Brookstone Holds 1.69M Shares (27.66%) of Innovator U.S. Equity Ultra Buffer ETF

Rhea-AI Filing Summary

Brookstone Capital Management, LLC reports ownership of 1,687,096 shares of the Innovator U.S. Equity Ultra Buffer ETF - August, representing 27.66% of the class. The filing states Brookstone has shared voting and shared dispositive power over those shares and reports no sole voting or dispositive power. The schedules identify Brookstone as an investment adviser and note the accounts holding the securities have the right to receive dividends and sale proceeds; Brookstone disclaims beneficial ownership of those accounts' securities.

This Schedule 13G indicates a substantial passive position in the ETF rather than sole control, with voting and disposition exercised jointly rather than individually.

Positive

• Material ownership stake: 1,687,096 shares equal 27.66% of the class, a significant concentration that is material to investors
• Investment adviser classification: Filing under Schedule 13G as an IA indicates the position is held in the ordinary course and not for control
• Shared voting and dispositive power: The reporting person discloses clear governance participation through shared authority

Negative

• None.

Insights

Financial Analyst

TL;DR: Brookstone holds a material 27.66% passive stake with shared voting/dispositive power, signaling significant investor influence without sole control.

Brookstone's reported 1,687,096-share position equals 27.66% of the ETF class, a level that is material for investors tracking ownership concentration. Classification as an investment adviser filing on Schedule 13G implies the position is held in the ordinary course and not to influence control. The reported split of zero sole power and full shared voting/dispositive power suggests authority is exercised jointly across accounts rather than unilaterally by Brookstone. The filing also disclaims beneficial ownership of underlying client accounts, consistent with advisory custodial arrangements.

Corporate Governance Expert

TL;DR: A large, passive stake with shared authority raises governance visibility but does not indicate control or activist intent.

The 27.66% holding is large enough to attract attention from other investors and the issuer's board, yet the filing's Schedule 13G treatment and explicit statement that securities were not acquired to change control indicate passive investment. Shared voting power means Brookstone participates in voting decisions but lacks sole directional control. The disclaimer of beneficial ownership for client accounts underscores the advisory relationship and reduces the implication of centralized beneficiary control.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Innovator ETFs Trust

(Name of Issuer)

Innovator U.S. Equity Ultra Buffer ETF - August

(Title of Class of Securities)

45782C672

(CUSIP Number)

08/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 45782C672

1

Names of Reporting Persons

Brookstone Capital Management, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,687,096.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,687,096.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,687,096.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

27.66 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Innovator ETFs Trust
(b)	Address of issuer's principal executive offices: 109 North Hale Street, Wheaton, ILLINOIS 60187
Item 2.
(a)	Name of person filing: Brookstone Capital Management, LLC
(b)	Address or principal business office or, if none, residence: 1745 S. Naperville Rd, Suite 200 Wheaton, IL 60189
(c)	Citizenship: United States
(d)	Title of class of securities: Innovator U.S. Equity Ultra Buffer ETF - August
(e)	CUSIP No.: 45782C672
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 1,687,096
(b)	Percent of class: 27.66 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 1,687,096
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 1,687,096
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. The accounts described in Item 4 have the right to receive or the power to direct receipt of dividends from, or the proceeds from the sale of the securities held in their respective accounts. Brookstone disclaims beneficial ownership of all such securities.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Brookstone Capital Management, LLC

Signature:	/s/ Matt Lovett
Name/Title:	Chief Compliance Officer
Date:	09/03/2025

FAQ

How many shares of SFLR does Brookstone Capital Management report owning?

Brookstone reports beneficial ownership of 1,687,096 shares of the Innovator U.S. Equity Ultra Buffer ETF - August (CUSIP 45782C672).

What percentage of the ETF does Brookstone's position represent?

The reported position represents 27.66% of the class.

Does Brookstone have sole voting or dispositive power over these shares?

No. The filing reports 0 sole voting power and 0 sole dispositive power, with 1,687,096 shared voting and shared dispositive power.

Is this Schedule 13G filing indicative of an attempt to control the issuer?

No. The filer identifies as an investment adviser and certifies the securities were acquired and are held in the ordinary course of business, not to change or influence control.

Does Brookstone claim beneficial ownership of the underlying client accounts?

Brookstone disclaims beneficial ownership of the securities held in client accounts and notes those accounts have rights to dividends and sale proceeds.