Vault-13

GLOBAL X FDS PAVE

US INFR DEV ETF · ETP · CUSIP 37954Y673

586 institutional holders -12 vs Q4 2024
139,654,022139.7m shares reported held*
$5.3bnreported value*
53 new 244 added 191 reduced 58 sold out net sold ≈ $249.3m (-6.5m 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 ($1.6m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $37.65. Options: 3 managers hold calls ($1.6m notional), 1 hold puts ($101.9k).

Trends to Q1 2025

Institutional holders

Managers reporting a position, each quarter

0200400600Q3 22: 379Q4 22: 395Q1 23: 407Q2 23: 419Q3 23: 440Q4 23: 487Q1 24: 522Q2 24: 527Q3 24: 550Q4 24: 598Q1 25: 586586Q3 22Q1 23Q3 23Q1 24Q3 24Q1 25
Numbers
QuarterHolders
Q3 2022379
Q4 2022395
Q1 2023407
Q2 2023419
Q3 2023440
Q4 2023487
Q1 2024522
Q2 2024527
Q3 2024550
Q4 2024598
Q1 2025586

Buyers vs sellers

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

Bought or addedCut or sold out
4000400Q2 23: 181 bought or addedQ2 23: 197 cut or sold outQ3 23: 230 bought or addedQ3 23: 164 cut or sold outQ3 23Q4 23: 221 bought or addedQ4 23: 191 cut or sold outQ1 24: 288 bought or addedQ1 24: 190 cut or sold outQ1 24Q2 24: 259 bought or addedQ2 24: 205 cut or sold outQ3 24: 282 bought or addedQ3 24: 215 cut or sold outQ3 24Q4 24: 270 bought or addedQ4 24: 213 cut or sold outQ1 25: 297 bought or addedQ1 25: 249 cut or sold outQ1 25
Numbers
QuarterBought or addedCut or sold out
Q2 2023181197
Q3 2023230164
Q4 2023221191
Q1 2024288190
Q2 2024259205
Q3 2024282215
Q4 2024270213
Q1 2025297249

Calls vs puts

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

CallsPuts
$0$2m$4m$6mQ2 24 calls: $296.2kQ2 24 puts: $451.6kQ2 24P/C 1.52Q3 24 calls: $4.0mQ3 24 puts: $1.6mQ3 24P/C 0.40Q4 24 calls: $2.4mQ4 24 puts: $1.6mQ4 24P/C 0.68Q1 25 calls: $1.6mQ1 25 puts: $101.9kQ1 25P/C 0.07
Numbers
QuarterCallsPutsP/C
Q2 2024$296.2k$451.6k1.52
Q3 2024$4.0m$1.6m0.40
Q4 2024$2.4m$1.6m0.68
Q1 2025$1.6m$101.9k0.07

Biggest buyers

CITIGROUP INC Added +1,264,705+1.3m
BANK OF MONTREAL /CAN/ Added +918,403+918.4k
MEITAV INVESTMENT HOUSE LTD Added +519,203+519.2k
BANK OF AMERICA CORP /DE/ Added +518,793+518.8k
MORGAN STANLEY Added +486,787+486.8k
WELLS FARGO & COMPANY/MN Added +353,897+353.9k
CX Institutional Added +335,530+335.5k
PRINCIPAL FINANCIAL GROUP INC Added +260,800+260.8k
Marshall Financial Group, LLC New +206,966+207.0k
Thrivent Financial for Lutherans Added +202,714+202.7k

Biggest sellers

Clal Insurance Enterprises Holdings Ltd Reduced -4,925,000-4.9m
JPMORGAN CHASE & CO Reduced -4,683,518-4.7m
Mirae Asset Global Investments Co., Ltd. Reduced -581,540-581.5k
RAYMOND JAMES FINANCIAL INC Reduced -546,261-546.3k
CW Advisors, LLC Reduced -529,413-529.4k
Focus Partners Wealth Reduced -425,122-425.1k
ROYAL BANK OF CANADA Reduced -294,243-294.2k
PECAUT & CO. Sold out -194,141-194.1k
Aptus Capital Advisors, LLC Reduced -192,005-192.0k
Cerity Partners LLC Reduced -183,992-184.0k

