Innovator U.S. Small Cap Power Buffer ETF - September (KSEP) ETF — Holdings, Allocation & Options Analysis

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About

Innovator U.S. Small Cap Power Buffer ETF - September (KSEP) ETF

No description available.

Exchange: BATS
Inception: 2024-08-30
Has Options: No

Fund profile

holdings as of Jul 31, 2026SEC filingthrough Jul 2026flows, SEC filings

Defined Outcome Buffer#253 of 429 by assets Innovator Actively managed

Defined-outcome fund. The stated cap and buffer apply only from the first day of the outcome period to its last; buying in between gives different terms. See what is left in the ETF lab.

Expense ratio: 0.79%
Assets: $38M
Trailing yield: —
Average daily volume: $821K
Holdings: 5
Listed: Aug 30, 2024
Closure risk, 12 months: 2.2%

FrenzyCap ETF score

25

how it is built

Cost41

Liquidity30

Scale16

Diversification0

Moves with. US large-cap stocks (53% of its variance, beta 0.43); Small caps over large (31% of its variance, beta 0.37); High yield over Treasuries (5% of its variance, beta 0.27). These factors explain 90% of its daily moves over the last year.

Stated objective. The Fund seeks to provide investors with returns that match the return of the Underlying ETF, up to the upside cap of 17.20% (prior to taking into account management fees and other fees) while providing a buffer against the first 15% (prior to taking into account management fees and other fees) of Underlying ETF losses, over the period from September 1, 2025 to August 31, 2026. (from the fund's prospectus)

All 5 holdings Flow history Overlap tool All Buffer ETFs

Fund flows

through Jul 2026SEC filings

Jul 2026: −$773K
Latest 3 months: −$1.5M
Latest 12 months: +$5.5M

View as a table

Net flows of KSEP by month, Aug 2025 to Jul 2026
Month	Net flow
Jul 2026	−$773K
Jun 2026	$0
May 2026	−$748K
Apr 2026	−$2.2M
Mar 2026	−$697K
Feb 2026	−$2.2M
Jan 2026	−$27M
Dec 2025	−$692K
Nov 2025	+$25M
Oct 2025	−$7.5M
Sep 2025	+$20M
Aug 2025	+$2.6M

Net creations and redemptions from the fund's SEC filings, which become public about 60 days after each quarter. Every month since 24 months ago

Similar funds

Fund	Overlap	Fee	Assets	1Y
BUFRFT Vest Laddered Buffer ETF	—	0.95%	$10.9B	+13.2%	compare
BALTInnovator Defined Wealth Shield ETF	—	0.69%	$3.0B	+6.8%	compare
BUFDFT Vest Laddered Deep Buffer ETF	—	0.95%	$2.2B	+10.5%	compare
BUFQFT Vest Laddered Nasdaq Buffer ETF	—	1.00%	$1.7B	+16.7%	compare
FJANFT Vest U.S. Equity Buffer ETF - January	—	0.85%	$1.5B	+13.8%	compare

The largest other funds in the Buffer category.

Under the hood

fiscal year to Oct 31, 2025SEC census

Authorized participants: 4 active
Created · redeemed: $42M · $34M
Redemptions in kind: 66%
Creation unit: 25,000
Securities lending: not authorized
Diversification status: Non-diversified

From the fund's annual census filing with the SEC. In-kind redemptions are what let an ETF shed appreciated securities without realising gains.

ETF Profile

holdings as of 2026-10-31

Holdings

5

AUM

$24.1M

Provider

Nport

Inception

2024-08-30

Exchange

BATS

Data As Of

2026-10-31

Expense Ratio

0.79%

Dividend Yield

—

Distribution

—

Asset Allocation

Top Holdings

top 5 of 5 holdings

Symbol	Name	Weight %	Asset Class	Country
—	N/A	106.34%	Derivative (equity)	US
—	US BANK MMDA - USBGFS 9	0.39%	Short-term investment	US
—	N/A	0.07%	Derivative (equity)	US
—	N/A	-0.02%	Derivative (equity)	US
—	N/A	-6.72%	Derivative (equity)	US

Geographic Breakdown

Non-Equity Breakdown

Innovator U.S. Small Cap Power Buffer ETF - September · NPORT-P period 2026-07-31 (filed 2026-09-28)

