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Innovator US Equity Ultra Buffer ETF September
USEP

80 hedge funds and large institutions have $182M invested in Innovator US Equity Ultra Buffer ETF September in 2025 Q4 according to their latest regulatory filings, with 9 funds opening new positions, 18 increasing their positions, 28 reducing their positions, and 6 closing their positions.

New
Increased
Maintained
Reduced
Closed

50% more first-time investments, than exits

New positions opened: 9 | Existing positions closed: 6

4% more funds holding

Funds holding: 77 → 80 (+3)

0% more funds holding in top 10

Funds holding in top 10: 2 → 2 (0)

0% less capital invested

Capital invested by funds: $182M → $182M (-$504K)

2.33% less ownership

Funds ownership: 82.37% → 80.03% (-2.3%)

36% less repeat investments, than reductions

Existing positions increased: 18 | Existing positions reduced: 28

Holders
80
Holders Change
+3
Holders Change %
+3.9%
% of All Funds
0.97%
Holding in Top 10
2
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
0.02%
New
9
Increased
18
Reduced
28
Closed
6
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

1
LA
Legacy Advisors
Pennsylvania
+$1.24M
2
BCM
Brookstone Capital Management
Illinois
+$1.09M
3
AIA
AssuredPartners Investment Advisors
Florida
+$508K
4
Cambridge Investment Research Advisors
Cambridge Investment Research Advisors
Iowa
+$315K
5
FIA
Foundations Investment Advisors
Arizona
+$260K

Top Sellers

1
SA
Sovran Advisors
California
-$3.37M
2
IWM
IHT Wealth Management
Illinois
-$1.18M
3
Susquehanna International Group
Susquehanna International Group
Pennsylvania
-$892K
4
PWA
Prairie Wealth Advisors
Nebraska
-$837K
5
FFS
Founders Financial Securities
Maryland
-$632K
Name Holding Trade Value Shares
Change 		Change in
Stake
BCM
1
Brookstone Capital Management
Illinois
$63.6M +$1.09M +28,105 +2%
KWA
2
Kellett Wealth Advisors
Ohio
$23.2M -$471K -12,088 -2%
SA
3
Sovran Advisors
California
$21.2M -$3.37M -86,491 -14%
S
4
SignatureFD
Georgia
$7.64M – – –
PCA
5
Prosperity Capital Advisors
Ohio
$5.51M -$425K -10,923 -7%
KAS
6
Kestra Advisory Services
Texas
$4.17M -$34.2K -878 -0.8%
Osaic Holdings
7
Osaic Holdings
Arizona
$3.84M +$13.4K +343 +0.4%
KWM
8
KFG Wealth Management
Indiana
$3.73M -$157K -4,033 -4%
Commonwealth Equity Services
9
Commonwealth Equity Services
Massachusetts
$3.68M +$80.9K +2,077 +2%
SWM
10
Spire Wealth Management
Virginia
$3.17M -$184K -4,717 -6%
CVA
11
Central Valley Advisors
California
$2.85M – – –
Cetera Investment Advisers
12
Cetera Investment Advisers
Illinois
$2.66M +$86.3K +2,217 +3%
Envestnet Asset Management
13
Envestnet Asset Management
Illinois
$2.04M -$178K -4,583 -8%
Truist Financial
14
Truist Financial
North Carolina
$1.95M -$81.6K -2,096 -4%
MML Investors Services
15
MML Investors Services
Massachusetts
$1.57M +$12K +307 +0.8%
ASN
16
Advisory Services Network
Georgia
$1.44M -$4.71K -121 -0.3%
Cambridge Investment Research Advisors
17
Cambridge Investment Research Advisors
Iowa
$1.31M +$315K +8,100 +32%
BFG
18
Berger Financial Group
Minnesota
$1.3M – – –
AWA
19
Arete Wealth Advisors
Illinois
$1.28M -$5.18K -133 -0.4%
ST
20
Sageworth Trust
Pennsylvania
$1.26M – – –
LA
21
Legacy Advisors
Pennsylvania
$1.26M +$1.24M +31,935 New
SAG
22
SageView Advisory Group
California
$1.19M – – –
SB
23
Strategic Blueprint
Georgia
$1.16M -$13K -333 -1%
HighTower Advisors
24
HighTower Advisors
Illinois
$1.02M – – –
FFG
25
Fiduciary Financial Group
California
$954K – – –
1
2 3 4

USEP Hedge Fund Activity: Q4 2025 in Review

80 of the 8,223 institutional investors tracked by Wall St. Rank reported a position in Innovator US Equity Ultra Buffer ETF September (USEP) for Q4 2025, worth a combined $182M — down 0.28% from $182M a quarter earlier.

Buyers outnumbered sellers: 9 funds opened new USEP positions and 6 closed out — a net gain of 3 holders — while 18 added to existing stakes and 28 trimmed.

The largest buyer was Legacy Advisors, opening a new position worth an estimated $1.24M. The largest seller was Sovran Advisors, cutting an estimated $3.37M.

  • 80 institutional investors held Innovator US Equity Ultra Buffer ETF September (USEP) as of Q4 2025, up from 77 in Q3 2025.
  • Funds reported $182M of Innovator US Equity Ultra Buffer ETF September stock for Q4 2025, down 0.28% quarter-over-quarter.
  • 9 funds opened new Innovator US Equity Ultra Buffer ETF September positions in Q4 2025 and 6 closed out, a net change of +3 holders.
  • The largest Innovator US Equity Ultra Buffer ETF September buyer in Q4 2025 was Legacy Advisors, an estimated $1.24M added.
  • The largest Innovator US Equity Ultra Buffer ETF September seller in Q4 2025 was Sovran Advisors, an estimated $3.37M sold.

Based on aggregated 13F filings for Q4 2025.