Innovator S&P Investment Grade Preferred ETF
Schedule of Investments
July 31, 2026 (Unaudited)

PREFERRED STOCKS - 77.7%

Shares  

Value  
Banks - 38.0% (a)

Bank of America Corp.

–

$–
Series 02, 4.57% (3 mo. Term SOFR + 0.91%), Perpetual (b)

            12,146

         $    225,551
Series 4, 4.67% (3 mo. Term SOFR + 1.01%), Perpetual (b)

            11,185

             218,107
Series 5, 4.40% (3 mo. Term SOFR + 0.76%), Perpetual (b)(c)

            11,789

             222,223
Series E, 4.26% (3 mo. Term SOFR + 0.61%), Perpetual (b)

            11,889

             217,093
Series GG, 6.00%, Perpetual (b)

            8,985

             220,851
Series HH, 5.88%, Perpetual (b)

            9,123

             218,861
Series KK, 5.38%, Perpetual (b)

            10,466

             219,158
Series LL, 5.00%, Perpetual (b)

            11,191

             219,120
Series NN, 4.38%, Perpetual (b)

            12,631

             215,485
Series PP, 4.13%, Perpetual (b)

            13,367

             217,080
Series QQ, 4.25%, Perpetual (b)

            13,125

             215,381
Series SS, 4.75%, Perpetual (b)(c)

            11,685

             215,705
Bank of New York Mellon Corp., Series K, 6.15% to 03/20/2030 then 5 yr. CMT Rate + 2.16%, Perpetual (b)

            106,965

             2,670,916
Cullen/Frost Bankers, Inc., Series B, 4.45%, Perpetual (b)

            164,026

             2,712,990
JPMorgan Chase & Co.

–

$–
Series DD, 5.75%, Perpetual (b)

            18,718

             451,478
Series EE, 6.00%, Perpetual (b)(c)

            17,771

             447,651
Series GG, 4.75%, Perpetual (b)(c)

            23,274

             450,119
Series JJ, 4.55%, Perpetual (b)

            24,385

             447,221
Series LL, 4.63%, Perpetual (b)

            24,008

             448,710
Series MM, 4.20%, Perpetual (b)

            26,175

             450,472
Morgan Stanley

–

$–
Series A, 4.71% (3 mo. Term SOFR + 0.96%), Perpetual (b)

            15,937

             304,078
Series E, 7.13% (3 mo. LIBOR USD + 4.32%), Perpetual (b)(d)

            11,880

             302,108
Series F, 6.88% (3 mo. LIBOR USD + 3.94%), Perpetual (b)(d)

            11,937

             301,529
Series I, 6.38% (3 mo. LIBOR USD + 3.71%), Perpetual (b)(d)

            12,023

             299,493
Series K, 5.85% (3 mo. LIBOR USD + 3.49%), Perpetual (b)(d)

            12,717

             294,780
Series L, 4.88%, Perpetual (b)

            15,341

             295,774
Series O, 4.25%, Perpetual (b)(c)

            17,655

             293,779
Series P, 6.50%, Perpetual (b)

            11,894

             299,491
Series Q, 6.63%, Perpetual (b)

            11,796

             299,972
Northern Trust Corp., Series E, 4.70%, Perpetual (b)(c)

            143,664

             2,660,657
State Street Corp., Series G, 5.35% (3 mo. LIBOR USD + 3.71%), Perpetual (b)(d)

            125,481

             2,661,452
Truist Financial Corp.

–

$–
Series O, 5.25%, Perpetual (b)

            43,804

             892,726
Series R, 4.75%, Perpetual (b)(c)

            48,587

             891,086
UMB Financial Corp., 7.75% to 07/15/2030 then 5 yr. CMT Rate + 3.74%, Perpetual (b)

            102,259

             2,699,638
US Bancorp

–

$–
Series B*, 4.61% (3 mo. Term SOFR + 0.86%), Perpetual (b)

            29,358

             548,995
Series K, 5.50%, Perpetual (b)

            25,272

             543,601
Series L, 3.75%, Perpetual (b)

            36,964

             529,324
Series M, 4.00%, Perpetual (b)

            35,089

             534,055
Series O, 4.50%, Perpetual (b)

            30,941

             533,423





             25,890,133






Diversified Financial Services - 7.9%

Charles Schwab Corp.

–

$–
Series D, 5.95%, Perpetual (b)

            55,737

             1,341,589
Series J, 4.45%, Perpetual (b)

            77,133

             1,336,715
Voya Financial, Inc., Series B, 5.35% to 09/15/2029 then 5 yr. CMT Rate + 3.21%, Perpetual (b)

            115,683

             2,742,844





             5,421,148








Insurance - 31.8% (a)

Arch Capital Group Ltd.

–

$–
Series F, 5.45%, Perpetual (b)(c)

            70,480

             1,375,770
Series G, 4.55%, Perpetual (b)

            82,717

             1,360,695
Aspen Insurance Holdings Ltd.

–

$–
7.00%, Perpetual (b)

            38,610

             918,146
Series *, 5.63%, Perpetual (b)

            48,170

             928,718
Series **, 5.63%, Perpetual (b)

            48,666

             919,787
Athene Holding Ltd.

–

$–
Series A, 6.35% to 6/30/2029 then 3 mo. Term SOFR + 4.25%, Perpetual (b)

            27,880

             666,332
Series B, 5.63%, Perpetual (b)

            36,264

             677,412
Series D, 4.88%, Perpetual (b)

            42,532

             680,937
Series E, 7.75% (5 yr. CMT Rate + 3.96%), Perpetual (b)

            26,955

             677,110
Axis Capital Holdings Ltd., Series E, 5.50%, Perpetual (b)

            143,359

             2,680,813
Equitable Holdings, Inc.

