Innovator U.S. Equity Power Buffer ETF

PJAN • BATS

Innovator U.S. Equity Power Buffer ETF is an exchange-traded fund on BATS. As of Q3 2025, 234 institutional investors hold shares in this ETF, with total holdings valued at $877.0M. ALLIANCEBERNSTEIN L.P. is the largest holder with a position valued at $173.1M.

Overview

Overview of institutional ownership in PJAN as of Q3 2025

All Institutions

Institutions: 234
Value Held: $877.0M
Shares Held: 19.2M
Avg Position: $3.7M
Median Position: $913.1K

Hedge Funds

Hedge Funds: 2
Value Held: $2.2M
Shares Held: 47.8K
Avg Position: $1.1M
Median Position: $1.1M

Biggest Investors

Institutions with the largest positions in PJAN as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
ALLIANCEBERNSTEIN L.P. Long Only Manager	Seth Perry Bernstein CEO	$173.1M 0.05% of portfolio	3.8M shares	Q1 2021 Held for 4y 8m	$317.45B
Penserra Capital Management LLC ETF Provider	George Nmn Madrigal CEO	$62.1M 0.84% of portfolio	1.4M shares	Q3 2020 Held for 5y 2m	$7.4B
A Advisor Group Holdings, Inc. Institution	-	$43.9M 0.06% of portfolio	965.0K shares	Q1 2020 Held for 5y 8m	$71.0B
L LPL Financial LLC Institution	-	$32.4M 0.01% of portfolio	707.4K shares	Q4 2019 Held for 5y 11m	$340.07B
COMMONWEALTH EQUITY SERVICES, LLC. RIA/Wealth	Wayne Michael Bloom CEO	$25.0M 0.04% of portfolio	545.3K shares	Q1 2019 Held for 6y 8m	$71.1B
RAYMOND JAMES FINANCIAL INC RIA/Wealth	Steven Robert Marcus CEO	$22.0M 0.01% of portfolio	479.4K shares	Q4 2024 Held for 11 months	$310.43B
Mutual Advisors, LLC RIA/Wealth	Aaron T Jasper CEO	$19.9M 0.44% of portfolio	432.1K shares	Q2 2021 Held for 4y 5m	$4.5B
Southland Equity Partners LLC RIA/Wealth	Eric David Antrobius Managing Partner	$19.4M 4.02% of portfolio	424.2K shares	Q4 2020 Held for 4y 11m	$482.8M
Long Island Wealth Management, Inc. RIA/Wealth	Jeffrey Joseph Myers CCO	$18.1M 8.79% of portfolio	394.4K shares	Q4 2023 Held for 1y 11m	$205.4M
MML INVESTORS SERVICES, LLC RIA/Wealth	Vaughn Charles Bowman CEO	$17.4M 0.05% of portfolio	380.1K shares	Q2 2021 Held for 4y 5m	$36.7B

Net Capital Flow

Institutional buying and selling activity for PJAN in Q3 2025

Traded: −$106.3M
Buyers: 54
Sellers: 121
Total Bought: +$38.9M
Total Sold: −$145.2M
Avg Position: $3.4M

Biggest Buyers

Institution	Net Bought	Current Position
Mutual Advisors, LLC RIA/Wealth	+$18.4M +400.8K shares	$19.9M 432.1K shares
O OLD MISSION CAPITAL LLC Institution	+$1.8M +40.2K shares	$1.8M 40.2K shares
A ATRIA INVESTMENTS LLC Institution	+$1.7M +37.4K shares	$1.7M 37.4K shares
T Triad Wealth Partners, LLC RIA/Wealth	+$1.7M +36.9K shares	$4.1M 89.7K shares
L LPL Financial LLC Institution	+$1.7M +36.6K shares	$32.4M 707.4K shares
VestGen Advisors, LLC RIA/Wealth	+$1.5M +33.3K shares	$1.5M 33.3K shares
Gladstone Institutional Advisory LLC RIA/Wealth	+$1.4M +30.3K shares	$1.4M 30.3K shares
H HRT FINANCIAL LLC Institution	+$1.4M +29.7K shares	$1.4M 29.7K shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	+$1.1M +23.7K shares	$1.1M 23.7K shares
Penserra Capital Management LLC ETF Provider	+$1.0M +22.2K shares	$62.1M 1.4M shares

Biggest Sellers

Institution	Net Sold	Current Position
COMMONWEALTH EQUITY SERVICES, LLC. RIA/Wealth	−$39.3M −858.1K shares	$25.0M 545.3K shares
Brookstone Capital Management RIA/Wealth	−$30.2M −658.7K shares	$5.7M 124.0K shares
MML INVESTORS SERVICES, LLC RIA/Wealth	−$21.7M −473.9K shares	$17.4M 380.1K shares
RAYMOND JAMES FINANCIAL INC RIA/Wealth	−$10.1M −220.7K shares	$22.0M 479.4K shares
WEALTH ENHANCEMENT ADVISORY SERVICES, LLC RIA/Wealth	−$6.7M −146.6K shares	$5.1M 111.4K shares
Pallas Capital Advisors LLC RIA/Wealth	−$2.9M −62.7K shares	$3.2M 69.3K shares
MAI Wealth Advisors RIA/Wealth	−$2.5M −54.5K shares	$3.5M 75.6K shares
Kestra Advisory Services, LLC RIA/Wealth	−$2.2M −49.1K shares	$6.1M 133.7K shares
ALLIANCEBERNSTEIN L.P. Long Only Manager	−$2.2M −48.7K shares	$173.1M 3.8M shares
Farther Finance Advisors, LLC RIA/Wealth	−$1.8M −38.5K shares	$1.7M 37.3K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited PJAN in Q3 2025

