Innovator IBD 50 ETF NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22135

Innovator ETFs Trust

(Exact name of registrant as specified in charter)

109 North Hale Street

Wheaton, IL 60187
(Address of principal executive offices) (Zip code)

Chapman and Cutler LLP

320 South Canal Street, 27^th Floor

Chicago, IL 60606

(Name and address of agent for service)

800-208-5212

Registrant's telephone number, including area code

Date of fiscal year end: October 31, 2023

Date of reporting period: April 30, 2023

Item 1. Reports to Stockholders.

(a)

TABLE OF CONTENTS

Letter to Shareholders	3
Fund Performance	5
Expense Example	85
Schedules of Investments and Options Written	88
Statements of Assets and Liabilities	168
Statements of Operations	188
Statements of Changes in Net Assets	208
Financial Highlights	228
Notes to Financial Statements	248
Trustees and Officers	279
Board Considerations Regarding Approval of Investment Management Agreement	281
Additional Information	284

Letter to Shareholders (Unaudited)

Dear Valued Shareholders,

The 1-year period ended April 30, 2023 was noteworthy in many ways. During this 12-month stretch, investors witnessed a remarkable chain of events:

Accommodative covid-era monetary policy led to the highest inflation in 40 years

High and rising inflation led to tighter monetary policy

Tighter monetary policy led to large bank failures

Bank failures led to heightened stock market volatility

On top of all that, the Federal government reached its debt limit in early 2023 and Congress had still not resolved the matter as of April 30.

While many investors have dealt with the effects of high inflation, bank failures and government debt limits, few have experienced such swift and severe Fed policy tightening out of such an accommodative policy stance. If there’s anything to be learned from this period, it may be the simple reminder that the future remains unknown and the ability to have a better sense of your risk in the middle of the storm is invaluable.

We believe that the Fed is likely to hold interest rates higher for longer than the market has anticipated and that investors will need to learn to factor these higher rates into their thinking. In our estimation, this doesn’t translate to a full-blown “risk-off” sentiment; but to the extent that higher rates create greater market uncertainty, we continue to think investors will do well to be risk aware.

The heightened uncertainty during this period led a large swath of investors to look for ways to maintain market exposure with built-in risk management. Many investors looked to Innovator during this period and we were pleased to offer the industry’s largest and widest-ranging suite of Defined Outcome ETFs™, including the latest addition of our Premium Income Barrier ETFs™. Over this period, while the global equity market was up 2.6%, strong inflows resulted in our assets under management nearly doubling, rising by more than $6.5 billion over the 12-month period.

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’ve worked to earn that trust and intend to work hard to keep it. We wish you the best in good health and prosperity in the coming year.

Bruce Bond,

CEO

Letter to Shareholders (Unaudited) (Continued)

The views in this report were those of the Fund’s CEO as of April 30, 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.

Investing involves risks. Loss of principal is possible.

This material must be preceded by or accompanied with a prospectus. The Funds' investment objectives, risks, charges and expenses should be considered carefully before investing. The prospectus contains this and other important information, and it may be obtained at innovatoretfs.com. Read it carefully before investing.

Innovator ETFs are distributed by Foreside Fund Services, LLC.

INNOVATOR U.S. EQUITY BUFFER ETF – JANUARY

Fund Performance
April 30, 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 April 30, 2023 as compared with the S&P 500® Index – Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Buffer ETF - January
NAV Return		5.53	%		9.62	%		9.68	%
Market Return		5.44	%		9.61	%		9.64	%
S&P 500® Index - Price Return		0.91	%		12.70	%		12.47	%
S&P 500® Index - Total Return		2.66	%		14.52	%		14.42	%

^(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

April 30, 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.

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.

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

April 30, 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 April 30, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Buffer ETF - February
NAV Return		7.28	%		12.38	%		9.00	%
Market Return		7.11	%		12.44	%		8.97	%
S&P 500® Index - Price Return		0.91	%		12.70	%		8.23	%
S&P 500® Index - Total Return		2.66	%		14.52	%		10.01	%

^(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

April 30, 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.

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.

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

April 30, 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 April 30, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Buffer ETF - March
NAV Return		7.42	%		11.01	%		10.06	%
Market Return		7.45	%		10.93	%		10.02	%
S&P 500® Index - Price Return		0.91	%		12.70	%		11.48	%
S&P 500® Index - Total Return		2.66	%		14.52	%		13.29	%

^(a)	Inception date is February 28, 2020.

INNOVATOR U.S. EQUITY BUFFER ETF – MARCH

Fund Performance

April 30, 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
April 30, 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 April 30, 2023 as compared with the S&P 500® Index – Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Buffer ETF - April
NAV Return		7.40	%		9.00	%		7.86	%
Market Return		6.97	%		8.42	%		7.80	%
S&P 500® Index - Price Return		0.91	%		12.70	%		9.90	%
S&P 500® Index - Total Return		2.66	%		14.52	%		11.77	%

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

INNOVATOR U.S. EQUITY BUFFER ETF – APRIL

Fund Performance
April 30, 2023 (Unaudited) (Continued)

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
April 30, 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 April 30, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Buffer ETF - May
NAV Return		0.18	%		5.62	%		5.62	%
Market Return		-0.08	%		5.59	%		5.59	%
S&P 500® Index - Price Return		0.91	%		12.70	%		12.70	%
S&P 500® Index - Total Return		2.66	%		14.52	%		14.52	%

^(a)	Inception date is April 30, 2020.

INNOVATOR U.S. EQUITY BUFFER ETF – MAY

Fund Performance
April 30, 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

April 30, 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 April 30, 2023 as compared with the S&P 500® Index – Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Buffer ETF - June
NAV Return		0.11	%		6.31	%		6.30	%
Market Return		0.25	%		6.23	%		6.30	%
S&P 500® Index - Price Return		0.91	%		12.70	%		11.19	%
S&P 500® Index - Total Return		2.66	%		14.52	%		13.06	%

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

INNOVATOR U.S. EQUITY BUFFER ETF – JUNE

Fund Performance

April 30, 2023 (Unaudited) (Continued)

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

April 30, 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 April 30, 2023 as compared with the S&P 500® Index – Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Buffer ETF - July
NAV Return		6.89	%		8.53	%		5.75	%
Market Return		6.84	%		8.35	%		5.71	%
S&P 500® Index - Price Return		0.91	%		12.70	%		8.10	%
S&P 500® Index - Total Return		2.66	%		14.52	%		10.00	%

^(a)	Inception date is August 28, 2018.

INNOVATOR U.S. EQUITY BUFFER ETF – JULY

Fund Performance

April 30, 2023 (Unaudited) (Continued)

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
April 30, 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 April 30, 2023 as compared with the S&P 500® Index – Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Buffer ETF - August
NAV Return		3.90	%		8.61	%		6.64	%
Market Return		3.88	%		8.43	%		6.60	%
S&P 500® Index - Price Return		0.91	%		12.70	%		9.36	%
S&P 500® Index - Total Return		2.66	%		14.52	%		11.21	%

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

INNOVATOR U.S. EQUITY BUFFER ETF – AUGUST

Fund Performance
April 30, 2023 (Unaudited) (Continued)

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
April 30, 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 April 30, 2023 as compared with the S&P 500® Index – Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Buffer ETF - September
NAV Return		6.28	%		10.12	%		8.31	%
Market Return		6.20	%		9.98	%		8.28	%
S&P 500® Index - Price Return		0.91	%		12.70	%		10.13	%
S&P 500® Index - Total Return		2.66	%		14.52	%		11.96	%

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

INNOVATOR U.S. EQUITY BUFFER ETF – SEPTEMBER

Fund Performance
April 30, 2023 (Unaudited) (Continued)

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
April 30, 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 April 30, 2023 as compared with the S&P 500® Index – Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Buffer ETF - October
NAV Return		7.47	%		11.83	%		7.70	%
Market Return		7.39	%		11.81	%		7.65	%
S&P 500® Index - Price Return		0.91	%		12.70	%		8.13	%
S&P 500® Index - Total Return		2.66	%		14.52	%		10.01	%

^(a)	Inception date is September 28, 2018.

INNOVATOR U.S. EQUITY BUFFER ETF – OCTOBER

Fund Performance
April 30, 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

April 30, 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 April 30, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Buffer ETF - November
NAV Return		6.43	%		8.76	%		6.70	%
Market Return		6.29	%		8.59	%		6.64	%
S&P 500® Index - Price Return		0.91	%		12.70	%		9.48	%
S&P 500® Index - Total Return		2.66	%		14.52	%		11.30	%

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

INNOVATOR U.S. EQUITY BUFFER ETF – NOVEMBER

Fund Performance

April 30, 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
April 30, 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 April 30, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Buffer ETF - December
NAV Return		7.09	%		10.97	%		7.93	%
Market Return		7.09	%		10.74	%		7.89	%
S&P 500® Index - Price Return		0.91	%		12.70	%		8.64	%
S&P 500® Index - Total Return		2.66	%		14.52	%		10.42	%

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

INNOVATOR U.S. EQUITY BUFFER ETF – DECEMBER

Fund Performance
April 30, 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
April 30, 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 April 30, 2023 as compared with the S&P 500® Index – Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Power Buffer ETF - January
NAV Return		8.61	%		7.79	%		7.04	%
Market Return		8.52	%		7.74	%		7.01	%
S&P 500® Index - Price Return		0.91	%		12.70	%		12.47	%
S&P 500® Index - Total Return		2.66	%		14.52	%		14.42	%

^(a)	Inception date is December 31, 2018.

INNOVATOR U.S. EQUITY POWER BUFFER ETF – JANUARY

Fund Performance
April 30, 2023 (Unaudited) (Continued)

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
April 30, 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 April 30, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Power Buffer ETF - February
NAV Return		5.94	%		8.35	%		5.97	%
Market Return		5.57	%		8.47	%		5.93	%
S&P 500® Index - Price Return		0.91	%		12.70	%		8.23	%
S&P 500® Index - Total Return		2.66	%		14.52	%		10.01	%

^(a)	Inception date is January 31, 2020.

INNOVATOR U.S. EQUITY POWER BUFFER ETF – FEBRUARY

Fund Performance
April 30, 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
April 30, 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 April 30, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Power Buffer ETF - March
NAV Return		5.80	%		8.04	%		7.30	%
Market Return		5.36	%		7.88	%		7.24	%
S&P 500® Index - Price Return		0.91	%		12.70	%		11.48	%
S&P 500® Index - Total Return		2.66	%		14.52	%		13.29	%

^(a)	Inception date is February 28, 2020.

INNOVATOR U.S. EQUITY POWER BUFFER ETF – MARCH

Fund Performance
April 30, 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
April 30, 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 April 30, 2023 as compared with the S&P 500® Index – Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Power Buffer ETF - April
NAV Return		5.79	%		6.05	%		5.18	%
Market Return		5.54	%		5.71	%		5.17	%
S&P 500® Index - Price Return		0.91	%		12.70	%		9.90	%
S&P 500® Index - Total Return		2.66	%		14.52	%		11.77	%

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

INNOVATOR U.S. EQUITY POWER BUFFER ETF – APRIL

Fund Performance
April 30, 2023 (Unaudited) (Continued)

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

April 30, 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 April 30, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Power Buffer ETF - May
NAV Return		0.19	%		3.85	%		3.85	%
Market Return		-0.14	%		3.84	%		3.84	%
S&P 500® Index - Price Return		0.91	%		12.70	%		12.70	%
S&P 500® Index - Total Return		2.66	%		14.52	%		14.52	%

^(a)	Inception date is April 30, 2020.

INNOVATOR U.S. EQUITY POWER BUFFER ETF – MAY

Fund Performance

April 30, 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
April 30, 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 April 30, 2023 as compared with the S&P 500® Index – Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			��	Three Years			Since Inception ^(a)
Innovator U.S. Equity Power Buffer ETF - June
NAV Return		-0.17	%			4.98	%		5.17	%
Market Return		-0.34	%			5.01	%		5.14	%
S&P 500® Index - Price Return		0.91	%			12.70	%		11.19	%
S&P 500® Index - Total Return		2.66	%			14.52	%		13.06	%

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

INNOVATOR U.S. EQUITY POWER BUFFER ETF – JUNE

Fund Performance
April 30, 2023 (Unaudited) (Continued)

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

April 30, 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 April 30, 2023 as compared with the S&P 500® Index – Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Power Buffer ETF - July
NAV Return		9.11	%		7.53	%		5.49	%
Market Return		9.07	%		7.41	%		5.48	%
S&P 500® Index - Price Return		0.91	%		12.70	%		8.31	%
S&P 500® Index - Total Return		2.66	%		14.52	%		10.22	%

^(a)	Inception date is August 7, 2018.

INNOVATOR U.S. EQUITY POWER BUFFER ETF – JULY

Fund Performance

April 30, 2023 (Unaudited) (Continued)

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

April 30, 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 April 30, 2023 as compared with the S&P 500® Index – Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Power Buffer ETF - August
NAV Return		2.75	%		6.32	%		5.06	%
Market Return		2.73	%		6.26	%		5.08	%
S&P 500® Index - Price Return		0.91	%		12.70	%		9.36	%
S&P 500® Index - Total Return		2.66	%		14.52	%		11.21	%

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

INNOVATOR U.S. EQUITY POWER BUFFER ETF – AUGUST

Fund Performance
April 30, 2023 (Unaudited) (Continued)

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

April 30, 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 April 30, 2023 as compared with the S&P 500® Index – Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Power Buffer ETF - September
NAV Return		8.32	%		7.84	%		6.57	%
Market Return		8.09	%		7.65	%		6.53	%
S&P 500® Index - Price Return		0.91	%		12.70	%		10.13	%
S&P 500® Index - Total Return		2.66	%		14.52	%		11.96	%

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

INNOVATOR U.S. EQUITY POWER BUFFER ETF – SEPTEMBER

Fund Performance

April 30, 2023 (Unaudited) (Continued)

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

April 30, 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 April 30, 2023 as compared with the S&P 500® Index – Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Power Buffer ETF - October
NAV Return		11.07	%		9.95	%		6.63	%
Market Return		10.73	%		9.84	%		6.58	%
S&P 500® Index - Price Return		0.91	%		12.70	%		8.13	%
S&P 500® Index - Total Return		2.66	%		14.52	%		10.01	%

^(a)	Inception date is September 28, 2018.

INNOVATOR U.S. EQUITY POWER BUFFER ETF – OCTOBER

Fund Performance

April 30, 2023 (Unaudited) (Continued)

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
April 30, 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 April 30, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Power Buffer ETF - November
NAV Return		10.79	%		8.67	%		6.90	%
Market Return		10.68	%		8.57	%		6.88	%
S&P 500® Index - Price Return		0.91	%		12.70	%		9.48	%
S&P 500® Index - Total Return		2.66	%		14.52	%		11.30	%

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

INNOVATOR U.S. EQUITY POWER BUFFER ETF – NOVEMBER

Fund Performance
April 30, 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
April 30, 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 April 30, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Power Buffer ETF - December
NAV Return		7.11	%		7.68	%		5.56	%
Market Return		6.83	%		7.48	%		5.49	%
S&P 500® Index - Price Return		0.91	%		12.70	%		8.64	%
S&P 500® Index - Total Return		2.66	%		14.52	%		10.42	%

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

INNOVATOR U.S. EQUITY POWER BUFFER ETF – DECEMBER

Fund Performance
April 30, 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
April 30, 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 April 30, 2023 as compared with the S&P 500® Index – Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Ultra Buffer ETF - January
NAV Return		6.17	%		5.43	%		5.42	%
Market Return		5.68	%		5.34	%		5.36	%
S&P 500® Index - Price Return		0.91	%		12.70	%		12.47	%
S&P 500® Index - Total Return		2.66	%		14.52	%		14.42	%

^(a)	Inception date is December 31, 2018.

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - JANUARY

Fund Performance
April 30, 2023 (Unaudited) (Continued)

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
April 30, 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 April 30, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Ultra Buffer ETF - February
NAV Return		-0.50	%		4.19	%		2.82	%
Market Return		-0.62	%		4.20	%		2.80	%
S&P 500® Index - Price Return		0.91	%		12.70	%		8.23	%
S&P 500® Index - Total Return		2.66	%		14.52	%		10.01	%

^(a)	Inception date is January 31, 2020.

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - FEBRUARY

Fund Performance
April 30, 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
April 30, 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 April 30, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Ultra Buffer ETF - March
NAV Return		-0.09	%		3.78	%		3.52	%
Market Return		-0.55	%		3.70	%		3.46	%
S&P 500® Index - Price Return		0.91	%		12.70	%		11.48	%
S&P 500® Index - Total Return		2.66	%		14.52	%		13.29	%

^(a)	Inception date is February 28, 2020.

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - MARCH

Fund Performance
April 30, 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
April 30, 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 April 30, 2023 as compared with the S&P 500® Index – Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Ultra Buffer ETF - April
NAV Return		-0.75	%		2.55	%		0.79	%
Market Return		-1.16	%		1.92	%		0.74	%
S&P 500® Index - Price Return		0.91	%		12.70	%		9.90	%
S&P 500® Index - Total Return		2.66	%		14.52	%		11.77	%

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

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - APRIL

Fund Performance
April 30, 2023 (Unaudited) (Continued)

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
April 30, 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 April 30, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Ultra Buffer ETF - May
NAV Return		0.19	%		1.85	%		1.85	%
Market Return		-0.03	%		1.81	%		1.81	%
S&P 500® Index - Price Return		0.91	%		12.70	%		12.70	%
S&P 500® Index - Total Return		2.66	%		14.52	%		14.52	%

^(a)	Inception date is April 30, 2020.

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - MAY

Fund Performance
April 30, 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
April 30, 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 April 30, 2023 as compared with the S&P 500® Index – Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Ultra Buffer ETF - June
NAV Return		-1.06	%		2.84	%		3.41	%
Market Return		-1.29	%		2.79	%		3.37	%
S&P 500® Index - Price Return		0.91	%		12.70	%		11.19	%
S&P 500® Index - Total Return		2.66	%		14.52	%		13.06	%

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

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - JUNE

Fund Performance
April 30, 2023 (Unaudited) (Continued)

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
April 30, 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 April 30, 2023 as compared with the S&P 500® Index – Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Ultra Buffer ETF - July
NAV Return		4.24	%		4.20	%		3.26	%
Market Return		4.12	%		4.14	%		3.26	%
S&P 500® Index - Price Return		0.91	%		12.70	%		8.31	%
S&P 500® Index - Total Return		2.66	%		14.52	%		10.22	%

^(a)	Inception date is August 7, 2018.

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - JULY

Fund Performance
April 30, 2023 (Unaudited) (Continued)

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
April 30, 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 April 30, 2023 as compared with the S&P 500® Index – Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Ultra Buffer ETF - August
NAV Return		-1.92	%		3.09	%		2.55	%
Market Return		-1.98	%		3.00	%		2.56	%
S&P 500® Index - Price Return		0.91	%		12.70	%		9.36	%
S&P 500® Index - Total Return		2.66	%		14.52	%		11.21	%

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

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - AUGUST

Fund Performance
April 30, 2023 (Unaudited) (Continued)

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
April 30, 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 April 30, 2023 as compared with the S&P 500® Index – Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Ultra Buffer ETF - September
NAV Return		2.81	%		4.16	%		3.67	%
Market Return		2.50	%		4.07	%		3.61	%
S&P 500® Index - Price Return		0.91	%		12.70	%		10.13	%
S&P 500® Index - Total Return		2.66	%		14.52	%		11.96	%

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

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - SEPTEMBER

Fund Performance
April 30, 2023 (Unaudited) (Continued)

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
April 30, 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 April 30, 2023 as compared with the S&P 500® Index – Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Ultra Buffer ETF - October
NAV Return		5.96	%		6.04	%		4.23	%
Market Return		5.53	%		6.05	%		4.19	%
S&P 500® Index - Price Return		0.91	%		12.70	%		8.13	%
S&P 500® Index - Total Return		2.66	%		14.52	%		10.01	%

^(a)	Inception date is September 28, 2018.

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - OCTOBER

Fund Performance
April 30, 2023 (Unaudited) (Continued)

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
April 30, 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 April 30, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Ultra Buffer ETF - November
NAV Return		5.05	%		5.08	%		4.12	%
Market Return		4.65	%		4.95	%		4.06	%
S&P 500® Index - Price Return		0.91	%		12.70	%		9.48	%
S&P 500® Index - Total Return		2.66	%		14.52	%		11.30	%

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

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - NOVEMBER

Fund Performance
April 30, 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
April 30, 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 April 30, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Equity Ultra Buffer ETF - December
NAV Return		0.92	%		3.82	%		2.64	%
Market Return		0.51	%		3.58	%		2.59	%
S&P 500® Index - Price Return		0.91	%		12.70	%		8.64	%
S&P 500® Index - Total Return		2.66	%		14.52	%		10.42	%

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

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - DECEMBER

Fund Performance
April 30, 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
April 30, 2023 (Unaudited)

	Total Returns As of April 30, 2023
	Since Inception ^(a)
Innovator Premium Income 10 Barrier ETF - April
NAV Return		0.94	%
Market Return		1.10	%
S&P 500® Index - Price Return		1.46	%
S&P 500® Index - Total Return		1.56	%

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

INNOVATOR PREMIUM INCOME 10 BARRIER ETF - APRIL

Fund Performance

April 30, 2023 (Unaudited) (Continued)

The 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
April 30, 2023 (Unaudited)

	Total Returns As of April 30, 2023
	Since Inception ^(a)
Innovator Premium Income 20 Barrier ETF - April
NAV Return		0.69	%
Market Return		0.90	%
S&P 500® Index - Price Return		1.46	%
S&P 500® Index - Total Return		1.56	%

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

INNOVATOR PREMIUM INCOME 20 BARRIER ETF - APRIL

Fund Performance

April 30, 2023 (Unaudited) (Continued)

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

April 30, 2023 (Unaudited)

	Total Returns As of April 30, 2023
	Since Inception ^(a)
Innovator Premium Income 30 Barrier ETF - April
NAV Return		0.51	%
Market Return		0.59	%
S&P 500® Index - Price Return		1.46	%
S&P 500® Index - Total Return		1.56	%

^(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

April 30, 2023 (Unaudited) (Continued)

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

April 30, 2023 (Unaudited)

	Total Returns As of April 30, 2023
	Since Inception ^(a)
Innovator Premium Income 40 Barrier ETF - April
NAV Return		0.40	%
Market Return		0.35	%
S&P 500® Index - Price Return		1.46	%
S&P 500® Index - Total Return		1.56	%

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

INNOVATOR PREMIUM INCOME 40 BARRIER ETF - APRIL

Fund Performance

April 30, 2023 (Unaudited) (Continued)

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 ETFs TRUST

Expense Example

For the Period Ended April 30, 2023 (Unaudited)

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 respective period and held for the entire respective period to April 30, 2023 for each Fund.

Actual Expenses

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.

					Expenses Paid
	Beginning		Ending		During the
	Account Value		Account Value		Period
Innovator U.S. Equity Buffer ETF - January (NAV)	$	1,000.00	$	1,077.20	$	4.07	^(a)
Innovator U.S. Equity Buffer ETF - February (NAV)		1,000.00		1,095.20		4.10	^(a)
Innovator U.S. Equity Buffer ETF - March (NAV)		1,000.00		1,103.80		4.12	^(a)
Innovator U.S. Equity Buffer ETF - April (NAV)		1,000.00		1,102.60		4.12	^(a)
Innovator U.S. Equity Buffer ETF - May (NAV)		1,000.00		1,039.00		3.99	^(a)
Innovator U.S. Equity Buffer ETF - June (NAV)		1,000.00		1,052.10		4.02	^(a)
Innovator U.S. Equity Buffer ETF - July (NAV)		1,000.00		1,074.20		4.06	^(a)
Innovator U.S. Equity Buffer ETF - August (NAV)		1,000.00		1,062.20		4.04	^(a)
Innovator U.S. Equity Buffer ETF - September (NAV)		1,000.00		1,071.50		4.06	^(a)
Innovator U.S. Equity Buffer ETF - October (NAV)		1,000.00		1,092.70		4.10	^(a)
Innovator U.S. Equity Buffer ETF - November (NAV)		1,000.00		1,076.70		4.07	^(a)
Innovator U.S. Equity Buffer ETF - December (NAV)		1,000.00		1,082.00		4.08	^(a)
Innovator U.S. Equity Power Buffer ETF - January (NAV)		1,000.00		1,080.40		4.08	^(a)
Innovator U.S. Equity Power Buffer ETF - February (NAV)		1,000.00		1,063.20		4.04	^(a)
Innovator U.S. Equity Power Buffer ETF - March (NAV)		1,000.00		1,070.60		4.06	^(a)
Innovator U.S. Equity Power Buffer ETF - April (NAV)		1,000.00		1,070.30		4.06	^(a)
Innovator U.S. Equity Power Buffer ETF - May (NAV)		1,000.00		1,024.60		3.97	^(a)
Innovator U.S. Equity Power Buffer ETF - June (NAV)		1,000.00		1,039.40		3.99	^(a)
Innovator U.S. Equity Power Buffer ETF - July (NAV)		1,000.00		1,074.90		4.06	^(a)
Innovator U.S. Equity Power Buffer ETF - August (NAV)		1,000.00		1,054.20		4.02	^(a)
Innovator U.S. Equity Power Buffer ETF - September (NAV) ��		1,000.00		1,067.20		4.05	^(a)
Innovator U.S. Equity Power Buffer ETF - October (NAV)		1,000.00		1,081.60		4.08	^(a)
Innovator U.S. Equity Power Buffer ETF - November (NAV)		1,000.00		1,074.30		4.06	^(a)
Innovator U.S. Equity Power Buffer ETF - December (NAV)		1,000.00		1,057.80		4.03	^(a)
Innovator U.S. Equity Ultra Buffer ETF - January (NAV)		1,000.00		1,066.60		4.05	^(a)
Innovator U.S. Equity Ultra Buffer ETF - February (NAV)		1,000.00		1,018.40		3.95	^(a)
Innovator U.S. Equity Ultra Buffer ETF - March (NAV)		1,000.00		1,024.40		3.97	^(a)
Innovator U.S. Equity Ultra Buffer ETF - April (NAV)		1,000.00		1,015.40		3.95	^(a)
Innovator U.S. Equity Ultra Buffer ETF - May (NAV)		1,000.00		1,028.50		3.97	^(a)
Innovator U.S. Equity Ultra Buffer ETF - June (NAV)		1,000.00		1,034.60		3.99	^(a)
Innovator U.S. Equity Ultra Buffer ETF - July (NAV)		1,000.00		1,073.90		4.06	^(a)
Innovator U.S. Equity Ultra Buffer ETF - August (NAV)		1,000.00		1,044.30		4.00	^(a)

INNOVATOR ETFs TRUST

Expense Example

For the Period Ended April 30, 2023 (Unaudited) (Continued)

					Expenses Paid
	Beginning		Ending		During the
	Account Value		Account Value		Period
Innovator U.S. Equity Ultra Buffer ETF - September (NAV)		1,000.00		1,061.00		4.04	^(a)
Innovator U.S. Equity Ultra Buffer ETF - October (NAV)		1,000.00		1,073.50		4.06	^(a)
Innovator U.S. Equity Ultra Buffer ETF - November (NAV)		1,000.00		1,064.90		4.04	^(a)
Innovator U.S. Equity Ultra Buffer ETF - December (NAV)		1,000.00		1,028.10		3.97	^(a)
Innovator Premium Income 10 Barrier ETF - April (NAV)		1,000.00		1,009.40		0.61	^(b)
Innovator Premium Income 20 Barrier ETF - April (NAV)		1,000.00		1,006.90		0.61	^(b)
Innovator Premium Income 30 Barrier ETF - April (NAV)		1,000.00		1,005.10		0.61	^(b)
Innovator Premium Income 40 Barrier ETF - April (NAV)		1,000.00		1,004.00		0.61	^(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 181/365 (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 28/365 (to reflect the period since the Fund's inception).

Hypothetical Example for Comparison Purposes

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

Expense Example

For the Period Ended April 30, 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	$	1,020.88	$	3.96	^(a)
Innovator U.S. Equity Buffer ETF - February (NAV)		1,000.00		1,020.88		3.96	^(a)
Innovator U.S. Equity Buffer ETF - March (NAV)		1,000.00		1,020.88		3.96	^(a)
Innovator U.S. Equity Buffer ETF - April (NAV)		1,000.00		1,020.88		3.96	^(a)
Innovator U.S. Equity Buffer ETF - May (NAV)		1,000.00		1,020.88		3.96	^(a)
Innovator U.S. Equity Buffer ETF - June (NAV)		1,000.00		1,020.88		3.96	^(a)
Innovator U.S. Equity Buffer ETF - July (NAV)		1,000.00		1,020.88		3.96	^(a)
Innovator U.S. Equity Buffer ETF - August (NAV)		1,000.00		1,020.88		3.96	^(a)
Innovator U.S. Equity Buffer ETF - September (NAV)		1,000.00		1,020.88		3.96	^(a)
Innovator U.S. Equity Buffer ETF - October (NAV)		1,000.00		1,020.88		3.96	^(a)
Innovator U.S. Equity Buffer ETF - November (NAV)		1,000.00		1,020.88		3.96	^(a)
Innovator U.S. Equity Buffer ETF - December (NAV)		1,000.00		1,020.88		3.96	^(a)
Innovator U.S. Equity Power Buffer ETF - January (NAV)		1,000.00		1,020.88		3.96	^(a)
Innovator U.S. Equity Power Buffer ETF - February (NAV)		1,000.00		1,020.88		3.96	^(a)
Innovator U.S. Equity Power Buffer ETF - March (NAV)		1,000.00		1,020.88		3.96	^(a)
Innovator U.S. Equity Power Buffer ETF - April (NAV)		1,000.00		1,020.88		3.96	^(a)
Innovator U.S. Equity Power Buffer ETF - May (NAV)		1,000.00		1,020.88		3.96	^(a)
Innovator U.S. Equity Power Buffer ETF - June (NAV)		1,000.00		1,020.88		3.96	^(a)
Innovator U.S. Equity Power Buffer ETF - July (NAV)		1,000.00		1,020.88		3.96	^(a)
Innovator U.S. Equity Power Buffer ETF - August (NAV)		1,000.00		1,020.88		3.96	^(a)
Innovator U.S. Equity Power Buffer ETF - September (NAV)		1,000.00		1,020.88		3.96	^(a)
Innovator U.S. Equity Power Buffer ETF - October (NAV)		1,000.00		1,020.88		3.96	^(a)
Innovator U.S. Equity Power Buffer ETF - November (NAV)		1,000.00		1,020.88		3.96	^(a)
Innovator U.S. Equity Power Buffer ETF - December (NAV)		1,000.00		1,020.88		3.96	^(a)
Innovator U.S. Equity Ultra Buffer ETF - January (NAV)		1,000.00		1,020.88		3.96	^(a)
Innovator U.S. Equity Ultra Buffer ETF - February (NAV)		1,000.00		1,020.88		3.96	^(a)
Innovator U.S. Equity Ultra Buffer ETF - March (NAV)		1,000.00		1,020.88		3.96	^(a)
Innovator U.S. Equity Ultra Buffer ETF - April (NAV)		1,000.00		1,020.88		3.96	^(a)
Innovator U.S. Equity Ultra Buffer ETF - May (NAV)		1,000.00		1,020.88		3.96	^(a)
Innovator U.S. Equity Ultra Buffer ETF - June (NAV)		1,000.00		1,020.88		3.96	^(a)
Innovator U.S. Equity Ultra Buffer ETF - July (NAV)		1,000.00		1,020.88		3.96	^(a)
Innovator U.S. Equity Ultra Buffer ETF - August (NAV)		1,000.00		1,020.88		3.96	^(a)
Innovator U.S. Equity Ultra Buffer ETF - September (NAV)		1,000.00		1,020.88		3.96	^(a)
Innovator U.S. Equity Ultra Buffer ETF - October (NAV)		1,000.00		1,020.88		3.96	^(a)
Innovator U.S. Equity Ultra Buffer ETF - November (NAV)		1,000.00		1,020.88		3.96	^(a)
Innovator U.S. Equity Ultra Buffer ETF - December (NAV)		1,000.00		1,020.88		3.96	^(a)
Innovator Premium Income 10 Barrier ETF - April (NAV)		1,000.00		1,020.88		3.96	^(b)
Innovator Premium Income 20 Barrier ETF - April (NAV)		1,000.00		1,020.88		3.96	^(b)
Innovator Premium Income 30 Barrier ETF - April (NAV)		1,000.00		1,020.88		3.96	^(b)
Innovator Premium Income 40 Barrier ETF - April (NAV)		1,000.00		1,020.88		3.96	^(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 181/365 (to reflect the six month period).

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

INNOVATOR U.S. EQUITY BUFFER ETF – JANUARY

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 102.18% ^(a)(b)
CALL OPTIONS - 99.27%
SPY SPDR S&P 500® Trust ETF, Expires 12/29/2023, Strike Price $3.84		4,394	$	182,759,642	$	179,130,286
						179,130,286
PUT OPTIONS - 2.91%
SPY SPDR S&P 500® Trust ETF, Expires 12/29/2023, Strike Price $382.44		4,394		182,759,642		5,252,939
						5,252,939
TOTAL PURCHASED OPTIONS (Cost $176,688,235)						184,383,225
	Principal Amount
SHORT TERM INVESTMENTS - 0.26%
Money Market Deposit Account - 0.26%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	467,208				467,208
TOTAL SHORT TERM INVESTMENTS (Cost $467,208)						467,208

Total Investments (Cost $177,155,443) - 102.44%						184,850,433
Liabilities in Excess of Other Assets - (2.44)%						(4,404,832	)
TOTAL NET ASSETS - 100.00%					$	180,445,601

Asset Type	% of Net Assets
Purchased Options		102.18	%
Short Term Investments		0.26
Total Investments		102.44
Liabilities in Excess of Other Assets		(2.44	)
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 April 30, 2023.

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

INNOVATOR U.S. EQUITY BUFFER ETF – JANUARY

Schedule of Options Written^(a)

April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	12/29/2023	$	478.31		4,394	$	(182,759,642	)	$	(1,283,883	)
										(1,283,883	)
Put Options
SPY SPDR S&P 500® Trust ETF	12/29/2023		348.01		4,394		(182,759,642	)		(3,007,605	)
										(3,007,605	)
Total Options Written (Premiums Received $9,707,216)									$	(4,291,488	)

^(a)	Exchange-Traded.

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

INNOVATOR U.S. EQUITY BUFFER ETF – FEBRUARY

Schedule of Investments
April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 103.09% ^(a)(b)
CALL OPTIONS - 98.63%
SPY SPDR S&P 500® Trust ETF, Expires 1/31/2024, Strike Price $4.08		2,925	$	121,659,525	$	119,171,783
						119,171,783
PUT OPTIONS - 4.46%
SPY SPDR S&P 500® Trust ETF, Expires 1/31/2024, Strike Price $406.49		2,925		121,659,525		5,391,243
						5,391,243
TOTAL PURCHASED OPTIONS (Cost $123,265,128)						124,563,026
	Principal Amount
SHORT TERM INVESTMENTS - 0.27%
Money Market Deposit Account - 0.27%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	331,201				331,201
TOTAL SHORT TERM INVESTMENTS (Cost $331,201)						331,201

Total Investments (Cost $123,596,329) - 103.36%						124,894,227
Liabilities in Excess of Other Assets - (3.36)%						(4,071,218	)
TOTAL NET ASSETS - 100.00%					$	120,823,009

Asset Type	% of Net Assets
Purchased Options		103.09	%
Short Term Investments		0.27
Total Investments		103.36
Liabilities in Excess of Other Assets		(3.36	)
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 April 30, 2023.

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

INNOVATOR U.S. EQUITY BUFFER ETF – FEBRUARY

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	1/31/2024	$	485.66		2,925	$	(121,659,525	)	$	(859,131	)
										(859,131	)
Put Options
SPY SPDR S&P 500® Trust ETF	1/31/2024		369.90		2,925		(121,659,525	)		(3,134,957	)
										(3,134,957	)
Total Options Written (Premiums Received $5,560,940)									$	(3,994,088	)

^(a)	Exchange-Traded.

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

INNOVATOR U.S. EQUITY BUFFER ETF – MARCH

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 103.47% ^(a)(b)
CALL OPTIONS - 99.36%
SPY SPDR S&P 500® Trust ETF, Expires 2/29/2024, Strike Price $3.97		2,469	$	102,693,117	$	100,687,598
						100,687,598
PUT OPTIONS - 4.11%
SPY SPDR S&P 500® Trust ETF, Expires 2/29/2024, Strike Price $396.27		2,469		102,693,117		4,161,993
						4,161,993
TOTAL PURCHASED OPTIONS (Cost $101,655,828)						104,849,591
	Principal Amount
SHORT TERM INVESTMENTS - 0.27%
Money Market Deposit Account - 0.27%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	268,747				268,747
TOTAL SHORT TERM INVESTMENTS (Cost $268,747)						268,747

Total Investments (Cost $101,924,575) - 103.74%						105,118,338
Liabilities in Excess of Other Assets - (3.74)%						(3,788,433	)
TOTAL NET ASSETS - 100.00%					$	101,329,905

Asset Type	% of Net Assets
Purchased Options		103.47	%
Short Term Investments��		0.27
Total Investments		103.74
Liabilities in Excess of Other Assets		(3.74	)
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 April 30, 2023.

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

INNOVATOR U.S. EQUITY BUFFER ETF – MARCH

Schedule of Options Written^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	2/29/2024	$	480.47		2,469	$	(102,693,117	)	$	(1,223,834	)
										(1,223,834	)
Put Options
SPY SPDR S&P 500® Trust ETF	2/29/2024		360.60		2,469		(102,693,117	)		(2,499,591	)
										(2,499,591	)
Total Options Written (Premiums Received $4,507,041)									$	(3,723,425	)

^(a)	Exchange-Traded.

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

INNOVATOR U.S. EQUITY BUFFER ETF – APRIL

Schedule of Investments
April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 103.92% ^(a)(b)
CALL OPTIONS - 98.65%
SPY SPDR S&P 500® Trust ETF, Expires 3/28/2024, Strike Price $4.11		4,002	$	166,455,186	$	162,617,108
						162,617,108
PUT OPTIONS - 5.27%
SPY SPDR S&P 500® Trust ETF, Expires 3/28/2024, Strike Price $409.40		4,002		166,455,186		8,684,980
						8,684,980
TOTAL PURCHASED OPTIONS (Cost $170,019,605)						171,302,088
	Principal Amount
SHORT TERM INVESTMENTS - 0.26%
Money Market Deposit Account - 0.26%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	420,721				420,721
TOTAL SHORT TERM INVESTMENTS (Cost $420,721)						420,721

Total Investments (Cost $170,440,326) - 104.18%						171,722,809
Liabilities in Excess of Other Assets - (4.18)%						(6,879,622	)
TOTAL NET ASSETS - 100.00%					$	164,843,187

Asset Type	% of Net Assets
Purchased Options		103.92	%
Short Term Investments		0.26
Total Investments		104.18
Liabilities in Excess of Other Assets		(4.18	)
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)	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 April 30, 2023.

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

INNOVATOR U.S. EQUITY BUFFER ETF – APRIL

Schedule of Options Written^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	3/28/2024	$	491.84		4,002	$	(166,455,186	)	$	(1,496,548	)
										(1,496,548	)
Put Options
SPY SPDR S&P 500® Trust ETF	3/28/2024		372.54		4,002		(166,455,186	)		(5,288,603	)
										(5,288,603	)
Total Options Written (Premiums Received $7,850,036)									$	(6,785,151	)

^(a)	Exchange-Traded.

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

INNOVATOR U.S. EQUITY BUFFER ETF – MAY

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 104.50% ^(a)(b)
CALL OPTIONS - 98.48%
SPY SPDR S&P 500® Trust ETF, Expires 4/30/2024, Strike Price $4.17		2,964	$	123,281,652	$	120,415,464
						120,415,464
PUT OPTIONS - 6.02%
SPY SPDR S&P 500® Trust ETF, Expires 4/30/2024, Strike Price $415.94		2,964		123,281,652		7,365,540
						7,365,540
TOTAL PURCHASED OPTIONS (Cost $127,793,735)						127,781,004
	Principal Amount
SHORT TERM INVESTMENTS - 0.28%
Money Market Deposit Account - 0.28%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	340,480				340,480
TOTAL SHORT TERM INVESTMENTS (Cost $340,480)						340,480

Total Investments (Cost $128,134,215) - 104.78%						128,121,484
Liabilities in Excess of Other Assets - (4.78)%						(5,842,415	)
TOTAL NET ASSETS - 100.00%					$	122,279,069

Asset Type	% of Net Assets
Purchased Options		104.50	%
Short Term Investments		0.28
Total Investments		104.78
Liabilities in Excess of Other Assets		(4.78	)
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)	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 April 30, 2023.

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

INNOVATOR U.S. EQUITY BUFFER ETF – MAY

Schedule of Options Written^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	4/30/2024	$	496.87		2,964	$	(123,281,652	)	$	(1,158,924	)
										(1,158,924	)
Put Options
SPY SPDR S&P 500® Trust ETF	4/30/2024		378.50		2,964		(123,281,652	)		(4,576,416	)
										(4,576,416	)
Total Options Written (Premiums Received $5,722,563)									$	(5,735,340	)

^(a)	Exchange-Traded.

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

INNOVATOR U.S. EQUITY BUFFER ETF – JUNE

Schedule of Investments
April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 99.94% ^(a)(b)
CALL OPTIONS - 98.80%
SPY SPDR S&P 500® Trust ETF, Expires 5/31/2023, Strike Price $4.14		3,457	$	143,787,001	$	142,293,577
						142,293,577
PUT OPTIONS - 1.14%
SPY SPDR S&P 500® Trust ETF, Expires 5/31/2023, Strike Price $412.94		3,457		143,787,001		1,645,532
						1,645,532
TOTAL PURCHASED OPTIONS (Cost $148,536,392)						143,939,109
	Principal Amount
SHORT TERM INVESTMENTS - 0.23%
Money Market Deposit Account - 0.23%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	324,697				324,697
TOTAL SHORT TERM INVESTMENTS (Cost $324,697)						324,697

Total Investments (Cost $148,861,089) - 100.17%						144,263,806
Liabilities in Excess of Other Assets - (0.17)%						(246,167	)
TOTAL NET ASSETS - 100.00%					$	144,017,639

Asset Type	% of Net Assets
Purchased Options		99.94	%
Short Term Investments		0.23
Total Investments		100.17
Liabilities in Excess of Other Assets		(0.17	)
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 April 30, 2023.

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

INNOVATOR U.S. EQUITY BUFFER ETF – JUNE

Schedule of Options Written^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration		Strike Price		Contracts		Notional Amount			Value
Call Options	$	4
SPY SPDR S&P 500® Trust ETF	5/31/2023		$	494.28		3,457	$	(143,787,001	)	$	(17,285	)
											(17,285	)
Put Options
SPY SPDR S&P 500® Trust ETF	5/31/2023			375.77		3,457		(143,787,001	)		(221,248	)
											(221,248	)
Total Options Written (Premiums Received $6,096,311)										$	(238,533	)

^(a)	Exchange-Traded.

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

INNOVATOR U.S. EQUITY BUFFER ETF – JULY

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 100.05% ^(a)(b)
CALL OPTIONS - 99.49%
SPY SPDR S&P 500® Trust ETF, Expires 6/30/2023, Strike Price $3.78		3,549	$	147,613,557	$	145,805,590
						145,805,590
PUT OPTIONS - 0.56%
SPY SPDR S&P 500® Trust ETF, Expires 6/30/2023, Strike Price $377.26		3,549		147,613,557		819,109
						819,109
TOTAL PURCHASED OPTIONS (Cost $142,890,833)						146,624,699
	Principal Amount
SHORT TERM INVESTMENTS - 0.24%
Money Market Deposit Account - 0.24%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	351,676				351,676
TOTAL SHORT TERM INVESTMENTS (Cost $351,676)						351,676

Total Investments (Cost $143,242,509) - 100.29%						146,976,375
Liabilities in Excess of Other Assets - (0.29)%						(421,971	)
TOTAL NET ASSETS - 100.00%					$	146,554,404

Asset Type	% of Net Assets
Purchased Options		100.05	%
Short Term Investments		0.24
Total Investments		100.29
Liabilities in Excess of Other Assets		(0.29	)
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 April 30, 2023.

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

100

INNOVATOR U.S. EQUITY BUFFER ETF – JULY

Schedule of Options Written^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	6/30/2023	$	466.66		3,549	$	(147,613,557	)	$	(30,202	)
										(30,202	)
Put Options
SPY SPDR S&P 500® Trust ETF	6/30/2023		343.30		3,549		(147,613,557	)		(288,215	)
										(288,215	)
Total Options Written (Premiums Received $8,026,768)									$	(318,417	)

^(a)	Exchange-Traded.

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

101

INNOVATOR U.S. EQUITY BUFFER ETF – AUGUST

Schedule of Investments
April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 100.71% ^(a)(b)
CALL OPTIONS - 98.29%
SPY SPDR S&P 500® Trust ETF, Expires 7/31/2023, Strike Price $4.13		2,976	$	123,780,768	$	122,155,098
						122,155,098
PUT OPTIONS - 2.42%
SPY SPDR S&P 500® Trust ETF, Expires 7/31/2023, Strike Price $412.00		2,976		123,780,768		3,008,230
						3,008,230
TOTAL PURCHASED OPTIONS (Cost $128,442,463)						125,163,328
	Principal Amount
SHORT TERM INVESTMENTS - 0.25%
Money Market Deposit Account - 0.25%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	316,283				316,283
TOTAL SHORT TERM INVESTMENTS (Cost $316,283)						316,283

Total Investments (Cost $128,758,746) - 100.96%						125,479,611
Liabilities in Excess of Other Assets - (0.96)%						(1,200,062	)
TOTAL NET ASSETS - 100.00%					$	124,279,549

Asset Type	% of Net Assets
Purchased Options		100.71	%
Short Term Investments		0.25
Total Investments		100.96
Liabilities in Excess of Other Assets		(0.96	)
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 April 30, 2023.

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

102

INNOVATOR U.S. EQUITY BUFFER ETF – AUGUST

Schedule of Options Written^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	7/31/2023	$	504.52		2,976	$	(123,780,768	)	$	(10,207	)
										(10,207	)
Put Options
SPY SPDR S&P 500® Trust ETF	7/31/2023		374.91		2,976		(123,780,768	)		(1,114,156	)
										(1,114,156	)
Total Options Written (Premiums Received $6,784,563)									$	(1,124,363	)

^(a)	Exchange-Traded.

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

103

INNOVATOR U.S. EQUITY BUFFER ETF – SEPTEMBER

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 100.74% ^(a)(b)
CALL OPTIONS - 98.71%
SPY SPDR S&P 500® Trust ETF, Expires 8/31/2023, Strike Price $3.96		4,105	$	170,739,265	$	168,415,834
						168,415,834
PUT OPTIONS - 2.03%
SPY SPDR S&P 500® Trust ETF, Expires 8/31/2023, Strike Price $395.19		4,105		170,739,265		3,472,830
						3,472,830
TOTAL PURCHASED OPTIONS (Cost $171,501,741)						171,888,664
	Principal Amount
SHORT TERM INVESTMENTS - 0.22%
Money Market Deposit Account - 0.22%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	381,861				381,861
TOTAL SHORT TERM INVESTMENTS (Cost $381,861)						381,861

Total Investments (Cost $171,883,602) - 100.96%						172,270,525
Liabilities in Excess of Other Assets - (0.96)%						(1,658,905	)
TOTAL NET ASSETS - 100.00%					$	170,611,620

Asset Type	% of Net Assets
Purchased Options		100.74	%
Short Term Investments		0.22
Total Investments		100.96
Liabilities in Excess of Other Assets		(0.96	)
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 April 30, 2023.

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

104

INNOVATOR U.S. EQUITY BUFFER ETF – SEPTEMBER

Schedule of Options Written^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	8/31/2023	$	490.38		4,105	$	(170,739,265	)	$	(73,890	)
										(73,890	)
Put Options
SPY SPDR S&P 500® Trust ETF	8/31/2023		359.61		4,105		(170,739,265	)		(1,559,900	)
										(1,559,900	)
Total Options Written (Premiums Received $10,639,704)									$	(1,633,790	)

^(a)	Exchange-Traded.

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

105

INNOVATOR U.S. EQUITY BUFFER ETF – OCTOBER

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 101.14% ^(a)(b)
CALL OPTIONS - 99.96%
SPY SPDR S&P 500® Trust ETF, Expires 9/29/2023, Strike Price $3.58		3,668	$	152,563,124	$	150,195,614
						150,195,614
PUT OPTIONS - 1.18%
SPY SPDR S&P 500® Trust ETF, Expires 9/29/2023, Strike Price $357.19		3,668		152,563,124		1,764,161
						1,764,161
TOTAL PURCHASED OPTIONS (Cost $141,383,879)						151,959,775
	Principal Amount
SHORT TERM INVESTMENTS - 0.25%
Money Market Deposit Account - 0.25%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	381,691				381,691
TOTAL SHORT TERM INVESTMENTS (Cost $381,691)						381,691

Total Investments (Cost $141,765,570) - 101.39%						152,341,466
Liabilities in Excess of Other Assets - (1.39)%						(2,084,375	)
TOTAL NET ASSETS - 100.00%					$	150,257,091

Asset Type	% of Net Assets
Purchased Options		101.14	%
Short Term Investments		0.25
Total Investments		101.39
Liabilities in Excess of Other Assets		(1.39	)
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 April 30, 2023.

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

106

INNOVATOR U.S. EQUITY BUFFER ETF – OCTOBER

Schedule of Options Written^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	9/29/2023	$	458.80		3,668	$	(152,563,124	)	$	(1,017,284	)
										(1,017,284	)
Put Options
SPY SPDR S&P 500® Trust ETF	9/29/2023		325.03		3,668		(152,563,124	)		(965,234	)
										(965,234	)
Total Options Written (Premiums Received $8,718,828)									$	(1,982,518	)

^(a)	Exchange-Traded.

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

107

INNOVATOR U.S. EQUITY BUFFER ETF – NOVEMBER

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 101.27% ^(a)(b)
CALL OPTIONS - 98.85%
SPY SPDR S&P 500® Trust ETF, Expires 10/31/2023, Strike Price $3.87		3,269	$	135,967,517	$	133,786,047
						133,786,047
PUT OPTIONS - 2.42%
SPY SPDR S&P 500® Trust ETF, Expires 10/31/2023, Strike Price $386.22		3,269		135,967,517		3,274,002
						3,274,002
TOTAL PURCHASED OPTIONS (Cost $132,845,565)						137,060,049
	Principal Amount
SHORT TERM INVESTMENTS - 0.22%
Money Market Deposit Account - 0.22%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	296,222				296,222
TOTAL SHORT TERM INVESTMENTS (Cost $296,222)						296,222

Total Investments (Cost $133,141,787) - 101.49%						137,356,271
Liabilities in Excess of Other Assets - (1.49)%						(2,019,582	)
TOTAL NET ASSETS - 100.00%					$	135,336,689

Asset Type	% of Net Assets
Purchased Options		101.27	%
Short Term Investments		0.22
Total Investments		101.49
Liabilities in Excess of Other Assets		(1.49	)
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 April 30, 2023.

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

108

INNOVATOR U.S. EQUITY BUFFER ETF – NOVEMBER

Schedule of Options Written^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	10/31/2023	$	497.01		3,269	$	(135,967,517	)	$	(190,910	)
										(190,910	)
Put Options
SPY SPDR S&P 500® Trust ETF	10/31/2023		351.45		3,269		(135,967,517	)		(1,741,952	)
										(1,741,952	)
Total Options Written (Premiums Received $8,004,641)									$	(1,932,862	)

^(a)	Exchange-Traded.

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

109

INNOVATOR U.S. EQUITY BUFFER ETF – DECEMBER

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 102.00% ^(a)(b)
CALL OPTIONS - 98.16%
SPY SPDR S&P 500® Trust ETF, Expires 11/30/2023, Strike Price $4.09		2,651	$	110,263,043	$	108,487,112
						108,487,112
PUT OPTIONS - 3.84%
SPY SPDR S&P 500® Trust ETF, Expires 11/30/2023, Strike Price $407.69		2,651		110,263,043		4,240,911
						4,240,911
TOTAL PURCHASED OPTIONS (Cost $112,526,752)						112,728,023
	Principal Amount
SHORT TERM INVESTMENTS - 0.28%
Money Market Deposit Account - 0.28%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	308,672				308,672
TOTAL SHORT TERM INVESTMENTS (Cost $308,672)						308,672

Total Investments (Cost $112,835,424) - 102.28%						113,036,695
Liabilities in Excess of Other Assets - (2.28)%						(2,517,922	)
TOTAL NET ASSETS - 100.00%					$	110,518,773

Asset Type	% of Net Assets
Purchased Options		102.00	%
Short Term Investments		0.28
Total Investments		102.28
Liabilities in Excess of Other Assets		(2.28	)
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 April 30, 2023.

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

110

INNOVATOR U.S. EQUITY BUFFER ETF – DECEMBER

Schedule of Options Written^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	11/30/2023	$	509.60		2,651	$	(110,263,043	)	$	(152,724	)
										(152,724	)
Put Options
SPY SPDR S&P 500® Trust ETF	11/30/2023		370.99		2,651		(110,263,043	)		(2,293,486	)
										(2,293,486	)
Total Options Written (Premiums Received $6,388,557)									$	(2,446,210	)

^(a)	Exchange-Traded.

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

111

INNOVATOR U.S. EQUITY POWER BUFFER ETF – JANUARY

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 103.19% ^(a)(b)
CALL OPTIONS - 100.24%
SPY SPDR S&P 500® Trust ETF, Expires 12/29/2023, Strike Price $3.82		16,672	$	693,438,496	$	679,267,296
						679,267,296
PUT OPTIONS - 2.95%
SPY SPDR S&P 500® Trust ETF, Expires 12/29/2023, Strike Price $382.43		16,672		693,438,496		20,006,400
						20,006,400
TOTAL PURCHASED OPTIONS (Cost $669,563,437)						699,273,696
	Principal Amount
SHORT TERM INVESTMENTS - 0.26%
Money Market Deposit Account - 0.26%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	1,754,483				1,754,483
TOTAL SHORT TERM INVESTMENTS (Cost $1,754,483)						1,754,483

Total Investments (Cost $671,317,920) - 103.45%						701,028,179
Liabilities in Excess of Other Assets - (3.45)%						(23,372,919	)
TOTAL NET ASSETS - 100.00%					$	677,655,260

Asset Type	% of Net Assets
Purchased Options		103.19	%
Short Term Investments		0.26
Total Investments		103.45
Liabilities in Excess of Other Assets		(3.45	)
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 April 30, 2023.

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

112

INNOVATOR U.S. EQUITY POWER BUFFER ETF – JANUARY

Schedule of Options Written^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	12/29/2023	$	454.48		16,672	$	(693,438,496	)	$	(15,004,800	)
										(15,004,800	)
Put Options
SPY SPDR S&P 500® Trust ETF	12/29/2023		325.07		16,672		(693,438,496	)		(7,985,888	)
										(7,985,888	)
Total Options Written (Premiums Received $36,874,015)									$	(22,990,688	)

^(a)	Exchange-Traded.

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

113

INNOVATOR U.S. EQUITY POWER BUFFER ETF – FEBRUARY

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 103.41% ^(a)(b)
CALL OPTIONS - 98.89%
SPY SPDR S&P 500® Trust ETF, Expires 1/31/2024, Strike Price $4.06		15,237	$	633,752,541	$	620,542,062
						620,542,062
PUT OPTIONS - 4.52%
SPY SPDR S&P 500® Trust ETF, Expires 1/31/2024, Strike Price $406.48		15,237		633,752,541		28,371,294
						28,371,294
TOTAL PURCHASED OPTIONS (Cost $643,787,963)						648,913,356
	Principal Amount
SHORT TERM INVESTMENTS - 0.26%
Money Market Deposit Account - 0.26%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	1,626,541				1,626,541
TOTAL SHORT TERM INVESTMENTS (Cost $1,626,541)						1,626,541

Total Investments (Cost $645,414,504) - 103.67%						650,539,897
Liabilities in Excess of Other Assets - (3.67)%						(23,056,482	)
TOTAL NET ASSETS - 100.00%					$	627,483,415

Asset Type	% of Net Assets
Purchased Options		103.41	%
Short Term Investments		0.26
Total Investments		103.67
Liabilities in Excess of Other Assets		(3.67	)
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 April 30, 2023.

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

114

INNOVATOR U.S. EQUITY POWER BUFFER ETF – FEBRUARY

Schedule of Options Written^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	1/31/2024	$	464.77		15,237	$	(633,752,541	)	$	(11,382,039	)
										(11,382,039	)
Put Options
SPY SPDR S&P 500® Trust ETF	1/31/2024		345.51		15,237		(633,752,541	)		(11,366,802	)
										(11,366,802	)
Total Options Written (Premiums Received $29,267,012)									$	(22,748,841	)

^(a)	Exchange-Traded.

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

115

INNOVATOR U.S. EQUITY POWER BUFFER ETF – MARCH

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 104.28% ^(a)(b)
CALL OPTIONS - 100.14%
SPY SPDR S&P 500® Trust ETF, Expires 2/29/2024, Strike Price $3.96		11,000	$	457,523,000	$	448,598,371
						448,598,371
PUT OPTIONS - 4.14%
SPY SPDR S&P 500® Trust ETF, Expires 2/29/2024, Strike Price $396.26		11,000		457,523,000		18,540,170
						18,540,170
TOTAL PURCHASED OPTIONS (Cost $452,485,416)						467,138,541
	Principal Amount
SHORT TERM INVESTMENTS - 0.26%
Money Market Deposit Account - 0.26%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	1,171,977				1,171,977
TOTAL SHORT TERM INVESTMENTS (Cost $1,171,977)						1,171,977

Total Investments (Cost $453,657,393) - 104.54%						468,310,518
Liabilities in Excess of Other Assets - (4.54)%						(20,340,242	)
TOTAL NET ASSETS - 100.00%					$	447,970,276

Asset Type	% of Net Assets
Purchased Options		104.28	%
Short Term Investments		0.26
Total Investments		104.54
Liabilities in Excess of Other Assets		(4.54	)
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 April 30, 2023.

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

116

INNOVATOR U.S. EQUITY POWER BUFFER ETF – MARCH

Schedule of Options Written^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	2/29/2024	$	459.54		11,000	$	(457,523,000	)	$	(12,231,230	)
										(12,231,230	)
Put Options
SPY SPDR S&P 500® Trust ETF	2/29/2024		336.82		11,000		(457,523,000	)		(7,822,870	)
										(7,822,870	)
Total Options Written (Premiums Received $20,226,798)									$	(20,054,100	)

^(a)	Exchange-Traded.

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

117

INNOVATOR U.S. EQUITY POWER BUFFER ETF – APRIL

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 104.10% ^(a)(b)
CALL OPTIONS - 98.76%
SPY SPDR S&P 500® Trust ETF, Expires 3/28/2024, Strike Price $4.09		16,043	$	667,276,499	$	651,506,230
						651,506,230
PUT OPTIONS - 5.34%
SPY SPDR S&P 500® Trust ETF, Expires 3/28/2024, Strike Price $409.39		16,043		667,276,499		35,214,385
						35,214,385
TOTAL PURCHASED OPTIONS (Cost $681,732,060)						686,720,615
	Principal Amount
SHORT TERM INVESTMENTS - 0.26%
Money Market Deposit Account - 0.26%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	1,729,876				1,729,876
TOTAL SHORT TERM INVESTMENTS (Cost $1,729,876)						1,729,876

Total Investments (Cost $683,461,936) - 104.36%						688,450,491
Liabilities in Excess of Other Assets - (4.36)%						(28,767,974	)
TOTAL NET ASSETS - 100.00%					$	659,682,517

Asset Type	% of Net Assets
Purchased Options		104.10	%
Short Term Investments		0.26
Total Investments		104.36
Liabilities in Excess of Other Assets		(4.36	)
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 April 30, 2023.

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

118

INNOVATOR U.S. EQUITY POWER BUFFER ETF – APRIL

Schedule of Options Written^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	3/28/2024	$	470.59		16,043	$	(667,276,499	)	$	(13,620,507	)
										(13,620,507	)
Put Options
SPY SPDR S&P 500® Trust ETF	3/28/2024		347.98		16,043		(667,276,499	)		(14,839,775	)
										(14,839,775	)
Total Options Written (Premiums Received $30,849,929)									$	(28,460,282	)

^(a)	Exchange-Traded.

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

119

INNOVATOR U.S. EQUITY POWER BUFFER ETF – MAY

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 104.50% ^(a)(b)
CALL OPTIONS - 98.42%
SPY SPDR S&P 500® Trust ETF, Expires 4/30/2024, Strike Price $4.16		12,035	$	500,571,755	$	488,681,175
						488,681,175
PUT OPTIONS - 6.08%
SPY SPDR S&P 500® Trust ETF, Expires 4/30/2024, Strike Price $415.93		12,035		500,571,755		30,195,815
						30,195,815
TOTAL PURCHASED OPTIONS (Cost $518,928,346)						518,876,990
	Principal Amount
SHORT TERM INVESTMENTS - 0.25%
Money Market Deposit Account - 0.25%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	1,232,036				1,232,036
TOTAL SHORT TERM INVESTMENTS (Cost $1,232,036)						1,232,036

Total Investments (Cost $520,160,382) - 104.75%						520,109,026
Liabilities in Excess of Other Assets - (4.75)%						(23,576,517	)
TOTAL NET ASSETS - 100.00%					$	496,532,509

Asset Type	% of Net Assets
Purchased Options		104.50	%
Short Term Investments		0.25
Total Investments		104.75
Liabilities in Excess of Other Assets		(4.75	)
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 April 30, 2023.

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

120

INNOVATOR U.S. EQUITY POWER BUFFER ETF – MAY

Schedule of Options Written^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	4/30/2024	$	476.32		12,035	$	(500,571,755	)	$	(10,193,645	)
										(10,193,645	)
Put Options
SPY SPDR S&P 500® Trust ETF	4/30/2024		353.54		12,035		(500,571,755	)		(13,130,185	)
										(13,130,185	)
Total Options Written (Premiums Received $23,272,287)									$	(23,323,830	)

^(a)	Exchange-Traded.

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

121

INNOVATOR U.S. EQUITY POWER BUFFER ETF – JUNE

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 99.87% ^(a)(b)
CALL OPTIONS - 98.71%
SPY SPDR S&P 500® Trust ETF, Expires 5/31/2023, Strike Price $4.13		8,705	$	362,067,065	$	358,657,142
						358,657,142
PUT OPTIONS - 1.16%
SPY SPDR S&P 500® Trust ETF, Expires 5/31/2023, Strike Price $412.93		8,705		362,067,065		4,212,872
						4,212,872
TOTAL PURCHASED OPTIONS (Cost $379,755,987)						362,870,014
	Principal Amount
SHORT TERM INVESTMENTS - 0.27%
Money Market Deposit Account - 0.27%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	963,230				963,230
TOTAL SHORT TERM INVESTMENTS (Cost $963,230)						963,230

Total Investments (Cost $380,719,217) - 100.14%						363,833,244
Liabilities in Excess of Other Assets - (0.14)%						(487,443	)
TOTAL NET ASSETS - 100.00%					$	363,345,801

Asset Type	% of Net Assets
Purchased Options		99.87	%
Short Term Investments		0.27
Total Investments		100.14
Liabilities in Excess of Other Assets		(0.14	)
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)	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 April 30, 2023.

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

122

INNOVATOR U.S. EQUITY POWER BUFFER ETF – JUNE

Schedule of Options Written^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	5/31/2023	$	472.02		8,705	$	(362,067,065	)	$	(12,796	)
										(12,796	)
Put Options
SPY SPDR S&P 500® Trust ETF	5/31/2023		350.99		8,705		(362,067,065	)		(246,613	)
										(246,613	)
Total Options Written (Premiums Received $21,282,491)									$	(259,409	)

^(a)	Exchange-Traded.

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

123

INNOVATOR U.S. EQUITY POWER BUFFER ETF – JULY

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 100.15% ^(a)(b)
CALL OPTIONS - 99.59%
SPY SPDR S&P 500® Trust ETF, Expires 6/30/2023, Strike Price $3.77		10,089	$	419,631,777	$	414,502,126
						414,502,126
PUT OPTIONS - 0.56%
SPY SPDR S&P 500® Trust ETF, Expires 6/30/2023, Strike Price $377.25		10,089		419,631,777		2,327,734
						2,327,734
TOTAL PURCHASED OPTIONS (Cost $407,925,674)						416,829,860
	Principal Amount
SHORT TERM INVESTMENTS - 0.26%
Money Market Deposit Account - 0.26%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	1,072,570				1,072,570
TOTAL SHORT TERM INVESTMENTS (Cost $1,072,570)						1,072,570

Total Investments (Cost $408,998,244) - 100.41%						417,902,430
Liabilities in Excess of Other Assets - (0.41)%						(1,684,410	)
TOTAL NET ASSETS - 100.00%					$	416,218,020

Asset Type	% of Net Assets
Purchased Options		100.15	%
Short Term Investments		0.26
Total Investments		100.41
Liabilities in Excess of Other Assets		(0.41	)
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 April 30, 2023.

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

124

INNOVATOR U.S. EQUITY POWER BUFFER ETF – JULY

Schedule of Options Written^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration		Strike Price		Contracts		Notional Amount			Value
Call Options	$	4
SPY SPDR S&P 500® Trust ETF	6/30/2023		$	443.00		10,089	$	(419,631,777	)	$	(923,043	)
											(923,043	)
Put Options
SPY SPDR S&P 500® Trust ETF	6/30/2023			320.66		10,089		(419,631,777	)		(479,530	)
											(479,530	)
Total Options Written (Premiums Received $24,944,243)										$	(1,402,573	)

^(a)	Exchange-Traded.

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

125

INNOVATOR U.S. EQUITY POWER BUFFER ETF – AUGUST

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 100.32% ^(a)(b)
CALL OPTIONS - 97.91%
SPY SPDR S&P 500® Trust ETF, Expires 7/31/2023, Strike Price $4.12		12,518	$	520,661,174	$	513,835,359
						513,835,359
PUT OPTIONS - 2.41%
SPY SPDR S&P 500® Trust ETF, Expires 7/31/2023, Strike Price $411.99		12,518		520,661,174		12,650,064
						12,650,064
TOTAL PURCHASED OPTIONS (Cost $538,832,260)						526,485,423
	Principal Amount
SHORT TERM INVESTMENTS - 0.26%
Money Market Deposit Account - 0.26%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	1,354,432				1,354,432
TOTAL SHORT TERM INVESTMENTS (Cost $1,354,432)						1,354,432

Total Investments (Cost $540,186,692) - 100.58%						527,839,855
Liabilities in Excess of Other Assets - (0.58)%						(3,036,579	)
TOTAL NET ASSETS - 100.00%					$	524,803,276

Asset Type	% of Net Assets
Purchased Options		100.32	%
Short Term Investments		0.26
Total Investments		100.58
Liabilities in Excess of Other Assets		(0.58	)
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 April 30, 2023.

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

126

INNOVATOR U.S. EQUITY POWER BUFFER ETF – AUGUST

Schedule of Options Written^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	7/31/2023	$	476.22		12,518	$	(520,661,174	)	$	(217,438	)
										(217,438	)
Put Options
SPY SPDR S&P 500® Trust ETF	7/31/2023		350.19		12,518		(520,661,174	)		(2,496,965	)
										(2,496,965	)
Total Options Written (Premiums Received $28,790,438)									$	(2,714,403	)

^(a)	Exchange-Traded.

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

127

INNOVATOR U.S. EQUITY POWER BUFFER ETF – SEPTEMBER

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 100.66% ^(a)(b)
CALL OPTIONS - 98.63%
SPY SPDR S&P 500® Trust ETF, Expires 8/31/2023, Strike Price $3.95		15,580	$	648,018,940	$	639,465,519
						639,465,519
PUT OPTIONS - 2.03%
SPY SPDR S&P 500® Trust ETF, Expires 8/31/2023, Strike Price $395.18		15,580		648,018,940		13,196,260
						13,196,260
TOTAL PURCHASED OPTIONS (Cost $649,842,441)						652,661,779
	Principal Amount
SHORT TERM INVESTMENTS - 0.26%
Money Market Deposit Account - 0.26%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	1,665,153				1,665,153
TOTAL SHORT TERM INVESTMENTS (Cost $1,665,153)						1,665,153

Total Investments (Cost $651,507,594) - 100.92%						654,326,932
Liabilities in Excess of Other Assets - (0.92)%						(5,993,743	)
TOTAL NET ASSETS - 100.00%					$	648,333,189

Asset Type	% of Net Assets
Purchased Options		100.66	%
Short Term Investments		0.26
Total Investments		100.92
Liabilities in Excess of Other Assets		(0.92	)
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 April 30, 2023.

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

128

INNOVATOR U.S. EQUITY POWER BUFFER ETF – SEPTEMBER

Schedule of Options Written^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	8/31/2023	$	464.34		15,580	$	(648,018,940	)	$	(1,916,340	)
										(1,916,340	)
Put Options
SPY SPDR S&P 500® Trust ETF	8/31/2023		335.90		15,580		(648,018,940	)		(3,723,620	)
										(3,723,620	)
Total Options Written (Premiums Received $35,583,673)									$	(5,639,960	)

^(a)	Exchange-Traded.

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

129

INNOVATOR U.S. EQUITY POWER BUFFER ETF – OCTOBER

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 103.36% ^(a)(b)
CALL OPTIONS - 102.16%
SPY SPDR S&P 500® Trust ETF, Expires 9/29/2023, Strike Price $3.57		12,533	$	521,285,069	$	513,207,927
						513,207,927
PUT OPTIONS - 1.20%
SPY SPDR S&P 500® Trust ETF, Expires 9/29/2023, Strike Price $357.18		12,533		521,285,069		6,026,744
						6,026,744
TOTAL PURCHASED OPTIONS (Cost $484,261,220)						519,234,671
	Principal Amount
SHORT TERM INVESTMENTS - 0.24%
Money Market Deposit Account - 0.24%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	1,228,086				1,228,086
TOTAL SHORT TERM INVESTMENTS (Cost $1,228,086)						1,228,086

Total Investments (Cost $485,489,306) - 103.60%						520,462,757
Liabilities in Excess of Other Assets - (3.60)%						(18,105,086	)
TOTAL NET ASSETS - 100.00%					$	502,357,671

Asset Type	% of Net Assets
Purchased Options		103.36	%
Short Term Investments		0.24
Total Investments		103.60
Liabilities in Excess of Other Assets		(3.60	)
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 April 30, 2023.

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

130

INNOVATOR U.S. EQUITY POWER BUFFER ETF – OCTOBER

Schedule of Options Written^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	9/29/2023	$	431.22		12,533	$	(521,285,069	)	$	(15,472,365	)
										(15,472,365	)
Put Options
SPY SPDR S&P 500® Trust ETF	9/29/2023		303.60		12,533		(521,285,069	)		(2,309,205	)
										(2,309,205	)
Total Options Written (Premiums Received $31,160,110)									$	(17,781,570	)

^(a)	Exchange-Traded.

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

131

INNOVATOR U.S. EQUITY POWER BUFFER ETF – NOVEMBER

Schedule of Investments
April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 101.43% ^(a)(b)
CALL OPTIONS - 98.99%
SPY SPDR S&P 500® Trust ETF, Expires 10/31/2023, Strike Price $3.86		19,200	$	798,585,600	$	785,241,601
						785,241,601
PUT OPTIONS - 2.44%
SPY SPDR S&P 500® Trust ETF, Expires 10/31/2023, Strike Price $386.21		19,200		798,585,600		19,334,400
						19,334,400
TOTAL PURCHASED OPTIONS (Cost $781,570,442)						804,576,001
	Principal Amount
SHORT TERM INVESTMENTS - 0.26%
Money Market Deposit Account - 0.26%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	2,033,725				2,033,725
TOTAL SHORT TERM INVESTMENTS (Cost $2,033,725)						2,033,725

Total Investments (Cost $783,604,167) - 101.69%						806,609,726
Liabilities in Excess of Other Assets - (1.69)%						(13,393,844	)
TOTAL NET ASSETS - 100.00%					$	793,215,882

Asset Type	% of Net Assets
Purchased Options		101.43	%
Short Term Investments		0.26
Total Investments		101.69
Liabilities in Excess of Other Assets		(1.69	)
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 April 30, 2023.

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

132

INNOVATOR U.S. EQUITY POWER BUFFER ETF – NOVEMBER

Schedule of Options Written^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	10/31/2023	$	465.46		19,200	$	(798,585,600	)	$	(6,028,800	)
										(6,028,800	)
Put Options
SPY SPDR S&P 500® Trust ETF	10/31/2023		328.28		19,200		(798,585,600	)		(6,892,800	)
										(6,892,800	)
Total Options Written (Premiums Received $46,671,315)									$	(12,921,600	)

^(a)	Exchange-Traded.

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

133

INNOVATOR U.S. EQUITY POWER BUFFER ETF – DECEMBER

Schedule of Investments
April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 101.58% ^(a)(b)
CALL OPTIONS - 97.70%
SPY SPDR S&P 500® Trust ETF, Expires 11/30/2023, Strike Price $4.08		17,052	$	709,243,836	$	697,409,748
						697,409,748
PUT OPTIONS - 3.88%
SPY SPDR S&P 500® Trust ETF, Expires 11/30/2023, Strike Price $407.68		17,052		709,243,836		27,726,552
						27,726,552
TOTAL PURCHASED OPTIONS (Cost $721,485,930)						725,136,300
	Principal Amount
SHORT TERM INVESTMENTS - 0.26%
Money Market Deposit Account - 0.26%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	1,856,852				1,856,852
TOTAL SHORT TERM INVESTMENTS (Cost $1,856,852)						1,856,852

Total Investments (Cost $723,342,782) - 101.84%						726,993,152
Liabilities in Excess of Other Assets - (1.84)%						(13,128,661	)
TOTAL NET ASSETS - 100.00%					$	713,864,491

Asset Type	% of Net Assets
Purchased Options		101.58	%
Short Term Investments		0.26
Total Investments		101.84
Liabilities in Excess of Other Assets		(1.84	)
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 April 30, 2023.

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

134

INNOVATOR U.S. EQUITY POWER BUFFER ETF – DECEMBER

Schedule of Options Written^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	11/30/2023	$	482.61		17,052	$	(709,243,836	)	$	(3,120,516	)
										(3,120,516	)
Put Options
SPY SPDR S&P 500® Trust ETF	11/30/2023		346.53		17,052		(709,243,836	)		(9,634,380	)
										(9,634,380	)
Total Options Written (Premiums Received $38,000,996)									$	(12,754,896	)

^(a)	Exchange-Traded.

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

135

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – JANUARY

Schedule of Investments
April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 103.36% ^(a)(b)
CALL OPTIONS - 101.18%
SPY SPDR S&P 500® Trust ETF, Expires 12/29/2023, Strike Price $3.81		3,754	$	156,140,122	$	153,050,166
						153,050,166
PUT OPTIONS - 2.18%
SPY SPDR S&P 500® Trust ETF, Expires 12/29/2023, Strike Price $363.31		3,754		156,140,122		3,297,739
						3,297,739
TOTAL PURCHASED OPTIONS (Cost $148,246,414)						156,347,905
	Principal Amount
SHORT TERM INVESTMENTS - 0.25%
Money Market Deposit Account - 0.25%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	384,626				384,626
TOTAL SHORT TERM INVESTMENTS (Cost $384,626)						384,626

Total Investments (Cost $148,631,040) - 103.61%						156,732,531
Liabilities in Excess of Other Assets - (3.61)%						(5,471,710	)
TOTAL NET ASSETS - 100.00%					$	151,260,821

Asset Type	% of Net Assets
Purchased Options		103.36	%
Short Term Investments		0.25
Total Investments		103.61
Liabilities in Excess of Other Assets		(3.61	)
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 April 30, 2023.

