887		456,514
UFEB		49,550,090		161,354
UMAR		45,285,114		408,336
UAPR		96,071,220		713,880
UMAY		61,974,112		580,648
UJUN		74,856,628		878,416
UJUL		162,381,540		1,113,084
UAUG		345,679,938		2,580,175
USEP		90,177,236		851,947
UOCT		104,879,640		1,835,160
UNOV		31,171,558		829,756
UDEC		69,552,541		8,688
APRD		847,353		1,023,480
APRH		2,362,138		2,685,485
APRJ		3,200,726		3,528,644
APRQ		1,611,353		1,746,722
JULD		1,388,270		1,655,344
JULH		6,343,293		7,207,539
JULJ		5,091,383		5,640,766
JULQ		1,005,397		1,095,659
OCTD		862,241		1,013,862
OCTH		3,178,909		3,566,808
OCTJ		3,213,351		3,532,278
OCTQ		1,137,524		1,234,002
EALT		12,652,785		47,472
ZALT		25,128,014		256,804
HOCT		-		78,286
LOCT		-		158,760

339

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

The effect of derivative instruments on the Statements of Operations for the year or period ended October 31, 2023:

	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	$	(17,182,874	)	$	13,659,539		$	(6,486,285	)	$	1,648,675
BFEB		(5,654,752	)		2,007,642			2,647,205			2,873,869
BMAR		(5,504,604	)		799,200			2,932,351			3,205,131
BAPR		(13,171,021	)		6,743,143			4,693,752			3,723,542
BMAY		(10,507,864	)		510,226			4,147,574			8,723,538
BJUN		(7,811,964	)		6,402,150			81,109			7,143,208
BJUL		4,470,415			10,619,451			4,345,053			6,907,827
BAUG		(5,631,494	)		14,325,990			250,417			7,201,507
BSEP		(510,879	)		10,637,177			4,226,861			6,793,169
BOCT		(10,524,073	)		29,758,058			1,767,551			11,755,947
BNOV		(1,735,397	)		7,114,698			3,511,604			4,590,550
BDEC		(6,668,991	)		3,789,711			1,134,269			3,736,164
PJAN		(45,521,911	)		35,216,684			(1,689,754	)		11,792,045
PFEB		(17,528,723	)		12,457,220			8,083,483			12,808,151
PMAR		(16,020,239	)		5,817,032			(25,910	)		17,463,248
PAPR		(32,081,485	)		20,748,498			706,124			20,362,689
PMAY		(31,421,610	)		7,963,287			9,522,178			18,857,068
PJUN		(25,689,518	)		11,534,281			13,014,543			11,556,431
PJUL		(13,285,053	)		53,655,075			5,198,940			27,558,756
PAUG		(26,979,657	)		56,149,951			399,677			30,515,171
PSEP		(25,790,271	)		74,151,707			465,800			37,271,558
POCT		(7,768,789	)		71,966,979			17,086,389			15,804,452
PNOV		(45,006,805	)		65,283,952			1,428,399			44,899,384
PDEC		(21,010,646	)		14,976,645			8,901,080			14,835,776
UJAN		(22,711,625	)		14,766,406			1,929,468			6,032,635
UFEB		(4,571,272	)		2,305,337			319,761			1,855,626
UMAR		(6,249,815	)		3,205,910			(244,680	)		2,550,172
UAPR		(4,361,880	)		4,273,311			(5,225	)		4,153,968
UMAY		(4,830,761	)		5,204,694			922,233			3,348,795
UJUN		(4,833,741	)		5,660,259			1,223,233			2,681,283
UJUL		3,068,658			3,368,240			365,014			1,427,915
UAUG		(4,164,269	)		12,154,378			20,061			4,097,766
USEP		(4,469,009	)		15,217,088			423,328			4,414,187
UOCT		2,258,239			11,003,413			1,592,926			545,555
UNOV		1,363,343			1,900,838			1,369,742			894,621
UDEC		(4,508,034	)		3,207,925			888,042			3,187,176
APRD^(a)		878			(77,886	)		10,984			634,398
APRH^(a)		(283,161	)		(111,657	)		1,097,880			704,045
APRJ^(a)		12,736			(152,701	)		784,785			969,363
APRQ^(a)		(140,633	)		(105,649	)		975,555			921,582
JULD		-			-			-			-
JULH^(a)		-			79,974			-			26,625
JULJ^(a)		(8,457	)		(21,875	)		57,985			183,885
JULQ		-			-			-			-
OCTD		-			-			-			-
OCTH		-			-			-			-
OCTJ		-			-			-			-
OCTQ		-			-			-			-
EALT		-			-			-			-
ZALT		-			-			-			-
HOCT		-			-			-			-
LOCT		-			-			-			-

340

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	$	13,020,590		$	11,705,141
BFEB		5,580,027			3,426,413
BMAR		8,099,959			1,634,300
BAPR		8,325,609			6,292,147
BMAY		7,722,886			(1,363,929	)
BJUN		3,115,047			655,866
BJUL		(14,158,427	)		(4,211,260	)
BAUG		(3,870,251	)		(1,931,848	)
BSEP		(3,656,699	)		(2,167,120	)
BOCT		(11,926,216	)		(555,582	)
BNOV		(1,730	)		(1,666	)
BDEC		1,928,790			4,993,789
PJAN		42,462,618			21,408,179
PFEB		14,036,614			8,800,378
PMAR		25,014,282			3,920,450
PAPR		18,016,013			14,235,075
PMAY		16,699,605			320,063
PJUN		8,698,912			3,108,451
PJUL		(36,452,791	)		2,031,405
PAUG		(24,047,957	)		(2,023,460	)
PSEP		(19,326,452	)		(113,006	)
POCT		(35,866,865	)		9,508,350
PNOV		(28,420	)		(28,154	)
PDEC		4,807,940			18,505,173
UJAN		20,054,509			(3,353,264	)
UFEB		4,917,823			(618,967	)
UMAR		5,574,693			(1,164,982	)
UAPR		3,302,124			(753,662	)
UMAY		1,682,077			(1,541,267	)
UJUN		1,238,641			(719,138	)
UJUL		(8,314,708	)		1,981,490
UAUG		(9,098,594	)		870,993
USEP		(5,246,782	)		701,936
UOCT		(7,330,768	)		3,594,257
UNOV		2,821			2,873
UDEC		3,244,789			(714,665	)
APRD^(a)		(1,484,375	)		1,132,946
APRH^(a)		(6,755,831	)		6,088,979
APRJ^(a)		(10,070,184	)		9,275,623
APRQ^(a)		(5,860,446	)		4,651,121
JULD^(a)		241,897			(313,062	)
JULH^(a)		184,041			(466,288	)
JULJ^(a)		(790,368	)		560,851
JULQ^(a)		(152,657	)		164,708
OCTD^(a)		41,061			(55,451	)
OCTH^(a)		(84,242	)		58,558
OCTJ^(a)		(188,978	)		167,702
OCTQ^(a)		(114,510	)		112,566
EALT		(362,619	)		90,218
ZALT		(291,479	)		252,399
HOCT^(a)		-			(2,583	)
LOCT^(a)		-			(3,651	)

a.	Amount is included in the change in unrealized appreciation/(depreciation) on investments on the statement of operations.

