Vault-13

GLOBAL X FDS PFFD

US PFD ETF · ETP · CUSIP 37954Y657

285 institutional holders +3 vs Q3 2025
61,436,87961.4m shares reported held*
$1.2bnreported value*
21 new 104 added 103 reduced 24 sold out net sold ≈ $116.6m (-6.2m 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 ($510.6k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $18.93. Options: 1 managers hold calls ($228.8k notional), 0 hold puts (—).

Trends to Q4 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: 282Q4 25: 285285Q3 22Q2 23Q1 24Q4 24Q4 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
Q4 2025285

Buyers vs sellers

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

Bought or addedCut or sold out
2000200Q1 24: 138 bought or addedQ1 24: 115 cut or sold outQ2 24: 138 bought or addedQ2 24: 102 cut or sold outQ2 24Q3 24: 154 bought or addedQ3 24: 94 cut or sold outQ4 24: 144 bought or addedQ4 24: 101 cut or sold outQ4 24Q1 25: 145 bought or addedQ1 25: 123 cut or sold outQ2 25: 132 bought or addedQ2 25: 133 cut or sold outQ2 25Q3 25: 131 bought or addedQ3 25: 118 cut or sold outQ4 25: 125 bought or addedQ4 25: 127 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 2024138115
Q2 2024138102
Q3 202415494
Q4 2024144101
Q1 2025145123
Q2 2025132133
Q3 2025131118
Q4 2025125127

Calls vs puts

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

CallsPuts
$0$250k$500k$750k$1mQ1 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 0.00Q4 25 calls: $228.8kQ4 25 puts: $0Q4 25P/C 0.00
Numbers
QuarterCallsPutsP/C
Q1 2025$910.1k$394.1k0.43
Q2 2025$384.1k$00.00
Q3 2025$227.3k$00.00
Q4 2025$228.8k$00.00

Biggest buyers

Columbus Macro, LLC Added +482,345+482.3k
Cetera Investment Advisers Added +480,895+480.9k
Carnegie Investment Counsel New +394,708+394.7k
Orgel Wealth Management, LLC Added +343,311+343.3k
BANK OF AMERICA CORP /DE/ Added +305,081+305.1k
ENVESTNET ASSET MANAGEMENT INC Added +262,480+262.5k
AlphaStar Capital Management, LLC Added +219,189+219.2k
Advisory Services Network, LLC Added +143,056+143.1k
WealthPlan Investment Management, LLC New +120,832+120.8k
COLLECTIVE FAMILY OFFICE LLC Added +106,896+106.9k

Biggest sellers

Global X Japan Co., Ltd. Sold out -3,484,454-3.5m
MORGAN STANLEY Reduced -1,487,319-1.5m
RAYMOND JAMES FINANCIAL INC Reduced -562,623-562.6k
Ocean Park Asset Management, LLC Sold out -560,100-560.1k
AMERIPRISE FINANCIAL INC Reduced -427,311-427.3k
Trinity Legacy Partners, LLC Reduced -416,484-416.5k
BNP PARIBAS FINANCIAL MARKETS Reduced -338,504-338.5k
LPL Financial LLC Reduced -338,012-338.0k
NATIONAL BANK OF CANADA /FI/ Reduced -334,900-334.9k
Capitolis Liquid Global Markets LLC Sold out -260,600-260.6k