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

136

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – JANUARY

Schedule of Options Written^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	12/29/2023	$	445.15		3,754	$	(156,140,122	)	$	(4,777,003	)
										(4,777,003	)
Put Options
SPY SPDR S&P 500® Trust ETF	12/29/2023		248.58		3,754		(156,140,122	)		(598,162	)
										(598,162	)
Total Options Written (Premiums Received $6,084,139)									$	(5,375,165	)

^(a)	Exchange-Traded.

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

137

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – FEBRUARY

Schedule of Investments
April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 102.51% ^(a)(b)
CALL OPTIONS - 99.18%
SPY SPDR S&P 500® Trust ETF, Expires 1/31/2024, Strike Price $4.05		2,221	$	92,378,053	$	90,495,445
						90,495,445
PUT OPTIONS - 3.33%
SPY SPDR S&P 500® Trust ETF, Expires 1/31/2024, Strike Price $386.16		2,221		92,378,053		3,039,438
						3,039,438
TOTAL PURCHASED OPTIONS (Cost $92,300,483)						93,534,883
	Principal Amount
SHORT TERM INVESTMENTS - 0.25%
Money Market Deposit Account - 0.25%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	225,448				225,448
TOTAL SHORT TERM INVESTMENTS (Cost $225,448)						225,448

Total Investments (Cost $92,525,931) - 102.76%						93,760,331
Liabilities in Excess of Other Assets - (2.76)%						(2,523,228	)
TOTAL NET ASSETS - 100.00%					$	91,237,103

Asset Type	% of Net Assets
Purchased Options		102.51	%
Short Term Investments		0.25
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)	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 April 30, 2023.

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

138

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – FEBRUARY

Schedule of Options Written^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	1/31/2024	$	460.54		2,221	$	(92,378,053	)	$	(1,970,937	)
										(1,970,937	)
Put Options
SPY SPDR S&P 500® Trust ETF	1/31/2024		264.21		2,221		(92,378,053	)		(494,417	)
										(494,417	)
Total Options Written (Premiums Received $2,938,517)									$	(2,465,354	)

^(a)	Exchange-Traded.

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

139

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – MARCH

Schedule of Investments
April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 103.59% ^(a)(b)
CALL OPTIONS - 100.45%
SPY SPDR S&P 500® Trust ETF, Expires 2/29/2024, Strike Price $3.95		1,787	$	74,326,691	$	72,878,560
						72,878,560
PUT OPTIONS - 3.14%
SPY SPDR S&P 500® Trust ETF, Expires 2/29/2024, Strike Price $376.45		1,787		74,326,691		2,277,245
						2,277,245
TOTAL PURCHASED OPTIONS (Cost $72,405,242)						75,155,805
	Principal Amount
SHORT TERM INVESTMENTS - 0.29%
Money Market Deposit Account - 0.29%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	210,012				210,012
TOTAL SHORT TERM INVESTMENTS (Cost $210,012)						210,012

Total Investments (Cost $72,615,254) - 103.88%						75,365,817
Liabilities in Excess of Other Assets - (3.88)%						(2,815,275	)
TOTAL NET ASSETS - 100.00%					$	72,550,542

Asset Type	% of Net Assets
Purchased Options		103.59	%
Short Term Investments		0.29
Total Investments		103.88
Liabilities in Excess of Other Assets		(3.88	)
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 April 30, 2023.

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

140

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – MARCH

Schedule of Options Written^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	2/29/2024	$	454.43		1,787	$	(74,326,691	)	$	(2,357,500	)
										(2,357,500	)
Put Options
SPY SPDR S&P 500® Trust ETF	2/29/2024		257.57		1,787		(74,326,691	)		(405,970	)
										(405,970	)
Total Options Written (Premiums Received $2,276,542)									$	(2,763,470	)

^(a)	Exchange-Traded.

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

141

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – APRIL

Schedule of Investments
April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 102.96% ^(a)(b)
CALL OPTIONS - 98.93%
SPY SPDR S&P 500® Trust ETF, Expires 3/28/2024, Strike Price $4.08		3,728	$	155,058,704	$	151,494,065
						151,494,065
PUT OPTIONS - 4.03%
SPY SPDR S&P 500® Trust ETF, Expires 3/28/2024, Strike Price $388.92		3,728		155,058,704		6,165,963
						6,165,963
TOTAL PURCHASED OPTIONS (Cost $156,438,919)						157,660,028
	Principal Amount
SHORT TERM INVESTMENTS - 0.28%
Money Market Deposit Account - 0.28%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	429,743				429,743
TOTAL SHORT TERM INVESTMENTS (Cost $429,743)						429,743

Total Investments (Cost $156,868,662) - 103.24%						158,089,771
Liabilities in Excess of Other Assets - (3.24)%						(4,953,133	)
TOTAL NET ASSETS - 100.00%					$	153,136,638

Asset Type	% of Net Assets
Purchased Options		102.96	%
Short Term Investments		0.28
Total Investments		103.24
Liabilities in Excess of Other Assets		(3.24	)
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 April 30, 2023.

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

142

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – APRIL

Schedule of Options Written^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	3/28/2024	$	465.15		3,728	$	(155,058,704	)	$	(3,806,027	)
										(3,806,027	)
Put Options
SPY SPDR S&P 500® Trust ETF	3/28/2024		266.10		3,728		(155,058,704	)		(1,050,662	)
										(1,050,662	)
Total Options Written (Premiums Received $5,127,670)									$	(4,856,689	)

^(a)	Exchange-Traded.

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

143

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – MAY

Schedule of Investments
April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 103.10% ^(a)(b)
CALL OPTIONS - 98.46%
SPY SPDR S&P 500® Trust ETF, Expires 4/30/2024, Strike Price $4.15		2,362	$	98,242,666	$	95,963,336
						95,963,336
PUT OPTIONS - 4.64%
SPY SPDR S&P 500® Trust ETF, Expires 4/30/2024, Strike Price $395.13		2,362		98,242,666		4,527,954
						4,527,954
TOTAL PURCHASED OPTIONS (Cost $100,501,442)						100,491,290
	Principal Amount
SHORT TERM INVESTMENTS - 0.29%
Money Market Deposit Account - 0.29%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	282,521				282,521
TOTAL SHORT TERM INVESTMENTS (Cost $282,521)						282,521

Total Investments (Cost $100,783,963) - 103.39%						100,773,811
Liabilities in Excess of Other Assets - (3.39)%						(3,307,493	)
TOTAL NET ASSETS - 100.00%					$	97,466,318

Asset Type	% of Net Assets
Purchased Options		103.10	%
Short Term Investments		0.29
Total Investments		103.39
Liabilities in Excess of Other Assets		(3.39	)
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 April 30, 2023.

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

144

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – MAY

Schedule of Options Written^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	4/30/2024	$	470.42		2,362	$	(98,242,666	)	$	(2,423,412	)
										(2,423,412	)
Put Options
SPY SPDR S&P 500® Trust ETF	4/30/2024		270.35		2,362		(98,242,666	)		(803,080	)
										(803,080	)
Total Options Written (Premiums Received $3,216,314)									$	(3,226,492	)

^(a)	Exchange-Traded.

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

145

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – JUNE

Schedule of Investments
April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 99.85% ^(a)(b)
CALL OPTIONS - 99.47%
SPY SPDR S&P 500® Trust ETF, Expires 5/31/2023, Strike Price $4.12		2,181	$	90,714,333	$	89,862,151
						89,862,151
PUT OPTIONS - 0.38%
SPY SPDR S&P 500® Trust ETF, Expires 5/31/2023, Strike Price $392.28		2,181		90,714,333		342,003
						342,003
TOTAL PURCHASED OPTIONS (Cost $90,009,586)						90,204,154
	Principal Amount
SHORT TERM INVESTMENTS - 0.24%
Money Market Deposit Account - 0.24%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	213,917				213,917
TOTAL SHORT TERM INVESTMENTS (Cost $213,917)						213,917

Total Investments (Cost $90,223,503) - 100.09%						90,418,071
Liabilities in Excess of Other Assets - (0.09)%						(75,930	)
TOTAL NET ASSETS - 100.00%					$	90,342,141

Asset Type	% of Net Assets
Purchased Options		99.85	%
Short Term Investments		0.24
Total Investments		100.09
Liabilities in Excess of Other Assets		(0.09	)
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 April 30, 2023.

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

146

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – JUNE

Schedule of Options Written^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	5/31/2023	$	462.07		2,181	$	(90,714,333	)	$	(5,584	)
										(5,584	)
Put Options
SPY SPDR S&P 500® Trust ETF	5/31/2023		268.40		2,181		(90,714,333	)		(12,148	)
										(12,148	)
Total Options Written (Premiums Received $2,598,568)									$	(17,732	)

^(a)	Exchange-Traded.

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

147

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – JULY

Schedule of Investments
April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 100.61% ^(a)(b)
CALL OPTIONS - 100.30%
SPY SPDR S&P 500® Trust ETF, Expires 6/30/2023, Strike Price $3.76		1,328	$	55,235,504	$	54,497,135
						54,497,135
PUT OPTIONS - 0.31%
SPY SPDR S&P 500® Trust ETF, Expires 6/30/2023, Strike Price $358.39		1,328		55,235,504		167,328
						167,328
TOTAL PURCHASED OPTIONS (Cost $52,401,805)						54,664,463
	Principal Amount
SHORT TERM INVESTMENTS - 0.16%
Money Market Deposit Account - 0.16%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	87,132				87,132
TOTAL SHORT TERM INVESTMENTS (Cost $87,132)						87,132

Total Investments (Cost $52,488,937) - 100.77%						54,751,595
Liabilities in Excess of Other Assets - (0.77)%						(419,106	)
TOTAL NET ASSETS - 100.00%					$	54,332,489

Asset Type	% of Net Assets
Purchased Options		100.61	%
Short Term Investments		0.16
Total Investments		100.77
Liabilities in Excess of Other Assets		(0.77	)
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 April 30, 2023.

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

148

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – JULY

Schedule of Options Written^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	6/30/2023	$	431.61		1,328	$	(55,235,504	)	$	(424,960	)
										(424,960	)
Put Options
SPY SPDR S&P 500® Trust ETF	6/30/2023		245.21		1,328		(55,235,504	)		(6,640	)
										(6,640	)
Total Options Written (Premiums Received $2,442,944)									$	(431,600	)

^(a)	Exchange-Traded.

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

149

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – AUGUST

Schedule of Investments
April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 99.98% ^(a)(b)
CALL OPTIONS - 98.57%
SPY SPDR S&P 500® Trust ETF, Expires 7/31/2023, Strike Price $4.11		3,097	$	128,813,521	$	127,091,589
						127,091,589
PUT OPTIONS - 1.41%
SPY SPDR S&P 500® Trust ETF, Expires 7/31/2023, Strike Price $391.39		3,097		128,813,521		1,817,939
						1,817,939
TOTAL PURCHASED OPTIONS (Cost $129,625,428)						128,909,528
	Principal Amount
SHORT TERM INVESTMENTS - 0.22%
Money Market Deposit Account - 0.22%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	281,268				281,268
TOTAL SHORT TERM INVESTMENTS (Cost $281,268)						281,268

Total Investments (Cost $129,906,696) - 100.20%						129,190,796
Liabilities in Excess of Other Assets - (0.20)%						(258,244	)
TOTAL NET ASSETS - 100.00%					$	128,932,552

Asset Type	% of Net Assets
Purchased Options		99.98	%
Short Term Investments		0.22
Total Investments		100.20
Liabilities in Excess of Other Assets		(0.20	)
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 April 30, 2023.

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

150

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – AUGUST

Schedule of Options Written^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	7/31/2023	$	466.17		3,097	$	(128,813,521	)	$	(108,395	)
										(108,395	)
Put Options
SPY SPDR S&P 500® Trust ETF	7/31/2023		267.79		3,097		(128,813,521	)		(133,171	)
										(133,171	)
Total Options Written (Premiums Received $3,484,307)									$	(241,566	)

^(a)	Exchange-Traded.

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

151

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – SEPTEMBER

Schedule of Investments
April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 100.63% ^(a)(b)
CALL OPTIONS - 99.34%
SPY SPDR S&P 500® Trust ETF, Expires 8/31/2023, Strike Price $3.94		2,630	$	109,389,590	$	108,029,512
						108,029,512
PUT OPTIONS - 1.29%
SPY SPDR S&P 500® Trust ETF, Expires 8/31/2023, Strike Price $375.42		2,630		109,389,590		1,400,291
						1,400,291
TOTAL PURCHASED OPTIONS (Cost $108,014,550)						109,429,803
	Principal Amount
SHORT TERM INVESTMENTS - 0.26%
Money Market Deposit Account - 0.26%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	280,442				280,442
TOTAL SHORT TERM INVESTMENTS (Cost $280,442)						280,442

Total Investments (Cost $108,294,992) - 100.89%						109,710,245
Liabilities in Excess of Other Assets - (0.89)%						(971,355	)
TOTAL NET ASSETS - 100.00%					$	108,738,890

Asset Type	% of Net Assets
Purchased Options		100.63	%
Short Term Investments		0.26
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 April 30, 2023.

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

152

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – SEPTEMBER

Schedule of Options Written^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	8/31/2023	$	452.16		2,630	$	(109,389,590	)	$	(726,853	)
										(726,853	)
Put Options
SPY SPDR S&P 500® Trust ETF	8/31/2023		256.87		2,630		(109,389,590	)		(174,422	)
										(174,422	)
Total Options Written (Premiums Received $3,462,844)									$	(901,275	)

^(a)	Exchange-Traded.

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

153

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – OCTOBER

Schedule of Investments
April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 105.13% ^(a)(b)
CALL OPTIONS - 104.26%
SPY SPDR S&P 500® Trust ETF, Expires 9/29/2023, Strike Price $3.56		2,413	$	100,363,909	$	98,811,143
						98,811,143
PUT OPTIONS - 0.87%
SPY SPDR S&P 500® Trust ETF, Expires 9/29/2023, Strike Price $339.32		2,413		100,363,909		821,554
						821,554
TOTAL PURCHASED OPTIONS (Cost $90,184,429)						99,632,697
	Principal Amount
SHORT TERM INVESTMENTS - 0.22%
Money Market Deposit Account - 0.22%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	211,858				211,858
TOTAL SHORT TERM INVESTMENTS (Cost $211,858)						211,858

Total Investments (Cost $90,396,287) - 105.35%						99,844,555
Liabilities in Excess of Other Assets - (5.35)%						(5,072,009	)
TOTAL NET ASSETS - 100.00%					$	94,772,546

Asset Type	% of Net Assets
Purchased Options		105.13	%
Short Term Investments		0.22
Total Investments		105.35
Liabilities in Excess of Other Assets		(5.35	)
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 April 30, 2023.

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

154

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – OCTOBER

Schedule of Options Written^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	9/29/2023	$	418.22		2,413	$	(100,363,909	)	$	(4,837,630	)
										(4,837,630	)
Put Options
SPY SPDR S&P 500® Trust ETF	9/29/2023		232.17		2,413		(100,363,909	)		(173,133	)
										(173,133	)
Total Options Written (Premiums Received $4,647,191)									$	(5,010,763	)

^(a)	Exchange-Traded.

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

155

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – NOVEMBER

Schedule of Investments
April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 101.63% ^(a)(b)
CALL OPTIONS - 99.91%
SPY SPDR S&P 500® Trust ETF, Expires 10/31/2023, Strike Price $3.85		1,238	$	51,492,134	$	50,668,394
						50,668,394
PUT OPTIONS - 1.72%
SPY SPDR S&P 500® Trust ETF, Expires 10/31/2023, Strike Price $366.90		1,238		51,492,134		872,790
						872,790
TOTAL PURCHASED OPTIONS (Cost $49,805,192)						51,541,184
	Principal Amount
SHORT TERM INVESTMENTS - 0.24%
Money Market Deposit Account - 0.24%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	123,848				123,848
TOTAL SHORT TERM INVESTMENTS (Cost $123,848)						123,848

Total Investments (Cost $49,929,040) - 101.87%						51,665,032
Liabilities in Excess of Other Assets - (1.87)%						(951,240	)
TOTAL NET ASSETS - 100.00%					$	50,713,792

Asset Type	% of Net Assets
Purchased Options		101.63	%
Short Term Investments		0.24
Total Investments		101.87
Liabilities in Excess of Other Assets		(1.87	)
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 April 30, 2023.

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

156

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – NOVEMBER

Schedule of Options Written^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	10/31/2023	$	452.21		1,238	$	(51,492,134	)	$	(776,176	)
										(776,176	)
Put Options
SPY SPDR S&P 500® Trust ETF	10/31/2023		251.04		1,238		(51,492,134	)		(142,531	)
										(142,531	)
Total Options Written (Premiums Received $2,157,816)									$	(918,707	)

^(a)	Exchange-Traded.

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

157

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – DECEMBER

Schedule of Investments
April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 100.97% ^(a)(b)
CALL OPTIONS - 98.24%
SPY SPDR S&P 500® Trust ETF, Expires 11/30/2023, Strike Price $4.06		2,459	$	102,277,187	$	100,637,010
						100,637,010
PUT OPTIONS - 2.73%
SPY SPDR S&P 500® Trust ETF, Expires 11/30/2023, Strike Price $387.30		2,459		102,277,187		2,800,334
						2,800,334
TOTAL PURCHASED OPTIONS (Cost $103,114,995)						103,437,344
	Principal Amount
SHORT TERM INVESTMENTS - 0.27%
Money Market Deposit Account - 0.27%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	276,812				276,812
TOTAL SHORT TERM INVESTMENTS (Cost $276,812)						276,812

Total Investments (Cost $103,391,807) - 101.24%						103,714,156
Liabilities in Excess of Other Assets - (1.24)%						(1,270,747	)
TOTAL NET ASSETS - 100.00%					$	102,443,409

Asset Type	% of Net Assets
Purchased Options		100.97	%
Short Term Investments		0.27
Total Investments		101.24
Liabilities in Excess of Other Assets		(1.24	)
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 April 30, 2023.

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

158

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – DECEMBER

Schedule of Options Written^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	11/30/2023	$	471.69		2,459	$	(102,277,187	)	$	(796,052	)
										(796,052	)
Put Options
SPY SPDR S&P 500® Trust ETF	11/30/2023		264.99		2,459		(102,277,187	)		(409,694	)
										(409,694	)
Total Options Written (Premiums Received $2,810,012)									$	(1,205,746	)

^(a)	Exchange-Traded.

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

159

INNOVATOR PREMIUM INCOME 10 BARRIER ETF – APRIL

Schedule of Investments
April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 28.87% ^(a)(b)
PUT OPTIONS - 28.87%
SPX S&P 500® Index, Expires 3/28/2024, Strike Price $3,656.95		75		31,271,100	$	891,090
TOTAL PURCHASED OPTIONS (Cost $982,091)						891,090

SHORT TERM INVESTMENTS - 104.81%	Principal Amount
U.S. Treasury Bill - 104.71%
United States Treasury Bill, 2.657%, 6/29/2023 ^(c)(d)	$	71,300				70,726
United States Treasury Bill, 3.228%, 9/28/2023 ^(c)(d)		71,500				70,080
United States Treasury Bill, 3.031%, 12/28/2023 ^(c)(d)		71,600				69,514
United States Treasury Bill, 3.271%, 3/21/2024 ^(c)(d)		3,152,300				3,021,249
						3,231,569
Money Market Deposit Account - 0.10%
U.S. Bank Money Market Deposit Account, 4.800% ^(e)		2,984				2,984
TOTAL SHORT TERM INVESTMENTS (Cost $3,238,562)						3,234,553

Total Investments (Cost $4,220,653) - 133.68%						4,125,643
Liabilities in Excess of Other Assets - (33.68)%						(1,039,357	)
TOTAL NET ASSETS - 100.00%					$	3,086,286

Asset Type	% of Net Assets
Purchased Options		28.87	%
Short Term Investments		104.81
Total Investments		133.68
Liabilities in Excess of Other Assets		(33.68	)
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 April 30, 2023.

(d)	All or a portion of the security can be 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 April 30, 2023.

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

160

INNOVATOR PREMIUM INCOME 10 BARRIER ETF – APRIL

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Put Options
SPX S&P 500® Index	3/28/2024	$	3,698.04		80	$	(33,355,840	)	$	(1,006,590	)
XSP S&P 500® Mini Index	3/28/2024		369.80		25		(1,042,375	)		(31,462	)

Total Options Written (Premiums Received $1,141,770)									$	(1,038,052	)

^(a) Exchange-Traded.

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

161

INNOVATOR PREMIUM INCOME 20 BARRIER ETF – APRIL

Schedule of Investments
April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 32.00% ^(a)(b)
PUT OPTIONS - 32.00%
SPX S&P 500® Index, Expires 3/28/2024, Strike Price $3,246.05		690		287,694,120	$	4,531,741
TOTAL PURCHASED OPTIONS (Cost $5,012,941)						4,531,741

SHORT TERM INVESTMENTS - 103.72%	Principal Amount
U.S. Treasury Bill - 103.61%
United States Treasury Bill, 3.496%, 6/29/2023 ^(c)(d)	$	279,800				277,549
United States Treasury Bill, 4.022%, 9/28/2023 ^(c)(d)		280,400				274,832
United States Treasury Bill, 3.731%, 12/28/2023 ^(c)(d)		280,900				272,715
United States Treasury Bill, 4.017%, 3/21/2024 ^(c)(d)		14,448,600				13,847,930
						14,673,026
Money Market Deposit Account - 0.11%
U.S. Bank Money Market Deposit Account, 4.800% ^(e)		15,105				15,105
TOTAL SHORT TERM INVESTMENTS (Cost $14,705,521)						14,688,131

Total Investments (Cost $19,718,462) - 135.72%						19,219,872
Liabilities in Excess of Other Assets - (35.72)%						(5,058,743	)
TOTAL NET ASSETS - 100.00%					$	14,161,129

Asset Type	% of Net Assets
Purchased Options		32.00	%
Short Term Investments		103.72
Total Investments		135.72
Liabilities in Excess of Other Assets		(35.72	)
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 April 30, 2023.

(d)	All or a portion of the security can be 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 April 30, 2023.

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

162

INNOVATOR PREMIUM INCOME 20 BARRIER ETF – APRIL

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Put Options
SPX S&P 500® Index	3/28/2024	$	3,287.14		713	$	(297,283,924	)	$	(4,974,693	)
XSP S&P 500® Mini Index	3/28/2024		328.71		115		(4,794,925	)		(80,092	)

Total Options Written (Premiums Received $5,582,674)									$	(5,054,785	)

^(a) Exchange-Traded.

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

163

INNOVATOR PREMIUM INCOME 30 BARRIER ETF – APRIL

Schedule of Investments
April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 26.39% ^(a)(b)
PUT OPTIONS - 26.39%
SPX S&P 500® Index, Expires 3/28/2024, Strike Price $2,835.16		1,935		806,794,380	$	6,975,114
TOTAL PURCHASED OPTIONS (Cost $7,991,146)						6,975,114

SHORT TERM INVESTMENTS - 102.57%	Principal Amount
U.S. Treasury Bill - 102.43%
United States Treasury Bill, 3.227%, 6/29/2023 ^(c)(d)	$	430,500				427,037
United States Treasury Bill, 3.861%, 9/28/2023 ^(c)(d)		431,300				422,735
United States Treasury Bill, 3.632%, 12/28/2023 ^(c)(d)		432,200				419,607
United States Treasury Bill, 3.889%, 3/21/2024 ^(c)(d)		26,921,200				25,802,007
						27,071,386
Money Market Deposit Account - 0.14%
U.S. Bank Money Market Deposit Account, 4.800% ^(e)		35,541				35,541
TOTAL SHORT TERM INVESTMENTS (Cost $27,157,170)						27,106,927

Total Investments (Cost $35,148,316) - 128.96%						34,082,041
Liabilities in Excess of Other Assets - (28.96)%						(7,652,782	)
TOTAL NET ASSETS - 100.00%					$	26,429,259

Asset Type	% of Net Assets
Purchased Options		26.39	%
Short Term Investments		102.57
Total Investments		128.96
Liabilities in Excess of Other Assets		(28.96	)
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 April 30, 2023.

(d)	All or a portion of the security can be 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 April 30, 2023.

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

164

INNOVATOR PREMIUM INCOME 30 BARRIER ETF – APRIL

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Put Options
SPX S&P 500® Index	3/28/2024	$	2,876.25		1,978	$	(824,723,144	)	$	(7,561,755	)
XSP S&P 500® Mini Index	3/28/2024		287.63		215		(8,964,425	)		(82,040	)

Total Options Written (Premiums Received $8,698,248)									$	(7,643,795	)

^(a) Exchange-Traded.

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

165

INNOVATOR PREMIUM INCOME 40 BARRIER ETF – APRIL

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 20.08% ^(a)(b)
PUT OPTIONS - 20.08%
SPX S&P 500® Index, Expires 3/28/2024, Strike Price $2,424.27		2,400		1,000,675,200	$	4,932,456
TOTAL PURCHASED OPTIONS (Cost $5,719,618)						4,932,456

SHORT TERM INVESTMENTS - 101.69%	Principal Amount
U.S. Treasury Bill - 101.53%
United States Treasury Bill, 3.177%, 6/29/2023 ^(c)(d)	$	337,400				334,686
United States Treasury Bill, 3.788%, 9/28/2023 ^(c)(d)		338,100				331,386
United States Treasury Bill, 3.574%, 12/28/2023 ^(c)(d)		338,800				328,928
United States Treasury Bill, 3.805%, 3/21/2024 ^(c)(d)		24,978,500				23,940,071
						24,935,071
Money Market Deposit Account - 0.16%
U.S. Bank Money Market Deposit Account, 4.800% ^(e)		37,953				37,953
TOTAL SHORT TERM INVESTMENTS (Cost $25,031,517)						24,973,024

Total Investments (Cost $30,751,135) - 121.77%						29,905,480
Liabilities in Excess of Other Assets - (21.77)%						(5,346,524	)
TOTAL NET ASSETS - 100.00%					$	24,558,956

Asset Type	% of Net Assets
Purchased Options		20.08	%
Short Term Investments		101.69
Total Investments		121.77
Liabilities in Excess of Other Assets		(21.77	)
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 April 30, 2023.

(d)	All or a portion of the security can be 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 April 30, 2023.

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

166

INNOVATOR PREMIUM INCOME 40 BARRIER ETF – APRIL

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Put Options
SPX S&P 500® Index	3/28/2024	$	2,465.36		2,440	$	(1,017,353,120	)	$	(5,294,874	)
XSP S&P 500® Mini Index	3/28/2024		246.54		200		(8,339,000	)		(42,672	)

Total Options Written (Premiums Received $6,160,738)									$	(5,337,546	)

^(a) Exchange-Traded.

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

167

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

April 30, 2023 (Unaudited)


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.

168

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

$	184,850,433		$	124,894,227		$	105,118,338	$	171,722,809
	1,728			1,197			970		1,484
	152			206			203		203
	184,852,313			124,895,630			105,119,511		171,724,496


	4,291,488			3,994,088			3,723,425		6,785,151
	115,224			78,533			66,181		96,158
	4,406,712			4,072,621			3,789,606		6,881,309
$	180,445,601		$	120,823,009		$	101,329,905	$	164,843,187
				��

$	211,574,300		$	122,651,323		$	100,791,163	$	163,325,126
	(31,128,699	)		(1,828,314	)		538,742		1,518,061
$	180,445,601		$	120,823,009		$	101,329,905	$	164,843,187


$	180,445,601		$	120,823,009		$	101,329,905	$	164,843,187
	5,050,000			3,725,000			2,875,000		4,850,000
$	35.73		$	32.44		$	35.25	$	33.99

$	177,155,443		$	123,596,329		$	101,924,575	$	170,440,326
	9,707,216			5,560,940			4,507,041		7,850,036

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

169

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

April 30, 2023 (Unaudited)


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 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.

170

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

$	128,121,484		$	144,263,806		$	146,976,375	$	125,479,611
	1,254			1,376			1,399		1,388
	127,766,376			83,265			1,652,575		–
	102			144			206		193
	255,889,216			144,348,591			148,630,555		125,481,192


	5,735,340			238,533			318,417		1,124,363
	–			–			1,655,980		–
	81,072			92,273			98,166		77,280
	127,793,735			146			3,588		–
	133,610,147			330,952			2,076,151		1,201,643
$	122,279,069		$	144,017,639		$	146,554,404	$	124,279,549


$	126,707,267		$	146,403,543		$	135,619,566	$	131,326,019
	(4,428,198	)		(2,385,904	)		10,934,838		(7,046,470	)
$	122,279,069		$	144,017,639		$	146,554,404	$	124,279,549


$	122,279,069		$	144,017,639		$	146,554,404	$	124,279,549
	4,050,000			4,475,000			4,425,000		3,900,000
$	30.19		$	32.18		$	33.12	$	31.87

$	128,134,215		$	148,861,089		$	143,242,509	$	128,758,746
	5,722,563			6,096,311			8,026,768		6,784,563

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

171

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

April 30, 2023 (Unaudited)


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.

172

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

$	172,270,525		$	152,341,466	$	137,356,271		$	113,036,695
	1,598			1,667		1,323			1,080
	83,737			–		–			–
	113			101		79			204
	172,355,973			152,343,234		137,357,673			113,037,979


	1,633,790			1,982,518		1,932,862			2,446,210
	109,758			103,625		88,122			72,996
	805			–		–			–
	1,744,353			2,086,143		2,020,984			2,519,206
$	170,611,620		$	150,257,091	$	135,336,689		$	110,518,773


$	172,245,212		$	137,657,331	$	135,760,473		$	111,453,846
	(1,633,592	)		12,599,760		(423,784	)		(935,073	)
$	170,611,620		$	150,257,091	$	135,336,689		$	110,518,773


$	170,611,620		$	150,257,091	$	135,336,689		$	110,518,773
	5,250,000			4,375,000		4,225,000			3,225,000
$	32.50		$	34.34	$	32.03		$	34.27

$	171,883,602		$	141,765,570	$	133,141,787		$	112,835,424
	10,639,704			8,718,828		8,004,641			6,388,557

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

173

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

April 30, 2023 (Unaudited)


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.

174

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

$	701,028,179		$	650,539,897		$	468,310,518	$	688,450,491
	6,791			6,243			4,434		5,210
	421			–			–		1,859
	922,644			85,167			–		159,272
	–			–			–		3,718,613
	134			183			236		203
	701,958,169			650,631,490			468,315,188		692,335,648


	22,990,688			22,748,841			20,054,100		28,460,282
	841,808			–			–		–
	439,981			396,240			290,812		340,012
	30,432			2,994			–		3,852,837
	24,302,909			23,148,075			20,344,912		32,653,131
$	677,655,260		$	627,483,415		$	447,970,276	$	659,682,517


$	722,926,559		$	629,740,360		$	442,308,555	$	660,698,069
	(45,271,299	)		(2,256,945	)		5,661,721		(1,015,552	)
$	677,655,260		$	627,483,415		$	447,970,276	$	659,682,517


$	677,655,260		$	627,483,415		$	447,970,276	$	659,682,517
	20,125,000			21,200,000			13,775,000		22,175,000
$	33.67		$	29.60		$	32.52	$	29.75

$	671,317,920		$	645,414,504		$	453,657,393	$	683,461,936
	36,874,015			29,267,012			20,226,798		30,849,929

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

175

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

April 30, 2023 (Unaudited)


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.

176

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

$	520,109,026		$	363,833,244		$	417,902,430	$	527,839,855
	4,690			3,668			4,315		5,105
	19,020			–			–		–
	480,906,825			–			–		–
	38,039,557			–			–		–
	73			225			205		175
	1,039,079,191			363,837,137			417,906,950		527,845,135


	23,323,830			259,409			1,402,573		2,714,403
	294,506			231,927			286,357		327,456
	518,928,346			–			–		–
	542,546,682			491,336			1,688,930		3,041,859
$	496,532,509		$	363,345,801		$	416,218,020	$	524,803,276


$	516,411,253		$	363,828,941		$	389,977,407	$	524,992,959
	(19,878,744	)		(483,140	)		26,240,613		(189,683	)
$	496,532,509		$	363,345,801		$	416,218,020	$	524,803,276


$	496,532,509		$	363,345,801		$	416,218,020	$	524,803,276
	17,300,000			11,775,000			12,950,000		17,650,000
$	28.70		$	30.86		$	32.14	$	29.73

$	520,160,382		$	380,719,217		$	408,998,244	$	540,186,692
	23,272,287			21,282,491			24,944,243		28,790,438

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

177

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

April 30, 2023 (Unaudited)


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.

178

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

$	654,326,932	$	520,462,757	$	806,609,726	$	726,993,152
	6,507		4,907		7,894		7,320
	–		–		–		794
	1,633,735		–		1,676,191		26,773
	–		–		–		1,588,130
	14		106		97		203
	655,967,188		520,467,770		808,293,908		728,616,372


	5,639,960		17,781,570		12,921,600		12,754,896
	1,552,895		–		1,612,230		–
	427,013		328,529		517,267		465,930
	14,131		–		26,929		1,531,055
	7,633,999		18,110,099		15,078,026		14,751,881
$	648,333,189	$	502,357,671	$	793,215,882	$	713,864,491


$	624,919,127	$	464,933,575	$	751,735,795	$	690,414,862
	23,414,062		37,424,096		41,480,087		23,449,629
$	648,333,189	$	502,357,671	$	793,215,882	$	713,864,491


$	648,333,189	$	502,357,671	$	793,215,882	$	713,864,491
	20,875,000		15,625,000		24,600,000		22,475,000
$	31.06	$	32.15	$	32.24	$	31.76

$	651,507,594	$	485,489,306	$	783,604,167	$	723,342,782
	35,583,673		31,160,110		46,671,315		38,000,996

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

179

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

April 30, 2023 (Unaudited)


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.

180

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

$	156,732,531		$	93,760,331		$	75,365,817		$	158,089,771
	1,494			863			754			2,711
	368			203			169			203
	156,734,393			93,761,397			75,366,740			158,092,685


	5,375,165			2,465,354			2,763,470			4,856,689
	98,407			58,940			52,728			99,358
	5,473,572			2,524,294			2,816,198			4,956,047
$	151,260,821		$	91,237,103		$	72,550,542		$	153,136,638


$	174,682,974		$	95,055,548		$	75,709,136		$	155,082,734
	(23,422,153	)		(3,818,445	)		(3,158,594	)		(1,946,096	)
$	151,260,821		$	91,237,103		$	72,550,542		$	153,136,638


$	151,260,821		$	91,237,103		$	72,550,542		$	153,136,638
	4,800,000			3,400,000			2,500,000			6,075,000
$	31.51		$	26.83		$	29.02		$	25.21

$	148,631,040		$	92,525,931		$	72,615,254		$	156,868,662
	6,084,139			2,938,517			2,276,542			5,127,670

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

181

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

April 30, 2023 (Unaudited)


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.

182

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

$	100,773,811		$	90,418,071	$	54,751,595	$	129,190,796
	1,979			834		437		1,142
	–			–		–		341
	100,482,344			–		740,925		1,105
	–			–		–		682,182
	159			101		199		197
	201,258,293			90,419,006		55,493,156		129,875,763


	3,226,492			17,732		431,600		241,566
	–			–		687,753		–
	64,041			59,133		35,455		77,220
	100,501,442			–		5,859		624,425
	103,791,975			76,865		1,160,667		943,211
$	97,466,318		$	90,342,141	$	54,332,489	$	128,932,552


$	97,803,807		$	87,733,414	$	52,864,846	$	128,102,761
	(337,489	)		2,608,727		1,467,643		829,791
$	97,466,318		$	90,342,141	$	54,332,489	$	128,932,552


$	97,466,318		$	90,342,141	$	54,332,489	$	128,932,552
	3,600,000			3,250,000		1,975,000		4,725,000
$	27.07		$	27.80	$	27.51	$	27.29

$	100,783,963		$	90,223,503	$	52,488,937	$	129,906,696
	3,216,314			2,598,568		2,442,944		3,484,307

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

183

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

April 30, 2023 (Unaudited)


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.

184

INNOVATOR ETFs TRUST

Innovator U.S. Equity Ultra Buffer ETF - September		Innovator U.S. Equity Ultra Buffer ETF - October			Innovator U.S. E quity Ultra Buffer ETF - November			Innovator U.S. Equity Ultra Buffer ETF - December

$	109,710,245	$	99,844,555		$	51,665,032		$	103,714,156
	1,029		867			466			1,001
	106		102			101			202
	109,711,380		99,845,524			51,665,599			103,715,359


	901,275		5,010,763			918,707			1,205,746
	71,215		62,215			33,100			66,204
	972,490		5,072,978			951,807			1,271,950
$	108,738,890	$	94,772,546		$	50,713,792		$	102,443,409


$	104,206,828	$	95,496,483		$	52,817,352		$	101,689,804
	4,532,062		(723,937	)		(2,103,560	)		753,605
$	108,738,890	$	94,772,546		$	50,713,792		$	102,443,409


$	108,738,890	$	94,772,546		$	50,713,792		$	102,443,409
	3,900,000		3,275,000			1,725,000			3,550,000
$	27.88	$	28.94		$	29.40		$	28.86

$	108,294,992	$	90,396,287		$	49,929,040		$	103,391,807
	3,462,844		4,647,191			2,157,816			2,810,012

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

185

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

April 30, 2023 (Unaudited)


	Assets:
	Investments, at value ^(a)
	Interest receivable
	Deposit at broker for options
	Total Assets

	Liabilities:
	Options written, at value ^(b)
	Payable to Adviser
	Due to broker for options
	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.

186

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

$	4,125,643	$	19,219,872	$	34,082,041	$	29,905,480
	6		23		350		527
	-		-		286		-
	4,125,649		19,219,895		34,082,677		29,906,007


	1,038,052		5,054,785		7,643,795		5,337,546
	1,262		3,891		9,623		9,354
	49		90		-		151
	1,039,363		5,058,766		7,653,418		5,347,051
$	3,086,286	$	14,161,129	$	26,429,259	$	24,558,956


$	3,069,571	$	14,107,547	$	26,383,888	$	24,526,715
	16,715		53,582		45,371		32,241
$	3,086,286	$	14,161,129	$	26,429,259	$	24,558,956


$	3,086,286	$	14,161,129	$	26,429,259	$	24,558,956
	125,000		575,000		1,075,000		1,000,000
$	24.69	$	24.63	$	24.59	$	24.56

$	4,220,653	$	19,718,462	$	35,148,316	$	30,751,135
	1,141,770		5,582,674		8,698,248		6,160,738

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

187

INNOVATOR ETFs TRUST

Statements of Operations

For the Period Ended April 30, 2023 (Unaudited)


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.

188

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

$	7,350		$	4,213		$	3,425		$	5,413
	7,350			4,213			3,425			5,413


	639,204			351,170			323,303			488,705
	639,204			351,170			323,303			488,705
	(631,854	)		(346,957	)		(319,878	)		(483,292	)



	(17,511,673	)		(5,898,515	)		(5,886,095	)		(13,825,537	)
	9,901,579			407,783			191,845			6,350,693
	335,450			2,170,546			3,009,954			3,452,908
	(6,608,061	)		2,554,773			2,840,803			4,462,436

	16,608,009			7,308,488			9,378,622			10,077,633
	9,729,224			1,410,793			(697,506	)		2,344,822
	12,454,528			7,953,868			8,837,623			12,862,955
$	11,822,674		$	7,606,911		$	8,517,745		$	12,379,663

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

189

INNOVATOR ETFs TRUST

Statements of Operations

For the Period Ended April 30, 2023 (Unaudited)


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.

190

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

$	8,063		$	5,371		$	8,013		$	5,942
	8,063			5,371			8,013			5,942


	590,518			396,938			623,617			431,889
	590,518			396,938			623,617			431,889
	(582,455	)		(391,567	)		(615,604	)		(425,947	)



	(10,475,878	)		(124,455	)		(246,566	)		(312,585	)
	(63,807	)		(90,631	)		3,753,759			(117,716	)
	8,189,399			309,576			3,111,125			205,623
	4,142,809			(4,771	)		156,204			47,978

	8,898,579			(253,191	)		2,038,113			1,444,359
	(4,412,084	)		4,565,878			4,207,682			5,545,397
	6,279,018			4,402,406			13,020,317			6,813,056
$	5,696,563		$	4,010,839		$	12,404,713		$	6,387,109

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

191

INNOVATOR ETFs TRUST

Statements of Operations

For the Period Ended April 30, 2023 (Unaudited)


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.

192

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

$	8,662		$	10,911		$	6,786		$	5,000
	8,662			10,911			6,786			5,000


	664,302			844,387			518,558			394,414
	664,302			844,387			518,558			394,414
	(655,640	)		(833,476	)		(511,772	)		(389,414	)



	(287,903	)		(630,501	)		(261,337	)		(6,799,239	)
	252,481			6,845,041			698,460			2,858,339
	448,101			4,876,439			488,246			3,205,219
	14,345			60,762			(8,814	)		911,776

	3,786,245			1,410,488			4,221,410			3,948,985
	8,164,760			5,837,771			6,078,796			3,514,189
	12,378,029			18,400,000			11,216,761			7,639,269
$	11,722,389		$	17,566,524		$	10,704,989		$	7,249,855

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

193

INNOVATOR ETFs TRUST

Statements of Operations

For the Period Ended April 30, 2023 (Unaudited)


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.

194

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

$	28,022		$	19,487		$	13,569		$	16,308
	28,022			19,487			13,569			16,308


	2,249,822			1,540,400			1,155,425			1,373,355
	2,249,822			1,540,400			1,155,425			1,373,355
	(2,221,800	)		(1,520,913	)		(1,141,856	)		(1,357,047	)



	(45,845,422	)		(18,111,524	)		(17,330,706	)		(33,727,147	)
	24,281,556			3,091,907			2,144,994			16,781,034
	9,870,710			9,421,315			16,891,096			19,475,105
	(1,844,114	)		8,047,253			145,447			1,097,760

	54,427,898			22,268,497			31,332,155			25,143,149
	6,179,568			(1,969,045	)		(8,871,379	)		(3,580,048	)
	47,070,196			22,748,403			24,311,607			25,189,853
$	44,848,396		$	21,227,490		$	23,169,751		$	23,832,806

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

195

INNOVATOR ETFs TRUST

Statements of Operations

For the Period Ended April 30, 2023 (Unaudited)


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.

196

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

$	26,516		$	19,509		$	25,271		$	25,359
	26,516			19,509			25,271			25,359


	1,584,737			1,409,757			1,904,316			1,844,462
	1,584,737			1,409,757			1,904,316			1,844,462
	(1,558,221	)		(1,390,248	)		(1,879,045	)		(1,819,103	)



	(31,561,883	)		(1,090,233	)		(1,425,789	)		(2,812,346	)
	4,435,756			2,345,281			5,830,508			2,241,942
	17,694,763			2,860,837			8,086,291			1,953,794
	9,612,032			(23,984	)		95,489			(18,893	)

	21,663,742			(1,375,330	)		9,986,642			5,307,445
	(13,711,922	)		12,117,455			14,663,050			19,969,753
	8,132,488			14,834,026			37,236,191			26,641,695
$	6,574,267		$	13,443,778		$	35,357,146		$	24,822,592

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

197

INNOVATOR ETFs TRUST

Statements of Operations

For the Period Ended April 30, 2023 (Unaudited)


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.

198

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

$	32,705		$	31,406		$	41,521		$	30,991
	32,705			31,406			41,521			30,991


	2,390,969			2,388,906			3,074,642			2,258,314
	2,390,969			2,388,906			3,074,642			2,258,314
	(2,358,264	)		(2,357,500	)		(3,033,121	)		(2,227,323	)



	(959,406	)		(904,903	)		(457,554	)		(20,912,318	)
	3,931,573			15,876,684			3,487,442			5,432,698
	3,159,345			7,360,366			2,578,915			9,078,337
	5,380			(310,167	)		81,641			7,941,179

	11,994,938			9,983,602			23,040,940			18,912,221
	25,948,835			17,862,904			33,785,571			14,206,184
	44,080,665			49,868,486			62,516,955			34,658,301
$	41,722,401		$	47,510,986		$	59,483,834		$	32,430,978

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

199

INNOVATOR ETFs TRUST

Statements of Operations

For the Period Ended April 30, 2023 (Unaudited)


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.

200

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

$	7,913		$	3,149		$	4,322		$	7,523
	7,913			3,149			4,322			7,523


	789,329			288,794			322,064			579,626
	789,329			288,794			322,064			579,626
	(781,416	)		(285,645	)		(317,742	)		(572,103	)



	(23,323,106	)		(4,744,273	)		(6,109,840	)		(4,355,230	)
	11,933,880			(50,960	)		458,724			1,069,908
	6,159,374			1,852,997			2,482,364			4,369,213
	1,925,304			413,656			(55,547	)		17,500

	22,799,276			6,105,420			7,737,870			4,755,579
	(6,733,863	)		(1,540,734	)		(2,598,769	)		(2,921,895	)
	12,760,865			2,036,106			1,914,802			2,935,075
$	11,979,449		$	1,750,461		$	1,597,060		$	2,362,972

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

201

INNOVATOR ETFs TRUST

Statements of Operations

For the Period Ended April 30, 2023 (Unaudited)


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.

202

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

$	5,897		$	4,760		$	3,200		$	5,344
	5,897			4,760			3,200			5,344


	366,091			366,459			252,255			408,384
	366,091			366,459			252,255			408,384
	(360,194	)		(361,699	)		(249,055	)		(403,040	)



	(4,812,414	)		(1,530,323	)		(90,507	)		(173,698	)
	4,349,259			1,579,700			998,982			1,317,788
	3,233,229			1,150,253			780,387			717,597
	966,040			164,908			16,956			(1,793	)

	2,326,420			2,304,017			1,732,375			1,682,649
	(2,903,700	)		478,731			1,420,063			1,833,873
	3,158,834			4,147,286			4,858,256			5,376,416
$	2,798,640		$	3,785,587		$	4,609,201		$	4,973,376

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

203

INNOVATOR ETFs TRUST

Statements of Operations

For the Period Ended April 30, 2023 (Unaudited)


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.

204

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

$	7,046		$	5,165		$	3,160		$	4,507
	7,046			5,165			3,160			4,507


	527,895			411,558			243,394			346,979
	527,895			411,558			243,394			346,979
	(520,849	)		(406,393	)		(240,234	)		(342,472	)



	(436,162	)		470,905			(106,784	)		(4,716,976	)
	5,066,273			1,014,708			1,028,614			1,350,873
	1,713,194			279,863			490,749			2,432,269
	(62,601	)		(318,903	)		(3,819	)		831,952

	373,742			4,043,042			1,741,949			4,954,246
	2,236,945			2,387,309			1,245,125			(693,842	)
	8,891,391			7,876,924			4,395,834			4,158,522
$	8,370,542		$	7,470,531		$	4,155,600		$	3,816,050

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

205

INNOVATOR ETFs TRUST

Statements of Operations

For the Period Ended April 30, 2023 (Unaudited)


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 March 31, 2023.

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

206

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)

$	9,269		$	28,174		$	66,731		$	64,039
	9,269			28,174			66,731			64,039


	1,262			3,891			9,538			9,335
	1,262			3,891			9,538			9,335
	8,007			24,283			57,193			54,704



	(95,010	)		(498,590	)		(1,066,275	)		(845,655	)
	103,718			527,889			1,054,453			823,192
	8,708			29,299			(11,822	)		(22,463	)
$	16,715		$	53,582		$	45,371		$	32,241

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

207

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets

	Innovator U.S. Equity Buffer ETF - January
	Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
Operations:
Net Investment income/(loss)	$	(631,854	)	$	(1,392,425	)
Net realized gain/(loss)		(13,882,705	)		13,056,738
Net change in unrealized appreciation/(depreciation)		26,337,233			(34,120,436	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		11,822,674			(22,456,123	)


Capital Share Transactions:
Proceeds from shares sold		116,354,915			264,258,187
Cost of shares redeemed		(90,395,577	)		(249,518,483	)
Transaction fees (see Note 5)		27,767			112,606
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		25,987,105			14,852,310
Total Increase/(Decrease) in Net Assets	$	37,809,779		$	(7,603,813	)

Net Assets:
Beginning of the period	$	142,635,822		$	150,239,635
End of the period	$	180,445,601		$	142,635,822

Change in Shares Outstanding:
Shares sold		3,475,000			7,225,000
Shares redeemed		(2,725,000	)		(7,000,000	)
Net Increase/(Decrease)		750,000			225,000

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

208

INNOVATOR ETFs TRUST

Innovator U.S. Equity Buffer ETF - February						Innovator U.S. Equity Buffer ETF - March						Innovator U.S. Equity Buffer ETF - April
Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022

$	(346,957	)	$	(774,213	)	$	(319,878	)	$	(600,313	)	$	(483,292	)	$	(945,432	)
	(765,413	)		7,821,581			156,507			8,019,677			440,500			15,010,390
	8,719,281			(17,367,260	)		8,681,116			(12,682,830	)		12,422,455			(20,344,728	)
	7,606,911			(10,319,892	)		8,517,745			(5,263,466	)		12,379,663			(6,279,770	)



	88,230,097			135,143,030			74,164,290			96,744,935			159,444,370			166,719,955
	(43,903,853	)		(142,224,700	)		(58,009,443	)		(77,037,963	)		(122,598,025	)		(167,876,110	)
	29,618			59,259			22,309			27,371			22,002			75,410
	44,355,862			(7,022,411	)		16,177,156			19,734,343			36,868,347			(1,080,745	)
$	51,962,773		$	(17,342,303	)	$	24,694,901		$	14,470,877		$	49,248,010		$	(7,360,515	)


$	68,860,236		$	86,202,539		$	76,635,004		$	62,164,127		$	115,595,177		$	122,955,692
$	120,823,009		$	68,860,236		$	101,329,905		$	76,635,004		$	164,843,187		$	115,595,177


	2,800,000			4,275,000			2,200,000			2,900,000			4,900,000			5,225,000
	(1,400,000	)		(4,675,000	)		(1,725,000	)		(2,325,000	)		(3,800,000	)		(5,225,000	)
	1,400,000			(400,000	)		475,000			575,000			1,100,000			–

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

209

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets

	Innovator U.S. Equity Buffer ETF - May
	Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
Operations:
Net Investment income/(loss)	$	(582,455	)	$	(953,058	)
Net realized gain/(loss)		1,792,523			3,194,777
Net change in unrealized appreciation/(depreciation)		4,486,495			(10,594,891	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		5,696,563			(8,353,172	)


Capital Share Transactions:
Proceeds from shares sold		77,972,147			204,029,287
Cost of shares redeemed		(137,268,840	)		(102,090,475	)
Transaction fees (see Note 5)		20,892			82,306
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		(59,275,801	)		102,021,118
Total Increase/(Decrease) in Net Assets	$	(53,579,238	)	$	93,667,946

Net Assets:
Beginning of the period	$	175,858,307		$	82,190,361
End of the period	$	122,279,069		$	175,858,307

Change in Shares Outstanding:
Shares sold		2,600,000			6,850,000
Shares redeemed		(4,600,000	)		(3,325,000	)
Net Increase/(Decrease)		(2,000,000	)		3,525,000

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

210

INNOVATOR ETFs TRUST

Innovator U.S. Equity Buffer ETF - June						Innovator U.S. Equity Buffer ETF - July						Innovator U.S. Equity Buffer ETF - August
Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022

$	(391,567	)	$	(572,372	)	$	(615,604	)	$	(878,306	)	$	(425,947	)	$	(814,052	)
	89,719			1,223,060			6,774,522			2,774,257			(176,700	)		(4,127,848	)
	4,312,687			(7,842,938	)		6,245,795			(2,189,108	)		6,989,756			(7,326,167	)
	4,010,839			(7,192,250	)		12,404,713	��		(293,157	)		6,387,109			(12,268,067	)



	70,482,473			110,271,314			25,355,708			230,534,290			29,007,500			202,934,790
	(6,985,522	)		(108,154,937	)		(61,564,135	)		(243,100,360	)		(13,886,000	)		(174,555,855	)
	35,613			41,315			17,007			134,739			17,253			107,383
	63,532,564			2,157,692			(36,191,420	)		(12,431,331	)		15,138,753			28,486,318
$	67,543,403		$	(5,034,558	)	$	(23,786,707	)	$	(12,724,488	)	$	21,525,862		$	16,218,251


$	76,474,236		$	81,508,794		$	170,341,111		$	183,065,599		$	102,753,687		$	86,535,436
$	144,017,639		$	76,474,236		$	146,554,404		$	170,341,111		$	124,279,549		$	102,753,687


	2,200,000			3,475,000			800,000			7,675,000			925,000			6,475,000
	(225,000	)		(3,375,000	)		(1,900,000	)		(7,750,000	)		(450,000	)		(5,700,000	)
	1,975,000			100,000			(1,100,000	)		(75,000	)		475,000			775,000

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

211

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets

	Innovator U.S. Equity Buffer ETF - September
	Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
Operations:
Net Investment income/(loss)	$	(655,640	)	$	(1,134,048	)
Net realized gain/(loss)		427,024			(4,631,759	)
Net change in unrealized appreciation/(depreciation)		11,951,005			(5,490,910	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		11,722,389			(11,256,717	)


Capital Share Transactions:
Proceeds from shares sold		8,428,514			163,473,610
Cost of shares redeemed		(15,594,348	)		(143,014,130	)
Transaction fees (see Note 5)		6,535			96,491
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		(7,159,299	)		20,555,971
Total Increase/(Decrease) in Net Assets	$	4,563,090		$	9,299,254

Net Assets:
Beginning of the period	$	166,048,530		$	156,749,276
End of the period	$	170,611,620		$	166,048,530

Change in Shares Outstanding:
Shares sold		275,000			5,325,000
Shares redeemed		(500,000	)		(4,650,000	)
Net Increase/(Decrease)		(225,000	)		675,000

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

212

INNOVATOR ETFs TRUST

Innovator U.S. Equity Buffer ETF - October						Innovator U.S. Equity Buffer ETF - November						Innovator U.S. Equity Buffer ETF - December
Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022

$	(833,476	)	$	(855,125	)	$	(511,772	)	$	(581,542	)	$	(389,414	)	$	(675,337	)
	11,151,741			(7,332,877	)		916,555			(5,982,250	)		176,095			(23,982,674	)
	7,248,259			6,119,513			10,300,206			(6,493	)		7,463,174			17,117,793
	17,566,524			(2,068,489	)		10,704,989			(6,570,285	)		7,249,855			(7,540,218	)



	16,141,248			235,324,437			78,314,717			106,444,640			112,467,558			97,437,537
	(109,763,495	)		(118,936,245	)		(15,434,880	)		(68,807,962	)		(112,967,005	)		(44,121,098	)
	10,933			107,477			41,436			45,349			46,350			71,769
	(93,611,314	)		116,495,669			62,921,273			37,682,027			(453,097	)		53,388,208
$	(76,044,790	)	$	114,427,180		$	73,626,262		$	31,111,742		$	6,796,758		$	45,847,990


$	226,301,881		$	111,874,701		$	61,710,427		$	30,598,685		$	103,722,015		$	57,874,025
$	150,257,091		$	226,301,881		$	135,336,689		$	61,710,427		$	110,518,773		$	103,722,015


	500,000			7,700,000			2,650,000			3,400,000			3,450,000			2,950,000
	(3,325,000	)		(3,800,000	)		(500,000	)		(2,275,000	)		(3,500,000	)		(1,375,000	)
	(2,825,000	)		3,900,000			2,150,000			1,125,000			(50,000	)		1,575,000

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

213

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets

	Innovator U.S. Equity Power Buffer ETF - January
	Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
Operations:
Net Investment income/(loss)	$	(2,221,800	)	$	(3,796,381	)
Net realized gain/(loss)		(13,537,270	)		15,210,957
Net change in unrealized appreciation/(depreciation)		60,607,466			(44,822,152	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		44,848,396			(33,407,576	)


Capital Share Transactions:
Proceeds from shares sold		492,542,832			712,865,811
Cost of shares redeemed		(308,697,203	)		(525,540,307	)
Transaction fees (see Note 5)		166,726			315,853
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		184,012,355			187,641,357
Total Increase/(Decrease) in Net Assets	$	228,860,751		$	154,233,781

Net Assets:
Beginning of the period	$	448,794,509		$	294,560,728
End of the period	$	677,655,260		$	448,794,509

Change in Shares Outstanding:
Shares sold		15,400,000			21,850,000
Shares redeemed		(9,675,000	)		(16,350,000	)
Net Increase/(Decrease)		5,725,000			5,500,000

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

214

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
Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022

$	(1,520,913	)	$	(1,885,754	)	$	(1,141,856	)	$	(1,510,280	)	$	(1,357,047	)	$	(2,101,003	)
	2,448,951			14,300,856			1,850,831			12,019,910			3,626,752			19,162,390
	20,299,452			(26,967,492	)		22,460,776			(18,335,339	)		21,563,101			(30,248,501	)
	21,227,490			(14,552,390	)		23,169,751			(7,825,709	)		23,832,806			(13,187,114	)



	522,339,360			346,725,900			489,466,240			287,366,113			686,484,638			388,545,420
	(155,708,140	)		(263,323,423	)		(291,104,257	)		(171,226,173	)		(359,366,249	)		(309,481,353	)
	209,201			158,673			143,354			106,314			197,382			153,742
	366,840,421			83,561,150			198,505,337			116,246,254			327,315,771			79,217,809
$	388,067,911		$	69,008,760		$	221,675,088		$	108,420,545		$	351,148,577		$	66,030,695


$	239,415,504		$	170,406,744		$	226,295,188		$	117,874,643		$	308,533,940		$	242,503,245
$	627,483,415		$	239,415,504		$	447,970,276		$	226,295,188		$	659,682,517		$	308,533,940


	17,975,000			11,950,000			15,600,000			9,175,000			23,400,000			13,500,000
	(5,375,000	)		(9,225,000	)		(9,275,000	)		(5,500,000	)		(12,325,000	)		(10,750,000	)
	12,600,000			2,725,000			6,325,000			3,675,000			11,075,000			2,750,000

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

215

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets

	Innovator U.S. Equity Power Buffer ETF - May
	Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
Operations:
Net Investment income/(loss)	$	(1,558,221	)	$	(2,391,922	)
Net realized gain/(loss)		180,668			6,944,927
Net change in unrealized appreciation/(depreciation)		7,951,820			(20,808,950	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		6,574,267			(16,255,945	)


Capital Share Transactions:
Proceeds from shares sold		469,552,208			500,467,810
Cost of shares redeemed		(372,750,395	)		(330,230,175	)
Transaction fees (see Note 5)		189,266			205,825
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		96,991,079			170,443,460
Total Increase/(Decrease) in Net Assets	$	103,565,346		$	154,187,515

Net Assets:
Beginning of the period	$	392,967,163		$	238,779,648
End of the period	$	496,532,509		$	392,967,163

Change in Shares Outstanding:
Shares sold		16,375,000			17,475,000
Shares redeemed		(13,100,000	)		(11,350,000	)
Net Increase/(Decrease)		3,275,000			6,125,000

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

216

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
Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022

$	(1,390,248	)	$	(1,761,840	)	$	(1,879,045	)	$	(2,106,388	)	$	(1,819,103	)	$	(1,824,122	)
	4,091,901			3,543,572			12,586,499			4,290,213			1,364,497			(84,441	)
	10,742,125			(13,409,199	)		24,649,692			850,402			25,277,198			(15,632,726	)
	13,443,778			(11,627,467	)		35,357,146			3,034,227			24,822,592			(17,541,289	)



	50,492,018			428,015,688			45,831,027			552,054,235			120,712,688			490,066,589
	(44,984,695	)		(225,145,245	)		(168,830,145	)		(270,255,030	)		(56,578,418	)		(222,920,795	)
	29,414			156,573			31,818			239,304			74,620			175,874
	5,536,737			203,027,016			(122,967,300	)		282,038,509			64,208,890			267,321,668
$	18,980,515		$	191,399,549		$	(87,610,154	)	$	285,072,736		$	89,031,482		$	249,780,379


$	344,365,286		$	152,965,737		$	503,828,174		$	218,755,438		$	435,771,794		$	185,991,415
$	363,345,801		$	344,365,286		$	416,218,020		$	503,828,174		$	524,803,276		$	435,771,794


	1,650,000			14,200,000			1,525,000			18,800,000			4,125,000			16,900,000
	(1,475,000	)		(7,400,000	)		(5,425,000	)		(9,150,000	)		(1,925,000	)		(7,650,000	)
	175,000			6,800,000			(3,900,000	)		9,650,000			2,200,000			9,250,000

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

217

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets

	Innovator U.S. Equity Power Buffer ETF - September
	Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
Operations:
Net Investment income/(loss)	$	(2,358,264	)	$	(2,337,158	)
Net realized gain/(loss)		6,136,892			254,036
Net change in unrealized appreciation/(depreciation)		37,943,773			(9,218,889	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		41,722,401			(11,302,011	)


Capital Share Transactions:
Proceeds from shares sold		140,199,542			502,832,858
Cost of shares redeemed		(80,806,880	)		(248,135,755	)
Transaction fees (see Note 5)		74,997			275,109
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		59,467,659			254,972,212
Total Increase/(Decrease) in Net Assets	$	101,190,060		$	243,670,201

Net Assets:
Beginning of the period	$	547,143,129		$	303,472,928
End of the period	$	648,333,189		$	547,143,129

Change in Shares Outstanding:
Shares sold		4,750,000			17,200,000
Shares redeemed		(2,675,000	)		(8,525,000	)
Net Increase/(Decrease)		2,075,000			8,675,000

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

218

INNOVATOR ETFs TRUST

Innovator U.S. Equity Power Buffer ETF - October						Innovator U.S. Equity Power Buffer ETF - November						Innovator U.S. Equity Power B uffer ETF - December
Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022

$	(2,357,500	)	$	(1,880,912	)	$	(3,033,121	)	$	(1,529,342	)	$	(2,227,323	)	$	(1,646,227	)
	22,021,980			(3,616,433	)		5,690,444			(3,521,983	)		1,539,896			(46,947,377	)
	27,846,506			15,460,475			56,826,511			(51,911	)		33,118,405			40,595,743
	47,510,986			9,963,130			59,483,834			(5,103,236	)		32,430,978			(7,997,861	)



	47,637,730			678,118,137			483,111,885			417,456,003			649,554,484			150,588,793
	(242,321,525	)		(248,418,882	)		(67,014,896	)		(174,482,237	)		(176,346,185	)		(43,274,947	)
	42,512			292,559			245,905			175,984			296,583			92,161
	(194,641,283	)		429,991,814			416,342,894			243,149,750			473,504,882			107,406,007
$	(147,130,297	)	$	439,954,944		$	475,826,728		$	238,046,514		$	505,935,860		$	99,408,146


$	649,487,968		$	209,533,024		$	317,389,154		$	79,342,640		$	207,928,631		$	108,520,485
$	502,357,671		$	649,487,968		$	793,215,882		$	317,389,154		$	713,864,491		$	207,928,631


	1,575,000			23,450,000			16,150,000			13,850,000			21,250,000			4,875,000
	(7,800,000	)		(8,575,000	)		(2,125,000	)		(5,875,000	)		(5,700,000	)		(1,450,000	)
	(6,225,000	)		14,875,000			14,025,000			7,975,000			15,550,000			3,425,000

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

219

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets

	Innovator U.S. Equity Ultra Buffer ETF - January
	Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
Operations:
Net Investment income/(loss)	$	(781,416	)	$	(1,849,216	)
Net realized gain/(loss)		(3,304,548	)		4,720,887
Net change in unrealized appreciation/(depreciation)		16,065,413			(14,697,908	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		11,979,449			(11,826,237	)


Capital Share Transactions:
Proceeds from shares sold		151,614,791			431,531,228
Cost of shares redeemed		(296,015,387	)		(222,552,470	)
Transaction fees (see Note 5)		44,089			211,171
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		(144,356,507	)		209,189,929
Total Increase/(Decrease) in Net Assets	$	(132,377,058	)	$	197,363,692

Net Assets:
Beginning of the period	$	283,637,879		$	86,274,187
End of the period	$	151,260,821		$	283,637,879

Change in Shares Outstanding:
Shares sold		5,100,000			14,200,000
Shares redeemed		(9,900,000	)		(7,350,000	)
Net Increase/(Decrease)		(4,800,000	)		6,850,000

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

220

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
Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022

$	(285,645	)	$	(325,297	)	$	(317,742	)	$	(335,106	)	$	(572,103	)	$	(572,102	)
	(2,528,580	)		2,540,234			(3,224,299	)		3,530,144			1,101,391			1,863,012
	4,564,686			(4,931,123	)		5,139,101			(5,337,545	)		1,833,684			(3,499,086	)
	1,750,461			(2,716,186	)		1,597,060			(2,142,507	)		2,362,972			(2,208,176	)



	80,362,582			62,813,015			165,081,055			80,205,350			274,681,545			146,114,520
	(44,260,173	)		(33,169,010	)		(163,572,920	)		(41,937,333	)		(246,861,930	)		(78,334,945	)
	26,671			21,232			39,381			29,319			68,491			71,856
	36,129,080			29,665,237			1,547,516			38,297,336			27,888,106			67,851,431
$	37,879,541		$	26,949,051		$	3,144,576		$	36,154,829		$	30,251,078		$	65,643,255


$	53,357,562		$	26,408,511		$	69,405,966		$	33,251,137		$	122,885,560		$	57,242,305
$	91,237,103		$	53,357,562		$	72,550,542		$	69,405,966		$	153,136,638		$	122,885,560


	3,050,000			2,275,000			5,850,000			2,750,000			11,025,000			5,800,000
	(1,675,000	)		(1,200,000	)		(5,800,000	)		(1,425,000	)		(9,900,000	)		(3,050,000	)
	1,375,000			1,075,000			50,000			1,325,000			1,125,000			2,750,000

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

221

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets

	Innovator U.S. Equity Ultra Buffer ETF - May
	Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
Operations:
Net Investment income/(loss)	$	(360,194	)	$	(493,234	)
Net realized gain/(loss)		3,736,114			(88,676	)
Net change in unrealized appreciation/(depreciation)		(577,280	)		(1,124,082	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		2,798,640			(1,705,992	)


Capital Share Transactions:
Proceeds from shares sold		72,781,163			121,467,737
Cost of shares redeemed		(77,526,980	)		(61,062,960	)
Transaction fees (see Note 5)		19,911			60,756
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		(4,725,906	)		60,465,533
Total Increase/(Decrease) in Net Assets	$	(1,927,266	)	$	58,759,541

Net Assets:
Beginning of the period	$	99,393,584		$	40,634,043
End of the period	$	97,466,318		$	99,393,584

Change in Shares Outstanding:
Shares sold		2,750,000			4,550,000
Shares redeemed		(2,925,000	)		(2,200,000	)
Net Increase/(Decrease)		(175,000	)		2,350,000

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

222

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
Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022

$	(361,699	)	$	(425,885	)	$	(249,055	)	$	(395,628	)	$	(403,040	)	$	(327,182	)
	1,364,538			498,253			1,705,818			(1,277,626	)		1,859,894			(1,402,620	)
	2,782,748			(783,495	)		3,152,438			77,274			3,516,522			(1,622,835	)
	3,785,587			(711,127	)		4,609,201			(1,595,980	)		4,973,376			(3,352,637	)



	14,266,160			119,789,758			3,835,638			89,725,618			57,684,833			111,274,400
	(42,585,843	)		(25,425,937	)		(27,765,212	)		(67,210,810	)		(16,062,695	)		(72,056,085	)
	16,099			52,913			3,218			41,955			29,512			59,049
	(28,303,584	)		94,416,734			(23,926,356	)		22,556,763			41,651,650			39,277,364
$	(24,517,997	)	$	93,705,607		$	(19,317,155	)	$	20,960,783		$	46,625,026		$	35,924,727


$	114,860,138		$	21,154,531		$	73,649,644		$	52,688,861		$	82,307,526		$	46,382,799
$	90,342,141		$	114,860,138		$	54,332,489		$	73,649,644		$	128,932,552		$	82,307,526


	525,000			4,475,000			150,000			3,525,000			2,175,000			4,175,000
	(1,550,000	)		(925,000	)		(1,050,000	)		(2,575,000	)		(600,000	)		(2,625,000	)
	(1,025,000	)		3,550,000			(900,000	)		950,000			1,575,000			1,550,000

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

223

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets

	Innovator U.S. Equity Ultra Buffer ETF - September
	Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
Operations:
Net Investment income/(loss)	$	(520,849	)	$	(538,038	)
Net realized gain/(loss)		6,280,704			(2,897,791	)
Net change in unrealized appreciation/(depreciation)		2,610,687			757,056
Net Increase/(Decrease) in Net Assets Resulting from Operations		8,370,542			(2,678,773	)


Capital Share Transactions:
Proceeds from shares sold		10,698,435			154,017,692
Cost of shares redeemed		(69,325,893	)		(59,931,218	)
Transaction fees (see Note 5)		9,793			75,835
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		(58,617,665	)		94,162,309
Total Increase/(Decrease) in Net Assets	$	(50,247,123	)	$	91,483,536

Net Assets:
Beginning of the period	$	158,986,013		$	67,502,477
End of the period	$	108,738,890		$	158,986,013

Change in Shares Outstanding:
Shares sold		400,000			5,900,000
Shares redeemed		(2,550,000	)		(2,225,000	)
Net Increase/(Decrease)		(2,150,000	)		3,675,000

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

224

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
Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022

$	(406,393	)	$	(574,255	)	$	(240,234	)	$	(329,373	)	$	(342,472	)	$	(344,192	)
	1,446,573			(2,697,559	)		1,408,760			(2,208,402	)		(101,882	)		(2,071,436	)
	6,430,351			1,775,544			2,987,074			(9,302	)		4,260,404			(506,813	)
	7,470,531			(1,496,270	)		4,155,600			(2,547,077	)		3,816,050			(2,922,441	)



	6,122,340			152,701,155			23,303,373			80,750,695			116,732,152			30,094,508
	(32,054,468	)		(100,855,685	)		(29,883,465	)		(36,086,448	)		(64,462,918	)		(12,938,490	)
	13,134			53,330			12,362			26,502			46,783			18,723
	(25,918,994	)		51,898,800			(6,567,730	)		44,690,749			52,316,017			17,174,741
$	(18,448,463	)	$	50,402,530		$	(2,412,130	)	$	42,143,672		$	56,132,067		$	14,252,300


$	113,221,009		$	62,818,479		$	53,125,922		$	10,982,250		$	46,311,342		$	32,059,042
$	94,772,546		$	113,221,009		$	50,713,792		$	53,125,922		$	102,443,409		$	46,311,342


	225,000			5,775,000			850,000			2,850,000			4,200,000			1,025,000
	(1,150,000	)		(3,800,000	)		(1,050,000	)		(1,300,000	)		(2,300,000	)		(450,000	)
	(925,000	)		1,975,000			(200,000	)		1,550,000			1,900,000			575,000

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

225

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets





Operations:
Net investment income/(loss)
Net change in unrealized appreciation/(depreciation)
Net Increase/(Decrease) in Net Assets Resulting from Operations

Capital Share Transactions:
Proceeds from shares sold
Transaction fees (see Note 5)
Net Increase/(Decrease) in Net Assets from Capital Share Transactions
Total Increase/(Decrease) in Net Assets

Net Assets:
Beginning of period
End of period

Change in Shares Outstanding:
Shares sold
Shares redeemed
Net Increase/(Decrease)

^(a) Since Commencement of Operations on March 31, 2023.

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

226

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
Period Ended		Period Ended		Period Ended			Period Ended
April 30, 2023		April 30, 2023		April 30, 2023			April 30, 2023
(Unaudited) ^(a)		(Unaudited) ^(a)		(Unaudited) ^(a)			(Unaudited) ^(a)

$	8,007	$	24,283	$	57,193		$	54,704
	8,708		29,299		(11,822	)		(22,463	)
	16,715		53,582		45,371			32,241


	3,068,648		14,101,108		26,366,288			24,505,760
	923		6,439		17,600			20,955
	3,069,571		14,107,547		26,383,888			24,526,715
$	3,086,286	$	14,161,129	$	26,429,259		$	24,558,956


$	-	$	-	$	-		$	-
$	3,086,286	$	14,161,129	$	26,429,259		$	24,558,956


	125,000		575,000		1,075,000			1,000,000
	-		-		-			-
	125,000		575,000		1,075,000			1,000,000

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

227

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 period 11/1/2022 - 4/30/2023	$	33.17		(0.13	)		2.68			2.55			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 period 11/1/2022 - 4/30/2023	$	29.62		(0.12	)		2.93			2.81			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 period 11/1/2022 - 4/30/2023	$	31.93		(0.13	)		3.44			3.31			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 period 11/1/2022 - 4/30/2023	$	30.83		(0.12	)		3.27			3.15			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.

228

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)

	2.56		$	35.73		7.72	%	$	180,446		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	%

	2.82		$	32.44		9.52	%	$	120,823		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	%

	3.32		$	35.25		10.38	%	$	101,330		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	%

	3.16		$	33.99		10.26	%	$	164,843		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.

229

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 period 11/1/2022 - 4/30/2023	$	29.07		(0.11	)		1.23				1.12		–		^(d)
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 ^(e) - 10/31/2020	$	25.63		(0.11	)		2.39				2.28			0.01
Innovator U.S. Equity Buffer ETF - June
For the period 11/1/2022 - 4/30/2023	$	30.59		(0.12	)		1.70				1.58			0.01
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 ^(e) - 10/31/2019	$	25.33		(0.09	)		2.11				2.02			0.03
Innovator U.S. Equity Buffer ETF - July
For the period 11/1/2022 - 4/30/2023	$	30.83		(0.12	)		2.41				2.29		–		^(d)
For the year ended 10/31/2022	$	32.69		(0.25	)		(1.65	)	⁽ⁱ⁾		(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
For the period 8/28/2018 ^(e) - 10/31/2018	$	25.51		(0.03	)		(0.90	)			(0.93	)		0.03
Innovator U.S. Equity Buffer ETF - August
For the period 11/1/2022 - 4/30/2023	$	30.00		(0.12	)		1.99				1.87		–		^(d)
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 ^(e) - 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)	Amount represents less than $0.01 per share.
^(e)	Commencement of operations.
^(f)	Includes broker interest expense of 0.01%.
^(g)	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.
^(h)	Includes extraordinary expense of 0.01%.
⁽ⁱ⁾	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.

230

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)

	1.12		$	30.19		3.90	%	$	122,279		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	%

	1.59		$	32.18		5.21	%	$	144,018		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		%^(f)		(0.80	)%		0	%

	2.29		$	33.12		7.42	%	$	146,554		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		%^(g)	$	67,755		0.79	%		(0.79	)%		4	%
	1.94		$	26.55		7.89	%	$	83,639	0.81		%^(f)(h)		(0.80	)%		106	%
	(0.90	)	$	24.61		3.53	%	$	3,691		0.79	%		(0.78	)%		0	%

	1.87		$	31.87		6.22	%	$	124,280		0.79	%		(0.78	)%		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.

231

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 period 11/1/2022 - 4/30/2023	$	30.33		(0.12	)		2.29			2.17		–		^(d)		–
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		^(e)		1.38			0.07			(0.36	)
For the period 8/30/2019 ^(f) - 10/31/2019	$	24.59		(0.03	)		0.73			0.70			0.02			–
Innovator U.S. Equity Buffer ETF - October
For the period 11/1/2022 - 4/30/2023	$	31.43		(0.13	)		3.04			2.91		–		^(d)		–
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			–
For the period 9/28/2018 ^(f) - 10/31/2018	$	24.49		(0.01	)		(1.07	)		(1.08	)		0.01			–
Innovator U.S. Equity Buffer ETF - November
For the period 11/1/2022 - 4/30/2023	$	29.74		(0.12	)		2.40			2.28			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 ^(f) - 10/31/2019	$	25.53		–			–			–			–			–
Innovator U.S. Equity Buffer ETF - December
For the period 11/1/2022 - 4/30/2023	$	31.67		(0.13	)		2.71			2.58			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 ^(f) - 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)	Amount represents less than $0.01 per share.
^(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)	Commencement of operations.
^(g)	Includes broker interest expense of 0.01%.