341

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

The average volume of derivative activity during the year or period ended October 31, 2023, is as follows:

	Purchased Options		Options Written
	Average Monthly Market Value		Average Monthly Market Value
BJAN	$	168,364,951	$	(4,316,984	)
BFEB		103,506,144		(2,925,892	)
BMAR		93,015,252		(2,651,230	)
BAPR		151,022,946		(4,952,062	)
BMAY		139,480,474		(3,553,194	)
BJUN		126,551,530		(3,223,347	)
BJUL		218,305,565		(5,196,629	)
BAUG		144,964,920		(3,771,505	)
BSEP		171,259,339		(3,993,635	)
BOCT		184,233,165		(4,796,073	)
BNOV		119,514,486		(2,559,239	)
BDEC		106,043,890		(2,363,944	)
PJAN		627,993,852		(20,233,312	)
PFEB		491,953,556		(15,039,391	)
PMAR		381,000,671		(13,372,356	)
PAPR		529,446,067		(17,102,934	)
PMAY		488,665,157		(13,306,859	)
PJUN		470,361,389		(13,223,580	)
PJUL		662,095,891		(15,505,033	)
PAUG		631,772,402		(12,875,627	)
PSEP		625,822,022		(13,382,388	)
POCT		572,173,187		(25,886,131	)
PNOV		757,093,410		(18,343,679	)
PDEC		638,862,582		(12,199,819	)
UJAN		162,917,520		(5,115,899	)
UFEB		72,673,648		(1,699,951	)
UMAR		73,183,742		(2,108,274	)
UAPR		140,506,474		(3,067,139	)
UMAY		86,993,054		(1,756,958	)
UJUN		87,564,756		(1,674,425	)
UJUL		97,113,558		(1,736,889	)
UAUG		136,891,779		(1,220,336	)
USEP		107,719,100		(1,873,435	)
UOCT		101,604,192		(5,693,624	)
UNOV		51,515,836		(1,328,865	)
UDEC		88,298,624		(1,252,496	)
APRD		1,020,278		(1,199,067	)
APRH		3,385,760		(3,780,523	)
APRJ		4,839,198		(5,293,623	)
APRQ		2,832,817		(3,058,505	)
JULD		786,214		(929,510	)
JULH		4,004,091		(4,506,935	)
JULJ		3,549,956		(3,907,834	)
JULQ		815,521		(887,909	)
OCTD		593,549		(696,198	)
OCTH		1,765,099		(1,978,222	)
OCTJ		1,751,953		(1,923,568	)
OCTQ		677,850		(733,193	)
EALT		6,649,208		(26,744	)
ZALT		12,890,977		(135,579	)
HOCT		-		(57,203	)
LOCT		-		(91,798	)

342

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

Use of Estimates:

Guarantees and Indemnifications:

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.

343

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

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 or period ended October 31, 2023, 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, 2023, the Funds did not have a liability for any unrecognized tax benefits. As of October 31, 2023, 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.

344

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 or period ended October 31, 2023, 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	$	(13,914,914	)	$	13,914,914
BFEB		(4,111,440	)		4,111,440
BMAR		(3,385,100	)		3,385,100
BAPR		(9,528,348	)		9,528,348
BMAY		(8,153,343	)		8,153,343
BJUN		(12,969,100	)		12,969,100
BJUL		(18,066,455	)		18,066,455
BAUG		(20,689,527	)		20,689,527
BSEP		(16,273,031	)		16,273,031
BOCT		(40,509,079	)		40,509,079
BNOV		(11,067,019	)		11,067,019
BDEC		(6,828,938	)		6,828,938
PJAN		(43,031,817	)		43,031,817
PFEB		(23,278,290	)		23,278,290
PMAR		(21,620,374	)		21,620,374
PAPR		(38,901,551	)		38,901,551
PMAY		(24,245,270	)		24,245,270
PJUN		(21,064,155	)		21,064,155
PJUL		(78,710,467	)		78,710,467
PAUG		(84,496,631	)		84,496,631
PSEP		(108,674,348	)		108,674,348
POCT		(85,310,256	)		85,310,256
PNOV		(107,933,226	)		107,933,226
PDEC		(27,890,892	)		27,890,892
UJAN		(18,703,881	)		18,703,881
UFEB		(3,790,125	)		3,790,125
UMAR		(5,367,819	)		5,367,819
UAPR		(7,766,755	)		7,766,755
UMAY		(7,995,165	)		7,995,165
UJUN		(7,812,120	)		7,812,120
UJUL		(4,372,782	)		4,372,782
UAUG		(15,842,999	)		15,842,999
USEP		(18,978,000	)		18,978,000
UOCT		(10,917,563	)		10,917,563
UNOV		(2,421,266	)		2,421,266
UDEC		(6,022,789	)		6,022,789
APRD		-			-
APRH		(180,954	)		180,954
APRJ		(42,523	)		42,523
APRQ		(191,812	)		191,812
JULD		-			-
JULH		-			-
JULJ		-			-
JULQ		-			-
OCTD		-			-
OCTH		-			-
OCTJ		-			-
OCTQ		-			-
EALT		-			-
ZALT		-			-
HOCT		-			-
LOCT		-			-

345

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

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.

Pursuant to the Advisory Agreement, EALT and ZALT each pay monthly the Adviser a unitary fee calculated daily based on the average daily net assets of the Fund at the annual rate of 0.69%. All other Innovator ETFs included in this report each, respectively, pay monthly the Adviser a unitary fee calculated daily based on the average daily net assets of each 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.

Certain trustees and officers of the Trust are affiliated with the Adviser. Trustee compensation is paid for by the Adviser.

For the year or period ended October 31, 2023, there were no purchases or proceeds from long-term sales of investment securities.

For the year or period ended October 31, 2023, in-kind transactions associated with creations and redemptions were as follows:

There are 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 applicable 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.

At October 31, 2023, the cost of investments including options written and net unrealized appreciation/(depreciation) for federal income tax purposes were as follows:

At October 31, 2023, the components of distributable earnings/(accumulated deficit) on a tax basis were as follows:

At October 31, 2023, for federal income tax purposes, the Funds had capital loss carryforwards available to offset future capital gains for an unlimited period as indicated below:

All other Funds did not utilize any capital loss carryforwards during the fiscal year ended October 31, 2023.

The tax character of the distributions paid by the Funds during the fiscal year ended October 31, 2023 were as follows:

All other Funds did not pay any distributions during the fiscal year ended October 31, 2023, and no Funds paid distributions during the fiscal year ended October 31, 2022.

