Vault-13

GLOBAL X FDS PFFD

US PFD ETF · ETP · CUSIP 37954Y657

282 institutional holders -9 vs Q2 2025
69,162,75869.2m shares reported held*
$1.3bnreported value*
17 new 114 added 99 reduced 19 sold out net bought ≈ $40.8m (+2.1m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($402.9k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $19.43. Options: 1 managers hold calls ($227.3k notional), 0 hold puts (—).

Trends to Q3 2025

Institutional holders

Managers reporting a position, each quarter

0100200300Q3 22: 210Q4 22: 223Q1 23: 230Q2 23: 226Q3 23: 241Q4 23: 268Q1 24: 256Q2 24: 263Q3 24: 272Q4 24: 297Q1 25: 292Q2 25: 291Q3 25: 282282Q3 22Q2 23Q1 24Q4 24Q3 25
Numbers
QuarterHolders
Q3 2022210
Q4 2022223
Q1 2023230
Q2 2023226
Q3 2023241
Q4 2023268
Q1 2024256
Q2 2024263
Q3 2024272
Q4 2024297
Q1 2025292
Q2 2025291
Q3 2025282

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
2000200Q4 23: 118 bought or addedQ4 23: 123 cut or sold outQ1 24: 138 bought or addedQ1 24: 115 cut or sold outQ1 24Q2 24: 138 bought or addedQ2 24: 102 cut or sold outQ3 24: 154 bought or addedQ3 24: 94 cut or sold outQ3 24Q4 24: 144 bought or addedQ4 24: 101 cut or sold outQ1 25: 145 bought or addedQ1 25: 123 cut or sold outQ1 25Q2 25: 132 bought or addedQ2 25: 133 cut or sold outQ3 25: 131 bought or addedQ3 25: 118 cut or sold outQ3 25
Numbers
QuarterBought or addedCut or sold out
Q4 2023118123
Q1 2024138115
Q2 2024138102
Q3 202415494
Q4 2024144101
Q1 2025145123
Q2 2025132133
Q3 2025131118

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$250k$500k$750k$1mQ4 24 calls: $339.5kQ4 24 puts: $52.7kQ4 24P/C 0.16Q1 25 calls: $910.1kQ1 25 puts: $394.1kQ1 25P/C 0.43Q2 25 calls: $384.1kQ2 25 puts: $0Q2 25P/C 0.00Q3 25 calls: $227.3kQ3 25 puts: $0Q3 25P/C 0.00
Numbers
QuarterCallsPutsP/C
Q4 2024$339.5k$52.7k0.16
Q1 2025$910.1k$394.1k0.43
Q2 2025$384.1k$00.00
Q3 2025$227.3k$00.00

Biggest buyers

MERCER GLOBAL ADVISORS INC /ADV New +1,567,444+1.6m
FUKOKU MUTUAL LIFE INSURANCE Co Added +632,000+632.0k
BNP PARIBAS FINANCIAL MARKETS Added +594,391+594.4k
Ocean Park Asset Management, LLC New +560,100+560.1k
MAI Capital Management Added +329,736+329.7k
Apella Capital, LLC Added +226,460+226.5k
JPMORGAN CHASE & CO Added +179,575+179.6k
SEI INVESTMENTS CO Added +157,649+157.6k
Summit Financial, LLC New +132,045+132.0k
GREENWOOD CAPITAL ASSOCIATES LLC New +120,240+120.2k

Biggest sellers

ROYAL BANK OF CANADA Reduced -487,238-487.2k
Cetera Investment Advisers Reduced -482,427-482.4k
BANK OF NOVA SCOTIA Reduced -298,000-298.0k
Columbus Macro, LLC Reduced -285,529-285.5k
ENVESTNET ASSET MANAGEMENT INC Reduced -228,817-228.8k
UBS Group AG Reduced -182,258-182.3k
Rockport Wealth LLC Sold out -147,555-147.6k
APPLETON PARTNERS INC/MA Reduced -129,245-129.2k
Capitolis Liquid Global Markets LLC Reduced -105,400-105.4k
Mariner, LLC Reduced -95,181-95.2k

