[SCHEDULE 13G] Innovator Equity Managed Floor ETF SEC Filing

Rhea-AI Filing Summary

Brookstone Capital Management, LLC has filed a Schedule 13G disclosing passive ownership of the Innovator U.S. Equity Ultra Buffer ETF – June (CUSIP 45782C730). As of the event date 07/31/2025, the investment adviser reports beneficial ownership of 1,671,724 shares, representing 42.28 % of the ETF’s outstanding units.

All voting and dispositive authority is shared; Brookstone reports no sole power over the securities. The filing is made under Rule 13d-1(b) as the firm is an SEC-registered investment adviser ("IA"), indicating the stake is held in the ordinary course of business with no intent to influence control. Certification language confirms the passive nature of the holding.

The size of the position suggests Brookstone is a major liquidity provider for the fund. However, because this is a Schedule 13G—rather than a 13D—no activist or control intentions are signaled. Investors in ticker SFLR (per provided metadata) should note the concentration, as any large redemption or reallocation by Brookstone could materially affect fund flows and trading volume.

Positive

• Significant institutional ownership (42.28 %) may enhance daily trading liquidity and support AUM stability.
• Passive 13G filing signals no activist agenda, reducing governance uncertainty for other shareholders.

Negative

• High concentration risk: a single adviser controls over 40 % of shares; large redemptions could pressure market liquidity.
• Shared, not sole, authority means underlying client flows—not Brookstone’s discretion alone—could trigger large position changes.

Insights

ETF Analyst

TL;DR: Brookstone passively owns 42 % of the ETF, boosting liquidity but adding concentration risk.

Brookstone’s 1.67 million-share position is substantial for an ETF of this type. Passive 13G status limits governance impact, yet the sheer size means the adviser could influence secondary-market supply/demand dynamics. A large redemption could widen spreads or increase volatility. Conversely, continued holding supports AUM stability, aiding expense-ratio efficiency. Overall, material but not transformational.

Portfolio Risk Manager

TL;DR: Stake size is material; monitor flow risk, not control risk.

With shared voting/dispositive power only, Brookstone’s filing poses flow, not governance, risk. A single owner at 42 % heightens redemption shock potential, though ETF in-kind creation/redemption mitigates systemic impact. No immediate positive or negative fundamental change to fund holdings, so I rate impact neutral but worth monitoring for liquidity management.

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 - June

(Title of Class of Securities)

45782C730

(CUSIP Number)

07/31/2025

(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. 45782C730

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 1,671,724.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,671,724.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,671,724.00

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)

42.28 %

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 - June
(e)	CUSIP No.: 45782C730
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: 1,671,724
(b)	Percent of class: 42.28 %
(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: 1,671,724
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 1,671,724
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:	08/04/2025

FAQ

How many shares of the Innovator U.S. Equity Ultra Buffer ETF does Brookstone Capital Management own?

Brookstone reports ownership of 1,671,724 shares.

What percentage of the ETF’s outstanding shares does this represent?

The holding equals 42.28 % of the fund’s outstanding units.

Why did Brookstone file a Schedule 13G instead of a 13D?

The firm qualifies as a passive investment adviser under Rule 13d-1(b) and states no intent to influence control.

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

No. Voting and dispositive power are shared; sole power is reported as 0.

When is the effective date of ownership for this filing?

The event date triggering the filing is 07/31/2025.

Who signed the Schedule 13G on behalf of Brookstone?

The filing was signed by Matt Lovett, Chief Compliance Officer, on 08/04/2025.