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, Innovator U.S. Equity Ultra Buffer ETF – December, Innovator Premier Income 10 Barrier ETF – April, Innovator Premier Income 20 Barrier ETF – April, Innovator Premier Income 30 Barrier ETF – April, Innovator Premier Income 40 Barrier ETF – April, Innovator Premier Income 10 Barrier ETF – July, Innovator Premier Income 20 Barrier ETF – July, Innovator Premier Income 30 Barrier ETF – July, Innovator Premier Income 40 Barrier ETF – July, Innovator Premier Income 10 Barrier ETF – October, Innovator Premier Income 20 Barrier ETF – October, Innovator Premier Income 30 Barrier ETF – October, Innovator Premier Income 40 Barrier ETF – October, Innovator U.S. Equity 5 to 15 Buffer ETF – Quarterly, Innovator U.S. Equity 10 Buffer ETF – Quarterly, Innovator Premium Income 9 Buffer ETF – October, and Innovator Premium Income 15 Buffer ETF – October (the “Funds”), each a series of Innovator ETFs Trust, as of October 31, 2023 , 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, 2023, 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.

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, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. 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.

The Statement of Additional Information includes additional information about the Trustees and is available upon request, without charge, by calling 1-877-386-3890.

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, 2023, 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.

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 unitary fee rate or management fee rate, as applicable, currently paid by each Fund under the investment management agreement for the services provided.

Board Considerations Regarding Approval of Investment Management Agreement (Unaudited) (Continued)

BOARD CONSIDERATIONS REGARDING APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT AND INVESTMENT SUB-ADVISORY AGREEMENT FOR THE FOLLOWING INNOVATOR FUNDS:

At a special Board meeting held on January 4, 2023, the Trust’s Board considered approval of the Advisory Agreement with Innovator Capital Management, LLC (the “Adviser”), on behalf of the Innovator Premium Income 10 Barrier ETF - July & October, Innovator Premium Income 20 Barrier ETF - July & October, Innovator Premium Income 30 Barrier ETF - July & October and Innovator Premium Income 40 Barrier ETF - July & October (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 initial two-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 expected to be 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 to be provided by the Adviser and the Sub-Adviser to the Funds (including the relevant personnel responsible for these services and their experience); the proposed 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 estimated expenses of the Funds as compared to expense ratios of the funds in the respective Fund’s peer group; the nature of the expenses to be 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.

Board Considerations Regarding Approval of Investment Management Agreement (Unaudited) (Continued)

Since the Funds had yet to commence investment operations, the Board could not consider the historical investment performance of the Funds.

The Board considered the proposed unitary fee rate payable by each Fund under the investment management agreement for the services to be provided. The Board noted that, under the unitary fee arrangement, each Fund would pay the Adviser a unitary fee equal to an annual rate of 0.79% of its average daily net assets. The Board considered that, from the unitary fee for each of the Funds, the Adviser would pay Milliman an annual sub-advisory fee equal to 0.12% on the Fund’s assets under management.

Board Considerations Regarding Approval of Investment Management Agreement (Unaudited) (Continued)

The Board noted that the proposed 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.

Because the Funds have not yet commenced operations and the actual asset base of the Funds have not yet been determined, the Board noted that there was no historical profitability information with respect to the Funds to be reviewed. The Board noted that it would review profitability information in connection with subsequent renewals of the agreements.

Board Considerations Regarding Approval of Investment Management Agreement (Unaudited) (Continued)

BOARD CONSIDERATIONS REGARDING APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT AND INVESTMENT SUB-ADVISORY AGREEMENT FOR THE FOLLOWING INNOVATOR FUNDS:

At a quarterly Board meeting held on September 11, 2023, 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 5 to 15 Buffer ETF - Quarterly, Innovator U.S. Equity 10 Buffer ETF - Quarterly, Innovator Premium Income 9 Buffer ETF - October and Innovator Premium Income 15 Buffer ETF - October (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 initial two-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 expected to be 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 to be provided by the Adviser and the Sub-Adviser to the Funds (including the relevant personnel responsible for these services and their experience); the proposed 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 estimated expenses of the Funds as compared to expense ratios of the funds in the respective Fund’s peer group; the nature of the expenses to be 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.

Board Considerations Regarding Approval of Investment Management Agreement (Unaudited) (Continued)

Since the Funds had yet to commence investment operations, the Board could not consider the historical investment performance of the Funds.

The Board considered the proposed unitary fee rate payable by each Fund under the investment management agreement for the services to be provided. The Board noted that, under the unitary fee arrangement, EALT and ZALT would pay the Adviser a unitary fee equal to an annual rate of 0.69% of its average daily net assets, and HOCT and LOCT would pay the Adviser a unitary fee equal to an annual rate of 0.79% of its average daily net assets. The Board considered that, from the unitary fee for each of the Funds, the Adviser would pay Milliman an annual sub-advisory fee equal to 0.12% on the Fund’s assets under management.

Board Considerations Regarding Approval of Investment Management Agreement (Unaudited) (Continued)

For the taxable year ended October 31, 2023, the percentage of ordinary income dividends paid by the Funds that qualify for the dividends received deduction available to corporations was 0.00%.

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

The registrant undertakes to provide to any person without charge, upon request, a copy of its code of ethics by mail when they call the registrant at 1-800-208-5212.

The registrant’s board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Brian Wildman is the “audit committee financial expert” and is considered to be “independent” as each term is defined in Item 3 of Form N‑CSR.

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. “Audit services” refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. “Audit-related services” refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. “Tax services” refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre‑approve all audit and non‑audit services of the registrant, including services provided to any entity affiliated with the registrant.

The percentage of fees billed by principal accountant applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

All of the principal accountant’s hours spent on auditing the registrant’s financial statements were attributed to work performed by full‑time permanent employees of the principal accountant.

The following table indicates the non-audit fees billed or expected to be billed by the registrant’s accountant for services to the registrant and to the registrant’s investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.

The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant’s independence.

The registrant has not been identified by the U.S. Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.

The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the “Act”) and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The independent members of the committee, consisting of the entire Board, are as follows: Brian Wildman, Joseph Stowell, Mark Berg.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Item 9. Purchases of Equity Securities by Closed‑End Management Investment Company and Affiliated Purchasers.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

(3) Any written solicitation to purchase securities under Rule 23c‑1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end investment companies.

