Stock Analysis
Data Source: SEC EDGAR 13F
Updated Hourly

Innovator Etfs Trust (PAPR)

217 + Investors. Track Smart Money conviction in PAPR. See who's accumulating, reducing, or initiating positions.

Current Price
-- USD
Analyst Target
-- (0 analysts)
Upside
0.00%
Net Flow Q/Q
↓ -8
Streak
1Q ▼
Buyers last Q
38%

Smart Money Signals — PAPR

Based on 218 hedge funds · latest filing: 2026 Q1 · updated quarterly

📉

Selling streak — 1 quarter in a row

last 6Q
For 1 consecutive quarter, more hedge funds reduced or closed their PAPR positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🏔️

At the ownership peak (96% of max)

96% of all-time peak
218 hedge funds hold PAPR right now — the highest count in 3.0 years. When ownership is this concentrated, any bad news can trigger a chain reaction: one big fund sells, others follow. This is a classic 'crowded trade' — high popularity doesn't equal safety.
📶

Steady growth — +15% more funds vs a year ago

fund count last 6Q
+28 new funds entered over the past year (+15% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🔴

Heavy selling pressure — only 38% buying

77 buying126 selling
Last quarter: 126 funds sold vs only 77 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
⚠️

Fewer new buyers each quarter (-16 vs last Q)

new funds entering per quarter
Funds opening this position for the first time: 30 → 18 → 35 → 19. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
🔒

51% of holders stayed for 2+ years

■ 51% conviction (2yr+) ■ 28% medium ■ 21% new
112 out of 218 hedge funds have held PAPR for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.
📈

Growing discovery — still being found

10 → 30 → 18 → 35 → 19 new funds/Q
New funds entering each quarter: 30 → 18 → 35 → 19. A growing number of institutions are discovering PAPR each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️

Veteran-anchored — 50% veterans vs 25% newcomers

■ 50% veterans ■ 24% 1-2yr ■ 25% new
Entry-cohort mix of 218 holders: 110 (50%) are 2+ year veterans, 53 entered 1–2 years ago, and 55 (25%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅

Strong quality — 22% AUM from major funds

22% from top-100 AUM funds
9 of 217 holders rank in the top 100 by AUM, accounting for 22% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
4.1
out of 10
Moderate Exit Risk
Exit risk score 4.1/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.

Methodology note: these Smart Money cards use consecutive 13F disclosure snapshots, not trade-by-trade execution data. "Buying", "selling", "new holders", and "trimmed" refer to quarter-over-quarter changes in reported holders, aggregate shares, or disclosed position values between filings. They are useful for ownership regime analysis and crowding, but they do not imply exact trade timing on the filing date.

Institutional Sentiment Summary — PAPR

In 2026 Q1, 77 hedge funds were net buyers of PAPR (19 opened a new position, 58 added to an existing one), while 126 reduced or exited (99 trimmed, 27 sold completely) — a 38% buyer ratio, indicating net institutional distribution. 22% of total institutional value in PAPR is held by top-100 AUM funds, reflecting strong institutional quality. Net fund flow last quarter: -8 funds (more exits than new entries). Total institutional holders: 218.

Hedge Fund Ownership: PAPR

How many hedge funds hold PAPR — quarterly history vs. share price
Quarterly hedge fund ownership of PAPR vs. share price

Market Analysis: PAPR

Analyst Price Targets

Avg. Price Target
--

Analyst Recommendations

Stock Performance

Real-time

Company Profile: PAPR

-- --

Institutional ownership data sourced from SEC EDGAR Form 13F-HR filings.

Is It Too Late to Buy Innovator Etfs Trust (PAPR) Based on Hedge Fund 13F Filings?

Signal Freshness measures how much PAPR has moved relative to its sector benchmark (SPY) since the 2026 Q1 13F filing. A stock that has barely outrun its sector is still a relatively fresh entry point — the fund's thesis has not yet been priced in by the broader market.

Since Quarter End March 31, 2026 · 79d ago
PAPR
+6.0%
SPY
+13.9%

PAPR outperformed SPY by -7.9% since March 31, 2026.

Since 13F Filing Date May 15, 2026 · 34d ago
PAPR
+0.9%
SPY
+0.2%

Since the filing became public, PAPR outperformed SPY by +0.7% .

Interpretation: The stock is tracking its sector benchmark closely. The signal remains fresh and the entry point is still near the fund's implied reference. Learn more →

Smart Money Signal ?
Limited Smart Money Interest

No strong consensus or elite conviction detected among institutional holders.

5 top-rated funds 2 high-conviction
Consensus
3.4
/ 10
breadth
×
Elite
2.3
/ 10
conviction
Hedge Fund Positioning: PAPR
217 + Investors

Track Smart Money conviction in PAPR. See who's accumulating, reducing, or initiating positions.