Biggest calls

CITADEL ADVISORS LLC Reduced $227.3k11.7k shares

Biggest puts

None

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Holders, Q3 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Orgel Wealth Management, LLC 3.11% of their portfolio ALTOONA, WI 7,026,9577.0m $136.5m $136.5m 3.11% Added +63.9k +63,864
2 BANK OF AMERICA CORP /DE/ 0.01% of their portfolio CHARLOTTE, NC 5,706,9465.7m $110.9m $110.9m 0.01% Added +41.8k +41,798
3 MORGAN STANLEY 0.01% of their portfolio NEW YORK, NY 4,455,6714.5m $86.6m $86.6m 0.01% Reduced -16.7k -16,666
4 LPL Financial LLC 0.02% of their portfolio FORT MILL, SC 4,183,2864.2m $81.3m $81.3m 0.02% Added +12.5k +12,504
5 Global X Japan Co., Ltd. 5.86% of their portfolio CHIYODA-KU, TOKYO, M0 3,484,4543.5m $67.7m $67.7m 5.86% Reduced -56.1k -56,077
6 WELLS FARGO & COMPANY/MN 0.01% of their portfolio SAN FRANCISCO, CA 2,691,1732.7m $52.3m $52.3m 0.01% Reduced -60.0k -60,001
7 New York Life Investment Management LLC 0.31% of their portfolio New York, NY 1,818,6451.8m $35.3m $35.3m 0.31% Reduced -30.3k -30,280
8 MERCER GLOBAL ADVISORS INC /ADV 0.05% of their portfolio DENVER, CO 1,567,4441.6m $30.5m $30.5m 0.05% New
9 FUKOKU MUTUAL LIFE INSURANCE Co 1.86% of their portfolio TOKYO, M0 1,551,0001.6m $30.1m $30.1m 1.86% Added +632.0k +632,000
10 Lido Advisors, LLC 0.12% of their portfolio Los Angeles, CA 1,545,5141.5m $30.0m $30.0m 0.12% Added +8.3k +8,347
11 ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio Berwyn, PA 1,413,8101.4m $27.5m $27.5m 0.01% Reduced -228.8k -228,817
12 CWM, LLC 0.08% of their portfolio OMAHA, NE 1,358,5581.4m $26.4m $26.4m 0.08% Added +12.6k +12,646
13 State of Wisconsin - Board of Commissioners of Public Lands 16.61% of their portfolio MADISON, WI 1,341,3051.3m $26.1m $26.1m 16.61% Unchanged
14 Full Sail Capital, LLC 1.43% of their portfolio OKLAHOMA CITY, OK 1,338,7501.3m $26.0m $26.0m 1.43% Reduced -57.3k -57,324
15 Flaharty Asset Management, LLC 2.67% of their portfolio CLEARWATER, FL 1,079,8871.1m $21.0m $21.0m 2.67% Added +36.1k +36,146
16 RATIONAL ADVISORS, INC. 2.07% of their portfolio San Juan, PR 1,069,2101.1m $20.8m $20.8m 2.07% Reduced -33.2k -33,208
17 RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio ST. PETERSBURG, FL 1,021,3721.0m $19.8m $19.8m 0.01% Added +26.6k +26,592
18 Creative Planning 0.02% of their portfolio OVERLAND PARK, KS 1,020,1761.0m $19.8m $19.8m 0.02% Reduced -6.9k -6,860
19 Tiller Private Wealth, Inc. 6.63% of their portfolio BETHLEHEM, PA 959,626959.6k $18.6m $18.6m 6.63% Added +12.0k +12,047
20 SEI INVESTMENTS CO 0.02% of their portfolio OAKS, PA 922,126922.1k $17.9m $17.9m 0.02% Added +157.6k +157,649
21 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 893,243893.2k $17.4m $17.4m 0.00% Added +79.8k +79,835
22 UBS Group AG 0.00% of their portfolio ZURICH, V8 889,208889.2k $17.3m $17.3m 0.00% Reduced -182.3k -182,258
23 ASSETMARK, INC 0.03% of their portfolio CONCORD, CA 839,836839.8k $16.3m $16.3m 0.03% Reduced -5.3k -5,302