(4) Change in the registrant’s independent public accountant. There was no change in the registrant’s independent public accountant for the period covered by this report.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

	Average Annual Total Returns As of October 31, 2023
	1 Year			3 Years			5 Years			Since Inception ^(a)
Innovator IBD® 50 ETF
NAV Return		-18.21	%		-15.83	%		-7.24	%		-1.75	%
Market Return		-18.38	%		-15.83	%		-7.28	%		-1.76	%
S&P 500® Index		10.14	%		10.36	%		11.01	%		10.55	%
IBD® 50 Index ^(b)		-18.24	%		-15.31	%		-6.65	%		-35.20	%^(c)

	Average Annual Total Returns As of October 31, 2023
	1 Year			3 Years			5 Years			Since Inception ^(a)
Innovator S&P Investment Grade Preferred ETF
NAV Return		-1.32	%		-6.67	%		-0.76	%		-0.21	%
Market Return		-1.14	%		-6.64	%		-0.74	%		-0.24	%
S&P U.S. High Quality Preferred Stock Index		-1.02	%		-6.37	%		-0.40	%		0.24	%
S&P U.S. Preferred Stock Index		1.60	%		-2.53	%		1.26	%		1.77	%

	Average Annual Total Returns As of October 31, 2023
	1 Year			Since Inception ^(a)
Innovator Hedged TSLA Strategy ETF
NAV Return		4.43	%		-1.35	%
Market Return		4.04	%		-1.31	%
Tesla, Inc.		-11.73	%		-20.44	%
NASDAQ-100 Index - Price Return		26.34	%		13.09	%
NASDAQ-100 Index - Total Return		27.45	%		14.08	%

	Shares		Value
COMMON STOCKS – 99.85%
Advertising - 1.00%
Trade Desk, Inc. - Class A ^(a)		10,383	$	736,778

Apparel - 1.22%
Deckers Outdoor Corp. ^(a)		1,513		903,352

Auto Manufacturers - 0.98%
PACCAR, Inc.		8,804		726,594

Auto Parts & Equipment - 0.45%
Allison Transmission Holdings, Inc.		6,506		328,033

Building Materials - 0.99%
Modine Manufacturing Co. ^(a)		18,587		734,186

Commercial Services - 10.21%
Booz Allen Hamilton Holding Corp.		6,234		747,644
Dlocal Ltd. ^(a)		83,557		1,407,935
Remitly Global, Inc. ^(a)(b)		98,981		2,665,558
Stride, Inc. ^(a)		49,586		2,726,238
				7,547,375
Computers - 10.64%
Crowdstrike Holdings, Inc. - Class A ^(a)		14,849		2,624,858
Parsons Corp. ^(a)		6,614		374,022
Qualys, Inc. ^(a)(b)		14,694		2,247,447
Zscaler, Inc. ^(a)(b)		16,526		2,622,511
				7,868,838
Cosmetics & Personal Care - 3.01%
elf Beauty, Inc. ^(a)		24,017		2,224,695

Distribution & Wholesale - 3.01%
Copart, Inc.^(a)		51,164		2,226,657

Diversified Financial Services - 3.48%
Futu Holdings Ltd. - ADR ^(a)(b)		46,455		2,575,930

	Shares		Value
Insurance - 8.03%
Arch Capital Group Ltd. ^(a)		31,193		2,703,809
Arthur J Gallagher & Co.		3,220		758,278
Kinsale Capital Group, Inc. ^(b)		5,247		1,752,026
Marsh & McLennan Cos., Inc.		1,971		373,800
Ryan Specialty Holdings, Inc. ^(a)		8,096		349,747
				5,937,660
Internet - 7.84%
Alphabet, Inc. - Class A ^(a)		11,851		1,470,472
Alphabet, Inc. - Class C ^(a)		11,750		1,472,275
Meta Platforms, Inc. - Class A ^(a)		2,486		748,957
PDD Holdings, Inc. - ADR ^(a)		20,768		2,106,291
				5,797,995
Machinery - Construction & Mining - 0.53%
Vertiv Holdings Co.		9,951		390,776

Miscellaneous Manufacturing - 2.97%
Axon Enterprise, Inc. ^(a)		10,740		2,196,223

Oil & Gas - 1.50%
Chord Energy Corp. ^(b)		4,445		734,848
Weatherford International PLC ^(a)		4,003		372,639
				1,107,487
Oil & Gas Services - 1.00%
Tidewater, Inc. ^(a)(b)		10,768		735,993

Pharmaceuticals - 8.98%
Amphastar Pharmaceuticals, Inc. ^(a)		33,027		1,495,132
Cardinal Health, Inc.		3,980		362,180
Eli Lilly & Co.		1,271		704,045
McKesson Corp.		3,286		1,496,313
Novo Nordisk AS - ADR^(b)		26,730		2,581,316
				6,638,986
Private Equity - 2.94%
Ares Management Corp. - Class A		22,043		2,173,219

	Total Returns As of October 31, 2023
	Since Inception ^(a)
Innovator Equity Managed Floor ETF
NAV Return		11.20	%
Market Return		10.91	%
S&P 500® Index - Price Return		9.55	%
S&P 500® Index - Total Return		11.36	%

					Expenses		Annualized
					Paid		Expense
	Beginning		Ending		During		Ratio for
	Account		Account		the		the
	Value		Value		Period ^(a)		Period
Innovator IBD 50® ETF (NAV)								0.80	%
Actual	$	1,000.00	$	897.60	$	3.83
Hypothetical		1,000.00		1,021.17		4.08
Innovator IBD® Breakout Opportunities ETF (NAV)								0.80	%
Actual		1,000.00		942.50		3.92
Hypothetical		1,000.00		1,021.17		4.08
Innovator Deepwater Frontier Tech ETF (NAV)								0.70	%
Actual		1,000.00		1,008.90		3.54
Hypothetical		1,000.00		1,021.68		3.57
Innovator S&P Investment Grade Preferred ETF (NAV)								0.47	%
Actual		1,000.00		918.00		2.27
Hypothetical		1,000.00		1,022.84		2.40
Innovator Laddered Allocation Power Buffer ETF (NAV)								0.10	%
Actual		1,000.00		1,019.80		0.51
Hypothetical		1,000.00		1,024.70		0.51
Innovator Laddered Allocation Buffer ETF (NAV)								0.10	%
Actual		1,000.00		1,012.50		0.51
Hypothetical		1,000.00		1,024.70		0.51
Innovator Buffer Step-Up Strategy ETF (NAV)								0.89	%
Actual		1,000.00		1,008.80		4.51
Hypothetical		1,000.00		1,020.72		4.53
Innovator Power Buffer Step-Up Strategy ETF (NAV)								0.89	%
Actual		1,000.00		1,004.50		4.50
Hypothetical		1,000.00		1,020.72		4.53
Innovator Hedged TSLA Strategy ETF (NAV)								0.79	%
Actual		1,000.00		1,070.50		4.12
Hypothetical		1,000.00		1,021.22		4.02
Innovator Uncapped Accelerated U.S. Equity ETF (NAV)								0.79	%
Actual		1,000.00		980.60		3.94
Hypothetical		1,000.00		1,021.22		4.02