Biggest calls

CITADEL ADVISORS LLC Added $228.8k12.1k 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, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Orgel Wealth Management, LLC 3.07% of their portfolio ALTOONA, WI 7,370,2687.4m $139.4m $139.4m 3.07% Added +343.3k +343,311
2 BANK OF AMERICA CORP /DE/ 0.01% of their portfolio CHARLOTTE, NC 6,012,0276.0m $113.7m $113.7m 0.01% Added +305.1k +305,081
3 LPL Financial LLC 0.02% of their portfolio FORT MILL, SC 3,845,2743.8m $72.7m $72.7m 0.02% Reduced -338.0k -338,012
4 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 2,968,3523.0m $56.1m $56.1m 0.00% Reduced -1.5m -1,487,319
5 WELLS FARGO & COMPANY/MN 0.01% of their portfolio SAN FRANCISCO, CA 2,676,2222.7m $50.6m $50.6m 0.01% Reduced -15.0k -14,951
6 New York Life Investment Management LLC 0.28% of their portfolio New York, NY 1,693,4671.7m $32.0m $32.0m 0.28% Reduced -125.2k -125,178
7 ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio Berwyn, PA 1,676,2901.7m $31.7m $31.7m 0.01% Added +262.5k +262,480
8 FUKOKU MUTUAL LIFE INSURANCE Co 1.92% of their portfolio TOKYO, M0 1,551,0001.6m $29.3m $29.3m 1.92% Unchanged
9 Lido Advisors, LLC 0.12% of their portfolio Los Angeles, CA 1,525,2581.5m $29.6m $29.6m 0.12% Reduced -20.3k -20,256
10 CWM, LLC 0.07% of their portfolio OMAHA, NE 1,426,5011.4m $27.0m $27.0m 0.07% Added +67.9k +67,943
11 MERCER GLOBAL ADVISORS INC /ADV 0.04% of their portfolio DENVER, CO 1,401,4241.4m $26.5m $26.5m 0.04% Reduced -166.0k -166,020
12 State of Wisconsin - Board of Commissioners of Public Lands 16.40% of their portfolio MADISON, WI 1,341,3051.3m $25.4m $25.4m 16.40% Unchanged
13 Flaharty Asset Management, LLC 2.65% of their portfolio CLEARWATER, FL 1,122,9391.1m $21.2m $21.2m 2.65% Added +43.1k +43,052
14 Cetera Investment Advisers 0.02% of their portfolio SCHAUMBURG, IL 1,071,4471.1m $20.3m $20.3m 0.02% Added +480.9k +480,895
15 RATIONAL ADVISORS, INC. 2.03% of their portfolio San Juan, PR 1,049,5371.0m $19.8m $19.8m 2.03% Reduced -19.7k -19,673
16 Creative Planning 0.01% of their portfolio OVERLAND PARK, KS 1,026,3561.0m $19.4m $19.4m 0.01% Added +6.2k +6,180
17 SEI INVESTMENTS CO 0.02% of their portfolio OAKS, PA 993,381993.4k $18.8m $18.8m 0.02% Added +71.3k +71,255
18 Tiller Private Wealth, Inc. 6.47% of their portfolio BETHLEHEM, PA 961,547961.5k $18.2m $18.2m 6.47% Added +1.9k +1,921
19 ASSETMARK, INC 0.03% of their portfolio CONCORD, CA 852,381852.4k $16.1m $16.1m 0.03% Added +12.5k +12,545
20 Columbus Macro, LLC 1.56% of their portfolio NEW CASTLE, PA 751,499751.5k $14.2m $14.2m 1.56% Added +482.3k +482,345
21 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 722,819722.8k $13.7m $13.7m 0.00% Added +88.3k +88,273
22 UBS Group AG 0.00% of their portfolio ZURICH, V8 703,670703.7k $13.3m $13.3m 0.00% Reduced -185.5k -185,538
23 MAI Capital Management 0.08% of their portfolio INDEPENDENCE, OH 687,446687.4k $13.0m $13.0m 0.08% Added +55.8k +55,752
24 Steward Partners Investment Advisory, LLC 0.07% of their portfolio STAMFORD, CT 668,076668.1k $12.6m $12.6m 0.07% Added +7.6k +7,627