24 BNP PARIBAS FINANCIAL MARKETS 0.01% of their portfolio PARIS, I0 735,060735.1k $14.3m $14.3m 0.01% Added +594.4k +594,391
25 Steward Partners Investment Advisory, LLC 0.07% of their portfolio STAMFORD, CT 660,449660.4k $12.8m $12.8m 0.07% Added +24.8k +24,778
26 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 634,546634.5k $12.3m $12.3m 0.00% Reduced -487.2k -487,238
27 MAI Capital Management 0.08% of their portfolio INDEPENDENCE, OH 631,694631.7k $12.3m $12.3m 0.08% Added +329.7k +329,736
28 Cetera Investment Advisers 0.01% of their portfolio SCHAUMBURG, IL 590,552590.6k $11.5m $11.5m 0.01% Reduced -482.4k -482,427
29 CONNING INC. 0.37% of their portfolio HARTFORD, CT 580,200580.2k $11.3m $11.3m 0.37% Unchanged
30 Ocean Park Asset Management, LLC 0.45% of their portfolio SANTA MONICA, CA 560,100560.1k $10.9m $10.9m 0.45% New
31 NAPLES GLOBAL ADVISORS, LLC 0.77% of their portfolio NAPLES, FL 507,722507.7k $9.9m $9.9m 0.77% Added +49.4k +49,357
32 COLLECTIVE FAMILY OFFICE LLC 2.33% of their portfolio YORK, PA 500,480500.5k $9.7m $9.7m 2.33% Added +14.4k +14,408
33 PARK AVENUE SECURITIES LLC 0.07% of their portfolio NEW YORK, NY 475,170475.2k $9.2m $9.2m 0.07% Added +14.1k +14,112
34 Trinity Legacy Partners, LLC 1.98% of their portfolio HOUSTON, TX 448,646448.6k $8.6m $8.6m 1.98% Added +3.8k +3,777
35 MML INVESTORS SERVICES, LLC 0.02% of their portfolio SPRINGFIELD, MA 439,926439.9k $8.5m $8.5m 0.02% Added +55.8k +55,751
36 AHL INVESTMENT MANAGEMENT, INC. 5.27% of their portfolio Winter Park, FL 397,096397.1k $7.7m $7.7m 5.27% Reduced -20.6k -20,637
37 MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.01% of their portfolio CAUSEWAY BAY, K3 394,666394.7k $7.7m $7.7m 0.01% Added +42.8k +42,784
38 Prairiewood Capital, LLC 2.48% of their portfolio FARGO, ND 384,263384.3k $7.5m $7.5m 2.48% Added +22.8k +22,838
39 Kestra Advisory Services, LLC 0.03% of their portfolio AUSTIN, TX 355,493355.5k $6.9m $6.9m 0.03% Added +4.4k +4,428
40 AIRE ADVISORS, LLC 1.20% of their portfolio BEVERLY HILLS, CA 340,914340.9k $6.6m $6.6m 1.20% Added +8.7k +8,679
41 NATIONAL BANK OF CANADA /FI/ 0.01% of their portfolio MONTREAL, A8 334,995335.0k $6.5m $6.5m 0.01% Unchanged
42 HighTower Advisors, LLC 0.01% of their portfolio CHICAGO, IL 308,790308.8k $6.0m $6.0m 0.01% Reduced -9.1k -9,079
43 Texas Yale Capital Corp. 0.19% of their portfolio ST. PETERSBURG, FL 306,549306.5k $6.0m $6.0m 0.19% Added +43.3k +43,320
44 SWS Partners 1.39% of their portfolio COLUMBUS, OH 293,677293.7k $5.7m $5.7m 1.39% Added +28.3k +28,263
45 Apella Capital, LLC 0.13% of their portfolio WEST HARTFORD, CT 292,962293.0k $5.7m $5.7m 0.13% Added +226.5k +226,460
46 Collaborative Wealth Managment Inc. 2.17% of their portfolio LAKE MARY, FL 275,973276.0k $5.4m $5.4m 2.17% Reduced -88.6k -88,603
47 Columbus Macro, LLC 0.60% of their portfolio NEW CASTLE, PA 269,154269.2k $5.2m $5.2m 0.60% Reduced -285.5k -285,529
48 WealthTrust Axiom LLC 1.38% of their portfolio WAYNE, PA 265,831265.8k $5.2m $5.2m 1.38% Reduced -1.4k -1,400