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

232

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)

	2.17		$	32.50		7.15	%	$	170,612		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	%

	2.91		$	34.34		9.27	%	$	150,257		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	%^(g)		(0.80	)%		25	%
	(1.07	)	$	23.42		(4.35	)%	$	21,082		0.79	%		(0.79	)%		4	%

	2.29		$	32.03		7.67	%	$	135,337		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		–			–			–	%

	2.60		$	34.27		8.20	%	$	110,519		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.

233

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
For the period 11/1/2022 - 4/30/2023	$	31.17		(0.13	)		2.62			2.49			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
For the period 11/1/2022 - 4/30/2023	$	27.84		(0.11	)		1.85			1.74			0.02		–
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
For the period 11/1/2022 - 4/30/2023	$	30.38		(0.12	)		2.24			2.12			0.02		–
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
For the period 11/1/2022 - 4/30/2023	$	27.80		(0.11	)		2.04			1.93			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.

234

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)

	2.50		$	33.67		8.04	%	$	677,655		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	%

	1.76		$	29.60		6.32	%	$	627,483		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	%

	2.14		$	32.52		7.06	%	$	447,970		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	%

	1.95		$	29.75		7.03	%	$	659,683		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.

235

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 period 11/1/2022 - 4/30/2023	$	28.02		(0.11	)		0.78				0.67			0.01			–
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 period 11/1/2022 - 4/30/2023	$	29.69		(0.12	)		1.29				1.17		–		^(e)		–
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 period 11/1/2022 - 4/30/2023	$	29.90		(0.12	)		2.36				2.24		–		^(e)		–
For the year ended 10/31/2022	$	30.38		(0.24	)		(0.27	)	^(f)		(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			–
For the period 8/7/2018 ^(d) - 10/31/2018	$	25.17		(0.04	)		(0.39	)			(0.43	)		0.01			–
Innovator U.S. Equity Power Buffer ETF - August
For the period 11/1/2022 - 4/30/2023	$	28.21		(0.11	)		1.63				1.52		–		^(e)		–
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)	Amount represents less than $0.01 per share.
^(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.

236

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)

	0.68		$	28.70		2.46	%	$	496,533		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	%

	1.17		$	30.86		3.94	%	$	363,346		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	%

	2.24		$	32.14		7.49	%	$	416,218		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	%
	(0.42	)	$	24.75		(1.68	)%	$	3,712		0.79	%		(0.79	)%		0	%

	1.52		$	29.73		5.42	%	$	524,803		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.

237

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 period 11/1/2022 - 4/30/2023	$	29.10		(0.12	)		2.08			1.96		–		^(d)		–
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		^(e)		0.80			0.06			–
For the period 8/30/2019 ^(f) - 10/31/2019	$	24.59		(0.03	)		0.58			0.55			0.01			–
Innovator U.S. Equity Power Buffer ETF - October
For the period 11/1/2022 - 4/30/2023	$	29.72		(0.12	)		2.55			2.43		–		^(d)		–
For the year ended 10/31/2022	$	30.04		(0.23	)		(0.13	)^(e)		(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			–
For the period 9/28/2018 ^(f) - 10/31/2018	$	24.49		(0.01	)		(0.95	)		(0.96	)		0.01			–
Innovator U.S. Equity Power Buffer ETF - November
For the period 11/1/2022 - 4/30/2023	$	30.01		(0.12	)		2.34			2.22			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 ^(f) - 10/31/2019	$	25.53		–			–			–			–			–
Innovator U.S. Equity Power Buffer ETF - December
For the period 11/1/2022 - 4/30/2023	$	30.03		(0.12	)		1.83			1.71			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 ^(f) - 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)	Amount represents less than $0.01 per share.
^(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)	Commencement of operations.
^(g)	Includes broker interest expense of 0.01%.

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

238

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)

	1.96		$	31.06		6.72	%	$	648,333		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	%

	2.43		$	32.15		8.16	%	$	502,358		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	%^(g)		(0.79	)%		3	%
	(0.95	)	$	23.54		(3.89	)%	$	11,180		0.79	%		(0.79	)%		4	%

	2.23		$	32.24		7.43	%	$	793,216		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		–			–			–	%

	1.73		$	31.76		5.78	%	$	713,864		0.79	%		(0.78	)%		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.

239

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 period 11/1/2022 - 4/30/2023	$	29.55		(0.12	)		2.07			1.95			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 period 11/1/2022 - 4/30/2023	$	26.35		(0.10	)		0.57			0.47			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 period 11/1/2022 - 4/30/2023	$	28.33		(0.11	)		0.79			0.68			0.01		–
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 period 11/1/2022 - 4/30/2023	$	24.83		(0.10	)		0.47			0.37			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.

240

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)

	1.96		$	31.51		6.66	%	$	151,261		0.79	%		(0.78	)%		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	%

	0.48		$	26.83		1.84	%	$	91,237		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	%

	0.69		$	29.02		2.44	%	$	72,551		0.79	%		(0.78	)%		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	%

	0.38		$	25.21		1.54	%	$	153,137		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.

241

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 period 11/1/2022 - 4/30/2023	$	26.33		(0.10	)		0.83				0.73			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 period 11/1/2022 - 4/30/2023	$	26.87		(0.11	)		1.04				0.93		–		^(e)		–
For the year ended 10/31/2022	$	29.18		(0.21	)		(2.13	)	^(g)		(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 period 11/1/2022 - 4/30/2023	$	25.62		(0.10	)		1.99				1.89		–		^(e)		–
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			–
For the period 8/7/2018 ^(d) - 10/31/2018	$	25.17		(0.04	)		(0.46	)			(0.50	)		0.01			–
Innovator U.S. Equity Ultra Buffer ETF - August
For the period 11/1/2022 - 4/30/2023	$	26.13		(0.10	)		1.25				1.15			0.01			–
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)	Amount represents less than $0.01 per share.
^(f)	Includes broker interest expense of 0.01%.
^(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.

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

242

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)

	0.74		$	27.07		2.85	%	$	97,466		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	%

	0.93		$	27.80		3.46	%	$	90,342		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	%^(f)		(0.80	)%		0	%

	1.89		$	27.51		7.39	%	$	54,332		0.79	%		(0.78	)%		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	%
	(0.49	)	$	24.68		(1.95	)%	$	3,702		0.79	%		(0.79	)%		0	%

	1.16		$	27.29		4.43	%	$	128,933		0.79	%		(0.78	)%		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.

243

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 period 11/1/2022 - 4/30/2023	$	26.28		(0.10	)		1.70			1.60		–		^(d)		–
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 ^(e) - 10/31/2019	$	24.59		(0.03	)		0.43			0.40			0.03			–
Innovator U.S. Equity Ultra Buffer ETF - October
For the period 11/1/2022 - 4/30/2023	$	26.96		(0.11	)		2.09			1.98		–		^(d)		–
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			–
For the period 9/28/2018 ^(e) - 10/31/2018	$	24.49		(0.01	)		(0.85	)		(0.86	)		0.01			–
Innovator U.S. Equity Ultra Buffer ETF - November
For the period 11/1/2022 - 4/30/2023	$	27.60		(0.11	)		1.90			1.79			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 ^(e) - 10/31/2019	$	25.53		–			–			–			–			–
Innovator U.S. Equity Ultra Buffer ETF - December
For the period 11/1/2022 - 4/30/2023	$	28.07		(0.11	)		0.89			0.78			0.01			–
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 ^(e) - 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)	Amount represents less than $0.01 per share.
^(e)	Commencement of operations.
^(f)	Includes broker interest expense of 0.01%.

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

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					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)

	1.60		$	27.88		6.10	%	$	108,739		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	%

	1.98		$	28.94		7.35	%	$	94,773		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	%^(f)		(0.79	)%		4	%
	(0.85	)	$	23.64		(3.47	)%	$	13,593		0.79	%		(0.79	)%		3	%

	1.80		$	29.40		6.49	%	$	50,714		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		–			–			–	%

	0.79		$	28.86		2.81	%	$	102,443		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.

245

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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)^(c)		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) - 4/30/2023	$	24.46		0.09		0.13			0.22		0.01

Innovator Premium Income 20 Barrier ETF - April
For the period 3/31/2023^(d) - 4/30/2023	$	24.46		0.09		0.06			0.15		0.02

Innovator Premium Income 30 Barrier ETF - April
For the period 3/31/2023^(d) - 4/30/2023	$	24.46		0.09		0.01			0.10		0.03

Innovator Premium Income 40 Barrier ETF - April
For the period 3/31/2023^(d) - 4/30/2023	$	24.46		0.09		(0.02	)		0.07		0.03

^(a) Annualized for periods less than one year.

^(b) Not annualized for periods less than one year.

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

^(d) Commencement of operations.

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

246

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 ^(b)			Net assets, end of period (000)		Expenses			Net investment income/(loss)			Portfolio turnover rate ^(b)

	0.23	$	24.69		0.94	%	$	3,086		0.79	%		5.01	%		0	%


	0.17	$	24.63		0.69	%	$	14,161		0.79	%		4.93	%		0	%


	0.13	$	24.59		0.51	%	$	26,429		0.79	%		4.70	%		0	%


	0.10	$	24.56		0.40	%	$	24,559		0.79	%		4.62	%		0	%

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

247

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited)

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

Name	Ticker	Commencement of Operations	Tracking Fund ^(a)
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

248

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (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 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 - October	IOCT	September 30, 2021	iShares MSCI EAFE ETF
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 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 Double Stacker ETF - January	DSJA	December 31, 2020	SPDR S&P 500® ETF Trust and Invesco QQQ Trust
Innovator Double Stacker ETF - October	DSOC	September 30, 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 Triple Stacker ETF - October	TSOC	September 30, 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 Double Stacker 9 Buffer ETF - October	DBOC	September 30, 2020	SPDR S&P 500® ETF Trust and Invesco QQQ Trust
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 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 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

249

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (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.

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”.

250

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (Continued)

2.	SIGNIFICANT ACCOUNTING POLICIES

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”).

Valuation:

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 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.

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.

251

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (Continued)

Fair Valuation Measurement:

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:

•	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.

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.

252

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Notes to Financial Statements (Unaudited) (Continued)

The following table summarizes valuation of the Funds’ investments under the fair value hierarchy levels as of April 30, 2023:

BJAN
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	184,383,225	$	–	$	184,383,225
Short Term Investments		467,208		–		–		467,208
Total Assets	$	467,208	$	184,383,225	$	–	$	184,850,433

Liabilities
Options Written	$	–	$	4,291,488	$	–	$	4,291,488
Total Liabilities	$	–	$	4,291,488	$	–	$	4,291,488

BFEB
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	124,563,026	$	–	$	124,563,026
Short Term Investments		331,201		–		–		331,201
Total Assets	$	331,201	$	124,563,026	$	–	$	124,894,227

Liabilities
Options Written	$	–	$	3,994,088	$	–	$	3,994,088
Total Liabilities	$	–	$	3,994,088	$	–	$	3,994,088

BMAR
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	104,849,591	$	–	$	104,849,591
Short Term Investments		268,747		–		–		268,747
Total Assets	$	268,747	$	104,849,591	$	–	$	105,118,338

Liabilities
Options Written	$	–	$	3,723,425	$	–	$	3,723,425
Total Liabilities	$	–	$	3,723,425	$	–	$	3,723,425


BAPR
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	171,302,088	$	–	$	171,302,088
Short Term Investments		420,721		–		–		420,721
Total Assets	$	420,721	$	171,302,088	$	–	$	171,722,809

Liabilities
Options Written	$	–	$	6,785,151	$	–	$	6,785,151
Total Liabilities	$	–	$	6,785,151	$	–	$	6,785,151


BMAY
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	127,781,004	$	–	$	127,781,004
Short Term Investments		340,480		–		–		340,480
Total Assets	$	340,480	$	127,781,004	$	–	$	128,121,484

Liabilities
Options Written	$	–	$	5,735,340	$	–	$	5,735,340
Total Liabilities	$	–	$	5,735,340	$	–	$	5,735,340

253

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (Continued)

BJUN
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	143,939,109	$	–	$	143,939,109
Short Term Investments		324,697		–		–		324,697
Total Assets	$	324,697	$	143,939,109	$	–	$	144,263,806

Liabilities
Options Written	$	–	$	238,533	$	–	$	238,533
Total Liabilities	$	–	$	238,533	$	–	$	238,533

BJUL
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	146,624,699	$	–	$	146,624,699
Short Term Investments		351,676		–		–		351,676
Total Assets	$	351,676	$	146,624,699	$	–	$	146,976,375

Liabilities
Options Written	$	–	$	318,417	$	–	$	318,417
Total Liabilities	$	–	$	318,417	$	–	$	318,417

BAUG
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	125,163,328	$	–	$	125,163,328
Short Term Investments		316,283		–		–		316,283
Total Assets	$	316,283	$	125,163,328	$	–	$	125,479,611

Liabilities
Options Written	$	–	$	1,124,363	$	–	$	1,124,363
Total Liabilities	$	–	$	1,124,363	$	–	$	1,124,363

BSEP
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	171,888,664	$	–	$	171,888,664
Short Term Investments		381,861		–		–		381,861
Total Assets	$	381,861	$	171,888,664	$	–	$	172,270,525

Liabilities
Options Written	$	–	$	1,633,790	$	–	$	1,633,790
Total Liabilities	$	–	$	1,633,790	$	–	$	1,633,790

BOCT
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	151,959,775	$	–	$	151,959,775
Short Term Investments		381,691		–		–		381,691
Total Assets	$	381,691	$	151,959,775	$	–	$	152,341,466

Liabilities
Options Written	$	–	$	1,982,518	$	–	$	1,982,518
Total Liabilities	$	–	$	1,982,518	$	–	$	1,982,518

254

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (Continued)

BNOV
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	137,060,049	$	–	$	137,060,049
Short Term Investments		296,222		–		–		296,222
Total Assets	$	296,222	$	137,060,049	$	–	$	137,356,271

Liabilities
Options Written	$	–	$	1,932,862	$	–	$	1,932,862
Total Liabilities	$	–	$	1,932,862	$	–	$	1,932,862

BDEC
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	112,728,023	$	–	$	112,728,023
Short Term Investments		308,672		–		–		308,672
Total Assets	$	308,672	$	112,728,023	$	–	$	113,036,695

Liabilities
Options Written	$	–	$	2,446,210	$	–	$	2,446,210
Total Liabilities	$	–	$	2,446,210	$	–	$	2,446,210

PJAN
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	699,273,696	$	–	$	699,273,696
Short Term Investments		1,754,483		–		–		1,754,483
Total Assets	$	1,754,483	$	699,273,696	$	–	$	701,028,179

Liabilities
Options Written	$	–	$	22,990,688	$	–	$	22,990,688
Total Liabilities	$	–	$	22,990,688	$	–	$	22,990,688

PFEB
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	648,913,356	$	–	$	648,913,356
Short Term Investments		1,626,541		–		–		1,626,541
Total Assets	$	1,626,541	$	648,913,356	$	–	$	650,539,897

Liabilities
Options Written	$	–	$	22,748,841	$	–	$	22,748,841
Total Liabilities	$	–	$	22,748,841	$	–	$	22,748,841

PMAR
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	467,138,541	$	–	$	467,138,541
Short Term Investments		1,171,977		–		–		1,171,977
Total Assets	$	1,171,977	$	467,138,541	$	–	$	468,310,518

Liabilities
Options Written	$	–	$	20,054,100	$	–	$	20,054,100
Total Liabilities	$	–	$	20,054,100	$	–	$	20,054,100

255

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (Continued)

PAPR
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	686,720,615	$	–	$	686,720,615
Short Term Investments		1,729,876		–		–		1,729,876
Total Assets	$	1,729,876	$	686,720,615	$	–	$	688,450,491

Liabilities
Options Written	$	–	$	28,460,282	$	–	$	28,460,282
Total Liabilities	$	–	$	28,460,282	$	–	$	28,460,282

PMAY
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	518,876,990	$	–	$	518,876,990
Short Term Investments		1,232,036		–		–		1,232,036
Total Assets	$	1,232,036	$	518,876,990	$	–	$	520,109,026

Liabilities
Options Written	$	–	$	23,323,830	$	–	$	23,323,830
Total Liabilities	$	–	$	23,323,830	$	–	$	23,323,830

PJUN
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	362,870,014	$	–	$	362,870,014
Short Term Investments		963,230		–		–		963,230
Total Assets	$	963,230	$	362,870,014	$	–	$	363,833,244

Liabilities
Options Written	$	–	$	259,409	$	–	$	259,409
Total Liabilities	$	–	$	259,409	$	–	$	259,409

PJUL
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	416,829,860	$	–	$	416,829,860
Short Term Investments		1,072,570		–		–		1,072,570
Total Assets	$	1,072,570	$	416,829,860	$	–	$	417,902,430

Liabilities
Options Written	$	–	$	1,402,573	$	–	$	1,402,573
Total Liabilities	$	–	$	1,402,573	$	–	$	1,402,573

256

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (Continued)

PAUG
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	526,485,423	$	–	$	526,485,423
Short Term Investments		1,354,432		–		–		1,354,432
Total Assets	$	1,354,432	$	526,485,423	$	–	$	527,839,855

Liabilities
Options Written	$	–	$	2,714,403	$	–	$	2,714,403
Total Liabilities	$	–	$	2,714,403	$	–	$	2,714,403

PSEP
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	652,661,779	$	–	$	652,661,779
Short Term Investments		1,665,153		–		–		1,665,153
Total Assets	$	1,665,153	$	652,661,779	$	–	$	654,326,932

Liabilities
Options Written	$	–	$	5,639,960	$	–	$	5,639,960
Total Liabilities	$	–	$	5,639,960	$	–	$	5,639,960

POCT
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	519,234,671	$	–	$	519,234,671
Short Term Investments		1,228,086		–		–		1,228,086
Total Assets	$	1,228,086	$	519,234,671	$	–	$	520,462,757

Liabilities
Options Written	$	–	$	17,781,570	$	–	$	17,781,570
Total Liabilities	$	–	$	17,781,570	$	–	$	17,781,570

PNOV
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	804,576,001	$	–	$	804,576,001
Short Term Investments		2,033,725		–		–		2,033,725
Total Assets	$	2,033,725	$	804,576,001	$	–	$	806,609,726

Liabilities
Options Written	$	–	$	12,921,600	$	–	$	12,921,600
Total Liabilities	$	–	$	12,921,600	$	–	$	12,921,600

257

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (Continued)

PDEC
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	725,136,300	$	–	$	725,136,300
Short Term Investments		1,856,852		–		–		1,856,852
Total Assets	$	1,856,852	$	725,136,300	$	–	$	726,993,152

Liabilities
Options Written	$	–	$	12,754,896	$	–	$	12,754,896
Total Liabilities	$	–	$	12,754,896	$	–	$	12,754,896

UJAN
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	156,347,905	$	–	$	156,347,905
Short Term Investments		384,626		–		–		384,626
Total Assets	$	384,626	$	156,347,905	$	–	$	156,732,531

Liabilities
Options Written	$	–	$	5,375,165	$	–	$	5,375,165
Total Liabilities	$	–	$	5,375,165	$	–	$	5,375,165

UFEB
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	93,534,883	$	–	$	93,534,883
Short Term Investments		225,448		–		–		225,448
Total Assets	$	225,448	$	93,534,883	$	–	$	93,760,331

Liabilities
Options Written	$	–	$	2,465,354	$	–	$	2,465,354
Total Liabilities	$	–	$	2,465,354	$	–	$	2,465,354

UMAR
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	75,155,805	$	–	$	75,155,805
Short Term Investments		210,012		–		–		210,012
Total Assets	$	210,012	$	75,155,805	$	–	$	75,365,817

Liabilities
Options Written	$	–	$	2,763,470	$	–	$	2,763,470
Total Liabilities	$	–	$	2,763,470	$	–	$	2,763,470

258

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (Continued)

UAPR
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	157,660,028	$	–	$	157,660,028
Short Term Investments		429,743		–		–		429,743
Total Assets	$	429,743	$	157,660,028	$	–	$	158,089,771

Liabilities
Options Written	$	–	$	4,856,689	$	–	$	4,856,689
Total Liabilities	$	–	$	4,856,689	$	–	$	4,856,689

UMAY
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	100,491,290	$	–	$	100,491,290
Short Term Investments		282,521		–		–		282,521
Total Assets	$	282,521	$	100,491,290	$	–	$	100,773,811

Liabilities
Options Written	$	–	$	3,226,492	$	–	$	3,226,492
Total Liabilities	$	–	$	3,226,492	$	–	$	3,226,492

UJUN
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	90,204,154	$	–	$	90,204,154
Short Term Investments		213,917		–		–		213,917
Total Assets	$	213,917	$	90,204,154	$	–	$	90,418,071

Liabilities
Options Written	$	–	$	17,732	$	–	$	17,732
Total Liabilities	$	–	$	17,732	$	–	$	17,732

UJUL
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	54,664,463	$	–	$	54,664,463
Short Term Investments		87,132		–		–		87,132
Total Assets	$	87,132	$	54,664,463	$	–	$	54,751,595

Liabilities
Options Written	$	–	$	431,600	$	–	$	431,600
Total Liabilities	$	–	$	431,600	$	–	$	431,600

259

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (Continued)

UAUG
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	128,909,528	$	–	$	128,909,528
Short Term Investments		281,268		–		–		281,268
Total Assets	$	281,268	$	128,909,528	$	–	$	129,190,796

Liabilities
Options Written	$	–	$	241,566	$	–	$	241,566
Total Liabilities	$	–	$	241,566	$	–	$	241,566

USEP
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	109,429,803	$	–	$	109,429,803
Short Term Investments		280,442		–		–		280,442
Total Assets	$	280,442	$	109,429,803	$	–	$	109,710,245

Liabilities
Options Written	$	–	$	901,275	$	–	$	901,275
Total Liabilities	$	–	$	901,275	$	–	$	901,275

UOCT
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	99,632,697	$	–	$	99,632,697
Short Term Investments		211,858		–		–		211,858
Total Assets	$	211,858	$	99,632,697	$	–	$	99,844,555

Liabilities
Options Written	$	–	$	5,010,763	$	–	$	5,010,763
Total Liabilities	$	–	$	5,010,763	$	–	$	5,010,763

UNOV
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	51,541,184	$	–	$	51,541,184
Short Term Investments		123,848		–		–		123,848
Total Assets	$	123,848	$	51,541,184	$	–	$	51,665,032

Liabilities
Options Written	$	–	$	918,707	$	–	$	918,707
Total Liabilities	$	–	$	918,707	$	–	$	918,707

UDEC
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	103,437,344	$	–	$	103,437,344
Short Term Investments		276,812		–		–		276,812
Total Assets	$	276,812	$	103,437,344	$	–	$	103,714,156

Liabilities
Options Written	$	–	$	1,205,746	$	–	$	1,205,746
Total Liabilities	$	–	$	1,205,746	$	–	$	1,205,746

260

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (Continued)

APRD
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	-	$	891,090	$	-	$	891,090
Short Term Investments		2,984		3,231,569		-		3,234,553
Total Assets	$	2,984	$	4,122,659	$	-	$	4,125,643

Liabilities
Options Written	$	-	$	1,038,052	$	-	$	1,038,052
Total Liabilities	$	-	$	1,038,052	$	-	$	1,038,052

APRH
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	-	$	4,531,741	$	-	$	4,531,741
Short Term Investments		15,105		14,673,026		-		14,688,131
Total Assets	$	15,105	$	19,204,767	$	-	$	19,219,872

Liabilities
Options Written	$	-	$	5,054,785	$	-	$	5,054,785
Total Liabilities ��	$	-	$	5,054,785	$	-	$	5,054,785

APRJ
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	-	$	6,975,114	$	-	$	6,975,114
Short Term Investments		35,541		27,071,386		-		27,106,927
Total Assets	$	35,541	$	34,046,500	$	-	$	34,082,041

Liabilities
Options Written	$	-	$	7,643,795	$	-	$	7,643,795
Total Liabilities	$	-	$	7,643,795	$	-	$	7,643,795

APRQ
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	-	$	4,932,456	$	-	$	4,932,456
Short Term Investments		37,953		24,935,071		-		24,973,024
Total Assets	$	37,953	$	29,867,527	$	-	$	29,905,480

Liabilities
Options Written	$	-	$	5,337,546	$	-	$	5,337,546
Total Liabilities	$	-	$	5,337,546	$	-	$	5,337,546

261

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (Continued)

There were no Level 3 investments for the Funds during the period ended April 30, 2023.

Option Contracts:

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”).

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.

262

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (Continued)

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.

263

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (Continued)

The value of derivative instruments on the Statements of Assets and Liabilities for the Funds as of April 30, 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
BJA	$	184,383,225	$	4,291,488
BFEB		124,563,026		3,994,088
BMAR		104,849,591		3,723,425
BAPR		171,302,088		6,785,151
BMAY		127,781,004		5,735,340
BJUN		143,939,109		238,533
BJUL		146,624,699		318,417
BAUG		125,163,328		1,124,363
BSEP		171,888,664		1,633,790
BOCT		151,959,775		1,982,518
BNOV		137,060,049		1,932,862
BDEC		112,728,023		2,446,210
PJAN		699,273,696		22,990,688
PFEB		648,913,356		22,748,841
PMAR		467,138,541		20,054,100
PAPR		686,720,615		28,460,282
PMAY		518,876,990		23,323,830
PJUN		362,870,014		259,409
PJUL		416,829,860		1,402,573
PAUG		526,485,423		2,714,403
PSEP		652,661,779		5,639,960
POCT		519,234,671		17,781,570
PNOV		804,576,001		12,921,600
PDEC		725,136,300		12,754,896
UJAN		156,347,905		5,375,165
UFEB		93,534,883		2,465,354
UMAR		75,155,805		2,763,470
UAPR		157,660,028		4,856,689
UMAY		100,491,290		3,226,492
UJUN		90,204,154		17,732
UJUL		54,664,463		431,600
UAUG		128,909,528		241,566
USEP		109,429,803		901,275
UOCT		99,632,697		5,010,763
UNOV		51,541,184		918,707
UDEC		103,437,344		1,205,746
APRD		891,090		1,038,052
APRH		4,531,741		5,054,785
APRJ		6,975,114		7,643,795
APRQ ��		4,932,456		5,337,546

264

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (Continued)

The effect of derivative instruments on the Statements of Operations for the period ended April 30, 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	$	(17,511,673	)	$	9,901,579		$	(6,608,061	)	$	335,450
BFEB		(5,898,515	)		407,783			2,554,773			2,170,546
BMAR		(5,886,095	)		191,845			2,840,803			3,009,954
BAPR		(13,825,537	)		6,350,693			4,462,436			3,452,908
BMAY		(10,475,878	)		(63,807	)		4,142,809			8,189,399
BJUN		(124,455	)		(90,631	)		(4,771	)		309,576
BJUL		(246,566	)		3,753,759			156,204			3,111,125
BAUG		(312,585	)		(117,716	)		47,978			205,623
BSEP		(287,903	)		252,481			14,345			448,101
BOCT		(630,501	)		6,845,041			60,762			4,876,439
BNOV		(261,337	)		698,460			(8,814	)		488,246
BDEC		(6,799,239	)		2,858,339			911,776			3,205,219
PJAN		(45,845,422	)		24,281,556			(1,844,114	)		9,870,710
PFEB		(18,111,524	)		3,091,907			8,047,253			9,421,315
PMAR		(17,330,706	)		2,144,994			145,447			16,891,096
PAPR		(33,727,147	)		16,781,034			1,097,760			19,475,105
PMAY		(31,561,883	)		4,435,756			9,612,032			17,694,763
PJUN		(1,090,233	)		2,345,281			(23,984	)		2,860,837
PJUL		(1,425,789	)		5,830,508			95,489			8,086,291
PAUG		(2,812,346	)		2,241,942			(18,893	)		1,953,794
PSEP		(959,406	)		3,931,573			5,380			3,159,345
POCT		(904,903	)		15,876,684			(310,167	)		7,360,366
PNOV		(457,554	)		3,487,442			81,641			2,578,915
PDEC		(20,912,318	)		5,432,698			7,941,179			9,078,337
UJAN		(23,323,106	)		11,933,880			1,925,304			6,159,374
UFEB		(4,744,273	)		(50,960	)		413,656			1,852,997
UMAR		(6,109,840	)		458,724			(55,547	)		2,482,364
UAPR		(4,355,230	)		1,069,908			17,500			4,369,213
UMAY		(4,812,414	)		4,349,259			966,040			3,233,229
UJUN		(1,530,323	)		1,579,700			164,908			1,150,253
UJUL		(90,507	)		998,982			16,956			780,387
UAUG		(173,698	)		1,317,788			(1,793	)		717,597
USEP		(436,162	)		5,066,273			(62,601	)		1,713,194
UOCT		470,905			1,014,708			(318,903	)		279,863
UNOV		(106,784	)		1,028,614			(3,819	)		490,749
UDEC		(4,716,976	)		1,350,873			831,952			2,432,269
APRD		-			-			-			-
APRH		-			-			-			-
APRJ		-			-			-			-
APRQ		-			-			-			-

265

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (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	$	16,608,009		$	9,729,224
BFEB		7,308,488			1,410,793
BMAR		9,378,622			(697,506	)
BAPR		10,077,633			2,344,822
BMAY		8,898,579			(4,412,084	)
BJUN		(253,191	)		4,565,878
BJUL		2,038,113			4,207,682
BAUG		1,444,359			5,545,397
BSEP		3,786,245			8,164,760
BOCT		1,410,488			5,837,771
BNOV		4,221,410			6,078,796
BDEC		3,948,985			3,514,189
PJAN		54,427,898			6,179,568
PFEB		22,268,497			(1,969,045	)
PMAR		31,332,155			(8,871,379	)
PAPR		25,143,149			(3,580,048	)
PMAY		21,663,742			(13,711,922	)
PJUN		(1,375,330	)		12,117,455
PJUL		9,986,642			14,663,050
PAUG		5,307,445			19,969,753
PSEP		11,994,938			25,948,835
POCT		9,983,602			17,862,904
PNOV		23,040,940			33,785,571
PDEC		18,912,221			14,206,184
UJAN		22,799,276			(6,733,863	)
UFEB		6,105,420			(1,540,734	)
UMAR		7,737,870			(2,598,769	)
UAPR		4,755,579			(2,921,895	)
UMAY		2,326,420			(2,903,700	)
UJUN		2,304,017			478,731
UJUL		1,732,375			1,420,063
UAUG		1,682,649			1,833,873
USEP		373,742			2,236,945
UOCT		4,043,042			2,387,309
UNOV		1,741,949			1,245,125
UDEC		4,954,246			(693,842	)
APRD ^(a)		(91,001	)		103,718
APRH ^(a)		(481,200	)		527,889
APRJ ^(a)		(1,016,032	)		1,054,453
APRQ ^(a)		(787,162	)		823,192

^(a)

Amount is included in the change in unrealized appreciation/(depreciation) on investments on the statement of operations.

266

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (Continued)

The average volume of derivative activity during the period ended April 30, 2023, is as follows:

	Purchased Options		Options Written
	Average Monthly Market Value		Average Monthly Market Value
BJAN	$	171,634,954	$	(6,535,488	)
BFEB		95,549,155		(3,929,103	)
BMAR		86,265,343		(2,992,718	)
BAPR		132,496,680		(5,888,930	)
BMAY		144,237,189		(3,369,149	)
BJUN		110,210,607		(1,822,560	)
BJUL		161,567,137		(2,674,657	)
BAUG		115,959,426		(3,071,187	)
BSEP		174,719,695		(4,530,848	)
BOCT		211,722,459		(6,337,842	)
BNOV		139,784,811		(4,170,053	)
BDEC		105,920,573		(4,063,744	)
PJAN		617,359,522		(22,905,822	)
PFEB		441,275,389		(15,508,352	)
PMAR		329,226,117		(10,789,579	)
PAPR		393,765,419		(12,222,965	)
PMAY		428,044,475		(7,219,358	)
PJUN		367,879,184		(4,571,861	)
PJUL		488,103,203		(9,495,163	)
PAUG		493,037,408		(9,365,448	)
PSEP		632,979,969		(14,760,912	)
POCT		632,463,087		(29,796,440	)
PNOV		830,475,714		(25,771,439	)
PDEC		626,330,658		(19,275,489	)
UJAN		193,292,531		(5,508,224	)
UFEB		77,313,885		(1,548,920	)
UMAR		82,733,359		(1,668,158	)
UAPR		148,703,650		(1,795,447	)
UMAY		93,304,747		(831,549	)
UJUN		93,551,342		(526,216	)
UJUL		64,042,160		(1,399,086	)
UAUG		109,035,656		(965,315	)
USEP		134,151,586		(2,637,615	)
UOCT		108,688,461		(6,140,772	)
UNOV		62,876,122		(1,777,252	)
UDEC		93,634,792		(1,751,702	)
APRD		654,480		(761,975	)
APRH		2,496,750		(2,784,051	)
APRJ		3,677,727		(4,029,426	)
APRQ		2,607,228		(2,820,983	)

267

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (Continued)

Use of Estimates:

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.

Guarantees and Indemnifications:

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.

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.

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 period ended April 30, 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 April 30, 2023, the Funds did not have a liability for any unrecognized tax benefits. As of April 30, 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.

268

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (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 ended October 31, 2022, 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	$	(40,359,803	)	$	40,359,803
BFEB		(10,628,062	)		10,628,062
BMAR		(10,694,631	)		10,694,631
BAPR		(14,851,474	)		14,851,474
BMAY		(7,854,475	)		7,854,475
BJUN		(3,995,240	)		3,995,240
BJUL		(8,562,248	)		8,562,248
BAUG		(3,882,987	)		3,882,987
BSEP		(5,032,006	)		5,032,006
BOCT		(6,842,709	)		6,842,709
BNOV		(4,551,039	)		4,551,039
BDEC		(644,711	)		644,711
PJAN		(84,520,389	)		84,520,389
PFEB		(26,838,024	)		26,838,024
PMAR		(20,382,706	)		20,382,706
PAPR		(27,265,785	)		27,265,785
PMAY		(22,951,297	)		22,951,297
PJUN		(9,103,635	)		9,103,635
PJUL		(19,096,521	)		19,096,521
PAUG		(11,555,712	)		11,555,712
PSEP		(11,044,495	)		11,044,495
POCT		(25,095,030	)		25,095,030
PNOV		(12,881,183	)		12,881,183
PDEC		(983,489	)		983,489
UJAN		(31,018,328	)		31,018,328
UFEB		(4,926,720	)		4,926,720
UMAR		(4,957,353	)		4,957,353
UAPR		(4,919,223	)		4,919,223
UMAY		(2,990,120	)		2,990,120
UJUN		(1,241,885	)		1,241,885
UJUL		(2,589,870	)		2,589,870
UAUG		(1,424,101	)		1,424,101
USEP		(1,768,784	)		1,768,784
UOCT		(7,576,998	)		7,576,998
UNOV		(3,709,410	)		3,709,410
UDEC		(140,004	)		140,004

269

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (Continued)

Distributions to Shareholders:

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 and Investment Income:

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.

3.	INVESTMENT ADVISOR AND OTHER AFFILIATES

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, each respective Fund pays monthly the Adviser a unitary fee calculated daily based on the average daily net assets of the Fund at the annual rate of 0.79%. 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.

270

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (Continued)

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.

271

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (Continued)

4.	INVESTMENT TRANSACTIONS

For the period ended April 30, 2023, there were no purchases or proceeds from long-term sales of investment securities.

For the period ended April 30, 2023, in-kind transactions associated with creations and redemptions were as follows:

	In-Kind		In-Kind
	Creations		Redemptions
BJAN	$	-	$	36,915,367
BFEB		-		9,565,287
BMAR		-		16,136,981
BAPR		-		21,897,580
BMAY		-		112,944,598
BJUN		-		6,428,938
BJUL		-		53,856,936
BAUG		-		8,183,784
BSEP		-		11,220,244
BOCT		-		103,424,177
BNOV		-		11,198,848
BDEC		-		11,476,706
PJAN		-		114,648,652
PFEB		-		39,902,596
PMAR		-		60,074,569
PAPR		-		58,038,610
PMAY		-		237,349,398
PJUN		-		36,259,599
PJUL		-		151,912,828
PAUG		-		27,637,155
PSEP		-		71,931,622
POCT		-		210,516,295
PNOV		-		59,501,355
PDEC		-		34,002,789
UJAN		-		128,500,444
UFEB		-		9,903,256
UMAR		-		35,185,288
UAPR		-		27,170,962
UMAY		-		62,347,826
UJUN		-		23,948,189
UJUL		-		24,923,025
UAUG		-		14,512,188
USEP		-		59,905,787
UOCT		-		12,777,392
UNOV		-		28,530,029
UDEC		-		42,423,373
APRD		-		-
APRH		-		-
APRJ		-		-
APRQ		-		-

272

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (Continued)

5. CREATION AND REDEMPTION TRANSACTIONS

There were 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 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.

273

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (Continued)

6.	FEDERAL INCOME TAX INFORMATION

At October 31, 2022, the cost of investments including options written and net unrealized appreciation/(depreciation) for federal income tax purposes were as follows:

	Cost of Portfolio		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation / (Depreciation)
BJAN	$	155,956,541	$	18,541,277	$	(31,767,792	)	$	(13,226,515	)
BFEB		74,769,357		4,910,943		(10,765,474	)		(5,854,531	)
BMAR		81,389,323		3,785,872		(8,489,608	)		(4,703,736	)
BAPR		125,744,211		9,526,575		(19,601,661	)		(10,075,086	)
BMAY		180,485,326		4,399,307		(8,911,310	)		(4,512,003	)
BJUN		79,577,181		1,486,513		(4,538,705	)		(3,052,192	)
BJUL		165,243,678		9,328,015		(4,131,591	)		5,196,424
BAUG		107,433,952		2,448,332		(7,057,023	)		(4,608,691	)
BSEP		168,722,257		841,155		(3,399,321	)		(2,558,166	)
BOCT		216,363,013		19,003,350		(8,939,404	)		10,063,946
BNOV		61,629,655		-		(13,941	)		(13,941	)
BDEC		107,108,220		8,299,575		(11,619,130	)		(3,319,555	)
PJAN		466,110,887		60,542,393		(77,556,273	)		(17,013,880	)
PFEB		248,228,431		21,833,683		(30,489,571	)		(8,655,888	)
PMAR		234,077,488		15,245,854		(22,880,808	)		(7,634,954	)
PAPR		322,958,721		27,956,494		(42,141,393	)		(14,184,899	)
PMAY		401,237,554		13,660,379		(21,715,099	)		(8,054,720	)
PJUN		351,163,190		8,905,627		(15,510,644	)		(6,605,017	)
PJUL		496,342,283		19,062,749		(11,266,585	)		7,796,164
PAUG		447,598,538		13,131,870		(24,679,871	)		(11,548,001	)
PSEP		552,645,138		3,994,878		(9,175,599	)		(5,180,721	)
POCT		629,320,477		47,579,909		(27,074,424	)		20,505,485
PNOV		316,903,443		-		(71,237	)		(71,237	)
PDEC		212,286,520		24,687,748		(28,909,683	)		(4,221,935	)
UJAN		291,111,147		21,043,957		(28,298,905	)		(7,254,948	)
UFEB		56,250,066		3,455,930		(6,313,053	)		(2,857,123	)
UMAR		72,314,629		2,111,841		(4,987,307	)		(2,875,466	)
UAPR		123,308,884		4,621,086		(4,962,679	)		(341,593	)
UMAY		98,880,205		2,893,522		(2,336,573	)		556,949
UJUN		114,942,284		2,338,070		(2,345,413	)		(7,343	)
UJUL		72,574,181		2,698,838		(1,577,274	)		1,121,564
UAUG		83,349,222		1,542,348		(2,532,029	)		(989,681	)
USEP		157,702,963		4,396,817		(3,030,681	)		1,366,136
UOCT		110,637,138		8,656,408		(6,002,065	)		2,654,343
UNOV		53,016,765		-		(11,975	)		(11,975	)
UDEC		48,675,386		3,555,647		(5,889,436	)		(2,333,789	)

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Notes to Financial Statements (Unaudited) (Continued)

At October 31, 2022, the components of distributable earnings/(accumulated deficit) on a tax basis were as follows:

	Accumulated Capital and Other Losses			Undistributed Net Ordinary Income		Undistributed Capital Gains		Unrealized Appreciation / (Depreciation) on Investments			Total Distributable Earnings /(Accumulated Deficit)
BJAN	$	(29,724,859	)	$	-	$	-	$	(13,226,515	)	$	(42,951,374	)
BFEB		(3,580,693	)		-		-		(5,854,531	)		(9,435,224	)
BMAR		(3,275,266	)		-		-		(4,703,736	)		(7,979,002	)
BAPR		(786,516	)		-		-		(10,075,086	)		(10,861,602	)
BMAY		(5,612,758	)		-		-		(4,512,003	)		(10,124,761	)
BJUN		(3,344,552	)		-		-		(3,052,192	)		(6,396,744	)
BJUL		(6,666,300	)		-		-		5,196,424			(1,469,876	)
BAUG		(8,824,887	)		-		-		(4,608,691	)		(13,433,578	)
BSEP		(10,797,814	)		-		-		(2,558,166	)		(13,355,980	)
BOCT		(15,030,711	)		-		-		10,063,946			(4,966,765	)
BNOV		(11,114,831	)		-		-		(13,941	)		(11,128,772	)
BDEC		(4,865,374	)		-		-		(3,319,555	)		(8,184,929	)
PJAN		(73,105,815	)		-		-		(17,013,880	)		(90,119,695	)
PFEB		(14,828,547	)		-		-		(8,655,888	)		(23,484,435	)
PMAR		(9,873,077	)		-		-		(7,634,954	)		(17,508,031	)
PAPR		(10,663,460	)		-		-		(14,184,899	)		(24,848,359	)
PMAY		(18,398,291	)		-		-		(8,054,720	)		(26,453,011	)
PJUN		(7,321,902	)		-		-		(6,605,017	)		(13,926,919	)
PJUL		(16,912,696	)		-		-		7,796,164			(9,116,532	)
PAUG		(13,464,275	)		-		-		(11,548,001	)		(25,012,276	)
PSEP		(13,127,617	)		-		-		(5,180,721	)		(18,308,338	)
POCT		(30,592,375	)		-		-		20,505,485			(10,086,890	)
PNOV		(17,932,509	)		-		-		(71,237	)		(18,003,746	)
PDEC		(4,759,413	)		-		-		(4,221,935	)		(8,981,348	)
UJAN		(28,146,655	)		-		-		(7,254,948	)		(35,401,603	)
UFEB		(2,711,782	)		-		-		(2,857,123	)		(5,568,905	)
UMAR		(1,880,187	)		-		-		(2,875,466	)		(4,755,653	)
UAPR		(3,967,474	)		-		-		(341,593	)		(4,309,068	)
UMAY		(3,693,077	)		-		-		556,949			(3,136,128	)
UJUN		(1,169,517	)		-		-		(7,343	)		(1,176,860	)
UJUL		(4,263,123	)		-		-		1,121,564			(3,141,559	)
UAUG		(3,153,904	)		-		-		(989,681	)		(4,143,585	)
USEP		(5,204,616	)		-		-		1,366,136			(3,838,480	)
UOCT		(10,848,811	)		-		-		2,654,343			(8,194,468	)
UNOV		(6,247,184	)		-		-		(11,975	)		(6,259,159	)
UDEC		(728,655	)		-		-		(2,333,789	)		(3,062,444	)

275

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Notes to Financial Statements (Unaudited) (Continued)

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, 2022, the Funds deferred the following qualified late year ordinary losses:

	Late Year Ordinary Losses
BJAN	$	1,199,475
BFEB		680,142
BMAR		521,285
BAPR		786,516
BMAY		850,246
BJUN		476,415
BJUL		719,872
BAUG		704,776
BSEP		933,826
BOCT		704,699
BNOV		474,585
BDEC		586,925
PJAN		3,424,465
PFEB		1,676,791
PMAR		1,363,787
PAPR		1,803,172
PMAY		2,084,701
PJUN		1,564,364
PJUL		1,820,037
PAUG		1,584,478
PSEP		1,970,366
POCT		1,605,914
PNOV		1,279,448
PDEC		1,448,055
UJAN		1,736,708
UFEB		290,725
UMAR		293,938
UAPR		503,744
UMAY		438,513
UJUN		399,287
UJUL		326,643
UAUG		278,960
USEP		453,463
UOCT		483,258
UNOV		286,412
UDEC		297,690

276

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (Continued)

At October 31, 2022, for federal income tax purposes, the Funds had capital loss carryforwards available to offset future capital gains for an unlimited period as indicated below:

	Indefinite Short-Term
BJAN	$	28,525,382
BFEB		2,900,552
BMAR		2,753,982
BAPR		-
BMAY		4,762,510
BJUN		2,868,137
BJUL		5,946,425
BAUG		8,120,111
BSEP		9,863,987
BOCT		14,326,012
BNOV		10,640,246
BDEC		4,278,448
PJAN		69,681,348
PFEB		13,151,754
PMAR		8,509,289
PAPR		8,860,289
PMAY		16,313,591
PJUN		5,757,539
PJUL		15,092,659
PAUG		11,879,797
PSEP		11,157,251
POCT		28,986,461
PNOV		16,653,060
PDEC		3,311,359
UJAN		26,409,949
UFEB		2,421,058
UMAR		1,586,248
UAPR		3,463,730
UMAY		3,254,565
UJUN		770,230
UJUL		3,936,481
UAUG		2,874,943
USEP		4,751,150
UOCT		10,365,554
UNOV		5,960,773
UDEC		430,966

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, 2022, no capital loss carryforwards available were utilized.

The Funds did not pay any distributions during the fiscal years ended October 31, 2022 and October 31, 2021, respectively.

277

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (Continued)

7. SUBSEQUENT EVENT

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.

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INNOVATOR ETFs TRUST

Trustees and Officers (Unaudited)

*Name, Address* *and Year of Birth*	*Position with* *the Trust*	*Length of* *Time* Served*	*Principal Occupation(s)* *During Past 5 Years*	*Number* of *Portfolios in Fund* *Complex^(a)* Overseen by Trustee or Officer**	*Other* *Directorships* *Held by Trustee* *or Officer in the Past Five Years*
Independent Trustees
Mark Berg 109 N. Hale Street, Wheaton, IL 60187 Year of Birth: 1971	Trustee	Since 2017	Founding Principal (2001-present), Chief Executive Officer (2019-present), President (2001-2019), Timothy Financial Counsel, Inc.	95	Tortazo, LLC (2018-present)
Joe Stowell 109 N. Hale Street, Wheaton, IL 60187 Year of Birth: 1968	Trustee	Since 2017	Chief Operating Officer, Woodmen Valley Chapel (2015-present).	95	Board of Advisors, Westmont College (2016-2021).
Brian J. Wildman 109 N. Hale Street, Wheaton, IL 60187 Year of Birth: 1963	Trustee	Since 2017	President, Timothy Financial Counsel, Inc. (2019-present); Executive Vice President, Consumer Banking (2016-2019), Chief Risk Officer (2013-2016), MB Financial Bank.	95	Missionary Furlough Homes, Inc. (since 2008); MB Financial Bank (2003-2019).

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INNOVATOR ETFs TRUST

Trustees and Officers (Unaudited) (Continued)

Interested Trustee & Officer
H. Bruce Bond ^(b) 109 N. Hale Street, Wheaton, IL 60187 Year of Birth: 1963	Interested Trustee, President and Principal Executive Officer	Since 2017	Chief Executive Officer, Innovator Capital Management, LLC (2017-present).	95	None
Officers
John W. Southard, Jr. 109 N. Hale Street, Wheaton, IL 60187 Year of Birth: 1969	Vice President, Secretary and Assistant Treasurer	Since 2017	Chief Investment Officer, Innovator Capital Management, LLC (2017-present); Director and Co-Founder, T2 Capital Management, LLC (2010-present).	95	Independent Trustee, ETF Managers Group, LLC (2012-2018)
Kathleen Meyer 109 N. Hale Street Wheaton, IL 60187 Year of Birth: 1964	Vice President, Treasurer and Principal Financial Accounting Officer	Since 2022	Chief Financial Officer, Innovator Capital Management, LLC (2018-present)	95	None
Kevin P. Hourihan 3 Canal Plaza 3^rd Floor Portland, ME 04101 Year of Birth: 1978	Chief Compliance Officer and Anti-Money Laundering Officer	Since 2023	Senior Principal Consultant, Fund Chief Compliance Officer, ACA Global, LLC (since 2022); Chief Compliance Officer, Ashmore Funds (2017-2022); Chief Compliance Officer, Ashmore Investment Management (US) Corp (2014-2022); Chief Compliance Officer, Ashmore Equities Investment Management (2015-2019).	95	None

*	The Funds’ Trustees serve for an indefinite term until their resignation, death or removal. The Funds’ officers are elected annually by the Board and serve at the Board’s pleasure.

^(a)	The Fund Complex includes the Funds, each series of Innovator ETFs Trust.
^(b)	H. Bruce Bond is deemed to be an interested person of the Trust (as defined in the 1940 Act) because of his affiliation with the Adviser.

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

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INNOVATOR ETFs TRUST

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 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

At a quarterly Board meeting held on June 16, 2022, 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 - April, Innovator Premium Income 20 Barrier ETF - April, Innovator Premium Income 30 Barrier ETF - April and Innovator Premium Income 40 Barrier ETF - April (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.

281

INNOVATOR ETFs TRUST

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 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, 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.

282

INNOVATOR ETFs TRUST

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

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 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.

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.

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.

283

INNOVATOR ETFs TRUST

Additional Information (Unaudited)

1.	INFORMATION ABOUT PROSPECTUS

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.

2.	PROXY VOTING POLICIES AND PROCEDURES

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.

3.	INFORMATION ABOUT PORTFOLIO SECURITIES

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.

4.	HOUSEHOLD DELIVERY OF SHAREHOLDER DOCUMENTS

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.

5.	ELECTRONIC DELIVERY OF SHAREHOLDER DOCUMENTS

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.

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Additional Information (Unaudited) (Continued)

6.	TAX NOTICE

For the fiscal year ended October 31, 2022, 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, 2022, 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, 2022, 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%.

7. LIQUIDITY RISK MANAGEMENT PROGRAM

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 13, 2022, 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.

285

INVESTMENT ADVISOR

Innovator Capital Management, LLC

109 North Hale Street

Wheaton, IL 60187

INVESTMENT SUB-ADVISOR

Milliman Financial Risk Management, LLC

71 South Wacker Drive, 31^st Floor

Chicago, IL 60606

ADMINISTRATOR, FUND ACCOUNTANT & TRANSFER AGENT

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, WI 53202

DISTRIBUTOR

Foreside Fund Services, LLC

Three Canal Plaza, Suite 100

Portland, ME 04101

CUSTODIAN

U.S. Bank, N.A.

1555 North RiverCenter Drive, Suite 302

Milwaukee, WI 53212

LEGAL COUNSEL

Chapman and Cutler LLP

320 South Canal Street, 27^th Floor

Chicago, IL 60606

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Cohen & Company, Ltd.

342 North Water Street, Suite 830

Milwaukee, WI 53202

TABLE OF CONTENTS

Letter to Shareholders	3
Fund Performance	5
Expense Example	29
Schedules of Investments	31
Statements of Assets and Liabilities	78
Statements of Operations	83
Statements of Changes in Net Assets	88
Financial Highlights	98
Notes to Financial Statements	108
Trustees and Officers	130
Board Considerations Regarding Approval of Investment Management Agreement	132
Additional Information	138

INNOVATOR ETFs TRUST

Letter to Shareholders (Unaudited)

Dear Valued Shareholders,

The 1-year period ended April 30, 2023 was noteworthy in many ways. During this 12-month stretch, investors witnessed a remarkable chain of events:

Accommodative covid-era monetary policy led to the highest inflation in 40 years

High and rising inflation led to tighter monetary policy

Tighter monetary policy led to large bank failures

Bank failures led to heightened stock market volatility

On top of all that, the Federal government reached its debt limit in early 2023 and Congress had still not resolved the matter as of April 30.

Bruce Bond,

CEO

INNOVATOR ETFs TRUST

Letter to Shareholders (Unaudited) (Continued)

Investing involves risks. Loss of principal is possible.

Innovator ETFs are distributed by Foreside Fund Services, LLC.

INNOVATOR IBD® 50 ETF

Fund Performance

April 30, 2023 (Unaudited)

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 April 30, 2023 as compared with the S&P 500® Index.

	Average Annual Total Returns As of April 30, 2023
	1 Year			3 Years			5 Years			Since Inception ^(a)
Innovator IBD® 50 ETF
NAV Return		-26.55	%		-7.34	%		-6.30	%		-0.54	%
Market Return		-26.56	%		-7.40	%		-6.33	%		-0.55	%
S&P 500® Index		2.66	%		14.52	%		11.45	%		11.06	%
IBD® 50 Index ^(b)		-26.52	%		-6.82	%		-5.75	%		-5.91	%	^(c)

^(a)	Inception date is April 8, 2015.
^(b)	The Fund began tracking the IBD® 50 Index on November 20, 2017.
^(c)	Since Inception return is from the date the Fund began tracking the IBD® 50 Index, November 20, 2017.

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.

INNOVATOR IBD® 50 ETF

Fund Performance

April 30, 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. 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.

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/FFTY.

INNOVATOR IBD® BREAKOUT OPPORTUNITIES ETF

Fund Performance

April 30, 2023 (Unaudited)

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 April 30, 2023 as compared with the S&P 500® Index and IBD®Breakout Stocks Index.

	Average Annual Total Returns As of April 30, 2023
	1 Year			3 Years			Since Inception ^(a)
Innovator IBD® Breakout Opportunities ETF
NAV Return		-10.34	%		15.28	%		4.98	%
Market Return		-10.34	%		15.02	%		4.97	%
S&P 500® Index		2.66	%		14.52	%		10.14	%
IBD® Breakout Stocks Index		-9.35	%		16.85	%		6.31	%

^(a)	Inception date is September 12, 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 0.81%. For the most recent performance, please visit the Fund’s website at innovatoretfs.com.

INNOVATOR IBD® BREAKOUT OPPORTUNITIES ETF

Fund Performance

April 30, 2023 (Unaudited) (Continued)

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.

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/BOUT.

INNOVATOR DEEPWATER FRONTIER TECH ETF

Fund Performance

April 30, 2023 (Unaudited)

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 April 30, 2023 as compared with the Dow Jones Global Index and Loup Frontier Tech Index.

	Average Annual Total Returns As of April 30, 2023
	1 Year			3 Years			Since Inception ^(a)
Innovator Deepwater Frontier Tech ETF
NAV Return		-11.07	%		8.27	%		6.23	%
Market Return		-10.94	%		8.12	%		6.15	%
Dow Jones Global Index		2.02	%		12.14	%		6.70	%
Loup Frontier Tech Index		-10.67	%		8.94	%		6.86	%

^(a)	Inception date is July 24, 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 0.70%. For the most recent performance, please visit the Fund’s website at innovatoretfs.com.

INNOVATOR DEEPWATER FRONTIER TECH ETF

Fund Performance

April 30, 2023 (Unaudited) (Continued)

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

The Loup 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.

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/LOUP.

INNOVATOR S&P INVESTMENT GRADE PREFERRED ETF

Fund Performance

April 30, 2023 (Unaudited)

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 April 30, 2023 as compared with the S&P U.S. High Quality Preferred Stock Index and the S&P U.S. Preferred Stock Index.

	Average Annual Total Returns As of April 30, 2023
	1 Year			3 Years			5 Years			Since Inception ^(a)
Innovator S&P Investment Grade Preferred ETF
NAV Return		-1.32	%		-2.08	%		1.03	%		1.01	%
Market Return		-1.11	%		-2.59	%		1.08	%		0.96	%
S&P U.S. High Quality Preferred Stock Index		-0.99	%		-1.73	%		1.43	%		1.49	%
S&P U.S. Preferred Stock Index		-0.17	%		1.82	%		2.50	%		2.73	%

^(a)	Inception date is May 23, 2016.

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.

INNOVATOR S&P INVESTMENT GRADE PREFERRED ETF

Fund Performance

April 30, 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, 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.

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/EPRF.

INNOVATOR LADDERED ALLOCATION POWER BUFFER ETF

Fund Performance

April 30, 2023 (Unaudited)

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 April 30, 2023 as compared with the S&P 500® Index.

	Average Annual Total Returns As of April 30, 2023
	1 Year			3 Years			5 Years			Since Inception ^(a)
Innovator Laddered Allocation Power Buffer ETF
NAV Return		5.97	%		11.87	%		4.22	%		6.82	%
Market Return		6.00	%		11.89	%		4.26	%		6.85	%
S&P 500®Index		2.66	%		14.52	%		11.45	%		12.75	%
Refinitiv Laddered Power Buffer Strategy Index ^(b)		6.02	%		N/A			N/A			5.25	%	^(c)

^(a)	Inception date is October 19, 2016.
^(b)	The Fund began tracking the Refinitiv Laddered Power Buffer Strategy Index on August 11, 2020.
^(c)	Since Inception return is cumulative and from the date the Fund began tracking the Refinitiv Laddered Power Buffer Strategy Index, August 11, 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 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.

INNOVATOR LADDERED ALLOCATION POWER BUFFER ETF

Fund Performance

April 30, 2023 (Unaudited) (Continued)

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.

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/BUFF.

INNOVATOR LADDERED ALLOCATION BUFFER ETF

Fund Performance

April 30, 2023 (Unaudited)

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 April 30, 2023 as compared with the S&P 500® Index.

	Average Annual Total Returns As of April 30, 2023
	1 Year			Since Inception ^(a)
Innovator Laddered Allocation Buffer ETF
NAV Return		5.28	%		-0.62	%
Market Return		5.04	%		-0.64	%
S&P 500®Index		2.66	%		-4.83	%
MerQube U.S. Large Cap Equity Buffer Laddered Index		5.39	%		-0.52	%

^(a)	Inception date is February 8, 2022.

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.

INNOVATOR LADDERED ALLOCATION BUFFER ETF

Fund Performance

April 30, 2023 (Unaudited) (Continued)

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.

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/BUFB.

INNOVATOR BUFFER STEP-UP STRATEGY ETF

Fund Performance
April 30, 2023 (Unaudited)

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 April 30, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns As of April 30, 2023
	1 Year			Since Inception ^(a)
Innovator Buffer Step-Up Strategy ETF
NAV Return		2.68	%		0.97	%
Market Return		2.73	%		0.88	%
S&P 500® Index - Price Return		0.91	%		-0.66	%
S&P 500® Index - Total Return		2.66	%		1.01	%

^(a) Inception date is March 7, 2022.

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.

INNOVATOR BUFFER STEP-UP STRATEGY ETF

Fund Performance
April 30, 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/BSTP.

INNOVATOR POWER BUFFER STEP-UP STRATEGY ETF

Fund Performance
April 30, 2023 (Unaudited)

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 April 30, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns As of April 30, 2023
	1 Year			Since Inception ^(a)
Innovator Power Buffer Step-Up Strategy ETF
NAV Return		3.57	%		1.93	%
Market Return		3.64	%		1.85	%
S&P 500® Index - Price Return		0.91	%		-0.66	%
S&P 500® Index - Total Return		2.66	%		1.01	%

^(a) Inception date is March 7, 2022.

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.

INNOVATOR POWER BUFFER STEP-UP STRATEGY ETF

Fund Performance
April 30, 2023 (Unaudited) (Continued)

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/PSTP.

INNOVATOR HEDGED TSLA STRATEGY ETF

Fund Performance
April 30, 2023 (Unaudited)

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 April 30, 2023 as compared with Tesla, Inc. and the NASDAQ-100 Index - Price Return and Total Return.

	Total Returns As of April 30, 2023
	Since Inception ^(a)
Innovator Hedged TSLA Strategy ETF
NAV Return		-8.18	%
Market Return		-8.31	%
Tesla, Inc.		-38.79	%
NASDAQ-100 Index - Price Return		7.44	%
NASDAQ-100 Index - Total Return		8.19	%

^(a) Inception date is July 25, 2022.

INNOVATOR HEDGED TSLA STRATEGY ETF

Fund Performance
April 30, 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, 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.

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/TSLH.

INNOVATOR UNCAPPED ACCELERATED U.S. EQUITY ETF

Fund Performance
April 30, 2023 (Unaudited)

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 April 30, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Total Returns As of April 30, 2023
	Since Inception ^(a)
Innovator Uncapped Accelerated U.S. Equity ETF
NAV Return		-1.55	%
Market Return		-1.69	%
S&P 500® Index - Price Return		-0.97	%
S&P 500® Index - Total Return		0.29	%

^(a) Inception date is August 10, 2022.

INNOVATOR UNCAPPED ACCELERATED U.S. EQUITY ETF

Fund Performance
April 30, 2023 (Unaudited) (Continued)

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/XUSP.

INNOVATOR EQUITY MANAGED FLOOR ETF

Fund Performance
April 30, 2023 (Unaudited)

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 April 30, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Total Returns As of April 30, 2023
	Since Inception ^(a)
Innovator Equity Managed Floor ETF
NAV Return		8.09	%
Market Return		8.04	%
S&P 500® Index - Price Return		8.92	%
S&P 500® Index - Total Return		9.84	%

^(a) Inception date is November 8, 2022.

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.

INNOVATOR EQUITY MANAGED FLOOR ETF

Fund Performance
April 30, 2023 (Unaudited) (Continued)

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/SFLR.

INNOVATOR GRADIENT TACTICAL ROTATION STRATEGY ETF

Fund Performance
April 30, 2023 (Unaudited)

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 April 30, 2023 as compared with the S&P Global Broad Market Index - Total Return and S&P 500® Index - Total Return.

	Total Returns As of April 30, 2023
	Since Inception ^(a)
Innovator Gradient Tactical Rotation Strategy ETF
NAV Return		-14.42	%
Market Return		-14.66	%
S&P Global Broad Market Index - Total Return		6.74	%
S&P 500® Index - Total Return		6.12	%

^(a) Inception date is November 16, 2022.

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.

INNOVATOR GRADIENT TACTICAL ROTATION STRATEGY ETF

Fund Performance
April 30, 2023 (Unaudited) (Continued)

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.

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/IGTR.

INNOVATOR ETFs TRUST

Expense Example

For the Period Ended April 30, 2023 (Unaudited)

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire respective period to April 30, 2023 for each Fund.

Actual Expenses

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.

Hypothetical Example for Comparison Purposes

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.

INNOVATOR ETFs TRUST

Expense Example

For the Period Ended April 30, 2023 (Unaudited) (Continued)

					Expenses Paid			Annualized Expense
	Beginning		Ending		During			Ratio for
	Account Value		Account Value		the Period			the Period
Innovator IBD 50® ETF (NAV)									0.80	%
Actual	$	1,000.00	$	911.20	$	3.79	^(a)
Hypothetical		1,000.00		1,020.83		4.01	^(a)
Innovator IBD® Breakout Opportunities ETF (NAV)									0.80	%
Actual		1,000.00		1,018.20		4.00	^(a)
Hypothetical		1,000.00		1,020.83		4.01	^(a)
Innovator Deepwater Frontier Tech ETF (NAV)									0.70	%
Actual		1,000.00		1,136.30		3.71	^(a)
Hypothetical		1,000.00		1,021.32		3.51	^(a)
Innovator S&P Investment Grade Preferred ETF (NAV)									0.47	%
Actual		1,000.00		1,074.90		2.42	^(a)
Hypothetical		1,000.00		1,022.46		2.36	^(a)
Innovator Laddered Allocation Power Buffer ETF (NAV)									0.10	%
Actual		1,000.00		1,062.00		0.51	^(a)
Hypothetical		1,000.00		1,024.30		0.50	^(a)
Innovator Laddered Allocation Buffer ETF (NAV)									0.10	%
Actual		1,000.00		1,075.50		0.51	^(a)
Hypothetical		1,000.00		1,024.30		0.50	^(a)
Innovator Buffer Step-Up Strategy ETF (NAV)									0.89	%
Actual		1,000.00		1,071.50		4.57	^(a)
Hypothetical		1,000.00		1,020.38		4.46	^(a)
Innovator Power Buffer Step-Up Strategy ETF (NAV)									0.89	%
Actual		1,000.00		1,065.60		4.56	^(a)
Hypothetical		1,000.00		1,020.38		4.46	^(a)
Innovator Hedged TSLA Strategy ETF (NAV)									0.79	%
Actual		1,000.00		975.50		3.87	^(a)
Hypothetical		1,000.00		1,020.88		3.96	^(a)
Innovator Uncapped Accelerated U.S. Equity ETF (NAV)									0.79	%
Actual		1,000.00		1,079.40		4.07	^(a)
Hypothetical		1,000.00		1,020.88		3.96	^(a)
Innovator Equity Managed Floor ETF (NAV)									0.89	%
Actual		1,000.00		1,080.90		4.39	^(b)
Hypothetical		1,000.00		1,020.38		4.46	^(d)
Innovator Gradient Tactical Rotation Strategy ETF (NAV)									0.80	%
Actual		1,000.00		855.80		3.36	^(c)
Hypothetical		1,000.00		1,020.83		4.01	^(d)

^(a)	Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the six month period).
^(b)	Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 173/365 (to reflect the period since the Fund’s inception).
^(c)	Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 165/365 (to reflect the period since the Fund’s inception).
^(d)	For comparative purposes only as the Fund was not in operation for the full six month period.

INNOVATOR IBD® 50 ETF

Schedule of Investments

April 30, 2023 (Unaudited)

	Shares		Value
COMMON STOCKS - 99.70%
Advertising - 1.06%
The Trade Desk, Inc. - Class A ^(a)		12,798	$	823,423

Apparel - 6.31%
Crocs, Inc. ^(a)		18,187		2,249,186
On Holding AG - Class A ^(a)		81,740		2,652,463
				4,901,649
Auto Manufacturers - 0.50%
PACCAR, Inc.		5,252		392,272

Auto Parts & Equipment - 2.59%
Mobileye Global, Inc. - Class A ^(a)(b)		53,462		2,012,310

Biotechnology - 6.61%
BeiGene Ltd. - ADR ^(a)(b)		9,363		2,387,190
Intra-Cellular Therapies, Inc. ^(a)		37,740		2,345,541
Vertex Pharmaceuticals, Inc. ^(a)		1,187		404,447
				5,137,178
Building Materials - 6.71%
AAON, Inc. ^(b)		24,528		2,403,744
Tecnoglass, Inc. ^(b)		64,053		2,808,724
				5,212,468
Commercial Services - 2.04%
Flywire Corp. ^(a)(b)		27,161		792,286
Quanta Services, Inc.		4,681		794,085
				1,586,371
Distribution & Wholesale - 1.53%
Copart, Inc. ^(a)		4,979		393,590
Core & Main, Inc. - Class A ^(a)		30,410		792,485
				1,186,075
Electronics - 1.02%
Hubbell, Inc.		2,953		795,302

Energy-Alternate Sources - 1.99%
Array Technologies, Inc. ^(a)		75,654		1,547,124

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

INNOVATOR IBD® 50 ETF

Schedule of Investments

April 30, 2023 (Unaudited) (Continued)

	Shares		Value
Entertainment - 3.71%
DraftKings, Inc. - Class A ^(a)		131,683		2,885,174

Environmental Control - 3.02%
Clean Harbors, Inc. ^(a)		16,190		2,350,140

Food - 0.51%
The Hershey Co.		1,466		400,306

Healthcare - Products - 10.46%
Inmode Ltd. ^(a)		41,938		1,562,610
Inspire Medical Systems, Inc. ^(a)(b)		8,543		2,286,363
Lantheus Holdings, Inc. ^(a)		18,091		1,545,876
Shockwave Medical, Inc. ^(a)(b)		9,420		2,733,307
				8,128,156
Healthcare - Services - 1.94%
Medpace Holdings, Inc. ^(a)		7,531		1,507,254

Home Builders - 10.49%
Meritage Homes Corp. ^(b)		22,058		2,824,527
PulteGroup, Inc. ^(b)		41,585		2,792,433
Tri Pointe Homes, Inc. ^(a)		88,399		2,535,283
				8,152,243
Internet - 3.07%
MercadoLibre, Inc. ^(a)		1,865		2,382,519

Leisure Time - 0.50%
Brunswick Corp./DE		4,622		391,899

Mining - 0.50%
Agnico Eagle Mines Ltd.		6,869		389,678

Miscellaneous Manufacturing - 2.89%
Axon Enterprise, Inc. ^(a)		10,659		2,245,958

Oil & Gas - 1.51%
BP PLC - ADR		19,479		784,614
TotalEnergies SE - ADR		6,057		387,224
				1,171,838

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

INNOVATOR IBD® 50 ETF

Schedule of Investments

April 30, 2023 (Unaudited) (Continued)

	Shares		Value
Pharmaceuticals – 1.42%
Amphastar Pharmaceuticals, Inc. ^(a)		20,123		719,800
Novo Nordisk AS – ADR		2,327		388,819
				1,108,619
Retail – 12.00%
BJ’s Wholesale Club Holdings, Inc. ^(a)		5,046		385,363
Floor & Decor Holdings, Inc. – Class A ^(a)		16,365		1,625,699
Lululemon Athletica, Inc. ^(a)		4,118		1,564,552
Tractor Supply Co.		6,316		1,505,734
Ulta Beauty, Inc. ^(a)		2,805		1,546,761
Wingstop, Inc. ^(b)		13,479		2,697,283
				9,325,392
Software – 13.77%
DoubleVerify Holdings, Inc. ^(a)		12,961		381,313
Duolingo, Inc. ^(a)		19,675		2,678,948
Dynatrace, Inc. ^(a)		36,741		1,553,410
Fiserv, Inc. ^(a)		6,487		792,192
HubSpot, Inc. ^(a)(b)		1,848		777,916
Salesforce, Inc. ^(a)		8,020		1,590,927
Samsara, Inc. – Class A ^(a)(b)		120,360		2,172,498
Sciplay Corp. – Class A ^(a)		44,463		759,428
				10,706,632
Telecommunication – 3.55%
Arista Networks, Inc. ^(a)		17,234		2,760,198
TOTAL COMMON STOCKS (Cost $74,828,358)				77,500,178

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING – 29.44%	Units
Mount Vernon Liquid Assets Portfolio, LLC, 5.03% ^(c)		22,880,354		22,880,354
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $22,880,354)				22,880,354

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

INNOVATOR IBD® 50 ETF

Schedule of Investments

April 30, 2023 (Unaudited) (Continued)

SHORT TERM INVESTMENTS - 0.23%
Money Market Deposit Account - 0.23%	Principal Amount			Value
U.S. Bank Money Market Deposit Account, 4.800% ^(d)	$	179,182			179,182
TOTAL SHORT TERM INVESTMENTS (Cost $179,182)					179,182

Total Investments (Cost $97,887,894) - 129.37%					100,559,714
Liabilities in Excess of Other Assets - (29.37)%					(22,829,677	)
TOTAL NET ASSETS - 100.00%				$	77,730,037

Asset Type	% of Net Assets
Common Stocks		99.70	%
Investments Purchased with Proceeds From Securities Lending		29.44
Short Term Investments		0.23
Total Investments		129.37
Liabilities in Excess of Other Assets		(29.37	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

^(a)	Non-income producing security.

^(b)	All or a portion of this security is on loan as of April 30, 2023. The total value of securities on loan is $12,127,505, or 15.60% 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 April 30, 2023.

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

INNOVATOR IBD® BREAKOUT OPPORTUNITIES ETF

Schedule of Investments

April 30, 2023 (Unaudited)

	Shares		Value
COMMON STOCKS - 98.09%
Advertising - 2.58%
Omnicom Group, Inc. ^(a)		3,951	$	357,842

Apparel - 1.90%
On Holding AG - Class A ^(b)		1,215		39,427
Skechers USA, Inc. - Class A ^(b)		4,212		224,036
				263,463
Banks - 5.69%
HDFC Bank Ltd. - ADR		5,229		364,984
ICICI Bank Ltd. - ADR		16,875		383,907
JPMorgan Chase & Co.		288		39,813
				788,704
Beverages - 5.05%
PepsiCo, Inc. ^(a)		1,998		381,398
The Coca-Cola Co.		4,968		318,697
				700,095
Biotechnology - 1.83%
Intra-Cellular Therapies, Inc. ^(b)		3,393		210,875
Vertex Pharmaceuticals, Inc. ^(b)		126		42,932
				253,807
Building Materials - 3.01%
PGT Innovations, Inc. ^(b)		1,548		39,722
The AZEK Co., Inc. ^(b)		13,896		377,138
				416,860
Commercial Services - 4.23%
Cintas Corp.		234		106,650
FTI Consulting, Inc. ^(b)		1,080		194,940
Insperity, Inc. ^(a)		1,638		200,590
Quanta Services, Inc. ^(a)		243		41,223
Rollins, Inc. ��		1,026		43,348
				586,751
Computers - 1.61%
ExlService Holdings, Inc. ^(b)		1,251		223,153

Diversified Financial Services - 1.05%
Mastercard, Inc. - Class A		279		106,028
Visa, Inc. - Class A ^(a)		171		39,797
				145,825

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

INNOVATOR IBD® BREAKOUT OPPORTUNITIES ETF

Schedule of Investments

April 30, 2023 (Unaudited) (Continued)

	Shares		Value
Environmental Control - 5.65%
Energy Recovery, Inc. ^(b)		1,791		40,351
Republic Services, Inc.		1,530		221,269
Waste Connections, Inc.		1,458		202,881
Waste Management, Inc.		1,926		319,812
				784,313
Food - 2.71%
General Mills, Inc.		4,239		375,703

Food Service - 2.32%
Sovos Brands, Inc. ^(b)		18,792		322,283

Healthcare - Products - 6.01%
Hologic, Inc. ^(b)		3,780		325,118
Insulet Corp. ^(a)(b)		126		40,073
Intuitive Surgical, Inc. ^(b)		1,062		319,896
ResMed, Inc.		180		43,373
Stryker Corp.		351		105,177
				833,637
Healthcare - Services - 0.28%
The Ensign Group, Inc.		405		39,321

Home Builders - 0.31%
PulteGroup, Inc. ^(a)		648		43,513

Insurance - 3.80%
Aon PLC - Class A ^(a)		954		310,222
Arch Capital Group Ltd. ^(b)		1,476		110,803
Kinsale Capital Group, Inc. ^(a)		324		105,854
				526,879
Internet - 1.44%
Palo Alto Networks, Inc. ^(a)(b)		1,098		200,341

Leisure Time - 2.65%
Life Time Group Holdings, Inc. ^(a)(b)		17,703		368,045

Media - 0.75%
World Wrestling Entertainment, Inc. - Class A ^(a)		972		104,169

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

INNOVATOR IBD® BREAKOUT OPPORTUNITIES ETF

Schedule of Investments

April 30, 2023 (Unaudited) (Continued)

	Shares		Value
Mining - 1.53%
Franco-Nevada Corp. ^(a)		1,395		211,733

Oil & Gas - 13.82%
BP PLC - ADR		8,019		323,006
Civitas Resources, Inc. ^(a)		3,042		210,050
Denbury, Inc. ^(b)		2,295		214,307
Exxon Mobil Corp.		2,745		324,843
Hess Corp.		2,214		321,163
Shell PLC - ADR		6,039		374,297
TotalEnergies SE - ADR		1,674		107,019
Weatherford International PLC ^(b)		648		41,880
				1,916,565
Oil & Gas Services - 0.29%
Atlas Energy Solutions, Inc. - Class A ^(b)		2,232		40,265

Pharmaceuticals - 6.11%
AbbVie, Inc.		1,305		197,212
Protagonist Therapeutics, Inc. ^(b)		13,239		299,201
Sanofi - ADR		6,543		351,032
				847,445
Pipelines - 2.67%
Targa Resources Corp. ^(a)		4,905		370,475

Retail - 9.47%
Academy Sports & Outdoors, Inc. ^(a)		5,562		353,298
Dick's Sporting Goods, Inc. ^(a)		711		103,102
Lululemon Athletica, Inc. ^(b)		108		41,033
O'Reilly Automotive, Inc. ^(b)		117		107,325
Restaurant Brands International, Inc. ^(a)		5,337		374,284
Wingstop, Inc.		1,674		334,984
				1,314,026
Software - 5.34%
Adobe, Inc. ^(b)		279		105,339
Cadence Design Systems, Inc. ^(b)		495		103,678
Fiserv, Inc. ^(b)		909		111,007
Intuit, Inc.		90		39,956
Roper Technologies, Inc.		837		380,651
				740,631

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

INNOVATOR IBD® BREAKOUT OPPORTUNITIES ETF

Schedule of Investments

April 30, 2023 (Unaudited) (Continued)

	Shares		Value
Telecommunications - 0.79%
Arista Networks, Inc. ^(a)(b)		684		109,549

Transportation - 5.20%
Old Dominion Freight Line, Inc.		117		37,486
XPO, Inc. ^(b)		7,227		319,289
ZTO Express Cayman, Inc. - ADR		13,158		364,213
				720,988
TOTAL COMMON STOCKS (Cost $13,196,855)				13,606,381

MASTER LIMITED PARTNERSHIPS - 1.50%
Pipelines - 1.50%
Enterprise Products Partners LP		7,911		208,138
TOTAL MASTER LIMITED PARTNERSHIPS (Cost $207,172)				208,138

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 20.48%	Units
Mount Vernon Liquid Assets Portfolio, LLC, 5.03% ^(c)		2,841,107		2,841,107
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $2,841,107)				2,841,107

SHORT TERM INVESTMENTS - 0.40%
Money Market Deposit Account - 0.40%	Principal Amount		Value
U.S. Bank Money Market Deposit Account, 4.800% ^(d)	$	55,992		55,992
TOTAL SHORT TERM INVESTMENTS (Cost $55,992)				55,992

Total Investments (Cost $16,301,126) - 120.47%				16,711,618
Liabilities in Excess of Other Assets - (20.47)%				(2,839,207	)
TOTAL NET ASSETS - 100.00%			$	13,872,411

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

INNOVATOR IBD® BREAKOUT OPPORTUNITIES ETF

Schedule of Investments

April 30, 2023 (Unaudited) (Continued)

Asset Type	% of Net Assets
Common Stocks		98.09	%
Master Limited Partnerships		1.50
Investments Purchased with Proceeds From Securities Lending		20.48
Short Term Investments		0.40
Total Investments		120.47
Liabilities in Excess of Other Assets		(20.47	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt

^(a)	All or a portion of this security is on loan as of April 30, 2023. The total value of securities on loan is $2,784,482, or 20.07% of net assets. See Note 6.

