Innovator Deepwater Frontier Tech ETF
  
Schedule of Investments
  
January 31, 2026 (Unaudited)
  
   
COMMON STOCKS - 99.9%
  
Shares
    
Value
 
Aerospace/Defense - 7.4%
        
AeroVironment, Inc. (a)(b)
    
25,862
    
$
7,199,722
  
Mercury Systems, Inc. (a)(b)
    
60,323
      
5,663,123
  
             
12,862,845
  
                 
Banks - 3.1%
          
NU Holdings Ltd./Cayman Islands - Class A (a)
    
303,981
      
5,395,663
  
                 
Commercial Services - 5.5%
          
Adyen NV (a)(c)
    
3,195
      
4,746,883
  
Shift4 Payments, Inc. - Class A (a)(b)
    
80,995
      
4,781,945
  
             
9,528,828
  
                 
Computers - 2.4%
          
Rubrik, Inc. - Class A (a)
    
74,689
      
4,178,850
  
                 
Electric - 3.2%
          
Vistra Corp.
    
35,543
      
5,628,234
  
                 
Electronics - 3.8%
          
Coherent Corp. (a)
    
30,917
      
6,559,969
  
                 
Energy-Alternate Sources - 4.7%
          
First Solar, Inc. (a)
    
36,229
      
8,170,364
  
                 
Engineering & Construction - 6.2%
          
Sterling Infrastructure, Inc. (a)(b)
    
29,978
      
10,729,426
  
                 
Healthcare-Products - 2.6%
          
Intuitive Surgical, Inc. (a)
    
9,149
      
4,613,109
  
                 
Internet - 11.8%
          
AppLovin Corp. - Class A (a)
    
8,681
      
4,107,068
  
MercadoLibre, Inc. (a)
    
2,454
      
5,270,677
  
Reddit, Inc. - Class A (a)
    
35,131
      
6,333,065
  
Uber Technologies, Inc. (a)
    
61,115
      
4,892,256
  
             
20,603,066
  
                 
Machinery-Construction & Mining - 9.6%
          
Siemens Energy AG (a)
    
62,012
      
10,625,315
  
Vertiv Holdings Co. - Class A
    
33,293
      
6,198,491
  
             
16,823,806
  
                 
Mining - 3.6%
          
Cameco Corp.
    
50,614
      
6,245,261
  
                 
Miscellaneous Manufacturing - 2.4%
          
Axon Enterprise, Inc. (a)
    
8,733
      
4,223,104
  
                 
Pipelines - 3.3%
          
Cheniere Energy, Inc.
    
27,242
      
5,762,228
  
                 
Semiconductors - 13.7%
          
ASML Holding NV
    
4,533
      
6,531,672
  
Astera Labs, Inc. (a)
    
34,155
      
5,144,426
  
BE Semiconductor Industries NV
    
30,398
      
5,927,327
  
Lam Research Corp.
    
26,636
      
6,218,441
  
             
23,821,866
  
                 
Software - 16.6%
          
Atlassian Corp. - Class A (a)
    
35,823
      
4,233,562
  
Datadog, Inc. - Class A (a)
    
40,963
      
5,297,335
  
Gitlab, Inc. - Class A (a)(b)
    
150,579
      
5,267,254
  
Global-e Online Ltd. (a)(b)
    
132,175
      
4,830,996
  
Snowflake, Inc. - Class A (a)
    
23,919
      
4,609,191
  
Take-Two Interactive Software, Inc. (a)
    
21,210
      
4,672,563
  
             
28,910,901
  
TOTAL COMMON STOCKS (Cost $153,425,363)
      
174,057,520
  
                 
SHORT-TERM INVESTMENTS
  
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 10.9%
  
Units
    
Value
 
Mount Vernon Liquid Assets Portfolio, LLC, 3.77% (d)
    
18,971,446
      
18,971,446
  
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $18,971,446)
      
18,971,446
  
                 
TOTAL INVESTMENTS - 110.8% (Cost $172,396,809)
      
193,028,966
  
Money Market Deposit Account - 0.1% (e)
      
255,909
  
Liabilities in Excess of Other Assets - (10.9)%
      
(19,056,409
)
TOTAL NET ASSETS - 100.0%
          
$
174,228,466
  
                 
Percentages are stated as a percent of net assets.
          

LLC - Limited Liability Company

(a)
Non-income producing security.
(b)
All or a portion of this security is on loan as of January 31, 2026. The fair value of these securities was $18,009,346.
(c)
Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of January 31, 2026, the value of these securities total $4,746,883 or 2.7% of the Fund’s net assets.
(d)
The rate shown represents the 7-day annualized yield as of January 31, 2026.
(e)
The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of January 31, 2026 was 3.45%.
Summary of Fair Value Disclosure as of January 31, 2026 (Unaudited)
 
Innovator Deepwater Frontier Tech ETF (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
 
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
 
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of January 31, 2026:
 

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Common Stocks
  
$
174,057,520
    
$
–
    
$
–
    
$
174,057,520
  
  Investments Purchased with Proceeds from Securities Lending(a)
    
–
      
–
      
–
      
18,971,446
  
Total Investments
  
$
174,057,520
    
$
–
    
$
–
    
$
193,028,966
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.
  

(a)
Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $18,971,446 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

Allocation of Portfolio Holdings as of January 31, 2026
(% of Net Assets)
        

           
Common Stocks
  
$
174,057,520
      
99.9
%
Investments Purchased with Proceeds from Securities Lending
    
18,971,446
      
10.9
  
Money Market Deposit Account
    
255,909
      
0.1
  
Liabilities in Excess of Other Assets
    
(19,056,409
)
    
(10.9
)
   
$
174,228,466
      
100.0
%