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Innovator US Equity Power Buffer ETF April
PAPR

231 hedge funds and large institutions have $611M invested in Innovator US Equity Power Buffer ETF April in 2025 Q4 according to their latest regulatory filings, with 36 funds opening new positions, 42 increasing their positions, 96 reducing their positions, and 15 closing their positions.

New
Increased
Maintained
Reduced
Closed

140% more first-time investments, than exits

New positions opened: 36 | Existing positions closed: 15

100% more funds holding in top 10

Funds holding in top 10: 1 → 2 (+1)

9% more funds holding

Funds holding: 212 → 231 (+19)

3.13% more ownership

Funds ownership: 75.17% → 78.3% (+3.1%)

1% less capital invested

Capital invested by funds: $619M → $611M (-$8.22M)

56% less repeat investments, than reductions

Existing positions increased: 42 | Existing positions reduced: 96

Holders
231
Holders Change
+19
Holders Change %
+8.96%
% of All Funds
2.81%
Holding in Top 10
2
Holding in Top 10 Change
+1
Holding in Top 10 Change %
+100%
% of All Funds
0.02%
New
36
Increased
42
Reduced
96
Closed
15
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

1
Focus Partners Wealth
Focus Partners Wealth
Massachusetts
+$9.9M
2
SL
Sentinus LLC
Illinois
+$4.88M
3
SAW
Signal Advisors Wealth
Michigan
+$4.06M
4
BWM
BCS Wealth Management
Tennessee
+$1.79M
5
WIA
World Investment Advisors
California
+$1.71M

Top Sellers

1
Jane Street
Jane Street
New York
-$15.5M
2
Kovitz Investment Group Partners
Kovitz Investment Group Partners
Illinois
-$10.2M
3
FIA
Foundations Investment Advisors
Arizona
-$5.08M
4
KWM
KFG Wealth Management
Indiana
-$3.98M
5
BAM
Belpointe Asset Management
Nevada
-$3.54M
Name Holding Trade Value Shares
Change 		Change in
Stake
SWM
76
Selby Wealth Management
California
$1.43M +$1.42M +36,635 New
PFGIA
77
Patriot Financial Group Insurance Agency
Massachusetts
$1.42M -$32.1K -830 -2%
DFA
78
DHJJ Financial Advisors
Illinois
$1.36M -$32.5K -842 -2%
CRWM
79
Castle Rock Wealth Management
California
$1.36M – – –
CB
80
Chris Bulman
California
$1.29M +$17.4K +451 +1%
IA
81
IFP Advisors
Florida
$1.28M -$18.2K -471 -1%
RA
82
RFG Advisory
Alabama
$1.27M +$4.72K +122 +0.4%
JRPIM
83
Journey Retirement Planning & Investment Management
Idaho
$1.26M +$1.25M +32,292 New
ASN
84
Advisory Services Network
Georgia
$1.23M – – –
JCM
85
Jacobi Capital Management
Pennsylvania
$1.22M – – –
MFG
86
Merit Financial Group
Georgia
$1.18M +$661K +17,087 +131%
SPWM
87
Straight Path Wealth Management
Michigan
$1.18M +$17.6K +454 +2%
SWM
88
Spire Wealth Management
Virginia
$1.15M -$18.4K -477 -2%
WIM
89
WealthPlan Investment Management
Nebraska
$1.06M +$1.04M +27,007 New
FA
90
FSA Advisors
Michigan
$1.06M +$3.48K +90 +0.3%
Susquehanna International Group
91
Susquehanna International Group
Pennsylvania
$1.03M +$801K +20,723 +371%
AWM
92
AE Wealth Management
Kansas
$1.01M +$8.12K +210 +0.8%
FIA
93
Foundations Investment Advisors
Arizona
$1M -$5.08M -131,348 -84%
BBPWM
94
Blue Bell Private Wealth Management
Pennsylvania
$991K -$79K -2,044 -7%
CA
95
Continuum Advisory
Idaho
$986K – – –
BAM
96
Belpointe Asset Management
Nevada
$966K -$3.54M -91,510 -79%
WA
97
Wealth Alliance
New York
$932K – – –
TWM
98
TopTier Wealth Management
Wisconsin
$919K +$908K +23,483 New
OWA
99
Outlook Wealth Advisors
Texas
$918K – – –
LWA
100
Lineweaver Wealth Advisors
Ohio
$897K – – –
2 3
4
5 6

PAPR Hedge Fund Activity: Q4 2025 in Review

231 of the 8,223 institutional investors tracked by Wall St. Rank reported a position in Innovator US Equity Power Buffer ETF April (PAPR) for Q4 2025, worth a combined $611M — down 1.3% from $619M a quarter earlier.

Buyers outnumbered sellers: 36 funds opened new PAPR positions and 15 closed out — a net gain of 21 holders — while 42 added to existing stakes and 96 trimmed.

The largest buyer was Focus Partners Wealth, adding an estimated $9.9M. The largest seller was Jane Street, exiting entirely with an estimated $15.5M sold.

  • 231 institutional investors held Innovator US Equity Power Buffer ETF April (PAPR) as of Q4 2025, up from 212 in Q3 2025.
  • Funds reported $611M of Innovator US Equity Power Buffer ETF April stock for Q4 2025, down 1.3% quarter-over-quarter.
  • 36 funds opened new Innovator US Equity Power Buffer ETF April positions in Q4 2025 and 15 closed out, a net change of +21 holders.
  • The largest Innovator US Equity Power Buffer ETF April buyer in Q4 2025 was Focus Partners Wealth, an estimated $9.9M added.
  • The largest Innovator US Equity Power Buffer ETF April seller in Q4 2025 was Jane Street, an estimated $15.5M sold.

Based on aggregated 13F filings for Q4 2025.