Innovator Equity Managed Floor ETF (NAV)								0.89	%
Actual		1,000.00		1,028.70		4.55
Hypothetical		1,000.00		1,020.72		4.53
Innovator Gradient Tactical Rotation Strategy ETF (NAV)								0.80	%
Actual		1,000.00		999.30		4.03
Hypothetical		1,000.00		1,021.17		4.08

	Shares		Value
Retail - 6.33%
Abercrombie & Fitch Co.^(a)		6,043		367,535
Lululemon Athletica, Inc. ^(a)		3,754		1,477,124
MINISO Group Holding Ltd. - ADR		96,774		2,449,350
Ollie's Bargain Outlet Holdings, Inc.^(a)		4,971		383,960
				4,677,969
Semiconductors - 2.95%
NVIDIA Corp.		5,345		2,179,691

Software - 12.86%
Cadence Design Systems, Inc. ^(a)		9,662		2,317,431
Clearwater Analytics Holdings, Inc. - Class A ^(a)(b)		79,494		1,437,251
Microsoft Corp.		6,554		2,215,973
ServiceNow, Inc. ^(a)		2,809		1,634,417
Synopsys, Inc. ^(a)		3,271		1,535,538
Veeva Systems, Inc. - Class A ^(a)		1,913		368,654
				9,509,264
Telecommunications - 3.79%
Arista Networks, Inc. ^(a)		13,994		2,803,978

Transportation - 5.14%
Frontline PLC ^(b)		103,583		2,304,722
International Seaways, Inc.		31,141		1,497,570
				3,802,292
TOTAL COMMON STOCKS (Cost $73,436,526)				73,823,971

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 13.73%	Units
Mount Vernon Liquid Assets Portfolio, LLC, 5.55% ^(c)		10,152,962		10,152,962
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $10,152,962)				10,152,962

Total Investments (Cost $83,589,488) - 113.58%				83,976,933
Liabilities in Excess of Other Assets - (13.58)%				(10,039,176	)
TOTAL NET ASSETS - 100.00%			$	73,937,757

Asset Type	% of Net Assets
Common Stocks		99.85	%
Investments Purchased with Proceeds From Securities Lending		13.73
Total Investments		113.58
Liabilities in Excess of Other Assets		(13.58	)
Net Assets		100.00	%

	Shares		Value
COMMON STOCKS - 95.05%
Aerospace & Defense - 13.81%
General Dynamics Corp.		3,352	$	808,871
Northrop Grumman Corp.		1,688		795,774
				1,604,645
Apparel - 4.02%
Urban Outfitters, Inc. ^(a)		13,480		466,678

Biotechnology - 3.99%
Vertex Pharmaceuticals, Inc. ^(a)		1,280		463,501

Commercial Services - 4.89%
Afya Ltd. - Class A^(a)		7,120		114,632
FTI Consulting, Inc.^(a)		1,056		224,147
Grand Canyon Education, Inc. ^(a)		1,944		230,033
				568,812
Diversified Financial Services - 3.90%
Mr Cooper Group, Inc. ^(a)		8,016		453,144

Electric - 4.51%
Vistra Corp.		16,016		524,044

Healthcare - Services - 15.37%
Ensign Group, Inc.		1,168		112,829
Humana, Inc.		896		469,226
Molina Healthcare, Inc. ^(a)		1,520		506,084
UnitedHealth Group, Inc.		1,304		698,370
				1,786,509
Insurance - 16.17%
Arch Capital Group Ltd.^(a)		2,800		242,704
Old Republic International Corp.		29,624		811,105
Progressive Corp.		5,216		824,598
				1,878,407
Oil & Gas - 5.93%
Vitesse Energy, Inc.^(b)		29,104		689,474

	Shares		Value
Pharmaceuticals - 5.47%
Cardinal Health, Inc.		1,248		113,568
The Cigna Group		1,688		521,929
				635,497
Retail - 1.91%
MINISO Group Holding Ltd. - ADR		8,768		221,918

Software - 14.10%
Electronic Arts, Inc.		6,504		805,130
Microsoft Corp.		344		116,310
MicroStrategy, Inc. - Class A ^(a)		1,120		474,197
Vertex, Inc. - Class A ^(a)		10,016		242,487
				1,638,124
Transportation - 0.98%
Euronav NV		6,376		113,684
TOTAL COMMON STOCKS (Cost $10,992,428)				11,044,437

Money Market Deposit Account - 0.41%	Principal Amount		Value
U.S. Bank Money Market Deposit Account, 5.200% ^(d)	$	47,582		47,582
TOTAL SHORT TERM INVESTMENTS (Cost $47,582)				47,582

Total Investments (Cost $12,492,117) - 107.96%				12,544,126
Liabilities in Excess of Other Assets - (7.96)%				(924,360	)
TOTAL NET ASSETS - 100.00%			$	11,619,766

	Shares		Value
COMMON STOCKS - 96.66%
Aerospace & Defense - 3.31%
Lockheed Martin Corp.		2,451	$	1,114,322

Auto Parts & Equipment - 7.28%
LG Energy Solution Ltd. ^(a)		5,178		1,478,005
Mobileye Global, Inc. - Class A ^(a)(b)		27,232		971,365
				2,449,370
Banks - 3.57%
NU Holdings Ltd. - Class A ^(a)		146,370		1,200,234

Commercial Services - 10.26%
Adyen NV ^(a)		1,440		965,851
Block, Inc. ^(a)		24,479		985,280
Shift4 Payments, Inc. - Class A ^(a)(b)		33,710		1,500,769
				3,451,900
Computers - 5.94%
AutoStore Holdings Ltd.^(a)		867,693		956,944
Crowdstrike Holdings, Inc. - Class A ^(a)(b)		5,885		1,040,291
				1,997,235
Internet - 6.08%
Palo Alto Networks, Inc. ^(a)		4,233		1,028,704
Uber Technologies, Inc. ^(a)(b)		23,542		1,018,898
				2,047,602
Machinery - Construction & Mining - 3.11%
Vertiv Holdings Co.		26,662		1,047,017

Miscellaneous Manufacturing - 3.11%
Axon Enterprise, Inc. ^(a)		5,124		1,047,807

	Shares		Value
Semiconductors - 30.33%^(c)
Advanced Micro Devices, Inc.^(a)		10,002		985,197
Applied Materials, Inc.		7,634		1,010,360
ASML Holding NV		1,824		1,091,015
GLOBALFOUNDRIES, Inc. ^(a)(b)		31,574		1,566,702
Marvell Technology, Inc.		19,716		930,989
SK Hynix, Inc.		19,955		1,718,386
Skyworks Solutions, Inc. ^(b)		10,894		944,946
Taiwan Semiconductor Manufacturing Co. Ltd.		65,000		1,060,120
Teradyne, Inc.^(b)		10,802		899,482
				10,207,197
Software - 20.43%
Adobe, Inc.^(a)		2,022		1,075,825
Pegasystems, Inc.		24,953		1,066,491
ROBLOX Corp. - Class A ^(a)		35,418		1,126,646
Smartsheet, Inc. - Class A ^(a)		42,805		1,692,510
Take-Two Interactive Software, Inc. ^(a)		7,475		999,782
Unity Software, Inc. ^(a)(b)		36,026		913,980
				6,875,234
Telecommunications - 3.24%
Arista Networks, Inc. ^(a)		5,448		1,091,616
TOTAL COMMON STOCKS (Cost $33,885,057)				32,529,534