Biggest calls

CITADEL ADVISORS LLC Added $901.7k23.9k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP New $539.5k14.3k shares
BANK OF AMERICA CORP /DE/ Added $117.0k3.1k shares

Biggest puts

CITADEL ADVISORS LLC Added $101.9k2.7k shares

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, Q1 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 BANK OF MONTREAL /CAN/ 0.47% of their portfolio TORONTO, A6 23,153,94623.2m $873.6m $873.6m 0.47% Added +918.4k +918,403
2 BANK OF AMERICA CORP /DE/ 0.08% of their portfolio CHARLOTTE, NC 22,990,75523.0m $867.4m $867.4m 0.08% Added +518.8k +518,793
3 MORGAN STANLEY 0.03% of their portfolio NEW YORK, NY 9,543,7919.5m $360.1m $360.1m 0.03% Added +486.8k +486,787
4 LPL Financial LLC 0.10% of their portfolio FORT MILL, SC 6,854,4716.9m $258.6m $258.6m 0.10% Added +78.0k +78,008
5 Harel Insurance Investments & Financial Services Ltd. 3.37% of their portfolio Ramat Gan, L3 6,834,6946.8m $257.9m $257.9m 3.37% Added +563 +563
6 PRINCIPAL FINANCIAL GROUP INC 0.08% of their portfolio DES MOINES, IA 3,740,6003.7m $141.1m $141.1m 0.08% Added +260.8k +260,800
7 WELLS FARGO & COMPANY/MN 0.03% of their portfolio SAN FRANCISCO, CA 3,315,7483.3m $125.1m $125.1m 0.03% Added +353.9k +353,897
8 CIBC Private Wealth Group LLC 0.23% of their portfolio ATLANTA, GA 3,293,9843.3m $111.3m $111.3m 0.23% Added +78.9k +78,889
9 MEITAV INVESTMENT HOUSE LTD 1.86% of their portfolio BENE-BERAQ, L3 2,678,5692.7m $101.0m $101.0m 1.86% Added +519.2k +519,203
10 Clal Insurance Enterprises Holdings Ltd 0.97% of their portfolio Tel-aviv, L3 2,493,7502.5m $94.1m $94.1m 0.97% Reduced -4.9m -4,925,000
11 UBS Group AG 0.02% of their portfolio ZURICH, V8 2,133,9332.1m $80.5m $80.5m 0.02% Reduced -126.8k -126,819
12 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.06% of their portfolio MILWAUKEE, WI 1,823,1631.8m $68.8m $68.8m 0.06% Added +50.6k +50,644
13 ENVESTNET ASSET MANAGEMENT INC 0.02% of their portfolio Berwyn, PA 1,583,3241.6m $59.7m $59.7m 0.02% Added +133.3k +133,329
14 RAYMOND JAMES FINANCIAL INC 0.02% of their portfolio ST. PETERSBURG, FL 1,536,5831.5m $58.0m $58.0m 0.02% Reduced -546.3k -546,261
15 COMMONWEALTH EQUITY SERVICES, LLC 0.07% of their portfolio WALTHAM, MA 1,346,0201.3m $50.8m $50.8m 0.07% Reduced -88.5k -88,517
16 CITIGROUP INC 0.04% of their portfolio NEW YORK, NY 1,325,3281.3m $50.0m $50.0m 0.04% Added +1.3m +1,264,705
17 ROYAL BANK OF CANADA 0.01% of their portfolio TORONTO, A6 1,312,0301.3m $49.5m $49.5m 0.01% Reduced -294.2k -294,243
18 First Interstate Bank 2.74% of their portfolio Billings, MT 1,217,7591.2m $45.9m $45.9m 2.74% Added +48.8k +48,837
19 CW Advisors, LLC 0.53% of their portfolio BOSTON, MA 1,173,7811.2m $44.3m $44.3m 0.53% Reduced -529.4k -529,413
