INNOVATOR
GROWTH
ACCELERATED
PLUS
ETF
-
OCTOBER
Schedule
of
Investments
January
31,
2023
(Unaudited)
1
Contracts
Notional
Amount
Value
PURCHASED
OPTIONS
-
126.13%
(a)(b)
CALL
OPTIONS
-
126.13%
QQQ
Investco
QQQ
Trust
Series
1
,
Expires
9/29/2023
,
Strike
Price
$
267.27
......................
608
$
17,912,896
$
2,689,166
QQQ
Investco
QQQ
Trust
Series
1
,
Expires
9/29/2023
,
Strike
Price
$
2.68
.........................
304
8,956,448
8,816,329
11,505,495
TOTAL
PURCHASED
OPTIONS
(Cost
$
10,264,686
)
....
11,505,495
Principal
Amount
SHORT
TERM
INVESTMENTS
-
0.49%
Money
Market
Deposit
Account
-
0.49%
U.S.
Bank
Money
Market
Deposit
Account
,
3
.900
%
(c)
$
44,963
44,963
TOTAL
SHORT
TERM
INVESTMENTS
(Cost
$
44,963
)
..
44,963
Total
Investments
(Cost
$
10,309,649
)
-
126
.62
%
..
11,550,458
Liabilities
in
E
xcess
of
Other
Assets
-
(
26
.62
)
%
......
(
2,428,258
)
TOTAL
NET
ASSETS
-  
100
.00
%
.............................
$
9,122,200
Asset
Type
%
of
Net
Assets
Purchased
Options
..............................................
126.13
%
Short
Term
Investments
.......................................
0.49
Total
Investments
..............................................
126.62
Liabilities
in
Excess
of
Other
Assets
.....................
(26.62
)
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
January
31,
2023.
INNOVATOR
GROWTH
ACCELERATED
PLUS
ETF
-
OCTOBER
Schedule
of
Options
Written
(a)
January
31,
2023
(Unaudited)
2
  Description
(a)
Expiration
Strike
Price
Contracts
Notional
Amount
Value
Call
Options
QQQ
Investco
QQQ
Trust
Series
1
...........................
9/29/2023
$
293.18
912
$
(
26,869,344
)
$
(
2,422,316
)
(
2,422,316
)
Total
Options
Written
(Premiums
Received
$
2,136,537
)
.......................................
$
(
2,422,316
)
(a)
Exchange-Traded.
INNOVATOR
GROWTH
ACCELERATED
PLUS
ETF
-
OCTOBER
Notes
to
Schedules
(Unaudited)
3
1.
SIGNIFICANT
ACCOUNTING
POLICIES
The
following
is
a
summary
of
significant
accounting
policies
consistently
followed
by
the
Innovator
ETFs
Trust
(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:    
Portfolio
securities
generally
shall
be
valued
utilizing
prices
provided
by
independent
pricing
services.
The
Trust’s
Pricing
Committee
(“Pricing
Committee”)
is
responsible
for
establishing
valuation
of
portfolio
securities
and
other
instruments
held
by
the
Fund
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
Pricing
Committee
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.
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
Pricing
Committee.
INNOVATOR
GROWTH
ACCELERATED
PLUS
ETF
-
OCTOBER
Notes
to
Schedules
(Unaudited)
(Continued)
4
Exchange-traded
option
contracts
(other
than
FLexible
EXchange
Option
or
“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
Pricing
Committee
in
accordance
with
the
Trust’s
valuation
procedures.
If
no
quotation
can
be
obtained
from
a
pricing
service,
then
the
Pricing
Committee
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
Pricing
Committee
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
Fund
for
which
reliable
market
quotations
are
not
readily
available
will
be
determined
by
the
Pricing
Committee
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.
INNOVATOR
GROWTH
ACCELERATED
PLUS
ETF
-
OCTOBER
Notes
to
Schedules
(Unaudited)
(Continued)
5
Fair
Valuation
Measurement:   
FASB
established
a
framework
for
measuring
fair
value
in
accordance
with
U.S.