PREFERRED STOCKS - 2.99%
Auto Manufacturers - 2.99%
Dr Ing hc F Porsche AG		11,504		1,004,710
TOTAL PREFERRED STOCKS (Cost $1,103,769)				1,004,710

SHORT TERM INVESTMENTS - 0.39%
Money Market Deposit Account - 0.39%	Principal Amount		Value
U.S. Bank Money Market Deposit Account, 5.200% ^(e)	$	131,285		131,285
TOTAL SHORT TERM INVESTMENTS (Cost $131,285)				131,285

Total Investments (Cost $41,062,103) - 117.70%				39,607,521
Liabilities in Excess of Other Assets - (17.70)%				(5,956,628	)
TOTAL NET ASSETS - 100.00%			$	33,650,893

Country	% of Net Assets
Brazil		3.57	%
Germany		2.98
Israel		2.89
Netherlands		6.11
Norway		2.84
South Korea		9.50
Taiwan		3.15
United States		68.61
Total Country		99.65
Investments Purchased with Proceeds From Securities Lending		17.66
Short Term Investments		0.39
Total Investments		117.70
Liabilities in Excess of Other Assets		(17.70	)
Net Assets		100.00	%

	Shares		Value
PREFERRED STOCKS - 99.63% ^(a)
Banks - 42.54% ^(c)
Bank of America Corp., Series 02, 6.316% to 11/28/2023 then TSFR3M + 0.912%		18,964	$	384,780
Bank of America Corp., Series 4, 6.416% to 11/28/2023 then TSFR3M + 1.012%		18,691		390,829
Bank of America Corp., Series 5, 6.141% to 11/21/2023 then TSFR3M + 0.762%		18,863		382,353
Bank of America Corp., Series E, 5.976% to 11/15/2023 then TSFR3M + 0.612%		19,380		382,174
Bank of America Corp., Series GG, 6.000%		16,713		373,536
Bank of America Corp., Series HH, 5.875%		17,418		378,841
Bank of America Corp., Series KK, 5.375%		18,637		385,040
Bank of America Corp., Series LL, 5.000%		20,080		389,552
Bank of America Corp., Series NN, 4.375%		22,801		379,865
Bank of America Corp., Series PP, 4.125%		24,313		385,118
Bank of America Corp., Series QQ, 4.250%		23,806		387,086
Bank of America Corp., Series SS, 4.750%		21,104		377,128
Bank of Hawaii Corp., Series A, 4.375%		343,265		4,500,204
Cullen/Frost Bankers, Inc., Series B, 4.450%		291,925		4,685,397
JPMorgan Chase & Co., Series DD, 5.750%		33,557		767,784
JPMorgan Chase & Co., Series EE, 6.000% ^(b)		32,036		765,981
JPMorgan Chase & Co., Series GG, 4.750%		39,689		755,282
JPMorgan Chase & Co., Series JJ, 4.550% ^(b)		41,622		764,596
JPMorgan Chase & Co., Series LL, 4.625%		41,116		771,747
JPMorgan Chase & Co., Series MM, 4.200% ^(b)		45,020		765,340
Morgan Stanley, Series A, 6.355% to 01/16/2024 then TSFR3M + 0.962%		27,821		568,383
Morgan Stanley, Series E, 7.125% to 01/16/2024 then SOFR		23,316		585,232
Morgan Stanley, Series F, 6.875% to 01/16/2024 then SOFR		23,353		570,981
Morgan Stanley, Series I, 6.375% to 01/16/2024 then SOFR		24,512		576,522
Morgan Stanley, Series K, 5.850% to 01/16/2024 then SOFR		26,762		585,017
Morgan Stanley, Series L, 4.875%		30,292		562,522

	Shares		Value
Morgan Stanley, Series O, 4.250%		35,644		584,918
Morgan Stanley, Series P, 6.500% ^(b)		23,675		583,825
Northern Trust Corp., Series E, 4.700%		236,200		4,582,280
State Street Corp., Series D, 5.900% to 12/15/2023 then SOFR		93,224		2,344,584
State Street Corp., Series G, 5.350% to 12/15/2023 then SOFR ^(b)		104,737		2,290,598
Truist Financial Corp., Series O, 5.250% ^(b)		116,102		2,333,650
Truist Financial Corp., Series R, 4.750%		130,744		2,331,166
US BanCorp., Series B, 6.255% to 01/16/2024 then TSFR3M + 0.862% ^(b)		50,596		976,503
US BanCorp., Series K, 5.500% ^(b)		47,723		940,143
US BanCorp., Series L, 3.750% ^(b)		67,806		962,167
US BanCorp., Series M, 4.000% ^(b)		64,036		949,654
US BanCorp., Series O, 4.500% ^(b)		55,902		942,508
				41,643,286
Diversified Financial Services - 5.54%
Apollo Global Management, Inc., 6.750% 7/31/2026		14,032		675,079
The Charles Schwab Corp., Series D, 5.950%		103,253		2,334,550
The Charles Schwab Corp., Series J, 4.450% ^(b)		136,963		2,417,397
				5,427,026
Insurance - 42.24% ^(c)
Arch Capital Group Ltd., Series F, 5.450%		117,565		2,399,502
Arch Capital Group Ltd., Series G, 4.550%		138,427		2,394,787
Athene Holding Ltd, Series A, 6.350% to 06/30/2029 then 3-Month USD Libor + 4.253%		36,762		776,781
Athene Holding Ltd., Series B, 5.625%		41,712		794,196
Athene Holding Ltd., Series C, 6.375% to 09/30/2025 then Five-Year Treasury Constant Maturity + 5.970%		33,000		800,910
Athene Holding Ltd., Series D, 4.875%		50,000		809,000
Athene Holding Ltd., Series E, 7.750% to 12/30/2027 then Five-Year Treasury Constant Maturity + 3.962%		31,658		788,284
Axis Capital Holdings Ltd., Series E, 5.500%		243,601		4,747,783
Enstar Group Ltd., Series D, 7.000% to 09/01/2028 then 3-Month USD Libor + 4.015%		198,172		4,714,512