Net assets: $24M · 5 total positions · equity 0.00% · non-equity 100.07%

Non-equity holdings — 5 positions, 100.07% of NAV

Category	Weight	Value	Positions
Derivative (equity)	99.68%	$24.0M	4
Short-term investment	0.39%	$93584	1

Summary

—

composite

—

Each spoke is this symbol's rank within its sector (0–100; the dotted ring marks the sector median at 50). Higher is more constructive for a long. One spoke — News sentiment — is an absolute reading, not a sector rank. Grayed spokes have no data. A fuller shape is a summary, not a recommendation.

Chart

Seasonality

Month	'24	'25	'26	Avg
Jan	--	1.71%	2.14%	1.93%
Feb	--	-2.24%	0.07%	-1.09%
Mar	--	-1.88%	-2.46%	-2.17%
Apr	--	-1.01%	5.21%	2.10%
May	--	2.29%	1.69%	1.99%
Jun	--	2.54%	1.52%	2.03%
Jul	--	-0.13%	0.59%	0.23%
Aug	--	5.79%	0.77%	3.28%
Sep	2.33%	1.90%	-1.91%	0.77%
Oct	0.15%	0.60%	0.08%*	0.28%
Nov	4.85%	1.07%	--	2.96%
Dec	-3.62%	0.68%	--	-1.47%
Total	3.56%	11.64%	7.75%	7.65%

* Only 3 year(s) of data available.

Technical Indicators

? Indicator Guide

Quick-reference for reading the values below. Indicators combine to confirm a view — no single one is a trade signal on its own.

Trend Indicators

SMA 20 / 50 / 200 — price above = uptrend, below = downtrend. SMA 50 crossing SMA 200 is the golden/death cross.
EMA 12 / 26 — faster-reacting averages; 12 above 26 is short-term bullish.
MACD — bullish when MACD > signal (green badge), bearish when below. Divergence from price often precedes reversals.
ADX (14) — trend strength regardless of direction. <20 range, 20–25 weak trend, 25–50 trend, >50 strong trend.
+DI / −DI — +DI > −DI favors bulls; the reverse favors bears. Read alongside ADX.

Momentum Oscillators

RSI (14) — <30 oversold, >70 overbought. 40–60 is neutral; trending names can stay extreme.
Stochastic %K / %D — <20 oversold, >80 overbought. %K crossing %D is an early momentum signal.
Williams %R — inverted scale: <−80 oversold, >−20 overbought.

Oscillators work best in range-bound markets; in strong trends they give premature reversal signals.

Volume & Volatility

Bollinger Bands — price at upper band = overbought, lower = oversold. Narrow bands (squeeze) often precede expansion.
OBV — cumulative volume; rising OBV confirms uptrend, falling OBV confirms downtrend. Divergence from price is a warning.
Vol SMA 20 / Vol ROC — today's volume vs. 20-day average. Positive ROC with price move = conviction.
ATR / True Range — average daily $ move; sizing and stop-loss reference.
HV 20 / 30 / 60 — realized (historical) volatility. Compare to IV on the options cards: IV > HV = rich premium.

Confluence matters: trend + momentum + volume agreeing carries far more weight than any single indicator. For how these feed the spread scanner score, see the algorithm docs →

Trend Indicators

SMA 20: $30.78

SMA 50: $31.06

SMA 200: $29.86

Current: $30.63

EMA 12: $30.71

EMA 26: $30.84

MACD: -0.1249 | Signal: -0.0065

BEARISH

ADX (14): 28.19

TREND

+DI: 22.84

−DI: 35.31

Momentum Oscillators

RSI (14): 41.66

NEUTRAL

Stoch %K: 20.05

Stoch %D: 28.22

Williams %R: -70.97

Volume & Volatility

BB Upper: $31.09

BB Lower: $30.46

NEUTRAL

OBV: 22,207

Vol SMA 20: 13,317

Vol ROC: -74.96%

ATR: $0.17

True Range: $0.14

HV 20: 6.3%

HV 30: 6.5%

HV 60: 4.9%

Data Summary

Data Points: 500

Last Updated: Oct 9, 5:15 PM ET

Date Range: 2024-10-11T00:00:00 – 2026-10-09T00:00:00

AI Analysis

Click Frenzy-Pro™ for an AI analysis of this ticker.

