Innovator Deepwater Frontier Tech ETF
Schedule of Investments
July 31, 2026 (Unaudited)

COMMON STOCKS - 99.9%

Shares  

Value  
Aerospace/Defense - 3.3%

AeroVironment, Inc. (a)(b)

            43,882

    $        6,554,654






Auto Parts & Equipment - 3.1%

Schaeffler AG

            745,664

             6,096,424






Banks - 3.7%

NU Holdings Ltd./Cayman Islands - Class A (a)

            517,846

             7,420,733






Computers - 5.6%

BlackBerry Ltd. (a)

            622,627

             5,292,329
Rubrik, Inc. - Class A (a)(b)

            82,033

             5,935,908




             11,228,237






Electric - 3.3%

Vistra Corp.

            44,721

             6,627,205






Engineering & Construction - 3.1%

Sterling Infrastructure, Inc. (a)

            10,479

             6,253,553






Healthcare-Products - 2.9%

Intuitive Surgical, Inc. (a)

            16,679

             5,893,191






Internet - 12.1%

AppLovin Corp. - Class A (a)

            13,259

             5,249,238
MercadoLibre, Inc. (a)

            3,826

             7,185,037
Reddit, Inc. - Class A (a)

            35,450

             4,986,751
Shopify, Inc. - Class A (a)

            58,074

             6,803,369




             24,224,395






Machinery-Construction & Mining - 6.0%

Siemens Energy AG

            39,909

             6,785,345
Vertiv Holdings Co. - Class A

            21,785

             5,262,602




             12,047,947






Mining - 3.2%

Cameco Corp.

            73,088

             6,313,342






Miscellaneous Manufacturing - 3.0%

Axon Enterprise, Inc. (a)

            11,543

             6,091,934






Semiconductors - 20.8%

BE Semiconductor Industries NV

            36,469

             8,337,249
Cerebras Systems, Inc. - Class A (a)(b)

            55,307

             10,990,054
Credo Technology Group Holding Ltd. (a)

            38,851

             8,041,769
Lam Research Corp.

            20,782

             6,089,542
Marvell Technology, Inc.

            43,375

             8,135,415




             41,594,029






Software - 29.8% (c)



Datadog, Inc. - Class A (a)

            26,518

             7,106,028
Global-e Online Ltd. (a)

            192,430

             7,564,423
Minimax Group, Inc. (a)

            217,280

             6,388,958
ROBLOX Corp. - Class A (a)

            125,610

             4,471,716
ServiceNow, Inc. (a)

            64,239

             7,145,304
Snowflake, Inc. (a)

            26,496

             7,770,747
Synopsys, Inc. (a)

            15,935

             6,194,891
Take-Two Interactive Software, Inc. (a)

            27,542

             6,690,503
Twilio, Inc. - Class A (a)

            32,128

             6,340,461




             59,673,031
TOTAL COMMON STOCKS (Cost $186,104,061)

             200,018,675
SHORT-TERM INVESTMENTS
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 10.3%
Units  

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

            20,649,413

             20,649,413
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $20,649,413)

             20,649,413






TOTAL INVESTMENTS - 110.2% (Cost $206,753,474)

             220,668,088
Money Market Deposit Account - 0.2% (e)

             408,870
Liabilities in Excess of Other Assets - (10.4)%
(0.10368)
            (20,767,908)
TOTAL NET ASSETS - 100.0%




    $        200,309,050


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 July 31, 2026. The fair value of these securities was $20,142,686.
(c)

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.
(d)

The rate shown represents the 7-day annualized yield as of July 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 July 31, 2026 was 3.45%.


























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

Innovator Deepwater Frontier Tech 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:







  Common Stocks
    $        200,018,675

    $        –

    $        –

    $        200,018,675
  Investments Purchased with Proceeds from Securities Lending (a)
            –

            –

            –

            20,649,413
Total Investments
    $        200,018,675

    $        –

    $        –

    $        220,668,088



 

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)


Common Stocks
    $        200,018,675

        99.9%
Investments Purchased with Proceeds from Securities Lending
             20,649,413

        10.3 
Money Market Deposit Account
             408,870

        0.2 
Liabilities in Excess of Other Assets
             (20,767,908)

        (10.4)

    $        200,309,050

        100.0%