Innovator Capital Management LLC

Item 5. Fees and Compensation

Investors should refer to a Fund’s prospectus and SAI for a complete understanding of: (i) how
Innovator is compensated by the Funds for its advisory services, (ii) the fees and/or expenses
investors are obligated to pay, and (iii) how those fees and expenses are calculated and paid.
Innovator receives monthly management fees from each Fund. Innovator’s fees are calculated as
stipulated in the applicable Fund’s prospectus and are exclusive of brokerage commissions,
transaction fees, and other related cost and expenses which shall be incurred by the Fund either
directly or indirectly through the Fund’s net asset value (“NAV”) or expenses. Innovator’s fees
will vary depending on various factors, including the strategy utilized in the applicable Fund’s
investment program. The fees and compensation associated with Innovator’s investment advisory
services include unitary fees and management fees, which are detailed below.

ETF Unitary Fee

Innovator provides or causes to be furnished, all supervisory, administrative, and other services
reasonably necessary for the operation of the Funds, subject to a unitary fee. Innovator also bears
the costs of various third-party services required by the Funds, including, but not limited to, audit,
custodial, fund accounting, legal, transfer agency, and printing costs. The Advisory Agreement is
subject to annual review and approval by the Trust’s Board. The unitary fee is based on the daily
NAV of the Fund and is deducted from the Fund’s assets monthly in arrears. The fee is negotiated
with, and subject to approval by, the Trust’s Board. Each Fund’s prospectus sets forth the
applicable Unitary Management Fee, which generally ranges from 0.47% to 0.89% annually.

Each Fund subject to the unitary fee structure also bears other fees and expenses, which may vary
and will affect the total expense ratio of the Fund, such as taxes, brokerage fees, acquired fund
fees, commissions and other transaction expenses, interest and extraordinary expenses (such as
litigation and indemnification expenses). Certain Funds also bear asset-based custodial fees. Under
the unitary fee arrangement, Innovator, and not the Funds’ shareholders, would benefit from any
price decreases in third-party services, including decreases resulting from an increase in net assets,
to the extent such third-party services are included in the unitary fee structure. This discussion of
fees, costs, and expenses is only a summary. Please refer to the prospectus and SAI of the relevant
Fund for a more detailed discussion of the applicable fees, expenses, and costs relating to an
investment in the Funds.

Management Fee

Certain Funds pay a management fee to compensate Innovator for the services it provides. The
management fee is based on the daily NAV of the Fund and is deducted from the Fund’s assets
monthly in arrears. The management fee is negotiated with, and subject to approval by, the Trust’s
Board. Each Fund’s prospectus sets forth the applicable management fee.

Model Portfolios

Innovator does not charge an advisory fee in exchange for the Model Portfolio information.
Consequently, Innovator is not compensated directly by any Model Platform Sponsor, Third-Party
Adviser, or their underlying clients in exchange for Model Portfolio information. Model Platform
Sponsors may charge their users a fee in exchange for access to the Model Portfolios (the “Platform
Provider Fee”). Innovator, in its sole discretion, may determine to pay the Platform Provider Fee
which is otherwise passed onto the Platform Provider’s clients. Innovator indirectly receives
compensation in exchange for the Model Portfolios to the extent the Model Portfolios induce
additional investment in the underlying Funds, and thus, increase the compensation received from
the Funds. Third-Party Advisers and Model Platform Sponsors may charge or pass on additional
fees and expenses to their underlying clients, including, but not limited to, transaction fees,
custodial fees, subscription fees, and management fees. Such Third-Party Advisers, Model
Platform Sponsors, and/or their underlying clients are responsible for considering and paying
additional fees and expenses.

Item 7. Types of Clients

Innovator’s investment advisory clients consist of the Funds, each of which is an ETF and a series
of the Trust, a registered investment company under the 1940 Act for which Innovator is named
as the investment adviser. Innovator also provides Model Portfolio services on a non-discretionary
basis to Third-Party Advisers and Model Platform Sponsors to help inform the services they
provide to their underlying clients.