20 Moss Adams Wealth Advisors LLC 4.08% of their portfolio SEATTLE, WA 1,025,9291.0m $38.7m $38.7m 4.08% Added +50.2k +50,231
21 AMERIPRISE FINANCIAL INC 0.01% of their portfolio MINNEAPOLIS, MN 930,791930.8k $35.1m $35.1m 0.01% Added +107.0k +106,969
22 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 921,087921.1k $34.8m $34.8m 0.00% Reduced -4.7m -4,683,518
23 Mariner, LLC 0.06% of their portfolio Overland Park, KS 905,542905.5k $34.2m $34.2m 0.06% Reduced -34.7k -34,684
24 RiverFront Investment Group, LLC 0.69% of their portfolio RICHMOND, VA 824,590824.6k $31.1m $31.1m 0.69% Added +70.7k +70,740
25 AXXCESS WEALTH MANAGEMENT, LLC 0.83% of their portfolio CARLSBAD, CA 809,795809.8k $30.6m $30.6m 0.83% Added +89.9k +89,875
26 OSAIC HOLDINGS, INC. 0.07% of their portfolio SCOTTSDALE, AZ 793,319793.3k $29.9m $29.9m 0.07% Reduced -141.8k -141,812
27 HighTower Advisors, LLC 0.04% of their portfolio CHICAGO, IL 768,330768.3k $29.0m $29.0m 0.04% Added +199.4k +199,384
28 Evolution Wealth Advisors, LLC 4.79% of their portfolio AVENTURA, FL 760,546760.5k $28.7m $28.7m 4.79% Reduced -10.3k -10,298
29 EP Wealth Advisors, LLC 0.23% of their portfolio TORRANCE, CA 755,241755.2k $28.5m $28.5m 0.23% Added +2.6k +2,591
30 Cetera Investment Advisers 0.05% of their portfolio SCHAUMBURG, IL 747,666747.7k $28.2m $28.2m 0.05% Added +15.0k +15,036
31 Mivtachim The Workers Social Insurance Fund Ltd. (Under Special Management) 4.56% of their portfolio Tel Aviv, L3 731,000731.0k $27.6m $27.6m 4.56% Added +20.0k +20,000
32 Capital Asset Advisory Services LLC 1.42% of their portfolio Williamston, MI 721,996722.0k $27.9m $27.9m 1.42% Added +48.6k +48,581
33 Focus Partners Wealth 0.07% of their portfolio ST LOUIS, MO 700,618700.6k $26.4m $26.4m 0.07% Reduced -425.1k -425,122
34 Kranot Hishtalmut Le Morim Ve Gananot Havera Menahelet LTD 2.00% of their portfolio Tel Aviv, L3 647,770647.8k $24.4m $24.4m 2.00% Unchanged
35 Destination Wealth Management 0.76% of their portfolio Walnut Creek, CA 641,665641.7k $24.2m $24.2m 0.76% Added +1.1k +1,121
36 Bensler, LLC 3.00% of their portfolio Bellevue, WA 635,257635.3k $24.0m $24.0m 3.00% Added +24.0k +23,956
37 Cooper Financial Group 2.73% of their portfolio IRVINE, CA 548,376548.4k $20.7m $20.7m 2.73% Added +49.7k +49,659
38 Kestra Advisory Services, LLC 0.10% of their portfolio AUSTIN, TX 539,921539.9k $20.4m $20.4m 0.10% Added +43.6k +43,584
39 Mirae Asset Global Investments Co., Ltd. 0.08% of their portfolio SEOUL, M5 525,000525.0k $19.8m $19.8m 0.08% Reduced -581.5k -581,540
40 GREAT VALLEY ADVISOR GROUP, INC. 0.42% of their portfolio WILMINGTON, DE 519,936519.9k $19.6m $19.6m 0.42% Added +14.8k +14,771
41 EVERGREEN CAPITAL MANAGEMENT LLC 0.63% of their portfolio Bellevue, WA 494,581494.6k $18.7m $18.7m 0.63% Added +63.1k +63,137