Analysis includes technical indicators, news sentiment, risk assessment, and specific price levels to watch.

News

All KSEP news →

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Earnings History

Earnings calendar: this week’s reports with expected vs actual moves →

KSEP Options Activity & IV Rank

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Options Chain

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Spread Scanner GPU

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? Score Guide Full Algorithm Docs ↗

Each spread is ranked by a composite score built in three stages. Full documentation →

Stage 1 — Base Score (GPU scanner)

score = P(profit) × (credit / spread_width)
P(profit) from short leg delta (1 − |delta|), penalised above 85%. Credit uses mid-price to handle illiquid chains fairly.

Stage 2 — Skew Adjustment (±25% cap)

RR and BF (30-delta) from the persisted per-symbol skew snapshot — wing strikes picked by real greeks.delta, not a moneyness proxy. Put skew boosts bull puts, penalises bear calls. High butterfly boosts iron condors. Calendars are skew-neutral.

Stage 3 — Technical Overlay (±50% cap, 5 groups)

Group 1 · Directional Bias (±0.25)

RSI <40 bullish / >60 bearish
MACD crossover + histogram trend
Price vs SMA 50 & SMA 200

Group 2 · Momentum (±0.10)

Stochastic %K <20 / >80
Williams %R <−80 / >−20

Group 3 · Volatility (up to −0.25 / +0.15)

Blended ATR + straddle expected-move penalty
Bollinger Band signal (+ counter-trend penalty)
BB width — vol contraction boost for ICs

Group 4 · IV Regime (±0.15)

IV rank ≥ 75 → strong boost for credit spreads
IV rank < 25 → penalty (selling cheap vol)

Group 5 · Liquidity (penalty up to −0.10)

Min open interest across all legs
OI < 100 → −0.10 · OI < 500 → −0.05

score = base_score × skew_multiplier × tech_multiplier
Both multipliers are shown per spread. Beta is informational only — ATR already captures realized vol. Full algorithm documentation →

Enter a ticker to scan for optimal spread opportunities.

Evaluates all bull put, bear call, iron condor, and calendar spread combinations using GPU-accelerated analysis.

Dealer Positioning

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Skew (Wing IV − ATM IV)

DTE:

Wing Δ:

Metric:

? What do these mean

Wing vs ATM

IV(put wing) − IV(ATM), in vol points

How much the OTM put trades above (or below) the at-the-money strike. Measures the height of the put-side tail relative to ATM — i.e. how expensive crash insurance is on this name.

Positive (typical) — wing IV > ATM IV. Standard equity put skew: portfolios bid up crash protection, so OTM puts trade richer than ATM.
Near zero or negative (unusual) — wing IV ≤ ATM IV. Flat or inverted put side. Common when there's no fear demand, in tightly mean-reverting names, or right after an earnings catalyst clears.
Percentile vs own 3-yr history: high = wings rich (good time to sell wing premium); low = wings cheap (good time to buy protection).
Not directional — high or low wings don't predict up or down moves. It's a price tag on tail insurance, not a forecast.

Risk Reversal

IV(call wing) − IV(put wing), equal delta on each side

Which side of the smile is the market paying up for? Measures the tilt of the surface — call skew vs put skew at matched deltas.

Negative (typical) — puts richer than calls. Standard equity behavior: hedging demand makes puts carry a premium. Most large-caps sit in the −1 to −5 vol-point range.
Strongly negative (< −5 pts) — heavy downside hedging, elevated fear, or an upcoming catalyst (earnings, FDA, macro event). Worth flagging.
Positive — calls richer than puts. Unusual for equities; signals bullish momentum, short-squeeze positioning, or takeover/M&A speculation.
Near zero — symmetric surface. Market sees roughly equal up/down risk. Rare for large-caps; more common in commodities and FX.

Reading them together

Wing-vs-ATM tells you how expensive the tails are. Risk Reversal tells you which side is favored. Combined:

High wing percentile + deeply negative RR → strong put bid; stress or major event priced in. Owning protection costs a premium; selling put premium is dangerous.
Low wing percentile + near-zero RR → complacency; insurance cheap and balanced. Good environment to add cheap downside hedges.
Positive RR + elevated wings → call-side fear-of-missing-out; common in squeeze setups. Upside calls expensive, downside puts not bid.