Metric All 13F Filers (2026 Q1) Prior (2025 Q4) Change
Funds Holding 217 226 -3.98%
13F Shares 16M 15M 3.95%
Total Value $549M $605M -9.23%
New Positions 18 35 -17
Increased Positions 58 43 +15
Closed Positions 27 15 +12
Reduced Positions 99 93 +6
Total Calls 0 0 -
Total Puts 0 0 -
PUT/CALL Ratio 0.0 0.0 Bullish

Statistics: PAPR

View More

Valuation Measures Data as of: --

Market Cap --
Enterprise Value --
Trailing P/E --
Forward P/E --
PEG Ratio (5yr expected) --
Price/Sales (ttm) --
Price/Book (mrq) --
Enterprise Value/Revenue --
Enterprise Value/EBITDA --
Beta (5Y Monthly) --
Short Ratio (Days to Cover) --
Short % of Float --

Financial Highlights

Profitability
Profit Margin --
Return on Assets (ttm) --
Return on Equity (ttm) --
Income Statement & Cash Flow
Revenue (ttm) --
Net Income Avi to Common (ttm) --
Diluted EPS (ttm) --
Total Cash (mrq) --
Total Debt/Equity (mrq) --
Levered Free Cash Flow (ttm) --

Institutional Holders (2026 Q1)

217 + investors

Explore institutional interest and hedge fund ownership dynamics. Analyze portfolio weights, new positions, and conviction trends in PAPR. Verified SEC 13F-HR filings.

QUARTER:
Top 25 PAPR holders by conviction (% of portfolio weight) — 2026 Q1 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 Cassady Wealth & Retirement Planning, LLC 2.75% 107,970 $4.2M
2 Pinnacle Wealth Management Group, Inc. 2.20% 112,506 $4.5M
3 BFI Wealth Solutions, LLC 1.79% 46,501 $1.9M
4 Gill Capital Partners, LLC 1.65% 144,492 $5.8M
5 Southland Equity Partners LLC 1.64% 211,773 $8.4M
6 Bellwether Advisors, LLC 1.43% 211,427 $8.4M
7 Elmwood Wealth Management, Inc. 1.41% 127,902 $5.1M
8 Corrado Advisors, LLC 1.34% 64,371 $2.6M
9 Fortune Financial Group, Inc. 1.25% 34,823 $1.4M
10 AA Financial Advisors, LLC 1.16% 206,504 $8.2M
11 Red Crane Wealth Management, LLC 1.07% 32,581 $1.3M
12 Bedel Financial Consulting, Inc. 1.06% 235,927 $9.4M
13 Nikulski Financial, Inc. 0.87% 89,003 $3.5M
14 Quest 10 Wealth Builders, Inc. 0.76% 21,730 $865K
15 Blue Water Asset Management 0.74% 53,803 $2.1M
16 LeClair Wealth Partners LLC 0.74% 53,803 $2.1M
17 WPWealth LLP 0.71% 117,413 $4.7M
18 City Center Advisors, LLC 0.71% 19,382 $771K
19 Opus Financial Solutions LLC 0.71% 18,861 $751K
20 Diligent Investors, LLC 0.70% 71,183 $2.8M
21 Talon Private Wealth, LLC 0.69% 130,889 $5.2M
22 FSA Advisors, Inc. 0.69% 26,227 $1.0M
23 Helium Advisors LLC 0.67% 17,692 $704K
24 Cornerstone Wealth, LLC/TN 0.64% 27,641 $1.1M
25 Prairie Wealth Advisors, Inc. 0.64% — $1.5M
Investor Ownership
History 		% of Portfolio Prev % Rank Conviction Avg Buy Price 13F Score™ 3Y / 7Y Sell Timing Shares Mkt Value Change Change % Source Quarter Filed

Frequently Asked Questions — Innovator Etfs Trust (PAPR)

What does the Smart Money Trend signal show for PAPR?

Selling streak — 1 quarter in a row: For 1 consecutive quarter, more hedge funds reduced or closed their PAPR positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.

What is the institutional breadth score for PAPR?

Heavy selling pressure — only 38% buying: Last quarter: 126 funds sold vs only 77 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.

What is the fund quality score for PAPR holders?

Strong quality — 22% AUM from major funds: 9 of 217 holders rank in the top 100 by AUM, accounting for 22% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.

How long have hedge funds held PAPR?

51% of holders stayed for 2+ years: 112 out of 218 hedge funds have held PAPR for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.

Is it too late to buy Innovator Etfs Trust (PAPR) following the 2026 Q1 hedge fund 13F filings?

As of today, PAPR has moved +0.9% since the 2026 Q1 13F filing date (May 15, 2026), compared to +0.2% for the SPY sector ETF — an outperformance of +0.7%. Since the quarter end (March 31, 2026), PAPR has gained +6.0% vs +13.9% for SPY. The stock is tracking its sector benchmark closely. The signal remains fresh and the entry point is still near the fund's implied reference.

Where does this institutional ownership data come from?

All holdings data is sourced from SEC Form 13F filings, which institutional investment managers with over $100 million in assets are required to submit quarterly. Data is parsed directly from SEC EDGAR.

Disclaimer: The information on this page is for informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security. Institutional holdings data is sourced from SEC Form 13F filings and reflects positions as of the filing date. Past performance of any fund or portfolio is not indicative of future results. 13Foresight is not a registered investment adviser. Always conduct your own due diligence before making investment decisions.

Full history →