New Positions: 9
New Value: $3.3M
Exited Positions: 21
Exited Value: $8.2M

New Positions

Institution	Position Value
H HRT FINANCIAL LLC Institution	$1.4M 29.7K shares
Sonoma Allocations LLC RIA/Wealth	$465.2K 10.2K shares
Sequent Planning LLC RIA/Wealth	$310.2K 6.8K shares
MERCER GLOBAL ADVISORS INC /ADV RIA/Wealth	$274.0K 6.0K shares
Concurrent Investment Advisors, LLC RIA/Wealth	$262.8K 5.7K shares
Advyzon Investment Management, LLC RIA/Wealth	$223.1K 4.9K shares
Silicon Valley Capital Partners RIA/Wealth	$174.5K 3.8K shares
G Global Wealth Strategies & Associates Institution	$162.8K 3.6K shares
Rockefeller Capital Management L.P. Long Only Manager	$27.2K 593.0 shares

Exited Positions

Institution	Previous Position
Armis Advisers, LLC RIA/Wealth	$1.7M 37.7K shares
Oakmont Partners LLC RIA/Wealth	$1.6M 37.3K shares
3EDGE Asset Management, LP Long Only Manager	$841.9K 19.1K shares
M My Personal CFO, LLC RIA/Wealth	$449.5K 10.2K shares
Ameritas Advisory Services, LLC RIA/Wealth	$367.6K 8.3K shares
SRS Capital Advisors, Inc. RIA/Wealth	$361.9K 8.2K shares
B Berkshire Money Management, Inc. Institution	$361.4K 8.2K shares
C Cardinal Point Capital Management, ULC Hedge Fund•Value	$350.6K 8.0K shares
Savant Capital, LLC RIA/Wealth	$339.6K 7.7K shares
COMMONS CAPITAL, LLC RIA/Wealth	$334.0K 7.6K shares

Options Activity

Institutions with the largest Call and Put options positions in PJAN as of Q3 2025

Call Positions: 0
Call Value: -
Put Positions: 0
Put Value: -

Call Positions

Institution	Position Value
No call positions found

Put Positions

Institution	Position Value
No put positions found

Most Committed Institutions

Institutions with PJAN as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
Long Island Wealth Management, Inc. RIA/Wealth	Jeffrey Joseph Myers CCO	8.79% $18.1M	394.4K shares	Q4 2023 Held for 1y 11m	$205.4M
Southland Equity Partners LLC RIA/Wealth	Eric David Antrobius Managing Partner	4.02% $19.4M	424.2K shares	Q4 2020 Held for 4y 11m	$482.8M
M Motiv8 Investments LLC RIA/Wealth	Michael Gerald Terrio President	3.99% $7.5M	163.5K shares	Q4 2023 Held for 1y 11m	$187.8M
Weaver Capital Management LLC RIA/Wealth	Dewitt Thompson Weaver Managing Partner	3.16% $14.4M	315.0K shares	Q4 2023 Held for 1y 11m	$456.4M
Catalina Capital Group, LLC RIA/Wealth	Chris Matthew Frantz Managing Partner	2.69% $4.3M	94.3K shares	Q4 2023 Held for 1y 11m	$160.5M
Range Financial Group LLC RIA/Wealth	Eric Robert Dahm Managing Partner	2.58% $7.1M	155.7K shares	Q4 2023 Held for 1y 11m	$276.8M
Bellwether Advisors, LLC RIA/Wealth	Leila Mehrizi Shaver CCO	2.04% $12.3M	269.0K shares	Q4 2020 Held for 4y 11m	$604.9M
F FSA Advisors, Inc. Institution	-	1.80% $2.1M	46.0K shares	Q4 2023 Held for 1y 11m	$117.1M
AA Financial Advisors, LLC RIA/Wealth	Jared Corey Kushner CEO	1.73% $8.8M	191.8K shares	Q4 2023 Held for 1y 11m	$508.9M
RED CRANE WEALTH MANAGEMENT, LLC RIA/Wealth	Jeffrey Feng Wu Managing Partner	1.50% $1.7M	38.2K shares	Q4 2024 Held for 11 months	$116.9M

Hedge Fund Spotlight

Discover hedge funds investing in PJAN

AQR CAPITAL MANAGEMENT LLC

Hedge Fund • Multi-Strategy

Portfolio ManagerDavid Gary Kabiller

Portfolio Value: $156.17B
Positions: 3,453
Last Reported: Q3 2025

Sector Allocation

Position in Innovator U.S. Equity Power Buffer ETF

Market Value: $1.3M
Shares Held: 28.1K
Portfolio Weight: 0.00%
Owned Since: 2024-Q3

Top Holding	Sector	Market Value	Weight
1 Nvidia NVDA	Semiconductors Technology	$4.1B	2.62%
2 Microsoft MSFT	Software - Infrastructure Technology	$3.2B	2.05%
3 Apple AAPL	Consumer Electronics Technology	$2.8B	1.76%