Innovator US Equity Power Buffer ETF May
PMAY
186 hedge funds and large institutions have $510M invested in Innovator US Equity Power Buffer ETF May in 2025 Q4 according to their latest regulatory filings, with 28 funds opening new positions, 23 increasing their positions, 69 reducing their positions, and 12 closing their positions.
133% more first-time investments, than exits
New positions opened: 28 | Existing positions closed: 12
33% more funds holding in top 10
Funds holding in top 10: 3 → 4 (+1)
9% more funds holding
Funds holding: 171 → 186 (+15)
1.16% more ownership
Funds ownership: 82.15% → 83.31% (+1.2%)
2% less capital invested
Capital invested by funds: $522M → $510M (-$12.4M)
67% less repeat investments, than reductions
Existing positions increased: 23 | Existing positions reduced: 69
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Focus Partners Wealth
Boston,
Massachusetts
|
+$11.2M |
| 2 |
KWS
Keystone Wealth Services
Palm Desert,
California
|
+$9.23M |
| 3 |
Mercer Global Advisors
Denver,
Colorado
|
+$2.49M |
| 4 |
MFG
Merit Financial Group
Alpharetta,
Georgia
|
+$1.59M |
| 5 |
LPL Financial
San Diego,
California
|
+$1.22M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
AAP
Arax Advisory Partners
Denver,
Colorado
|
-$17.8M |
| 2 |
Kovitz Investment Group Partners
Chicago,
Illinois
|
-$11.6M |
| 3 |
Jane Street
New York
|
-$6.1M |
| 4 |
Wealth Enhancement Advisory Services
Plymouth,
Minnesota
|
-$4.9M |
| 5 |
KWM
KFG Wealth Management
Granger,
Indiana
|
-$2.93M |
PMAY Hedge Fund Activity: Q4 2025 in Review
186 of the 8,267 institutional investors tracked by Wall St. Rank reported a position in Innovator US Equity Power Buffer ETF May (PMAY) for Q4 2025, worth a combined $510M — down 2.4% from $522M a quarter earlier.
Buyers outnumbered sellers: 28 funds opened new PMAY positions and 12 closed out — a net gain of 16 holders — while 23 added to existing stakes and 69 trimmed.
The largest buyer was Focus Partners Wealth, adding an estimated $11.2M. The largest seller was Arax Advisory Partners, cutting an estimated $17.8M.
- 186 institutional investors held Innovator US Equity Power Buffer ETF May (PMAY) as of Q4 2025, up from 171 in Q3 2025.
- Funds reported $510M of Innovator US Equity Power Buffer ETF May stock for Q4 2025, down 2.4% quarter-over-quarter.
- 28 funds opened new Innovator US Equity Power Buffer ETF May positions in Q4 2025 and 12 closed out, a net change of +16 holders.
- The largest Innovator US Equity Power Buffer ETF May buyer in Q4 2025 was Focus Partners Wealth, an estimated $11.2M added.
- The largest Innovator US Equity Power Buffer ETF May seller in Q4 2025 was Arax Advisory Partners, an estimated $17.8M sold.
Based on aggregated 13F filings for Q4 2025.