^(b)	Non-income producing security.

^(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 April 30, 2023.

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

INNOVATOR DEEPWATER FRONTIER TECH ETF

Schedule of Investments

April 30, 2023 (Unaudited)

	Shares		Value
COMMON STOCKS - 96.93%
Aerospace & Defense - 5.87%
AeroVironment, Inc. ^(a)(b)		10,223	$	1,029,354
Lockheed Martin Corp.		2,207		1,025,041
				2,054,395
Auto Parts & Equipment - 7.86%
LG Energy Solution Ltd. ^(a)		4,052		1,758,975
Mobileye Global, Inc. - Class A^(a)(b)		26,434		994,976
				2,753,951
Banks - 5.95%
NU Holdings Ltd./Cayman Islands - Class A ^(a)		404,038		2,084,836

Commercial Services - 9.45%
Adyen NV ^(a)		712		1,139,175
Block, Inc. ^(a)(b)		16,508		1,003,521
GXO Logistics, Inc. ^(a)(b)		21,976		1,167,585
				3,310,281
Computers - 7.83%
AutoStore Holdings Ltd. ^(a)		482,143		1,032,868
Crowdstrike Holdings, Inc. - Class A ^(a)(b)		14,251		1,710,832
				2,743,700
Electrical Components & Equipment - 3.09%
Novanta, Inc. ^(a)		7,081		1,082,260

Electronics - 2.96%
Trimble, Inc. ^(a)		22,038		1,037,990

Internet - 3.06%
Uber Technologies, Inc.^(a)		34,497		1,071,132

Miscellaneous Manufacturing - 2.97%
Axon Enterprise, Inc. ^(a)(b)		4,926		1,037,957

Semiconductors - 23.99%
Advanced Micro Devices, Inc. ^(a)		11,467		1,024,806
ams-OSRAM AG ^(a)		159,257		1,093,962
Applied Materials, Inc. ^(b)		9,394		1,061,804
ASML Holding NV		1,663		1,050,919

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

INNOVATOR DEEPWATER FRONTIER TECH ETF

Schedule of Investments

April 30, 2023 (Unaudited) (Continued)

	Shares		Value
Micron Technology, Inc.		17,315		1,114,393
Skyworks Solutions, Inc. ^(b)		9,791		1,036,867
Taiwan Semiconductor Manufacturing Co. Ltd.		64,000		1,045,068
Teradyne, Inc. ^(b)		10,656		973,745
				8,401,564
Software - 20.82%
Adobe, Inc. ^(a)		2,914		1,100,210
Alteryx, Inc. - Class A ^(a)(b)		33,820		1,391,017
Palantir Technologies, Inc. - Class A ^(a)		130,603		1,012,173
Pegasystems, Inc. ^(b)		23,217		1,059,160
Take-Two Interactive Software, Inc. ^(a)(b)		9,041		1,123,706
Unity Software, Inc. ^(a)(b)		59,549		1,606,036
				7,292,302
Telecommunications - 3.08%
Arista Networks, Inc. ^(a)		6,724		1,076,916
TOTAL COMMON STOCKS (Cost $35,796,707)				33,947,284

PREFERRED STOCKS - 3.06%
Auto Manufacturers - 3.06%
Dr Ing hc F Porsche AG ^(a)		8,567		1,070,498
TOTAL PREFERRED STOCKS (Cost $761,334)				1,070,498

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 32.46%	Units
Mount Vernon Liquid Assets Portfolio, LLC, 5.03% ^(c)		11,367,570		11,367,570
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $11,367,570)				11,367,570

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

INNOVATOR DEEPWATER FRONTIER TECH ETF

Schedule of Investments

April 30, 2023 (Unaudited) (Continued)

SHORT TERM INVESTMENTS - 0.04%
Money Market Deposit Account - 0.04%	Principal Amount			Value
U.S. Bank Money Market Deposit Account, 4.800% ^(d)	$	13,673			13,673
TOTAL SHORT TERM INVESTMENTS (Cost $13,673)					13,673

Total Investments (Cost $47,939,284) - 132.49%					46,399,025
Liabilities in Excess of Other Assets - (32.49)%					(11,378,018	)
TOTAL NET ASSETS - 100.00%				$	35,021,007

Country	% of Net Assets
Austria		3.12	%
Brazil		5.95
Germany		3.06
Israel		2.84
Netherlands		6.25
Norway		2.95
South Korea		5.02
Taiwan		2.99
United States		67.81
Total Country		99.99
Investments Purchased with Proceeds From Securities Lending		32.46
Short Term Investments		0.04
Total Investments		132.49
Liabilities in Excess of Other Assets		(32.49	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)	All or a portion of this security is on loan as of April 30, 2023. The total value of securities on loan is $10,960,217, or 31.30% 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 April 30, 2023.

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

INNOVATOR S&P INVESTMENT GRADE PREFERRED ETF

Schedule of Investments

April 30, 2023 (Unaudited)

	Shares		Value
PREFERRED STOCKS - 99.31% ^(a)
Banks - 36.66% ^(c)
Bank of America Corp., Series 02, 5.603% to 05/30/2023 then 3-Month USD Libor + 0.650%		19,172	$	401,845
Bank of America Corp., Series 4, 5.703% to 05/30/2023 then 3-Month USD Libor + 0.750%		18,632		400,774
Bank of America Corp., Series 5, 5.415% to 05/21/2023 then 3-Month USD Libor + 0.500%		19,330		396,265
Bank of America Corp., Series E, 5.214% to 05/15/2023 then 3-Month USD Libor + 0.350%		19,144		388,623
Bank of America Corp., Series GG, 6.000%		15,813		393,744
Bank of America Corp., Series HH, 5.875%		16,197		402,981
Bank of America Corp., Series KK, 5.375%		16,846		398,913
Bank of America Corp., Series LL, 5.000% ^(b)		18,007		401,016
Bank of America Corp., Series NN, 4.375%		20,476		398,258
Bank of America Corp., Series PP, 4.125%		21,826		400,071
Bank of America Corp., Series QQ, 4.250%		20,995		396,596
Bank of America Corp., Series SS, 4.750%		18,800		392,920
Bank of Hawaii Corp., Series A, 4.375%		288,901		4,524,190
Cullen/Frost Bankers, Inc., Series B, 4.450%		253,554		4,941,767
JPMorgan Chase & Co., Series DD, 5.750%		31,589		796,359
JPMorgan Chase & Co., Series EE, 6.000%		31,082		795,078
JPMorgan Chase & Co., Series GG, 4.750%		35,787		802,345
JPMorgan Chase & Co., Series JJ, 4.550% ^(b)		37,229		792,978
JPMorgan Chase & Co., Series LL, 4.625%		36,696		787,496
JPMorgan Chase & Co., Series MM, 4.200% ^(b)		39,311		793,689
Morgan Stanley, Series A, 5.960% to 07/17/2023 then 3-Month USD Libor + 0.700%		29,137		599,639
Morgan Stanley, Series E, 7.125% to 10/15/2023 then 3-Month USD Libor + 4.320%		23,468		597,965

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

INNOVATOR S&P INVESTMENT GRADE PREFERRED ETF

Schedule of Investments

April 30, 2023 (Unaudited) (Continued)

	Shares		Value
Morgan Stanley, Series F, 6.875% to 01/15/2024 then 3-Month USD Libor + 3.940%		23,930		607,343
Morgan Stanley, Series I, 6.375% to 10/15/2024 then 3-Month USD Libor + 3.708%		24,007		603,296
Morgan Stanley, Series K, 5.850% to 04/15/2027 then 3-Month USD Libor + 3.491% ^(b)		23,882		597,289
Morgan Stanley, Series L, 4.875% ^(b)		26,582		612,715
Morgan Stanley, Series O, 4.250%		31,131		607,366
Morgan Stanley, Series P, 6.500%		23,203		606,526
Northern Trust Corp., Series E, 4.700%		208,339		4,687,628
State Street Corp., Series D, 5.900% to 03/15/2024 then 3-Month USD Libor + 3.108% ^(b)		98,488		2,393,258
State Street Corp., Series G, 5.350% to 03/15/2026 then 3-Month USD Libor + 3.709%^(b)		93,577		2,378,727
Truist Financial Corp., Series O, 5.250% ^(b)		102,248		2,406,918
Truist Financial Corp., Series R, 4.750% ^(b)		112,744		2,422,869
US Bancorp., Series B, 5.860% to 07/17/2023 then 3-Month USD Libor + 0.600%		49,092		915,075
US Bancorp., Series K, 5.500%		38,566		919,028
US Bancorp., Series L, 3.750%		52,803		901,347
US Bancorp., Series M, 4.000%		50,389		911,537
US Bancorp., Series O, 4.500%		44,654		914,514
				42,688,948
Capital Markets - 4.36%
KKR & Co., Inc., Series C, 6.000%, 09/15/2023		79,487		5,076,835

Close-End Funds - 4.17%
The Gabelli Dividend & Income Trust, Series K, 4.250%		240,080		4,859,147

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

INNOVATOR S&P INVESTMENT GRADE PREFERRED ETF

Schedule of Investments

April 30, 2023 (Unaudited) (Continued)

	Shares		Value
Diversified Financial Services - 5.72%
Apollo Asset Management, Inc., Series A, 6.375%		30,239		747,206
Apollo Asset Management, Inc., Series B, 6.375%		29,378		743,851
The Charles Schwab Corp., Series D, 5.950%		100,566		2,531,246
The Charles Schwab Corp., Series J, 4.450% ^(b)		127,455		2,640,868
				6,663,171
Insurance - 36.25% ^(c)
Arch Capital Group Ltd., Series F, 5.450%		103,762		2,408,316
Arch Capital Group Ltd., Series G, 4.550%		123,942		2,377,207
Athene Holding Ltd., Series A, 6.350% to 06/30/2029 then 3-Month USD Libor + 4.253%		31,058		673,648
Athene Holding Ltd., Series B, 5.625% ^(b)		33,545		673,248
Athene Holding Ltd., Series C, 6.375% to 09/30/2025 then Five-Year Treasury Constant Maturity + 5.970%		28,794		649,305
Athene Holding Ltd., Series D, 4.875%		40,486		676,521
Athene Holding Ltd., Series E, 7.750% to 12/30/2027 then Five-Year Treasury Constant Maturity + 3.962%		27,920		690,182
Axis Capital Holdings Ltd., Series E, 5.500%		222,956		5,063,331
Equitable Holdings, Inc., Series A, 5.250%		109,784		2,357,062
Equitable Holdings, Inc., Series C, 4.300%		133,449		2,354,040
Lincoln National Corp., Series D, 9.000% ^(b)		188,263		4,964,495
MetLife, Inc., Series A, 5.866% to 06/15/2023 then 3-Month USD Libor + 1.000%		67,932		1,600,478
MetLife, Inc., Series E, 5.625%		63,456		1,586,400
MetLife, Inc., Series F, 4.750%		71,285		1,556,152
RenaissanceRe Holdings Ltd., Series F, 5.750%		100,821		2,435,835
RenaissanceRe Holdings Ltd., Series G, 4.200%		137,769		2,525,306
The Allstate Corp., 8.438% to 07/15/2023 then 3-Month USD Libor + 3.165%, 01/15/2053		62,311		1,585,815
The Allstate Corp., Series H, 5.100%		70,808		1,688,771
The Allstate Corp., Series I, 4.750%		71,381		1,708,147
The Hartford Financial Services Group, Inc., Series G, 6.000%		186,934		4,628,486
				42,202,745

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

INNOVATOR S&P INVESTMENT GRADE PREFERRED ETF

Schedule of Investments

April 30, 2023 (Unaudited) (Continued)

	Shares		Value
Real Estate Investment Trusts - 8.30%
Kimco Realty Corp., Series L, 5.125%		106,640		2,418,595
Kimco Realty Corp., Series M, 5.250%		105,135		2,405,489
Public Storage, Series F, 5.150%		14,152		348,564
Public Storage, Series G, 5.050%		14,140		345,723
Public Storage, Series H, 5.600%		13,285		340,362
Public Storage, Series I, 4.875%		15,295		351,479
Public Storage, Series J, 4.700%		15,741		343,469
Public Storage, Series K, 4.750%		15,633		343,613
Public Storage, Series L, 4.625%		16,046		349,321
Public Storage, Series M, 4.125%		17,939		347,120
Public Storage, Series N, 3.875%		18,535		346,234
Public Storage, Series O, 3.900%		18,465		345,480
Public Storage, Series P, 4.000%		18,015		347,870
Public Storage, Series Q, 3.950%		18,555		341,412
Public Storage, Series R, 4.000%		18,203		340,396
Public Storage, Series S, 4.100%		18,092		347,547
				9,662,674
Savings & Loans - 3.85%
Washington Federal, Inc., Series A, 4.875%		285,438		4,481,377
TOTAL PREFERRED STOCKS (Cost $134,729,452)				115,634,897

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 8.84%	Units
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $10,291,453)				10,291,453

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

INNOVATOR S&P INVESTMENT GRADE PREFERRED ETF

Schedule of Investments

April 30, 2023 (Unaudited) (Continued)

SHORT TERM INVESTMENTS - 1.00%
Money Market Deposit Account - 1.00%	Principal Amount			Value
U.S. Bank Money Market Deposit Account, 4.800% ^(e)	$	1,164,794			1,164,794
TOTAL SHORT TERM INVESTMENTS (Cost $1,164,794)					1,164,794

Total Investments (Cost $146,185,699) - 109.15%					127,091,144
Liabilities in Excess of Other Assets - (9.15)%					(10,658,788	)
TOTAL NET ASSETS - 100.00%				$	116,432,356

Asset Type	% of Net Assets
Preferred Stocks		99.31	%
Investments Purchased with Proceeds From Securities Lending		8.84
Short Term Investments		1.00
Total Investments		109.15
Liabilities in Excess of Other Assets		(9.15	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

USD - United States Dollar

Libor - London Interbank Offered Rate

(a)	Securities with no stated maturity date are perpetual in nature.

(b)	All or a portion of this security is on loan as of April 30, 2023. The total value of securities on loan is $10,053,416, or 8.63% 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 April 30, 2023.

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

INNOVATOR LADDERED ALLOCATION POWER BUFFER ETF

Schedule of Investments

April 30, 2023 (Unaudited)

	Shares		Value
AFFILIATED EXCHANGE TRADED FUNDS - 99.89% ^(a)
Innovator U.S. Equity Power Buffer ETF - January		551,908	$	18,560,666
Innovator U.S. Equity Power Buffer ETF - February		627,832		18,558,714
Innovator U.S. Equity Power Buffer ETF - March ^(b)		571,532		18,551,929
Innovator U.S. Equity Power Buffer ETF - April ^(b)		624,080		18,553,898
Innovator U.S. Equity Power Buffer ETF - May ^(b)		642,006		18,425,572
Innovator U.S. Equity Power Buffer ETF - June		598,747		18,458,711
Innovator U.S. Equity Power Buffer ETF - July ^(b)		578,689		18,587,492
Innovator U.S. Equity Power Buffer ETF - August ^(b)		622,335		18,514,466
Innovator U.S. Equity Power Buffer ETF - September ^(b)		597,876		18,540,135
Innovator U.S. Equity Power Buffer ETF - October		578,689		18,564,343
Innovator U.S. Equity Power Buffer ETF - November		576,525		18,575,636
Innovator U.S. Equity Power Buffer ETF - December		585,100		18,541,819
TOTAL AFFILIATED EXCHANGE TRADED FUNDS (Cost $211,767,919)				222,433,381

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 1.58%	Units
Mount Vernon Liquid Assets Portfolio, LLC, 5.03% ^(c)		3,518,125		3,518,125
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $3,518,125)				3,518,125

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

INNOVATOR LADDERED ALLOCATION POWER BUFFER ETF

Schedule of Investments

April 30, 2023 (Unaudited) (Continued)

SHORT TERM INVESTMENTS - 0.11%
Money Market Deposit Account - 0.11%	Principal Amount			Value
U.S. Bank Money Market Deposit Account, 4.800% ^(d)	$	248,607			248,607
TOTAL SHORT TERM INVESTMENTS (Cost $248,607)					248,607

Total Investments (Cost $215,534,651) - 101.58%					226,200,113
Liabilities in Excess of Other Assets - (1.58)%					(3,518,846	)
TOTAL NET ASSETS - 100.00%				$	222,681,267

Asset Type	% of Net Assets
Affiliated Exchange Traded Funds		99.89	%
Investments Purchased with Proceeds From Securities Lending		1.58
Short Term Investments		0.11
Total Investments		101.58
Liabilities in Excess of Other Assets		(1.58	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)	All or a portion of this security is on loan as of April 30, 2023. The total value of securities on loan is $3,451,289, or 1.55% 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 April 30, 2023.

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

INNOVATOR LADDERED ALLOCATION BUFFER ETF

Schedule of Investments

April 30, 2023 (Unaudited)

	Shares			Value
AFFILIATED EXCHANGE TRADED FUNDS - 99.96% ^(a)
Innovator U.S. Equity Buffer ETF - January		83,777		$	2,987,990
Innovator U.S. Equity Buffer ETF - February		92,209			2,987,987
Innovator U.S. Equity Buffer ETF - March		84,996			2,991,859
Innovator U.S. Equity Buffer ETF - April		88,057			2,986,902
Innovator U.S. Equity Buffer ETF - May		98,254			2,964,883
Innovator U.S. Equity Buffer ETF - June		92,360			2,972,200
Innovator U.S. Equity Buffer ETF - July		90,289			2,985,677
Innovator U.S. Equity Buffer ETF - August		93,631			2,979,338
Innovator U.S. Equity Buffer ETF - September		91,871			2,982,739
Innovator U.S. Equity Buffer ETF - October		87,247			2,990,243
Innovator U.S. Equity Buffer ETF - November		93,483			2,988,652
Innovator U.S. Equity Buffer ETF - December		87,245			2,986,004
TOTAL AFFILIATED EXCHANGE TRADED FUNDS (Cost $34,267,393)					35,804,474

SHORT TERM INVESTMENTS - 0.05%
Money Market Deposit Account - 0.05%	Principal Amount
U.S. Bank Money Market Deposit Account, 4.800% ^(b)	$	16,019			16,019
TOTAL SHORT TERM INVESTMENTS (Cost $16,019)					16,019

Total Investments (Cost $34,283,412) - 100.01%					35,820,493
Liabilities in Excess of Other Assets - (0.01)%					(2,877	)
TOTAL NET ASSETS - 100.00%				$	35,817,616

Asset Type	% of Net Assets
Affiliated Exchange Traded Funds		99.96	%
Short Term Investments		0.05
Total Investments		100.01
Liabilities in Excess of Other Assets		(0.01	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(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 April 30, 2023.

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

INNOVATOR BUFFER STEP-UP STRATEGY ETF

Schedule of Investments
April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 103.74% ^(a)(b)
CALL OPTIONS - 99.62%
SPY SPDR S&P 500® Trust ETF, Expires 2/29/2024, Strike Price $3.99		771	$	32,068,203	$	31,440,463
						31,440,463
PUT OPTIONS - 4.12%
SPY SPDR S&P 500® Trust ETF, Expires 2/29/2024, Strike Price $396.25		771		32,068,203		1,299,312
						1,299,312
TOTAL PURCHASED OPTIONS (Cost $31,672,340)						32,739,775

SHORT TERM INVESTMENTS - 0.07%	Principal Amount
Money Market Deposit Account- 0.07%
U.S. Bank Money Market Deposit Account, 4.800% ^(c)	$	21,288				21,288
TOTAL SHORT TERM INVESTMENTS (Cost $21,288)						21,288

Total Investments (Cost $31,693,628) - 103.81%						32,761,063
Liabilities in Excess of Other Assets - (3.81)%						(1,201,790	)
TOTAL NET ASSETS - 100.00%					$	31,559,273

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

INNOVATOR BUFFER STEP-UP STRATEGY ETF

Schedule of Investments
April 30, 2023 (Unaudited) (Continued)

Asset Type	% of Net Assets
Purchased Options		103.74	%
Short Term Investments		0.07
Total Investments		103.81
Liabilities in Excess of Other Assets		(3.81	)
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 April 30, 2023.

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	2/29/2024	$	479.47		771	$	(32,068,203	)	$	(398,445	)
										(398,445	)
Put Options
SPY SPDR S&P 500® Trust ETF	2/29/2024		360.61		771		(32,068,203	)		(780,661	)
										(780,661	)
Total Options Written (Premiums Received $1,410,369)									$	(1,179,106	)

^(a) Exchange-Traded.

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

INNOVATOR POWER BUFFER STEP-UP STRATEGY ETF

Schedule of Investments
April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 104.46% ^(a)(b)
CALL OPTIONS - 100.32%
SPY SPDR S&P 500® Trust ETF, Expires 2/29/2024, Strike Price $3.94		1,678	$	69,793,054	$	68,434,864
						68,434,864
PUT OPTIONS - 4.14%
SPY SPDR S&P 500® Trust ETF, Expires 2/29/2024, Strike Price $396.24		1,678		69,793,054		2,827,430
						2,827,430
TOTAL PURCHASED OPTIONS (Cost $69,125,562)						71,262,294

SHORT TERM INVESTMENTS - 0.18%	Principal Amount
Money Market Deposit Account- 0.18%
U.S. Bank Money Market Deposit Account, 4.800% ^(c)	$	124,963				124,963
TOTAL SHORT TERM INVESTMENTS (Cost $124,963)						124,963

Total Investments (Cost $69,250,525) - 104.64%						71,387,257
Liabilities in Excess of Other Assets - (4.64)%						(3,167,848	)
TOTAL NET ASSETS - 100.00%					$	68,219,409

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

INNOVATOR POWER BUFFER STEP-UP STRATEGY ETF

Schedule of Investments
April 30, 2023 (Unaudited) (Continued)

Asset Type	% of Net Assets
Purchased Options		104.46	%
Short Term Investments		0.18
Total Investments		104.64
Liabilities in Excess of Other Assets		(4.64	)
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 April 30, 2023.

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	2/29/2024	$	458.59		1,678	$	(69,793,054	)	$	(1,927,669	)
										(1,927,669	)
Put Options
SPY SPDR S&P 500® Trust ETF	2/29/2024		336.81		1,678		(69,793,054	)		(1,193,159	)
										(1,193,159	)
Total Options Written (Premiums Received $3,135,096)									$	(3,120,828	)

^(a) Exchange-Traded.

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

INNOVATOR HEDGED TSLA STRATEGY ETF

Schedule of Investments
April 30, 2023 (Unaudited)

	Contracts			Notional Amount		Value
PURCHASED OPTIONS - 2.92% ^(a)(b)
CALL OPTIONS - 2.92%
Tesla, Inc., Expires 6/30/2023, Strike Price $186.24		95		$	1,560,945	$	52,990
TOTAL PURCHASED OPTIONS (Cost $344,878)							52,990

SHORT TERM INVESTMENTS - 97.61%	Principal Amount
U.S. Treasury Bill - 97.47%
United States Treasury Bill, 3.128%, 6/29/2023 ^(c)(d)	$	1,783,000					1,768,656
							1,768,656
Money Market Deposit Account - 0.14%
U.S. Bank Money Market Deposit Account, 4.800% ^(e)		2,514					2,514
							2,514
TOTAL SHORT TERM INVESTMENTS (Cost $1,772,024)							1,771,170

Total Investments (Cost $2,116,902) - 100.53%							1,824,160
Liabilities in Excess of Other Assets - (0.53)%							(9,551	)
TOTAL NET ASSETS - 100.00%						$	1,814,609

Asset Type	% of Net Assets
Purchased Options		2.92	%
Short Term Investments		97.61
Total Investments		100.53
Liabilities in Excess of Other Assets		(0.53	)
Net Assets		100.00	%

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

INNOVATOR HEDGED TSLA STRATEGY ETF

Schedule of Investments
April 30, 2023 (Unaudited) (Continued)

Asset Type	% of Net Assets
Purchased Options		2.92	%
Short Term Investments		97.61
Total Investments		100.53
Liabilities in Excess of Other Assets		(0.53	)
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 April 30, 2023.

(d)	All or a portion of the security can be 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 April 30, 2023.

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

INNOVATOR UNCAPPED ACCELERATED U.S. EQUITY ETF

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
Tesla, Inc.	6/30/2023	$	227.93		95	$	(1,560,945	)	$	(8,688	)
Total Options Written (Premiums Received $147,790)									$	(8,688	)

^(a) Exchange-Traded.

Schedule of Investments
April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 109.92% ^(a)(b)
CALL OPTIONS - 109.92%
SPY SPDR S&P 500® Trust ETF, Expires 6/30/2023, Strike Price $440.99		117	$	4,866,381	$	13,482
SPY SPDR S&P 500® Trust ETF, Expires 6/30/2023, Strike Price $4.20		72		2,994,696		2,955,022
SPY SPDR S&P 500® Trust ETF, Expires 9/29/2023, Strike Price $375.04		106		4,408,858		560,125
SPY SPDR S&P 500® Trust ETF, Expires 9/29/2023, Strike Price $3.63		72		2,994,696		2,947,873
SPY SPDR S&P 500® Trust ETF, Expires 12/29/2023, Strike Price $401.55		108		4,492,044		424,717
SPY SPDR S&P 500® Trust ETF, Expires 12/29/2023, Strike Price $3.86		72		2,994,696		2,935,087
SPY SPDR S&P 500® Trust ETF, Expires 3/28/2024, Strike Price $429.86		119		4,949,567		327,682
SPY SPDR S&P 500® Trust ETF, Expires 3/28/2024, Strike Price $4.13		72		2,994,696		2,925,508
TOTAL PURCHASED OPTIONS (Cost $12,539,606)						13,089,496

SHORT TERM INVESTMENTS - 0.48%	Principal Amount
Money Market Deposit Account- 0.48%
U.S. Bank Money Market Deposit Account, 4.800% ^(c)	$	56,635				56,635
TOTAL SHORT TERM INVESTMENTS (Cost $56,635)						56,635

Total Investments (Cost $12,596,241) - 110.40%						13,146,131
Liabilities in Excess of Other Assets - (10.40)%						(1,238,065	)
TOTAL NET ASSETS - 100.00%					$	11,908,066

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

INNOVATOR UNCAPPED ACCELERATED U.S. EQUITY ETF

Schedule of Investments
April 30, 2023 (Unaudited) (Continued)

Asset Type	% of Net Assets
Purchased Options		109.92	%
Short Term Investments		0.48
Total Investments		110.40
Liabilities in Excess of Other Assets		(10.40	)
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 April 30, 2023.

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	6/30/2023	$	419.99		72	$	(2,994,696	)	$	(62,112	)
SPY SPDR S&P 500® Trust ETF	9/29/2023		357.20		72		(2,994,696	)		(491,216	)
SPY SPDR S&P 500® Trust ETF	12/29/2023		382.45		72		(2,994,696	)		(386,013	)
SPY SPDR S&P 500® Trust ETF	3/28/2024		409.41		72		(2,994,696	)		(292,083	)
Total Options Written (Premiums Received $1,126,278)									$	(1,231,424	)

^(a) Exchange-Traded.

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

INNOVATOR GRADIENT TACTICAL ROTATION STRATEGY ETF

Schedule of Investments
April 30, 2023 (Unaudited)

	Shares		Value
COMMON STOCKS - 99.67%
Airlines - 2.67%
American Airlines Group, Inc. ^(a)		178,482	$	2,434,494
Delta Air Lines, Inc. ^(a)		63,921		2,193,130
United Airlines Holdings, Inc. ^(a)		55,084		2,412,679
				7,040,303
Apparel - 2.94%
NIKE, Inc. - Class B		21,395		2,711,174
Ralph Lauren Corp.		22,026		2,528,365
Tapestry, Inc.		61,635		2,515,324
				7,754,863
Auto Manufacturers - 2.79%
Ford Motor Co.		205,881		2,445,866
General Motors Co.		63,923		2,112,016
Tesla, Inc. ^(a)		16,930		2,781,769
				7,339,651
Auto Parts & Equipment - 1.09%
Aptiv PLC ^(a)		27,834		2,863,005

Banks - 0.74%
First Republic Bank/CA ^(b)		17,857		62,678
State Street Corp.		26,257		1,897,331
				1,960,009
Biotechnology - 1.95%
Illumina, Inc. ^(a)		13,845		2,845,978
Moderna, Inc. ^(a)		17,299		2,298,864
				5,144,842
Building Materials - 0.80%
Mohawk Industries, Inc. ^(a)		19,820		2,098,938

Chemicals - 0.71%
Albemarle Corp.		10,069		1,867,397

Commercial Services - 1.90%
PayPal Holdings, Inc. ^(a)		38,705		2,941,580
United Rentals, Inc.		5,686		2,053,271
				4,994,851

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

INNOVATOR GRADIENT TACTICAL ROTATION STRATEGY ETF

Schedule of Investments
April 30, 2023 (Unaudited) (Continued)

	Shares		Value
Computers - 5.71%
Apple, Inc.		16,505		2,800,568
EPAM Systems, Inc. ^(a)		8,531		2,409,496
Fortinet, Inc.^(a)		50,399		3,177,657
HP, Inc.		81,737		2,428,406
Seagate Technology Holdings PLC		34,156		2,007,348
Western Digital Corp. ^(a)		64,506		2,221,587
				15,045,062
Cosmetics & Personal Care - 0.91%
The Estee Lauder Cos., Inc. - Class A		9,719		2,397,872

Distribution & Wholesale - 0.83%
Pool Corp.		6,238		2,191,534

Diversified Financial Services - 6.91%
Ameriprise Financial, Inc.		6,950		2,120,584
BlackRock, Inc.		3,459		2,321,681
Capital One Financial Corp.		22,362		2,175,823
Discover Financial Services		20,816		2,153,832
Franklin Resources, Inc. ^(b)		77,862		2,092,931
Invesco Ltd.		147,717		2,530,392
Synchrony Financial		72,622		2,143,075
T Rowe Price Group, Inc.		23,806		2,674,127
				18,212,445
Electrical Components & Equipment - 1.23%
Generac Holdings, Inc. ^(a)		31,624		3,232,605

Electronics - 0.90%
Trimble, Inc. ^(a)		50,182		2,363,572

Energy-Alternate Sources - 1.83%
Enphase Energy, Inc. ^(a)		13,749		2,257,586
SolarEdge Technologies, Inc. ^(a)		8,943		2,554,389
				4,811,975
Entertainment - 1.35%
Caesars Entertainment, Inc. ^(a)		78,350		3,548,472

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

INNOVATOR GRADIENT TACTICAL ROTATION STRATEGY ETF

Schedule of Investments
April 30, 2023 (Unaudited) (Continued)

	Shares		Value
Healthcare - Products - 3.26%
Align Technology, Inc. ^(a)		9,349		3,041,230
IDEXX Laboratories, Inc. ^(a)		4,859		2,391,405
Intuitive Surgical, Inc. ^(a)		10,451		3,148,050
				8,580,685
Healthcare - Services - 0.64%
Catalent, Inc.^(a)		33,847		1,696,412

Home Builders - 3.25%
DR Horton, Inc.^(b)		24,748		2,717,825
Lennar Corp. - Class A		24,355		2,747,488
PulteGroup, Inc. ^(b)		45,982		3,087,691
				8,553,004
Insurance - 0.67%
Lincoln National Corp.		80,709		1,753,807

Internet - 7.93%
Alphabet, Inc. - Class C^(a)		25,957		2,809,067
Amazon.com, Inc. ^(a)		31,786		3,351,834
Etsy, Inc. ^(a)(b)		27,508		2,779,133
Expedia Group, Inc.^(a)		22,875		2,149,335
Match Group, Inc.^(a)		71,119		2,624,291
Meta Platforms, Inc. - Class A^(a)		18,316		4,401,700
Netflix, Inc. ^(a)		8,446		2,786,589
				20,901,949
Leisure Time - 3.47%
Carnival Corp. ^(a)(b)		334,624		3,081,887
Norwegian Cruise Line Holdings Ltd.^(a)(b)	��	226,470		3,023,375
Royal Caribbean Cruises Ltd. ^(a)(b)		46,254		3,026,399
				9,131,661
Lodging - 2.32%
MGM Resorts International		70,235		3,154,956
Wynn Resorts Ltd.^(a)		25,965		2,967,280
				6,122,236
Media - 1.57%
DISH Network Corp. - Class A^(a)(b)		226,829		1,703,486
Warner Bros Discovery, Inc.^(a)(b)		178,441		2,428,582
				4,132,068

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

INNOVATOR GRADIENT TACTICAL ROTATION STRATEGY ETF

Schedule of Investments
April 30, 2023 (Unaudited) (Continued)

	Shares		Value
Mining - 0.90%
Freeport-McMoRan, Inc.		62,692		2,376,654

Office & Business Equipment - 0.98%
Zebra Technologies Corp. - Class A^(a)		8,995		2,590,830

Pharmaceuticals - 1.16%
Dexcom, Inc.^(a)		25,204		3,058,253

Retail - 1.79%
Bath & Body Works, Inc.		62,981		2,210,633
CarMax, Inc. ^(a)(b)		35,955		2,517,929
				4,728,562
Semiconductors - 20.05%
Advanced Micro Devices, Inc. ^(a)		46,607		4,165,269
Analog Devices, Inc.		14,018		2,521,558
Applied Materials, Inc.		28,558		3,227,911
Broadcom, Inc.		4,104		2,571,156
Intel Corp.		84,541		2,625,843
KLA Corp.		7,711		2,980,610
Lam Research Corp.		6,697		3,509,764
Microchip Technology, Inc.		36,467		2,661,726
Micron Technology, Inc.		47,501		3,057,164
Monolithic Power Systems, Inc.		8,462		3,909,191
NVIDIA Corp.		19,272		5,347,788
NXP Semiconductors NV		15,558		2,547,467
ON Semiconductor Corp. ^(a)(b)		45,699		3,288,500
Qorvo, Inc. ^(a)		27,956		2,574,188
QUALCOMM, Inc.		22,343		2,609,662
Skyworks Solutions, Inc.		24,047		2,546,577
Teradyne, Inc.^(b)		29,209		2,669,118
				52,813,492
Software - 14.43%
Adobe, Inc. ^(a)		7,274		2,746,371
ANSYS, Inc. ^(a)		10,352		3,249,700
Autodesk, Inc. ^(a)		14,012		2,729,397
Cadence Design Systems, Inc.^(a)		13,548		2,837,629
Ceridian HCM Holding, Inc. ^(a)		46,398		2,945,345

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

INNOVATOR GRADIENT TACTICAL ROTATION STRATEGY ETF

Schedule of Investments
April 30, 2023 (Unaudited) (Continued)

	Shares		Value
Intuit, Inc.		7,699		3,417,972
Microsoft Corp.		9,394		2,886,400
MSCI, Inc.		4,731		2,282,471
Paycom Software, Inc. ^(a)		9,766		2,835,753
Salesforce, Inc. ^(a)		16,856		3,343,725
ServiceNow, Inc. ^(a)		6,917		3,177,808
Synopsys, Inc.^(a)		7,159		2,658,280
Tyler Technologies, Inc. ^(a)		7,664		2,904,886
				38,015,737
Telecommunications - 1.17%
Arista Networks, Inc. ^(a)		19,276		3,087,244

Transportation - 0.82%
Old Dominion Freight Line, Inc.		6,755		2,164,234
TOTAL COMMON STOCKS (Cost $292,519,818)				262,574,224

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 8.85%	Units
Mount Vernon Liquid Assets Portfolio, LLC, 5.03% ^(c)		23,312,054		23,312,054
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $23,312,054)				23,312,054

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

INNOVATOR GRADIENT TACTICAL ROTATION STRATEGY ETF

Schedule of Investments
April 30, 2023 (Unaudited) (Continued)

SHORT TERM INVESTMENTS - 0.37%	Principal Amount			Value
U.S. Treasury Bill - 0.36%
United States Treasury Bill, 0.225%, 5/4/2023 ^(d)	$	911,000			910,688.00
United States Treasury Bill, 0.581%, 5/9/2023 ^(d)		32,000			31,971.00
					942,659.00
Money Market Deposit Account - 0.01%
U.S. Bank Money Market Deposit Account, 4.800% ^(e)		18,086			18,086
TOTAL SHORT TERM INVESTMENTS (Cost $960,735)					960,745

Total Investments (Cost $316,792,607) - 108.89%					286,847,023
Assets in Excess of Liabilities - (8.89)%					(23,418,531	)
TOTAL NET ASSETS - 100.00%				$	263,428,492

Asset Type	% of Net Assets
Common Stocks		99.67	%
Investments Purchased with Proceeds From Securities Lending		8.85
Short Term Investments		0.37
Total Investments		108.89
Liabilities in Excess of Other Assets		(8.89	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)	All or a portion of this security is on loan as of April 30, 2023. The total value of securities on loan is $23,067,634, or 8.76% of net assets. See Note 6.

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

(d)	Rate disclosed is the effective yield as of April 30,2023.

(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 April 30, 2023.

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

INNOVATOR EQUITY MANAGED FLOOR ETF

Schedule of Investments
April 30, 2023 (Unaudited)

	Shares		Value
COMMON STOCKS - 96.13%
Advertising - 0.10%
The Trade Desk, Inc. - Class A ^(a)(b)		342	$	22,004

Aerospace & Defense - 1.60%
HEICO Corp.		236		39,799
HEICO Corp. - Class A		180		24,161
Lockheed Martin Corp.		252		117,042
The Boeing Co. ^(a)		432		89,329
TransDigm Group, Inc.		109		83,385
				353,716
Agriculture - 0.49%
Philip Morris International, Inc.		1,080		107,968

Airlines - 0.23%
Delta Air Lines, Inc. ^(a)		1,458		50,024

Apparel - 0.51%
NIKE, Inc. - Class B		900		114,048

Auto Manufacturers - 1.64%
Ford Motor Co.		2,916		34,642
General Motors Co.		1,224		40,441
Lucid Group, Inc. ^(a)(b)		504		4,002
Rivian Automotive, Inc. - Class A^(a)(b)		414		5,308
Tesla, Inc. ^(a)		1,696		278,670
				363,063
Banks - 3.84%
Bank of America Corp.		5,404		158,229
Citizens Financial Group, Inc. ^(b)		882		27,289
Huntington Bancshares, Inc.		2,610		29,232
JPMorgan Chase & Co.		1,985		274,407
KeyCorp		2,340		26,348
Morgan Stanley ^(b)		760		68,378
Regions Financial Corp.		2,124		38,784
The Goldman Sachs Group, Inc.		342		117,457
Wells Fargo & Co.		2,754		109,472
				849,596

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

INNOVATOR EQUITY MANAGED FLOOR ETF

Schedule of Investments
April 30, 2023 (Unaudited) (Continued)

	Shares		Value
Beverages - 2.17%
Brown-Forman Corp. - Class A		252		16,602
Brown-Forman Corp. - Class B		558		36,320
PepsiCo, Inc.		1,147		218,951
The Coca-Cola Co.		3,250		208,488
				480,361
Biotechnology - 2.01%
Alnylam Pharmaceuticals, Inc. ^(a)		90		17,928
Amgen, Inc.		414		99,253
BioMarin Pharmaceutical, Inc. ^(a)		234		22,473
Gilead Sciences, Inc.		954		78,428
Horizon Therapeutics PLC ^(a)		198		22,010
Moderna, Inc. ^(a)		233		30,963
Regeneron Pharmaceuticals, Inc. ^(a)		77		61,738
Royalty Pharma PLC - Class A		576		20,246
Seagen, Inc. ^(a)		126		25,200
Vertex Pharmaceuticals, Inc. ^(a)		198		67,465
				445,704
Building Materials - 0.32%
Trane Technologies PLC ^(b)		379		70,422

Chemicals - 1.64%
Albemarle Corp.		90		16,691
Celanese Corp.		288		30,597
Dow, Inc. ^(b)		1,134		61,690
Linde PLC		417		154,060
LyondellBasell Industries NV - Class A ^(b)		414		39,169
PPG Industries, Inc.		432		60,592
				362,799
Commercial Services - 1.04%
Block, Inc. ^(a)		360		21,884
Cintas Corp.		162		73,835
PayPal Holdings, Inc. ^(a)		828		62,928
TransUnion		378		26,010
United Rentals, Inc.		126		45,500
				230,157

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

INNOVATOR EQUITY MANAGED FLOOR ETF

Schedule of Investments
April 30, 2023 (Unaudited) (Continued)

	Shares		Value
Computers - 8.93%
Accenture PLC - Class A		540		151,357
Apple, Inc.		9,958		1,689,674
Crowdstrike Holdings, Inc. - Class A ^(a)		185		22,209
Dell Technologies, Inc. - Class C		306		13,308
International Business Machines Corp.		719		90,889
Zscaler, Inc. ^(a)		106		9,551
				1,976,988
Cosmetics & Personal Care - 1.30%
The Procter & Gamble Co.		1,834		286,800

Diversified Financial Services - 3.85%
American Express Co.		468		75,507
Apollo Global Management, Inc.		450		28,526
Blue Owl Capital, Inc.		954		10,742
Coinbase Global, Inc. - Class A ^(a)(b)		108		5,809
Franklin Resources, Inc. ^(b)		666		17,902
Interactive Brokers Group, Inc. - Class A		288		22,421
LPL Financial Holdings, Inc.		108		22,555
Mastercard, Inc. - Class A		596		226,498
Nasdaq, Inc.		993		54,982
Rocket Cos., Inc. - Class A ^(a)(b)		684		6,094
T Rowe Price Group, Inc.		378		42,461
The Charles Schwab Corp.		1,066		55,688
Tradeweb Markets, Inc. - Class A		252		17,743
Visa, Inc. - Class A ^(b)		1,139		265,078
				852,006
Electric - 2.79%
Alliant Energy Corp.		1,160		63,962
Ameren Corp.		781		69,485
Avangrid, Inc. ^(b)		720		28,987
CenterPoint Energy, Inc.		2,233		68,040
CMS Energy Corp.		1,045		65,062
Consolidated Edison, Inc.		782		77,003
DTE Energy Co.		541		60,814
Entergy Corp.		594		63,903
Evergy, Inc.		938		58,259
PPL Corp.		2,178		62,552
				618,067

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

INNOVATOR EQUITY MANAGED FLOOR ETF

Schedule of Investments
April 30, 2023 (Unaudited) (Continued)

	Shares		Value
Electrical Components & Equipment - 0.25%
AMETEK, Inc.		396		54,620

Electronics - 0.46%
TE Connectivity Ltd.		594		72,688
Trimble, Inc. ^(a)		612		28,825
				101,513
Energy-Alternate Sources - 0.15%
Enphase Energy, Inc. ^(a)		121		19,868
First Solar, Inc. ^(a)(b)		77		14,059
				33,927
Engineering & Construction - 0.16%
Jacobs Solutions, Inc.		306		35,331

Entertainment - 0.03%
Warner Music Group Corp. - Class A		216		6,582

Environmental Control - 0.72%
Republic Services, Inc.		486		70,285
Waste Management, Inc.		540		89,667
				159,952
Food - 1.01%
Albertsons Cos., Inc. - Class A		479		10,011
Campbell Soup Co.		1,044		56,689
Conagra Brands, Inc.		1,278		48,513
Kellogg Co.		906		63,212
The J M Smucker Co. ^(b)		288		44,470
				222,895
Forest Products & Paper - 0.15%
International Paper Co.		972		32,183

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

INNOVATOR EQUITY MANAGED FLOOR ETF

Schedule of Investments
April 30, 2023 (Unaudited) (Continued)

	Shares		Value
Healthcare - Products - 3.74%
Abbott Laboratories		1,279		141,291
Avantor, Inc. ^(a)(b)		684		13,324
Danaher Corp.		505		119,640
GE HealthCare Technologies, Inc. ^(a)		458		37,254
Insulet Corp. ^(a)(b)		72		22,899
Intuitive Surgical, Inc.^(a)		288		86,751
Medtronic PLC ^(b)		1,188		108,049
Teleflex, Inc.		126		34,338
The Cooper Cos., Inc.		162		61,795
Thermo Fisher Scientific, Inc.		270		149,823
Zimmer Biomet Holdings, Inc.		378		52,330
				827,494
Healthcare - Services - 2.17%
HCA Healthcare, Inc.		198		56,891
Humana, Inc.		162		85,939
UnitedHealth Group, Inc.		684		336,589
				479,419
Home Builders - 0.27%
Lennar Corp. - Class B		612		59,866

Household Products & Wares - 0.28%
Church & Dwight Co., Inc.		630		61,186

Insurance - 3.56%
Arch Capital Group Ltd. ^(a)		702		52,699
Arthur J Gallagher & Co.		381		79,271
Berkshire Hathaway, Inc. - Class B ^(a)		936		307,523
Brown & Brown, Inc.		774		49,838
Loews Corp.		972		55,958
Markel Corp. ^(a)(b)		36		49,267
Principal Financial Group, Inc.		540		40,333
Prudential Financial, Inc. ^(b)		720		62,640
The Hartford Financial Services Group, Inc.		666		47,279
W R Berkley Corp.		738		43,483
				788,291

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

INNOVATOR EQUITY MANAGED FLOOR ETF

Schedule of Investments
April 30, 2023 (Unaudited) (Continued)

	Shares		Value
Internet - 9.90%
Airbnb, Inc. - Class A ^(a)		288		34,465
Alphabet, Inc. - Class A ^(a)		3,816		409,609
Alphabet, Inc. - Class C ^(a)		3,402		368,164
Amazon.com, Inc. ^(a)(b)		5,544		584,616
Booking Holdings, Inc. ^(a)		36		96,707
CDW Corp.		288		48,842
Chewy, Inc. - Class A ^(a)(b)		126		3,907
Coupang, Inc. ^(a)		648		10,860
DoorDash, Inc. - Class A^(a)		156		9,546
Expedia Group, Inc.^(a)		148		13,906
MercadoLibre, Inc. ^(a)(b)		36		45,990
Meta Platforms, Inc. - Class A ^(a)		1,401		336,688
Netflix, Inc.^(a)		281		92,710
Okta, Inc. ^(a)		144		9,868
Palo Alto Networks, Inc. ^(a)(b)		234		42,696
Pinterest, Inc. - Class A ^(a)		612		14,076
Snap, Inc. - Class A ^(a)(b)		828		7,212
Spotify Technology SA^(a)(b)		144		19,238
Uber Technologies, Inc. ^(a)		1,296		40,241
				2,189,341
Iron & Steel - 0.17%
Nucor Corp. ^(b)		252		37,341

Lodging - 0.21%
MGM Resorts International ^(b)		1,026		46,088

Machinery - Construction & Mining - 0.39%
Caterpillar, Inc.		396		86,645

Machinery - Diversified - 1.04%
Deere & Co.		216		81,652
Dover Corp.		450		65,772
IDEX Corp.		252		51,993
Westinghouse Air Brake Technologies Corp.		306		29,887
				229,304

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

INNOVATOR EQUITY MANAGED FLOOR ETF

Schedule of Investments
April 30, 2023 (Unaudited) (Continued)

	Shares		Value
Media - 1.50%
Comcast Corp. - Class A		3,078		127,336
FactSet Research Systems, Inc.		90		37,052
Liberty Broadband Corp. - Class A ^(a)		90		7,608
Liberty Broadband Corp. - Class C ^(a)		198		16,786
Paramount Global - Class A ^(b)		216		5,715
Sirius XM Holdings, Inc. ^(b)		2,646		10,055
The Walt Disney Co. ^(a)		1,242		127,305
				331,857
Mining - 0.30%
Freeport-McMoRan, Inc.		1,314		49,814
Southern Copper Corp.		217		16,672
				66,486
Miscellaneous Manufacturing - 0.93%
3M Co.		702		74,566
Carlisle Cos., Inc.		162		34,968
General Electric Co.		972		96,199
				205,733
Oil & Gas - 3.93%
Chevron Corp.		1,332		224,549
ConocoPhillips		1,154		118,735
Devon Energy Corp.		810		43,278
Exxon Mobil Corp.		2,976		352,180
Marathon Oil Corp.		1,350		32,616
Occidental Petroleum Corp.		720		44,302
Texas Pacific Land Corp.		8		11,821
Valero Energy Corp.		376		43,116
				870,597
Oil & Gas Services - 0.38%
Baker Hughes Co.		990		28,948
Schlumberger NV		1,134		55,963
				84,911

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

INNOVATOR EQUITY MANAGED FLOOR ETF

Schedule of Investments
April 30, 2023 (Unaudited) (Continued)

	Shares		Value
Pharmaceuticals - 6.27%
AbbVie, Inc.		1,217		183,913
AmerisourceBergen Corp.		252		42,046
Bristol-Myers Squibb Co.		1,548		103,360
CVS Health Corp.		954		69,938
Dexcom, Inc. ^(a)		298		36,159
Eli Lilly & Co.		564		223,265
Johnson & Johnson		1,877		307,264
Merck & Co., Inc.		1,802		208,077
Pfizer, Inc.		3,619		140,743
The Cigna Group		288		72,948
				1,387,713
Pipelines - 0.40%
Cheniere Energy, Inc.		234		35,802
Kinder Morgan, Inc. ^(b)		3,132		53,714
				89,516
Private Equity - 0.51%
Ares Management Corp. - Class A		288		25,226
Blackstone, Inc.		540		48,238
KKR & Co., Inc.		756		40,121
				113,585
Retail - 5.60%
Costco Wholesale Corp.		352		177,133
Genuine Parts Co. ^(b)		264		44,434
Lowe's Cos., Inc.		558		115,969
Lululemon Athletica, Inc. ^(a)		108		41,032
McDonald's Corp.		617		182,478
Ross Stores, Inc.		540		57,634
Starbucks Corp.		918		104,918
Target Corp.		378		59,630
The Home Depot, Inc. ^(b)		756		227,209
Ulta Beauty, Inc. ^(a)(b)		72		39,703
Walmart, Inc.		1,098		165,765
Yum China Holdings, Inc.		372		22,759
				1,238,664

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

INNOVATOR EQUITY MANAGED FLOOR ETF

Schedule of Investments
April 30, 2023 (Unaudited) (Continued)

	Shares		Value
Semiconductors - 5.77%
Advanced Micro Devices, Inc. ^(a)		1,243		111,087
Broadcom, Inc. ^(b)		306		191,709
GLOBALFOUNDRIES, Inc. ^(a)(b)		143		8,408
Intel Corp.		2,934		91,130
Lam Research Corp.		188		98,527
Marvell Technology, Inc.		864		34,111
Micron Technology, Inc.		864		55,607
NVIDIA Corp.		1,535		425,947
QUALCOMM, Inc.		756		88,301
Teradyne, Inc.		418		38,197
Texas Instruments, Inc.		794		132,756
				1,275,780
Software - 10.67%
Adobe, Inc.^(a)		324		122,329
Aspen Technology, Inc. ^(a)		53		9,381
Atlassian Corp. - Class A ^(a)(b)		131		19,343
Bentley Systems, Inc. - Class B		342		14,556
BILL Holdings, Inc. ^(a)		95		7,297
Broadridge Financial Solutions, Inc.		342		49,730
Cloudflare, Inc. - Class A ^(a)		198		9,316
Datadog, Inc. - Class A ^(a)		234		15,767
DocuSign, Inc. ^(a)		288		14,239
HubSpot, Inc. ^(a)		36		15,154
Intuit, Inc.		236		104,772
Microsoft Corp.		4,617		1,418,620
MongoDB, Inc. ^(a)(b)		54		12,958
Oracle Corp.		1,164		110,254
Palantir Technologies, Inc. - Class A ^(a)		1,494		11,579
ROBLOX Corp. - Class A ^(a)		252		8,971
Salesforce, Inc. ^(a)(b)		666		132,115
ServiceNow, Inc.^(a)(b)		164		75,345
Snowflake, Inc. - Class A ^(a)		198		29,320
Splunk, Inc.^(a)(b)		162		13,971
SS&C Technologies Holdings, Inc.		558		32,665
Twilio, Inc. - Class A^(a)		216		11,364
Unity Software, Inc. ^(a)(b)		302		8,145

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

INNOVATOR EQUITY MANAGED FLOOR ETF

Schedule of Investments
April 30, 2023 (Unaudited) (Continued)

	Shares		Value
Veeva Systems, Inc. Class A ^(a)		126		22,564
VMware, Inc. - Class A ^(a)		272		34,008
Workday, Inc. - Class A ^(a)(b)		204		37,973
Zoom Video Communications, Inc. - Class A ^(a)		198		12,163
ZoomInfo Technologies, Inc. ^(a)		288		6,310
				2,360,209
Telecommunications - 1.62%
AT&T, Inc.		6,015		106,285
Cisco Systems, Inc.		3,357		158,618
T-Mobile US, Inc. ^(a)		617		88,786
Ubiquiti, Inc. ^(b)		18		4,186
				357,875
Transportation - 1.13%
Expeditors International of Washington, Inc. ^(b)		396		45,081
FedEx Corp.		252		57,401
JB Hunt Transport Services, Inc.		180		31,552
Union Pacific Corp.		594		116,245
				250,279
TOTAL COMMON STOCKS (Cost $20,049,929)				21,268,906

REAL ESTATE INVESTMENT TRUSTS - 2.22%
Apartments - 1.16%
Camden Property Trust		486		53,484
Essex Property Trust, Inc.		216		47,462
Invitation Homes, Inc. ^(b)		1,494		49,855
Mid-America Apartment Communities, Inc.		378		58,136
UDR, Inc. ^(b)		1,134		46,868
				255,805
Diversified - 0.53%
American Tower Corp.		360		73,581
WP Carey, Inc. ^(b)		576		42,739
				116,320

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

INNOVATOR EQUITY MANAGED FLOOR ETF

Schedule of Investments
April 30, 2023 (Unaudited) (Continued)

	Shares				Value
Health Care - 0.23%
Healthpeak Properties, Inc.		2,305				50,641

Manufactured Homes - 0.21%
Sun Communities, Inc.		342				47,514

Office Property - 0.09%
Boston Properties, Inc.		378				20,170
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $510,314)						490,450

PURCHASED OPTIONS - 1.42% ^(c)(d)	Contracts		Notional Amount
PUT OPTIONS - 1.42%
SPY SPDR S&P 500® Trust ETF, Expires 6/30/2023, Strike Price $344.00		133	$	5,531,869		11,571
SPY SPDR S&P 500® Trust ETF, Expires 9/29/2023, Strike Price $345.00		133		5,531,869		52,402
SPY SPDR S&P 500® Trust ETF, Expires 12/29/2023, Strike Price $345.00		132		5,490,276		86,922
SPY SPDR S&P 500® Trust ETF, Expires 3/28/2024, Strike Price $364.00		136		5,656,648		163,880
TOTAL PURCHASED OPTIONS (Cost $635,953)						314,775

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 10.14%	Units
Mount Vernon Liquid Assets Portfolio, LLC, 5.03% ^(e)		2,244,485				2,244,485
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $2,244,485)						2,244,485

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

INNOVATOR EQUITY MANAGED FLOOR ETF

Schedule of Investments
April 30, 2023 (Unaudited) (Continued)

SHORT TERM INVESTMENTS - 0.64%
Money Market Deposit Account - 0.64%	Principal Amount			Value
U.S. Bank Money Market Deposit Account, 4.800% ^(f)	$	141,209			141,209
TOTAL SHORT TERM INVESTMENTS (Cost $141,209)					141,209

Total Investments (Cost $23,581,890) - 110.55%					24,459,825
Liabilities in Excess of Other Assets - (10.55)%					(2,333,588	)
TOTAL NET ASSETS - 100.00%				$	22,126,237

Asset Type	% of Net Assets
Common Stocks		96.13	%
Real Estate Investment Trusts		2.22
Purchased Options		1.42
Investments Purchased with Proceeds From Securities Lending		10.14
Short Term Investments		0.64
Total Investments		110.55
Liabilities in Excess of Other Assets		(10.55	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)	All or a portion of this security is on loan as of April 30, 2023. The total value of securities on loan is $2,208,450, or 9.98% of net assets. See Note 6.

(c)	Exchange-Traded.

(d)	All or a portion of the security can be 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 April 30, 2023.

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

INNOVATOR EQUITY MANAGED FLOOR ETF

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPXW S&P® 500 Index	5/1/2023	$	4,230.00		17	$	(7,088,116	)	$	(425	)
SPXW S&P® 500 Index	5/5/2023		4,225.00		18		(7,505,064	)		(22,248	)
SPXW S&P® 500 Index	5/10/2023		4,160.00		17		(7,088,116	)		(75,514	)
Total Options Written (Premiums Received $65,220)									$	(98,187	)

^(a) Exchange-Traded.

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

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

April 30, 2023 (Unaudited)

		Innovator IBD® 50 ETF			Innovator IBD® Breakout Opportunities ETF			Innovator Deepwater Frontier Tech ETF
	Assets:
	Investments, at value ^(a)(b)	$	100,559,714		$	16,711,618		$	46,399,025
	Dividends and interest receivable		11,928			10,748			3,667
	Receivable for investments sold		27,662,277			-			-
	Securities lending income receivable		7,467			233			7,230
	Prepaid expenses		1,559			-			-
	Total Assets		128,242,945			16,722,599			46,409,922

	Liabilities:
	Payable for collateral upon return of securities loaned		22,880,354			2,841,107			11,367,570
	Payable to Adviser		30,276			9,081			20,880
	Payable for investments purchased		27,481,376			-			-
	Payable to Trustees		2,003			-			-
	Payable to Custodian		4,875			-			-
	Accrued expenses and other liabilities		114,024			-			465
	Total Liabilities		50,512,908			2,850,188			11,388,915
	Net Assets	$	77,730,037		$	13,872,411		$	35,021,007

	Net Assets Consist of:
	Capital stock	$	395,358,013		$	25,885,895		$	72,424,139
	Total distributable earnings/(accumulated deficit)		(317,627,976	)		(12,013,484	)		(37,403,132	)
	Net Assets	$	77,730,037		$	13,872,411		$	35,021,007

	Net Asset Value:
	Net assets	$	77,730,037		$	13,872,411		$	35,021,007
	Shares of beneficial interest outstanding (unlimited shares without par authorized)		3,350,000			450,000			1,050,001
	Net asset value price per share	$	23.20		$	30.83		$	33.35

^(a)	Cost of investments	$	97,887,894		$	16,301,126		$	47,939,284
^(b)	Including securities on loan at a value of		12,127,505			2,784,482			10,960,217

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

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

April 30, 2023 (Unaudited) (Continued)

		Innovator S&P Investment Grade Preferred ETF				Innovator Laddered Allocation Power Buffer ETF				Innovator Laddered Allocation Buffer ETF
	Assets:
	Investments, at value ^(a)	$	127,091,144		^(b)	$	3,766,732			$	16,019
	Investments in affiliates, at value ^(c)		-				222,433,381		^(b)		35,804,474
	Dividends and interest receivable		185,424				915				42
	Securities lending income receivable		19,033				15,944				-
	Total Assets		127,295,601				226,216,972				35,820,535

	Liabilities:
	Payable to Adviser		44,792				17,580				2,919
	Distribution payable		527,000				-				-
	Payable for collateral upon return of securities loaned		10,291,453				3,518,125				-
	Total Liabilities		10,863,245				3,535,705				2,919
	Net Assets	$	116,432,356			$	222,681,267			$	35,817,616

	Net Assets Consist of:
	Capital stock	$	157,669,002			$	250,513,522			$	34,098,693
	Total distributable earnings/(accumulated deficit)		(41,236,646	)			(27,832,255	)			1,718,923
	Net Assets	$	116,432,356			$	222,681,267			$	35,817,616

	Net Asset Value:
	Net assets	$	116,432,356			$	222,681,267			$	35,817,616
	Shares of beneficial interest outstanding (unlimited shares without par authorized)		6,200,000				6,150,000				1,450,000
	Net asset value price per share	$	18.78			$	36.21			$	24.70

^(a)	Cost of investments	$	146,185,699			$	3,766,732			$	16,019
^(b)	Including securities on loan at a value of		10,053,416				3,451,289				-
^(c)	Cost of investments in affiliates		-				211,767,919				34,267,393

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

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

April 30, 2023 (Unaudited) (Continued)

		Innovator Buffer Step-Up Strategy ETF			Innovator Power Buffer Step-Up Strategy ETF
	Assets:
	Investments, at value ^(a)	$	32,761,063		$	71,387,257
	Interest receivable		123			461
	Total Assets		32,761,186			71,387,718

	Liabilities:
	Payable to Adviser		22,807			47,481
	Options written, at value ^(b)		1,179,106			3,120,828
	Total Liabilities		1,201,913			3,168,309
	Net Assets	$	31,559,273		$	68,219,409

	Net Assets Consist of:
	Capital stock	$	32,479,803		$	67,294,038
	Total distributable earnings/(accumulated deficit)		(920,530	)		925,371
	Net Assets	$	31,559,273		$	68,219,409

	Net Asset Value:
	Net assets	$	31,559,273		$	68,219,409
	Shares of beneficial interest outstanding (unlimited shares without par value authorized)		1,225,000			2,600,000
	Net asset value price per share	$	25.76		$	26.24

^(a)	Cost of investments	$	31,693,628		$	69,250,525
^(b)	Premiums received		1,410,369			3,135,096

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

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

April 30, 2023 (Unaudited) (Continued)

		Innovator Hedged TSLA Strategy ETF			Innovator Uncapped Accelerated U.S. Equity ETF
	Assets:
	Investments, at value ^(a)	$	1,824,160		$	13,146,131
	Interest receivable		286			215
	Deposit at broker for options		70			39
	Total Assets		1,824,516			13,146,385

	Liabilities:
	Payable to Adviser		1,219			6,895
	Options written, at value ^(b)		8,688			1,231,424
	Total Liabilities		9,907			1,238,319
	Net Assets	$	1,814,609		$	11,908,066

	Net Assets Consist of:
	Capital stock	$	2,078,386		$	11,842,016
	Total distributable earnings/(accumulated deficit)		(263,777	)		66,050
	Net Assets	$	1,814,609		$	11,908,066

	Net Asset Value:
	Net assets	$	1,814,609		$	11,908,066
	Shares of beneficial interest outstanding (unlimited shares without par value authorized)		80,000			450,000
	Net asset value price per share	$	22.68		$	26.46

^(a)	Cost of investments	$	2,116,902		$	12,596,241
^(b)	Premiums received		147,790			1,126,278

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

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

April 30, 2023 (Unaudited) (Continued)

		Innovator Equity Managed Floor ETF		Innovator Gradient Tactical Rotation Strategy ETF
	Assets:
	Investments, at value ^(a)(b)	$	24,459,825	$	286,847,023
	Cash		7,258		-
	Dividends and interest receivable		18,249		87,199
	Receivable for investments sold		-		2,077,841
	Securities lending income receivable		374		5,534
	Deposit at broker for options		189		-
	Total Assets		24,485,895		289,017,597

	Liabilities:
	Payable for fund shares redeemed		-		2,098,880
	Payable for collateral upon return of securities loaned		2,244,485		23,312,054
	Payable to Adviser		16,986		178,171
	Options written, at value ^(c)		98,187		-
	Total Liabilities		2,359,658		25,589,105
	Net Assets	$	22,126,237	$	263,428,492

	Net Assets Consist of:
	Capital stock	$	20,648,885	$	312,268,635
	Total distributable earnings/(accumulated deficit)		1,477,352		(48,840,143	)
	Net Assets	$	22,126,237	$	263,428,492

	Net Asset Value:
	Net assets	$	22,126,237	$	263,428,492
	Shares of beneficial interest outstanding (unlimited shares without par authorized)		900,000		12,350,000
	Net asset value price per share	$	24.58	$	21.33

^(a)	Cost of investments	$	23,581,890	$	316,792,607
^(b)	Including securities on loan at a value of		2,208,450		23,067,634
^(c)	Premiums received		65,220		-

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

INNOVATOR ETFs TRUST

Statements of Operations

For the Period Ended April 30, 2023 (Unaudited)

		Innovator IBD® 50 ETF			Innovator IBD® Breakout Opportunities ETF			Innovator Deepwater Frontier Tech ETF
Investment Income:
Dividends		$	440,652		$	122,867		$	64,002
	Less: Foreign witholding taxes and issuance fees		(10,314	)		(1,409	)		(3,548	)
Interest			8,462			1,741			3,304
Securities lending income, net			31,203			6,482			21,417
Total Investment Income			470,003			129,681			85,175

Expenses:
Investment advisory fee			291,338			55,688			122,052
Professional fees			23,487			-			-
Administration fees			33,940			-			-
Fund accounting fees			812			-			-
Trustees fees and expenses			2,750			-			-
Printing and mailing expenses			17,459			-			-
Custody fees			9,839			-			-
Insurance expense			1,003			-			-
Other expenses			93,075			-			-
Total Expenses Before Expense Limitation			473,703			55,688			122,052
Net advisory recoupment/(waivers)(see Note 3)			(140,745	)		-			-
Net Expenses			332,958			55,688			122,052
Net Investment Income/(Loss)			137,045			73,993			(36,877	)

Realized & Unrealized Gain/(Loss):
Net realized gain/(loss) on:
	Investments and foreign currency transactions		(9,089,878	)		402,770			(2,808,126	)
	Redemptions sold in-kind on investments		2,185,410			116,145			424,229
Net change in unrealized appreciation/(depreciation) on:
	Investments and translation of foreign currency		(2,807,079	)		(318,244	)		6,731,435
Net Realized and Unrealized Gain/(Loss)			(9,711,547	)		200,671			4,347,538
Net Increase/(Decrease) in Net Assets Resulting From Operations		$	(9,574,502	)	$	274,664		$	4,310,661

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

INNOVATOR ETFs TRUST

Statements of Operations

For the Period Ended April 30, 2023 (Unaudited) (Continued)

		Innovator S&P Investment Grade Preferred ETF			Innovator Laddered Allocation Power Buffer ETF			Innovator Laddered Allocation Buffer ETF
Investment Income:
Dividends		$	3,139,874		$	-		$	-
Interest			16,301			4,452			277
Securities lending income, net			78,817			47,653			-
Total Investment Income			3,234,992			52,105			277

Expenses:
Investment advisory fee			281,190			177,365			33,106
Total Expenses Before Expense Limitation			281,190			177,365			33,106
Net advisory recoupment/(waivers)(see Note 3)			-			(88,683	)		(16,553	)
Net Expenses			281,190			88,682			16,553
Net Investment Income/(Loss)			2,953,802			(36,577	)		(16,276	)

Realized & Unrealized Gain/(Loss):
Net realized gain/(loss) on:
	Investments		(5,867,051	)		-			-
	Redemptions sold in-kind on investments		299,714			-			-
	Redemptions sold in-kind on affiliates		-			267,686			228,916
	Investments in affiliates		-			3,654			(2,965	)
Net change in unrealized appreciation/(depreciation) on:
	Investments		11,191,780			-			-
	Investments in affiliates		-			11,009,755			2,238,801
Net Realized and Unrealized Gain/(Loss)			5,624,443			11,281,095			2,464,752
Net Increase/(Decrease) in Net Assets Resulting From Operations		$	8,578,245		$	11,244,518		$	2,448,476

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

INNOVATOR ETFs TRUST

Statements of Operations

For the Period Ended April 30, 2023 (Unaudited) (Continued)

		Innovator Buffer Step-Up Strategy ETF			Innovator Power Buffer Step-Up Strategy ETF
Investment Income:
Interest		$	803		$	1,638
Total Investment Income			803			1,638

Expenses:
Investment advisory fee			132,363			210,207
Total Expenses			132,363			210,207
Net Investment Income/(Loss)			(131,560	)		(208,569	)

Realized & Unrealized Gain/(Loss):
Net realized gain/(loss) on:
	Investments		(1,317,360	)		(1,485,562	)
	Redemptions sold in-kind on investments		66,474			306,407
	Redemptions sold in-kind on options written		501,444			931,647
	Options written		930,345			1,162,328
Net change in unrealized appreciation/(depreciation) on:
	Investments		2,246,015			3,102,481
	Options written		(167,658	)		(611,742	)
Net Realized and Unrealized Gain/(Loss) on Investments and Options Written			2,259,260			3,405,559
Net Increase/(Decrease) in Net Assets Resulting From Operations		$	2,127,700		$	3,196,990

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

INNOVATOR ETFs TRUST

Statements of Operations

For the Period Ended April 30, 2023 (Unaudited) (Continued)

		Innovator Hedged TSLA Strategy ETF			Innovator Uncapped Accelerated U.S. Equity ETF
Investment Income:
Interest		$	39,452		$	945
Total Investment Income			39,452			945

Expenses:
Investment advisory fee			8,914			31,323
Total Expenses			8,914			31,323
Net Investment Income/(Loss)			30,538			(30,378	)

Realized & Unrealized Gain/(Loss):
Net realized gain/(loss) on:
	Investments		45,055			(438,385	)
	Redemptions sold in-kind on investments		719,078			76,747
	Redemptions sold in-kind on options written		758			167,188
	Options written		(799,332	)		77,837
Net change in unrealized appreciation/(depreciation) on:
	Investments		36,210			977,752
	Options written		(38,711	)		(248,960	)
Net Realized and Unrealized Gain/(Loss) on Investments and Options Written			(36,942	)		612,179
Net Increase/(Decrease) in Net Assets Resulting From Operations		$	(6,404	)	$	581,801

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

INNOVATOR ETFs TRUST

Statements of Operations

For the Period Ended April 30, 2023 (Unaudited) (Continued)

		Innovator Equity Managed Floor ETF ^(a)			Innovator Gradient Tactical Rotation Strategy ETF^(b)
Investment Income:
Dividends		$	126,712		$	1,956,058
	Less: Foreign witholding taxes and issuance fees		-			(2,480	)
Interest			6,078			494,443
Securities lending income, net			1,106			11,737
Total Investment Income			133,896			2,459,758

Expenses:
Investment advisory fee			75,233			1,071,431
Total Expenses			75,233			1,071,431
Net Investment Income/(Loss)			58,663			1,388,327

Realized & Unrealized Gain/(Loss):
Net realized gain/(loss) on:
	Investments and foreign currency transactions		(261,652	)		(17,549,374	)
	Redemptions sold in-kind on investments		484,216			(1,738,217	)
	Options written		402,799			-
Net change in unrealized appreciation/(depreciation) on:
	Investments and translation of foreign currency		878,817			(29,945,584	)
	Options written		(32,967	)		-
Net Realized and Unrealized Gain/(Loss)			1,471,213			(49,233,175	)
Net Increase/(Decrease) in Net Assets Resulting From Operations		$	1,529,876		$	(47,844,848	)

^(a) Since Commencement of Operations on November 8, 2022.
^(b) Since Commencement of Operations on November 16, 2022.

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

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets

	Innovator IBD® 50 ETF
	Period Ended			Year Ended
	April 30, 2023			October 31, 2022
	(Unaudited)
Operations:
Net investment income/(loss)	$	137,045		$	2,130,836
Net realized gain/(loss)		(6,904,468	)		(92,292,451	)
Net change in unrealized appreciation/(depreciation)		(2,807,079	)		(27,381,789	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		(9,574,502	)		(117,543,404	)

Distributions to Shareholders:
Net distributions to shareholders		(2,131,160	)		(520,522	)

Capital Share Transactions:
Proceeds from shares sold		20,544,060			32,771,310
Cost of shares redeemed		(33,151,480	)		(87,029,075	)
Transaction fees (see Note 5)		3			-
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		(12,607,417	)		(54,257,765	)
Total Increase/(Decrease) in Net Assets	$	(24,313,079	)	$	(172,321,691	)

Net Assets:
Beginning of period	$	102,043,116		$	274,364,807
End of period	$	77,730,037		$	102,043,116

Change in Shares Outstanding:
Shares sold		850,000			700,000
Shares redeemed		(1,400,000	)		(2,250,000	)
Net Increase/(Decrease)		(550,000	)		(1,550,000	)

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

INNOVATOR ETFs TRUST

Innovator IBD® Breakout Opportunities ETF						Innovator Deepwater Frontier Tech ETF
Period Ended			Year Ended			Period Ended			Year Ended
April 30, 2023			October 31, 2022			April 30, 2023			October 31, 2022
(Unaudited)						(Unaudited)

$	73,993		$	149,261		$	(36,877	)	$	(53,054	)
	518,915			(3,368,320	)		(2,383,897	)		(22,879,627	)
	(318,244	)		134,380			6,731,435			(13,811,288	)
	274,664			(3,084,679	)		4,310,661			(36,743,969	)


	(179,202	)		-			-			-


	3,041,730			27,819,425			1,723,420			10,044,230
	(3,071,100	)		(25,535,495	)		(3,302,770	)		(19,449,030	)
	-			-			1,413			8,974
	(29,370	)		2,283,930			(1,577,937	)		(9,395,826	)
$	66,092		$	(800,749	)	$	2,732,724		$	(46,139,795	)


$	13,806,319		$	14,607,068		$	32,288,283		$	78,428,078
$	13,872,411		$	13,806,319		$	35,021,007		$	32,288,283


	100,000			750,000			50,000			200,000
	(100,000	)		(700,000	)		(100,000	)		(500,000	)
	-			50,000			(50,000	)		(300,000	)

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

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets

	Innovator S&P Investment Grade Preferred ETF
	Period Ended			Year Ended
	April 30, 2023			October 31, 2022
	(Unaudited)
Operations:
Net investment income/(loss)	$	2,953,802		$	7,806,854
Net realized gain/(loss)		(5,567,337	)		(17,216,205	)
Net change in unrealized appreciation/(depreciation)		11,191,780			(33,343,643	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		8,578,245			(42,752,994	)

Distributions to Shareholders:
Distributions to shareholders		(2,917,673	)		(7,781,626	)
Distributions from return of capital		-			(179,692	)
Net distributions to shareholders		(2,917,673	)		(7,961,318	)

Capital Share Transactions:
Proceeds from shares sold		930,500			9,342,305
Cost of shares redeemed		(9,215,260	)		(62,365,145	)
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		(8,284,760	)		(53,022,840	)
Total Increase/(Decrease) in Net Assets	$	(2,624,188	)	$	(103,737,152	)

Net Assets:
Beginning of period	$	119,056,544		$	222,793,696
End of period	$	116,432,356		$	119,056,544

Change in Shares Outstanding:
Shares sold		50,000			450,000
Shares redeemed		(500,000	)		(3,000,000	)
Net Increase/(Decrease)		(450,000	)		(2,550,000	)

^(a) Since Commencement of Operations on February 8, 2022.