49 Capitolis Liquid Global Markets LLC 0.04% of their portfolio NEW YORK, NY 260,600260.6k $5.1m $5.1m 0.04% Reduced -105.4k -105,400
50 Sound Income Strategies, LLC 0.27% of their portfolio FT LAUDERDALE, FL 254,954255.0k $4.9m $4.9m 0.27% Reduced -19.8k -19,761
51 EAGLE HARBOR ASSET MANAGEMENT INC /ADV 3.91% of their portfolio SEATTLE, WA 231,954232.0k $4.5m $4.5m 3.91% Added +26.1k +26,134
52 Baird Financial Group, Inc. 0.01% of their portfolio MILWAUKEE, WI 229,684229.7k $4.5m $4.5m 0.01% Reduced -4.8k -4,843
53 Plan Group Financial, LLC 1.17% of their portfolio OKLAHOMA CITY, OK 223,393223.4k $4.3m $4.3m 1.17% Added +82.9k +82,899
54 David Kennon Inc 1.53% of their portfolio SARASOTA, FL 218,502218.5k $4.2m $4.2m 1.53% Reduced -11.2k -11,185
55 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 215,382215.4k $4.2m $4.2m 0.00% Added +179.6k +179,575
56 OSAIC HOLDINGS, INC. 0.01% of their portfolio SCOTTSDALE, AZ 210,601210.6k $4.1m $4.1m 0.01% Added +8.7k +8,684
57 Robertson Stephens Wealth Management, LLC 0.12% of their portfolio San Francisco, CA 208,122208.1k $4.0m $4.0m 0.12% Reduced -24.8k -24,822
58 SBI Securities Co., Ltd. 0.10% of their portfolio TOKYO, M0 202,666202.7k $3.9m $3.9m 0.10% Added +342 +342
59 BANK OF NOVA SCOTIA 0.01% of their portfolio TORONTO, A6 190,900190.9k $3.7m $3.7m 0.01% Reduced -298.0k -298,000
60 Blue Edge Capital, LLC 0.52% of their portfolio RICHMOND, VA 188,667188.7k $3.7m $3.7m 0.52% Reduced -2.8k -2,796
61 Fifth Third Securities, Inc. 0.24% of their portfolio Cincinnati, OH 180,615180.6k $3.5m $3.5m 0.24% Added +10.4k +10,394
62 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 174,882174.9k $3.4m $3.4m 0.00% Added +12.2k +12,224
63 &PARTNERS 0.02% of their portfolio NASHVILLE, TN 161,254161.3k $3.1m $3.1m 0.02% Added +23.7k +23,740
64 AlphaCore Capital LLC 0.10% of their portfolio LA JOLLA, CA 154,577154.6k $3.0m $3.0m 0.10% Reduced -733 -733
65 Gerber Kawasaki Wealth & Investment Management 0.10% of their portfolio SANTA MONICA, CA 153,416153.4k $3.0m $3.0m 0.10% Added +7.3k +7,308
66 Cambridge Investment Research Advisors, Inc. 0.01% of their portfolio FAIRFIELD, IA 150,124150.1k $2.9m $2.9m 0.01% Added +114 +114
67 NewEdge Advisors, LLC 0.01% of their portfolio NEW ORLEANS, LA 149,017149.0k $2.9m $2.9m 0.01% Added +58.8k +58,779
68 Global Retirement Partners, LLC 0.06% of their portfolio San Rafael, CA 148,712148.7k $2.9m $2.9m 0.06% Reduced -5.0k -5,037
69 GREAT VALLEY ADVISOR GROUP, INC. 0.06% of their portfolio WILMINGTON, DE 144,185144.2k $2.8m $2.8m 0.06% Added +6.7k +6,747
70 Stratos Wealth Partners, LTD. 0.03% of their portfolio BEACHWOOD, OH 137,502137.5k $2.7m $2.7m 0.03% Added +11 +11
71 Note Advisors, LLC 1.57% of their portfolio BUFFALO, NY 135,931135.9k $2.6m $2.6m 1.57% Added +6.0k +5,955
72 Summit Financial, LLC 0.04% of their portfolio PARSIPPANY, NJ 132,045132.0k $2.6m $2.6m 0.04% New
73 Crews Bank & Trust 0.35% of their portfolio PORT CHARLOTTE, FL 123,230123.2k $2.4m $2.4m 0.35% Reduced -2.1k -2,150
74 Gladstone Institutional Advisory LLC 0.09% of their portfolio Bedminster, NJ 122,467122.5k $2.4m $2.4m 0.09% Added +1.3k +1,268
