Innovator U.S. Equity Ultra Buffer ETF
USEP
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- Innovator ETFs Trust - Innovator U.S. Equity Ultra Buffer ETF - September (USEP) is an exchange-traded fund that seeks to track the price return of the SPDR S&P 500 ETF Trust (SPY) up to a predetermined upside cap while providing a buffer against the first 30% of losses over a one-year outcome period ending annually in September; it employs a portfolio primarily consisting of FLEX Options referencing SPY, including long and short positions in call and put options, supplemented by holdings in U.S. large-cap equities and cash equivalents. The fund offers defined outcome investment strategies designed for investors seeking downside protection with capped upside participation in the U.S. equity market; it targets institutional and retail investors interested in risk-managed exposure to the S&P 500 index across diversified sectors such as technology, financial services, consumer cyclical, communication services, and healthcare. Launched on August 30, 2019, USEP is managed by Innovator Capital Management, LLC, with co-management by Milliman Financial Risk Management LLC, and operates within the United States with net assets of approximately $229 million and a net expense ratio of 0.79%. Headquartered in Wheaton, Illinois, the issuer Innovator Capital Management, founded in 2017 by Bruce Bond and John Southard, specializes in defined outcome ETFs, including various buffer, power buffer, and ultra buffer series across U.S. equity, international developed, and other benchmarks. In a major strategic development announced in December 2025, Goldman Sachs agreed to acquire Innovator Capital Management in a cash-and-stock deal valued at approximately $2 billion, expected to close in the second quarter of 2026, to expand its defined outcome ETF offerings and bolster asset management capabilities.