	Shares		Value
Equitable Holdings, Inc., Series A, 5.250%		121,992		2,199,516
Equitable Holdings, Inc., Series C, 4.300%		157,495		2,267,928
Lincoln National Corp., Series D, 9.000%		183,228		4,855,542
MetLife, Inc., Series A, 6.671% to 12/15/2023 then TSFR3M + 1.262%		67,904		1,538,705
MetLife, Inc., Series E, 5.625%		69,950		1,504,624
MetLife, Inc., Series F, 4.750%		81,498		1,526,458
RenaissanceRe Holdings Ltd., Series F, 5.750%		112,571		2,423,654
RenaissanceRe Holdings Ltd., Series G, 4.200%		149,999		2,314,485
The Hartford Financial Services Group, Inc., Series G, 6.000%		196,668		4,493,864
				41,350,531
Real Estate Investment Trusts - 9.31%
Kimco Realty Corp., Series L, 5.125%		117,922		2,264,102
Kimco Realty Corp., Series M, 5.250%		114,002		2,281,180
Public Storage, Series F, 5.150% ^(b)		19,734		416,585
Public Storage, Series G, 5.050% ^(b)		19,597		418,984
Public Storage, Series H, 5.600%		18,415		408,629
Public Storage, Series I, 4.875% ^(b)		21,258		417,932
Public Storage, Series J, 4.700%		22,654		417,060
Public Storage, Series L, 4.625% ^(b)		22,667		419,339
Public Storage, Series N, 3.875%		27,326		416,721
Public Storage, Series O, 3.900%		26,589		410,800
Public Storage, Series P, 4.000%		25,906		409,056
Public Storage, Series R, 4.000%		26,406		416,423
Public Storage, Series S, 4.100%		26,051		420,724
				9,117,535
TOTAL PREFERRED STOCKS (Cost $124,145,299)				97,538,378

SHORT TERM INVESTMENTS - 0.73%
Money Market Deposit Account - 0.73%	Principal Amount
U.S. Bank Money Market Deposit Account, 5.200% ^(e)	$	708,894		708,894
TOTAL SHORT TERM INVESTMENTS (Cost $708,894)				708,894

Total Investments (Cost $132,368,644) - 108.04%				105,761,723
Liabilities in Excess of Other Assets - (8.04)%				(7,874,381	)
TOTAL NET ASSETS - 100.00%			$	97,887,342

Asset Type	% of Net Assets
Preferred Stocks		99.63	%
Investments Purchased with Proceeds From Securities Lending		7.68
Short Term Investments		0.73
Total Investments		108.04
Liabilities in Excess of Other Assets		(8.04	)
Net Assets		100.00	%

	Shares		Value
AFFILIATED EXCHANGE TRADED FUNDS - 99.90% ^(a)
Innovator U.S. Equity Power Buffer ETF - January ^(b)		706,954	$	24,184,896
Innovator U.S. Equity Power Buffer ETF - February		807,699		24,256,332
Innovator U.S. Equity Power Buffer ETF - March		735,922		24,388,455
Innovator U.S. Equity Power Buffer ETF - April		806,287		24,357,930
Innovator U.S. Equity Power Buffer ETF - May		835,427		24,352,697
Innovator U.S. Equity Power Buffer ETF - June		787,962		24,418,943
Innovator U.S. Equity Power Buffer ETF - July ^(b)		731,180		24,348,294
Innovator U.S. Equity Power Buffer ETF - August		794,985		24,374,240
Innovator U.S. Equity Power Buffer ETF - September ^(b)		759,835		24,367,909
Innovator U.S. Equity Power Buffer ETF - October ^(b)		726,503		24,428,663
Innovator U.S. Equity Power Buffer ETF - November		742,267		23,960,379
Innovator U.S. Equity Power Buffer ETF - December		759,204		23,983,254
TOTAL AFFILIATED EXCHANGE TRADED FUNDS (Cost $278,978,214)				291,421,992

SHORT TERM INVESTMENTS - 0.10%
Money Market Deposit Account - 0.10%	Principal Amount
U.S. Bank Money Market Deposit Account, 5.200% ^(d)	$	298,188		298,188
TOTAL SHORT TERM INVESTMENTS (Cost $298,188)				298,188

Total Investments (Cost $283,017,927) - 101.28%				295,461,705
Liabilities in Excess of Other Assets - (1.28)%				(3,746,198	)
TOTAL NET ASSETS - 100.00%			$	291,715,507

Asset Type	% of Net Assets
Affiliated Exchange Traded Funds		99.90	%
Investments Purchased with Proceeds From Securities Lending		1.28
Short Term Investments		0.10
Total Investments		101.28
Liabilities in Excess of Other Assets		(1.28	)
Net Assets		100.00	%

	Shares		Value
AFFILIATED EXCHANGE TRADED FUNDS - 99.83% ^(a)
Innovator U.S. Equity Buffer ETF - January		133,746	$	4,812,154
Innovator U.S. Equity Buffer ETF - February		147,558		4,834,251
Innovator U.S. Equity Buffer ETF - March		135,454		4,838,945
Innovator U.S. Equity Buffer ETF - April		140,730		4,842,646
Innovator U.S. Equity Buffer ETF - May		158,328		4,845,248
Innovator U.S. Equity Buffer ETF - June		149,970		4,844,031
Innovator U.S. Equity Buffer ETF - July		143,029		4,851,000
Innovator U.S. Equity Buffer ETF - August		149,181		4,846,891
Innovator U.S. Equity Buffer ETF - September		146,396		4,848,635
Innovator U.S. Equity Buffer ETF - October		138,917		4,858,400
Innovator U.S. Equity Buffer ETF - November		150,233		4,805,954
Innovator U.S. Equity Buffer ETF - December		140,793		4,822,611
TOTAL AFFILIATED EXCHANGE TRADED FUNDS (Cost $57,467,473)				58,050,766

SHORT TERM INVESTMENTS - 0.18%
Money Market Deposit Account - 0.18%	Principal Amount
U.S. Bank Money Market Deposit Account, 5.200% ^(b)	$	103,034		103,034
TOTAL SHORT TERM INVESTMENTS (Cost $103,034)				103,034

Total Investments (Cost $57,570,507) - 100.01%				58,153,800
Liabilities in Excess of Other Assets - (0.01)%				(4,707	)
TOTAL NET ASSETS - 100.00%			$	58,149,093

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 104.03% ^(a)(b)
CALL OPTIONS - 98.53%
SPDR S&P 500® Trust ETF, Expires 10/31/2024, Strike Price $4.21		972	$	40,649,040	$	39,677,040
						39,677,040
PUT OPTIONS - 5.50%
SPDR S&P 500® Trust ETF, Expires 10/31/2024, Strike Price $418.23		972		40,649,040		2,213,244
						2,213,244
TOTAL PURCHASED OPTIONS (Cost $41,894,443)						41,890,284

SHORT TERM INVESTMENTS - 0.14%	Principal Amount
Money Market Deposit Account- 0.14%
U.S. Bank Money Market Deposit Account, 5.200% ^(c)	$	57,129		57,129
TOTAL SHORT TERM INVESTMENTS (Cost $57,129)				57,129