14 DTE / 10d —

— pts

ATM — / Wing —

30 DTE / 10d —

— pts

ATM — / Wing —

Percentile is the rank of today's reading within ~3 years of this symbol's own history. High percentile = wings are rich relative to history; not a directional signal. Skew is read off the chain in real time, not from CBOE SKEW.

Volatility Surface

Enter a ticker to render the implied volatility surface.

Skew Metrics per Expiry ? Guide

Risk Reversal (RR)

IV(10% OTM call) − IV(10% OTM put)

Measures the direction of skew — which side the market is paying up for. Expressed as a vol difference in percentage points.

−3% to −10% → mild to moderate put skew. Normal for most large-cap stocks — puts always carry some premium from portfolio hedging demand.
−10% to −20% → strong put skew. Elevated fear, heavy hedging, or an upcoming catalyst (earnings, macro event). Worth noting.
Below −20% → extreme put skew. Stress signal — market aggressively buying downside protection.
−3% to 0% → nearly symmetric. Rare for equities; means the market sees roughly equal up/down risk.
Positive → calls more expensive than puts. Unusual — signals strong upside momentum, short squeeze risk, or takeover speculation.

Butterfly (BF)

½ × (IV call + IV put) − IV ATM

Measures curvature — how much the wings are bid up relative to ATM. Always expressed as a positive number (wing premium). Think of it as the cost of a tail hedge above and beyond the ATM vol.

0% to 2% → flat smile. Market pricing near-normal return distribution, low tail risk.
2% to 5% → moderate wing premium. Some tail risk priced in — typical in earnings cycles or elevated VIX environments.
Above 5% → high curvature. Fat tails aggressively priced — market expects a large move but is uncertain of direction. Very common right before earnings.

Reading them together

RR	BF	Interpretation
-15%	+5%	Strong put skew + fat tails — fear or upcoming catalyst (earnings, FDA)
-5%	+1%	Normal mild put skew, calm market
-20%	+8%	Extreme fear — heavy hedging, major event risk
~0%	+2%	Balanced market, no strong directional bias
+5%	+3%	Call skew — bullish momentum or short squeeze risk

Expiry	DTE	ATM IV	25d Put IV	25d Call IV	Risk Reversal	Butterfly	Interpretation	Strategy Suggestions (hover for rationale)

Volatility Smile

Enter a ticker to render the implied volatility smile.

IV Rank (7 DTE)

IV Rank (30 DTE)

Straddle Price (30 DTE)

Beta Analysis

Risk Metrics

Beta: 0.5159

Alpha: 2.91%

Correlation: 0.7969

R-Squared: 63.5%

Stock Volatility: 8.4%

Market Volatility: 13.0%

Analysis Details

Benchmark: SPY
Data Points: 251
Period: 252 trading days

Interpretation:
Low volatility - stock moves less than market

Beta & Alpha Over Time

Notable investors who own KSEP

Investor	Value	Share of their portfolio	Rank	Q/Q shares	Source

Hedge funds, activists, holding companies and family offices we track, from their latest 13F (quarter-end value) and Form 4 filings in the last 3 years. Family offices · all institutions

KSEP Institutional Ownership (13F)

Latest filings — 2026-09-30

? 13F Guide

Institutional managers with $100M+ AUM file Form 13F-HR quarterly, due 45 days after quarter end. Holdings are reported gross at quarter-end market value — they are a snapshot, not a real-time position.

Shares — long equity positions in this name, aggregated across share classes.
Calls / Puts — notional value of long call / put exposure where this ticker is the underlying.
% of Float — holder's reported shares divided by the latest diluted shares outstanding. Sums above 100% indicate large custodian / prime broker positions where the same shares are reported by multiple filers.
Custodian badge — filers with more than 5,000 holdings are typically broker-dealers / custodians reporting customer-held shares, not active managers.

Each filer is counted once at its latest 13F-HR filing. New filings are ingested on a weekly cadence.