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

INNOVATOR ETFs TRUST

Innovator Laddered Allocation Power Buffer ETF						Innovator Laddered Allocation Buffer ETF
Period Ended			Year Ended			Period Ended			Period Ended
April 30, 2023			October 31, 2022			April 30, 2023			October 31, 2022 ^(a)
(Unaudited)						(Unaudited)

$	(36,577	)	$	(69,920	)	$	(16,276	)	$	(10,075	)
	271,340			832,964			225,951			(22,302	)
	11,009,755			(4,269,274	)		2,238,801			(701,720	)
	11,244,518			(3,506,230	)		2,448,476			(734,097	)


	-			-			-			-
	-			-			-			-
	-			-			-			-


	64,911,230			98,082,895			11,640,028			27,694,797
	(3,489,690	)		(13,898,890	)		(4,684,393	)		(547,195	)
	61,421,540			84,184,005			6,955,635			27,147,602
$	72,666,058		$	80,677,775		$	9,404,111		$	26,413,505


$	150,015,209		$	69,337,434		$	26,413,505		$	-
$	222,681,267		$	150,015,209		$	35,817,616		$	26,413,505


	1,850,000			2,850,000			500,000			1,175,000
	(100,000	)		(400,000	)		(200,000	)		(25,000	)
	1,750,000			2,450,000			300,000			1,150,000

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

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets





Operations:
Net investment income/(loss)
Net realized gain/(loss)
Net change in unrealized appreciation/(depreciation)
Net Increase/(Decrease) in Net Assets Resulting from Operations

Capital Share Transactions:
Proceeds from shares sold
Cost of shares redeemed
Transaction fees (see Note 5)
Net Increase/(Decrease) in Net Assets from Capital Share Transactions
Total Increase/(Decrease) in Net Assets

Net Assets:
Beginning of period
End of period

Change in Shares Outstanding:
Shares sold
Shares redeemed
Net Increase/(Decrease)

^(a) Since Commencement of Operations on March 7, 2022.

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

INNOVATOR ETFs TRUST

Innovator Buffer Step-Up Strategy ETF						Innovator Power Buffer Step-Up Strategy ETF
Period Ended			Period Ended			Period Ended			Period Ended
April 30, 2023			October 31, 2022 ^(a)			April 30, 2023			October 31, 2022 ^(a)
(Unaudited)						(Unaudited)

$	(131,560	)	$	(107,871	)	$	(208,569	)	$	(106,149	)
	180,903			(343,914	)		914,820			(118,629	)
	2,078,357			(779,659	)		2,490,739			(339,739	)
	2,127,700			(1,231,444	)		3,196,990			(564,517	)


	16,213,796			68,555,817			51,575,480			69,013,632
	(15,635,952	)		(38,486,250	)		(20,426,050	)		(34,610,805	)
	1,219			14,387			16,844			17,835
	579,063			30,083,954			31,166,274			34,420,662
$	2,706,763		$	28,852,510		$	34,363,264		$	33,856,145


$	28,852,510		$	-		$	33,856,145		$	-
$	31,559,273			28,852,510		$	68,219,409			33,856,145


	675,000			2,750,000			2,050,000			2,750,000
	(650,000	)		(1,550,000	)		(825,000	)		(1,375,000	)
	25,000			1,200,000			1,225,000			1,375,000

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

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets





Operations:
Net investment income/(loss)
Net realized gain/(loss)
Net change in unrealized appreciation/(depreciation)
Net Increase/(Decrease) in Net Assets Resulting from Operations

Distributions to Shareholders:
Net distributions to shareholders
Total Distributions to Shareholders

Capital Share Transactions:
Proceeds from shares sold
Cost of shares redeemed
Transaction fees (see Note 5)
Net Increase/(Decrease) in Net Assets from Capital Share Transactions
Total Increase/(Decrease) in Net Assets

Net Assets:
Beginning of period
End of period

Change in Shares Outstanding:
Shares sold
Shares redeemed
Net Increase/(Decrease)

^(a) Since Commencement of Operations on July 25, 2022.

^(b) Since Commencement of Operations on August 10, 2022.

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

INNOVATOR ETFs TRUST

Innovator Hedged TSLA Strategy ETF						Innovator Uncapped Accelerated U.S. Equity ETF
Period Ended			Period Ended			Period Ended			Period Ended
April 30, 2023			October 31, 2022 ^(a)			April 30, 2023			October 31, 2022 ^(b)
(Unaudited)						(Unaudited)

$	30,538		$	9,846		$	(30,378	)	$	(9,338	)
	(34,441	)		30,766			(116,613	)		(222,365	)
	(2,501	)		(151,139	)		728,792			(284,048	)
	(6,404	)		(110,527	)		581,801			(515,751	)


	(18,587	)		-			-			-
	(18,587	)		-			-			-


	1,226,145			5,105,365			11,940,710			6,031,590
	(1,731,182	)		(2,650,830	)		(6,136,025	)		-
	-			629			5,413			328
	(505,037	)		2,455,164			5,810,098			6,031,918
$	(530,028	)	$	2,344,637		$	6,391,899		$	5,516,167


$	2,344,637		$	-		$	5,516,167		$	-
$	1,814,609			2,344,637		$	11,908,066			5,516,167


	50,000			200,000			475,000			225,000
	(70,000	)		(100,000	)		(250,000	)		-
	(20,000	)		100,000			225,000			225,000

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

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets





Operations:
Net investment income/(loss)
Net realized gain/(loss)
Net change in unrealized appreciation/(depreciation)
Net Increase/(Decrease) in Net Assets Resulting from Operations

Distributions to Shareholders:
Net distributions to shareholders

Capital Share Transactions:
Proceeds from shares sold
Cost of shares redeemed
Net Increase/(Decrease) in Net Assets from Capital Share Transactions
Total Increase/(Decrease) in Net Assets

Net Assets:
Beginning of period
End of period

Change in Shares Outstanding:
Shares sold
Shares redeemed
Net Increase/(Decrease)

^(a) Since Commencement of Operations on November 8, 2022.

^(b) Since Commencement of Operations on November 16, 2022.

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

INNOVATOR ETFs TRUST

Innovator Equity Managed Floor ETF			Innovator Gradient Tactical Rotation Strategy ETF
Period Ended			Period Ended
April 30, 2023 ^(a)			April 30, 2023 ^(b)
(Unaudited)			(Unaudited)

$	58,663		$	1,388,327
	625,363			(19,287,591	)
	845,850			(29,945,584	)
	1,529,876			(47,844,848	)


	(52,524	)		(995,295	)


	25,482,205			339,859,310
	(4,833,320	)		(27,590,675	)
	20,648,885			312,268,635
$	22,126,237		$	263,428,492


$	-		$	-
$	22,126,237		$	263,428,492


	1,100,000			13,600,000
	(200,000	)		(1,250,000	)
	900,000			12,350,000

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

INNOVATOR ETFs TRUST

Financial Highlights

Per Share Operating Performance (For a share outstanding throughout

			Investment Operations:										Capital Share Transactions:
	Net Asset Value, Beginning of Period		Net investment income/(loss) ^(e)				Net realized and unrealized gain/(loss)			Total From Investment Operations			Transaction fees (see Note 5)
Innovator IBD® 50 ETF
For the period ended 4/30/2023	$	26.16		0.04				(2.40	)		(2.36	)		-	^(f)
For the year ended 10/31/2022	$	50.34		0.46				(24.54	)		(24.08	)		-
For the year ended 10/31/2021	$	35.97		0.10				14.27			14.37			-	^(f)
For the year ended 10/31/2020	$	33.17		0.04				2.76			2.80			-
For the year ended 10/31/2019	$	31.24		(0.07	)			2.00			1.93			-	^(f)
For the year ended 10/31/2018	$	33.34		(0.12	)			(1.92	)		(2.04	)		-	^(f)

Innovator IBD® Breakout Opportunities ETF
For the period ended 4/30/2023	$	30.68		0.16				0.39			0.55			-
For the year ended 10/31/2022	$	36.52		0.32				(6.16	)		(5.84	)		-
For the year ended 10/31/2021	$	23.53		(0.02	)			13.01			12.99			-
For the year ended 10/31/2020	$	19.44		(0.03	)			4.12			4.09			-
For the year ended 10/31/2019	$	20.26		-		^(f)		(0.78	)		(0.78	)		-	^(f)
For the period 9/12/2018 ^(d) - 10/31/2018	$	25.00		(0.01	)			(4.73	)		(4.74	)		-

Innovator Deepwater Frontier Tech ETF
For the period ended 4/30/2023	$	29.35		(0.03	)			4.03			4.00			-	^(f)
For the year ended 10/31/2022	$	56.02		(0.04	)			(26.64	)		(26.68	)		0.01
For the year ended 10/31/2021	$	37.34		(0.14	)			18.81			18.67			0.01
For the year ended 10/31/2020	$	23.70		(0.09	)			13.73			13.64			-	^(f)
For the year ended 10/31/2019	$	22.77		(0.02	)			0.95			0.93			-
For the period 7/24/2018 ^(d) - 10/31/2018	$	25.00		(0.01	)			(2.22	)		(2.23	)		-	^(f)

(a)	Annualized for periods less than one year.

(b)	Not annualized for periods less than one year.

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

(d)	Commencement of operations.

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

(f)	Amount represents less than $0.01 per share.

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

(h)	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.

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

INNOVATOR ETFs TRUST

each period)								Ratios/Supplemental Data:

Distributions Paid to Shareholders:													Ratio to Average Net Assets of: ^(a)
Paid from net investment income			Change in Net Asset Value for the Period			Net Asset Value, End of Period		Total return ^(b)			Net assets, end of period (000)		Expenses, before waivers/recoupment ^(c)			Expenses, net of waivers/recoupment ^(c)			Net investment income/(loss) ^(h)			Portfolio turnover rate ^(b)(g)

	(0.60	)		(2.96	)	$	23.20		(8.88	)%	$	77,730		1.14	%		0.80	%		0.33	%		706	%
	(0.10	)		(24.18	)	$	26.16		(47.90	)%	$	102,043		0.97	%		0.80	%		1.29	%		1,961	%
	-			14.37		$	50.34		39.95	%	$	274,365		0.93	%		0.80	%		0.22	%		1,133	%
	-			2.80		$	35.97		8.42	%	$	181,624		0.90	%		0.80	%		0.12	%		974	%
	-			1.93		$	33.17		6.20	%	$	326,748		0.78	%		0.80	%		(0.21	)%		786	%
	(0.06	)		(2.10	)	$	31.24		(6.15	)%	$	440,451		0.84	%		0.80	%		(0.43	)%		719	%


	(0.40	)		0.15		$	30.83		1.82	%	$	13,872		0.80	%		0.80	%		1.06	%		887	%
	-			(5.84	)	$	30.68		(15.98	)%	$	13,806		0.80	%		0.80	%		0.92	%		1,980	%
	-			12.99		$	36.52		55.18	%	$	14,607		0.80	%		0.80	%		(0.07	)%		1,846	%
	-			4.09		$	23.53		21.04	%	$	5,883		0.80	%		0.80	%		(0.12	)%		1,637	%
	(0.04	)		(0.82	)	$	19.44		(3.84	)%	$	7,777		0.80	%		0.80	%		0.02	%		1,777	%
	-			(4.74	)	$	20.26		(18.95	)%	$	8,105		0.80	%		0.80	%		(0.38	)%		289	%


	-			4.00		$	33.35		13.63	%	$	35,021		0.70	%		0.70	%		(0.21	)%		84	%
	-			(26.67	)	$	29.35		(47.60	)%	$	32,288		0.70	%		0.70	%		(0.10	)%		138	%
	-			18.68		$	56.02		50.01	%	$	78,428		0.70	%		0.70	%		(0.27	)%		134	%
	-			13.64		$	37.34		57.59	%	$	16,805		0.70	%		0.70	%		(0.32	)%		97	%
	-			0.93		$	23.70		4.07	%	$	10,664		0.70	%		0.70	%		(0.07	)%		107	%
	-			(2.23	)	$	22.77		(8.92	)%	$	12,524		0.70	%		0.70	%		(0.23	)%		53	%

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

INNOVATOR ETFs TRUST

Financial Highlights

Per Share Operating Performance (For a share

			Investment Operations:										Capital Share Transactions:
	Net Asset Value, Beginning of Period		Net investment income/(loss) ^(c)			Net realized and unrealized gain/(loss)				Total From Investment Operations			Transaction fees (see Note 5)
Innovator S&P Investment Grade Preferred ETF
For the period ended 4/30/2023	$	17.90		0.46			0.88				1.34			-
For the year ended 10/31/2022	$	24.22		1.00			(6.28	)			(5.28	)		-
For the year ended 10/31/2021	$	24.02		1.14			0.27		^(h)		1.41			-
For the year ended 10/31/2020	$	24.11		1.23			(0.07	)			1.16			-	^(j)
For the period 4/1/2019 ^(g) - 10/31/2019	$	23.18		0.67			0.93				1.60			-
For the year ended 3/31/2019	$	23.38		1.18			(0.18	)			1.00			-
For the year ended 3/31/2018	$	24.06		1.29			(0.57	)			0.72			-

Innovator Laddered Allocation Power Buffer ETF
For the period ended 4/30/2023	$	34.09		(0.01	)		2.13				2.12			-
For the year ended 10/31/2022	$	35.56		(0.02	)		(1.45	)			(1.47	)		-
For the year ended 10/31/2021	$	31.49		(0.05	)		4.12				4.07			-
For the year ended 10/31/2020	$	36.66		0.81			(5.26	)			(4.45	)		-
For the period 10/1/2019 ^(d) - 10/31/2019	$	36.81		0.02			(0.17	)			(0.15	)		-
For the year ended 9/30/2019	$	31.55		0.66			5.29				5.95			-
For the year ended 9/30/2018	$	31.23		0.47			0.32		^(h)		0.79			-

Innovator Laddered Allocation Buffer ETF
For the period ended 4/30/2023	$	22.97		(0.01	)		1.74				1.73			-
For the period 2/8/2022 ^(f) - 10/31/2022	$	24.89		(0.02	)		(1.90	)			(1.92	)		-

(a)	Annualized for periods less than one year.

(b)	Not annualized for periods less than one year.

(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.

(f)	Commencement of operations.

(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)	The ratio of net expenses to average net assets includes interest expense fees of 0.03%.

(j)	Amount represents less than $0.01 per share.

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

(l)	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.

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

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INNOVATOR ETFs TRUST

outstanding throughout each period)

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 ^(b)			Net assets, end of period (000)		Expenses, before waivers/ recoupment ^(k)				Expenses, net of waivers/ recoupment ^(k)				Net investment income/ (loss) ^(l)	Portfolio turnover rate ^(b)(e)

	(0.46	)		-			(0.46	)		0.88		$	18.78		7.49	%	$	116,432		0.47	%			0.47	%		4.94 %	8 %
	(1.02	)		(0.02	)		(1.04	)		(6.32	)	$	17.90		(22.27	)%	$	119,057		0.47	%			0.47	%		4.70 %	46 %
	(1.14	)		(0.07	)		(1.21	)		0.20		$	24.22		5.97	%	$	222,794		0.47	%			0.47	%		4.70 %	68 %
	(1.25	)		-			(1.25	)		(0.09	)	$	24.02		5.04	%	$	127,315		0.47	%			0.47	%		5.15 %	58 %
	(0.67	)		-			(0.67	)		0.93		$	24.11		6.93	%	$	19,288		0.47	%			0.47	%		4.75 %	34 %
	(1.20	)		-			(1.20	)		(0.20	)	$	23.18		4.54	%	$	13,911		0.47	%			0.47	%		5.12 %	58 %
	(1.36	)		(0.04	)		(1.40	)		(0.68	)	$	23.38		2.98	%	$	19,870		0.47	%			0.47	%		5.39 %	67 %


	-			-			-			2.12		$	36.21		6.20	%	$	222,681		0.20	%			0.10	%		(0.04)%	1 %
	-			-			-			(1.47	)	$	34.09		(4.11	)%	$	150,015		0.20	%			0.12	%		(0.07)%	2 %
	-			-			-			4.07		$	35.56		12.93	%	$	69,337		0.20	%			0.20	%		(0.14)%	1 %
	(0.72	)		-			(0.72	)		(5.17	)	$	31.49		(11.93	)%	$	28,338		0.47	%			0.47	%		2.47 %	750 %
	-			-			-			(0.15	)	$	36.66		(0.42	)%	$	137,463		0.49	%			0.49	%		0.63 %	0 %
	(0.69	)		-			(0.69	)		5.26		$	36.81		19.11	%	$	136,195		0.49	%			0.49	%		2.00 %	44 %
	(0.47	)		-			(0.47	)		0.32		$	31.55		2.55	%	$	162,484		0.52	%	⁽ⁱ⁾		0.52	%	⁽ⁱ⁾	1.47 %	667 %


	-			-			-			1.73		$	24.70		7.55	%	$	35,818		0.20	%			0.10	%		(0.10)%	1 %
	-			-			-			(1.92	)	$	22.97		(7.72	)%	$	26,414		0.20	%			0.10	%		(0.10)%	179 %

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

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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)^(c)			Net realized and unrealized gain/(loss)			Total From Investment Operations			Transaction fees (see Note 5)
Innovator Buffer Step-Up Strategy ETF
For the period ended 4/30/2023	$	24.04		(0.11	)		1.83			1.72			-	^(e)
For the period 3/7/2022^(d) - 10/31/2022	$	25.48		(0.14	)		(1.32	)		(1.46	)		0.02

Innovator Power Buffer Step-Up Strategy ETF
For the period ended 4/30/2023	$	24.62		(0.11	)		1.72			1.61			0.01
For the period 3/7/2022^(d) - 10/31/2022	$	25.67		(0.14	)		(0.93	)		(1.07	)		0.02

^(a)	Annualized for periods less than one year.

^(b)	Not annualized for periods less than one year.

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

^(d)	Commencement of operations.

^(e)	Amount represents less than $0.01 per share.

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

102

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 ^(b)			Net assets, end of period (000)		Expenses			Net investment income/(loss)			Portfolio turnover rate ^(b)

	1.72		$	25.76		7.15	%	$	31,559		0.89	%		(0.88	)%		0	%
	(1.44	)	$	24.04		(5.64	)%	$	28,853		0.89	%		(0.89	)%		0	%


	1.62		$	26.24		6.56	%	$	68,219		0.89	%		(0.88	)%		0	%
	(1.05	)	$	24.62		(4.08	)%	$	33,856		0.89	%		(0.89	)%		0	%

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

103

INNOVATOR ETFs TRUST

Financial Highlights

Per Share Operating Performance (For a share outstanding throughout

			Investment Operations:									Capital Share Transactions:
	Net Asset Value, Beginning of Period		Net investment income/(loss)^(c)			Net realized and unrealized gain/(loss)			Total From Investment Operations			Transaction fees (see Note 5)
Innovator Hedged TSLA Strategy ETF
For the period ended 4/30/2023	$	23.45		0.31			(0.89	)		(0.58	)		-
For the period 7/25/2022^(d) - 10/31/2022	$	24.91		0.10			(1.57	)		(1.47	)		0.01

Innovator Uncapped Accelerated U.S. Equity ETF
For the period ended 4/30/2023	$	24.52		(0.10	)		2.02			1.92			0.02
For the period 8/10/2022^(d) - 10/31/2022	$	26.88		(0.04	)		(2.32	)		(2.36	)		-	^(e)

(a)	Annualized for periods less than one year.

(b)	Not annualized for periods less than one year.

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

(d)	Commencement of operations.

(e)	Amount represents less than $0.01 per share.

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

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INNOVATOR ETFs TRUST

each period)								Ratios/Supplemental Data:

													Ratio to Average Net Assets of: ^(a)
Distributions Paid to Shareholders: Paid from net investment income			Change in Net Asset Value for the Period			Net Asset Value, End of Period		Total return ^(b)			Net assets, end of period (000)		Expenses			Net investment income/(loss)			Portfolio turnover rate ^(b)

	(0.19	)		(0.77	)	$	22.68		(2.45	)%	$	1,815		0.79	%		2.71	%		0	%
	-			(1.46	)	$	23.45		(5.88	)%	$	2,345		0.79	%		1.47	%		0	%


	-			1.94		$	26.46		7.94	%	$	11,908		0.79	%		(0.77	)%		0	%
	-			(2.36	)	$	24.52		(8.79	)%	$	5,516		0.79	%		(0.78	)%		0	%

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

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INNOVATOR ETFs TRUST

Financial Highlights

Per Share Operating Performance (For a share outstanding throughout

			Investment Operations:								Capital Share Transactions:
	Net Asset Value, Beginning of Period		Net investment income/(loss) ^(c)		Net realized and unrealized gain/(loss)			Total From Investment Operations			Transaction fees (see Note 5)
Innovator Equity Managed Floor ETF
For the period 11/8/2022 ^(d) - 4/30/2023	$	22.80		0.08		1.76			1.84			-

Innovator Gradient Tactical Rotation Strategy ETF
For the period 11/16/2022 ^(d) - 4/30/2023	$	25.00		0.11		(3.71	)		(3.60	)		-

(a)	Annualized for periods less than one year.

(b)	Not annualized for periods less than one year.

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

(d)	Commencement of operations.

(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.

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

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

106

INNOVATOR ETFs TRUST

each period)								Ratios/Supplemental Data:

Distributions Paid to Shareholders:													Ratio to Average Net Assets of: ^(a)
Paid from net investment income			Change in Net Asset Value for the Period			Net Asset Value, End of Period		Total return ^(b)			Net assets, end of period (000)		Expenses			Net investment income/(loss) ^(e)			Portfolio turnover rate ^(b)(f)

	(0.06	)		1.78		$	24.58		8.09	%	$	22,126		0.89	%		0.69	%		0	%


	(0.07	)		(3.67	)	$	21.33		(14.42	)%	$	263,428		0.80	%		1.04	%		152	%

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

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INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited)

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. 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”):

Name	Ticker	Commencement of Operations	Tracking Index/Fund ^(a)
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 Power Buffer ETF ^(b)	BUFF	October 19, 2016	Refinitiv Laddered Power Buffer Strategy Index
Innovator Laddered Allocation Buffer ETF ^(c)	BUFB	February 8, 2022	MerQube U.S. Large Cap Equity Buffer Laddered 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 ^(d)	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

(a)	Each Fund individually seeks to track their respective index or Fund, before fees and expenses.

(b)

BUFF seeks to achieve its investment objective by investing primarily in other Innovator ETFs (Affiliated Fund of Fund structure) that themselves seek investment results corresponding to their own respective underlying indexes. In addition to its own fees and expenses, BUFF will pay indirectly a proportional share of the fees and expenses of the underlying Innovator ETFs in which it invests, including advisory and administration fees (Acquired Fund Fees and Expenses). Prior to August 11, 2020, BUFF sought investment results that generally corresponded, before fees and expenses, to the Lunt Capital U.S. Large Cap Equity Rotation Index.

(c)

BUFB seeks to achieve its investment objective by investing primarily in other Innovator ETFs (Affiliated Fund of Fund structure) that themselves seek investment results corresponding to their own respective underlying indexes. In addition to its own fees and expenses, BUFB will pay indirectly a proportional share of the fees and expenses of the underlying Innovator ETFs in which it invests, including advisory and administration fees (Acquired Fund Fees and Expenses).

(d)	TSLH seeks to participate in the price return of the common stock of Tesla, Inc., subject to a limit on investment gains and seeks to provide a level of protection against significant declines in the price return of the common stock of Tesla, Inc.

The operational series of the Trust covered outside of this report consist of:

Name	Ticker	Commencement of Operations	Tracking 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

108

Name	Ticker	Commencement of Operations	Tracking Fund
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 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 - October	IOCT	September 30, 2021	iShares MSCI EAFE ETF
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 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 Double Stacker ETF - January	DSJA	December 31, 2020	SPDR S&P 500® ETF Trust and Invesco QQQ Trust
Innovator Double Stacker ETF - October	DSOC	September 30, 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 Triple Stacker ETF - October	TSOC	September 30, 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 Double Stacker 9 Buffer ETF - October	DBOC	September 30, 2020	SPDR S&P 500® ETF Trust and Invesco QQQ Trust
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 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 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

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.

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2.	SIGNIFICANT ACCOUNTING POLICIES

Valuation:

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.

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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.

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The following table summarizes valuation of the Funds’ investments under the fair value hierarchy as of April 30, 2023:

FFTY
	Level 1		Level 2		Level 3		Total
Assets
Common Stocks	$	77,500,178	$	-	$	-	$	77,500,178
Investments Purchased with Proceeds From Securities Lending		-		22,880,354		-		22,880,354
Short Term Investments		179,182		-		-		179,182
Total Assets	$	77,679,360	$	22,880,354	$	-	$	100,559,714

BOUT
	Level 1		Level 2		Level 3		Total
Assets
Common Stocks	$	13,606,381	$	-	$	-	$	13,606,381
Master Limited Partnerships		208,138		-		-		208,138
Investments Purchased with Proceeds From Securities Lending		-		2,841,107		-		2,841,107
Short Term Investments		55,992		-		-		55,992
Total Assets	$	13,870,511	$	2,841,107	$	-	$	16,711,618

LOUP
	Level 1		Level 2		Level 3		Total
Assets
Common Stocks	$	33,947,284	$	-	$	-	$	33,947,284
Preferred Stocks		1,070,498		-		-		1,070,498
Investments Purchased with Proceeds From Securities Lending		-		11,367,570		-		11,367,570
Short Term Investments		13,673		-		-		13,673
Total Assets	$	35,031,455	$	11,367,570	$	-	$	46,399,025

EPRF
	Level 1		Level 2		Level 3		Total
Assets
Preferred Stocks	$	115,634,897	$	-	$	-	$	115,634,897
Investments Purchased with Proceeds From Securities Lending		-		10,291,453		-		10,291,453
Short Term Investments		1,164,794		-		-		1,164,794
Total Assets	$	116,799,691	$	10,291,453	$	-	$	127,091,144

BUFF
	Level 1		Level 2		Level 3		Total
Assets
Affiliated Exchange Traded Funds	$	222,433,381	$	-	$	-	$	222,433,381
Investments Purchased with Proceeds From Securities Lending		-		3,518,125		-		3,518,125
Short Term Investments		248,607		-		-		248,607
Total Assets	$	222,681,988	$	3,518,125	$	-	$	226,200,113

BUFB
	Level 1		Level 2		Level 3		Total
Assets
Affiliated Exchange Traded Funds	$	35,804,474	$	-	$	-	$	35,804,474
Short Term Investments		16,019		-		-		16,019
Total Assets	$	35,820,493	$	-	$	-	$	35,820,493

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Notes to Financial Statements (Unaudited) (Continued)

BSTP
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	-	$	32,739,775	$	-	$	32,739,775
Short Term Investments		21,288		-		-		21,288
Total Assets	$	21,288	$	32,739,775	$	-	$	32,761,063

Liabilities
Options Written	$	-	$	1,179,106	$	-	$	1,179,106
Total Liabilities	$	-	$	1,179,106	$	-	$	1,179,106

PSTP
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	-	$	71,262,294	$	-	$	71,262,294
Short Term Investments		124,963		-		-		124,963
Total Assets	$	124,963	$	71,262,294	$	-	$	71,387,257

Liabilities
Options Written	$	-	$	3,120,828	$	-	$	3,120,828
Total Liabilities	$	-	$	3,120,828	$	-	$	3,120,828

TSLH
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	-	$	52,990	$	-	$	52,990
Short Term Investments		2,514		1,768,656		-		1,771,170
Total Assets	$	2,514	$	1,821,646	$	-	$	1,824,160

Liabilities
Options Written	$	-	$	8,688	$	-	$	8,688
Total Liabilities	$	-	$	8,688	$	-	$	8,688

XUSP
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	-	$	13,089,496	$	-	$	13,089,496
Short Term Investments		56,635		-		-		56,635
Total Assets	$	56,635	$	13,089,496	$	-	$	13,146,131

Liabilities
Options Written	$	-	$	1,231,424	$	-	$	1,231,424
Total Liabilities	$	-	$	1,231,424	$	-	$	1,231,424

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SFLR
	Level 1		Level 2		Level 3		Total
Assets
Common Stocks	$	21,268,906	$	-	$	-	$	21,268,906
Real Estate Investment Trusts		490,450				-		490,450
Purchased Options		-		314,775		-		314,775
Investments Purchased with Proceeds From Securities Lending		-		2,244,485		-		2,244,485
Short Term Investments		141,209		-		-		141,209
Total Assets	$	21,900,565	$	2,559,260	$	-	$	24,459,825

Liabilities
Options Written	$	-	$	98,187	$	-	$	98,187
Total Liabilities	$	-	$	98,187	$	-	$	98,187

IGTR
	Level 1		Level 2		Level 3		Total
Assets
Common Stocks	$	262,574,224	$	-	$	-	$	262,574,224
Investments Purchased with Proceeds From Securities Lending		-		23,312,054		-		23,312,054
Short Term Investments		18,086		942,659		-		960,745
Total Assets	$	262,592,310	$	24,254,713	$	-	$	286,847,023

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

There were no Level 3 investments for the Funds during the period ended April 30, 2023.

Option Contracts:

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.

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Notes to Financial Statements (Unaudited) (Continued)

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.

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Notes to Financial Statements (Unaudited) (Continued)

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 April 30, 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
BSTP	$	32,739,775	$	1,179,106
PSTP		71,262,294		3,120,828
TSLH		52,990		8,688
XUSP		13,089,496		1,231,424
SFLR		314,775		98,187

The effect of derivative instruments on the Statements of Operations for the period ended April 30, 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
BSTP	$	(1,317,360	)	$	66,474	$	930,345		$	501,444
PSTP		(1,485,562	)		306,407		1,162,328			931,647
TSLH ^(a)		45,139			719,077		(799,332	)		758
XUSP		(438,385	)		76,747		77,837			167,188
SFLR ^(a)		(262,251	)		-		402,799			-

(a)	Amount is included in realized gain/(loss) on investments on the statement of operations.

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	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
BSTP	$	2,246,015		$	(167,658	)
PSTP		3,102,481			(611,742	)
TSLH ^(b)		34,193			(38,711	)
XUSP		977,752			(248,960	)
SFLR ^(b)		(321,178	)		(32,967	)

(b) Amount is included in the change in unrealized appreciation/(depreciation) on investments on the statement of operations.

The average volume of derivative activity during the period ended April 30, 2023, is as follows:

	Purchased Options		Options Written
	Average Monthly Market Value		Average Monthly Market Value
BSTP	$	31,563,666	$	(1,211,228	)
PSTP		52,917,104		(2,282,042	)
TSLH		641,483		(430,614	)
XUSP		9,464,335		(743,923	)
SFLR		366,912		(102,797	)

Use of Estimates:

Guarantees and Indemnifications:

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Notes to Financial Statements (Unaudited) (Continued)

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.

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Notes to Financial Statements (Unaudited) (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 ended October 31, 2022, the Funds made the following permanent book–to–tax reclassifications primarily related to net operating loss forfeiture and redemptions in kind:

	Distributable Earnings/
	(Accumulated Deficit)			Paid-In Capital
FFTY	$	(5,274,772	)	$	5,274,772
BOUT		(1,815,513	)		1,815,513
LOUP		(766,339	)		766,339
EPRF		4,806,503			(4,806,503	)
BUFF		(818,092	)		818,092
BUFB		4,544			(4,544	)
BSTP		(1,816,786	)		1,816,786
PSTP		(1,707,102	)		1,707,102
TSLH		(128,259	)		128,259
XUSP		-			-

Distributions to Shareholders:

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 and Investment Income:

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.

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Notes to Financial Statements (Unaudited) (Continued)

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.

3.	INVESTMENT ADVISOR AND OTHER AFFILIATES

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.

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Notes to Financial Statements (Unaudited) (Continued)

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.

	Management/Unitary Fee Rate			Sub-Adviser
FFTY		0.70	%	Penserra
BOUT		0.80	%	Penserra
LOUP		0.70	%	Penserra
EPRF		0.47	%	Penserra
BUFF		0.20	%	Penserra
BUFB		0.20	%	Penserra
BSTP		0.89	%	Milliman
PSTP		0.89	%	Milliman
TSLH		0.79	%	Milliman
XUSP		0.79	%	Milliman
SFLR		0.89	%	Parametric
IGTR		0.80	%	Penserra/Gradient

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.

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Notes to Financial Statements (Unaudited) (Continued)

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, 2023. 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 period ended April 30, 2023, the Adviser waived $140,745
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:

Recovery Expiring in^*:

FYE

10/31/2023

FYE

10/31/2024

FYE

10/31/2025

FYE

10/31/2026

Total

FFTY

101,691

309,101

291,430

140,745

842,967

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

4.	INVESTMENT TRANSACTIONS

For the period ended April 30, 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:

	Purchases				Sales
	U.S. Governement		Other		U.S. Governement		Other
FFTY	$	-	$	597,589,578	$	-	$	598,193,863
BOUT		-		122,099,841		-		122,145,132
LOUP		-		29,538,009		-		29,745,394
EPRF		-		9,491,822		-		9,642,672
BUFF		-		1,204,210		-		1,203,580
BUFB		-		238,041		-		247,824
BSTP		-		-		-		-
PSTP		-		-		-		-
TSLH		-		-		-		-
XUSP		-		-		-		-
SFLR		-		486,562		-		4,818
IGTR		-		701,884,139		-		376,119,420

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Notes to Financial Statements (Unaudited) (Continued)

For the period ended April 30, 2023, in–kind transactions associated with creations and redemptions were as follows:

		In-Kind		In-Kind
		Creations		Redemptions
FFTY		$	20,462,717	$	32,917,488
BOUT			3,038,734		3,053,331
LOUP			1,575,465		3,023,778
EPRF			919,738		9,114,891
BUFF	��		64,826,266		3,485,073
BUFB			11,631,984		4,681,779
BSTP			-		15,100,834
PSTP			-		19,208,824
TSLH			-		1,267,541
XUSP			-		3,773,508
SFLR			24,295,816		4,699,782
IGTR			12,139,407		26,031,471

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

5. CREATION AND REDEMPTION TRANSACTIONS

There were 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 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.

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Notes to Financial Statements (Unaudited) (Continued)

6.	SECURITIES LENDING

The Funds, excluding BUFB, 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 April 30, 2023, the values of the securities on loan, cash collateral received, and fees and interest were as follows:

	Value of Securities on Loan		Cash Collateral Received		Fees and Interest Earned
FFTY	$	12,127,505	$	22,880,354	$	31,203
BOUT		2,784,482		2,841,107		6,482
LOUP		10,960,217		11,367,570		21,417
EPRF		10,053,416		10,291,453		78,817
BUFF		3,451,289		3,518,125		47,653
SFLR		2,208,450		2,244,485		1,106
IGTR		23,067,634		23,312,054		11,737

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Notes to Financial Statements (Unaudited) (Continued)

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.

7.	FEDERAL INCOME TAX INFORMATION

At October 31, 2022, the cost of investments and net unrealized appreciation/
(depreciation) for federal income tax purposes were as follows:

	FFTY			BOUT			LOUP			EPRF			BUFF

Cost of Portfolio	$	129,414,206		$	17,352,282		$	52,848,194		$	155,203,066		$	151,444,918
Gross Unrealized Appreciation	$	5,731,855		$	806,604		$	1,452,208		$	384,426		$	2,088,342
Gross Unrealized Depreciation		(8,195,171	)		(198,617	)		(12,818,792	)		(31,179,375	)		(2,523,792	)
Net Unrealized Appreciation/(Depreciation)	$	(2,463,316	)	$	607,987		$	(11,366,584	)	$	(30,794,949	)	$	(435,450	)


	BUFB			BSTP			PSTP			TSLH			XUSP

Cost of Portfolio	$	27,134,997		$	29,653,001		$	34,220,441		$	2,497,240		$	5,803,640
Gross Unrealized Appreciation	$	244,007		$	566,147		$	1,044,690		$	177,813		$	399,624
Gross Unrealized Depreciation		(963,484	)		(1,345,806	)		(1,384,429	)		(328,952	)		(683,672	)
Net Unrealized Appreciation/(Depreciation)	$	(719,477	)	$	(779,659	)	$	(339,739	)	$	(151,139	)	$	(284,048	)

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

As of October 31, 2022, the components of distributable earnings/(accumulated deficit) on a tax basis were as follows:

	FFTY			BOUT			LOUP			EPRF			BUFF

Accumulated Capital and Other Losses	$	(305,590,158	)	$	(12,865,517	)	$	(30,347,209	)	$	(16,102,269	)	$	(38,641,323	)
Distributions Payable		-			-			-			-			-
Undistributed Net Ordinary Income		2,131,160			148,584			-			-			-
Unrealized Appreciation/(Depreciation) on Investments		(2,463,316	)		607,987			(11,366,584	)		(30,794,949	)		(435,450	)
Total Distributable Earnings/(Accumulated Deficit)	$	(305,922,314	)	$	(12,108,946	)	$	(41,713,793	)	$	(46,897,218	)	$	(39,076,773	)


	BUFB			BSTP			PSTP			TSLH			XUSP

Accumulated Capital and Other Losses	$	(10,076	)	$	(2,268,571	)	$	(1,931,880	)	$	(97,493	)	$	(231,703	)
Undistributed Net Ordinary Income		-			-			-			9,846			-
Unrealized Appreciation/(Depreciation) on Investments		(719,477	)		(779,659	)		(339,739	)		(151,139	)		(284,048	)
Total Distributable Earnings/(Accumulated Deficit)	$	(729,553	)	$	(3,048,230	)	$	(2,271,619	)	$	(238,786	)	$	(515,751	)

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Notes to Financial Statements (Unaudited) (Continued)

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, 2022, the Funds deferred the following qualified late year ordinary losses:

	Late Year Ordinary Losses
FFTY	$	-
BOUT		-
LOUP		127,219
EPRF		-
BUFF		48,674
BUFB		10,075
BSTP		107,871
PSTP		106,149
TSLH		-
XUSP		9,338

At October 31, 2022, for federal income tax purposes, the Funds had capital loss carryforwards available to offset future capital gains for an unlimited period as indicated below:

	Indefinite Short-Term		Indefinite Long-Term
FFTY	$	305,568,055	$	-
BOUT		12,865,496		-
LOUP		26,072,594		4,147,532
EPRF		8,231,556		7,272,213
BUFF		38,592,649		-
BUFB		1		-
BSTP		2,160,700		-
PSTP		1,825,731		-
TSLH		97,493		-
XUSP		222,365		-

The tax character of the distributions paid by the Funds during the fiscal years ended October 31, 2022 and October 31, 2021 were as follows:

	FFTY				EPRF
	2022		2021		2022		2021
Distributions paid from:
Net Ordinary Income	$	520,522	$	-	$	7,781,626	$	9,442,181
Net Long-Term Capital Gains		-		-		-		-
Return of Capital		-		-		179,692		570,855
Total Distributions Paid	$	520,522	$	-	$	7,961,318	$	10,013,036

All other Funds did not pay any distributions during the fiscal years ended October 31, 2022 and October 31, 2021.

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Notes to Financial Statements (Unaudited) (Continued)

8. TRANSACTIONS WITH AFFILITATES

BUFF and BUFB had the following transactions during the period ended April 30, 2023 with affiliated companies:

BUFF
									Period Ended April 30, 2023
Security Name	Value as of November 1, 2022		Purchases		Sales		Value as of April 30, 2023		Share Balance		Dividend Income		Net Realized Gain (Loss) on Sale of Shares		Net Change in Unrealized Appreciation (Depreciation)
Innovator U.S. Equity Power Buffer ETF – January	$	12,531,369	$	5,468,300	$	642,222	$	18,560,666		551,908	$	-	$	25,262	$	1,177,957
Innovator U.S. Equity Power Buffer ETF – February		12,437,292		5,472,663		291,770		18,558,714		627,832		-		27,987		912,542
Innovator U.S. Equity Power Buffer ETF – March		12,426,551		5,403,399		338,443		18,551,929		571,532		-		25,695		1,034,727
Innovator U.S. Equity Power Buffer ETF – April		12,460,886		5,429,779		372,490		18,553,898		624,080		-		18,542		1,017,181
Innovator U.S. Equity Power Buffer ETF – May		12,489,478		5,886,955		287,440		18,425,572		642,006		-		15,287		321,292
Innovator U.S. Equity Power Buffer ETF – June		12,450,896		5,707,786		287,869		18,458,711		598,747		-		16,491		571,407
Innovator U.S. Equity Power Buffer ETF – July		12,463,273		5,396,910		387,246		18,587,492		578,689		-		21,344		1,093,211
Innovator U.S. Equity Power Buffer ETF – August		12,482,121		5,510,523		289,303		18,514,466		622,335		-		18,106		793,019
Innovator U.S. Equity Power Buffer ETF – September		12,461,179		5,397,889		321,981		18,540,135		597,876		-		24,360		978,688
Innovator U.S. Equity Power Buffer ETF – October		12,429,717		5,419,652		484,300		18,564,343		578,689		-		32,151		1,167,123
Innovator U.S. Equity Power Buffer ETF – November		12,682,474		5,484,431		697,545		18,575,636		576,525		-		27,613		1,078,663
Innovator U.S. Equity Power Buffer ETF – December		12,495,227		5,452,189		288,044		18,541,819		585,100		-		18,502		863,945

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Notes to Financial Statements (Unaudited) (Continued)

BUFB
									Period Ended April 30, 2023
Security Name	Value as of November 1, 2022		Purchases		Sales		Value as of April 30, 2023		Share Balance		Dividend Income		Net Realized Gain (Loss) on Sale of Shares		Net Change in Unrealized Appreciation (Depreciation)
Innovator U.S. Equity Buffer ETF – January	$	2,214,100	$	973,882	$	406,635	$	2,987,990		83,777	$	-	$	17,778	$	188,865
Innovator U.S. Equity Buffer ETF – February		2,197,661		975,174		438,539		2,987,987		92,209		-		23,069		230,622
Innovator U.S. Equity Buffer ETF – March		2,190,288		970,086		449,702		2,991,859		84,996		-		24,300		256,887
Innovator U.S. Equity Buffer ETF – April		2,192,943		971,420		455,834		2,986,902		88,057		-		21,230		257,143
Innovator U.S. Equity Buffer ETF – May		2,196,237		1,053,895		386,175		2,964,883		98,254		-		15,065		85,861
Innovator U.S. Equity Buffer ETF – June		2,192,199		1,025,493		386,127		2,972,200		92,360		-		15,742		124,893
Innovator U.S. Equity Buffer ETF – July		2,195,892		982,376		387,713		2,985,677		90,289		-		16,182		178,940
Innovator U.S. Equity Buffer ETF – August		2,199,810		1,005,282		386,345		2,979,338		93,631		-		13,869		146,722
Innovator U.S. Equity Buffer ETF – September		2,190,872		987,143		386,926		2,982,739		91,871		-		17,509		174,141
Innovator U.S. Equity Buffer ETF – October		2,188,705		968,172		405,620		2,990,243		87,247		-		20,470		218,516
Innovator U.S. Equity Buffer ETF – November		2,223,883		976,612		411,848		2,988,652		93,483		-		18,626		181,379
Innovator U.S. Equity Buffer ETF – December		2,216,710		980,490		428,139		2,986,004		87,245		-		22,111		194,832

9. OWNERSHIP BY AFFILIATES

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 April 30, 2023, an affiliate of the Funds owned shares in the secondary market of more than 25% of TSLH shares.

10. SUBSEQUENT EVENT

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Trustees and Officers (Unaudited)

*Name, Address* *and Year of Birth*	*Position with* *the Trust*	*Length of* *Time* Served*	*Principal Occupation(s)* *During Past 5 Years*	*Number of* *Portfolios in Fund* *Complex^(a)* Overseen by Trustee or Officer**	*Other* *Directorships* *Held by Trustee* *or Officer in the Past Five Years*
*Independent Trustees*
Mark Berg 109 N. Hale Street Wheaton, IL 60187 Year of Birth: 1971	Trustee	Since 2017	Founding Principal (2001-present), Chief Executive Officer (2019-present), President (2001-2019), Timothy Financial Counsel, Inc.	95	Tortazo, LLC (2018-present)
Joe Stowell 109 N. Hale Street Wheaton, IL 60187 Year of Birth: 1968	Trustee	Since 2017	Chief Operating Officer, Woodmen Valley Chapel (2015–present).	95	Board of Advisors, Westmont College (2016-2021).
Brian J. Wildman 109 N. Hale Street Wheaton, IL 60187 Year of Birth: 1963	Trustee	Since 2017	President, Timothy Financial Counsel, Inc. (2019–present); Executive Vice President, Consumer Banking (2016–2019), Chief Risk Officer (2013–2016), MB Financial Bank.	95	Missionary Furlough Homes, Inc. (since 2008); MB Financial Bank (2003– 2019).

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Trustees and Officers (Unaudited) (Continued)

*Interested Trustee & Officer*
H. Bruce Bond ^(b) 109 N. Hale Street Wheaton, IL 60187 Year of Birth: 1963	Interested Trustee, President and Principal Executive Officer	Since 2017	Chief Executive Officer, Innovator Capital Management, LLC (2017–present).	95	None
*Officers*
John W. Southard, Jr. 109 N. Hale Street Wheaton, IL 60187 Year of Birth: 1969	Vice President, Secretary and Assistant Treasurer	Since 2017	Chief Investment Officer, Innovator Capital Management, LLC (2017–present); Director and Co–Founder, T2 Capital Management, LLC (2010–present).	95	Independent Trustee, ETF Managers Group, LLC (2012–2018)
Kathleen Meyer 109 N. Hale Street Wheaton, IL 60187 Year of Birth: 1964	Vice President, Treasurer and Principal Financial Accounting Officer	Since 2022	Chief Financial Officer, Innovator Capital Management, LLC (2018–present)	95	None
Kevin P. Hourihan 3 Canal Plaza 3rd Floor Portland, ME 04101 Year of Birth: 1978	Chief Compliance Officer and Anti-Money Laundering Officer	Since 2023	Senior Principal Consultant, Fund Chief Compliance Officer, ACA Global, LLC (since 2022); Chief Compliance Officer, Ashmore Funds (2017-2022); Chief Compliance Officer, Ashmore Investment Management (US) Corp (2014-2022); Chief Compliance Officer, Ashmore Equities Investment Management (2015-2019).	95	None

*	The Funds’ Trustees serve for an indefinite term until their resignation, death or removal. The Funds’ officers are elected annually by the Board and serve at the Board’s pleasure.

^(a)	The Fund Complex includes the Funds, each series of Innovator ETFs Trust.
^(b)	H. Bruce Bond is deemed to be an interested person of the Trust (as defined in the 1940 Act) because of his affiliation with the Adviser.

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

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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 FUND:

Innovator Equity Managed Floor ETF

At a quarterly Board meeting held on June 16, 2022, the Trust’s Board considered approval of the Advisory Agreement with Innovator Capital Management, LLC (the “Adviser”), on behalf of the Innovator Equity Managed Floor ETF (the “Fund”), and the Sub-Advisory Agreement among the Trust, on behalf of the Fund, the Adviser and Parametric Portfolio Associates (“Parametric” or the “Sub-Adviser”), for an initial two-year term. The Board determined that the agreements were in the best interests of the Fund 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 Fund (including the relevant personnel responsible for these services and their experience); the proposed unitary fee rate payable by the Fund as compared to fees charged to peer groups of the Fund 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 Fund as compared to the expense ratio of the fund in the Fund’s peer group; the nature of the expenses to be incurred in providing services to the Fund 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 the Fund’s perspective as well as from the perspective of the Fund’s shareholders.

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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 to be provided by the Adviser and Parametric 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 Fund and reviewed all of the services to be provided by the Adviser to the Fund, including oversight of Parametric, as well as the background and experience of the persons responsible for such services. The Board noted that the Adviser will oversee Parametric’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, Parametric’s and the 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 Parametric and noted the background and experience of Parametric’s portfolio management team and Parametric’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 Fund by the Adviser and Parametric under the agreements were expected to be satisfactory.

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

The Board considered the proposed unitary fee rate payable by the Fund under the investment management agreement for the services to be provided. The Board noted that, under the unitary fee arrangement, the Fund would pay the Adviser a unitary fee equal to an annual rate of 0.89% of its average daily net assets. The Board considered that, from the unitary fee for the Fund, the Adviser would pay Parametric a tiered monthly sub-advisory fee based on the Fund’s assets under management.

The Board noted that the Adviser would be responsible for the Fund’s 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 Fund showing the advisory fee rates and expense ratios of the funds comprising of the Fund’s peer group, as well as advisory fee rates charged by the Adviser and Parametric 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 Parametric from the unitary fee, was fair.

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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 Parametric, 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.

The Board considered potential “fall-out” or ancillary benefits anticipated to be received by the Adviser and Parametric. The Board concluded that the character and amount of potential fall-out benefits to the Adviser and Parametric were consistent with the types of benefits generally derived by investment managers and sub-advisers to funds.

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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 FUND:

Innovator Gradient Tactical Rotation Strategy ETF

At a quarterly Board meeting held on September 13, 2022, the Trust’s Board considered approval of the Advisory Agreement with Innovator Capital Management, LLC (the “Adviser”), on behalf of the Innovator Gradient Tactical Rotation Strategy ETF (the “Fund”), and the Sub-Advisory Agreement among the Trust, on behalf of the Fund, the Adviser, Penserra Capital Management LLC and Gradient Investments, LLC (“Penserra” and “Gradient” or the “Sub-Advisers”), for an initial two-year term. The Board determined that the agreements were in the best interests of the Fund 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-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 to be provided by the Adviser and the Sub-Advisers to the Fund (including the relevant personnel responsible for these services and their experience); the proposed unitary fee rate payable by the Fund as compared to fees charged to peer groups of the Fund 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 estimated expenses of the Fund as compared to the expense ratio of the fund in the Fund’s peer group; the nature of the expenses to be incurred in providing services to the Fund 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-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-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 the Fund’s perspective as well as from the perspective of the Fund’s shareholders.

135

INNOVATOR ETFs TRUST

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 to be provided by the Adviser, Penserra and Gradient 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 Fund and reviewed all of the services to be provided by the Adviser to the Fund, including oversight of the Sub-Advisers, as well as the background and experience of the persons responsible for such services. The Board noted that the Adviser will oversee the Sub-Adviser’s day-to-day management 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, Sub-Adviser’s and the Fund’s compliance with the 1940 Act, as well as the Fund’s compliance with its investment objective and policies. With respect to the sub-advisory agreement, the Board reviewed the materials provided by the Sub-Advisers and noted the background and experience of the Sub-Adviser’s portfolio management teams and Sub-Advisers 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 Fund by the Adviser and Sub-Advisers under the agreements were expected to be satisfactory.

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

The Board considered the proposed unitary fee rate payable by the Fund under the investment management agreement for the services to be provided. The Board noted that, under the unitary fee arrangement, the Fund would pay the Adviser a unitary fee equal to an annual rate of 0.80% of its average daily net assets. The Board considered that, from the unitary fee for the Fund, the Adviser would pay Penserra and Gradient an annual sub-advisory fee equal to a 0.05% minimum and 0.20%, respectively, on the Fund’s assets under management, under management.

The Board noted that the Adviser would be responsible for the Fund’s 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 Fund showing the advisory fee rates and expense ratios of the funds comprising of the Fund’s peer group, as well as advisory fee rates charged by the Adviser, Penserra and Gradient 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 Fund under the agreements, the Board determined that the proposed unitary fee for the Fund, including the fee rate to be paid by the Adviser to Penserra and Gradient from the unitary fee, was fair.

136

INNOVATOR ETFs TRUST

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

The Board noted that the proposed unitary fee for the Fund was structured to pass the benefits of any economies of scale on to shareholders as the Fund’s assets grow. The Board noted that any reduction in fixed costs associated with the management of the Fund would benefit the Adviser, Penserra and Gradient, but that the unitary fee structure provides a level of certainty in expenses for the Fund. The Board noted that the Adviser is continuing to invest in personnel and infrastructure for the Innovator fund complex.

Because the Fund has not yet commenced operations and the actual asset base of the Fund has not yet been determined, the Board noted that there was no historical profitability information with respect to the Fund 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, Penserra and Gradient. The Board concluded that the character and amount of potential fall-out benefits to the Adviser, Penserra and Gradient were consistent with the types of benefits generally derived by investment managers and sub-advisers to fund.

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 Fund. No single factor was determinative in the Board’s analysis.

137

INNOVATOR ETFs TRUST

Additional Information (Unaudited)

1.	INFORMATION ABOUT PROSPECTUS

2.	PROXY VOTING POLICIES AND PROCEDURES

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.

3.	INFORMATION ABOUT PORTFOLIO SECURITIES

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.

4.	HOUSEHOLD DELIVERY OF SHAREHOLDER DOCUMENTS

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.

138

INNOVATOR ETFs TRUST

Additional Information (Unaudited) (Continued)

5.	ELECTRONIC DELIVERY OF SHAREHOLDER DOCUMENTS

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.

6.	TAX NOTICE

For the fiscal year ended October 31, 2022, 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 ended October 31, 2022, 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:

	% of Dividend Income Distributed
Fund	Qualified Dividend Income			Corporate Dividends Received Deduction
FFTY		0.00	%		0.00	%
BOUT		0.00			0.00
LOUP		0.00			0.00
EPRF		0.00			0.00
BUFF		0.00			0.00
BUFB		0.00			0.00
BSTP		0.00			0.00
PSTP		0.00			0.00
TSLH		0.00			0.00
XUSP		0.00			0.00

For the taxable year ended October 31, 2022, 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).

139

INNOVATOR ETFs TRUST

INVESTMENT ADVISOR

Innovator Capital Management, LLC

109 North Hale Street

Wheaton, IL 60187

INVESTMENT SUB-ADVISORS
Penserra Capital Management, LLC		Milliman Financial Risk Management, LLC
4 Orinda Way, Suite 100-A		71 South Wacker Drive, 31st Floor
Orinda, CA 94563		Chicago, IL 60606


Gradient Investments, LLC		Parametric Portfolio Associates
4105 Lexington Avenue North		3600 Minnesota Drive, Unit 325
Arden Hills, MN 55126		Minneapolis, MN 55435

ADMINISTRATOR, FUND ACCOUNTANT & TRANSFER AGENT

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, WI 53202

DISTRIBUTOR

Foreside Fund Services, LLC

Three Canal Plaza, Suite 100

Portland, ME 04101

CUSTODIAN

U.S. Bank, N.A.

1555 North RiverCenter Drive, Suite 302

Milwaukee, WI 53212

LEGAL COUNSEL

Chapman and Cutler LLP

320 South Canal Street, 27th Floor

Chicago, IL 60606

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Cohen & Company, Ltd.

342 North Water Street, Suite 830

Milwaukee, WI 53202

TABLE OF CONTENTS

Letter to Shareholders	3
Fund Performance	5
Expense Example	91
Schedules of Investments and Options Written	94
Statements of Assets and Liabilities	180
Statements of Operations	202
Statements of Changes in Net Assets	224
Financial Highlights	246
Notes to Financial Statements	268
Trustees and Officers	300
Additional Information	302

Letter to Shareholders (Unaudited)

Dear Valued Shareholders,

The 1-year period ended April 30, 2023 was noteworthy in many ways. During this 12-month stretch, investors witnessed a remarkable chain of events:

Accommodative covid-era monetary policy led to the highest inflation in 40 years

High and rising inflation led to tighter monetary policy

Tighter monetary policy led to large bank failures

Bank failures led to heightened stock market volatility

On top of all that, the Federal government reached its debt limit in early 2023 and Congress had still not resolved the matter as of April 30.

Bruce Bond,

CEO

Letter to Shareholders (Unaudited) (Continued)

Investing involves risks. Loss of principal is possible.

Innovator ETFs are distributed by Foreside Fund Services, LLC.

INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - JANUARY

Fund Performance

April 30, 2023 (Unaudited)

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 April 30, 2023 as compared with the MSCI EAFE Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator International Developed Power Buffer ETF - January
NAV Return		14.07	%		9.05	%		5.24	%
Market Return		13.95	%		9.06	%		5.26	%
MSCI EAFE Index - Price Return		5.42	%		8.95	%	��	1.55	%
MSCI EAFE Index - Total Return		8.42	%		11.68	%		4.14	%

^(a) Inception date is December 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 0.85%. For the most recent performance, please visit the Fund’s website at innovatoretfs.com.

INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - JANUARY

Fund Performance

April 30, 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 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.

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/IJAN.

INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - APRIL

Fund Performance

April 30, 2023 (Unaudited)

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 April 30, 2023 as compared with the MSCI EAFE Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Since Inception ^(a)
Innovator International Developed Power Buffer ETF - April
NAV Return		4.56	%		-0.21	%
Market Return		4.48	%		-0.21	%
MSCI EAFE Index - Price Return		5.42	%		-1.41	%
MSCI EAFE Index - Total Return		8.42	%		1.23	%

^(a) Inception date is March 31, 2021.

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.

INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - APRIL

Fund Performance

April 30, 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 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.

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/IAPR.

INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - JULY

Fund Performance

April 30, 2023 (Unaudited)

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 April 30, 2023 as compared with the MSCI EAFE Index – Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator International Developed Power Buffer ETF - July
NAV Return		10.84	%		5.90	%		3.51	%
Market Return		10.82	%		5.87	%		3.48	%
MSCI EAFE Index - Price Return		5.42	%		8.95	%		2.88	%
MSCI EAFE Index - Total Return		8.42	%		11.68	%		5.42	%

^(a) Inception date is June 28, 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 0.85%. For the most recent performance, please visit the Fund’s website at innovatoretfs.com.

INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - JULY

Fund Performance

April 30, 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 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.

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/IJUL.

INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - OCTOBER

Fund Performance
April 30, 2023 (Unaudited)

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 April 30, 2023 as compared with the MSCI EAFE Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Since Inception ^(a)
Innovator International Developed Power Buffer ETF - October
NAV Return		8.22	%		1.76	%
Market Return		7.74	%		1.57	%
MSCI EAFE Index - Price Return		5.42	%		-3.85	%
MSCI EAFE Index - Total Return		8.42	%		-1.28	%

^(a) Inception date is September 30, 2021.

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.

INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - OCTOBER

Fund Performance
April 30, 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 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.

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/IOCT.

INNOVATOR EMERGING MARKETS POWER BUFFER ETF - JANUARY

Fund Performance

April 30, 2023 (Unaudited)

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 April 30, 2023 as compared with the MSCI Emerging Markets Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator Emerging Markets Power Buffer ETF - January
NAV Return		1.57	%		4.78	%		1.37	%
Market Return		1.36	%		4.85	%		1.29	%
MSCI Emerging Markets Index - Price Return		-9.21	%		1.84	%		-3.88	%
MSCI Emerging Markets Index - Total Return		-6.51	%		4.33	%		-1.62	%

^(a) Inception date is December 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 0.89%. For the most recent performance, please visit the Fund’s website at innovatoretfs.com.

INNOVATOR EMERGING MARKETS POWER BUFFER ETF - JANUARY

Fund Performance

April 30, 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 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.

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/EJAN.

INNOVATOR EMERGING MARKETS POWER BUFFER ETF - APRIL

Fund Performance

April 30, 2023 (Unaudited)

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 April 30, 2023 as compared with the MSCI Emerging Markets Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Since Inception ^(a)
Innovator Emerging Markets Power Buffer ETF - April
NAV Return		1.59	%		-1.45	%
Market Return		2.09	%		-1.41	%
MSCI Emerging Markets Index - Price Return		-9.21	%		-13.34	%
MSCI Emerging Markets Index - Total Return		-6.51	%		-11.11	%

^(a) Inception date is March 31, 2021.

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.

INNOVATOR EMERGING MARKETS POWER BUFFER ETF - APRIL

Fund Performance

April 30, 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 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.

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/EAPR.

INNOVATOR EMERGING MARKETS POWER BUFFER ETF - JULY

Fund Performance

April 30, 2023 (Unaudited)

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 April 30, 2023 as compared with the MSCI Emerging Markets Index – Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator Emerging Markets Power Buffer ETF - July
NAV Return		-4.41	%		-1.12	%		-2.17	%
Market Return		-4.23	%		-1.23	%		-2.14	%
MSCI Emerging Markets Index - Price Return		-9.21	%		1.84	%		-1.98	%
MSCI Emerging Markets Index - Total Return		-6.51	%		4.33	%		0.36	%

^(a)Inception date is June 28, 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 0.89%. For the most recent performance, please visit the Fund’s website at innovatoretfs.com.

INNOVATOR EMERGING MARKETS POWER BUFFER ETF - JULY

Fund Performance

April 30, 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 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.

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/EJUL.

INNOVATOR EMERGING MARKETS POWER BUFFER ETF - OCTOBER

Fund Performance

April 30, 2023 (Unaudited)

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 April 30, 2023 as compared with the MSCI Emerging Markets Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Since Inception ^(a)
Innovator Emerging Markets Power Buffer ETF - October
NAV Return		-1.26	%		-4.73	%
Market Return		-0.93	%		-4.72	%
MSCI Emerging Markets Index - Price Return		-9.21	%		-14.56	%
MSCI Emerging Markets Index - Total Return		-6.51	%		-12.44	%

^(a) Inception date is September 30, 2021.

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.

INNOVATOR EMERGING MARKETS POWER BUFFER ETF - OCTOBER

Fund Performance

April 30, 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 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.

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/EOCT.

INNOVATOR GROWTH-100 POWER BUFFER ETF – JANUARY

Fund Performance

April 30, 2023 (Unaudited)

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 April 30, 2023 as compared with the NASDAQ-100 Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator Growth-100 Power Buffer ETF - January
NAV Return		2.07	%		3.05	%		2.83	%
Market Return		1.96	%		2.95	%		2.79	%
NASDAQ-100 Index - Price Return		3.04	%		13.75	%		13.32	%
NASDAQ-100 Index - Total Return		3.99	%		14.66	%		14.24	%

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

INNOVATOR GROWTH-100 POWER BUFFER ETF – JANUARY

Fund Performance

April 30, 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 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.

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/NJAN.

INNOVATOR GROWTH-100 POWER BUFFER ETF – APRIL

Fund Performance
April 30, 2023 (Unaudited)

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 April 30, 2023 as compared with the NASDAQ-100 Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator Growth-100 Power Buffer ETF - April
NAV Return		8.26	%		5.95	%		7.55	%
Market Return		8.30	%		5.82	%		7.56	%
NASDAQ-100 Index - Price Return		3.04	%		13.75	%		18.68	%
NASDAQ-100 Index - Total Return		3.99	%		14.66	%		19.62	%

^(a) Inception date is March 31, 2020.

INNOVATOR GROWTH-100 POWER BUFFER ETF – APRIL

Fund Performance

April 30, 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 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.

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/NAPR.

INNOVATOR GROWTH-100 POWER BUFFER ETF – JULY

Fund Performance

April 30, 2023 (Unaudited)

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 April 30, 2023 as compared with the NASDAQ-100 Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Since Inception ^(a)
Innovator Growth-100 Power Buffer ETF - July
NAV Return		9.88	%		6.53	%
Market Return		9.58	%		6.45	%
NASDAQ-100 Index - Price Return		3.04	%		9.83	%
NASDAQ-100 Index - Total Return		3.99	%		10.68	%

^(a) Inception date is June 30, 2020.

INNOVATOR GROWTH-100 POWER BUFFER ETF – JULY

Fund Performance

April 30, 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 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.

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/NJUL.

INNOVATOR GROWTH-100 POWER BUFFER ETF – OCTOBER

Fund Performance

April 30, 2023 (Unaudited)

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 April 30, 2023 as compared with the NASDAQ-100 Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator Growth-100 Power Buffer ETF - October
NAV Return		8.01	%		6.93	%		7.45	%
Market Return		7.85	%		6.84	%		7.38	%
NASDAQ-100 Index - Price Return		3.04	%		13.75	%		16.14	%
NASDAQ-100 Index - Total Return		3.99	%		14.66	%		17.10	%

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

INNOVATOR GROWTH-100 POWER BUFFER ETF – OCTOBER

Fund Performance

April 30, 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 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.

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/NOCT.

INNOVATOR U.S. SMALL CAP POWER BUFFER ETF – JANUARY

Fund Performance

April 30, 2023 (Unaudited)

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 April 30, 2023 as compared with the Russell 2000 Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Small Cap Power Buffer ETF - January
NAV Return		3.46	%		8.93	%		4.10	%
Market Return		3.80	%		8.93	%		4.15	%
Russell 2000 Index - Price Return		-5.10	%		10.51	%		1.77	%
Russell 2000 Index - Total Return		-3.65	%		11.90	%		3.06	%

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

INNOVATOR U.S. SMALL CAP POWER BUFFER ETF – JANUARY

Fund Performance

April 30, 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 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.

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.

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/KJAN.

INNOVATOR U.S. SMALL CAP POWER BUFFER ETF – APRIL

Fund Performance

April 30, 2023 (Unaudited)

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 April 30, 2023 as compared with the Russell 2000 Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Small Cap Power Buffer ETF - April
NAV Return		4.22	%		2.72	%		4.45	%
Market Return		4.22	%		2.65	%		4.43	%
Russell 2000 Index - Price Return		-5.10	%		10.51	%		14.89	%
Russell 2000 Index - Total Return		-3.65	%		11.90	%		16.32	%

^(a) Inception date is March 31, 2020.

INNOVATOR U.S. SMALL CAP POWER BUFFER ETF – APRIL

Fund Performance

April 30, 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 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.

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/KAPR.

INNOVATOR U.S. SMALL CAP POWER BUFFER ETF – JULY

Fund Performance
April 30, 2023 (Unaudited)

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 April 30, 2023 as compared with the Russell 2000 Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Since Inception ^(a)
Innovator U.S. Small Cap Power Buffer ETF - July
NAV Return		-1.21	%		1.93	%
Market Return		-0.99	%		1.90	%
Russell 2000 Index - Price Return		-5.10	%		7.50	%
Russell 2000 Index - Total Return		-3.65	%		8.82	%

^(a) Inception date is June 30, 2020.

INNOVATOR U.S. SMALL CAP POWER BUFFER ETF – JULY

Fund Performance
April 30, 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 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.

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/KJUL.

INNOVATOR U.S. SMALL CAP POWER BUFFER ETF – OCTOBER

Fund Performance

April 30, 2023 (Unaudited)

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 April 30, 2023 as compared with the Russell 2000 Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Small Cap Power Buffer ETF - October
NAV Return		2.87	%		4.40	%		1.76	%
Market Return		2.92	%		4.34	%		1.73	%
Russell 2000 Index - Price Return		-5.10	%		10.51	%		4.26	%
Russell 2000 Index - Total Return		-3.65	%		11.90	%		5.60	%

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

INNOVATOR U.S. SMALL CAP POWER BUFFER ETF – OCTOBER

Fund Performance

April 30, 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 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.

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/KOCT.

INNOVATOR DOUBLE STACKER ETF – JANUARY

Fund Performance

April 30, 2023 (Unaudited)

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 April 30, 2023 as compared with the S&P 500® Index - Total Return, S&P 500® Index - Price Return and NASDAQ-100 Index - Price Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Since Inception ^(a)
Innovator Double Stacker ETF - January
NAV Return		4.02	%		2.43	%
Market Return		3.98	%		2.34	%
NASDAQ-100 Index - Price Return		3.04	%		1.18	%
S&P 500® Index - Price Return		0.91	%		4.59	%
S&P 500® Index - Total Return		2.66	%		6.21	%

^(a) Inception date is December 31, 2020.

INNOVATOR DOUBLE STACKER ETF – JANUARY

Fund Performance

April 30, 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 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.

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/DSJA.

INNOVATOR DOUBLE STACKER ETF – OCTOBER

Fund Performance

April 30, 2023 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Double Stacker ETF - October from its inception (September 30, 2020) to April 30, 2023 as compared with the S&P 500® Index - Total Return, S&P 500® Index - Price Return and NASDAQ-100 Index - Price Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Since Inception ^(a)
Innovator Double Stacker ETF - October
NAV Return		2.40	%		6.99	%
Market Return		2.37	%		6.90	%
NASDAQ-100 Index - Price Return		3.04	%		5.92	%
S&P 500® Index - Price Return		0.91	%		8.69	%
S&P 500® Index - Total Return		2.66	%		10.38	%

^(a) Inception date is September 30, 2020.

INNOVATOR DOUBLE STACKER ETF – OCTOBER

Fund Performance
April 30, 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 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.

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/DSOC.

INNOVATOR TRIPLE STACKER ETF – JANUARY

Fund Performance

April 30, 2023 (Unaudited)

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 April 30, 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.

	Average Annual Total Returns as of April 30, 2023
	One Year			Since Inception ^(a)
Innovator Triple Stacker ETF - January
NAV Return		1.32	%		0.93	%
Market Return		1.15	%		0.83	%
NASDAQ-100 Index - Price Return		3.04	%		1.18	%
Russell 2000 Index - Price Return		-5.10	%		-4.62	%
S&P 500® Index - Price Return		0.91	%		4.59	%
S&P 500® Index - Total Return		2.66	%		6.21	%

^(a) Inception date is December 31, 2020.

INNOVATOR TRIPLE STACKER ETF – JANUARY

Fund Performance

April 30, 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, 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.

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/TSJA.

INNOVATOR TRIPLE STACKER ETF – OCTOBER

Fund Performance

April 30, 2023 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Triple Stacker ETF - October from its inception (September 30, 2020) to April 30, 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.

	Average Annual Total Returns as of April 30, 2023
	One Year			Since Inception ^(a)
Innovator Triple Stacker ETF - October
NAV Return		0.83	%		5.40	%
Market Return		0.80	%		5.30	%
NASDAQ-100 Index - Price Return		3.04	%		5.92	%
Russell 2000 Index - Price Return		-5.10	%		6.39	%
S&P 500® Index - Price Return		0.91	%		8.69	%
S&P 500® Index - Total Return		2.66	%		10.38	%

^(a) Inception date is September 30, 2020.

INNOVATOR TRIPLE STACKER ETF – OCTOBER

Fund Performance
April 30, 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, 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.

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/TSOC.

INNOVATOR DOUBLE STACKER 9 BUFFER ETF – JANUARY

Fund Performance

April 30, 2023 (Unaudited)

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 April 30, 2023 as compared with the S&P 500® Index - Total Return, S&P 500® Index - Price Return and NASDAQ-100 Index - Price Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Since Inception ^(a)
Innovator Double Stacker 9 Buffer ETF - January
NAV Return		5.98	%		3.03	%
Market Return		5.97	%		2.96	%
NASDAQ-100 Index - Price Return		3.04	%		1.18	%
S&P 500® Index - Price Return		0.91	%		4.59	%
S&P 500® Index - Total Return		2.66	%		6.21	%

^(a) Inception date is December 31, 2020.

INNOVATOR DOUBLE STACKER 9 BUFFER ETF – JANUARY

Fund Performance

April 30, 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 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.

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/DBJA.

INNOVATOR DOUBLE STACKER 9 BUFFER ETF – OCTOBER

Fund Performance

April 30, 2023 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Double Stacker 9 Buffer ETF - October from its inception (September 30, 2020) to April 30, 2023 as compared with the S&P 500® Index - Total Return, S&P 500® Index - Price Return and NASDAQ-100 Index - Price Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Since Inception ^(a)
Innovator Double Stacker 9 Buffer ETF - October
NAV Return		6.65	%		6.67	%
Market Return		6.57	%		6.61	%
NASDAQ-100 Index - Price Return		3.04	%		5.92	%
S&P 500® Index - Price Return		0.91	%		8.69	%
S&P 500® Index - Total Return		2.66	%		10.38	%

^(a) Inception date is September 30, 2020.

INNOVATOR DOUBLE STACKER 9 BUFFER ETF – OCTOBER

Fund Performance
April 30, 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 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.

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/DBOC.

INNOVATOR 20+ YEAR TREASURY BOND 9 BUFFER ETF – JULY

Fund Performance

April 30, 2023 (Unaudited)

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 April 30, 2023 as compared with the ICE U.S. Treasury 20+ Year Index - Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Since Inception ^(a)
Innovator 20+ Year Treasury Bond 9 Buffer ETF - July
NAV Return		-5.40	%		-6.73	%
Market Return		-5.08	%		-6.71	%
ICE U.S. Treasury 20+ Year Index - Total Return		-8.91	%		-13.12	%

^(a) Inception date is August 17, 2020.

INNOVATOR 20+ YEAR TREASURY BOND 9 BUFFER ETF – JULY

Fund Performance

April 30, 2023 (Unaudited) (Continued)

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.

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/TBJL.

INNOVATOR 20+ YEAR TREASURY BOND 5 FLOOR ETF – QUARTERLY

Fund Performance
April 30, 2023 (Unaudited)

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 April 30, 2023 as compared with the ICE U.S. Treasury 20+ Year Index - Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Since Inception ^(a)
Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly
NAV Return		-3.41	%		-5.92	%
Market Return		-3.70	%		-5.98	%
ICE U.S. Treasury 20+ Year Index - Total Return		-8.91	%		-13.12	%

^(a) Inception date is August 17, 2020.

INNOVATOR 20+ YEAR TREASURY BOND 5 FLOOR ETF – QUARTERLY

Fund Performance
April 30, 2023 (Unaudited) (Continued)

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/TFJL.

INNOVATOR U.S. EQUITY ACCELERATED ETF - JANUARY

Fund Performance

April 30, 2023 (Unaudited)

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 April 30, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Since Inception ^(a)
Innovator U.S. Equity Accelerated ETF - January
NAV Return		2.39	%		-8.88	%
Market Return		2.38	%		-9.03	%
S&P 500® Index - Price Return		0.91	%		-9.58	%
S&P 500® Index - Total Return		2.66	%		-8.08	%

^(a) Inception date is December 31, 2021.

INNOVATOR U.S. EQUITY ACCELERATED ETF - JANUARY

Fund Performance
April 30, 2023 (Unaudited) (Continued)

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/XDJA.

INNOVATOR U.S. EQUITY ACCELERATED ETF - APRIL

Fund Performance

April 30, 2023 (Unaudited)

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 April 30, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Since Inception ^(a)
Innovator U.S. Equity Accelerated ETF - April
NAV Return		0.31	%		3.10	%
Market Return		0.34	%		3.00	%
S&P 500® Index - Price Return		0.91	%		2.35	%
S&P 500® Index - Total Return		2.66	%		3.94	%

^(a) Inception date is March 31, 2021.