Total Investments (Cost $41,951,572) - 104.17%				41,947,413
Liabilities in Excess of Other Assets - (4.17)%				(1,680,450	)
TOTAL NET ASSETS - 100.00%			$	40,266,963

SHORT TERM INVESTMENTS - 0.16%	Principal Amount
Money Market Deposit Account- 0.16%
U.S. Bank Money Market Deposit Account, 5.200% ^(c)	$	125,502		125,502
TOTAL SHORT TERM INVESTMENTS (Cost $125,502)				125,502

Total Investments (Cost $81,724,205) - 104.26%				81,716,110
Liabilities in Excess of Other Assets - (4.26)%				(3,338,202	)
TOTAL NET ASSETS - 100.00%			$	78,377,908

SHORT TERM INVESTMENTS - 97.35%	Principal Amount
U.S. Treasury Bill - 97.08%
United States Treasury Bill, 3.481%, 12/28/2023 ^(c)(d)	$	1,902,000		1,885,994
				1,885,994
Money Market Deposit Account - 0.27%
U.S. Bank Money Market Deposit Account, 5.200% ^(e)		5,183		5,183
				5,183
TOTAL SHORT TERM INVESTMENTS (Cost $1,891,201)				1,891,177

Total Investments (Cost $2,227,293) - 100.64%				1,954,987
Liabilities in Excess of Other Assets - (0.64)%				(12,372	)
TOTAL NET ASSETS - 100.00%			$	1,942,615

SHORT TERM INVESTMENTS - 0.22%	Principal Amount
Money Market Deposit Account- 0.22%
U.S. Bank Money Market Deposit Account, 5.200% ^(c)	$	34,884		34,884
TOTAL SHORT TERM INVESTMENTS (Cost $34,884)				34,884

Total Investments (Cost $17,877,933) - 107.07%				16,670,987
Liabilities in Excess of Other Assets - (7.07)%				(1,100,844	)
TOTAL NET ASSETS - 100.00%			$	15,570,143

	Shares		Value
COMMON STOCKS - 94.96%
Advertising - 0.11%
Trade Desk, Inc. - Class A ^(a)(b)		1,463	$	103,814

Aerospace & Defense - 1.51%
Boeing Co. ^(a)		1,848		345,243
HEICO Corp. ^(b)		1,003		158,885
HEICO Corp. - Class A		816		103,738
Lockheed Martin Corp.		1,164		529,200
TransDigm Group, Inc. ^(a)(b)		396		327,924
				1,464,990
Agriculture - 0.50%
Philip Morris International, Inc.		5,469		487,616

Airlines - 0.20%
Delta Air Lines, Inc.		6,237		194,906

Apparel - 0.41%
NIKE, Inc. - Class B		3,850		395,665

Auto Manufacturers - 2.00%
Ford Motor Co.		14,861		144,895
General Motors Co.		6,725		189,645
Lucid Group, Inc. ^(a)(b)		10,205		42,045
Rivian Automotive, Inc. - Class A ^(a)(b)		3,861		62,625
Tesla, Inc. ^(a)		7,501		1,506,500
				1,945,710
Banks - 3.47%
Bank of America Corp.		26,803		705,991
Citizens Financial Group, Inc. ^(b)		9,981		233,855
First Citizens BancShares, Inc. - Class A ^(b)		46		63,514
Goldman Sachs Group, Inc.		1,618		491,240
Huntington Bancshares, Inc.		21,064		203,268
JPMorgan Chase & Co. ^(b)		8,627		1,199,670
Morgan Stanley ^(b)		3,238		229,315
Regions Financial Corp.		16,170		234,950
				3,361,803

	Shares		Value
Beverages - 1.77%
Brown-Forman Corp. - Class B		2,387		134,054
Coca-Cola Co.		13,948		787,923
PepsiCo, Inc.		4,853		792,398
				1,714,375
Biotechnology - 1.93%
Alnylam Pharmaceuticals, Inc. ^(a)(b)		390		59,202
Amgen, Inc.		2,002		511,911
BioMarin Pharmaceutical, Inc. ^(a)		1,001		81,531
Gilead Sciences, Inc.		5,007		393,250
Moderna, Inc. ^(a)		1,066		80,973
Regeneron Pharmaceuticals, Inc. ^(a)		313		244,106
Royalty Pharma PLC - Class A		3,020		81,147
Seagen, Inc. ^(a)		539		114,705
Vertex Pharmaceuticals, Inc. ^(a)		847		306,707
				1,873,532
Building Materials - 0.47%
Builders FirstSource, Inc. ^(a)(b)		518		56,213
Lennox International, Inc. ^(b)		241		89,300
Trane Technologies PLC		1,618		307,921
				453,434
Chemicals - 1.59%
Celanese Corp. ^(b)		1,232		141,076
Dow, Inc.		6,160		297,775
Linde PLC		1,774		677,953
LyondellBasell Industries NV - Class A		2,158		194,738
PPG Industries, Inc.		1,848		226,879
				1,538,421
Commercial Services - 1.03%
Block, Inc.^(a)		2,531		101,873
Cintas Corp.		693		351,434
PayPal Holdings, Inc. ^(a)		4,867		252,111
TransUnion ^(b)		1,617		70,954
United Rentals, Inc. ^(b)		539		218,980
				995,352

	Shares		Value
Computers - 8.69%
Accenture PLC - Class A		2,310		686,278
Amdocs Ltd.		933		74,789
Apple, Inc.^(d)		40,125		6,852,146
Crowdstrike Holdings, Inc. - Class A ^(a)(b)		775		136,997
Dell Technologies, Inc. - Class C		1,309		87,585
International Business Machines Corp.		3,550		513,472
Zscaler, Inc. ^(a)		465		73,791
				8,425,058
Cosmetics & Personal Care - 1.20%
Procter & Gamble Co.		7,780		1,167,232

Distribution & Wholesale - 0.17%
Ferguson PLC		1,082		162,516

Diversified Financial Services - 3.50%
American Express Co.		2,002		292,352
Apollo Global Management, Inc.		1,925		149,072
Blue Owl Capital, Inc. ^(b)		4,393		54,166
Coinbase Global, Inc. - Class A ^(a)(b)		577		44,498
Franklin Resources, Inc. ^(b)		3,311		75,458
Interactive Brokers Group, Inc. - Class A ^(b)		1,232		98,646
LPL Financial Holdings, Inc.		462		103,728
Mastercard, Inc. - Class A		2,543		957,057
Nasdaq, Inc.		4,238		210,205
Rocket Cos., Inc. - Class A^(a)(b)		2,926		21,623
T Rowe Price Group, Inc.		1,617		146,339
Tradeweb Markets, Inc. - Class A		1,078		97,031
Visa, Inc. - Class A ^(b)		4,856		1,141,645
				3,391,820