34 filers492,838 shares$14.99M value

#	Filer	Shares	Value	% of Total	% of Float	Period
1	CANANDAIGUA NATIONAL CORP	70,922	$2.00M	13.35%	—	2026-03-31
2	COMMONWEALTH EQUITY SERVICES, LLC	56,291	$1.74M	11.58%	—	2026-06-30
3	Kestra Advisory Services, LLC	46,366	$1.43M	9.54%	—	2026-06-30
4	OSAIC HOLDINGS, INC. Custodian	44,842	$1.38M	9.23%	—	2026-06-30
5	OLD MISSION CAPITAL LLC	36,247	$1.12M	7.46%	—	2026-06-30
6	Cetera Investment Advisers Custodian	34,773	$1.07M	7.16%	—	2026-06-30
7	Susquehanna International Group, LLP Custodian	27,358	$843.78K	5.63%	—	2026-06-30
8	Raymond James Financial, Inc. Custodian	25,435	$784.47K	5.23%	—	2026-06-30
9	FIDUCIARY FINANCIAL GROUP, LLC	15,798	$487.25K	3.25%	—	2026-06-30
10	TRUIST FINANCIAL CORP Custodian	14,495	$447.06K	2.98%	—	2026-06-30
11	Wood Tarver Financial Group, LLC	13,483	$415.00K	2.77%	—	2026-06-30
12	BLUE BELL PRIVATE WEALTH MANAGEMENT, LLC	11,852	$365.54K	2.44%	—	2026-06-30
13	Citadel Advisors LLC Custodian	11,121	$343.00K	2.29%	—	2026-06-30
14	FreeGulliver LLC	11,108	$342.60K	2.29%	—	2026-06-30
15	Keating Financial Advisory Services, Inc.	10,415	$321.22K	2.14%	—	2026-06-30
16	Beacon Financial Advisory LLC	9,850	$303.80K	2.03%	—	2026-06-30
17	Allworth Financial LP Custodian	8,453	$260.71K	1.74%	—	2026-06-30
18	Catalina Capital Group, LLC	8,734	$246.34K	1.64%	—	2026-03-31
19	Visionary Wealth Advisors	7,066	$217.93K	1.45%	—	2026-06-30
20	Capital Analysts, LLC	5,607	$173.00K	1.15%	—	2026-06-30
21	IFP Advisors, Inc Custodian	3,360	$103.63K	0.69%	—	2026-06-30
22	PFS Partners, LLC	2,891	$89.17K	0.59%	—	2026-06-30
23	RED REEF ADVISORS LLC	2,500	$77.11K	0.51%	—	2026-06-30
24	DHJJ Financial Advisors, Ltd.	2,368	$73.03K	0.49%	—	2026-06-30
25	Atlantic Private Wealth, LLC	2,000	$61.68K	0.41%	—	2026-06-30

#	Filer	Notional Value	% of Total	Period

#	Filer	Notional Value	% of Total	Period

KSEP Insider Trading (Form 4)

Form 4 filings — insider beneficial-ownership changes by officers, directors, and 10%+ holders. Filed within 2 business days of transaction.

Filed	Reporter	Role	Action	Shares	Avg Price	Net $	Link

Codes: P = open-market purchase · S = open-market sale · A = grant/award · M = option exercise · F = tax withholding at vest · G = bona-fide gift · D = disposition to issuer · J = other (described in filing footnote — typically 401(k), trust, inheritance) · W = will/inheritance. Only P / S codes carry directional signal.

KSEP Proposed Insider Sales (Form 144)

Recent SEC Filings

Current reports — material events the company must disclose within 4 business days (earnings releases, M&A, executive changes, etc.).

Filing Date	Accession	Link

Annual report — audited financial statements, MD&A, risk factors. Filed 60–90 days after fiscal year-end.

Filing Date	Accession	Link

Quarterly report — unaudited financials and MD&A. Filed 40–45 days after each of the first three fiscal quarters.

Filing Date	Accession	Link

ETF Holders

#	ETF	Provider	Weight	$ Exposure	ETF AUM	As Of

Fundamentals

? Fundamentals Guide

Quarterly filings sourced from SEC 10-Q / 10-K reports. TTM tiles aggregate the most recent four quarters; bars show the last ~12 quarters oldest → newest.