INNOVATOR U.S. EQUITY ACCELERATED ETF - APRIL

Fund Performance

April 30, 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/XDAP.

INNOVATOR U.S. EQUITY ACCELERATED ETF - JULY

Fund Performance

April 30, 2023 (Unaudited)

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 April 30, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Since Inception ^(a)
Innovator U.S. Equity Accelerated ETF - July
NAV Return		5.73	%		1.47	%
Market Return		5.65	%		1.32	%
S&P 500® Index - Price Return		0.91	%		-1.64	%
S&P 500® Index - Total Return		2.66	%		-0.09	%

^(a) Inception date is June 30, 2021.

INNOVATOR U.S. EQUITY ACCELERATED ETF - JULY

Fund Performance
April 30, 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/XDJL.

INNOVATOR U.S. EQUITY ACCELERATED ETF - OCTOBER

Fund Performance
April 30, 2023 (Unaudited)

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 April 30, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Since Inception ^(a)
Innovator U.S. Equity Accelerated ETF - October
NAV Return		0.78	%		-1.48	%
Market Return		0.61	%		-1.59	%
S&P 500® Index - Price Return		0.91	%		-2.04	%
S&P 500® Index - Total Return		2.66	%		-0.47	%

^(a) Inception date is September 30, 2021.

INNOVATOR U.S. EQUITY ACCELERATED ETF - OCTOBER

Fund Performance

April 30, 2023 (Unaudited) (Continued)

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/XDOC.

INNOVATOR U.S. EQUITY ACCELERATED PLUS ETF - JANUARY

Fund Performance

April 30, 2023 (Unaudited)

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 April 30, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Since Inception ^(a)
Innovator U.S. Equity Accelerated Plus ETF - January
NAV Return		1.62	%		-9.15	%
Market Return		1.64	%		-9.27	%
S&P 500® Index - Price Return		0.91	%		-9.58	%
S&P 500® Index - Total Return		2.66	%		-8.08	%

^(a) Inception date is December 31, 2021.

INNOVATOR U.S. EQUITY ACCELERATED PLUS ETF - JANUARY

Fund Performance

April 30, 2023 (Unaudited) (Continued)

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/XTJA.

INNOVATOR U.S. EQUITY ACCELERATED PLUS ETF - APRIL

Fund Performance
April 30, 2023 (Unaudited)

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 April 30, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Since Inception ^(a)
Innovator U.S. Equity Accelerated Plus ETF - April
NAV Return		-0.20	%		2.67	%
Market Return		-0.20	%		2.55	%
S&P 500® Index - Price Return		0.91	%		2.35	%
S&P 500® Index - Total Return		2.66	%		3.94	%

^(a) Inception date is March 31, 2021.

INNOVATOR U.S. EQUITY ACCELERATED PLUS ETF - APRIL

Fund Performance

April 30, 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/XTAP.

INNOVATOR U.S. EQUITY ACCELERATED PLUS ETF - JULY

Fund Performance
April 30, 2023 (Unaudited)

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 April 30, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Since Inception ^(a)
Innovator U.S. Equity Accelerated Plus ETF - July
NAV Return		4.93	%		1.47	%
Market Return		4.76	%		1.39	%
S&P 500® Index - Price Return		0.91	%		-1.64	%
S&P 500® Index - Total Return		2.66	%		-0.09	%

^(a) Inception date is June 30, 2021.

INNOVATOR U.S. EQUITY ACCELERATED PLUS ETF - JULY

Fund Performance

April 30, 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/XTJL.

INNOVATOR U.S. EQUITY ACCELERATED PLUS ETF - OCTOBER

Fund Performance

April 30, 2023 (Unaudited)

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 April 30, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Since Inception ^(a)
Innovator U.S. Equity Accelerated Plus ETF - October
NAV Return		-0.90	%		-2.11	%
Market Return		-0.97	%		-2.23	%
S&P 500® Index - Price Return		0.91	%		-2.04	%
S&P 500® Index - Total Return		2.66	%		-0.47	%

^(a) Inception date is September 30, 2021.

INNOVATOR U.S. EQUITY ACCELERATED PLUS ETF - OCTOBER

Fund Performance

April 30, 2023 (Unaudited) (Continued)

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/XTOC.

INNOVATOR U.S. EQUITY ACCELERATED 9 BUFFER ETF - JANUARY

Fund Performance

April 30, 2023 (Unaudited)

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 April 30, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Since Inception ^(a)
Innovator U.S. Equity Accelerated 9 Buffer ETF - January
NAV Return		4.88	%		-3.25	%
Market Return		4.86	%		-3.29	%
S&P 500® Index - Price Return		0.91	%		-9.58	%
S&P 500® Index - Total Return		2.66	%		-8.08	%

^(a) Inception date is December 31, 2021.

INNOVATOR U.S. EQUITY ACCELERATED 9 BUFFER ETF - JANUARY

Fund Performance

April 30, 2023 (Unaudited) (Continued)

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/XBJA.

INNOVATOR U.S. EQUITY ACCELERATED 9 BUFFER ETF - APRIL

Fund Performance

April 30, 2023 (Unaudited)

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 April 30, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Since Inception ^(a)
Innovator U.S. Equity Accelerated 9 Buffer ETF - April
NAV Return		6.59	%		4.49	%
Market Return		6.59	%		4.53	%
S&P 500® Index - Price Return		0.91	%		2.35	%
S&P 500® Index - Total Return		2.66	%		3.94	%

^(a) Inception date is March 31, 2021.

INNOVATOR U.S. EQUITY ACCELERATED 9 BUFFER ETF - APRIL

Fund Performance
April 30, 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/XBAP.

INNOVATOR U.S. EQUITY ACCELERATED 9 BUFFER ETF - JULY

Fund Performance

April 30, 2023 (Unaudited)

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 April 30, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Since Inception ^(a)
Innovator U.S. Equity Accelerated 9 Buffer ETF - July
NAV Return		9.08	%		4.70	%
Market Return		9.07	%		4.63	%
S&P 500® Index - Price Return		0.91	%		-1.64	%
S&P 500® Index - Total Return		2.66	%		-0.09	%

^(a) Inception date is June 30, 2021.

INNOVATOR U.S. EQUITY ACCELERATED 9 BUFFER ETF - JULY

Fund Performance

April 30, 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/XBJL.

INNOVATOR U.S. EQUITY ACCELERATED 9 BUFFER ETF - OCTOBER

Fund Performance

April 30, 2023 (Unaudited)

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 April 30, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Since Inception ^(a)
Innovator U.S. Equity Accelerated 9 Buffer ETF - October
NAV Return		5.11	%		2.33	%
Market Return		4.98	%		2.20	%
S&P 500® Index - Price Return		0.91	%		-2.04	%
S&P 500® Index - Total Return		2.66	%		-0.47	%

^(a) Inception date is September 30, 2021.

INNOVATOR U.S. EQUITY ACCELERATED 9 BUFFER ETF - OCTOBER

Fund Performance

April 30, 2023 (Unaudited) (Continued)

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/XBOC.

INNOVATOR GROWTH ACCELERATED PLUS ETF - JANUARY

Fund Performance

April 30, 2023 (Unaudited)

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 April 30, 2023 as compared with the NASDAQ-100 Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Since Inception ^(a)
Innovator Growth Accelerated Plus ETF - January
NAV Return		-3.09	%		-18.46	%
Market Return		-3.02	%		-18.54	%
NASDAQ-100 Index - Price Return		3.04	%		-14.54	%
NASDAQ-100 Index - Total Return		3.99	%		-13.80	%

^(a) Inception date is December 31, 2021.

INNOVATOR GROWTH ACCELERATED PLUS ETF - JANUARY

Fund Performance

April 30, 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 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.

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/QTJA.

INNOVATOR GROWTH ACCELERATED PLUS ETF - APRIL

Fund Performance

April 30, 2023 (Unaudited)

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 April 30, 2023 as compared with the NASDAQ-100 Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Since Inception ^(a)
Innovator Growth Accelerated Plus ETF - April
NAV Return		1.85	%		3.20	%
Market Return		1.90	%		3.09	%
NASDAQ-100 Index - Price Return		3.04	%		0.57	%
NASDAQ-100 Index - Total Return		3.99	%		1.36	%

^(a) Inception date is March 31, 2021.

INNOVATOR GROWTH ACCELERATED PLUS ETF - APRIL

Fund Performance

April 30, 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 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.

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/QTAP.

INNOVATOR GROWTH ACCELERATED PLUS ETF - JULY

Fund Performance

April 30, 2023 (Unaudited)

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 April 30, 2023 as compared with the NASDAQ-100 Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Since Inception ^(a)
Innovator Growth Accelerated Plus ETF - July
NAV Return		7.09	%		-2.99	%
Market Return		6.87	%		-3.09	%
NASDAQ-100 Index - Price Return		3.04	%		-5.01	%
NASDAQ-100 Index - Total Return		3.99	%		-4.25	%

^(a) Inception date is June 30, 2021.

INNOVATOR GROWTH ACCELERATED PLUS ETF - JULY

Fund Performance
April 30, 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 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.

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/QTJL.

INNOVATOR GROWTH ACCELERATED PLUS ETF - OCTOBER

Fund Performance

April 30, 2023 (Unaudited)

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 April 30, 2023 as compared with the NASDAQ-100 Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Since Inception ^(a)
Innovator Growth Accelerated Plus ETF - October
NAV Return		0.48	%		-7.09	%
Market Return		0.53	%		-7.22	%
NASDAQ-100 Index - Price Return		3.04	%		-6.33	%
NASDAQ-100 Index - Total Return		3.99	%		-5.57	%

^(a) Inception date is September 30, 2021.

INNOVATOR GROWTH ACCELERATED PLUS ETF - OCTOBER

Fund Performance

April 30, 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 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.

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/QTOC.

INNOVATOR DEFINED WEALTH SHIELD ETF

Fund Performance

April 30, 2023 (Unaudited)

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 April 30, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Since Inception ^(a)
Innovator Defined Wealth Shield ETF
NAV Return		7.40	%		3.57	%
Market Return		7.36	%		3.62	%
S&P 500® Index - Price Return		0.91	%		-1.64	%
S&P 500® Index - Total Return		2.66	%		-0.09	%

^(a) Inception date is June 30, 2021.

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.

INNOVATOR DEFINED WEALTH SHIELD ETF

Fund Performance

April 30, 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/BALT.

INNOVATOR U.S. EQUITY ACCELERATED ETF – QUARTERLY

Fund Performance

April 30, 2023 (Unaudited)

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 April 30, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Since Inception ^(a)
Innovator U.S. Equity Accelerated ETF - Quarterly
NAV Return		9.14	%		3.43	%
Market Return		9.23	%		3.37	%
S&P 500® Index - Price Return		0.91	%		2.35	%
S&P 500® Index - Total Return		2.66	%		3.94	%

^(a) Inception date is March 31, 2021.

INNOVATOR U.S. EQUITY ACCELERATED ETF – QUARTERLY

Fund Performance

April 30, 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/XDSQ.

INNOVATOR GROWTH ACCELERATED ETF – QUARTERLY

Fund Performance

April 30, 2023 (Unaudited)

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 April 30, 2023 as compared with the NASDAQ-100 Index - Price Return and Total Return.

	Average Annual Total Returns as of April 30, 2023
	One Year			Since Inception ^(a)
Innovator Growth Accelerated ETF - Quarterly
NAV Return		-3.94	%		-4.63	%
Market Return		-3.97	%		-4.71	%
NASDAQ-100 Index - Price Return		3.04	%		0.57	%
NASDAQ-100 Index - Total Return		3.99	%		1.36	%

^(a) Inception date is March 31, 2021.

INNOVATOR GROWTH ACCELERATED ETF – QUARTERLY

Fund Performance

April 30, 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 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.

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/XDQQ.

INNOVATOR ETFs TRUST

Expense Example

For the Period Ended April 30, 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 period from November 1, 2022 to April 30, 2023 for each Fund.

Actual Expenses

					Expenses Paid
	Beginning		Ending		During the
	Account Value		Account Value		Period ^(a)
Innovator International Developed Power Buffer ETF - January (NAV)	$	1,000.00	$	1,201.80	$	4.64
Innovator International Developed Power Buffer ETF - April (NAV)		1,000.00		1,103.90		4.43
Innovator International Developed Power Buffer ETF - July (NAV)		1,000.00		1,179.70		4.59
Innovator International Developed Power Buffer ETF - October (NAV)		1,000.00		1,156.10		4.54
Innovator Emerging Markets Power Buffer ETF - January (NAV)		1,000.00		1,141.10		4.72
Innovator Emerging Markets Power Buffer ETF - April (NAV)		1,000.00		1,125.40		4.69
Innovator Emerging Markets Power Buffer ETF - July (NAV)		1,000.00		1,087.80		4.61
Innovator Emerging Markets Power Buffer ETF - October (NAV)		1,000.00		1,128.90		4.70
Innovator Growth-100 Power Buffer ETF - January (NAV)		1,000.00		1,077.10		4.07
Innovator Growth-100 Power Buffer ETF - April (NAV)		1,000.00		1,128.80		4.17
Innovator Growth-100 Power Buffer ETF - July (NAV)		1,000.00		1,129.10		4.17
Innovator Growth-100 Power Buffer ETF - October (NAV)		1,000.00		1,124.90		4.16
Innovator U.S. Small Cap Power Buffer ETF - January (NAV)		1,000.00		1,007.90		3.93
Innovator U.S. Small Cap Power Buffer ETF - April (NAV)		1,000.00		1,032.90		3.98
Innovator U.S. Small Cap Power Buffer ETF - July (NAV)		1,000.00		994.90		3.91
Innovator U.S. Small Cap Power Buffer ETF - October (NAV)		1,000.00		1,014.70		3.95
Innovator Double Stacker ETF - January (NAV)		1,000.00		1,109.40		4.13
Innovator Double Stacker ETF - October (NAV)		1,000.00		1,131.20		4.17
Innovator Triple Stacker ETF - January (NAV)		1,000.00		1,084.20		4.08
Innovator Triple Stacker ETF - October (NAV)		1,000.00		1,105.30		4.12
Innovator Double Stacker 9 Buffer ETF - January (NAV)		1,000.00		1,081.30		4.08
Innovator Double Stacker 9 Buffer ETF - October (NAV)		1,000.00		1,100.40		4.11
Innovator 20+ Year Treasury Bond 9 Buffer ETF - July (NAV)		1,000.00		1,103.70		4.12
Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly (NAV)		1,000.00		1,062.60		4.04
Innovator U.S. Equity Accelerated ETF - January (NAV)		1,000.00		1,099.20		4.11
Innovator U.S. Equity Accelerated ETF - April (NAV)		1,000.00		1,079.90		4.07
Innovator U.S. Equity Accelerated ETF - July (NAV)		1,000.00		1,139.80		4.19
Innovator U.S. Equity Accelerated ETF - October (NAV)		1,000.00		1,120.90		4.15
Innovator U.S. Equity Accelerated Plus ETF - January (NAV)		1,000.00		1,094.70		4.10
Innovator U.S. Equity Accelerated Plus ETF - April (NAV)		1,000.00		1,076.40		4.07
Innovator U.S. Equity Accelerated Plus ETF - July (NAV)		1,000.00		1,142.10		4.20
Innovator U.S. Equity Accelerated Plus ETF - October (NAV)		1,000.00		1,115.80		4.14

INNOVATOR ETFs TRUST

Expense Example

For the Period Ended April 30, 2023 (Unaudited) (Continued)

					Expenses Paid
	Beginning		Ending		During the
	Account Value		Account Value		Period ^(a)
Innovator U.S. Equity Accelerated 9 Buffer ETF - January (NAV)		1,000.00		1,074.50		4.06
Innovator U.S. Equity Accelerated 9 Buffer ETF - April (NAV)		1,000.00		1,098.80		4.11
Innovator U.S. Equity Accelerated 9 Buffer ETF - July (NAV)		1,000.00		1,104.80		4.12
Innovator U.S. Equity Accelerated 9 Buffer ETF - October (NAV)		1,000.00		1,092.30		4.10
Innovator Growth Accelerated Plus ETF - January (NAV)		1,000.00		1,102.70		4.12
Innovator Growth Accelerated Plus ETF - April (NAV)		1,000.00		1,164.50		4.24
Innovator Growth Accelerated Plus ETF - July (NAV)		1,000.00		1,207.50		4.32
Innovator Growth Accelerated Plus ETF - October (NAV)		1,000.00		1,169.10		4.25
Innovator Defined Wealth Shield ETF (NAV)		1,000.00		1,046.80		3.50
Innovator U.S. Equity Accelerated ETF - Quarterly (NAV)		1,000.00		1,189.50		4.29
Innovator Growth Accelerated ETF - Quarterly (NAV)		1,000.00		1,088.10		4.09

^(a) Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the six month period).

Hypothetical Example for Comparison Purposes

INNOVATOR ETFs TRUST

Expense Example

For the Period Ended April 30, 2023 (Unaudited) (Continued)

					Expenses Paid
	Beginning		Ending		During the
	Account Value		Account Value		Period ^(a)
Innovator International Developed Power Buffer ETF - January (NAV)	$	1,000.00	$	1,020.58	$	4.26
Innovator International Developed Power Buffer ETF - April (NAV)		1,000.00		1,020.58		4.26
Innovator International Developed Power Buffer ETF - July (NAV)		1,000.00		1,020.58		4.26
Innovator International Developed Power Buffer ETF - October (NAV)		1,000.00		1,020.58		4.26
Innovator Emerging Markets Power Buffer ETF - January (NAV)		1,000.00		1,020.38		4.46
Innovator Emerging Markets Power Buffer ETF - April (NAV)		1,000.00		1,020.38		4.46
Innovator Emerging Markets Power Buffer ETF - July (NAV)		1,000.00		1,020.38		4.46
Innovator Emerging Markets Power Buffer ETF - October (NAV)		1,000.00		1,020.38		4.46
Innovator Growth-100 Power Buffer ETF - January (NAV)		1,000.00		1,020.88		3.96
Innovator Growth-100 Power Buffer ETF - April (NAV)		1,000.00		1,020.88		3.96
Innovator Growth-100 Power Buffer ETF - July (NAV)		1,000.00		1,020.88		3.96
Innovator Growth-100 Power Buffer ETF - October (NAV)		1,000.00		1,020.88		3.96
Innovator U.S. Small Cap Power Buffer ETF - January (NAV)		1,000.00		1,020.88		3.96
Innovator U.S. Small Cap Power Buffer ETF - April (NAV)		1,000.00		1,020.88		3.96
Innovator U.S. Small Cap Power Buffer ETF - July (NAV)		1,000.00		1,020.88		3.96
Innovator U.S. Small Cap Power Buffer ETF - October (NAV)		1,000.00		1,020.88		3.96
Innovator Double Stacker ETF - January (NAV)		1,000.00		1,020.88		3.96
Innovator Double Stacker ETF - October (NAV)		1,000.00		1,020.88		3.96
Innovator Triple Stacker ETF - January (NAV)		1,000.00		1,020.88		3.96
Innovator Triple Stacker ETF - October (NAV)		1,000.00		1,020.88		3.96
Innovator Double Stacker 9 Buffer ETF - January (NAV)		1,000.00		1,020.88		3.96
Innovator Double Stacker 9 Buffer ETF - October (NAV)		1,000.00		1,020.88		3.96
Innovator 20+ Year Treasury Bond 9 Buffer ETF - July (NAV)		1,000.00		1,020.88		3.96
Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly (NAV)		1,000.00		1,020.88		3.96
Innovator U.S. Equity Accelerated ETF - January (NAV)		1,000.00		1,020.88		3.96
Innovator U.S. Equity Accelerated ETF - April (NAV)		1,000.00		1,020.88		3.96
Innovator U.S. Equity Accelerated ETF - July (NAV)		1,000.00		1,020.88		3.96
Innovator U.S. Equity Accelerated ETF - October (NAV)		1,000.00		1,020.88		3.96
Innovator U.S. Equity Accelerated Plus ETF - January (NAV)		1,000.00		1,020.88		3.96
Innovator U.S. Equity Accelerated Plus ETF - April (NAV)		1,000.00		1,020.88		3.96
Innovator U.S. Equity Accelerated Plus ETF - July (NAV)		1,000.00		1,020.88		3.96
Innovator U.S. Equity Accelerated Plus ETF - October (NAV)		1,000.00		1,020.88		3.96
Innovator U.S. Equity Accelerated 9 Buffer ETF - January (NAV)		1,000.00		1,020.88		3.96
Innovator U.S. Equity Accelerated 9 Buffer ETF - April (NAV)		1,000.00		1,020.88		3.96
Innovator U.S. Equity Accelerated 9 Buffer ETF - July (NAV)		1,000.00		1,020.88		3.96
Innovator U.S. Equity Accelerated 9 Buffer ETF - October (NAV)		1,000.00		1,020.88		3.96
Innovator Growth Accelerated Plus ETF - January (NAV)		1,000.00		1,020.88		3.96
Innovator Growth Accelerated Plus ETF - April (NAV)		1,000.00		1,020.88		3.96
Innovator Growth Accelerated Plus ETF - July (NAV)		1,000.00		1,020.88		3.96
Innovator Growth Accelerated Plus ETF - October (NAV)		1,000.00		1,020.88		3.96
Innovator Defined Wealth Shield ETF (NAV)		1,000.00		1,021.37		3.50
Innovator U.S. Equity Accelerated ETF - Quarterly (NAV)		1,000.00		1,020.88		3.96
Innovator Growth Accelerated ETF - Quarterly (NAV)		1,000.00		1,020.88		3.96

^(a) Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the six month period).

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

INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - JANUARY

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 102.50% ^(a)(b)
CALL OPTIONS - 100.45%
EFA iShares MSCI EAFE ETF, Expires 12/29/2023, Strike Price $0.66		28,786	$	211,922,532	$	205,157,822
						205,157,822
PUT OPTIONS - 2.05%
EFA iShares MSCI EAFE ETF, Expires 12/29/2023, Strike Price $65.64		28,786		211,922,532		4,202,756
						4,202,756
TOTAL PURCHASED OPTIONS (Cost $200,220,359)						209,360,578
	Principal Amount
SHORT TERM INVESTMENTS - 0.20%
Money Market Deposit Account - 0.20%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	400,014				400,014
TOTAL SHORT TERM INVESTMENTS (Cost $400,014)						400,014

Total Investments (Cost $200,620,373) - 102.70%						209,760,592
Liabilities in Excess of Other Assets - (2.70)%						(5,518,577	)
TOTAL NET ASSETS - 100.00%					$	204,242,015

Asset Type	% of Net Assets
Purchased Options		102.50	%
Short Term Investments		0.20
Total Investments		102.70
Liabilities in Excess of Other Assets		(2.70	)
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)	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 April 30, 2023.

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

INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - JANUARY

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
EFA iShares MSCI EAFE ETF	12/29/2023	$	80.42		28,786	$	(211,922,532	)	$	(3,713,394	)
										(3,713,394	)
Put Options
EFA iShares MSCI EAFE ETF	12/29/2023		55.79		28,786		(211,922,532	)		(1,698,374	)
										(1,698,374	)
Total Options Written (Premiums Received $7,545,581)									$	(5,411,768	)

^(a)	Exchange-Traded.

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

INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - APRIL

Schedule of Investments
April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 103.47% ^(a)(b)
CALL OPTIONS - 99.20%
EFA iShares MSCI EAFE ETF, Expires 3/28/2024, Strike Price $0.72		31,283	$	230,305,446	$	223,200,138
						223,200,138
PUT OPTIONS - 4.27%
EFA iShares MSCI EAFE ETF, Expires 3/28/2024, Strike Price $71.52		31,283		230,305,446		9,606,071
						9,606,071
TOTAL PURCHASED OPTIONS (Cost $230,552,978)						232,806,209
	Principal Amount
SHORT TERM INVESTMENTS - 0.20%
Money Market Deposit Account - 0.20%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	452,950				452,950
TOTAL SHORT TERM INVESTMENTS (Cost $452,950)						452,950

Total Investments (Cost $231,005,928) - 103.67%						233,259,159
Liabilities in Excess of Other Assets - (3.67)%						(8,261,186	)
TOTAL NET ASSETS - 100.00%					$	224,997,973

Asset Type	% of Net Assets
Purchased Options		103.47	%
Short Term Investments		0.20
Total Investments		103.67
Liabilities in Excess of Other Assets		(3.67	)
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 April 30, 2023.

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

INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - APRIL

Schedule of Options Written ^(a)

April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
EFA iShares MSCI EAFE ETF	3/28/2024	$	82.96		31,283	$	(230,305,446	)	$	(4,180,660	)
										(4,180,660	)
Put Options
EFA iShares MSCI EAFE ETF	3/28/2024		60.79		31,283		(230,305,446	)		(3,966,372	)
										(3,966,372	)
Total Options Written (Premiums Received $8,122,386)									$	(8,147,032	)

^(a)	Exchange-Traded.

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

INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - JULY

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 101.11% ^(a)(b)
CALL OPTIONS - 100.88%
EFA iShares MSCI EAFE ETF, Expires 6/30/2023, Strike Price $0.62		15,430	$	113,595,660	$	111,003,420
						111,003,420
PUT OPTIONS - 0.23%
EFA iShares MSCI EAFE ETF, Expires 6/30/2023, Strike Price $62.49		15,430		113,595,660		246,880
						246,880
TOTAL PURCHASED OPTIONS (Cost $96,663,170)						111,250,300
	Principal Amount
SHORT TERM INVESTMENTS - 0.17%
Money Market Deposit Account - 0.17%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	189,335				189,335
TOTAL SHORT TERM INVESTMENTS (Cost $189,335)						189,335

Total Investments (Cost $96,852,505) - 101.28%						111,439,635
Liabilities in Excess of Other Assets - (1.28)%						(1,398,986	)
TOTAL NET ASSETS - 100.00%					$	110,040,649

Asset Type	% of Net Assets
Purchased Options		101.11	%
Short Term Investments		0.17
Total Investments		101.28
Liabilities in Excess of Other Assets		(1.28	)
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 April 30, 2023.

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

INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - JULY

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
EFA iShares MSCI EAFE ETF	6/30/2023	$	74.96		15,430	$	(113,595,660	)	$	(1,249,830	)
										(1,249,830	)
Put Options
EFA iShares MSCI EAFE ETF	6/30/2023		53.12		15,430		(113,595,660	)		(108,010	)
										(108,010	)
Total Options Written (Premiums Received $4,931,018)									$	(1,357,840	)

^(a)	Exchange-Traded.

INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - OCTOBER

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 108.32% ^(a)(b)
CALL OPTIONS - 107.81%
EFA iShares MSCI EAFE ETF, Expires 9/29/2023, Strike Price $0.56		15,769	$	116,091,378	$	113,448,809
						113,448,809
PUT OPTIONS - 0.51%
EFA iShares MSCI EAFE ETF, Expires 9/29/2023, Strike Price $56.01		15,769		116,091,378		541,192
						541,192
TOTAL PURCHASED OPTIONS (Cost $93,298,717)						113,990,001
	Principal Amount
SHORT TERM INVESTMENTS - 0.19%
Money Market Deposit Account - 0.19%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	202,834				202,834
TOTAL SHORT TERM INVESTMENTS (Cost $202,834)						202,834

Total Investments (Cost $93,501,551) - 108.51%						114,192,835
Liabilities in Excess of Other Assets - (8.51)%						(8,954,842	)
TOTAL NET ASSETS - 100.00%					$	105,237,993

Asset Type	% of Net Assets
Purchased Options		108.32	%
Short Term Investments		0.19
Total Investments		108.51
Liabilities in Excess of Other Assets		(8.51	)
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 April 30, 2023.

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

100

INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - OCTOBER

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
EFA iShares MSCI EAFE ETF	9/29/2023	$	70.15		15,769	$	(116,091,378	)	$	(8,645,039	)
										(8,645,039	)
Put Options
EFA iShares MSCI EAFE ETF	9/29/2023		47.61		15,769		(116,091,378	)		(237,008	)
										(237,008	)
Total Options Written (Premiums Received $4,714,655)									$	(8,882,047	)

^(a)	Exchange-Traded.

101

INNOVATOR EMERGING MARKETS POWER BUFFER ETF – JANUARY

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 102.13% ^(a)(b)
CALL OPTIONS - 97.72%
EEM iShares MSCI Emerging Markets ETF, Expires 12/29/2023, Strike Price $0.38		29,745	$	116,392,185	$	113,054,200
						113,054,200
PUT OPTIONS - 4.41%
EEM iShares MSCI Emerging Markets ETF, Expires 12/29/2023, Strike Price $37.90		29,745		116,392,185		5,103,945
						5,103,945
TOTAL PURCHASED OPTIONS (Cost $119,286,833)						118,158,145
	Principal Amount
SHORT TERM INVESTMENTS - 0.18%
Money Market Deposit Account - 0.18%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	205,718				205,718
TOTAL SHORT TERM INVESTMENTS (Cost $205,718)						205,718

Total Investments (Cost $119,492,551) - 102.31%						118,363,863
Liabilities in Excess of Other Assets - (2.31)%						(2,672,025	)
TOTAL NET ASSETS - 100.00%					$	115,691,838

Asset Type	% of Net Assets
Purchased Options		102.13	%
Short Term Investments		0.18
Total Investments		102.31
Liabilities in Excess of Other Assets		(2.31	)
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 April 30, 2023.

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

102

INNOVATOR EMERGING MARKETS POWER BUFFER ETF – JANUARY

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
EEM iShares MSCI Emerging Markets ETF	12/29/2023	$	47.21		29,745	$	(116,392,185	)	$	(717,449	)
										(717,449	)
Put Options
EEM iShares MSCI Emerging Markets ETF	12/29/2023		32.22		29,745		(116,392,185	)		(1,870,961	)
										(1,870,961	)
Total Options Written (Premiums Received $5,193,440)									$	(2,588,410	)

^(a)	Exchange-Traded.

103

INNOVATOR EMERGING MARKETS POWER BUFFER ETF – APRIL

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 105.00% ^(a)(b)
CALL OPTIONS - 97.84%
EEM iShares MSCI Emerging Markets ETF, Expires 3/28/2024, Strike Price $0.39		13,076	$	51,166,388	$	49,746,204
						49,746,204
PUT OPTIONS - 7.16%
EEM iShares MSCI Emerging Markets ETF, Expires 3/28/2024, Strike Price $39.46		13,076		51,166,388		3,639,966
						3,639,966
TOTAL PURCHASED OPTIONS (Cost $53,533,435)						53,386,170
	Principal Amount
SHORT TERM INVESTMENTS - 0.18%
Money Market Deposit Account - 0.18%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	90,012				90,012
TOTAL SHORT TERM INVESTMENTS (Cost $90,012)						90,012

Total Investments (Cost $53,623,447) - 105.18%						53,476,182
Liabilities in Excess of Other Assets - (5.18)%						(2,632,739	)
TOTAL NET ASSETS - 100.00%					$	50,843,443

Asset Type	% of Net Assets
Purchased Options		105.00	%
Short Term Investments		0.18
Total Investments		105.18
Liabilities in Excess of Other Assets		(5.18	)
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)	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 April 30, 2023.

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

104

INNOVATOR EMERGING MARKETS POWER BUFFER ETF – APRIL

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
EEM iShares MSCI Emerging Markets ETF	3/28/2024	$	46.81		13,076	$	(51,166,388	)	$	(992,469	)
										(992,469	)
Put Options
EEM iShares MSCI Emerging Markets ETF	3/28/2024		33.54		13,076		(51,166,388	)		(1,607,171	)
										(1,607,171	)
Total Options Written (Premiums Received $2,499,033)									$	(2,599,640	)

^(a)	Exchange-Traded.

105

INNOVATOR EMERGING MARKETS POWER BUFFER ETF – JULY

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 100.40% ^(a)(b)
CALL OPTIONS - 96.73%
EEM iShares MSCI Emerging Markets ETF, Expires 6/30/2023, Strike Price $0.40		22,912	$	89,654,656	$	88,200,661
						88,200,661
PUT OPTIONS - 3.67%
EEM iShares MSCI Emerging Markets ETF, Expires 6/30/2023, Strike Price $40.10		22,912		89,654,656		3,341,944
						3,341,944
TOTAL PURCHASED OPTIONS (Cost $94,726,465)						91,542,605
	Principal Amount
SHORT TERM INVESTMENTS - 0.18%
Money Market Deposit Account - 0.18%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	164,748				164,748
TOTAL SHORT TERM INVESTMENTS (Cost $164,748)						164,748

Total Investments (Cost $94,891,213) - 100.58%						91,707,353
Liabilities in Excess of Other Assets - (0.58)%						(529,836	)
TOTAL NET ASSETS - 100.00%					$	91,177,517

Asset Type	% of Net Assets
Purchased Options		100.40	%
Short Term Investments		0.18
Total Investments		100.58
Liabilities in Excess of Other Assets		(0.58	)
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 April 30, 2023.

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

106

INNOVATOR EMERGING MARKETS POWER BUFFER ETF – JULY

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
EEM iShares MSCI Emerging Markets ETF	6/30/2023	$	47.75		22,912	$	(89,654,656	)	$	(132,889	)
										(132,889	)
Put Options
EEM iShares MSCI Emerging Markets ETF	6/30/2023		34.09		22,912		(89,654,656	)		(331,767	)
										(331,767	)
Total Options Written (Premiums Received $4,154,106)									$	(464,656	)

^(a)	Exchange-Traded.

107

INNOVATOR EMERGING MARKETS POWER BUFFER ETF – OCTOBER

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 101.33% ^(a)(b)
CALL OPTIONS - 99.88%
EEM iShares MSCI Emerging Markets ETF, Expires 9/29/2023, Strike Price $0.35		7,944	$	31,084,872	$	30,634,448
						30,634,448
PUT OPTIONS - 1.45%
EEM iShares MSCI Emerging Markets ETF, Expires 9/29/2023, Strike Price $34.88		7,944		31,084,872		445,499
						445,499
TOTAL PURCHASED OPTIONS (Cost $29,224,949)						31,079,947
	Principal Amount
SHORT TERM INVESTMENTS - 0.15%
Money Market Deposit Account - 0.15%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	45,179				45,179
TOTAL SHORT TERM INVESTMENTS (Cost $45,179)						45,179

Total Investments (Cost $29,270,128) - 101.48%						31,125,126
Liabilities in Excess of Other Assets - (1.48)%						(456,341	)
TOTAL NET ASSETS - 100.00%					$	30,668,785

Asset Type	% of Net Assets
Purchased Options		101.33	%
Short Term Investments		0.15
Total Investments		101.48
Liabilities in Excess of Other Assets		(1.48	)
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 April 30, 2023.

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

108

INNOVATOR EMERGING MARKETS POWER BUFFER ETF – OCTOBER

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
EEM iShares MSCI Emerging Markets ETF	9/29/2023	$	43.65		7,944	$	(31,084,872	)	$	(291,704	)
										(291,704	)
Put Options
EEM iShares MSCI Emerging Markets ETF	9/29/2023		29.65		7,944		(31,084,872	)		(142,197	)
										(142,197	)
Total Options Written (Premiums Received $1,655,798)									$	(433,901	)

^(a)	Exchange-Traded.

109

INNOVATOR GROWTH-100 POWER BUFFER ETF – JANUARY

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 110.26% ^(a)(b)
CALL OPTIONS - 107.97%
QQQ Investco QQQ Trust Series 1, Expires 12/29/2023, Strike Price $2.66		3,220	$	103,864,320	$	102,473,280
						102,473,280
PUT OPTIONS - 2.29%
QQQ Investco QQQ Trust Series 1, Expires 12/29/2023, Strike Price $266.28		3,220		103,864,320		2,170,280
						2,170,280
TOTAL PURCHASED OPTIONS (Cost $91,614,656)						104,643,560
	Principal Amount
SHORT TERM INVESTMENTS - 0.21%
Money Market Deposit Account - 0.21%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	200,063				200,063
TOTAL SHORT TERM INVESTMENTS (Cost $200,063)						200,063

Total Investments (Cost $91,814,719) - 110.47%						104,843,623
Liabilities in Excess of Other Assets - (10.47)%						(9,935,194	)
TOTAL NET ASSETS - 100.00%					$	94,908,429

Asset Type	% of Net Assets
Purchased Options		110.26	%
Short Term Investments		0.21
Total Investments		110.47
Liabilities in Excess of Other Assets		(10.47	)
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 April 30, 2023.

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

110

INNOVATOR GROWTH-100 POWER BUFFER ETF – JANUARY

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
QQQ Investco QQQ Trust Series 1	12/29/2023	$	323.72		3,220	$	(103,864,320	)	$	(8,987,020	)
										(8,987,020	)
Put Options
QQQ Investco QQQ Trust Series 1	12/29/2023		226.34		3,220		(103,864,320	)		(946,680	)
										(946,680	)
Total Options Written (Premiums Received $7,239,184)									$	(9,933,700	)

^(a)	Exchange-Traded.

111

INNOVATOR GROWTH-100 POWER BUFFER ETF – APRIL

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 105.84% ^(a)(b)
CALL OPTIONS - 99.08%
QQQ Investco QQQ Trust Series 1, Expires 3/28/2024, Strike Price $3.21		3,479	$	112,218,624	$	110,495,371
						110,495,371
PUT OPTIONS - 6.76%
QQQ Investco QQQ Trust Series 1, Expires 3/28/2024, Strike Price $320.93		3,479		112,218,624		7,540,698
						7,540,698
TOTAL PURCHASED OPTIONS (Cost $117,881,985)						118,036,069
	Principal Amount
SHORT TERM INVESTMENTS - 0.25%
Money Market Deposit Account - 0.25%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	279,400				279,400
TOTAL SHORT TERM INVESTMENTS (Cost $279,400)						279,400

Total Investments (Cost $118,161,385) - 106.09%						118,315,469
Liabilities in Excess of Other Assets - (6.09)%						(6,789,627	)
TOTAL NET ASSETS - 100.00%					$	111,525,842

Asset Type	% of Net Assets
Purchased Options		105.84	%
Short Term Investments		0.25
Total Investments		106.09
Liabilities in Excess of Other Assets		(6.09	)
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 April 30, 2023.

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

112

INNOVATOR GROWTH-100 POWER BUFFER ETF – APRIL

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
QQQ Investco QQQ Trust Series 1	3/28/2024	$	377.61		3,479	$	(112,218,624	)	$	(3,280,453	)
										(3,280,453	)
Put Options
QQQ Investco QQQ Trust Series 1	3/28/2024		272.79		3,479		(112,218,624	)		(3,452,908	)
										(3,452,908	)
Total Options Written (Premiums Received $7,584,049)									$	(6,733,361	)

^(a)	Exchange-Traded.

113

INNOVATOR GROWTH-100 POWER BUFFER ETF – JULY

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 101.51% ^(a)(b)
CALL OPTIONS - 100.98%
QQQ Investco QQQ Trust Series 1, Expires 6/30/2023, Strike Price $2.80		2,421	$	78,091,776	$	77,317,105
						77,317,105
PUT OPTIONS - 0.53%
QQQ Investco QQQ Trust Series 1, Expires 6/30/2023, Strike Price $280.28		2,421		78,091,776		404,428
						404,428
TOTAL PURCHASED OPTIONS (Cost $72,327,193)						77,721,533
	Principal Amount
SHORT TERM INVESTMENTS - 0.24%
Money Market Deposit Account - 0.24%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	184,867				184,867
TOTAL SHORT TERM INVESTMENTS (Cost $184,867)						184,867

Total Investments (Cost $72,512,060) - 101.75%						77,906,400
Liabilities in Excess of Other Assets - (1.75)%						(1,340,314	)
TOTAL NET ASSETS - 100.00%					$	76,566,086

Asset Type	% of Net Assets
Purchased Options		101.51	%
Short Term Investments		0.24
Total Investments		101.75
Liabilities in Excess of Other Assets		(1.75	)
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 April 30, 2023.

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

114

INNOVATOR GROWTH-100 POWER BUFFER ETF – JULY

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
QQQ Investco QQQ Trust Series 1	6/30/2023	$	335.86		2,421	$	(78,091,776	)	$	(1,206,578	)
										(1,206,578	)
Put Options
QQQ Investco QQQ Trust Series 1	6/30/2023		238.24		2,421		(78,091,776	)		(82,871	)
										(82,871	)
Total Options Written (Premiums Received $7,226,352)									$	(1,289,449	)

^(a)	Exchange-Traded.

115

INNOVATOR GROWTH-100 POWER BUFFER ETF – OCTOBER

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 105.95% ^(a)(b)
CALL OPTIONS - 104.59%
QQQ Investco QQQ Trust Series 1, Expires 9/29/2023, Strike Price $2.67		2,804	$	90,445,824	$	89,445,104
						89,445,104
PUT OPTIONS - 1.36%
QQQ Investco QQQ Trust Series 1, Expires 9/29/2023, Strike Price $267.26		2,804		90,445,824		1,160,492
						1,160,492
TOTAL PURCHASED OPTIONS (Cost $81,293,290)						90,605,596
	Principal Amount
SHORT TERM INVESTMENTS - 0.24%
Money Market Deposit Account - 0.24%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	203,590				203,590
TOTAL SHORT TERM INVESTMENTS (Cost $203,590)						203,590

Total Investments (Cost $81,496,880) - 106.19%						90,809,186
Liabilities in Excess of Other Assets - (6.19)%						(5,288,453	)
TOTAL NET ASSETS - 100.00%					$	85,520,733

Asset Type	% of Net Assets
Purchased Options		105.95	%
Short Term Investments		0.24
Total Investments		106.19
Liabilities in Excess of Other Assets		(6.19	)
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 April 30, 2023.

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

116

INNOVATOR GROWTH-100 POWER BUFFER ETF – OCTOBER

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
QQQ Investco QQQ Trust Series 1	9/29/2023	$	329.83		2,804	$	(90,445,824	)	$	(4,799,775	)
										(4,799,775	)
Put Options
QQQ Investco QQQ Trust Series 1	9/29/2023		227.17		2,804		(90,445,824	)		(433,049	)
										(433,049	)
Total Options Written (Premiums Received $7,111,460)									$	(5,232,824	)

^(a)	Exchange-Traded.

117

INNOVATOR U.S. SMALL CAP POWER BUFFER ETF - JANUARY

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 102.76% ^(a)(b)
CALL OPTIONS - 97.03%
IWM iShares Russell 2000 ETF, Expires 12/29/2023, Strike Price $1.74		9,927	$	173,921,040	$	170,283,589
						170,283,589
PUT OPTIONS - 5.73%
IWM iShares Russell 2000 ETF, Expires 12/29/2023, Strike Price $174.36		9,927		173,921,040		10,049,201
						10,049,201
TOTAL PURCHASED OPTIONS (Cost $186,560,194)						180,332,790
	Principal Amount
SHORT TERM INVESTMENTS - 0.26%
Money Market Deposit Account - 0.26%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	464,809				464,809
TOTAL SHORT TERM INVESTMENTS (Cost $464,809)						464,809

Total Investments (Cost $187,025,003) - 103.02%						180,797,599
Liabilities in Excess of Other Assets - (3.02)%						(5,302,318	)
TOTAL NET ASSETS - 100.00%					$	175,495,281

Asset Type	% of Net Assets
Purchased Options		102.76	%
Short Term Investments		0.26
Total Investments		103.02
Liabilities in Excess of Other Assets		(3.02	)
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 April 30, 2023.

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

118

INNOVATOR U.S. SMALL CAP POWER BUFFER ETF - JANUARY

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
IWM iShares Russell 2000 ETF	12/29/2023	$	211.92		9,927	$	(173,921,040	)	$	(1,273,733	)
										(1,273,733	)
Put Options
IWM iShares Russell 2000 ETF	12/29/2023		148.21		9,927		(173,921,040	)		(3,917,591	)
										(3,917,591	)
Total Options Written (Premiums Received $11,810,891)									$	(5,191,324	)

^(a)	Exchange-Traded.

119

INNOVATOR U.S. SMALL CAP POWER BUFFER ETF - APRIL

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 104.68% ^(a)(b)
CALL OPTIONS - 97.22%
IWM iShares Russell 2000 ETF, Expires 3/28/2024, Strike Price $1.78		7,192	$	126,003,840	$	123,010,026
						123,010,026
PUT OPTIONS - 7.46%
IWM iShares Russell 2000 ETF, Expires 3/28/2024, Strike Price $178.40		7,192		126,003,840		9,438,925
						9,438,925
TOTAL PURCHASED OPTIONS (Cost $134,147,144)						132,448,951
	Principal Amount
SHORT TERM INVESTMENTS - 0.26%
Money Market Deposit Account - 0.26%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	330,479				330,479
TOTAL SHORT TERM INVESTMENTS (Cost $330,479)						330,479

Total Investments (Cost $134,477,623) - 104.94%						132,779,430
Liabilities in Excess of Other Assets - (4.94)%						(6,256,205	)
TOTAL NET ASSETS - 100.00%					$	126,523,225

Asset Type	% of Net Assets
Purchased Options		104.68	%
Short Term Investments		0.26
Total Investments		104.94
Liabilities in Excess of Other Assets		(4.94	)
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 April 30, 2023.

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

120

INNOVATOR U.S. SMALL CAP POWER BUFFER ETF - APRIL

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
IWM iShares Russell 2000 ETF	3/28/2024	$	210.89		7,192	$	(126,003,840	)	$	(2,118,260	)
										(2,118,260	)
Put Options
IWM iShares Russell 2000 ETF	3/28/2024		151.64		7,192		(126,003,840	)		(4,073,837	)
										(4,073,837	)
Total Options Written (Premiums Received $7,401,545)									$	(6,192,097	)

^(a)	Exchange-Traded.

121

INNOVATOR U.S. SMALL CAP POWER BUFFER ETF - JULY

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 100.16% ^(a)(b)
CALL OPTIONS - 98.29%
IWM iShares Russell 2000 ETF, Expires 6/30/2023, Strike Price $1.69		3,940	$	69,028,800	$	68,225,158
						68,225,158
PUT OPTIONS - 1.87%
IWM iShares Russell 2000 ETF, Expires 6/30/2023, Strike Price $169.36		3,940		69,028,800		1,299,097
						1,299,097
TOTAL PURCHASED OPTIONS (Cost $71,595,507)						69,524,255
	Principal Amount
SHORT TERM INVESTMENTS - 0.26%
Money Market Deposit Account - 0.26%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	177,008				177,008
TOTAL SHORT TERM INVESTMENTS (Cost $177,008)						177,008

Total Investments (Cost $71,772,515) - 100.42%						69,701,263
Liabilities in Excess of Other Assets - (0.42)%						(290,852	)
TOTAL NET ASSETS - 100.00%					$	69,410,411

Asset Type	% of Net Assets
Purchased Options		100.16	%
Short Term Investments		0.26
Total Investments		100.42
Liabilities in Excess of Other Assets		(0.42	)
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 April 30, 2023.

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

122

INNOVATOR U.S. SMALL CAP POWER BUFFER ETF - JULY

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
IWM iShares Russell 2000 ETF	6/30/2023	$	203.25		3,940	$	(69,028,800	)	$	(26,871	)
										(26,871	)
Put Options
IWM iShares Russell 2000 ETF	6/30/2023		143.96		3,940		(69,028,800	)		(219,418	)
										(219,418	)
Total Options Written (Premiums Received $5,302,376)									$	(246,289	)

^(a)	Exchange-Traded.

123

INNOVATOR U.S. SMALL CAP POWER BUFFER ETF - OCTOBER

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 101.27% ^(a)(b)
CALL OPTIONS - 98.25%
IWM iShares Russell 2000 ETF, Expires 9/29/2023, Strike Price $1.65		4,328	$	75,826,560	$	74,607,795
						74,607,795
PUT OPTIONS - 3.02%
IWM iShares Russell 2000 ETF, Expires 9/29/2023, Strike Price $164.92		4,328		75,826,560		2,289,253
						2,289,253
TOTAL PURCHASED OPTIONS (Cost $77,182,595)						76,897,048
	Principal Amount
SHORT TERM INVESTMENTS - 0.25%
Money Market Deposit Account - 0.25%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	187,894				187,894
TOTAL SHORT TERM INVESTMENTS (Cost $187,894)						187,894

Total Investments (Cost $77,370,489) - 101.52%						77,084,942
Liabilities in Excess of Other Assets - (1.52)%						(1,148,872	)
TOTAL NET ASSETS - 100.00%					$	75,936,070

Asset Type	% of Net Assets
Purchased Options		101.27	%
Short Term Investments		0.25
Total Investments		101.52
Liabilities in Excess of Other Assets		(1.52	)
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 April 30, 2023.

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

124

INNOVATOR U.S. SMALL CAP POWER BUFFER ETF - OCTOBER

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
IWM iShares Russell 2000 ETF	9/29/2023	$	205.00		4,328	$	(75,826,560	)	$	(331,049	)
										(331,049	)
Put Options
IWM iShares Russell 2000 ETF	9/29/2023		140.18		4,328		(75,826,560	)		(767,960	)
										(767,960	)
Total Options Written (Premiums Received $6,554,198)									$	(1,099,009	)

^(a)	Exchange-Traded.

125

INNOVATOR DOUBLE STACKER ETF - JANUARY

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 119.32% ^(a)(b)
CALL OPTIONS - 119.32%
QQQ Investco QQQ Trust Series 1, Expires 12/29/2023, Strike Price $266.30		91	$	2,935,296	$	640,415
SPY SPDR S&P 500® Trust ETF, Expires 12/29/2023, Strike Price $3.87		63		2,620,359		2,568,141
						3,208,556
TOTAL PURCHASED OPTIONS (Cost $2,672,818)						3,208,556
	Principal Amount
SHORT TERM INVESTMENTS - 0.70%
Money Market Deposit Account - 0.70%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	18,876				18,876
TOTAL SHORT TERM INVESTMENTS (Cost $18,876)						18,876

Total Investments (Cost $2,691,694) - 120.02%						3,227,432
Liabilities in Excess of Other Assets - (20.02)%						(538,367	)
TOTAL NET ASSETS - 100.00%					$	2,689,065

Asset Type	% of Net Assets
Purchased Options		119.32	%
Short Term Investments		0.70
Total Investments		120.02
Liabilities in Excess of Other Assets		(20.02	)
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 April 30, 2023.

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

126

INNOVATOR DOUBLE STACKER ETF - JANUARY

Schedule of Options Written ^(a)

April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
QQQ Investco QQQ Trust Series 1	12/29/2023	$	299.17		91	$	(2,935,296	)	$	(405,490	)
SPY SPDR S&P 500® Trust ETF	12/29/2023		429.66		63		(2,620,359	)		(131,334	)

Total Options Written (Premiums Received $287,077)									$	(536,824	)

^(a)	Exchange-Traded.

127

INNOVATOR DOUBLE STACKER ETF - OCTOBER

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 117.55% ^(a)(b)
CALL OPTIONS - 117.55%
QQQ Investco QQQ Trust Series 1, Expires 9/29/2023, Strike Price $267.29		144	$	4,644,864	$	924,330
SPY SPDR S&P 500® Trust ETF, Expires 9/29/2023, Strike Price $3.60		108		4,492,044		4,422,125
						5,346,455
TOTAL PURCHASED OPTIONS (Cost $4,289,128)						5,346,455
	Principal Amount
SHORT TERM INVESTMENTS - 0.42%
Money Market Deposit Account - 0.42%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	18,992				18,992
TOTAL SHORT TERM INVESTMENTS (Cost $18,992)						18,992

Total Investments (Cost $4,308,120) - 117.97%						5,365,447
Liabilities in Excess of Other Assets - (17.97)%						(817,203	)
TOTAL NET ASSETS - 100.00%					$	4,548,244

Asset Type	% of Net Assets
Purchased Options		117.55	%
Short Term Investments		0.42
Total Investments		117.97
Liabilities in Excess of Other Assets		(17.97	)
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 April 30, 2023.

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

128

INNOVATOR DOUBLE STACKER ETF - OCTOBER

Schedule of Options Written ^(a)

April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
QQQ Investco QQQ Trust Series 1	9/29/2023	$	303.23		144	$	(4,644,864	)	$	(501,308	)
SPY SPDR S&P 500® Trust ETF	9/29/2023		405.26		108		(4,492,044	)		(313,158	)

Total Options Written (Premiums Received $471,501)									$	(814,466	)

^(a)	Exchange-Traded.

129

INNOVATOR TRIPLE STACKER ETF – JANUARY

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 129.19% ^(a)(b)
CALL OPTIONS - 129.19%
IWM iShares Russell 2000 ETF, Expires 12/29/2023, Strike Price $174.36		272	$	4,765,440	$	402,582
QQQ Investco QQQ Trust Series 1, Expires 12/29/2023, Strike Price $266.28		178		5,741,568		1,252,974
SPY SPDR S&P 500® Trust ETF, Expires 12/29/2023, Strike Price $3.77		124		5,157,532		5,055,942
						6,711,498
TOTAL PURCHASED OPTIONS (Cost $5,778,123)						6,711,498
	Principal Amount
SHORT TERM INVESTMENTS - 0.99%
Money Market Deposit Account - 0.99%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	51,455				51,455
TOTAL SHORT TERM INVESTMENTS (Cost $51,455)						51,455

Total Investments (Cost $5,829,578) - 130.18%						6,762,953
Liabilities in Excess of Other Assets - (30.18)%						(1,567,939	)
TOTAL NET ASSETS - 100.00%					$	5,195,014

Asset Type	% of Net Assets
Purchased Options		129.19	%
Short Term Investments		0.99
Total Investments		130.18
Liabilities in Excess of Other Assets		(30.18	)
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)	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 April 30, 2023.

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

130

INNOVATOR TRIPLE STACKER ETF – JANUARY

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
IWM iShares Russell 2000 ETF	12/29/2023	$	187.82		272	$	(4,765,440	)	$	(208,366	)
QQQ Investco QQQ Trust Series 1	12/29/2023		286.84		178		(5,741,568	)		(958,559	)
SPY SPDR S&P 500® Trust ETF	12/29/2023		411.95		124		(5,157,532	)		(397,685	)

Total Options Written (Premiums Received $1,183,727)									$	(1,564,610	)

^(a)	Exchange-Traded.

131

INNOVATOR TRIPLE STACKER ETF – OCTOBER

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 129.37% ^(a)(b)
CALL OPTIONS - 129.37%
IWM iShares Russell 2000 ETF, Expires 9/29/2023, Strike Price $164.92		344	$	6,026,880	$	615,966
QQQ Investco QQQ Trust Series 1, Expires 9/29/2023, Strike Price $267.25		212		6,838,272		1,361,561
SPY SPDR S&P 500® Trust ETF, Expires 9/29/2023, Strike Price $3.62		159		6,613,287		6,510,042
						8,487,569
TOTAL PURCHASED OPTIONS (Cost $7,197,264)						8,487,569
	Principal Amount
SHORT TERM INVESTMENTS - 0.46%
Money Market Deposit Account - 0.46%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	29,969				29,969
TOTAL SHORT TERM INVESTMENTS (Cost $29,969)						29,969

Total Investments (Cost $7,227,233) - 129.83%						8,517,538
Liabilities in Excess of Other Assets - (29.83)%						(1,956,810	)
TOTAL NET ASSETS - 100.00%					$	6,560,728

Asset Type	% of Net Assets
Purchased Options		129.37	%
Short Term Investments		0.46
Total Investments		129.83
Liabilities in Excess of Other Assets		(29.83	)
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 April 30, 2023.

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

132

INNOVATOR TRIPLE STACKER ETF – OCTOBER

Schedule of Options Written ^(a)

April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
IWM iShares Russell 2000 ETF	9/29/2023	$	178.66		344	$	(6,026,880	)	$	(304,268	)
QQQ Investco QQQ Trust Series 1	9/29/2023		289.52		212		(6,838,272	)		(963,769	)
SPY SPDR S&P 500® Trust ETF	9/29/2023		386.93		159		(6,613,287	)		(684,784	)

Total Options Written (Premiums Received $1,510,869)									$	(1,952,821	)

^(a)	Exchange-Traded.

133

INNOVATOR DOUBLE STACKER 9 BUFFER ETF - JANUARY

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 126.15% ^(a)(b)
CALL OPTIONS - 123.25%
QQQ Investco QQQ Trust Series 1, Expires 12/29/2023, Strike Price $266.27		237	$	7,644,672	$	1,668,482
SPY SPDR S&P 500® Trust ETF, Expires 12/29/2023, Strike Price $3.78		165		6,862,845		6,727,507
						8,395,989
PUT OPTIONS - 2.90%
SPY SPDR S&P 500® Trust ETF, Expires 12/29/2023, Strike Price $382.41		165		6,862,845		197,161
						197,161
TOTAL PURCHASED OPTIONS (Cost $7,416,687)						8,593,150
	Principal Amount
SHORT TERM INVESTMENTS - 0.30%
Money Market Deposit Account - 0.30%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	20,342				20,342
TOTAL SHORT TERM INVESTMENTS (Cost $20,342)						20,342

Total Investments (Cost $7,437,029) - 126.45%						8,613,492
Liabilities in Excess of Other Assets - (26.45)%						(1,801,734	)
TOTAL NET ASSETS - 100.00%					$	6,811,758

Asset Type	% of Net Assets
Purchased Options		126.15	%
Short Term Investments		0.30
Total Investments		126.45
Liabilities in Excess of Other Assets		(26.45	)
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 April 30, 2023.

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

134

INNOVATOR DOUBLE STACKER 9 BUFFER ETF - JANUARY

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
QQQ Investco QQQ Trust Series 1	12/29/2023	$	290.40		237	$	(7,644,672	)	$	(1,211,430	)
SPY SPDR S&P 500® Trust ETF	12/29/2023		417.08		165		(6,862,845	)		(472,842	)
										(1,684,272	)
Put Options
SPY SPDR S&P 500® Trust ETF	12/29/2023		348.02		165		(6,862,845	)		(112,958	)
										(112,958	)
Total Options Written (Premiums Received $1,299,788)									$	(1,797,230	)

^(a)	Exchange-Traded.

135

INNOVATOR DOUBLE STACKER 9 BUFFER ETF - OCTOBER

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 123.58% ^(a)(b)
CALL OPTIONS - 122.39%
QQQ Investco QQQ Trust Series 1, Expires 9/29/2023, Strike Price $267.26		472	$	15,224,832	$	3,030,990
SPY SPDR S&P 500® Trust ETF, Expires 9/29/2023, Strike Price $3.55		353		14,682,329		14,455,516
						17,486,506
PUT OPTIONS - 1.19%
SPY SPDR S&P 500® Trust ETF, Expires 9/29/2023, Strike Price $357.17		353		14,682,329		169,712
						169,712
TOTAL PURCHASED OPTIONS (Cost $15,123,867)						17,656,218
	Principal Amount
SHORT TERM INVESTMENTS - 0.31%
Money Market Deposit Account - 0.31%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	44,212				44,212
TOTAL SHORT TERM INVESTMENTS (Cost $44,212)						44,212

Total Investments (Cost $15,168,079) - 123.89%						17,700,430
Liabilities in Excess of Other Assets - (23.89)%						(3,413,298	)
TOTAL NET ASSETS - 100.00%					$	14,287,132

Asset Type	% of Net Assets
Purchased Options		123.58	%
Short Term Investments		0.31
Total Investments		123.89
Liabilities in Excess of Other Assets		(23.89	)
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 April 30, 2023.

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

136

INNOVATOR DOUBLE STACKER 9 BUFFER ETF - OCTOBER

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
QQQ Investco QQQ Trust Series 1	9/29/2023	$	294.25		472	$	(15,224,832	)	$	(1,968,098	)
SPY SPDR S&P 500® Trust ETF	9/29/2023		393.26		353		(14,682,329	)		(1,343,338	)
										(3,311,436	)
Put Options
SPY SPDR S&P 500® Trust ETF	9/29/2023		325.02		353		(14,682,329	)		(92,874	)
										(92,874	)
Total Options Written (Premiums Received $2,634,677)									$	(3,404,310	)

^(a)	Exchange-Traded.

137

INNOVATOR 20+ YEAR TREASURY BOND 9 BUFFER ETF - JULY

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 101.60% ^(a)(b)
CALL OPTIONS - 93.72%
TLT iShares 20+ Year Treasury Bond ETF, Expires 6/30/2023, Strike Price $1.15		5,063	$	53,900,698	$	53,103,732
						53,103,732
PUT OPTIONS - 7.88%
TLT iShares 20+ Year Treasury Bond ETF, Expires 6/30/2023, Strike Price $115.17		5,063		53,900,698		4,463,490
						4,463,490
TOTAL PURCHASED OPTIONS (Cost $57,868,615)						57,567,222
	Principal Amount
SHORT TERM INVESTMENTS - 0.27%
Money Market Deposit Account - 0.27%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	153,957				153,957
TOTAL SHORT TERM INVESTMENTS (Cost $153,957)						153,957

Total Investments (Cost $58,022,572) - 101.87%						57,721,179
Liabilities in Excess of Other Assets - (1.87)%						(1,058,644	)
TOTAL NET ASSETS - 100.00%					$	56,662,535

Asset Type	% of Net Assets
Purchased Options		101.60	%
Short Term Investments		0.27
Total Investments		101.87
Liabilities in Excess of Other Assets		(1.87	)
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 April 30, 2023.

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

138

INNOVATOR 20+ YEAR TREASURY BOND 9 BUFFER ETF - JULY

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
TLT iShares 20+ Year Treasury Bond ETF	6/30/2023	$	146.27		5,063	$	(53,900,698	)	$	(14,937	)
										(14,937	)
Put Options
TLT iShares 20+ Year Treasury Bond ETF	6/30/2023		104.80		5,063		(53,900,698	)		(1,007,992	)
										(1,007,992	)
Total Options Written (Premiums Received $4,282,096)									$	(1,022,929	)

^(a)	Exchange-Traded.

139

INNOVATOR 20+ YEAR TREASURY BOND 5 FLOOR ETF – QUARTERLY

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 100.32% ^(a)(b)
CALL OPTIONS - 99.48%
TLT iShares 20+ Year Treasury Bond ETF, Expires 6/30/2023, Strike Price $0.27		744	$	7,920,624	$	7,868,402
						7,868,402
PUT OPTIONS - 0.84%
TLT iShares 20+ Year Treasury Bond ETF, Expires 6/30/2023, Strike Price $100.95		744		7,920,624		66,685
						66,685
TOTAL PURCHASED OPTIONS (Cost $7,949,683)						7,935,087

SHORT TERM INVESTMENTS - 0.14%	Principal Amount
Money Market Deposit Account - 0.14%
U.S. Bank Money Market Deposit Account, 4.800% ^(c)	$	11,357				11,357
TOTAL SHORT TERM INVESTMENTS (Cost $11,357)						11,357

Total Investments (Cost $7,961,040) - 100.46%						7,946,444
Liabilities in Excess of Other Assets - (0.46)%						(36,530	)
TOTAL NET ASSETS - 100.00%					$	7,909,914

Asset Type	% of Net Assets
Purchased Options		100.32	%
Short Term Investments		0.14
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 April 30, 2023.

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

140

INNOVATOR 20+ YEAR TREASURY BOND 5 FLOOR ETF – QUARTERLY

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
TLT iShares 20+ Year Treasury Bond ETF	6/30/2023	$	117.93		744	$	(7,920,624	)	$	(31,627	)
Total Options Written (Premiums Received $60,242)									$	(31,627	)

^(a) Exchange-Traded.

141

INNOVATOR U.S. EQUITY ACCELERATED ETF – JANUARY

Schedule of Investments
April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 109.39% ^(a)(b)
CALL OPTIONS - 109.39%
SPY SPDR S&P 500® Trust ETF, Expires 12/29/2023, Strike Price $382.44		246	$	10,231,878	$	1,319,070
SPY SPDR S&P 500® Trust ETF, Expires 12/29/2023, Strike Price $3.85		246		10,231,878		10,028,451
						11,347,521
TOTAL PURCHASED OPTIONS (Cost $10,360,013)						11,347,521
	Principal Amount
SHORT TERM INVESTMENTS - 0.40%
Money Market Deposit Account - 0.40%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	41,348				41,348
TOTAL SHORT TERM INVESTMENTS (Cost $41,348)						41,348

Total Investments (Cost $10,401,361) - 109.79%						11,388,869
Liabilities in Excess of Other Assets - (9.79)%						(1,015,806	)
TOTAL NET ASSETS - 100.00%					$	10,373,063

Asset Type	% of Net Assets
Purchased Options		109.39	%
Short Term Investments		0.40
Total Investments		109.79
Liabilities in Excess of Other Assets		(9.79	)
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 April 30, 2023.

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

142

INNOVATOR U.S. EQUITY ACCELERATED ETF – JANUARY

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	12/29/2023	$	430.23		492	$	(20,463,756	)	$	(1,009,333	)

Total Options Written (Premiums Received $838,807)									$	(1,009,333	)

^(a)	Exchange-Traded.

143

INNOVATOR U.S. EQUITY ACCELERATED ETF – APRIL

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 106.89% ^(a)(b)
CALL OPTIONS - 106.89%
SPY SPDR S&P 500® Trust ETF, Expires 3/28/2024, Strike Price $409.40		97	$	4,034,521	$	393,566
SPY SPDR S&P 500® Trust ETF, Expires 3/28/2024, Strike Price $4.12		97		4,034,521		3,941,402
						4,334,968
TOTAL PURCHASED OPTIONS (Cost $4,237,458)						4,334,968
	Principal Amount
SHORT TERM INVESTMENTS - 1.11%
Money Market Deposit Account - 1.11%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	44,980				44,980
TOTAL SHORT TERM INVESTMENTS (Cost $44,980)						44,980

Total Investments (Cost $4,282,438) - 108.00%						4,379,948
Liabilities in Excess of Other Assets - (8.00)%						(324,482	)
TOTAL NET ASSETS - 100.00%					$	4,055,466

Asset Type	% of Net Assets
Purchased Options		106.89	%
Short Term Investments		1.11
Total Investments		108.00
Liabilities in Excess of Other Assets		(8.00	)
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 April 30, 2023.

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

144

INNOVATOR U.S. EQUITY ACCELERATED ETF – APRIL

Schedule of Options Written ^(a)

April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	3/28/2024	$	449.88		194	$	(8,069,042	)	$	(322,595	)

Total Options Written (Premiums Received $307,215)									$	(322,595	)

^(a)	Exchange-Traded.

145

INNOVATOR U.S. EQUITY ACCELERATED ETF – JULY

Schedule of Investments
April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 101.48% ^(a)(b)
CALL OPTIONS - 101.48%
SPY SPDR S&P 500® Trust ETF, Expires 6/30/2023, Strike Price $377.24		59	$	2,453,987	$	253,539
SPY SPDR S&P 500® Trust ETF, Expires 6/30/2023, Strike Price $3.74		59		2,453,987		2,424,164
						2,677,703
TOTAL PURCHASED OPTIONS (Cost $2,493,627)						2,677,703
	Principal Amount
SHORT TERM INVESTMENTS - 1.24%
Money Market Deposit Account - 1.24%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	32,736				32,736
TOTAL SHORT TERM INVESTMENTS (Cost $32,736)						32,736

Total Investments (Cost $2,526,363) - 102.72%						2,710,439
Liabilities in Excess of Other Assets - (2.72)%						(71,797	)
TOTAL NET ASSETS - 100.00%					$	2,638,642

Asset Type	% of Net Assets
Purchased Options		101.48	%
Short Term Investments		1.24
Total Investments		102.72
Liabilities in Excess of Other Assets		(2.72	)
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 April 30, 2023.

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

146

INNOVATOR U.S. EQUITY ACCELERATED ETF – JULY

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	6/30/2023	$	424.86		118	$	(4,907,974	)	$	(70,246	)

Total Options Written (Premiums Received $197,988)									$	(70,246	)

^(a)	Exchange-Traded.

147

INNOVATOR U.S. EQUITY ACCELERATED ETF – OCTOBER

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 113.29% ^(a)(b)
CALL OPTIONS - 113.29%
SPY SPDR S&P 500® Trust ETF, Expires 9/29/2023, Strike Price $357.17		961	$	39,970,873	$	6,558,921
SPY SPDR S&P 500® Trust ETF, Expires 9/29/2023, Strike Price $3.61		961		39,970,873		39,347,789
						45,906,710
TOTAL PURCHASED OPTIONS (Cost $37,517,500)						45,906,710
	Principal Amount
SHORT TERM INVESTMENTS - 0.23%
Money Market Deposit Account - 0.23%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	93,797				93,797
TOTAL SHORT TERM INVESTMENTS (Cost $93,797)						93,797

Total Investments (Cost $37,611,297) - 113.52%						46,000,507
Liabilities in Excess of Other Assets - (13.52)%						(5,480,100	)
TOTAL NET ASSETS - 100.00%					$	40,520,407

Asset Type	% of Net Assets
Purchased Options		113.29	%
Short Term Investments		0.23
Total Investments		113.52
Liabilities in Excess of Other Assets		(13.52	)
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 April 30, 2023.

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

148

INNOVATOR U.S. EQUITY ACCELERATED ETF – OCTOBER

Schedule of Options Written ^(a)

April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	9/29/2023	$	406.11		1,922	$	(79,941,746	)	$	(5,454,636	)

Total Options Written (Premiums Received $3,403,508)									$	(5,454,636	)

^(a)	Exchange-Traded.

149

INNOVATOR U.S. EQUITY ACCELERATED PLUS ETF – JANUARY

Schedule of Investments
April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 122.66% ^(a)(b)
CALL OPTIONS - 122.66%
SPY SPDR S&P 500® Trust ETF, Expires 12/29/2023, Strike Price $382.42		544	$	22,626,592	$	2,917,809
SPY SPDR S&P 500® Trust ETF, Expires 12/29/2023, Strike Price $3.79		272		11,313,296		11,089,933
						14,007,742
TOTAL PURCHASED OPTIONS (Cost $12,582,606)						14,007,742
	Principal Amount
SHORT TERM INVESTMENTS - 0.33%
Money Market Deposit Account - 0.33%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	37,798				37,798
TOTAL SHORT TERM INVESTMENTS (Cost $37,798)						37,798

Total Investments (Cost $12,620,404) - 122.99%						14,045,540
Liabilities in Excess of Other Assets - (22.99)%						(2,625,936	)
TOTAL NET ASSETS - 100.00%					$	11,419,604

Asset Type	% of Net Assets
Purchased Options		122.66	%
Short Term Investments		0.33
Total Investments		122.99
Liabilities in Excess of Other Assets		(22.99	)
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 April 30, 2023.

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

150

INNOVATOR U.S. EQUITY ACCELERATED PLUS ETF – JANUARY

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	12/29/2023	$	411.92		816	$	(33,939,888	)	$	(2,618,683	)

Total Options Written (Premiums Received $2,092,774)									$	(2,618,683	)

^(a)	Exchange-Traded.

151

INNOVATOR U.S. EQUITY ACCELERATED PLUS ETF – APRIL

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 117.64% ^(a)(b)
CALL OPTIONS - 117.64%
SPY SPDR S&P 500® Trust ETF, Expires 3/28/2024, Strike Price $409.38		194	$	8,069,042	$	787,393
SPY SPDR S&P 500® Trust ETF, Expires 3/28/2024, Strike Price $4.06		97		4,034,521		3,941,957
						4,729,350
TOTAL PURCHASED OPTIONS (Cost $4,632,981)						4,729,350
	Principal Amount
SHORT TERM INVESTMENTS - 0.29%
Money Market Deposit Account - 0.29%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	11,528				11,528
TOTAL SHORT TERM INVESTMENTS (Cost $11,528)						11,528

Total Investments (Cost $4,644,509) - 117.93%						4,740,878
Liabilities in Excess of Other Assets - (17.93)%						(720,762	)
TOTAL NET ASSETS - 100.00%					$	4,020,116

Asset Type	% of Net Assets
Purchased Options		117.64	%
Short Term Investments		0.29
Total Investments		117.93
Liabilities in Excess of Other Assets		(17.93	)
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 April 30, 2023.

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

152

INNOVATOR U.S. EQUITY ACCELERATED PLUS ETF – APRIL

Schedule of Options Written ^(a)

April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	3/28/2024	$	434.69		291	$	(12,103,563	)	$	(718,968	)

Total Options Written (Premiums Received $689,291)									$	(718,968	)

^(a)	Exchange-Traded.

153

INNOVATOR U.S. EQUITY ACCELERATED PLUS ETF – JULY

Schedule of Investments
April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 112.16% ^(a)(b)
CALL OPTIONS - 112.16%
SPY SPDR S&P 500® Trust ETF, Expires 6/30/2023, Strike Price $377.25		536	$	22,293,848	$	2,302,843
SPY SPDR S&P 500® Trust ETF, Expires 6/30/2023, Strike Price $3.75		268		11,146,924		11,011,193
						13,314,036
TOTAL PURCHASED OPTIONS (Cost $12,426,150)						13,314,036
	Principal Amount
SHORT TERM INVESTMENTS - 0.14%
Money Market Deposit Account - 0.14%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	17,204				17,204
TOTAL SHORT TERM INVESTMENTS (Cost $17,204)						17,204

Total Investments (Cost $12,443,354) - 112.30%						13,331,240
Liabilities in Excess of Other Assets - (12.30)%						(1,461,047	)
TOTAL NET ASSETS - 100.00%					$	11,870,193

Asset Type	% of Net Assets
Purchased Options		112.16	%
Short Term Investments		0.14
Total Investments		112.30
Liabilities in Excess of Other Assets		(12.30	)
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 April 30, 2023.

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

154

INNOVATOR U.S. EQUITY ACCELERATED PLUS ETF – JULY

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	6/30/2023	$	406.41		804	$	(33,440,772	)	$	(1,453,455	)

Total Options Written (Premiums Received $2,013,551)									$	(1,453,455	)

^(a)	Exchange-Traded.

155

INNOVATOR U.S. EQUITY ACCELERATED PLUS ETF – OCTOBER

Schedule of Investments
April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 130.74% ^(a)(b)
CALL OPTIONS - 130.74%
SPY SPDR S&P 500® Trust ETF, Expires 9/29/2023, Strike Price $357.18		1,030	$	42,840,790	$	7,028,947
SPY SPDR S&P 500® Trust ETF, Expires 9/29/2023, Strike Price $3.53		515		21,420,395		21,090,497
						28,119,444
TOTAL PURCHASED OPTIONS (Cost $23,924,072)						28,119,444
	Principal Amount
SHORT TERM INVESTMENTS - 0.28%
Money Market Deposit Account - 0.28%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	59,184				59,184
TOTAL SHORT TERM INVESTMENTS (Cost $59,184)						59,184

Total Investments (Cost $23,983,256) - 131.02%						28,178,628
Liabilities in Excess of Other Assets - (31.02)%						(6,671,206	)
TOTAL NET ASSETS - 100.00%					$	21,507,422

Asset Type	% of Net Assets
Purchased Options		130.74	%
Short Term Investments		0.28
Total Investments		131.02
Liabilities in Excess of Other Assets		(31.02	)
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 April 30, 2023.

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

156

INNOVATOR U.S. EQUITY ACCELERATED PLUS ETF – OCTOBER

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	9/29/2023	$	386.90		1,545	$	(64,261,185	)	$	(6,657,760	)

Total Options Written (Premiums Received $4,912,424)									$	(6,657,760	)

^(a)	Exchange-Traded.