–

$–
Series A, 5.25%, Perpetual (b)

            70,077

             1,355,990
Series C, 4.30%, Perpetual (b)

            82,717

             1,344,151
Hartford Insurance Group, Inc., Series G, 6.00%, Perpetual (b)(c)

            108,733

             2,694,404
MetLife, Inc.

–

$–
Series A, 4.93% (3 mo. Term SOFR + 1.26%), Perpetual (b)

            42,379

             893,773
Series E, 5.63%, Perpetual (b)

            39,860

             876,920
Series F, 4.75%, Perpetual (b)

            48,222

             877,640
RenaissanceRe Holdings Ltd.

–

$–
Series F, 5.75%, Perpetual (b)

            65,738

             1,363,406
Series G, 4.20%, Perpetual (b)

            89,886

             1,373,458





             21,665,462
TOTAL PREFERRED STOCKS (Cost $63,996,874)

             52,976,743






REAL ESTATE INVESTMENT TRUSTS - PREFERRED - 11.9%

Shares  

Value  
REITS - 11.9%

Agree Realty Corp., Series A, 4.25%, Perpetual

            158,529

             2,701,334
Kimco Realty Corp.

–

$–
Series L, 5.13%, Perpetual

            69,428

             1,338,572
Series M, 5.25%, Perpetual

            68,268

             1,336,688
Public Storage

–

$–
Series F, 5.15%, Perpetual

            11,309

             225,954
Series G, 5.05%, Perpetual

            11,512

             229,434
Series H, 5.60%, Perpetual

            10,393

             224,281
Series I, 4.88%, Perpetual

            11,984

             228,175
Series J, 4.70%, Perpetual

            12,512

             227,468
Series K, 4.75%, Perpetual (c)

            12,219

             227,029
Series L, 4.63%, Perpetual

            12,631

             224,579
Series N, 3.88%, Perpetual

            15,001

             223,215
Series O, 3.90%, Perpetual

            14,971

             223,667
Series P, 4.00%, Perpetual

            14,639

             225,001
Series R, 4.00%, Perpetual

            14,649

             225,595
Series S, 4.10%, Perpetual

            14,368

             225,865
TOTAL REAL ESTATE INVESTMENT TRUSTS - PREFERRED (Cost $10,330,833)

             8,086,857






CONVERTIBLE PREFERRED STOCKS - 8.8%

Shares  

Value  
Diversified Financial Services - 4.5%

Ares Management Corp., Series B, 6.75%, 10/01/2027 (b)

            73,576

             3,025,445






Private Equity - 4.3%

KKR & Co., Inc., Series D, 6.25%, 03/01/2028 (b)(c)

            67,668

             2,936,114
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $6,947,101)

             5,961,559








COMMON STOCKS - 1.3%

Shares  

Value  
Banks - 1.3% (a)

Truist Financial Corp. (b)

            50,187

             904,370






Diversified Financial Services - 0.0% (e)

Apollo Global Management, Inc.

            0(f)

             12
TOTAL COMMON STOCKS (Cost $1,083,387)

             904,382






SHORT-TERM INVESTMENTS
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 7.0%
Units  

Value  
Mount Vernon Liquid Assets Portfolio, LLC, 3.79% (g)

            4,752,807

             4,752,807
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $4,752,807)

             4,752,807






TOTAL INVESTMENTS - 106.7% (Cost $87,111,002)

             72,682,348
Money Market Deposit Account - 0.8% (h)

             557,794
Liabilities in Excess of Other Assets - (7.5)%
(0.07484)
            (5,099,545)
TOTAL NET ASSETS - 100.0%




    $        68,140,597


Percentages are stated as a percent of net assets.




CMT - Constant Maturity Treasury
LIBOR - London Interbank Offered Rate
REIT - Real Estate Investment Trust
SOFR - Secured Overnight Financing Rate

(a)

To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect that industry or sector.
(b)

Non-income producing security.
(c)

All or a portion of this security is on loan as of July 31, 2026. The fair value of these securities was $4,623,478.
(d)

Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date.
(e)

Represents less than 0.05% of net assets.
(f)

Rounds to zero.
(g)

The rate shown represents the 7-day annualized yield as of July 31, 2026.
(h)

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 July 31, 2026 was 3.45%.




























Summary of Fair Value Disclosure as of July 31, 2026 (Unaudited)

Innovator S&P Investment Grade Preferred ETF 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 July 31, 2026:



Level 1

Level 2

Level 3

Total
Investments:







  Preferred Stocks
    $        –

    $        52,976,743

    $        –

    $        52,976,743
  Real Estate Investment Trusts - Preferred
            –

            8,086,857

            –

            8,086,857
  Convertible Preferred Stocks
            –

            5,961,559

            –

            5,961,559
  Common Stocks
            12

            904,370

            –

            904,382
  Investments Purchased with Proceeds from Securities Lending (a)
            –

            –

            –

            4,752,807
Total Investments
    $        12

    $        67,929,529

    $        –

    $        72,682,348



 

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 presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.



Allocation of Portfolio Holdings as of July 31, 2026

(% of Net Assets)


Preferred Stocks
    $        52,976,743

        77.7%
Real Estate Investment Trusts - Preferred
             8,086,857

        11.9 
Convertible Preferred Stocks
             5,961,559

        8.8 
Common Stocks
             904,382

        1.3 
Investments Purchased with Proceeds from Securities Lending
             4,752,807

        7.0 
Money Market Deposit Account
             557,794

        0.8 
Liabilities in Excess of Other Assets
             (5,099,545)

        (7.5)

    $        68,140,597

        100.0%