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US Bancorp (USB), the parent reporting person, reported beneficial ownership of 374,773 shares of Innovator ETFs Trust’s exchange-traded fund, representing 5.4% of the class, as of September 30, 2026. It reported sole voting power over 352,564 shares and shared voting power over 3,000, with sole dispositive power over 370,109 shares and shared dispositive power over 4,664. The filing also identifies U.S. Bank National Association, a wholly owned subsidiary, with 350,305 shares beneficially owned, and U.S. Bank Trust National Association SD, an indirect wholly owned subsidiary, with 24,468.
Beneficially owned shares374,773 shares5.4% of the class as of September 30, 2026
Sole voting power352,564 sharesReported by US Bancorp
Shared voting power3,000 sharesReported by US Bancorp
Sole dispositive power370,109 sharesReported by US Bancorp
Shared dispositive power4,664 sharesReported by US Bancorp
U.S. Bank National Association beneficial ownership350,305 sharesSubsidiary reporting person
U.S. Bank Trust National Association SD beneficial ownership24,468 sharesIndirect subsidiary reporting person
Beneficial ownership percentage5.4%Of the class as of September 30, 2026
Key Terms
beneficial ownership, sole voting power, shared voting power, sole dispositive power, +2 more
6 terms
beneficial ownershipregulatory
"Amount beneficially owned: 374,773 Shares"
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
sole voting powerregulatory
"Sole power to vote or to direct the vote"
Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.
shared voting powerregulatory
"Shared power to vote or to direct the vote"
Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.
sole dispositive powerregulatory
"Sole power to dispose or to direct the disposition"
Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.
shared dispositive powerregulatory
"Shared power to dispose or to direct the disposition"
fiduciary capacitiesregulatory
"U.S. Bancorp as parent holding company ... in various fiduciary capacities"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How many shares of Innovator ETFs Trust did USB report beneficially owning?
US Bancorp reported beneficial ownership of 374,773 shares, equal to 5.4% of the class, as of September 30, 2026.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Innovator ETFs Trust
(Name of Issuer)
Exchange Traded Fund
(Title of Class of Securities)
45782C714
(CUSIP Number)
09/30/2026
(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)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
45782C714
1
Names of Reporting Persons
US BANCORP \DE\
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
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
352,564.00
6
Shared Voting Power
3,000.00
7
Sole Dispositive Power
370,109.00
8
Shared Dispositive Power
4,664.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
374,773.00
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)
5.4 %
12
Type of Reporting Person (See Instructions)
HC
SCHEDULE 13G
CUSIP Number(s):
45782C714
1
Names of Reporting Persons
US BANK NATIONAL ASSOCIATION
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
OHIO
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
342,489.00
6
Shared Voting Power
3,000.00
7
Sole Dispositive Power
345,641.00
8
Shared Dispositive Power
4,664.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
350,305.00
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)
5.1 %
12
Type of Reporting Person (See Instructions)
BK
Comment for Type of Reporting Person: U.S. Bank National Association is a direct wholly-owned subsidiary of U.S. Bancorp and a national bank with fiduciary powers engaged in discretionary asset management.
SCHEDULE 13G
CUSIP Number(s):
45782C714
1
Names of Reporting Persons
U.S. BANK TRUST NATIONAL ASSOCIATION SD
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
SOUTH DAKOTA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
10,075.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
24,468.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
24,468.00
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)
0.3 %
12
Type of Reporting Person (See Instructions)
BK
Comment for Type of Reporting Person: U.S. Bank Trust National Association SD is an indirect wholly-owned subsidiary of U.S. Bank National Association and a national bank with fiduciary powers engaged in discretionary asset management.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Innovator ETFs Trust
(b)
Address of issuer's principal executive offices:
200 W. FRONT STREET, WHEATON, ILLINOIS, 60187.
Item 2.
(a)
Name of person filing:
U.S. Bancorp as parent holding company for U.S. Bank National Association and U.S. Bank Trust National Association SD, in various fiduciary capacities.
(b)
Address or principal business office or, if none, residence:
U.S. Bancorp
200 S. Sixth St.
Minneapolis, MN 55402
U.S. Bank National Association
800 Nicollet Mall
Minneapolis, MN 55402
U.S. Bank Trust National Association SD
141 North Main Avenue
Sioux Falls, SD 57102
(c)
Citizenship:
U.S. Bancorp - Delaware, U.S.A.
U.S. Bank National Association - Ohio, U.S.A.
U.S. Bank Trust National Association SD - South Dakota, U.S.A.
(d)
Title of class of securities:
Exchange Traded Fund
(e)
CUSIP Number(s):
45782C714
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:
374,773 Shares
(b)
Percent of class:
5.4%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
352,564 Shares
(ii) Shared power to vote or to direct the vote:
3,000 Shares
(iii) Sole power to dispose or to direct the disposition of:
370,109 Shares
(iv) Shared power to dispose or to direct the disposition of:
4,664 Shares
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.
See Item 2 and Exhibits A,B,C in Item 10.
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.
US BANCORP \DE\
Signature:
Shari Musselman
Name/Title:
Vice President
Date:
11/13/2026
US BANK NATIONAL ASSOCIATION
Signature:
Shari Musselman
Name/Title:
Vice President
Date:
11/13/2026
U.S. BANK TRUST NATIONAL ASSOCIATION SD
Signature:
Shari Musselman
Name/Title:
Vice President
Date:
11/13/2026
Exhibit Information
US Bancorp POA - US Bancorp Power of Attorney
Exhibit A - Identification and Classification of the Subsidiary Which Acquired the Security Reported on by the Parent Holding Company
Exhibit B - Beneficial Ownership Disclaimer
Exhibit C - US Bancorp Joint Filing Agreement