25 COLLECTIVE FAMILY OFFICE LLC 2.64% of their portfolio YORK, PA 607,376607.4k $11.5m $11.5m 2.64% Added +106.9k +106,896
26 CONNING INC. 0.37% of their portfolio HARTFORD, CT 580,200580.2k $11.0m $11.0m 0.37% Unchanged
27 NAPLES GLOBAL ADVISORS, LLC 0.76% of their portfolio NAPLES, FL 535,866535.9k $10.2m $10.2m 0.76% Added +28.1k +28,144
28 MML INVESTORS SERVICES, LLC 0.02% of their portfolio SPRINGFIELD, MA 470,691470.7k $8.9m $8.9m 0.02% Added +30.8k +30,765
29 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 465,932465.9k $8.8m $8.8m 0.00% Reduced -427.3k -427,311
30 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 458,749458.7k $8.7m $8.7m 0.00% Reduced -562.6k -562,623
31 MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.01% of their portfolio CAUSEWAY BAY, K3 407,154407.2k $7.7m $7.7m 0.01% Added +12.5k +12,488
32 PARK AVENUE SECURITIES LLC 0.07% of their portfolio NEW YORK, NY 406,849406.8k $7.7m $7.7m 0.07% Reduced -68.3k -68,321
33 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 396,556396.6k $7.5m $7.5m 0.00% Reduced -338.5k -338,504
34 Carnegie Investment Counsel 0.14% of their portfolio PEPPER PIKE, OH 394,708394.7k $7.5m $7.5m 0.14% New
35 Prairiewood Capital, LLC 2.27% of their portfolio FARGO, ND 386,401386.4k $7.3m $7.3m 2.27% Added +2.1k +2,138
36 Kestra Advisory Services, LLC 0.03% of their portfolio AUSTIN, TX 377,162377.2k $7.1m $7.1m 0.03% Added +21.7k +21,669
37 Texas Yale Capital Corp. 0.20% of their portfolio ST. PETERSBURG, FL 340,590340.6k $6.4m $6.4m 0.20% Added +34.0k +34,041
38 AIRE ADVISORS, LLC 1.15% of their portfolio BEVERLY HILLS, CA 332,991333.0k $6.3m $6.3m 1.15% Reduced -7.9k -7,923
39 WealthTrust Axiom LLC 1.59% of their portfolio WAYNE, PA 327,067327.1k $6.2m $6.2m 1.59% Added +61.2k +61,236
40 AlphaStar Capital Management, LLC 0.42% of their portfolio CORNELIUS, NC 302,007302.0k $5.7m $5.7m 0.42% Added +219.2k +219,189
41 SWS Partners 1.38% of their portfolio COLUMBUS, OH 301,078301.1k $5.7m $5.7m 1.38% Added +7.4k +7,401
42 Apella Capital, LLC 0.11% of their portfolio WEST HARTFORD, CT 294,674294.7k $5.6m $5.6m 0.11% Added +1.7k +1,712
43 Plan Group Financial, LLC 1.40% of their portfolio OKLAHOMA CITY, OK 285,358285.4k $5.4m $5.4m 1.40% Added +62.0k +61,965
44 HighTower Advisors, LLC 0.01% of their portfolio CHICAGO, IL 251,045251.0k $4.7m $4.7m 0.01% Reduced -57.7k -57,745
45 Sound Income Strategies, LLC 0.22% of their portfolio FT LAUDERDALE, FL 242,721242.7k $4.7m $4.7m 0.22% Reduced -12.2k -12,233
46 EAGLE HARBOR ASSET MANAGEMENT INC /ADV 3.70% of their portfolio SEATTLE, WA 236,154236.2k $4.5m $4.5m 3.70% Added +4.2k +4,200
47 David Kennon Inc 1.48% of their portfolio SARASOTA, FL 219,554219.6k $4.2m $4.2m 1.48% Added +1.1k +1,052
48 Robertson Stephens Wealth Management, LLC 0.10% of their portfolio San Francisco, CA 195,533195.5k $3.7m $3.7m 0.10% Reduced -12.6k -12,589
49 Blue Edge Capital, LLC 0.49% of their portfolio RICHMOND, VA 193,747193.7k $3.7m $3.7m 0.49% Added +5.1k +5,080