GAAP.
Under
ASC,
Fair
Value
Measurement
(“ASC
820”),
various
inputs
are
used
in
determining
the
value
of
the
Fund's
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
Fund
has
the
ability
to
access.
Level
2
–Observable
inputs
other
than
quoted
prices
included
in
level
1
that
are
observable
for
the
asset
or
liability,
either
directly
or
indirectly.
These
inputs
may
include
quoted
prices
for
the
identical
instrument
on
an
inactive
market,
prices
for
similar
instruments,
interest
rates,
prepayment
speeds,
credit
risk,
yield
curves,
default
rates
and
similar
data.
Level
3
–Unobservable
inputs
for
the
asset
or
liability,
to
the
extent
relevant
observable
inputs
are
not
available,
representing
the
Fund's
own
assumptions
about
the
assumptions
a
market
participant
would
use
in
valuing
the
asset
or
liability,
and
would
be
based
on
the
best
information
available.
The
availability
of
observable
inputs
can
vary
from
security
to
security
and
is
affected
by
a
wide
variety
of
factors,
including,
for
example,
the
type
of
security,
whether
the
security
is
new
and
not
yet
established
in
the
marketplace,
the
liquidity
of
markets,
and
other
characteristics
particular
to
the
security.
To
the
extent
that
valuation
is
based
on
models
or
inputs
that
are
less
observable
or
unobservable
in
the
market,
the
determination
of
fair
value
requires
more
judgement.
Accordingly,
the
degree
of
judgement
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
level
in
the
fair
value
hierarchy
within
which
the
fair
value
measurement
falls
in
its
entirety,
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
The
following
table
summarizes
valuation
of
the
Fund's
investments
under
the
fair
value
hierarchy
levels
as
of
January
31,
2023: 
INNOVATOR
GROWTH
ACCELERATED
PLUS
ETF
-
OCTOBER
Notes
to
Schedules
(Unaudited)
(Continued)
6
There
were
no
Level
3
investments
held
by
the
Fund
during
the
reporting
period.
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
Fund
invests
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
Fund
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
Fund
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.          
QTOC
Level
1
Level
2
Level
3
Total
Assets
Purchased
Options
$
–
$
11,505,495
$
–
$
11,505,495
Short
Term
Investments
44,963
–
–
44,963
Total
Assets
$
44,963
$
11,505,495
$
–
$
11,550,458
Liabilities
Options
Written
$
–
$
2,422,316
$
–
$
2,422,316
Total
Liabilities
$
–
$
2,422,316
$
–
$
2,422,316
INNOVATOR
GROWTH
ACCELERATED
PLUS
ETF
-
OCTOBER
Notes
to
Schedules
(Unaudited)
(Continued)
7
When
the
Fund
purchases
an
option,
an
amount
equal
to
the
premium
paid
by
the
Fund
is
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
Fund
enters
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
Fund
writes
an
option,
an
amount
equal
to
the
premium
received
by
the
Fund
is
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
Fund
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
Fund
has
realized
a
gain
or
loss.
If
a
put
option
is
exercised,
the
premium
reduces
the
cost
basis
of
the
securities
purchased
by
the
Fund.
The
Fund,
as
writers
of
an
option,
bears
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
Fund
are
fully
funded
and
cash
settled,
therefore
balance
sheet
offsetting
under
ASC
210
does
not
apply.          
The
Fund
bears
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
Fund
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
Fund
may
have
difficulty
closing
out
certain
FLEX
Options
positions
at
desired
times
and
prices.
The
Fund
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.          
INNOVATOR
GROWTH
ACCELERATED
PLUS
ETF
-
OCTOBER
Notes
to
Schedules
(Unaudited)
(Continued)
8
The
average
volume
of
derivative
activity
during
the
period
ended
January
31,
2023,
is
as
follows:          
Purchased
Options
Options
Written
Average
Monthly
Market
Value
Average
Monthly
Market
Value
QTOC
...........................................
$
11,455,384
$
(
2,450,223
)