157

INNOVATOR U.S. EQUITY ACCELERATED 9 BUFFER ETF – JANUARY

Schedule of Investments
April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 115.39% ^(a)(b)
CALL OPTIONS - 112.48%
SPY SPDR S&P 500® Trust ETF, Expires 12/29/2023, Strike Price $382.43		1,484	$	61,724,012	$	7,958,455
SPY SPDR S&P 500® Trust ETF, Expires 12/29/2023, Strike Price $3.80		1,484		61,724,012		60,503,942
						68,462,397
PUT OPTIONS - 2.91%
SPY SPDR S&P 500® Trust ETF, Expires 12/29/2023, Strike Price $382.42		1,484		61,724,012		1,773,528
						1,773,528
TOTAL PURCHASED OPTIONS (Cost $66,903,866)						70,235,925
	Principal Amount
SHORT TERM INVESTMENTS - 0.27%
Money Market Deposit Account - 0.27%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	165,000				165,000
TOTAL SHORT TERM INVESTMENTS (Cost $165,000)						165,000

Total Investments (Cost $67,068,866) - 115.66%						70,400,925
Liabilities in Excess of Other Assets - (15.66)%						(9,529,959	)
TOTAL NET ASSETS - 100.00%					$	60,870,966

Asset Type	% of Net Assets
Purchased Options		115.39	%
Short Term Investments		0.27
Total Investments		115.66
Liabilities in Excess of Other Assets		(15.66	)
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 April 30, 2023.

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

158

INNOVATOR U.S. EQUITY ACCELERATED 9 BUFFER ETF – JANUARY

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	12/29/2023	$	417.23		2,968	$	(123,448,024	)	$	(8,476,341	)
										(8,476,341	)
Put Options
SPY SPDR S&P 500® Trust ETF	12/29/2023		348.00		1,484		(61,724,012	)		(1,015,590	)
										(1,015,590	)
Total Options Written (Premiums Received $9,405,318)									$	(9,491,931	)

^(a)	Exchange-Traded.

159

INNOVATOR U.S. EQUITY ACCELERATED 9 BUFFER ETF – APRIL

Schedule of Investments
April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 113.66% ^(a)(b)
CALL OPTIONS - 108.40%
SPY SPDR S&P 500® Trust ETF, Expires 3/28/2024, Strike Price $409.39		1,281	$	53,280,633	$	5,198,375
SPY SPDR S&P 500® Trust ETF, Expires 3/28/2024, Strike Price $4.07		1,281		53,280,633		52,056,983
						57,255,358
PUT OPTIONS - 5.26%
SPY SPDR S&P 500® Trust ETF, Expires 3/28/2024, Strike Price $409.38		1,281		53,280,633		2,779,245
						2,779,245
TOTAL PURCHASED OPTIONS (Cost $59,391,634)						60,034,603
	Principal Amount
SHORT TERM INVESTMENTS - 0.29%
Money Market Deposit Account - 0.29%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	153,945				153,945
TOTAL SHORT TERM INVESTMENTS (Cost $153,945)						153,945

Total Investments (Cost $59,545,579) - 113.95%						60,188,548
Liabilities in Excess of Other Assets - (13.95)%						(7,371,015	)
TOTAL NET ASSETS - 100.00%					$	52,817,533

Asset Type	% of Net Assets
Purchased Options		113.66	%
Short Term Investments		0.29
Total Investments		113.95
Liabilities in Excess of Other Assets		(13.95	)
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 April 30, 2023.

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

160

INNOVATOR U.S. EQUITY ACCELERATED 9 BUFFER ETF – APRIL

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	3/28/2024	$	439.40		2,562	$	(106,561,266	)	$	(5,651,081	)
										(5,651,081	)
Put Options
SPY SPDR S&P 500® Trust ETF	3/28/2024		372.53		1,281		(53,280,633	)		(1,692,585	)
										(1,692,585	)
Total Options Written (Premiums Received $7,385,259)									$	(7,343,666	)

^(a)	Exchange-Traded.

161

INNOVATOR U.S. EQUITY ACCELERATED 9 BUFFER ETF – JULY

Schedule of Investments
April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 107.07% ^(a)(b)
CALL OPTIONS - 106.53%
SPY SPDR S&P 500® Trust ETF, Expires 6/30/2023, Strike Price $377.26		787	$	32,733,691	$	3,380,511
SPY SPDR S&P 500® Trust ETF, Expires 6/30/2023, Strike Price $3.80		787		32,733,691		32,331,211
						35,711,722
PUT OPTIONS - 0.54%
SPY SPDR S&P 500® Trust ETF, Expires 6/30/2023, Strike Price $377.27		787		32,733,691		181,703
						181,703
TOTAL PURCHASED OPTIONS (Cost $37,553,807)						35,893,425
	Principal Amount
SHORT TERM INVESTMENTS - 0.29%
Money Market Deposit Account - 0.29%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	97,042				97,042
TOTAL SHORT TERM INVESTMENTS (Cost $97,042)						97,042

Total Investments (Cost $37,650,849) - 107.36%						35,990,467
Liabilities in Excess of Other Assets - (7.36)%						(2,469,857	)
TOTAL NET ASSETS - 100.00%					$	33,520,610

Asset Type	% of Net Assets
Purchased Options		107.07	%
Short Term Investments		0.29
Total Investments		107.36
Liabilities in Excess of Other Assets		(7.36	)
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 April 30, 2023.

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

162

INNOVATOR U.S. EQUITY ACCELERATED 9 BUFFER ETF – JULY

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	6/30/2023	$	410.30		1,574	$	(65,467,382	)	$	(2,384,862	)
										(2,384,862	)
Put Options
SPY SPDR S&P 500® Trust ETF	6/30/2023		343.31		787		(32,733,691	)		(63,936	)
										(63,936	)
Total Options Written (Premiums Received $4,962,288)									$	(2,448,798	)

^(a)	Exchange-Traded.

163

INNOVATOR U.S. EQUITY ACCELERATED 9 BUFFER ETF – OCTOBER

Schedule of Investments
April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 119.43% ^(a)(b)
CALL OPTIONS - 118.24%
SPY SPDR S&P 500® Trust ETF, Expires 9/29/2023, Strike Price $357.19		1,234	$	51,325,762	$	8,419,989
SPY SPDR S&P 500® Trust ETF, Expires 9/29/2023, Strike Price $3.54		1,234		51,325,762		50,534,089
						58,954,078
PUT OPTIONS - 1.19%
SPY SPDR S&P 500® Trust ETF, Expires 9/29/2023, Strike Price $357.20		1,234		51,325,762		593,628
						593,628
TOTAL PURCHASED OPTIONS (Cost $53,837,640)						59,547,706
	Principal Amount
SHORT TERM INVESTMENTS - 0.26%
Money Market Deposit Account - 0.26%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	131,520				131,520
TOTAL SHORT TERM INVESTMENTS (Cost $131,520)						131,520

Total Investments (Cost $53,969,160) - 119.69%						59,679,226
Liabilities in Excess of Other Assets - (19.69)%						(9,817,270	)
TOTAL NET ASSETS - 100.00%					$	49,861,956

Asset Type	% of Net Assets
Purchased Options		119.43	%
Short Term Investments		0.26
Total Investments		119.69
Liabilities in Excess of Other Assets		(19.69	)
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 April 30, 2023.

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

164

INNOVATOR U.S. EQUITY ACCELERATED 9 BUFFER ETF – OCTOBER

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	9/29/2023	$	392.90		2,468	$	(102,651,524	)	$	(9,461,325	)
										(9,461,325	)
Put Options
SPY SPDR S&P 500® Trust ETF	9/29/2023		325.04		1,234		(51,325,762	)		(324,776	)
										(324,776	)
Total Options Written (Premiums Received $9,047,200)									$	(9,786,101	)

^(a)	Exchange-Traded.

165

INNOVATOR GROWTH ACCELERATED PLUS ETF – JANUARY

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 150.55% ^(a)(b)
CALL OPTIONS - 150.55%
QQQ Investco QQQ Trust Series 1, Expires 12/29/2023, Strike Price $266.29		2,164	$	69,801,984	$	15,230,989
QQQ Investco QQQ Trust Series 1, Expires 12/29/2023, Strike Price $2.67		1,082		34,900,992		34,453,791
						49,684,780
TOTAL PURCHASED OPTIONS (Cost $40,369,683)						49,684,780
	Principal Amount
SHORT TERM INVESTMENTS - 0.32%
Money Market Deposit Account - 0.32%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	106,688				106,688
TOTAL SHORT TERM INVESTMENTS (Cost $106,688)						106,688

Total Investments (Cost $40,476,371) - 150.87%						49,791,468
Liabilities in Excess of Other Assets - (50.87)%						(16,788,424	)
TOTAL NET ASSETS - 100.00%					$	33,003,044

Asset Type	% of Net Assets
Purchased Options		150.55	%
Short Term Investments		0.32
Total Investments		150.87
Liabilities in Excess of Other Assets		(50.87	)
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 April 30, 2023.

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

166

INNOVATOR GROWTH ACCELERATED PLUS ETF – JANUARY

Schedule of Options Written ^(a)

April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
QQQ Investco QQQ Trust Series 1	12/29/2023	$	289.69		3,246	$	(104,702,976	)	$	(16,768,057	)

Total Options Written (Premiums Received $10,048,680)									$	(16,768,057	)

^(a)	Exchange-Traded.

167

INNOVATOR GROWTH ACCELERATED PLUS ETF – APRIL

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 120.58% ^(a)(b)
CALL OPTIONS - 120.58%
QQQ Investco QQQ Trust Series 1, Expires 3/28/2024, Strike Price $320.94		592	$	19,095,552	$	2,103,790
QQQ Investco QQQ Trust Series 1, Expires 3/28/2024, Strike Price $3.22		296		9,547,776		9,400,877
						11,504,667
TOTAL PURCHASED OPTIONS (Cost $11,297,745)						11,504,667
	Principal Amount
SHORT TERM INVESTMENTS - 0.34%
Money Market Deposit Account - 0.34%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	32,893				32,893
TOTAL SHORT TERM INVESTMENTS (Cost $32,893)						32,893

Total Investments (Cost $11,330,638) - 120.92%						11,537,560
Liabilities in Excess of Other Assets - (20.92)%						(1,996,498	)
TOTAL NET ASSETS - 100.00%					$	9,541,062

Asset Type	% of Net Assets
Purchased Options		120.58	%
Short Term Investments		0.34
Total Investments		120.92
Liabilities in Excess of Other Assets		(20.92	)
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 April 30, 2023.

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

168

INNOVATOR GROWTH ACCELERATED PLUS ETF – APRIL

Schedule of Options Written ^(a)

April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
QQQ Investco QQQ Trust Series 1	3/28/2024	$	344.23		888	$	(28,643,328	)	$	(1,993,401	)

Total Options Written (Premiums Received $1,920,531)									$	(1,993,401	)

^(a)	Exchange-Traded.

169

INNOVATOR GROWTH ACCELERATED PLUS ETF – JULY

Schedule of Investments
April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 121.12% ^(a)(b)
CALL OPTIONS - 121.12%
QQQ Investco QQQ Trust Series 1, Expires 6/30/2023, Strike Price $280.28		462	$	14,902,272	$	2,125,311
QQQ Investco QQQ Trust Series 1, Expires 6/30/2023, Strike Price $2.81		231		7,451,136		7,376,992
						9,502,303
TOTAL PURCHASED OPTIONS (Cost $9,259,148)						9,502,303
	Principal Amount
SHORT TERM INVESTMENTS - 0.55%
Money Market Deposit Account - 0.55%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	43,056				43,056
TOTAL SHORT TERM INVESTMENTS (Cost $43,056)						43,056

Total Investments (Cost $9,302,204) - 121.67%						9,545,359
Liabilities in Excess of Other Assets - (21.67)%						(1,700,201	)
TOTAL NET ASSETS - 100.00%					$	7,845,158

Asset Type	% of Net Assets
Purchased Options		121.12	%
Short Term Investments		0.55
Total Investments		121.67
Liabilities in Excess of Other Assets		(21.67	)
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 April 30, 2023.

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

170

INNOVATOR GROWTH ACCELERATED PLUS ETF – JULY

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
QQQ Investco QQQ Trust Series 1	6/30/2023	$	304.97		693	$	(22,353,408	)	$	(1,694,940	)

Total Options Written (Premiums Received $1,470,939)									$	(1,694,940	)

^(a)	Exchange-Traded.

171

INNOVATOR GROWTH ACCELERATED PLUS ETF – OCTOBER

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 139.79% ^(a)(b)
CALL OPTIONS - 139.79%
QQQ Investco QQQ Trust Series 1, Expires 9/29/2023, Strike Price $267.27		778	$	25,095,168	$	4,995,312
QQQ Investco QQQ Trust Series 1, Expires 9/29/2023, Strike Price $2.68		389		12,547,584		12,408,377
						17,403,689
TOTAL PURCHASED OPTIONS (Cost $13,588,866)						17,403,689
	Principal Amount
SHORT TERM INVESTMENTS - 0.15%
Money Market Deposit Account - 0.15%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	18,513				18,513
TOTAL SHORT TERM INVESTMENTS (Cost $18,513)						18,513

Total Investments (Cost $13,607,379) - 139.94%						17,422,202
Liabilities in Excess of Other Assets - (39.94)%						(4,972,279	)
TOTAL NET ASSETS - 100.00%					$	12,449,923

Asset Type	% of Net Assets
Purchased Options		139.79	%
Short Term Investments		0.15
Total Investments		139.94
Liabilities in Excess of Other Assets		(39.94	)
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 April 30, 2023.

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

172

INNOVATOR GROWTH ACCELERATED PLUS ETF – OCTOBER

Schedule of Options Written ^(a)

April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
QQQ Investco QQQ Trust Series 1	9/29/2023	$	293.18		1,167	$	(37,642,752	)	$	(4,964,488	)

Total Options Written (Premiums Received $2,890,056)									$	(4,964,488	)

^(a)	Exchange-Traded.

173

INNOVATOR DEFINED WEALTH SHIELD ETF

Schedule of Investments
April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 102.12% ^(a)(b)
CALL OPTIONS - 100.42%
SPY SPDR S&P 500® Trust ETF, Expires 6/30/2023, Strike Price $1.02		9,180	$	381,823,740	$	379,654,506
						379,654,506
PUT OPTIONS - 1.70%
SPY SPDR S&P 500® Trust ETF, Expires 6/30/2023, Strike Price $409.39		9,180		381,823,740		6,447,114
						6,447,114
TOTAL PURCHASED OPTIONS (Cost $385,383,575)						386,101,620
	Principal Amount
SHORT TERM INVESTMENTS - 0.14%
Money Market Deposit Account - 0.14%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	513,208				513,208
TOTAL SHORT TERM INVESTMENTS (Cost $513,208)						513,208

Total Investments (Cost $385,896,783) - 102.26%						386,614,828
Liabilities in Excess of Other Assets - (2.26)%						(8,558,382	)
TOTAL NET ASSETS - 100.00%					$	378,056,446

Asset Type	% of Net Assets
Purchased Options		102.12	%
Short Term Investments		0.14
Total Investments		102.26
Liabilities in Excess of Other Assets		(2.26	)
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 April 30, 2023.

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

174

INNOVATOR DEFINED WEALTH SHIELD ETF

Schedule of Options Written ^(a)

April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	6/30/2023	$	420.12		9,180	$	(381,823,740	)	$	(7,847,890	)
										(7,847,890	)
Put Options
SPY SPDR S&P 500® Trust ETF	6/30/2023		327.51		9,180		(381,823,740	)		(507,379	)
										(507,379	)
Total Options Written (Premiums Received $10,402,893)									$	(8,355,269	)

^(a)	Exchange-Traded.

175

INNOVATOR U.S. EQUITY ACCELERATED ETF – QUARTERLY

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 102.45% ^(a)(b)
CALL OPTIONS - 102.45%
SPY SPDR S&P 500® Trust ETF, Expires 6/30/2023, Strike Price $409.39		487	$	20,255,791	$	770,590
SPY SPDR S&P 500® Trust ETF, Expires 6/30/2023, Strike Price $1.04		487		20,255,791		20,139,748
						20,910,338
TOTAL PURCHASED OPTIONS (Cost $20,590,603)						20,910,338
	Principal Amount
SHORT TERM INVESTMENTS - 0.18%
Money Market Deposit Account - 0.18%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	37,276				37,276
TOTAL SHORT TERM INVESTMENTS (Cost $37,276)						37,276

Total Investments (Cost $20,627,879) - 102.63%						20,947,614
Liabilities in Excess of Other Assets - (2.63)%						(535,873	)
TOTAL NET ASSETS - 100.00%					$	20,411,741

Asset Type	% of Net Assets
Purchased Options		102.45	%
Short Term Investments		0.18
Total Investments		102.63
Liabilities in Excess of Other Assets		(2.63	)
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 April 30, 2023.

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

176

INNOVATOR U.S. EQUITY ACCELERATED ETF – QUARTERLY

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPY SPDR S&P 500® Trust ETF	6/30/2023	$	426.05		974	$	(40,511,582	)	$	(524,294	)

Total Options Written (Premiums Received $690,181)									$	(524,294	)

^(a)	Exchange-Traded.

177

INNOVATOR GROWTH ACCELERATED ETF – QUARTERLY

Schedule of Investments

April 30, 2023 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 102.48% ^(a)(b)
CALL OPTIONS - 102.48%
QQQ Investco QQQ Trust Series 1, Expires 6/30/2023, Strike Price $320.93		337	$	10,870,272	$	429,574
QQQ Investco QQQ Trust Series 1, Expires 6/30/2023, Strike Price $0.80		337		10,870,272		10,829,242
						11,258,816
TOTAL PURCHASED OPTIONS (Cost $11,317,568)						11,258,816
	Principal Amount
SHORT TERM INVESTMENTS - 0.34%
Money Market Deposit Account - 0.34%
U.S. Bank Money Market Deposit Account, 4.650% ^(c)	$	37,761				37,761
TOTAL SHORT TERM INVESTMENTS (Cost $37,761)						37,761

Total Investments (Cost $11,355,329) - 102.82%						11,296,577
Liabilities in Excess of Other Assets - (2.82)%						(310,571	)
TOTAL NET ASSETS - 100.00%					$	10,986,006

Asset Type	% of Net Assets
Purchased Options		102.48	%
Short Term Investments		0.34
Total Investments		102.82
Liabilities in Excess of Other Assets		(2.82	)
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 April 30, 2023.

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

178

INNOVATOR GROWTH ACCELERATED ETF – QUARTERLY

Schedule of Options Written ^(a)
April 30, 2023 (Unaudited) (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
QQQ Investco QQQ Trust Series 1	6/30/2023	$	337.14		674	$	(21,740,544	)	$	(303,934	)

Total Options Written (Premiums Received $529,224)									$	(303,934	)

^(a)	Exchange-Traded.

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

179

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

April 30, 2023 (Unaudited)

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.

180

INNOVATOR ETFs TRUST

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

$	209,760,592	$	233,259,159		$	111,439,635	$	114,192,835
	1,596		1,328			801		771
	36,360		–			36,045		–
	141		205			228		100
	209,798,689		233,260,692			111,476,709		114,193,706


	5,411,768		8,147,032			1,357,840		8,882,047
	143,961		115,687			77,776		73,666
	945		–			444		–
	5,556,674		8,262,719			1,436,060		8,955,713
$	204,242,015	$	224,997,973		$	110,040,649	$	105,237,993


$	199,683,594	$	228,013,145		$	96,602,224	$	89,883,329
	4,558,421		(3,015,172	)		13,438,425		15,354,664
$	204,242,015	$	224,997,973		$	110,040,649	$	105,237,993


$	204,242,015	$	224,997,973		$	110,040,649	$	105,237,993
	7,050,000		9,075,000			4,225,000		4,100,000
$	28.97	$	24.79		$	26.05	$	25.67

$	200,620,373	$	231,005,928		$	96,852,505	$	93,501,551
	7,545,581		8,122,386			4,931,018		4,714,655

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

181

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

April 30, 2023 (Unaudited)

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.

182

INNOVATOR ETFs TRUST

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

$	118,363,863		$	53,476,182		$	91,707,353		$	31,125,126
	778			304			612			182
	99			150			202			104
	118,364,740			53,476,636			91,708,167			31,125,412


	2,588,410			2,599,640			464,656			433,901
	84,492			33,553			65,994			22,726
	2,672,902			2,633,193			530,650			456,627
$	115,691,838		$	50,843,443		$	91,177,517		$	30,668,785


$	124,043,493		$	56,686,277		$	102,756,016		$	29,025,190
	(8,351,655	)		(5,842,834	)		(11,578,499	)		1,643,595
$	115,691,838		$	50,843,443		$	91,177,517		$	30,668,785


$	115,691,838		$	50,843,443		$	91,177,517		$	30,668,785
	4,125,000			2,100,000			3,950,000			1,325,000
$	28.05		$	24.21		$	23.08		$	23.15

$	119,492,551		$	53,623,447		$	94,891,213		$	29,270,128
	5,193,440			2,499,033			4,154,106			1,655,798

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

183

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

April 30, 2023 (Unaudited)

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.

184

INNOVATOR ETFs TRUST

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

$	104,843,623		$	118,315,469		$	77,906,400		$	90,809,186
	854			862			743			790
	64,987			–			–			–
	186			202			265			99
	104,909,650			118,316,533			77,907,408			90,810,075


	9,933,700			6,733,361			1,289,449			5,232,824
	61,344			57,330			51,873			56,518
	6,177			–			–			–
	10,001,221			6,790,691			1,341,322			5,289,342
$	94,908,429		$	111,525,842		$	76,566,086		$	85,520,733


$	119,440,222		$	113,281,901		$	77,915,743		$	81,047,217
	(24,531,793	)		(1,756,059	)		(1,349,657	)		4,473,516
$	94,908,429		$	111,525,842		$	76,566,086		$	85,520,733


$	94,908,429		$	111,525,842		$	76,566,086		$	85,520,733
	2,475,000			2,850,000			1,575,000			2,155,000
$	38.35		$	39.13		$	48.61		$	39.68

$	91,814,719		$	118,161,385		$	72,512,060		$	81,496,880
	7,239,184			7,584,049			7,226,352			7,111,460

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

185

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

April 30, 2023 (Unaudited)

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.

186

INNOVATOR ETFs TRUST

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

$	180,797,599		$	132,779,430		$	69,701,263		$	77,084,942
	1,756			1,009			677			763
	173			204			197			101
	180,799,528			132,780,643			69,702,137			77,085,806


	5,191,324			6,192,097			246,289			1,099,009
	112,923			65,321			45,437			50,727
	5,304,247			6,257,418			291,726			1,149,736
$	175,495,281		$	126,523,225		$	69,410,411		$	75,936,070


$	192,472,590		$	135,411,443		$	85,124,068		$	76,676,795
	(16,977,309	)		(8,888,218	)		(15,713,657	)		(740,725	)
$	175,495,281		$	126,523,225		$	69,410,411		$	75,936,070


$	175,495,281		$	126,523,225		$	69,410,411		$	75,936,070
	5,750,000			4,800,000			2,850,000			2,950,000
$	30.52		$	26.36		$	24.35		$	25.74

$	187,025,003		$	134,477,623		$	71,772,515		$	77,370,489
	11,810,891			7,401,545			5,302,376			6,554,198

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

187

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

April 30, 2023 (Unaudited)

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.

188

INNOVATOR ETFs TRUST

Innovator Double Stacker ETF - January			Innovator Double Stacker ETF - October			Innovator Triple Stacker ETF - January			Innovator Triple Stacker ETF - October

$	3,227,432		$	5,365,447		$	6,762,953		$	8,517,538
	74			77			125			121
	105			101			106			108
	3,227,611			5,365,625			6,763,184			8,517,767


	536,824			814,466			1,564,610			1,952,821
	1,722			2,915			3,560			4,218
	538,546			817,381			1,568,170			1,957,039
$	2,689,065		$	4,548,244		$	5,195,014		$	6,560,728


$	4,387,311		$	10,582,490		$	17,480,798		$	15,382,747
	(1,698,246	)		(6,034,246	)		(12,285,784	)		(8,822,019	)
$	2,689,065		$	4,548,244		$	5,195,014		$	6,560,728


$	2,689,065		$	4,548,244		$	5,195,014		$	6,560,728
	100,000			150,000			200,000			225,000
$	26.89		$	30.32		$	25.98		$	29.16

$	2,691,694		$	4,308,120		$	5,829,578		$	7,227,233
	287,077			471,501			1,183,727			1,510,869

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

189

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

April 30, 2023 (Unaudited)

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.

190

INNOVATOR ETFs TRUST

Innovator Double Stacker 9 Buffer ETF - January			Innovator Double Stacker 9 Buffer ETF - October			Innovator 20+ Year Treasury Bond 9 Buffer ETF - July		Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly

$	8,613,492		$	17,700,430		$	57,721,179	$	7,946,444
	89			98			565		49
	48			102			103		204
	8,613,629			17,700,630			57,721,847		7,946,697


	1,797,230			3,404,310			1,022,929		31,627
	4,641			9,188			36,383		5,156
	1,801,871			3,413,498			1,059,312		36,783
$	6,811,758		$	14,287,132		$	56,662,535	$	7,909,914


$	11,708,006		$	28,704,511		$	55,881,082	$	9,697,143
	(4,896,248	)		(14,417,379	)		781,453		(1,787,229	)
$	6,811,758		$	14,287,132		$	56,662,535	$	7,909,914


$	6,811,758		$	14,287,132		$	56,662,535	$	7,909,914
	250,000			475,000			2,750,000		375,000
$	27.25		$	30.08		$	20.60	$	21.09

$	7,437,029		$	15,168,079		$	58,022,572	$	7,961,040
	1,299,788			2,634,677			4,282,096		60,242

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

191

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

April 30, 2023 (Unaudited)

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.

192

INNOVATOR ETFs TRUST

Innovator U.S. Equity Accelerated ETF - January		Innovator U.S. Equity Accelerated ETF - April			Innovator U.S. Equity Accelerated ETF - July			Innovator U.S. Equity Accelerated ETF - October

$	11,388,869	$	4,379,948		$	2,710,439		$	46,000,507
	167		128			126			403
	–		204			2			100
	11,389,036		4,380,280			2,710,567			46,001,010


	1,009,333		322,595			70,246			5,454,636
	6,640		2,219			1,679			25,967
	1,015,973		324,814			71,925			5,480,603
$	10,373,063	$	4,055,466		$	2,638,642		$	40,520,407


$	10,336,600	$	4,452,301		$	3,700,077		$	41,903,987
	36,463		(396,835	)		(1,061,435	)		(1,383,580	)
$	10,373,063	$	4,055,466		$	2,638,642		$	40,520,407


$	10,373,063	$	4,055,466		$	2,638,642		$	40,520,407
	475,000		150,000			100,000			1,725,000
$	21.84	$	27.04		$	26.39		$	23.49

$	10,401,361	$	4,282,438		$	2,526,363		$	37,611,297
	838,807		307,215			197,988			3,403,508

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

193

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

April 30, 2023 (Unaudited)

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.

194

INNOVATOR ETFs TRUST

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

$	14,045,540		$	4,740,878		$	13,331,240		$	28,178,628
	65			133			134			249
	–			205			13			107
	14,045,605			4,741,216			13,331,387			28,178,984


	2,618,683			718,968			1,453,455			6,657,760
	7,318			2,132			7,739			13,802
	2,626,001			721,100			1,461,194			6,671,562
$	11,419,604		$	4,020,116		$	11,870,193		$	21,507,422


$	11,829,690		$	5,741,211		$	15,202,301		$	20,435,681
	(410,086	)		(1,721,095	)		(3,332,108	)		1,071,741
$	11,419,604		$	4,020,116		$	11,870,193		$	21,507,422


$	11,419,604		$	4,020,116		$	11,870,193		$	21,507,422
	525,000			150,000			450,000			925,000
$	21.75		$	26.80		$	26.38		$	23.25

$	12,620,404		$	4,644,509		$	12,443,354		$	23,983,256
	2,092,774			689,291			2,013,551			4,912,424

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

195

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

April 30, 2023 (Unaudited)

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.

196

INNOVATOR ETFs TRUST

Innovator U.S. Equity Accelerated 9 Buffer ETF - January		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

$	70,400,925	$	60,188,548		$	35,990,467		$	59,679,226
	608		1,525			407			439
	–		206			18			102
	70,401,533		60,190,279			35,990,892			59,679,767


	9,491,931		7,343,666			2,448,798			9,786,101
	38,636		29,080			21,484			31,710
	9,530,567		7,372,746			2,470,282			9,817,811
$	60,870,966	$	52,817,533		$	33,520,610		$	49,861,956


$	59,657,482	$	54,365,973		$	35,830,443		$	47,498,518
	1,213,484		(1,548,440	)		(2,309,833	)		2,363,438
$	60,870,966	$	52,817,533		$	33,520,610		$	49,861,956


$	60,870,966	$	52,817,533		$	33,520,610		$	49,861,956
	2,575,000		1,900,000			1,200,000			2,000,000
$	23.64	$	27.80		$	27.93		$	24.93

$	67,068,866	$	59,545,579		$	37,650,849		$	53,969,160
	9,405,318		7,385,259			4,962,288			9,047,200

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

197

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

April 30, 2023 (Unaudited)

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.

198

INNOVATOR ETFs TRUST

Innovator Growth Accelerated Plus ETF - January		Innovator Growth Accelerated Plus ETF - April			Innovator Growth Accelerated Plus ETF - July			Innovator Growth Accelerated Plus ETF - October

$	49,791,468	$	11,537,560		$	9,545,359		$	17,422,202
	344		197			59			84
	–		204			2			103
	49,791,812		11,537,961			9,545,420			17,422,389


	16,768,057		1,993,401			1,694,940			4,964,488
	20,711		3,498			5,322			7,978
	16,788,768		1,996,899			1,700,262			4,972,466
$	33,003,044	$	9,541,062		$	7,845,158		$	12,449,923


$	32,953,339	$	15,524,641		$	13,578,271		$	12,350,998
	49,705		(5,983,579	)		(5,733,113	)		98,925
$	33,003,044	$	9,541,062		$	7,845,158		$	12,449,923


$	33,003,044	$	9,541,062		$	7,845,158		$	12,449,923
	1,700,000		350,000			325,000			575,000
$	19.41	$	27.26		$	24.14		$	21.65

$	40,476,371	$	11,330,638		$	9,302,204		$	13,607,379
	10,048,680		1,920,531			1,470,939			2,890,056

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

199

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

April 30, 2023 (Unaudited)

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.

200

INNOVATOR ETFs TRUST

Innovator Defined Wealth Shield ETF			Innovator U.S. Equity Accelerated ETF - Quarterly			Innovator Growth Accelerated ETF - Quarterly

$	386,614,828		$	20,947,614		$	11,296,577
	3,629			246			122
	206			108			102
	386,618,663			20,947,968			11,296,801


	8,355,269			524,294			303,934
	206,948			11,933			6,861
	8,562,217			536,227			310,795
$	378,056,446		$	20,411,741		$	10,986,006


$	384,797,921		$	22,257,836		$	16,505,246
	(6,741,475	)		(1,846,095	)		(5,519,240	)
$	378,056,446		$	20,411,741		$	10,986,006


$	378,056,446		$	20,411,741		$	10,986,006
	13,800,000			750,000			475,000
$	27.40		$	27.22		$	23.13

$	385,896,783		$	20,627,879		$	11,355,329
	10,402,893			690,181			529,224

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

201

INNOVATOR ETFs TRUST

Statements of Operations

For the Period Ended April 30, 2023 (Unaudited)

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.

202

INNOVATOR ETFs TRUST

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

$	5,289		$	3,397		$	9,474		$	4,146
	5,289			3,397			9,474			4,146


	559,904			358,634			701,342			453,048
	559,904			358,634			701,342			453,048
	(554,615	)		(355,237	)		(691,868	)		(448,902	)



	(7,308,102	)		(3,182,280	)		2,945,241			(26,528	)
	3,666,110			3,000,821			6,338,581			1,971,228
	1,472,356			2,554,451			1,396,142			151,894
	1,268,767			190,430			627,247			(306,362	)

	13,099,661			2,866,940			17,473,334			18,037,820
	6,304,452			582,350			2,470,674			(4,085,659	)
	18,503,244			6,012,712			31,251,219			15,742,393
$	17,948,629		$	5,657,475		$	30,559,351		$	15,293,491

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

203

INNOVATOR ETFs TRUST

Statements of Operations

For the Period Ended April 30, 2023 (Unaudited)

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.

204

INNOVATOR ETFs TRUST

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

$	3,222		$	1,649		$	2,762		$	1,030
	3,222			1,649			2,762			1,030


	357,124			160,650			345,151			142,476
	357,124			160,650			345,151			142,476
	(353,902	)		(159,001	)		(342,389	)		(141,446	)



	(9,799,972	)		(3,306,328	)		(381,531	)		(164,060	)
	4,866,883			806,691			1,272,353			298,874
	909,201			1,258,597			639,367			104,717
	(1,453,287	)		986,887			9,558			(20,554	)

	4,305,261			2,666,386			(158,610	)		2,281,367
	8,212,461			1,611,623			4,122,635			1,316,841
	7,040,547			4,023,856			5,503,772			3,817,185
$	6,686,645		$	3,864,855		$	5,161,383		$	3,675,739

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

205

INNOVATOR ETFs TRUST

Statements of Operations

For the Period Ended April 30, 2023 (Unaudited)

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.

206

INNOVATOR ETFs TRUST

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

$	3,768		$	2,803		$	7,303		$	4,574
	3,768			2,803			7,303			4,574


	342,244			221,470			419,210			361,364
	342,244			221,470			419,210			361,364
	(338,476	)		(218,667	)		(411,907	)		(356,790	)



	(17,903,067	)		(5,014,327	)		(2,642,387	)		34,329
	11,204,272			1,884,434			1,266,781			794,641
	2,044,095			2,638,387			2,146,250			402,153
	(10,941,588	)		2,643,158			1,734,656			126,593

	20,591,611			3,844,617			9,267,360			8,314,060
	2,974,419			948,711			1,369,318			1,693,056
	7,969,742			6,944,980			13,141,978			11,364,832
$	7,631,266		$	6,726,313		$	12,730,071		$	11,008,042

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

207

INNOVATOR ETFs TRUST

Statements of Operations

For the Period Ended April 30, 2023 (Unaudited)

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.

208

INNOVATOR ETFs TRUST

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

$	6,102		$	3,936		$	5,971		$	4,275
	6,102			3,936			5,971			4,275


	496,945			337,872			300,823			331,114
	496,945			337,872			300,823			331,114
	(490,843	)		(333,936	)		(294,852	)		(326,839	)



	(11,223,553	)		(7,066,910	)		(661,579	)		(596,959	)
	5,712,983			92,917			774,746			114,596
	1,801,239			2,864,246			625,224			104,836
	(343,566	)		3,616,040			86,665			52,503

	(186,104	)		4,772,434			(5,352,709	)		(3,874,431	)
	3,991,281			(1,438,400	)		4,847,326			6,484,569
	(247,720	)		2,840,327			319,673			2,285,114
$	(738,563	)	$	2,506,391		$	24,821		$	1,958,275

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

209

INNOVATOR ETFs TRUST

Statements of Operations

For the Period Ended April 30, 2023 (Unaudited)

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.

210

INNOVATOR ETFs TRUST

Innovator Double Stacker ETF - January			Innovator Double Stacker ETF - October			Innovator Triple Stacker ETF - January			Innovator Triple Stacker ETF - October

$	460		$	530		$	530		$	704
	460			530			530			704


	10,304			16,660			20,809			23,803
	10,304			16,660			20,809			23,803
	(9,844	)		(16,130	)		(20,279	)		(23,099	)



	(990,401	)		–			(2,380,531	)		33,782
	–			–			(235,116	)		–
	–			–			126,077			–
	311,771			–			1,034,354			(24,409	)

	1,544,529			678,896			3,612,354			408,456
	(561,614	)		(135,429	)		(1,679,857	)		205,791
	304,285			543,467			477,281			623,620
$	294,441		$	527,337		$	457,002		$	600,521

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

211

INNOVATOR ETFs TRUST

Statements of Operations

For the Period Ended April 30, 2023 (Unaudited)

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.

212

INNOVATOR ETFs TRUST

Innovator Double Stacker 9 Buffer ETF - January			Innovator Double Stacker 9 Buffer ETF - October			Innovator 20+ Year Treasury Bond 9 Buffer ETF - July			Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly

$	535		$	993		$	2,645		$	202
	535			993			2,645			202


	28,493			56,065			189,025			38,151
	28,493			56,065			189,025			38,151
	(27,958	)		(55,072	)		(186,380	)		(37,949	)



	(908,574	)		25,555			(18,095	)		(346,774	)
	100,498			105,566			–			533,899
	94,020			5,017			–			147,848
	357,217			(30,367	)		(1,341	)		143,103

	2,041,252			1,556,636			304,702			513,720
	(1,088,297	)		(247,964	)		4,083,582			(179,353	)
	596,116			1,414,443			4,368,848			812,443
$	568,158		$	1,359,371		$	4,182,468		$	774,494

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

213

INNOVATOR ETFs TRUST

Statements of Operations

For the Period Ended April 30, 2023 (Unaudited)

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.

214

INNOVATOR ETFs TRUST

Innovator U.S. Equity Accelerated ETF - January			Innovator U.S. Equity Accelerated ETF - April			Innovator U.S. Equity Accelerated ETF - July			Innovator U.S. Equity Accelerated ETF - October

$	702		$	513		$	685		$	1,953
	702			513			685			1,953


	27,656			13,582			10,027			148,376
	27,656			13,582			10,027			148,376
	(26,954	)		(13,069	)		(9,342	)		(146,423	)



	(812,673	)		(632,992	)		(10,501	)		(1,379	)
	(69,626	)		(166,785	)		45,576			139,271
	115,083			221,255			4,969			(31,325	)
	37,812			112,625			(605	)		(7,907	)

	1,862,769			1,071,177			195,621			3,927,528
	(323,032	)		(338,624	)		115,129			477,949
	810,333			266,656			350,189			4,504,137
$	783,379		$	253,587		$	340,847		$	4,357,714

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

215

INNOVATOR ETFs TRUST

Statements of Operations

For the Period Ended April 30, 2023 (Unaudited)

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.

216

INNOVATOR ETFs TRUST

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

$	413		$	249		$	767		$	1,241
	413			249			767			1,241


	33,195			12,508			49,633			76,785
	33,195			12,508			49,633			76,785
	(32,782	)		(12,259	)		(48,866	)		(75,544	)



	(1,692,813	)		(751,765	)		(11,076	)		(11,310	)
	82,855			(438,819	)		183,479			298,417
	(22,276	)		230,989			229,720			97,432
	393,975			476,178			8,787			(11,523	)

	3,092,816			1,407,687			1,012,403			1,919,534
	(921,523	)		(708,523	)		318,559			(149,804	)
	933,034			215,747			1,741,872			2,142,746
$	900,252		$	203,488		$	1,693,006		$	2,067,202

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

217

INNOVATOR ETFs TRUST

Statements of Operations

For the Period Ended April 30, 2023 (Unaudited)

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.

218

INNOVATOR ETFs TRUST

Innovator U.S. Equity Accelerated 9 Buffer ETF - January			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

$	2,166		$	2,126		$	2,002		$	2,492
	2,166			2,126			2,002			2,492


	145,906			84,571			134,067			181,767
	145,906			84,571			134,067			181,767
	(143,740	)		(82,445	)		(132,065	)		(179,275	)



	(2,744,763	)		(3,114,220	)		(49,868	)		(8,229	)
	937,588			(320,806	)		87,817			245,577
	605,556			1,592,722			850,831			173,843
	(600,877	)		1,062,111			6,592			(9,372	)

	5,281,191			4,121,340			1,040,500			3,139,475
	(109,652	)		(1,141,900	)		1,574,301			784,668
	3,369,043			2,199,247			3,510,173			4,325,962
$	3,225,303		$	2,116,802		$	3,378,108		$	4,146,687

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

219

INNOVATOR ETFs TRUST

Statements of Operations

For the Period Ended April 30, 2023 (Unaudited)

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.

220

INNOVATOR ETFs TRUST

Innovator Growth Accelerated Plus ETF - January			Innovator Growth Accelerated Plus ETF - April			Innovator Growth Accelerated Plus ETF - July			Innovator Growth Accelerated Plus ETF - October

$	1,042		$	610		$	712		$	536
	1,042			610			712			536


	62,408			17,914			47,808			38,639
	62,408			17,914			47,808			38,639
	(61,366	)		(17,304	)		(47,096	)		(38,103	)



	(2,794,162	)		(2,977,730	)		(665,223	)		3,558
	–			(673,712	)		(494,909	)		100,816
	–			320,052			1,925,141			4,125
	354,086			1,611,323			64,440			(5,022	)

	11,999,209			4,263,364			3,121,671			3,367,904
	(7,073,526	)		(1,973,494	)		(1,855,064	)		(1,796,127	)
	2,485,607			569,803			2,096,056			1,675,254
$	2,424,241		$	552,499		$	2,048,960		$	1,637,151

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

221

INNOVATOR ETFs TRUST

Statements of Operations

For the Period Ended April 30, 2023 (Unaudited)

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.

222

INNOVATOR ETFs TRUST

Innovator Defined Wealth Shield ETF			Innovator U.S. Equity Accelerated ETF - Quarterly			Innovator Growth Accelerated ETF - Quarterly

$	10,282		$	751		$	342
	10,282			751			342


	1,078,923			55,054			55,048
	1,078,923			55,054			55,048
	(1,068,641	)		(54,303	)		(54,706	)



	7,294,729			2,092,057			2,013,357
	8,111,661			167,612			560,695
	4,172,422			(37,112	)		(218,985	)
	(2,766,275	)		468,861			(1,043,037	)

	(10,156,017	)		(1,001,592	)		(902,082	)
	8,998,502			837,470			389,747
	15,655,022			2,527,296			799,695
$	14,586,381		$	2,472,993		$	744,989

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

223

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets

	Innovator International Developed Power Buffer ETF - January
	Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
Operations:
Net Investment income/(loss)	$	(554,615	)	$	(634,417	)
Net realized gain/(loss)		(900,869	)		2,233,725
Net change in unrealized appreciation/(depreciation)		19,404,113			(11,602,654	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		17,948,629			(10,003,346	)


Capital Share Transactions:
Proceeds from shares sold		166,077,758			99,555,597
Cost of shares redeemed		(45,540,242	)		(81,343,988	)
Transaction fees (see Note 5)		68,304			29,709
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		120,605,820			18,241,318
Total Increase/(Decrease) in Net Assets	$	138,554,449		$	8,237,972

Net Assets:
Beginning of the period	$	65,687,566		$	57,449,594
End of the period	$	204,242,015		$	65,687,566

Change in Shares Outstanding:
Shares sold		6,025,000			3,725,000
Shares redeemed		(1,700,000	)		(3,125,000	)
Net Increase/(Decrease)		4,325,000			600,000

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

224

INNOVATOR ETFs TRUST

Innovator International Developed Power Buffer ETF - April						Innovator International Developed Power Buffer ETF - July						Innovator International Developed Power Buffer ETF - October
Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022

$	(355,237	)	$	(400,200	)	$	(691,868	)	$	(679,225	)	$	(448,902	)	$	(165,842	)
	2,563,422			(5,217,339	)		11,307,211			(3,568,900	)		1,790,232			(2,165,524	)
	3,449,290			(1,889,271	)		19,944,008			(2,692,646	)		13,952,161			2,402,687
	5,657,475			(7,506,810	)		30,559,351			(6,940,771	)		15,293,491			71,321



	305,984,203			116,462,668			24,293,043			222,082,910			9,949,797			88,356,625
	(129,977,027	)		(85,837,085	)		(133,630,277	)		(82,609,017	)		(14,367,345	)		(3,641,725	)
	96,855			70,891			61,963			82,748			7,492			43,222
	176,104,031			30,696,474			(109,275,271	)		139,556,641			(4,410,056	)		84,758,122
$	181,761,506		$	23,189,664		$	(78,715,920	)	$	132,615,870		$	10,883,435		$	84,829,443


$	43,236,467		$	20,046,803		$	188,756,569		$	56,140,699		$	94,354,558		$	9,525,115
$	224,997,973		$	43,236,467		$	110,040,649		$	188,756,569		$	105,237,993		$	94,354,558


	12,475,000			4,825,000			1,025,000			9,925,000			425,000			4,025,000
	(5,325,000	)		(3,675,000	)		(5,350,000	)		(3,650,000	)		(575,000	)		(150,000	)
	7,150,000			1,150,000			(4,325,000	)		6,275,000			(150,000	)		3,875,000

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

225

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets

	Innovator Emerging Markets Power Buffer ETF - January
	Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
Operations:
Net Investment income/(loss)	$	(353,902	)	$	(756,314	)
Net realized gain/(loss)		(5,477,175	)		(3,988,284	)
Net change in unrealized appreciation/(depreciation)		12,517,722			(10,922,022	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		6,686,645			(15,666,620	)


Capital Share Transactions:
Proceeds from shares sold		108,402,205			18,399,455
Cost of shares redeemed		(55,354,270	)		(53,166,152	)
Transaction fees (see Note 5)		42,697			28,194
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		53,090,632			(34,738,503	)
Total Increase/(Decrease) in Net Assets	$	59,777,277		$	(50,405,123	)

Net Assets:
Beginning of the period	$	55,914,561		$	106,319,684
End of the period	$	115,691,838		$	55,914,561

Change in Shares Outstanding:
Shares sold		3,900,000			625,000
Shares redeemed		(2,050,000	)		(1,900,000	)
Net Increase/(Decrease)		1,850,000			(1,275,000	)

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

226

INNOVATOR ETFs TRUST

Innovator Emerging Markets Power Buffer ETF - April						Innovator Emerging Markets Power Buffer ETF - July						Innovator Emerging Markets Power Buffer ETF - October
Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022

$	(159,001	)	$	(341,704	)	$	(342,389	)	$	(337,472	)	$	(141,446	)	$	(79,299	)
	(254,153	)		(1,182,633	)		1,539,747			(4,330,940	)		218,977			(1,332,181	)
	4,278,009			(4,241,626	)		3,964,025			(2,503,144	)		3,598,208			(556,334	)
	3,864,855			(5,765,963	)		5,161,383			(7,171,556	)		3,675,739			(1,967,814	)



	37,995,660			59,000,490			53,947,430			62,185,197			8,782,872			23,128,578
	(21,683,138	)		(56,630,658	)		(22,607,338	)		(41,632,505	)		(7,425,138	)		(590,100	)
	10,235			20,970			33,243			24,537			6,967			10,934
	16,322,757			2,390,802			31,373,335			20,577,229			1,364,701			22,549,412
$	20,187,612		$	(3,375,161	)	$	36,534,718		$	13,405,673		$	5,040,440		$	20,581,598


$	30,655,831		$	34,030,992		$	54,642,799		$	41,237,126		$	25,628,345		$	5,046,747
$	50,843,443		$	30,655,831		$	91,177,517		$	54,642,799		$	30,668,785		$	25,628,345


	1,575,000			2,475,000			2,325,000			2,750,000			400,000			1,075,000
	(900,000	)		(2,425,000	)		(950,000	)		(1,775,000	)		(325,000	)		(25,000	)
	675,000			50,000			1,375,000			975,000			75,000			1,050,000

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

227

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets

	Innovator Growth-100 Power Buffer ETF - January
	Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
Operations:
Net Investment income/(loss)	$	(338,476	)	$	(829,576	)
Net realized gain/(loss)		(15,596,288	)		4,528,019
Net change in unrealized appreciation/(depreciation)		23,566,030			(23,498,625	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		7,631,266			(19,800,182	)


Capital Share Transactions:
Proceeds from shares sold		67,324,242			150,131,645
Cost of shares redeemed		(62,848,175	)		(134,907,370	)
Transaction fees (see Note 5)		23,612			56,240
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		4,499,679			15,280,515
Total Increase/(Decrease) in Net Assets	$	12,130,945		$	(4,519,667	)

Net Assets:
Beginning of the period	$	82,777,484		$	87,297,151
End of the period	$	94,908,429		$	82,777,484

Change in Shares Outstanding:
Shares sold		1,925,000			3,600,000
Shares redeemed		(1,775,000	)		(3,350,000	)
Net Increase/(Decrease)		150,000			250,000

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

228

INNOVATOR ETFs TRUST

Innovator Growth-100 Power Buffer ETF - April						Innovator Growth-100 Power Buffer ETF - July						Innovator Growth-100 Power Buffer ETF - October
Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022

$	(218,667	)	$	(399,515	)	$	(411,907	)	$	(562,754	)	$	(356,790	)	$	(520,061	)
	2,151,652			1,043,406			2,505,300			(5,142,236	)		1,357,716			(6,430,346	)
	4,793,328			(6,768,741	)		10,636,678			(1,136,637	)		10,007,116			(867,160	)
	6,726,313			(6,124,850	)		12,730,071			(6,841,627	)		11,008,042			(7,817,567	)



	88,661,650			80,087,048			11,005,200			156,075,852			17,423,143			43,011,748
	(36,762,682	)		(62,385,170	)		(65,602,642	)		(86,882,000	)		(23,891,963	)		(32,185,163	)
	34,636			35,216			29,605			65,452			16,653			27,345
	51,933,604			17,737,094			(54,567,837	)		69,259,304			(6,452,167	)		10,853,930
$	58,659,917		$	11,612,244		$	(41,837,766	)	$	62,417,677		$	4,555,875		$	3,036,363


$	52,865,925		$	41,253,681		$	118,403,852		$	55,986,175		$	80,964,858		$	77,928,495
$	111,525,842		$	52,865,925		$	76,566,086		$	118,403,852		$	85,520,733		$	80,964,858


	2,300,000			2,125,000			250,000			3,550,000			490,000			1,190,000
	(975,000	)		(1,675,000	)		(1,425,000	)		(1,975,000	)		(630,000	)		(840,000	)
	1,325,000			450,000			(1,175,000	)		1,575,000			(140,000	)		350,000

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

229

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets

	Innovator U.S. Small Cap Power Buffer ETF - January
	Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
Operations:
Net Investment income/(loss)	$	(490,843	)	$	(855,952	)
Net realized gain/(loss)		(4,052,897	)		6,533,452
Net change in unrealized appreciation/(depreciation)		3,805,177			(14,706,352	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		(738,563	)		(9,028,852	)


Capital Share Transactions:
Proceeds from shares sold		148,290,555			147,439,086
Cost of shares redeemed		(51,607,515	)		(143,934,103	)
Transaction fees (see Note 5)		59,865			56,466
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		96,742,905			3,561,449
Total Increase/(Decrease) in Net Assets	$	96,004,342		$	(5,467,403	)

Net Assets:
Beginning of the period	$	79,490,939		$	84,958,342
End of the period	$	175,495,281		$	79,490,939

Change in Shares Outstanding:
Shares sold		4,850,000			4,650,000
Shares redeemed		(1,725,000	)		(4,700,000	)
Net Increase/(Decrease)		3,125,000			(50,000	)

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

230

INNOVATOR ETFs TRUST

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
Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022

$	(333,936	)	$	(680,673	)	$	(294,852	)	$	(514,804	)	$	(326,839	)	$	(320,078	)
	(493,707	)		1,048,164			825,056			(6,861,135	)		(325,024	)		(4,584,175	)
	3,334,034			(6,996,703	)		(505,383	)		2,510,018			2,610,138			1,633,545
	2,506,391			(6,629,212	)		24,821			(4,865,921	)		1,958,275			(3,270,708	)



	89,515,382			124,453,680			11,639,543			95,308,208			21,665,263			57,505,679
	(50,381,178	)		(117,880,038	)		(20,600,508	)		(86,223,780	)		(20,645,465	)		(17,965,585	)
	27,907			34,641			11,679			32,925			20,502			36,450
	39,162,111			6,608,283			(8,949,286	)		9,117,353			1,040,300			39,576,544
$	41,668,502		$	(20,929	)	$	(8,924,465	)	$	4,251,432		$	2,998,575		$	36,305,836


$	84,854,723		$	84,875,652		$	78,334,876		$	74,083,444		$	72,937,495		$	36,631,659
$	126,523,225		$	84,854,723		$	69,410,411		$	78,334,876		$	75,936,070		$	72,937,495


	3,425,000			4,750,000			475,000			4,025,000			850,000			2,275,000
	(1,950,000	)		(4,475,000	)		(825,000	)		(3,600,000	)		(775,000	)		(725,000	)
	1,475,000			275,000			(350,000	)		425,000			75,000			1,550,000

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

231

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets

	Innovator Double Stacker ETF - January
	Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
Operations:
Net Investment income/(loss)	$	(9,844	)	$	(39,144	)
Net realized gain/(loss)		(678,630	)		463,881
Net change in unrealized appreciation/(depreciation)		982,915			(1,440,830	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		294,441			(1,016,093	)


Capital Share Transactions:
Proceeds from shares sold		616,548			7,264,468
Cost of shares redeemed		(1,252,795	)		(9,916,322	)
Transaction fees (see Note 5)		934			1,248
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		(635,313	)		(2,650,606	)
Total Increase/(Decrease) in Net Assets	$	(340,872	)	$	(3,666,699	)

Net Assets:
Beginning of the period	$	3,029,937		$	6,696,636
End of the period	$	2,689,065		$	3,029,937

Change in Shares Outstanding:
Shares sold		25,000			250,000
Shares redeemed		(50,000	)		(350,000	)
Net Increase/(Decrease)		(25,000	)		(100,000	)

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

232

INNOVATOR ETFs TRUST

Innovator Double Stacker ETF - October						Innovator Triple Stacker ETF - January						Innovator Triple Stacker ETF - October
Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022

$	(16,130	)	$	(55,554	)	$	(20,279	)	$	(146,226	)	$	(23,099	)	$	(81,751	)
	–			(1,141,506	)		(1,455,216	)		2,041,588			9,373			(1,285,511	)
	543,467			(254,558	)		1,932,497			(5,519,533	)		614,247			(435,495	)
	527,337			(1,451,618	)		457,002			(3,624,171	)		600,521			(1,802,757	)



	–			2,231,755			1,231,798			48,692,803			1,322,895			5,265,070
	–			(5,736,838	)		(2,484,582	)		(83,205,767	)		(639,727	)		(14,897,395	)
	–			2,891			1,562			19,488			981			9,032
	–			(3,502,192	)		(1,251,222	)		(34,493,476	)		684,149			(9,623,293	)
$	527,337		$	(4,953,810	)	$	(794,220	)	$	(38,117,647	)	$	1,284,670		$	(11,426,050	)


$	4,020,907		$	8,974,717		$	5,989,234		$	44,106,881		$	5,276,058		$	16,702,108
$	4,548,244		$	4,020,907		$	5,195,014		$	5,989,234		$	6,560,728		$	5,276,058


	–			75,000			50,000			1,650,000			50,000			175,000
	–			(200,000	)		(100,000	)		(2,900,000	)		(25,000	)		(500,000	)
	–			(125,000	)		(50,000	)		(1,250,000	)		25,000			(325,000	)

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

233

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets

	Innovator Double Stacker 9 Buffer ETF - January
	Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
Operations:
Net Investment income/(loss)	$	(27,958	)	$	(91,349	)
Net realized gain/(loss)		(356,839	)		(203,199	)
Net change in unrealized appreciation/(depreciation)		952,955			(1,257,874	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		568,158			(1,552,422	)

Capital Share Transactions:
Proceeds from shares sold		1,320,065			18,636,238
Cost of shares redeemed		(3,268,052	)		(22,243,630	)
Transaction fees (see Note 5)		1,982			7,400
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		(1,946,005	)		(3,599,992	)
Total Increase/(Decrease) in Net Assets	$	(1,377,847	)	$	(5,152,414	)

Net Assets:
Beginning of the period	$	8,189,605		$	13,342,019
End of the period	$	6,811,758		$	8,189,605

Change in Shares Outstanding:
Shares sold		50,000			675,000
Shares redeemed		(125,000	)		(825,000	)
Net Increase/(Decrease)		(75,000	)		(150,000	)

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

234

INNOVATOR ETFs TRUST

Innovator Double Stacker 9 Buffer ETF - October						Innovator 20+ Year Treasury Bond 9 Buffer ETF - July						Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly
Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022

$	(55,072	)	$	(142,769	)	$	(186,380	)	$	(58,931	)	$	(37,949	)	$	(67,529	)
	105,771			(1,372,989	)		(19,436	)		(889,093	)		478,076			(1,181,531	)
	1,308,672			(117,496	)		4,388,284			(1,423,078	)		334,367			(462,702	)
	1,359,371			(1,633,254	)		4,182,468			(2,371,102	)		774,494			(1,711,762	)


	679,008			2,162,377			20,265,708			36,476,380			14,952,563			32,030,360
	(2,102,372	)		(7,744,912	)		–			(6,808,675	)		(28,176,275	)		(19,476,665	)
	1,025			4,275			10,132			15,893			11,748			16,141
	(1,422,339	)		(5,578,260	)		20,275,840			29,683,598			(13,211,964	)		12,569,836
$	(62,968	)	$	(7,211,514	)	$	24,458,308		$	27,312,496			(12,437,470	)	$	10,858,074


$	14,350,100		$	21,561,614		$	32,204,227		$	4,891,731		$	20,347,384		$	9,489,310
$	14,287,132		$	14,350,100		$	56,662,535		$	32,204,227		$	7,909,914		$	20,347,384


	25,000			75,000			1,025,000			1,850,000			725,000			1,500,000
	(75,000	)		(275,000	)		–			(325,000	)		(1,375,000	)		(875,000	)
	(50,000	)		(200,000	)		1,025,000			1,525,000			(650,000	)		625,000

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

235

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets

	Innovator U.S. Equity Accelerated ETF - January
	Period Ended April 30, 2023 (Unaudited)			Period Ended October 31, 2022^(a)
Operations:
Net Investment income/(loss)	$	(26,954	)	$	(24,162	)
Net realized gain/(loss)		(729,404	)		–
Net change in unrealized appreciation/(depreciation)		1,539,737			(722,755	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		783,379			(746,917	)


Capital Share Transactions:
Proceeds from shares sold		8,082,718			4,718,782
Cost of shares redeemed		(2,469,702	)		–
Transaction fees (see Note 5)		3,061			1,742
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		5,616,077			4,720,524
Total Increase/(Decrease) in Net Assets	$	6,399,456		$	3,973,607

Net Assets:
Beginning of the period	$	3,973,607		$	–
End of the period	$	10,373,063		$	3,973,607

Change in Shares Outstanding:
Shares sold		400,000			200,000
Shares redeemed		(125,000	)		–
Net Increase/(Decrease)		275,000			200,000

^(a) Since Commencement of Operations on December 31, 2021.

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

236

INNOVATOR ETFs TRUST

Innovator U.S. Equity Accelerated ETF - April						Innovator U.S. Equity Accelerated ETF - July						Innovator U.S. Equity Accelerated ETF - October
Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022

$	(13,069	)	$	(51,876	)	$	(9,342	)	$	(36,787	)	$	(146,423	)	$	(71,738	)
	(465,897	)		851,394			39,439			(750,214	)		98,660			(7,607,506	)
	732,553			(1,357,794	)		310,750			(191,707	)		4,405,477			1,848,336
	253,587			(558,276	)		340,847			(978,708	)		4,357,714			(5,830,908	)



	2,586,400			6,852,325			–			7,340,348			1,596,910			40,034,238
	(2,540,134	)		(10,342,673	)		(1,174,652	)		(6,293,922	)		(1,061,620	)		(492,623	)
	330			–			–			1,357			798			20,017
	46,596			(3,490,348	)		(1,174,652	)		1,047,783			536,088			39,561,632
$	300,183		$	(4,048,624	)	$	(833,805	)	$	69,075		$	4,893,802		$	33,730,724


$	3,755,283		$	7,803,907		$	3,472,447		$	3,403,372		$	35,626,605		$	1,895,881
$	4,055,466		$	3,755,283		$	2,638,642		$	3,472,447		$	40,520,407		$	35,626,605


	100,000			250,000			–			300,000			75,000			1,650,000
	(100,000	)		(375,000	)		(50,000	)		(275,000	)		(50,000	)		(25,000	)
	–			(125,000	)		(50,000	)		25,000			25,000			1,625,000

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

237

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets

	Innovator U.S. Equity Accelerated Plus ETF - January
	Period Ended April 30, 2023 (Unaudited)			Period Ended October 31, 2022^(a)
Operations:
Net Investment income/(loss)	$	(32,782	)	$	(38,272	)
Net realized gain/(loss)		(1,238,259	)		(5,447	)
Net change in unrealized appreciation/(depreciation)		2,171,293			(1,272,065	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		900,252			(1,315,784	)


Capital Share Transactions:
Proceeds from shares sold		6,078,730			10,027,000
Cost of shares redeemed		(529,735	)		(3,748,603	)
Transaction fees (see Note 5)		3,039			4,705
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		5,552,034			6,283,102
Total Increase/(Decrease) in Net Assets	$	6,452,286		$	4,967,318

Net Assets:
Beginning of the period	$	4,967,318		$	–
End of the period	$	11,419,604		$	4,967,318

Change in Shares Outstanding:
Shares sold		300,000			425,000
Shares redeemed		(25,000	)		(175,000	)
Net Increase/(Decrease)		275,000			250,000

^(a) Since Commencement of Operations on December 31, 2021.

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

238

INNOVATOR ETFs TRUST

Innovator U.S. Equity Accelerated Plus ETF - April						Innovator U.S. Equity Accelerated Plus ETF - July						Innovator U.S. Equity Accelerated Plus ETF - October
Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022

$	(12,259	)	$	(75,302	)	$	(48,866	)	$	(105,222	)	$	(75,544	)	$	(50,668	)
	(483,417	)		1,255,459			410,910			(2,699,087	)		373,016			(1,565,745	)
	699,164			(1,159,296	)		1,330,962			(269,252	)		1,769,730			622,764
	203,488			20,861			1,693,006			(3,073,561	)		2,067,202			(993,649	)



	1,324,874			41,673,345			–			30,897,257			5,974,350			17,446,092
	(1,243,795	)		(46,427,730	)		(2,525,397	)		(24,618,888	)		(1,645,300	)		(3,882,815	)
	663			11,466			–			10,156			2,987			8,721
	81,742			(4,742,919	)		(2,525,397	)		6,288,525			4,332,037			13,571,998
$	285,230		$	(4,722,058	)	$	(832,391	)	$	3,214,964		$	6,399,239		$	12,578,349


$	3,734,886		$	8,456,944		$	12,702,584		$	9,487,620		$	15,108,183		$	2,529,834
$	4,020,116		$	3,734,886		$	11,870,193		$	12,702,584		$	21,507,422		$	15,108,183


	50,000			1,500,000			–			1,300,000			275,000			800,000
	(50,000	)		(1,650,000	)		(100,000	)		(1,100,000	)		(75,000	)		(175,000	)
	–			(150,000	)		(100,000	)		200,000			200,000			625,000

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

239

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets

	Innovator U.S. Equity Accelerated 9 Buffer ETF - January
	Period Ended April 30, 2023 (Unaudited)			Period Ended October 31, 2022^(a)
Operations:
Net Investment income/(loss)	$	(143,740	)	$	(85,724	)
Net realized gain/(loss)		(1,802,496	)		803,359
Net change in unrealized appreciation/(depreciation)		5,171,539			(1,926,094	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		3,225,303			(1,208,459	)


Capital Share Transactions:
Proceeds from shares sold		52,081,557			20,627,440
Cost of shares redeemed		(8,758,655	)		(5,128,687	)
Transaction fees (see Note 5)		22,771			9,696
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		43,345,673			15,508,449
Total Increase/(Decrease) in Net Assets	$	46,570,976		$	14,299,990

Net Assets:
Beginning of the period	$	14,299,990		$	–
End of the period	$	60,870,966		$	14,299,990

Change in Shares Outstanding:
Shares sold		2,325,000			875,000
Shares redeemed		(400,000	)		(225,000	)
Net Increase/(Decrease)		1,925,000			650,000

^(a) Since Commencement of Operations on December 31, 2021.

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

240

INNOVATOR ETFs TRUST

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
Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022

$	(82,445	)	$	(183,627	)	$	(132,065	)	$	(157,823	)	$	(179,275	)	$	(68,471	)
	(780,193	)		1,240,538			895,372			293,685			401,819			(1,049,140	)
	2,979,440			(2,925,265	)		2,614,801			(2,068,870	)		3,924,143			959,099
	2,116,802			(1,868,354	)		3,378,108			(1,933,008	)		4,146,687			(158,512	)



	44,312,682			38,821,274			3,178,413			54,270,900			11,562,260			40,696,985
	(13,236,200	)		(36,994,890	)		(5,274,454	)		(30,717,853	)		(1,800,755	)		(8,941,070	)
	17,831			9,471			1,589			20,163			5,782			16,088
	31,094,313			1,835,855			(2,094,452	)		23,573,210			9,767,287			31,772,003
$	33,211,115		$	(32,499	)	$	1,283,656		$	21,640,202		$	13,913,974		$	31,613,491


$	19,606,418		$	19,638,917		$	32,236,954		$	10,596,752		$	35,947,982		$	4,334,491
$	52,817,533		$	19,606,418		$	33,520,610		$	32,236,954		$	49,861,956		$	35,947,982


	1,625,000			1,425,000			125,000			2,125,000			500,000			1,800,000
	(500,000	)		(1,375,000	)		(200,000	)		(1,250,000	)		(75,000	)		(400,000	)
	1,125,000			50,000			(75,000	)		875,000			425,000			1,400,000

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

241

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets

	Innovator Growth Accelerated Plus ETF - January
	Period Ended April 30, 2023 (Unaudited)			Period Ended October 31, 2022^(a)
Operations:
Net Investment income/(loss)	$	(61,366	)	$	(44,573	)
Net realized gain/(loss)		(2,440,076	)		(56,791	)
Net change in unrealized appreciation/(depreciation)		4,925,683			(2,329,964	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		2,424,241			(2,431,328	)


Capital Share Transactions:
Proceeds from shares sold		27,073,893			11,747,653
Cost of shares redeemed		(910,510	)		(4,920,453	)
Transaction fees (see Note 5)		13,992			5,556
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		26,177,375			6,832,756
Total Increase/(Decrease) in Net Assets	$	28,601,616		$	4,401,428

Net Assets:
Beginning of the period	$	4,401,428		$	–
End of the period	$	33,003,044		$	4,401,428

Change in Shares Outstanding:
Shares sold		1,500,000			500,000
Shares redeemed		(50,000	)		(250,000	)
Net Increase/(Decrease)		1,450,000			250,000

^(a) Since Commencement of Operations on December 31, 2021.

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

242

INNOVATOR ETFs TRUST

Innovator Growth Accelerated Plus ETF - April						Innovator Growth Accelerated Plus ETF - July						Innovator Growth Accelerated Plus ETF - October
Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022

$	(17,304	)	$	(102,815	)	$	(47,096	)	$	(104,072	)	$	(38,103	)	$	(36,351	)
	(1,720,067	)		298,970			829,449			(3,664,162	)		103,477			(1,637,201	)
	2,289,870			(1,513,816	)		1,266,607			(1,680,499	)		1,571,777			49,224
	552,499			(1,317,661	)		2,048,960			(5,448,733	)		1,637,151			(1,624,328	)



	5,361,650			19,390,637			–			38,276,508			5,299,378			6,543,125
	(3,399,777	)		(29,506,305	)		(12,196,525	)		(23,097,298	)		(508,570	)		(1,472,862	)
	3,796			1,853			523			12,013			2,650			2,946
	1,965,669			(10,113,815	)		(12,196,002	)		15,191,223			4,793,458			5,073,209
$	2,518,168		$	(11,431,476	)	$	(10,147,042	)	$	9,742,490		$	6,430,609		$	3,448,881


$	7,022,894		$	18,454,370		$	17,992,200		$	8,249,710		$	6,019,314		$	2,570,433
$	9,541,062		$	7,022,894		$	7,845,158		$	17,992,200		$	12,449,923		$	6,019,314


	200,000			725,000			–			1,750,000			275,000			300,000
	(150,000	)		(1,050,000	)		(575,000	)		(1,150,000	)		(25,000	)		(75,000	)
	50,000			(325,000	)		(575,000	)		600,000			250,000			225,000

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

243

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets

	Innovator Defined Wealth Shield ETF
	Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
Operations:
Net Investment income/(loss)	$	(1,068,641	)	$	(795,181	)
Net realized gain/(loss)		16,812,537			217,238
Net change in unrealized appreciation/(depreciation)		(1,157,515	)		3,775,588
Net Increase/(Decrease) in Net Assets Resulting from Operations		14,586,381			3,197,645


Capital Share Transactions:
Proceeds from shares sold		310,321,313			523,189,050
Cost of shares redeemed		(203,391,552	)		(299,145,558	)
Transaction fees (see Note 5)		78,236			133,414
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		107,007,997			224,176,906
Total Increase/(Decrease) in Net Assets	$	121,594,378		$	227,374,551

Net Assets:
Beginning of the period	$	256,462,068		$	29,087,517
End of the period	$	378,056,446		$	256,462,068

Change in Shares Outstanding:
Shares sold		11,525,000			20,250,000
Shares redeemed		(7,525,000	)		(11,575,000	)
Net Increase/(Decrease)		4,000,000			8,675,000

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

244

INNOVATOR ETFs TRUST

Innovator U.S. Equity Accelerated ETF - Quarterly						Innovator Growth Accelerated ETF - Quarterly
Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Period Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022

$	(54,303	)	$	(91,751	)	$	(54,706	)	$	(116,153	)
	2,691,418			(2,162,238	)		1,312,030			(4,479,231	)
	(164,122	)		79,918			(512,335	)		(132,088	)
	2,472,993			(2,174,071	)		744,989			(4,727,472	)



	7,736,360			32,813,970			2,667,755			39,819,130
	(1,241,565	)		(32,627,833	)		(10,494,965	)		(32,716,332	)
	3,868			6,952			1,334			6,810
	6,498,663			193,089			(7,825,876	)		7,109,608
$	8,971,656		$	(1,980,982	)	$	(7,080,887	)	$	2,382,136


$	11,440,085		$	13,421,067		$	18,066,893		$	15,684,757
$	20,411,741		$	11,440,085		$	10,986,006		$	18,066,893


	300,000			1,275,000			125,000			1,600,000
	(50,000	)		(1,250,000	)		(500,000	)		(1,275,000	)
	250,000			25,000			(375,000	)		325,000

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

245

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 International Developed Power Buffer ETF - January
For the period 11/1/2022 - 4/30/2023	$	24.11		(0.12	)		4.97				4.85			0.01			–
For the year ended 10/31/2022	$	27.04		(0.22	)		(2.72	)			(2.94	)		0.01			–
For the year ended 10/31/2021	$	23.82		(0.22	)		3.43				3.21			0.01			–
For the period 12/31/2019 ^(d) - 10/31/2020	$	24.44		(0.17	)		(0.47	)			(0.64	)		0.02			–
Innovator International Developed Power Buffer ETF - April
For the period 11/1/2022 - 4/30/2023	$	22.46		(0.10	)		2.40				2.30			0.03			–
For the year ended 10/31/2022	$	25.87		(0.20	)		(3.25	)			(3.45	)		0.04			–
For the period 3/31/2021 ^(d) - 10/31/2021	$	24.90		(0.13	)		1.08				0.95			0.02			–
Innovator International Developed Power Buffer ETF - July
For the period 11/1/2022 - 4/30/2023	$	22.08		(0.10	)		4.06				3.96			0.01			–
For the year ended 10/31/2022	$	24.68		(0.20	)		(2.42	)			(2.62	)		0.02			–
For the year ended 10/31/2021	$	22.73		(0.21	)		2.15				1.94			0.01			–
For the year ended 10/31/2020	$	23.43		(0.19	)		(0.30	)			(0.49	)		0.02			(0.23	)
For the period 6/28/2019 ^(d) - 10/31/2019	$	23.04		(0.06	)		0.43				0.37			0.02			–
Innovator International Developed Power Buffer ETF - October
For the period 11/1/2022 - 4/30/2023	$	22.20		(0.10	)		3.57				3.47		–		^(e)		–
For the year ended 10/31/2022	$	25.40		(0.20	)		(3.05	)	^(g)		(3.25	)		0.05			–
For the period 9/30/2021 ^(d) - 10/31/2021	$	24.97		(0.02	)		0.45				0.43			–	^(e)		–

^(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)	Amount represents less than $0.01 per share.
^(f)	Includes broker interest expense of 0.01%.
^(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.

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

246

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)

	4.86		$	28.97		20.18	%	$	204,242		0.85	%		(0.84	)%		0	%
	(2.93	)	$	24.11		(10.84	)%	$	65,688		0.85	%		(0.85	)%		0	%
	3.22		$	27.04		13.47	%	$	57,450		0.85	%		(0.85	)%		0	%
	(0.62	)	$	23.82		(2.52	)%	$	52,415		0.85	%		(0.85	)%		0	%

	2.33		$	24.79		10.39	%	$	224,998		0.85	%		(0.84	)%		0	%
	(3.41	)	$	22.46		(13.17	)%	$	43,236		0.85	%		(0.84	)%		0	%
	0.97		$	25.87		3.88	%	$	20,047		0.85	%		(0.85	)%		0	%

	3.97		$	26.05		17.97	%	$	110,041		0.85	%		(0.84	)%		0	%
	(2.60	)	$	22.08		(10.54	)%	$	188,757		0.85	%		(0.85	)%		0	%
	1.95		$	24.68		8.58	%	$	56,141		0.85	%		(0.85	)%		0	%
	(0.70	)	$	22.73		(2.04	)%	$	69,883		0.86	%^(f)		(0.86	)%		0	%
	0.39		$	23.43		1.70	%	$	63,851		0.85	%		(0.85	)%		99	%

	3.47		$	25.67		15.61	%	$	105,238		0.85	%		(0.84	)%		0	%
	(3.20	)	$	22.20		(12.60	)%	$	94,355		0.85	%		(0.85	)%		0	%
	0.43		$	25.40		1.72	%	$	9,525		0.85	%		(0.85	)%		0	%

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

247

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 Emerging Markets Power Buffer ETF - January
For the period 11/1/2022 - 4/30/2023	$	24.58		(0.12	)		3.58			3.46			0.01			–
For the year ended 10/31/2022	$	29.95		(0.25	)		(5.13	)		(5.38	)		0.01			–
For the year ended 10/31/2021	$	27.26		(0.27	)		2.94	^(f)		2.67			0.02			–
For the period 12/31/2019 ^(d) - 10/31/2020	$	26.80		(0.19	)		0.62	^(f)		0.43			0.03			–
Innovator Emerging Markets Power Buffer ETF - April
For the period 11/1/2022 - 4/30/2023	$	21.51		(0.10	)		2.79			2.69			0.01			–
For the year ended 10/31/2022	$	24.75		(0.21	)		(3.04	)		(3.25	)		0.01			–
For the period 3/31/2021 ^(d) - 10/31/2021	$	24.96		(0.13	)		(0.10	)^(f)		(0.23	)		0.02			–
Innovator Emerging Markets Power Buffer ETF - July
For the period 11/1/2022 - 4/30/2023	$	21.22		(0.10	)		1.95			1.85			0.01			–
For the year ended 10/31/2022	$	25.77		(0.21	)		(4.36	)		(4.57	)		0.02			–
For the year ended 10/31/2021	$	25.60		(0.23	)		0.39			0.16			0.01			–
For the year ended 10/31/2020	$	25.25		(0.22	)		0.71	^(f)		0.49			0.03			(0.17	)
For the period 6/28/2019 ^(d) - 10/31/2019	$	25.28		(0.07	)		0.02	^(f)		(0.05	)		0.02			–
Innovator Emerging Markets Power Buffer ETF - October
For the period 11/1/2022 - 4/30/2023	$	20.50		(0.10	)		2.75			2.65		–		^(e)		–
For the year ended 10/31/2022	$	25.23		(0.20	)		(4.56	)		(4.76	)		0.03			–
For the period 9/30/2021 ^(d) - 10/31/2021	$	24.99		(0.02	)		(0.26	)		0.24			–	^(e)		–

^(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)	Amount represents less than $0.01 per share.
^(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)	Includes broker interest expense of 0.01%.