50 Collaborative Wealth Managment Inc. 1.28% of their portfolio LAKE MARY, FL 192,568192.6k $3.6m $3.6m 1.28% Reduced -83.4k -83,405
51 SBI Securities Co., Ltd. 0.09% of their portfolio TOKYO, M0 192,412192.4k $3.6m $3.6m 0.09% Reduced -10.3k -10,254
52 Fifth Third Securities, Inc. 0.23% of their portfolio Cincinnati, OH 183,926183.9k $3.5m $3.5m 0.23% Added +3.3k +3,311
53 First Interstate Bank 0.18% of their portfolio Billings, MT 178,592178.6k $3.4m $3.4m 0.18% Added +59.6k +59,574
54 Advisory Services Network, LLC 0.04% of their portfolio ATLANTA, GA 161,811161.8k $3.1m $3.1m 0.04% Added +143.1k +143,056
55 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 160,153160.2k $3.0m $3.0m 0.00% Reduced -14.7k -14,729
56 AlphaCore Capital LLC 0.06% of their portfolio LA JOLLA, CA 151,748151.7k $2.9m $2.9m 0.06% Reduced -2.8k -2,829
57 Note Advisors, LLC 1.45% of their portfolio BUFFALO, NY 145,184145.2k $2.8m $2.8m 1.45% Added +9.3k +9,253
58 Private Advisor Group, LLC 0.01% of their portfolio MORRISTOWN, NJ 143,920143.9k $2.7m $2.7m 0.01% Added +24.3k +24,345
59 &PARTNERS 0.01% of their portfolio NASHVILLE, TN 136,375136.4k $2.6m $2.6m 0.01% Reduced -24.9k -24,879
60 GREAT VALLEY ADVISOR GROUP, INC. 0.05% of their portfolio WILMINGTON, DE 135,920135.9k $2.6m $2.6m 0.05% Reduced -8.3k -8,265
61 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 133,611133.6k $2.5m $2.5m 0.00% Reduced -81.8k -81,771
62 Global Retirement Partners, LLC 0.04% of their portfolio San Rafael, CA 133,059133.1k $2.5m $2.5m 0.04% Reduced -15.7k -15,653
63 Gerber Kawasaki Wealth & Investment Management 0.09% of their portfolio SANTA MONICA, CA 131,539131.5k $2.5m $2.5m 0.09% Reduced -21.9k -21,877
64 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 129,033129.0k $2.4m $2.4m 0.00% Reduced -81.6k -81,568
65 Summit Financial, LLC 0.04% of their portfolio PARSIPPANY, NJ 128,302128.3k $2.4m $2.4m 0.04% Reduced -3.7k -3,743
66 Stratos Wealth Partners, LTD. 0.03% of their portfolio BEACHWOOD, OH 123,732123.7k $2.3m $2.3m 0.03% Reduced -13.8k -13,770
67 GREENWOOD CAPITAL ASSOCIATES LLC 0.25% of their portfolio GREENWOOD, SC 122,595122.6k $2.3m $2.3m 0.25% Added +2.4k +2,355
68 WealthPlan Investment Management, LLC 0.15% of their portfolio OMAHA, NE 120,832120.8k $2.3m $2.3m 0.15% New
69 FF Advisors,LLC 1.02% of their portfolio MANHATTAN BEACH, CA 120,569120.6k $2.3m $2.3m 1.02% Added +29.0k +28,956
70 Crews Bank & Trust 0.33% of their portfolio PORT CHARLOTTE, FL 120,415120.4k $2.3m $2.3m 0.33% Reduced -2.8k -2,815
71 Gladstone Institutional Advisory LLC 0.09% of their portfolio Bedminster, NJ 120,029120.0k $2.3m $2.3m 0.09% Reduced -2.4k -2,438
72 Cambridge Investment Research Advisors, Inc. 0.01% of their portfolio FAIRFIELD, IA 113,085113.1k $2.1m $2.1m 0.01% Reduced -37.0k -37,039
73 Traub Capital Management LLC 1.96% of their portfolio NEEDHAM, MA 107,823107.8k $2.0m $2.0m 1.96% Reduced -1.8k -1,753
74 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 106,817106.8k $2.1m $2.1m 0.00% Added +12.1k +12,114