Metrics

Revenue — top-line sales. Look for consistent YoY growth; seasonal businesses need same-quarter comparisons (Q4 '24 vs Q4 '23).
Net Income — bottom-line profit after all expenses. Can be volatile from one-time items; red bars = net loss.
Diluted EPS — net income per share assuming options/converts are exercised. Direct input to the P/E ratio.
Operating Cash Flow — cash generated from core operations, before capex and financing. Harder to manipulate than net income; growing OCF is a quality signal.

How to read the bars

Sequential growth — quarter-over-quarter trend. Accelerating bars are a momentum signal.
YoY growth — compare to the same quarter a year earlier to remove seasonality.
Quality — OCF should roughly track Net Income over time. Large divergence (net income ≫ OCF) flags accruals risk.
Margins — scan the bar ratios: Net Income / Revenue tells you margin trend without needing a separate chart.

TTM (trailing-twelve-month) smooths seasonality and is used for the P/E calculation. Filings appear 30–90 days after the period closes.

Valuation

? Valuation Guide

Ratios derived from TTM financials and the current market price, sampled daily. History chart shows how expensive the stock is today relative to its own recent past.

Price Multiples

P/E — price / TTM earnings. Rough market rule: 10–15 value, 15–25 market, >30 growth/premium. Negative when earnings are negative.
P/B — price / book value. Useful for financials and asset-heavy names; meaningless for asset-light software.
P/S — price / TTM revenue. Useful when earnings are negative or noisy (early-stage growth).
EV/EBITDA — capital-structure-neutral. <10 cheap, 10–15 reasonable, >20 rich. Good for comparing across leverage profiles.
EV/Sales — like P/S but accounts for debt + cash. Compare within sector.

Profitability & Yields

ROE — return on equity. >15% strong, >25% exceptional. Caution: high leverage inflates ROE.
ROA — return on assets. Leverage-neutral; >5% solid, >10% exceptional.
Div Yield — annual dividend / price. Compare to 10Y Treasury; sustained yield >6% often signals distress.
FCF Yield — free cash flow / market cap. >5% is attractive; negative means burning cash.

Balance Sheet

Debt/Equity — leverage. <1 conservative, >2 aggressive. Sector-dependent (utilities naturally high, tech low).
Current Ratio — short-term liquidity. >1.5 comfortable, <1 raises short-term solvency flags.

Reading the history chart

Compare current level to the 3-year band: near the high end = relatively expensive; near the low = relatively cheap.
Multiples expanding while earnings are flat = sentiment-driven rally.
Multiples compressing while earnings grow = value coming from fundamentals.

Metric:

Short Interest & Float

? Short Interest Guide

Regulatory short-interest reports publish on a bi-weekly settlement cadence; short-volume is reported daily by the trade-reporting facilities. Float is derived from insider-ownership filings.

Metric definitions

Short Interest — total shares currently sold short as of the settlement date. Lags real time by ~8 business days.
SI % of Float — short interest / free float. The key crowding metric.
Days to Cover — short interest / avg daily volume. How many full trading days it would take shorts to buy back. High DTC + catalyst = squeeze fuel.
Short Vol Ratio — today's short-sale volume / total volume. Intraday selling pressure proxy (not the same as short interest).
Free Float — shares available for public trading (total shares minus insider / restricted).
Float % — free float / shares outstanding. <50% = tightly held, more prone to squeezes.

How to read the signals

SI % of Float < 5% — typical, no particular signal.
5–15% — elevated; watch for catalysts (earnings, guidance, macro).
15–30% — heavily shorted; tight-float names in this range have produced notable squeezes historically.
>30% — extreme; borrow is likely expensive and squeeze risk is material.
Days to Cover > 5 combined with high SI% amplifies squeeze potential.

History chart

Trend matters more than level. Rapidly rising short interest often precedes negative catalysts or heavy hedging.
A sudden drop in SI after a rally may indicate a squeeze in progress.

Short interest is reported mid-month and end-of-month; short volume is daily.

Metric:

Constituent Performance

Select Timeframe:

Click any bar to view the full quote for that stock.

Constituents

Symbol	Name	Weight %	Price	1 Day	1 Week	1 Month

KSEP Innovator U.S. Small Cap Power Buffer ETF - September