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

248

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)

	3.47		$	28.05		14.11	%	$	115,692		0.89	%		(0.88	)%		0	%
	(5.37	)	$	24.58		(17.93	)%	$	55,915		0.89	%		(0.89	)%		0	%
	2.69		$	29.95		9.87	%	$	106,320		0.89	%		(0.89	)%		0	%
	0.46		$	27.26		1.71	%	$	27,940		0.89	%		(0.89	)%		0	%

	2.70		$	24.21		12.54	%	$	50,843		0.89	%		(0.88	)%		0	%
	(3.24	)	$	21.51		(13.08	)%	$	30,656		0.89	%		(0.89	)%		0	%
	(0.21	)	$	24.75		(0.84	)%	$	34,031		0.89	%		(0.89	)%		0	%

	1.86		$	23.08		8.78	%	$	91,178		0.89	%		(0.88	)%		0	%
	(4.55	)	$	21.22		(17.66	)%	$	54,643		0.89	%		(0.89	)%		0	%
	0.17		$	25.77		0.68	%	$	41,237		0.89	%		(0.89	)%		0	%
	0.35		$	25.60		2.04	%	$	35,197		0.90	%^(g)		(0.90	)%		0	%
	(0.03	)	$	25.25		(0.11	)%	$	43,559		0.89	%		(0.89	)%		31	%

	2.65		$	23.15		12.89	%	$	30,669		0.89	%		(0.88	)%		0	%
	(4.73	)	$	20.50		(18.75	)%	$	25,628		0.89	%		(0.89	)%		0	%
	0.24		$	25.23		0.98	%	$	5,047		0.89	%		(0.89	)%		0	%

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

249

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 Growth-100 Power Buffer ETF - January
For the period 11/1/2022 - 4/30/2023	$	35.60		(0.14	)		2.88			2.74			0.01		–
For the year ended 10/31/2022	$	42.07		(0.30	)		(6.19	)		(6.49	)		0.02		–
For the year ended 10/31/2021	$	37.44		(0.31	)		4.91			4.60			0.03		–
For the period 12/31/2019 ^(d) - 10/31/2020	$	34.94		(0.24	)		2.69			2.45			0.05		–
Innovator Growth-100 Power Buffer ETF - April
For the period 11/1/2022 - 4/30/2023	$	34.67		(0.14	)		4.58			4.44			0.02		–
For the year ended 10/31/2022	$	38.38		(0.29	)		(3.45	)		(3.74	)		0.03		–
For the year ended 10/31/2021	$	34.93		(0.29	)		3.71			3.42			0.03		–
For the period 3/31/2020 ^(d) - 10/31/2020	$	31.27		(0.16	)		3.77			3.61			0.05		–
Innovator Growth-100 Power Buffer ETF - July
For the period 11/1/2022 - 4/30/2023	$	43.06		(0.17	)		5.71			5.54			0.01		–
For the year ended 10/31/2022	$	47.65		(0.35	)		(4.28	)		(4.63	)		0.04		–
For the year ended 10/31/2021	$	42.23		(0.36	)		5.74			5.38			0.04		–
For the period 6/30/2020 ^(d) - 10/31/2020	$	40.64		(0.11	)		1.67			1.56			0.03		–
Innovator Growth-100 Power Buffer ETF - October
For the period 11/1/2022 - 4/30/2023	$	35.28		(0.14	)		4.53			4.39			0.01		–
For the year ended 10/31/2022	$	40.07		(0.30	)		(4.51	)		(4.81	)		0.02		–
For the year ended 10/31/2021	$	33.53		(0.30	)		6.82			6.52			0.02		–
For the year ended 10/31/2020	$	31.70		(0.26	)		2.39			2.13			0.05		(0.35	)
For the period 9/30/2019 ^(d) - 10/31/2019	$	31.01		(0.02	)		0.70			0.68			0.01		–

^(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 0.02%.

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

250

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)

	2.75		$	38.35		7.71	%	$	94,908		0.79	%		(0.78	)%		0	%
	(6.47	)	$	35.60		(15.37	)%	$	82,777		0.79	%		(0.79	)%		0	%
	4.63		$	42.07		12.36	%	$	87,297		0.79	%		(0.79	)%		0	%
	2.50		$	37.44		7.16	%	$	39,315		0.79	%		(0.79	)%		0	%

	4.46		$	39.13		12.88	%	$	111,526		0.79	%		(0.78	)%		0	%
	(3.71	)	$	34.67		(9.67	)%	$	52,866		0.79	%		(0.79	)%		0	%
	3.45		$	38.38		9.87	%	$	41,254		0.79	%		(0.79	)%		0	%
	3.66		$	34.93		11.69	%	$	15,717		0.79	%		(0.79	)%		0	%

	5.55		$	48.61		12.91	%	$	76,566		0.79	%		(0.78	)%		0	%
	(4.59	)	$	43.06		(9.64	)%	$	118,404		0.79	%		(0.79	)%		0	%
	5.42		$	47.65		12.83	%	$	55,986		0.79	%		(0.79	)%		0	%
	1.59		$	42.23		3.91	%	$	57,011		0.79	%		(0.79	)%		0	%

	4.40		$	39.68		12.49	%	$	85,521		0.79	%		(0.78	)%		0	%
	(4.79	)	$	35.28		(11.95	)%	$	80,965		0.79	%		(0.79	)%		0	%
	6.54		$	40.07		19.51	%	$	77,928		0.79	%		(0.79	)%		0	%
	1.83		$	33.53		6.92	%	$	40,566		0.81	%^(e)		(0.81	)%		0	%
	0.69		$	31.70		2.21	%	$	26,149		0.79	%		(0.79	)%		0	%

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

251

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. Small Cap Power Buffer ETF - January
For the period 11/1/2022 - 4/30/2023	$	30.28		(0.12	)		0.35			0.23			0.01			–
For the year ended 10/31/2022	$	31.76		(0.24	)		(1.26	)		(1.50	)		0.02			–
For the year ended 10/31/2021	$	26.18		(0.24	)		5.78			5.54			0.04			–
For the period 12/31/2019 ^(d) - 10/31/2020	$	26.70		(0.17	)		(0.40	)		(0.57	)		0.05			–
Innovator U.S. Small Cap Power Buffer ETF - April
For the period 11/1/2022 - 4/30/2023	$	25.52		(0.10	)		0.93			0.83			0.01			–
For the year ended 10/31/2022	$	27.83		(0.20	)		(2.12	)		(2.32	)		0.01			–
For the year ended 10/31/2021	$	26.00		(0.22	)		2.03			1.81			0.02			–
For the period 3/31/2020 ^(d) - 10/31/2020	$	23.05		(0.12	)		3.05			2.93			0.02			–
Innovator U.S. Small Cap Power Buffer ETF - July
For the period 11/1/2022 - 4/30/2023	$	24.48		(0.10	)		(0.03	)		(0.13	)	–		^(e)		–
For the year ended 10/31/2022	$	26.70		(0.20	)		(2.03	)		(2.23	)		0.01			–
For the year ended 10/31/2021	$	23.91		(0.21	)		2.99			2.78			0.01			–
For the period 6/30/2020 ^(d) - 10/31/2020	$	23.07		(0.06	)		0.89			0.83			0.01			–
Innovator U.S. Small Cap Power Buffer ETF - October
For the period 11/1/2022 - 4/30/2023	$	25.37		(0.10	)		0.46			0.36			0.01			–
For the year ended 10/31/2022	$	27.65		(0.20	)		(2.10	)		(2.30	)		0.02			–
For the year ended 10/31/2021	$	24.08		(0.21	)		3.77			3.56			0.01			–
For the year ended 10/31/2020	$	24.71		(0.19	)		(0.26	)		(0.45	)		0.02			(0.20	)
For the period 9/30/2019 ^(d) - 10/31/2019	$	24.38		(0.01	)		0.33			0.32			0.01			–

^(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)	Amount represents less than $0.01 per share.

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

252

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)

	0.24		$	30.52		0.79	%	$	175,495		0.79	%		(0.78	)%		0	%
	(1.48	)	$	30.28		(4.65	)%	$	79,491		0.79	%		(0.79	)%		0	%
	5.58		$	31.76		21.31	%	$	84,958		0.79	%		(0.79	)%		0	%
	(0.52	)	$	26.18		(1.95	)%	$	165,588		0.79	%		(0.79	)%		0	%

	0.84		$	26.36		3.29	%	$	126,523		0.79	%		(0.78	)%		0	%
	(2.31	)	$	25.52		(8.29	)%	$	84,855		0.79	%		(0.79	)%		0	%
	1.83		$	27.83		7.04	%	$	84,876		0.79	%		(0.79	)%		0	%
	2.95		$	26.00		12.79	%	$	33,147		0.79	%		(0.79	)%		0	%

	(0.13	)	$	24.35		(0.51	)%	$	69,410		0.79	%		(0.77	)%		0	%
	(2.22	)	$	24.48		(8.30	)%	$	78,335		0.79	%		(0.79	)%		0	%
	2.79		$	26.70		11.64	%	$	74,083		0.79	%		(0.79	)%		0	%
	0.84		$	23.91		3.66	%	$	23,316		0.79	%		(0.79	)%		0	%

	0.37		$	25.74		1.47	%	$	75,936		0.79	%		(0.78	)%		0	%
	(2.28	)	$	25.37		(8.24	)%	$	72,937		0.79	%		(0.79	)%		0	%
	3.57		$	27.65		14.79	%	$	36,632		0.79	%		(0.79	)%		0	%
	(0.63	)	$	24.08		(1.73	)%	$	48,170		0.79	%		(0.79	)%		0	%
	0.33		$	24.71		1.35	%	$	27,179		0.79	%		(0.74	)%		0	%

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

253

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 Double Stacker ETF - January
For the period 11/1/2022 - 4/30/2023	$	24.24		(0.09	)		2.73			2.64			0.01
For the year ended 10/31/2022	$	29.76		(0.21	)		(5.32	)		(5.53	)		0.01
For the period 12/31/2020 ^(d) - 10/31/2021	$	25.43		(0.18	)		4.50			4.32			0.01
Innovator Double Stacker ETF - October
For the period 11/1/2022 - 4/30/2023	$	26.81		(0.11	)		3.62			3.51		–		^(e)
For the year ended 10/31/2022	$	32.64		(0.24	)		(5.60	)		(5.84	)		0.01
For the year ended 10/31/2021	$	24.84		(0.23	)		8.01			7.78			0.02
For the period 9/30/2020 ^(d) - 10/31/2020	$	25.47		(0.02	)		(0.64	)		(0.66	)		0.03
Innovator Triple Stacker ETF - January
For the period 11/1/2022 - 4/30/2023	$	23.96		(0.09	)		2.10			2.01			0.01
For the year ended 10/31/2022	$	29.40		(0.22	)		(5.25	)		(5.47	)		0.03
For the period 12/31/2020 ^(d) - 10/31/2021	$	25.42		(0.18	)		4.14			3.96			0.02
Innovator Triple Stacker ETF - October
For the period 11/1/2022 - 4/30/2023	$	26.38		(0.11	)		2.89			2.78		–		^(e)
For the year ended 10/31/2022	$	31.81		(0.24	)		(5.22	)		(5.46	)		0.03
For the year ended 10/31/2021	$	25.00		(0.23	)		7.02			6.79			0.02
For the period 9/30/2020 ^(d) - 10/31/2020	$	25.46		(0.02	)		(0.45	)		(0.47	)		0.01

^(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)	Amount represents less than $0.01 per share.
^(f)	Includes broker interest expense of 0.01%.

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

254

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)

	2.65		$	26.89		10.94	%	$	2,689		0.79	%		(0.75	)%		0	%
	(5.52	)	$	24.24		(18.56	)%	$	3,030		0.79	%		(0.79	)%		0	%
	4.33		$	29.76		17.04	%	$	6,697		0.79	%		(0.79	)%		0	%

	3.51		$	30.32		13.12	%	$	4,548		0.79	%		(0.76	)%		0	%
	(5.83	)	$	26.81		(17.86	)%	$	4,021		0.79	%		(0.79	)%		0	%
	7.80		$	32.64		31.36	%	$	8,975		0.79	%		(0.79	)%		0	%
	(0.63	)	$	24.84		(2.46	)%	$	11,801		0.80	%^(f)		(0.80	)%		0	%

	2.02		$	25.98		8.42	%	$	5,195		0.79	%		(0.77	)%		0	%
	(5.44	)	$	23.96		(18.53	)%	$	5,989		0.79	%		(0.79	)%		0	%
	3.98		$	29.40		15.68	%	$	44,107		0.79	%		(0.79	)%		0	%

	2.78		$	29.16		10.53	%	$	6,561		0.79	%		(0.77	)%		0	%
	(5.43	)	$	26.38		(17.08	)%	$	5,276		0.79	%		(0.79	)%		0	%
	6.81		$	31.81		27.25	%	$	16,702		0.79	%		(0.79	)%		0	%
	(0.46	)	$	25.00		(1.80	)%	$	6,875		0.79	%		(0.79	)%		0	%

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

255

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 Double Stacker 9 Buffer ETF - January
For the period 11/1/2022 - 4/30/2023	$	25.20		(0.10	)		2.14			2.04			0.01
For the year ended 10/31/2022	$	28.09		(0.21	)		(2.70	)		(2.91	)		0.02
For the period 12/31/2020 ^(d) - 10/31/2021	$	25.42		(0.18	)		2.83			2.65			0.02
Innovator Double Stacker 9 Buffer ETF - October
For the period 11/1/2022 - 4/30/2023	$	27.33		(0.11	)		2.86			2.75		–		^(e)
For the year ended 10/31/2022	$	29.74		(0.23	)		(2.19	)		(2.42	)		0.01
For the year ended 10/31/2021	$	24.96		(0.22	)		4.99			4.77			0.01
For the period 9/30/2020 ^(d) - 10/31/2020	$	25.46		(0.02	)		(0.51	)		(0.53	)		0.03
Innovator 20+ Year Treasury Bond 9 Buffer ETF - July
For the period 11/1/2022 - 4/30/2023	$	18.67		(0.08	)		2.01			1.93		–		^(e)
For the year ended 10/31/2022	$	24.46		(0.17	)		(5.67	)		(5.84	)		0.05
For the year ended 10/31/2021	$	24.32		(0.17	)		0.30	^(g)		0.13			0.01
For the period 8/17/2020 ^(d) - 10/31/2020	$	24.87		(0.04	)		(0.52	)		(0.56	)		0.01
Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly
For the period 11/1/2022 - 4/30/2023	$	19.85		(0.08	)		1.30			1.22			0.02
For the year ended 10/31/2022	$	23.72		(0.17	)		(3.74	)		(3.91	)		0.04
For the year ended 10/31/2021	$	24.43		(0.19	)		(0.56	)^(g)		(0.75	)		0.04
For the period 8/17/2020 ^(d) - 10/31/2020	$	24.87		(0.04	)		(0.42	)		(0.46	)		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)	Amount represents less than $0.01 per share.
^(f)	Includes broker interest expense of 0.01%.
^(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.

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

256

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)

	2.05		$	27.25		8.13	%	$	6,812		0.79	%		(0.78	)%		0	%
	(2.89	)	$	25.20		(10.29	)%	$	8,190		0.79	%		(0.79	)%		0	%
	2.67		$	28.09		10.50	%	$	13,342		0.79	%		(0.79	)%		0	%

	2.75		$	30.08		10.04	%	$	14,287		0.79	%		(0.78	)%		0	%
	(2.41	)	$	27.33		(8.09	)%	$	14,350		0.79	%		(0.79	)%		0	%
	4.78		$	29.74		19.14	%	$	21,562		0.79	%		(0.79	)%		0	%
	(0.50	)	$	24.96		(1.95	)%	$	31,204		0.79	%		(0.79	)%		0	%

	1.93		$	20.60		10.37	%	$	56,663		0.79	%		(0.78	)%		0	%
	(5.79	)	$	18.67		(23.67	)%	$	32,204		0.79	%		(0.79	)%		0	%
	0.14		$	24.46		0.55	%	$	4,892		0.79	%		(0.72	)%		0	%
	(0.55	)	$	24.32		(2.19	)%	$	5,473		0.79	%		(0.79	)%		0	%

	1.24		$	21.09		6.26	%	$	7,910		0.79	%		(0.79	)%		0	%
	(3.87	)	$	19.85		(16.32	)%	$	20,347		0.79	%		(0.79	)%		0	%
	0.71		$	23.72		(2.87	)%	$	9,489		0.79	%		(0.79	)%		0	%
	(0.44	)	$	24.43		(1.79	)%	$	3,053		0.80	%^(f)		(0.80	)%		0	%

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

257

INNOVATOR ETFs TRUST

Financial Highlights

Per Share Operating Performance (For a share outstanding throughout

			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 Accelerated ETF - January
For the period 11/1/2022 - 4/30/2023	$	19.87		(0.08	)		2.04			1.96			0.01
For the period 12/31/2021 ^(d) - 10/31/2022	$	24.71		(0.14	)		(4.71	)		(4.85	)		0.01
Innovator U.S. Equity Accelerated ETF - April
For the period 11/1/2022 - 4/30/2023	$	25.04		(0.10	)		2.10			2.00		–		^(e)
For the year ended 10/31/2022	$	28.38		(0.21	)		(3.13	)		(3.34	)	–		^(e)
For the period 3/31/2021 ^(d) - 10/31/2021	$	25.37		(0.13	)		3.13			3.00			0.01
Innovator U.S. Equity Accelerated ETF - July
For the period 11/1/2022 - 4/30/2023	$	23.15		(0.09	)		3.33			3.24		–		^(e)
For the year ended 10/31/2022	$	27.23		(0.20	)		(3.89	)		(4.09	)		0.01
For the period 6/30/2021 ^(d) - 10/31/2021	$	25.69		(0.07	)		1.61			1.54			–	^(e)
Innovator U.S. Equity Accelerated ETF - October
For the period 11/1/2022 - 4/30/2023	$	20.96		(0.09	)		2.62			2.53		–		^(e)
For the year ended 10/31/2022	$	25.28		(0.17	)		(4.20	)		(4.37	)		0.05
For the period 9/30/2021 ^(d) - 10/31/2021	$	24.05		(0.02	)		1.25			1.23			–

^(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)	Amount represents less than $0.01 per share.

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

258

INNOVATOR ETFs TRUST

each period)

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)

	1.97		$	21.84		9.92	%	$	10,373		0.79	%		(0.77	)%		0	%
	(4.84	)	$	19.87		(19.60	)%	$	3,974		0.79	%		(0.79	)%		0	%

	2.00		$	27.04		7.99	%	$	4,055		0.79	%		(0.76	)%		0	%
	(3.34	)	$	25.04		(11.78	)%	$	3,755		0.79	%		(0.79	)%		0	%
	3.01		$	28.38		11.86	%	$	7,804		0.79	%		(0.79	)%		0	%

	3.24		$	26.39		13.98	%	$	2,639		0.79	%		(0.74	)%		0	%
	(4.08	)	$	23.15		(14.97	)%	$	3,472		0.79	%		(0.78	)%		0	%
	1.54		$	27.23		5.98	%	$	3,403		0.79	%		(0.79	)%		0	%

	2.53		$	23.49		12.09	%	$	40,520		0.79	%		(0.78	)%		0	%
	(4.32	)	$	20.96		(17.10	)%	$	35,627		0.79	%		(0.79	)%		0	%
	1.23		$	25.28		5.11	%	$	1,896		0.79	%		(0.85	)%		0	%

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

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INNOVATOR ETFs TRUST

Financial Highlights

Per Share Operating Performance (For a share outstanding throughout

			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 Accelerated Plus ETF - January
For the period 11/1/2022 - 4/30/2023	$	19.87		(0.08	)		1.95				1.87			0.01
For the period 12/31/2021 ^(d) - 10/31/2022	$	24.71		(0.14	)		(4.72	)			(4.86	)		0.02
Innovator U.S. Equity Accelerated Plus ETF - April
For the period 11/1/2022 - 4/30/2023	$	24.90		(0.10	)		1.99				1.89			0.01
For the year ended 10/31/2022	$	28.19		(0.22	)		(3.10	)	^(f)		(3.32	)		0.03
For the period 3/31/2021 ^(d) - 10/31/2021	$	25.37		(0.13	)		2.94				2.81			0.01
Innovator U.S. Equity Accelerated Plus ETF - July
For the period 11/1/2022 - 4/30/2023	$	23.10		(0.09	)		3.37				3.28		–		^(e)
For the year ended 10/31/2022	$	27.11		(0.19	)		(3.84	)			(4.03	)		0.02
For the period 6/30/2021 ^(d) - 10/31/2021	$	25.68		(0.07	)		1.49				1.42			0.01
Innovator U.S. Equity Accelerated Plus ETF - October
For the period 11/1/2022 - 4/30/2023	$	20.84		(0.08	)		2.49				2.41		–		^(e)
For the year ended 10/31/2022	$	25.30		(0.18	)		(4.31	)			(4.49	)		0.03
For the period 9/30/2021 ^(d) - 10/31/2021	$	24.05		(0.02	)		1.27				1.25			–

^(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)	Amount represents less than $0.01 per share.
^(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.

260

INNOVATOR ETFs TRUST

each period)

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)

	1.88		$	21.75		9.47	%	$	11,420		0.79	%		(0.78	)%		0	%
	(4.84	)	$	19.87		(19.59	)%	$	4,967		0.79	%		(0.79	)%		0	%

	1.90		$	26.80		7.64	%	$	4,020		0.79	%		(0.77	)%		0	%
	(3.29	)	$	24.90		(11.67	)%	$	3,735		0.79	%		(0.79	)%		0	%
	2.82		$	28.19		11.11	%	$	8,457		0.79	%		(0.79	)%		0	%

	3.28		$	26.38		14.21	%	$	11,870		0.79	%		(0.78	)%		0	%
	(4.01	)	$	23.10		(14.80	)%	$	12,703		0.79	%		(0.79	)%		0	%
	1.43		$	27.11		5.56	%	$	9,488		0.79	%		(0.79	)%		0	%

	2.41		$	23.25		11.58	%	$	21,507		0.79	%		(0.78	)%		0	%
	(4.46	)	$	20.84		(17.63	)%	$	15,108		0.79	%		(0.79	)%		0	%
	1.25		$	25.30		5.20	%	$	2,530		0.79	%		(0.83	)%		0	%

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

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INNOVATOR ETFs TRUST

Financial Highlights

Per Share Operating Performance (For a share outstanding throughout

			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 Accelerated 9 Buffer ETF - January
For the period 11/1/2022 - 4/30/2023	$	22.00		(0.09	)		1.72				1.63			0.01
For the period 12/31/2021 ^(d) - 10/31/2022	$	24.70		(0.15	)		(2.57	)			(2.72	)		0.02
Innovator U.S. Equity Accelerated 9 Buffer ETF - April
For the period 11/1/2022 - 4/30/2023	$	25.30		(0.10	)		2.58				2.48			0.02
For the year ended 10/31/2022	$	27.09		(0.21	)		(1.59	)			(1.80	)		0.01
For the period 3/31/2021 ^(d) - 10/31/2021	$	25.37		(0.12	)		1.83				1.71			0.01
Innovator U.S. Equity Accelerated 9 Buffer ETF - July
For the period 11/1/2022 - 4/30/2023	$	25.28		(0.10	)		2.75				2.65		–		^(e)
For the year ended 10/31/2022	$	26.49		(0.20	)		(1.04	)			(1.24	)		0.03
For the period 6/30/2021 ^(d) - 10/31/2021	$	25.68		(0.07	)		0.87				0.80			0.01
Innovator U.S. Equity Accelerated 9 Buffer ETF - October
For the period 11/1/2022 - 4/30/2023	$	22.82		(0.09	)		2.20				2.11		–		^(e)
For the year ended 10/31/2022	$	24.77		(0.19	)		(1.80	)	^(f)		(1.99	)		0.04
For the period 9/30/2021 ^(d) - 10/31/2021	$	24.04		(0.02	)		0.74				0.72			0.01

^(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)	Amount represents less than $0.01 per share.
^(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.

262

INNOVATOR ETFs TRUST

each period)

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)

	1.64		$	23.64		7.45	%	$	60,871		0.79	%		(0.78	)%		0	%
	(2.70	)	$	22.00		(10.93	)%	$	14,300		0.79	%		(0.79	)%		0	%

	2.50		$	27.80		9.88	%	$	52,818		0.79	%		(0.77	)%		0	%
	(1.79	)	$	25.30		(6.61	)%	$	19,606		0.79	%		(0.79	)%		0	%
	1.72		$	27.09		6.77	%	$	19,639		0.79	%		(0.79	)%		0	%

	2.65		$	27.93		10.48	%	$	33,521		0.79	%		(0.78	)%		0	%
	(1.21	)	$	25.28		(4.56	)%	$	32,237		0.79	%		(0.79	)%		0	%
	0.81		$	26.49		3.16	%	$	10,597		0.79	%		(0.79	)%		0	%

	2.11		$	24.93		9.23	%	$	49,862		0.79	%		(0.78	)%		0	%
	(1.95	)	$	22.82		(7.85	)%	$	35,948		0.79	%		(0.79	)%		0	%
	0.73		$	24.77		3.03	%	$	4,334		0.79	%		(0.82	)%		0	%

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

263

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Financial Highlights

Per Share Operating Performance (For a share outstanding throughout

			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 Growth Accelerated Plus ETF - January
For the period 11/1/2022 - 4/30/2023	$	17.61		(0.07	)		1.85			1.78			0.02
For the period 12/31/2021 ^(d) - 10/31/2022	$	25.46		(0.13	)		(7.74	)		(7.87	)		0.02
Innovator Growth Accelerated Plus ETF - April
For the period 11/1/2022 - 4/30/2023	$	23.41		(0.09	)		3.92			3.83			0.02
For the year ended 10/31/2022	$	29.53		(0.22	)		(5.90	)		(6.12	)	–		^(e)
For the period 3/31/2021 ^(d) - 10/31/2021	$	25.53		(0.13	)		4.11			3.98			0.02
Innovator Growth Accelerated Plus ETF - July
For the period 11/1/2022 - 4/30/2023	$	19.99		(0.08	)		4.23			4.15		–		^(e)
For the year ended 10/31/2022	$	27.50		(0.18	)		(7.35	)		(7.53	)		0.02
For the period 6/30/2021 ^(d) - 10/31/2021	$	25.52		(0.07	)		2.05			1.98			–
Innovator Growth Accelerated Plus ETF - October
For the period 11/1/2022 - 4/30/2023	$	18.52		(0.08	)		3.20			3.12			0.01
For the year ended 10/31/2022	$	25.70		(0.18	)		(7.01	)		(7.19	)		0.01
For the period 9/30/2021 ^(d) - 10/31/2021	$	24.32		(0.02	)		1.40			1.38			–	^(e)

^(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)	Amount represents less than $0.01 per share.

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

264

INNOVATOR ETFs TRUST

each period)

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)

	1.80		$	19.41		10.27	%	$	33,003		0.79	%		(0.78	)%		0	%
	(7.85	)	$	17.61		(30.85	)%	$	4,401		0.79	%		(0.79	)%		0	%

	3.85		$	27.26		16.45	%	$	9,541		0.79	%		(0.76	)%		0	%
	(6.12	)	$	23.41		(20.72	)%	$	7,023		0.79	%		(0.79	)%		0	%
	4.00		$	29.53		15.66	%	$	18,454		0.79	%		(0.79	)%		0	%

	4.15		$	24.14		20.75	%	$	7,845		0.79	%		(0.78	)%		0	%
	(7.51	)	$	19.99		(27.30	)%	$	17,992		0.79	%		(0.79	)%		0	%
	1.98		$	27.50		7.75	%	$	8,250		0.79	%		(0.79	)%		0	%

	3.13		$	21.65		16.91	%	$	12,450		0.79	%		(0.78	)%		0	%
	(7.18	)	$	18.52		(27.95	)%	$	6,019		0.79	%		(0.79	)%		0	%
	1.38		$	25.70		5.69	%	$	2,570		0.79	%		(0.82	)%		0	%

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

265

INNOVATOR ETFs TRUST

Financial Highlights

Per Share Operating Performance (For a share outstanding throughout

			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 Defined Wealth Shield ETF
For the period 11/1/2022 - 4/30/2023	$	26.17		(0.09	)		1.31			1.22			0.01
For the year ended 10/31/2022	$	25.86		(0.18	)		0.46			0.28			0.03
For the period 6/30/2021 ^(d) - 10/31/2021	$	25.69		(0.06	)		0.20	^(f)		0.14			0.03
Innovator U.S. Equity Accelerated ETF - Quarterly
For the period 11/1/2022 - 4/30/2023	$	22.88		(0.10	)		4.43			4.33			0.01
For the year ended 10/31/2022	$	28.25		(0.20	)		(5.19	)		(5.39	)		0.02
For the period 3/31/2021 ^(d) - 10/31/2021	$	25.37		(0.13	)		3.00			2.87			0.01
Innovator Growth Accelerated ETF - Quarterly
For the period 11/1/2022 - 4/30/2023	$	21.26		(0.08	)		1.95			1.87		–		^(e)
For the year ended 10/31/2022	$	29.88		(0.20	)		(8.43	)		(8.63	)		0.01
For the period 3/31/2021 ^(d) - 10/31/2021	$	25.53		(0.13	)		4.47			4.34			0.01

^(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)	Amount represents less than $0.01 per share.
^(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.

266

INNOVATOR ETFs TRUST

each period)

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)

	1.23		$	27.40		4.68	%	$	378,056		0.69	%		(0.68	)%		0	%
	0.31		$	26.17		1.21	%	$	256,462		0.69	%		(0.69	)%		0	%
	0.17		$	25.86		0.65	%	$	29,088		0.69	%		(0.69	)%		0	%

	4.34		$	27.22		18.95	%	$	20,412		0.79	%		(0.78	)%		0	%
	(5.37	)	$	22.88		(19.02	)%	$	11,440		0.79	%		(0.79	)%		0	%
	2.88		$	28.25		11.37	%	$	13,421		0.79	%		(0.79	)%		0	%

	1.87		$	23.13		8.81	%	$	10,986		0.79	%		(0.78	)%		0	%
	(8.62	)	$	21.26		(28.85	)%	$	18,067		0.79	%		(0.79	)%		0	%
	4.35		$	29.88		17.02	%	$	15,685		0.79	%		(0.79	)%		0	%

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

267

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited)

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

Name	Ticker	Commencement of Operations	Tracking Fund
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 - October	IOCT	September 30, 2021	iShares MSCI EAFE ETF
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 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 Double Stacker ETF - January	DSJA	December 31, 2020	SPDR S&P 500® ETF Trust and Invesco QQQ Trust
Innovator Double Stacker ETF - October	DSOC	September 30, 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 Triple Stacker ETF - October	TSOC	September 30, 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 Double Stacker 9 Buffer ETF - October	DBOC	September 30, 2020	SPDR S&P 500® ETF Trust and Invesco QQQ Trust
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 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 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

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Notes to Financial Statements (Unaudited) (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 Power Buffer ETF (b)	BUFF	October 19, 2016	Refinitiv Laddered Power Buffer Strategy Index
Innovator Laddered Allocation Buffer ETF (c)	BUFB	February 8, 2022	MerQube U.S. Large Cap Equity Buffer Laddered 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 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

269

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Notes to Financial Statements (Unaudited) (Continued)

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.

270

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Notes to Financial Statements (Unaudited) (Continued)

2.	SIGNIFICANT ACCOUNTING POLICIES

Valuation:

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Notes to Financial Statements (Unaudited) (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.

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Notes to Financial Statements (Unaudited) (Continued)

The following table summarizes valuation of the Funds’ investments under the fair value hierarchy levels as of April 30, 2023:

IJAN
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	209,360,578	$	–	$	209,360,578
Short Term Investments		400,014		–		–		400,014
Total Assets	$	400,014	$	209,360,578	$	–	$	209,760,592

Liabilities
Options Written	$	–	$	5,411,768	$	–	$	5,411,768
Total Liabilities	$	–	$	5,411,768	$	–	$	5,411,768

IAPR
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	232,806,209	$	–	$	232,806,209
Short Term Investments		452,950		–		–		452,950
Total Assets	$	452,950	$	232,806,209	$	–	$	233,259,159

Liabilities
Options Written	$	–	$	8,147,032	$	–	$	8,147,032
Total Liabilities	$	–	$	8,147,032	$	–	$	8,147,032

IJUL
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	111,250,300	$	–	$	111,250,300
Short Term Investments		189,335		–		–		189,335
Total Assets	$	189,335	$	111,250,300	$	–	$	111,439,635

Liabilities
Options Written	$	–	$	1,357,840	$	–	$	1,357,840
Total Liabilities	$	–	$	1,357,840	$	–	$	1,357,840

IOCT
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	113,990,001	$	–	$	113,990,001
Short Term Investments		202,834		–		–		202,834
Total Assets	$	202,834	$	113,990,001	$	–	$	114,192,835

Liabilities
Options Written	$	–	$	8,882,047	$	–	$	8,882,047
Total Liabilities	$	–	$	8,882,047	$	–	$	8,882,047

EJAN
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	118,158,145	$	–	$	118,158,145
Short Term Investments		205,718		–		–		205,718
Total Assets	$	205,718	$	118,158,145	$	–	$	118,363,863

Liabilities
Options Written	$	–	$	2,588,410	$	–	$	2,588,410
Total Liabilities	$	–	$	2,588,410	$	–	$	2,588,410

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Notes to Financial Statements (Unaudited) (Continued)

EAPR
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	53,386,170	$	–	$	53,386,170
Short Term Investments		90,012		–		–		90,012
Total Assets	$	90,012	$	53,386,170	$	–	$	53,476,182

Liabilities
Options Written	$	–	$	2,599,640	$	–	$	2,599,640
Total Liabilities	$	–	$	2,599,640	$	–	$	2,599,640

EJUL
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	91,542,605	$	–	$	91,542,605
Short Term Investments		164,748		–		–		164,748
Total Assets	$	164,748	$	91,542,605	$	–	$	91,707,353

Liabilities
Options Written	$	–	$	464,656	$	–	$	464,656
Total Liabilities	$	–	$	464,656	$	–	$	464,656

EOCT
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	31,079,947	$	–	$	31,079,947
Short Term Investments		45,179		–		–		45,179
Total Assets	$	45,179	$	31,079,947	$	–	$	31,125,126

Liabilities
Options Written	$	–	$	433,901	$	–	$	433,901
Total Liabilities	$	–	$	433,901	$	–	$	433,901

NJAN
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	104,643,560	$	–	$	104,643,560
Short Term Investments		200,063		–		–		200,063
Total Assets	$	200,063	$	104,643,560	$	–	$	104,843,623

Liabilities
Options Written	$	–	$	9,933,700	$	–	$	9,933,700
Total Liabilities	$	–	$	9,933,700	$	–	$	9,933,700

NAPR
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	118,036,069	$	–	$	118,036,069
Short Term Investments		279,400		–		–		279,400
Total Assets	$	279,400	$	118,036,069	$	–	$	118,315,469

Liabilities
Options Written	$	–	$	6,733,361	$	–	$	6,733,361
Total Liabilities	$	–	$	6,733,361	$	–	$	6,733,361

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Notes to Financial Statements (Unaudited) (Continued)

NJUL
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	77,721,533	$	–	$	77,721,533
Short Term Investments		184,867		–		–		184,867
Total Assets	$	184,867	$	77,721,533	$	–	$	77,906,400

Liabilities
Options Written	$	–	$	1,289,449	$	–	$	1,289,449
Total Liabilities	$	–	$	1,289,449	$	–	$	1,289,449

NOCT
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	90,605,596	$	–	$	90,605,596
Short Term Investments		203,590		–		–		203,590
Total Assets	$	203,590	$	90,605,596	$	–	$	90,809,186

Liabilities
Options Written	$	–	$	5,232,824	$	–	$	5,232,824
Total Liabilities	$	–	$	5,232,824	$	–	$	5,232,824

KJAN
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	180,332,790	$	–	$	180,332,790
Short Term Investments		464,809		–		–		464,809
Total Assets	$	464,809	$	180,332,790	$	–	$	180,797,599

Liabilities
Options Written	$	–	$	5,191,324	$	–	$	5,191,324
Total Liabilities	$	–	$	5,191,324	$	–	$	5,191,324

KAPR
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	132,448,951	$	–	$	132,448,951
Short Term Investments		330,479		–		–		330,479
Total Assets	$	330,479	$	132,448,951	$	–	$	132,779,430

Liabilities
Options Written	$	–	$	6,192,097	$	–	$	6,192,097
Total Liabilities	$	–	$	6,192,097	$	–	$	6,192,097

KJUL
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	69,524,255	$	–	$	69,524,255
Short Term Investments		177,008		–		–		177,008
Total Assets	$	177,008	$	69,524,255	$	–	$	69,701,263

Liabilities
Options Written	$	–	$	246,289	$	–	$	246,289
Total Liabilities	$	–	$	246,289	$	–	$	246,289

276

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Notes to Financial Statements (Unaudited) (Continued)

KOCT
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	76,897,048	$	–	$	76,897,048
Short Term Investments		187,894		–		–		187,894
Total Assets	$	187,894	$	76,897,048	$	–	$	77,084,942

Liabilities
Options Written	$	–	$	1,099,009	$	–	$	1,099,009
Total Liabilities	$	–	$	1,099,009	$	–	$	1,099,009

DSJA
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	3,208,556	$	–	$	3,208,556
Short Term Investments		18,876		–		–		18,876
Total Assets	$	18,876	$	3,208,556	$	–	$	3,227,432

Liabilities
Options Written	$	–	$	536,824	$	–	$	536,824
Total Liabilities	$	–	$	536,824	$	–	$	536,824

DSOC
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	5,346,455	$	–	$	5,346,455
Short Term Investments		18,992		–		–		18,992
Total Assets	$	18,992	$	5,346,455	$	–	$	5,365,447

Liabilities
Options Written	$	–	$	814,466	$	–	$	814,466
Total Liabilities	$	–	$	814,466	$	–	$	814,466

TSJA
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	6,711,498	$	–	$	6,711,498
Short Term Investments		51,455		–		–		51,455
Total Assets	$	51,455	$	6,711,498	$	–	$	6,762,953

Liabilities
Options Written	$	–	$	1,564,610	$	–	$	1,564,610
Total Liabilities	$	–	$	1,564,610	$	–	$	1,564,610

TSOC
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	8,487,569	$	–	$	8,487,569
Short Term Investments		29,969		–		–		29,969
Total Assets	$	29,969	$	8,487,569	$	–	$	8,517,538

Liabilities
Options Written	$	–	$	1,952,821	$	–	$	1,952,821
Total Liabilities	$	–	$	1,952,821	$	–	$	1,952,821

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Notes to Financial Statements (Unaudited) (Continued)

DBJA
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	8,593,150	$	–	$	8,593,150
Short Term Investments		20,342		–		–		20,342
Total Assets	$	20,342	$	8,593,150	$	–	$	8,613,492

Liabilities
Options Written	$	–	$	1,797,230	$	–	$	1,797,230
Total Liabilities	$	–	$	1,797,230	$	–	$	1,797,230

DBOC
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	17,656,218	$	–	$	17,656,218
Short Term Investments		44,212		–		–		44,212
Total Assets	$	44,212	$	17,656,218	$	–	$	17,700,430

Liabilities
Options Written	$	–	$	3,404,310	$	–	$	3,404,310
Total Liabilities	$	–	$	3,404,310	$	–	$	3,404,310

TBJL
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	57,567,222	$	–	$	57,567,222
Short Term Investments		153,957		–		–		153,957
Total Assets	$	153,957	$	57,567,222	$	–	$	57,721,179

Liabilities
Options Written	$	–	$	1,022,929	$	–	$	1,022,929
Total Liabilities	$	–	$	1,022,929	$	–	$	1,022,929

TFJL
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	7,935,087	$	–	$	7,935,087
Short Term Investments		11,357		–		–		11,357
Total Assets	$	11,357	$	7,935,087	$	–	$	7,946,444

Liabilities
Options Written	$	–	$	31,627	$	–	$	31,627
Total Liabilities	$	–	$	31,627	$	–	$	31,627

XDJA
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	11,347,521	$	–	$	11,347,521
Short Term Investments		41,348		–		–		41,348
Total Assets	$	41,348	$	11,347,521	$	–	$	11,388,869

Liabilities
Options Written	$	–	$	1,009,333	$	–	$	1,009,333
Total Liabilities	$	–	$	1,009,333	$	–	$	1,009,333

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Notes to Financial Statements (Unaudited) (Continued)

XDAP
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	4,334,968	$	–	$	4,334,968
Short Term Investments		44,980		–		–		44,980
Total Assets	$	44,980	$	4,334,968	$	–	$	4,379,948

Liabilities
Options Written	$	–	$	322,595	$	–	$	322,595
Total Liabilities	$	–	$	322,595	$	–	$	322,595

XDJL
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	2,677,703	$	–	$	2,677,703
Short Term Investments		32,736		–		–		32,736
Total Assets	$	32,736	$	2,677,703	$	–	$	2,710,439

Liabilities
Options Written	$	–	$	70,246	$	–	$	70,246
Total Liabilities	$	–	$	70,246	$	–	$	70,246

XDOC
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	45,906,710	$	–	$	45,906,710
Short Term Investments		93,797		–		–		93,797
Total Assets	$	93,797	$	45,906,710	$	–	$	46,000,507

Liabilities
Options Written	$	–	$	5,454,636	$	–	$	5,454,636
Total Liabilities	$	–	$	5,454,636	$	–	$	5,454,636

XTJA
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	14,007,742	$	–	$	14,007,742
Short Term Investments		37,798		–		–		37,798
Total Assets	$	37,798	$	14,007,742	$	–	$	14,045,540

Liabilities
Options Written	$	–	$	2,618,683	$	–	$	2,618,683
Total Liabilities	$	–	$	2,618,683	$	–	$	2,618,683

XTAP
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	4,729,350	$	–	$	4,729,350
Short Term Investments		11,528		–		–		11,528
Total Assets	$	11,528	$	4,729,350	$	–	$	4,740,878

Liabilities
Options Written	$	–	$	718,968	$	–	$	718,968
Total Liabilities	$	–	$	718,968	$	–	$	718,968

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Notes to Financial Statements (Unaudited) (Continued)

XTJL
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	13,314,036	$	–	$	13,314,036
Short Term Investments		17,204		–		–		17,204
Total Assets	$	17,204	$	13,314,036	$	–	$	13,331,240

Liabilities
Options Written	$	–	$	1,453,455	$	–	$	1,453,455
Total Liabilities	$	–	$	1,453,455	$	–	$	1,453,455

XTOC
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	28,119,444	$	–	$	28,119,444
Short Term Investments		59,184		–		–		59,184
Total Assets	$	59,184	$	28,119,444	$	–	$	28,178,628

Liabilities
Options Written	$	–	$	6,657,760	$	–	$	6,657,760
Total Liabilities	$	–	$	6,657,760	$	–	$	6,657,760

XBJA
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	70,235,925	$	–	$	70,235,925
Short Term Investments		165,000		–		–		165,000
Total Assets	$	165,000	$	70,235,925	$	–	$	70,400,925

Liabilities
Options Written	$	–	$	9,491,931	$	–	$	9,491,931
Total Liabilities	$	–	$	9,491,931	$	–	$	9,491,931

XBAP
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	60,034,603	$	–	$	60,034,603
Short Term Investments		153,945		–		–		153,945
Total Assets	$	153,945	$	60,034,603	$	–	$	60,188,548

Liabilities
Options Written	$	–	$	7,343,666	$	–	$	7,343,666
Total Liabilities	$	–	$	7,343,666	$	–	$	7,343,666

XBJL
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	35,893,425	$	–	$	35,893,425
Short Term Investments		97,042		–		–		97,042
Total Assets	$	97,042	$	35,893,425	$	–	$	35,990,467

Liabilities
Options Written	$	–	$	2,448,798	$	–	$	2,448,798
Total Liabilities	$	–	$	2,448,798	$	–	$	2,448,798

280

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (Continued)

XBOC
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	59,547,706	$	–	$	59,547,706
Short Term Investments		131,520		–		–		131,520
Total Assets	$	131,520	$	59,547,706	$	–	$	59,679,226

Liabilities
Options Written	$	–	$	9,786,101	$	–	$	9,786,101
Total Liabilities	$	–	$	9,786,101	$	–	$	9,786,101

QTJA
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	49,684,780	$	–	$	49,684,780
Short Term Investments		106,688		–		–		106,688
Total Assets	$	106,688	$	49,684,780	$	–	$	49,791,468

Liabilities
Options Written	$	–	$	16,768,057	$	–	$	16,768,057
Total Liabilities	$	–	$	16,768,057	$	–	$	16,768,057

QTAP
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	11,504,667	$	–	$	11,504,667
Short Term Investments		32,893		–		–		32,893
Total Assets	$	32,893	$	11,504,667	$	–	$	11,537,560

Liabilities
Options Written	$	–	$	1,993,401	$	–	$	1,993,401
Total Liabilities	$	–	$	1,993,401	$	–	$	1,993,401

QTJL
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	9,502,303	$	–	$	9,502,303
Short Term Investments		43,056		–		–		43,056
Total Assets	$	43,056	$	9,502,303	$	–	$	9,545,359

Liabilities
Options Written	$	–	$	1,694,940	$	–	$	1,694,940
Total Liabilities	$	–	$	1,694,940	$	–	$	1,694,940

281

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (Continued)

QTOC
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	17,403,689	$	–	$	17,403,689
Short Term Investments		18,513		–		–		18,513
Total Assets	$	18,513	$	17,403,689	$	–	$	17,422,202

Liabilities
Options Written	$	–	$	4,964,488	$	–	$	4,964,488
Total Liabilities	$	–	$	4,964,488	$	–	$	4,964,488

BALT
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	386,101,620	$	–	$	386,101,620
Short Term Investments		513,208		–		–		513,208
Total Assets	$	513,208	$	386,101,620	$	–	$	386,614,828

Liabilities
Options Written	$	–	$	8,355,269	$	–	$	8,355,269
Total Liabilities	$	–	$	8,355,269	$	–	$	8,355,269

XDSQ
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	20,910,338	$	–	$	20,910,338
Short Term Investments		37,276		–		–		37,276
Total Assets	$	37,276	$	20,910,338	$	–	$	20,947,614

Liabilities
Options Written	$	–	$	524,294	$	–	$	524,294
Total Liabilities	$	–	$	524,294	$	–	$	524,294

XDQQ
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	11,258,816	$	–	$	11,258,816
Short Term Investments		37,761		–		–		37,761
Total Assets	$	37,761	$	11,258,816	$	–	$	11,296,577

Liabilities
Options Written	$	–	$	303,934	$	–	$	303,934
Total Liabilities	$	–	$	303,934	$	–	$	303,934

282

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (Continued)

There were no Level 3 investments for the Funds during the period ended April 30, 2023.

Option Contracts:

283

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (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.

284

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (Continued)

The value of derivative instruments on the Statements of Assets and Liabilities for the Funds as of April 30, 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
IJAN	$	209,360,578	$	5,411,768
IAPR		232,806,209		8,147,032
IJUL		111,250,300		1,357,840
IOCT		113,990,001		8,882,047
EJAN		118,158,145		2,588,410
EAPR		53,386,170		2,599,640
EJUL		91,542,605		464,656
EOCT		31,079,947		433,901
NJAN		104,643,560		9,933,700
NAPR		118,036,069		6,733,361
NJUL		77,721,533		1,289,449
NOCT		90,605,596		5,232,824
KJAN		180,332,790		5,191,324
KAPR		132,448,951		6,192,097
KJUL		69,524,255		246,289
KOCT		76,897,048		1,099,009
DSJA		3,208,556		536,824
DSOC		5,346,455		814,466
TSJA		6,711,498		1,564,610
TSOC		8,487,569		1,952,821
DBJA		8,593,150		1,797,230
DBOC		17,656,218		3,404,310
TBJL		57,567,222		1,022,929
TFJL		7,935,087		31,627
XDJA		11,347,521		1,009,333
XDAP		4,334,968		322,595
XDJL		2,677,703		70,246
XDOC		45,906,710		5,454,636
XTJA		14,007,742		2,618,683
XTAP		4,729,350		718,968
XTJL		13,314,036		1,453,455
XTOC		28,119,444		6,657,760
XBJA		70,235,925		9,491,931
XBAP		60,034,603		7,343,666
XBJL		35,893,425		2,448,798
XBOC		59,547,706		9,786,101
QTJA		49,684,780		16,768,057
QTAP		11,504,667		1,993,401
QTJL		9,502,303		1,694,940
QTOC		17,403,689		4,964,488
BALT		386,101,620		8,355,269
XDSQ		20,910,338		524,294
XDQQ		11,258,816		303,934

285

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (Continued)

The effect of derivative instruments on the Statements of Operations for the period ended April 30, 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
IJAN	$	(7,308,102	)	$	3,666,110		$	1,268,767		$	1,472,356
IAPR		(3,182,280	)		3,000,821			190,430			2,554,451
IJUL		2,945,241			6,338,581			627,247			1,396,142
IOCT		(26,528	)		1,971,228			(306,362	)		151,894
EJAN		(9,799,972	)		4,866,883			(1,453,287	)		909,201
EAPR		(3,306,328	)		806,691			986,887			1,258,597
EJUL		(381,531	)		1,272,353			9,558			639,367
EOCT		(164,060	)		298,874			(20,554	)		104,717
NJAN		(17,903,067	)		11,204,272			(10,941,588	)		2,044,095
NAPR		(5,014,327	)		1,884,434			2,643,158			2,638,387
NJUL		(2,642,387	)		1,266,781			1,734,656			2,146,250
NOCT		34,329			794,641			126,593			402,153
KJAN		(11,223,553	)		5,712,983			(343,566	)		1,801,239
KAPR		(7,066,910	)		92,917			3,616,040			2,864,246
KJUL		(661,579	)		774,746			86,665			625,224
KOCT		(596,959	)		114,596			52,503			104,836
DSJA		(990,401	)		–			311,771			–
DSOC		–			–			–			–
TSJA		(2,380,531	)		(235,116	)		1,034,354			126,077
TSOC		33,782			–			(24,409	)		–
DBJA		(908,574	)		100,498			357,217			94,020
DBOC		25,555			105,566			(30,367	)		5,017
TBJL		(18,095	)		–			(1,341	)		–
TFJL		(346,774	)		533,899			143,103			147,848
XDJA		(812,673	)		(69,626	)		37,812			115,083
XDAP		(632,992	)		(166,785	)		112,625			221,255
XDJL		(10,501	)		45,576			(605	)		4,969
XDOC		(1,379	)		139,271			(7,907	)		(31,325	)
XTJA		(1,692,812	)		82,855			393,975			(22,276	)
XTAP		(751,765	)		(438,819	)		476,178			230,989
XTJL		(11,076	)		183,479			8,787			229,720
XTOC		(11,310	)		298,417			(11,523	)		97,432
XBJA		(2,744,763	)		937,588			(600,877	)		605,556
XBAP		(3,114,220	)		(320,806	)		1,062,111			1,592,722
XBJL		(49,868	)		87,817			6,592			850,831
XBOC		(8,229	)		245,577			(9,372	)		173,843
QTJA		(2,794,162	)		–			354,086			–
QTAP		(2,977,730	)		(673,712	)		1,611,323			320,052
QTJL		(665,223	)		(494,909	)		64,440			1,925,141
QTOC		3,558			100,816			(5,022	)		4,125
BALT		7,294,729			8,111,661			(2,766,275	)		4,172,422
XDSQ		2,092,057			167,612			468,861			(37,112	)
XDQQ		2,013,357			560,695			(1,043,037	)		(218,985	)

286

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (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
IJAN	$	13,099,661		$	6,304,452
IAPR		2,866,940			582,350
IJUL		17,473,334			2,470,674
IOCT		18,037,820			(4,085,659	)
EJAN		4,305,261			8,212,461
EAPR		2,666,386			1,611,623
EJUL		(158,610	)		4,122,635
EOCT		2,281,367			1,316,841
NJAN		20,591,611			2,974,419
NAPR		3,844,617			948,711
NJUL		9,267,360			1,369,318
NOCT		8,314,060			1,693,056
KJAN		(186,104	)		3,991,281
KAPR		4,772,434			(1,438,400	)
KJUL		(5,352,709	)		4,847,326
KOCT		(3,874,431	)		6,484,569
DSJA		1,544,529			(561,614	)
DSOC		678,896			(135,429	)
TSJA		3,612,354			(1,679,857	)
TSOC		408,456			205,791
DBJA		2,041,252			(1,088,297	)
DBOC		1,556,636			(247,964	)
TBJL		304,702			4,083,582
TFJL		513,720			(179,353	)
XDJA		1,862,769			(323,032	)
XDAP		1,071,177			(338,624	)
XDJL		195,621			115,129
XDOC		3,927,528			477,949
XTJA		3,092,816			(921,523	)
XTAP		1,407,687			(708,523	)
XTJL		1,012,403			318,559
XTOC		1,919,534			(149,804	)
XBJA		5,281,191			(109,652	)
XBAP		4,121,340			(1,141,900	)
XBJL		1,040,500			1,574,301
XBOC		3,139,475			784,668
QTJA		11,999,209			(7,073,526	)
QTAP		4,263,364			(1,973,494	)
QTJL		3,121,671			(1,855,064	)
QTOC		3,367,904			(1,796,127	)
BALT		(10,156,017	)		8,998,502
XDSQ		(1,001,592	)		837,470
XDQQ		(902,082	)		389,747

287

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (Continued)

The average volume of derivative activity during the period ended April 30, 2023, is as follows:

	Purchased Options		Options Written
	Average Monthly Market Value		Average Monthly Market Value
IJAN	$	146,932,020	$	(4,670,125	)
IAPR		101,245,613		(2,580,112	)
IJUL		164,553,011		(4,264,934	)
IOCT		117,257,424		(8,622,406	)
EJAN		88,483,655		(3,277,144	)
EAPR		39,389,499		(1,672,207	)
EJUL		82,914,265		(1,371,733	)
EOCT		34,164,445		(1,469,660	)
NJAN		96,807,583		(8,648,382	)
NAPR		65,066,169		(4,301,703	)
NJUL		105,050,206		(3,294,144	)
NOCT		97,570,666		(5,678,348	)
KJAN		140,848,804		(6,236,471	)
KAPR		92,827,019		(3,047,730	)
KJUL		78,634,499		(2,294,098	)
KOCT		88,915,670		(4,023,696	)
DSJA		3,007,867		(353,458	)
DSOC		4,975,325		(679,863	)
TSJA		6,491,011		(1,271,146	)
TSOC		8,116,218		(1,945,569	)
DBJA		8,812,761		(1,476,247	)
DBOC		17,374,277		(3,091,019	)
TBJL		52,820,617		(2,243,902	)
TFJL		7,424,742		(52,971	)
XDJA		8,472,349		(675,602	)
XDAP		3,561,826		(99,530	)
XDJL		2,575,390		(118,852	)
XDOC		43,878,688		(5,395,421	)
XTJA		11,004,560		(1,823,816	)
XTAP		3,430,839		(201,094	)
XTJL		14,536,907		(1,820,081	)
XTOC		26,251,083		(6,132,809	)
XBJA		47,226,429		(6,212,481	)
XBAP		25,362,413		(2,257,817	)
XBJL		37,501,445		(3,362,137	)
XBOC		57,255,189		(9,662,950	)
QTJA		26,307,359		(7,936,362	)
QTAP		5,737,787		(488,544	)
QTJL		12,872,104		(1,840,975	)
QTOC		13,424,112		(3,299,353	)
BALT		336,779,800		(14,454,513	)
XDSQ		15,596,007		(831,877	)
XDQQ		14,824,484		(1,088,220	)

288

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (Continued)

Use of Estimates:

Guarantees and Indemnifications:

Tax Information:

289

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (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, 2022, 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
IJAN	$	(6,859,436	)	$	6,859,436
IAPR		(1,582,655	)		1,582,655
IJUL		(10,925,880	)		10,925,880
IOCT		(174,292	)		174,292
EJAN		1,540,336			(1,540,336	)
EAPR		(3,220,258	)		3,220,258
EJUL		(6,595,221	)		6,595,221
EOCT		(96,774	)		96,774
NJAN		(22,629,861	)		22,629,861
NAPR		(5,099,640	)		5,099,640
NJUL		(9,069,301	)		9,069,301
NOCT		(767,941	)		767,941
KJAN		(18,503,230	)		18,503,230
KAPR		(7,804,265	)		7,804,265
KJUL		(11,852,758	)		11,852,758
KOCT		(354,251	)		354,251
DSJA		(1,689,424	)		1,689,424
DSOC		59,974			(59,974	)
TSJA		(13,052,901	)		13,052,901
TSOC		(161,467	)		161,467
DBJA		(4,628,219	)		4,628,219
DBOC		104,027			(104,027	)
TBJL		(745,914	)		745,914
TFJL		76,042			(76,042	)
XDJA		-			-
XDAP		(767,169	)		767,169
XDJL		(608,206	)		608,206
XDOC		6,444			(6,444	)
XTJA		5,447			(5,447	)
XTAP		(2,446,354	)		2,446,354
XTJL		(2,319,729	)		2,319,729
XTOC		(58,560	)		58,560
XBJA		(803,359	)		803,359
XBAP		(2,338,191	)		2,338,191
XBJL		(4,036,977	)		4,036,977
XBOC		(1,710,721	)		1,710,721
QTJA		56,791			(56,791	)
QTAP		(4,491,711	)		4,491,711
QTJL		(2,751,220	)		2,751,220
QTOC		(32,136	)		32,136
BALT		(24,450,011	)		24,450,011
XDSQ		(2,088,648	)		2,088,648
XDQQ		(2,038,586	)		2,038,586

290

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (Continued)

Distributions to Shareholders:

Investment Transactions and Investment Income:

3.	INVESTMENT ADVISOR AND OTHER AFFILIATES

Pursuant to the Advisory Agreement, IJAN, IAPR, IJUL, and IOCT 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.

291

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (Continued)

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

292

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (Continued)

4.	INVESTMENT TRANSACTIONS

For the period ended April 30, 2023, there were no purchases or proceeds from long-term sales of investment securities.

For the period ended April 30, 2023, in-kind transactions associated with creations and redemptions were as follows:

	In-Kind		In-Kind
	Creations		Redemptions
IJAN	$	-	$	13,116,329
IAPR		-		22,499,162
IJUL		-		35,038,959
IOCT		-		10,510,360
EJAN		-		36,560,140
EAPR		-		3,510,186
EJUL		-		10,431,936
EOCT		-		2,424,323
NJAN		-		25,126,782
NAPR		-		9,293,233
NJUL		-		17,997,678
NOCT		-		8,722,031
KJAN		-		15,674,668
KAPR		-		2,458,621
KJUL		-		9,221,588
KOCT		-		1,360,872
DSJA		-		-
DSOC		-		-
TSJA		-		565,052
TSOC		-		-
DBJA		-		729,756
DBOC		-		1,005,507
TBJL		-		-
TFJL		-		10,231,928
XDJA		-		504,703
XDAP		-		604,883
XDJL		-		1,274,650
XDOC		-		1,314,671
XTJA		-		747,764
XTAP		-		1,233,199
XTJL		-		3,002,263
XTOC		-		2,421,926
XBJA		-		5,021,277
XBAP		-		6,336,584
XBJL		-		5,934,198
XBOC		-		2,366,091
QTJA		-		-
QTAP		-		1,157,517
QTJL		-		13,129,861
QTOC		-		750,160
BALT		-		198,682,736
XDSQ		-		1,446,530
XDQQ		-		12,085,350

293

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (Continued)

5. CREATION AND REDEMPTION TRANSACTIONS

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.

294

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (Continued)

6.	FEDERAL INCOME TAX INFORMATION

At October 31, 2022, the cost of investments including options written and net unrealized appreciation/(depreciation) for federal income tax purposes were as follows:

	Cost of Portfolio		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation / (Depreciation)
IJAN	$	73,864,650	$	14,176,153	$	(22,306,234	)	$	(8,130,081	)
IAPR		44,492,842		5,134,901		(6,355,605	)		(1,220,704	)
IJUL		190,670,252		1,102,504		(2,886,204	)		(1,783,700	)
IOCT		91,830,185		5,914,227		(3,342,496	)		2,571,731
EJAN		66,999,880		16,616,465		(27,657,843	)		(11,041,378	)
EAPR		35,208,394		5,447,738		(9,973,618	)		(4,525,880	)
EJUL		58,141,481		4,009,097		(7,467,532	)		(3,458,435	)
EOCT		26,165,595		459,404		(980,717	)		(521,313	)
NJAN		96,064,293		23,736,429		(36,968,071	)		(13,231,642	)
NAPR		56,689,672		10,514,872		(14,303,428	)		(3,788,556	)
NJUL		117,742,041		4,567,585		(3,873,021	)		694,564
NOCT		79,828,058		3,203,602		(2,019,778	)		1,183,824
KJAN		82,975,905		9,896,078		(13,309,092	)		(3,413,014	)
KAPR		88,721,893		3,308,950		(7,131,730	)		(3,822,780	)
KJUL		74,893,690		7,601,640		(4,111,423	)		3,490,217
KOCT		70,381,497		6,381,980		(3,822,477	)		2,559,503
DSJA		3,728,933		311,867		(1,008,792	)		(696,925	)
DSOC		3,852,784		378,431		(207,536	)		170,895
TSJA		7,373,515		1,298,974		(2,678,978	)		(1,380,004	)
TSOC		5,045,371		881,849		(647,743	)		234,106
DBJA		8,468,225		1,470,789		(1,744,724	)		(273,935	)
DBOC		13,905,328		1,677,280		(1,223,233	)		454,047
TBJL		33,648,067		1,429,756		(2,860,264	)		(1,430,508	)
TFJL		20,676,368		439,064		(759,413	)		(320,349	)
XDJA		4,698,870		152,506		(875,260	)		(722,754	)
XDAP		4,408,101		323,244		(973,666	)		(650,422	)
XDJL		3,474,178		12,613		(11,544	)		1,069
XDOC		33,716,894		4,461,683		(2,529,077	)		1,932,606
XTJA		6,242,720		395,615		(1,667,680	)		(1,272,065	)
XTAP		4,369,491		678,846		(1,311,317	)		(632,471	)
XTJL		12,596,112		347,847		(230,826	)		117,021
XTOC		14,434,281		2,275,838		(1,595,532	)		680,306
XBJA		16,235,570		1,526,457		(3,452,551	)		(1,926,094	)
XBAP		21,916,003		3,010,963		(5,305,842	)		(2,294,879	)
XBJL		34,023,711		939,189		(2,700,883	)		(1,761,694	)
XBOC		34,895,037		3,852,525		(2,805,504	)		1,047,021
QTJA		6,734,237		354,148		(2,684,112	)		(2,329,964	)
QTAP		9,183,018		1,900,625		(4,056,443	)		(2,155,818	)
QTJL		19,251,453		1,631,063		(2,878,515	)		(1,247,452	)
QTOC		5,853,448		446,921		(278,305	)		168,616
BALT		252,661,367		20,562,185		(16,639,001	)		3,923,184
XDSQ		10,797,485		1,321,326		(671,581	)		649,745
XDQQ		17,400,073		843,330		(164,456	)		678,874

295

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (Continued)

At October 31, 2022, the components of distributable earnings/(accumulated deficit) on a tax basis were as follows:

	Accumulated Capital and Other Losses			Undistributed Capital Gains		Undistributed Net Ordinary Income		Unrealized Appreciation / (Depreciation) on Investments			Total Distributable Earnings /(Accumulated Deficit)
IJAN	$	(5,260,128	)	$	-	$	-	$	(8,130,081	)	$	(13,390,209	)
IAPR		(7,451,944	)		-		-		(1,220,704	)		(8,672,648	)
IJUL		(15,337,226	)		-		-		(1,783,700	)		(17,120,926	)
IOCT		(2,510,557	)		-		-		2,571,731			61,174
EJAN		(3,996,921	)		-		-		(11,041,378	)		(15,038,299	)
EAPR		(5,181,808	)		-		-		(4,525,880	)		(9,707,688	)
EJUL		(13,281,445	)		-		-		(3,458,435	)		(16,739,880	)
EOCT		(1,510,830	)		-		-		(521,313	)		(2,032,143	)
NJAN		(18,931,417	)		-		-		(13,231,642	)		(32,163,059	)
NAPR		(4,693,817	)		-		-		(3,788,556	)		(8,482,373	)
NJUL		(14,774,292	)		-		-		694,564			(14,079,728	)
NOCT		(7,718,348	)		-		-		1,183,824			(6,534,524	)
KJAN		(12,825,732	)		-		-		(3,413,014	)		(16,238,746	)
KAPR		(7,571,828	)		-		-		(3,822,780	)		(11,394,608	)
KJUL		(19,228,696	)		-		-		3,490,217			(15,738,479	)
KOCT		(5,258,504	)		-		-		2,559,503			(2,699,001	)
DSJA		(1,295,762	)		-		-		(696,925	)		(1,992,687	)
DSOC		(6,732,479	)		-		-		170,895			(6,561,584	)
TSJA		(11,362,783	)		-		-		(1,380,004	)		(12,742,787	)
TSOC		(9,656,646	)		-		-		234,106			(9,422,540	)
DBJA		(5,190,471	)		-		-		(273,935	)		(5,464,406	)
DBOC		(16,230,797	)		-		-		454,047			(15,776,750	)
TBJL		(1,970,507	)		-		-		(1,430,508	)		(3,401,015	)
TFJL		(2,241,374	)		-		-		(320,349	)		(2,561,723	)
XDJA		(24,163	)		-		-		(722,754	)		(746,917	)
XDAP		-			-		-		(650,422	)		(650,422	)
XDJL		(1,403,351	)		-		-		1,069			(1,402,282	)
XDOC		(7,673,899	)		-		-		1,932,606			(5,741,293	)
XTJA		(38,272	)		-		-		(1,272,065	)		(1,310,337	)
XTAP		(1,292,112	)		-		-		(632,471	)		(1,924,583	)
XTJL		(5,142,136	)		-		-		117,021			(5,025,115	)
XTOC		(1,675,767	)		-		-		680,306			(995,461	)
XBJA		(85,724	)		-		-		(1,926,094	)		(2,011,818	)
XBAP		(1,370,363	)		-		-		(2,294,879	)		(3,665,242	)
XBJL		(3,926,248	)		-		-		(1,761,694	)		(5,687,942	)
XBOC		(2,830,271	)		-		-		1,047,021			(1,783,250	)
QTJA		(44,573	)		-		-		(2,329,964	)		(2,374,537	)
QTAP		(4,380,261	)		-		-		(2,155,818	)		(6,536,079	)
QTJL		(6,534,621	)		-		-		(1,247,452	)		(7,782,073	)
QTOC		(1,706,844	)		-		-		168,616			(1,538,228	)
BALT		(25,251,042	)		-		-		3,923,184			(21,327,858	)
XDSQ		(4,968,833	)		-		-		649,745			(4,319,088	)
XDQQ		(6,943,105	)		-		-		678,874			(6,264,231	)

296

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (Continued)

	Late Year Ordinary Losses
IJAN	$	554,087
IAPR		371,799
IJUL		600,381
IOCT		147,726
EJAN		597,590
EAPR		290,648
EJUL		275,632
EOCT		69,926
NJAN		722,722
NAPR		346,461
NJUL		489,461
NOCT		413,710
KJAN		742,063
KAPR		562,807
KJUL		414,930
KOCT		265,090
DSJA		29,801
DSOC		43,618
TSJA		87,124
TSOC		59,346
DBJA		73,260
DBOC		114,227
TBJL		52,455
TFJL		55,023
XDJA		24,162
XDAP		-
XDJL		32,216
XDOC		69,222
XTJA		38,272
XTAP		64,063
XTJL		92,612
XTOC		46,259
XBJA		85,724
XBAP		157,081
XBJL		143,487
XBOC		61,513
QTJA		44,573
QTAP		78,357
QTJL		92,227
QTOC		31,329
BALT		756,826
XDSQ		73,320
XDQQ		95,278

297

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (Continued)

At October 31, 2022, for federal income tax purposes, the Funds had capital loss carryforwards available to offset future capital gains for an unlimited period as indicated below:

	Indefinite Short-Term		Indefinite Long-Term
IJAN	$	4,706,041	$	-
IAPR		7,080,146		-
IJUL		14,736,846		-
IOCT		2,362,833		-
EJAN		3,399,331		-
EAPR		4,891,158		-
EJUL		11,928,277		1,077,537
EOCT		1,440,904		-
NJAN		18,208,696		-
NAPR		4,347,357		-
NJUL		14,284,830		-
NOCT		7,304,638		-
KJAN		12,083,667		-
KAPR		7,009,021		-
KJUL		18,813,767		-
KOCT		4,993,414		-
DSJA		1,265,962		-
DSOC		6,688,860		-
TSJA		11,275,660		-
TSOC		9,597,302		-
DBJA		5,117,214		-
DBOC		16,116,570		-
TBJL		1,918,050		-
TFJL		2,186,352		-
XDJA		-		-
XDAP		-		-
XDJL		1,371,136		-
XDOC		7,604,677		-
XTJA		-		-
XTAP		1,228,048		-
XTJL		5,049,521		-
XTOC		1,629,507		-
XBJA		-		-
XBAP		1,213,282		-
XBJL		3,782,761		-
XBOC		2,768,758		-
QTJA		-		-
QTAP		4,301,905		-
QTJL		6,442,393		-
QTOC		1,675,514		-
BALT		24,494,216		-
XDSQ		4,895,511		-
XDQQ		6,847,827		-

298

INNOVATOR ETFs TRUST

Notes to Financial Statements (Unaudited) (Continued)

The Funds did not pay any distributions during the fiscal years or periods ended October 31, 2022 and October 31, 2021, respectively.

7. SUBSEQUENT EVENT

299

INNOVATOR ETFs TRUST

Trustees and Officers (Unaudited)

*Name, Address* *and Year of Birth*	*Position with* *the Trust*	*Length of* *Time* Served*	*Principal Occupation(s)* *During Past 5 Years*	*Number* of *Portfolios in Fund* *Complex^(a)* Overseen by Trustee or Officer**	*Other* *Directorships* *Held by Trustee* *or Officer in the Past Five Years*
Independent Trustees
Mark Berg 109 N. Hale Street, Wheaton, IL 60187 Year of Birth: 1971	Trustee	Since 2017	Founding Principal (2001-present), Chief Executive Officer (2019-present), President (2001-2019), Timothy Financial Counsel, Inc.	95	Tortazo, LLC (2018-present)
Joe Stowell 109 N. Hale Street, Wheaton, IL 60187 Year of Birth: 1968	Trustee	Since 2017	Chief Operating Officer, Woodmen Valley Chapel (2015-present).	95	Board of Advisors, Westmont College (2016-2021).
Brian J. Wildman 109 N. Hale Street, Wheaton, IL 60187 Year of Birth: 1963	Trustee	Since 2017	President, Timothy Financial Counsel, Inc. (2019-present); Executive Vice President, Consumer Banking (2016-2019), Chief Risk Officer (2013-2016), MB Financial Bank.	95	Missionary Furlough Homes, Inc. (since 2008); MB Financial Bank (2003-2019).

300

INNOVATOR ETFs TRUST

Trustees and Officers (Unaudited) (Continued)

Interested Trustee & Officer
H. Bruce Bond ^(b) 109 N. Hale Street, Wheaton, IL 60187 Year of Birth: 1963	Interested Trustee, President and Principal Executive Officer	Since 2017	Chief Executive Officer, Innovator Capital Management, LLC (2017-present).	95	None
Officers
John W. Southard, Jr. 109 N. Hale Street, Wheaton, IL 60187 Year of Birth: 1969	Vice President, Secretary and Assistant Treasurer	Since 2017	Chief Investment Officer, Innovator Capital Management, LLC (2017-present); Director and Co-Founder, T2 Capital Management, LLC (2010-present).	95	Independent Trustee, ETF Managers Group, LLC (2012-2018)
Kathleen Meyer 109 N. Hale Street Wheaton, IL 60187 Year of Birth: 1964	Vice President, Treasurer and Principal Financial Accounting Officer	Since 2022	Chief Financial Officer, Innovator Capital Management, LLC (2018–present).	95	None
Kevin P. Hourihan 3 Canal Plaza 3rd Floor Portland, ME 04101 Year of Birth: 1978	Chief Compliance Officer and Anti-Money Laundering Officer	Since 2023	Senior Principal Consultant, Fund Chief Compliance Officer, ACA Global, LLC (since 2022); Chief Compliance Officer, Ashmore Funds (2017-2022); Chief Compliance Officer, Ashmore Investment Management (US) Corp (2014-2022); Chief Compliance Officer, Ashmore Equities Investment Management (2015-2019).	95	None

*	The Funds’ Trustees serve for an indefinite term until their resignation, death or removal. The Funds’ officers are elected annually by the Board and serve at the Board’s pleasure.

^(a)	The Fund Complex includes the Funds, each series of Innovator ETFs Trust.
^(b)	H. Bruce Bond is deemed to be an interested person of the Trust (as defined in the 1940 Act) because of his affiliation with the Adviser.

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

301

INNOVATOR ETFs TRUST

Additional Information (Unaudited)

1. INFORMATION ABOUT PROSPECTUS

2.	PROXY VOTING POLICIES AND PROCEDURES

3.	INFORMATION ABOUT PORTFOLIO SECURITIES

4.	HOUSEHOLD DELIVERY OF SHAREHOLDER DOCUMENTS

5.	ELECTRONIC DELIVERY OF SHAREHOLDER DOCUMENTS

302

INNOVATOR ETFs TRUST

Additional Information (Unaudited) (Continued)

6.	TAX NOTICE

For the taxable year ended October 31, 2022, the percentage of ordinary income dividends paid by the Funds that qualify for the dividends received deduction available to corporations was 0.00%.

7. LIQUIDITY RISK MANAGEMENT PROGRAM

303

INVESTMENT ADVISOR

Innovator Capital Management, LLC

109 North Hale Street

Wheaton, IL 60187

INVESTMENT SUB-ADVISOR

Milliman Financial Risk Management, LLC

71 South Wacker Drive, 31^st Floor

Chicago, IL 60606

ADMINISTRATOR, FUND ACCOUNTANT & TRANSFER AGENT

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, WI 53202

DISTRIBUTOR

Foreside Fund Services, LLC

Three Canal Plaza, Suite 100

Portland, ME 04101

CUSTODIAN

U.S. Bank, N.A.

1555 North RiverCenter Drive, Suite 302

Milwaukee, WI 53212

LEGAL COUNSEL

Chapman and Cutler LLP

320 South Canal Street, 27^th Floor

Chicago, IL 60606

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Cohen & Company, Ltd.

342 North Water Street, Suite 830

Milwaukee, WI 53202

(b)

N/A

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable for semi-annual reports.

Item 6. Investments.

(a)	Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

(b)	Not Applicable

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed‑End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

Item 11. Controls and Procedures.

(a)

The Registrant’s Principal Executive Officer and Principal Financial Officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d‑15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.

(b)

There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable to open-end investment companies.

Item 13. Exhibits.

(a)	(1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not Applicable

(2) A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

(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.

(b)

Certifications pursuant to Section 906 of the Sarbanes‑Oxley Act of 2002. Furnished herewith.

SIGNATURES

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.

(Registrant) Innovator ETFs Trust

By (Signature and Title)* /s/ Bruce Bond

Bruce Bond, Principal Executive Officer

Date 6/29/2023

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.

By (Signature and Title)* /s/ Bruce Bond

Bruce Bond, Principal Executive Officer

Date 6/29/2023

By (Signature and Title)* /s/ Kathleen Meyer

Kathleen Meyer, Principal Financial Officer

Date 6/29/2023

* Print the name and title of each signing officer under his or her signature.

Innovator IBD 50 ETF (FFTY) N-CSRSCertified semi-annual shareholder report (management investment company)