75 Trajan Wealth LLC 0.08% of their portfolio SCOTTSDALE, AZ 105,829105.8k $2.0m $2.0m 0.08% Reduced -1.8k -1,807
76 CIBC WORLD MARKETS CORP 0.01% of their portfolio NEW YORK, NY 104,538104.5k $2.0m $2.0m 0.01% First filing
77 Hegarty Advisors, LLC 1.62% of their portfolio GARDEN CITY, NY 98,95599.0k $1.9m $1.9m 1.62% First filing
78 Waverly Advisors, LLC 0.01% of their portfolio BIRMINGHAM, AL 95,54095.5k $1.8m $1.8m 0.01% Added +18.8k +18,751
79 Prepared Retirement Institute LLC 0.90% of their portfolio LANSDALE, PA 94,95295.0k $1.8m $1.8m 0.90% Added +1.1k +1,147
80 CIBC WORLD MARKET INC. 0.00% of their portfolio TORONTO, A6 86,60086.6k $1.6m $1.6m 0.00% Unchanged
81 Cyndeo Wealth Partners, LLC 0.09% of their portfolio ST. PETERSBURG, FL 85,97286.0k $1.6m $1.6m 0.09% Reduced -12.5k -12,467
82 NewEdge Advisors, LLC 0.01% of their portfolio NEW ORLEANS, LA 85,40385.4k $1.6m $1.6m 0.01% Reduced -63.6k -63,614
83 PRINCIPAL SECURITIES, INC. 0.02% of their portfolio DES MOINES, IA 79,38379.4k $1.5m $1.5m 0.02% Added +2.6k +2,619
84 Equitable Holdings, Inc. 0.01% of their portfolio NEW YORK, NY 77,11777.1k $1.5m $1.5m 0.01% Reduced -20.4k -20,390
85 Mutual Advisors, LLC 0.03% of their portfolio OMAHA, NE 76,74276.7k $1.5m $1.5m 0.03% Reduced -2.0k -2,044
86 CreativeOne Wealth, LLC 0.03% of their portfolio OVERLAND PARK, KS 75,01675.0k $1.4m $1.4m 0.03% Added +6.7k +6,748
87 Vestmark Advisory Solutions, Inc. 0.02% of their portfolio Wakefield, MA 74,56474.6k $1.4m $1.4m 0.02% Added +5.0k +5,039
88 Grey Ledge Advisors, LLC 0.32% of their portfolio GUILFORD, CT 74,31974.3k $1.4m $1.4m 0.32% Reduced -6.2k -6,235
89 Eagle Strategies LLC 0.17% of their portfolio NEW YORK, NY 71,93171.9k $1.4m $1.4m 0.17% Reduced -1.6k -1,637
90 Investors Research Corp 0.25% of their portfolio ATLANTA, GA 71,86371.9k $1.4m $1.4m 0.25% Reduced -796 -796
91 Perissos Private Wealth Management, LLC 1.17% of their portfolio BETHANY, OK 71,85571.9k $1.4m $1.4m 1.17% Reduced -1.1k -1,089
92 Advisors Capital Management, LLC 0.02% of their portfolio RIDGEWOOD, NJ 69,73669.7k $1.3m $1.3m 0.02% Added +1.1k +1,095
93 PLIMOTH TRUST CO LLC 0.29% of their portfolio SWANSEA, MA 68,33468.3k $1.3m $1.3m 0.29% Reduced -111 -111
94 Unison Advisors LLC 0.11% of their portfolio PROVIDENCE, RI 67,44567.4k $1.3m $1.3m 0.11% Added +2.2k +2,183
95 Janney Montgomery Scott LLC 0.00% of their portfolio PHILADELPHIA, PA 66,13966.1k $1.3m $1.3m 0.00% Added +2.8k +2,791
96 Mariner, LLC 0.00% of their portfolio Overland Park, KS 61,83861.8k $1.2m $1.2m 0.00% Reduced -45.0k -45,009
97 Rockefeller Capital Management L.P. 0.00% of their portfolio NEW YORK, NY 61,06961.1k $1.2m $1.2m 0.00% Added +16.7k +16,740
98 APPLETON PARTNERS INC/MA 0.07% of their portfolio BOSTON, MA 55,53655.5k $1.1m $1.1m 0.07% Reduced -29.6k -29,640
99 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 55,39855.4k $1.0m $1.0m 0.00% Reduced -1.4k -1,389
100 NWAM LLC 0.06% of their portfolio MERCER ISLAND, WA 55,27555.3k $1.1m $1.1m 0.06% Added +4.3k +4,341