75 GREENWOOD CAPITAL ASSOCIATES LLC 0.27% of their portfolio GREENWOOD, SC 120,240120.2k $2.3m $2.3m 0.27% New
76 Private Advisor Group, LLC 0.01% of their portfolio MORRISTOWN, NJ 119,575119.6k $2.3m $2.3m 0.01% Added +29.4k +29,405
77 First Interstate Bank 0.13% of their portfolio Billings, MT 119,018119.0k $2.3m $2.3m 0.13% Reduced -2.6k -2,644
78 Traub Capital Management LLC 2.11% of their portfolio NEEDHAM, MA 109,576109.6k $2.1m $2.1m 2.11% Reduced -51 -51
79 Trajan Wealth LLC 0.09% of their portfolio SCOTTSDALE, AZ 107,636107.6k $2.1m $2.1m 0.09% Reduced -9.7k -9,676
80 Mariner, LLC 0.00% of their portfolio Overland Park, KS 106,847106.8k $2.1m $2.1m 0.00% Reduced -95.2k -95,181
81 CIBC Bancorp USA Inc. 0.01% of their portfolio CHICAGO, IL 98,55798.6k $1.9m $1.9m 0.01% First filing
82 Cyndeo Wealth Partners, LLC 0.11% of their portfolio ST. PETERSBURG, FL 98,43998.4k $1.9m $1.9m 0.11% Unchanged
83 Equitable Holdings, Inc. 0.01% of their portfolio NEW YORK, NY 97,50797.5k $1.9m $1.9m 0.01% Added +4.4k +4,423
84 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 94,70394.7k $1.9m $1.9m 0.00% Added +78.1k +78,051
85 Prepared Retirement Institute LLC 0.95% of their portfolio LANSDALE, PA 93,80593.8k $1.8m $1.8m 0.95% Reduced -25.1k -25,133
86 FF Advisors,LLC 0.85% of their portfolio MANHATTAN BEACH, CA 91,61391.6k $1.8m $1.8m 0.85% Added +8.7k +8,722
87 CIBC WORLD MARKET INC. 0.00% of their portfolio TORONTO, A6 86,60086.6k $1.7m $1.7m 0.00% Unchanged
88 APPLETON PARTNERS INC/MA 0.11% of their portfolio BOSTON, MA 85,17685.2k $1.7m $1.7m 0.11% Reduced -129.2k -129,245
89 AlphaStar Capital Management, LLC 0.14% of their portfolio CORNELIUS, NC 82,81882.8k $1.6m $1.6m 0.14% New
90 Grey Ledge Advisors, LLC 0.35% of their portfolio GUILFORD, CT 80,55480.6k $1.6m $1.6m 0.35% Reduced -54.8k -54,801
91 Mutual Advisors, LLC 0.03% of their portfolio OMAHA, NE 78,78678.8k $1.5m $1.5m 0.03% Added +4.4k +4,403
92 Waverly Advisors, LLC 0.01% of their portfolio BIRMINGHAM, AL 76,78976.8k $1.5m $1.5m 0.01% Added +8.6k +8,630
93 PRINCIPAL SECURITIES, INC. 0.02% of their portfolio DES MOINES, IA 76,76476.8k $1.5m $1.5m 0.02% Reduced -4.4k -4,403
94 Eagle Strategies LLC 0.19% of their portfolio NEW YORK, NY 73,56873.6k $1.4m $1.4m 0.19% Added +3.2k +3,208
95 Perissos Private Wealth Management, LLC 1.03% of their portfolio BETHANY, OK 72,94472.9k $1.4m $1.4m 1.03% Added +752 +752
96 Investors Research Corp 0.26% of their portfolio ATLANTA, GA 72,65972.7k $1.4m $1.4m 0.26% Reduced -1.7k -1,711
97 Vestmark Advisory Solutions, Inc. 0.03% of their portfolio Wakefield, MA 69,52569.5k $1.4m $1.4m 0.03% Reduced -49.1k -49,141
98 Advisors Capital Management, LLC 0.02% of their portfolio RIDGEWOOD, NJ 68,64168.6k $1.3m $1.3m 0.02% Reduced -221 -221
99 PLIMOTH TRUST CO LLC 0.30% of their portfolio SWANSEA, MA 68,44568.4k $1.3m $1.3m 0.30% Added +3.2k +3,240
100 CreativeOne Wealth, LLC 0.03% of their portfolio OVERLAND PARK, KS 68,26868.3k $1.3m $1.3m 0.03% Reduced -18.8k -18,793