42 MML INVESTORS SERVICES, LLC 0.06% of their portfolio SPRINGFIELD, MA 473,043473.0k $17.8m $17.8m 0.06% Added +46.9k +46,919
43 CX Institutional 0.66% of their portfolio AUBURN, IN 461,893461.9k $17.4m $17.4m 0.66% Added +335.5k +335,530
44 Ameritas Advisory Services, LLC 0.70% of their portfolio Lincoln, NE 455,420455.4k $17.2m $17.2m 0.70% Added +35.6k +35,610
45 Stratos Wealth Partners, LTD. 0.25% of their portfolio BEACHWOOD, OH 440,306440.3k $16.6m $16.6m 0.25% Reduced -72.0k -72,018
46 BLAIR WILLIAM & CO/IL 0.05% of their portfolio CHICAGO, IL 408,440408.4k $15.4m $15.4m 0.05% Added +7.5k +7,528
47 HBW ADVISORY SERVICES LLC 2.13% of their portfolio SIMI VALLEY, CA 397,325397.3k $15.0m $15.0m 2.13% Added +34.5k +34,543
48 Thrivent Financial for Lutherans 0.03% of their portfolio Minneapolis, MN 386,247386.2k $15.2m $15.2m 0.03% Added +202.7k +202,714
49 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 383,538383.5k $14.5m $14.5m 0.00% Reduced -29.3k -29,299
50 CWM, LLC 0.06% of their portfolio OMAHA, NE 378,902378.9k $14.3m $14.3m 0.06% Added +23.2k +23,198
51 360 Financial, Inc. 4.85% of their portfolio WAYZATA, MN 355,117355.1k $13.4m $13.4m 4.85% Added +19.6k +19,552
52 Eagle Strategies LLC 2.32% of their portfolio NEW YORK, NY 353,368353.4k $13.3m $13.3m 2.32% Added +6.4k +6,391
53 Riggs Asset Managment Co. Inc. 3.65% of their portfolio DALLAS, PA 338,377338.4k $12.8m $12.8m 3.65% Reduced -91.7k -91,687
54 MFA WEALTH ADVISORS, LLC 3.01% of their portfolio PITTSBURGH, PA 321,932321.9k $12.1m $12.1m 3.01% Added +1.8k +1,805
55 Vishria Bird Financial Group, LLC 3.93% of their portfolio MEMPHIS, TN 306,238306.2k $11.6m $11.6m 3.93% Reduced -4.8k -4,805
56 Cambridge Investment Research Advisors, Inc. 0.04% of their portfolio FAIRFIELD, IA 300,438300.4k $11.3m $11.3m 0.04% Reduced -44.4k -44,356
57 JMAC ENTERPRISES LLC 2.65% of their portfolio NEWTOWN, PA 296,146296.1k $11.2m $11.2m 2.65% Added +8.3k +8,288
58 STIFEL FINANCIAL CORP 0.01% of their portfolio ST. LOUIS, MO 296,013296.0k $11.2m $11.2m 0.01% Reduced -3.3k -3,301
59 PRUDENTIAL PLC 0.06% of their portfolio LONDON, X0 295,740295.7k $11.2m $11.2m 0.06% Reduced -17.2k -17,230
60 CIBC WORLD MARKET INC. 0.03% of their portfolio TORONTO, A6 290,904290.9k $11.0m $11.0m 0.03% Added +5.3k +5,272
61 OGOREK ANTHONY JOSEPH /NY/ /ADV 3.52% of their portfolio WILLIAMSVILLE, NY 283,732283.7k $10.7m $10.7m 3.52% Reduced -7.7k -7,723
62 Private Advisor Group, LLC 0.06% of their portfolio MORRISTOWN, NJ 281,278281.3k $10.6m $10.6m 0.06% Reduced -34.1k -34,150
63 Rockefeller Capital Management L.P. 0.03% of their portfolio NEW YORK, NY 278,726278.7k $10.5m $10.5m 0.03% Added +6.9k +6,946
64 Gerber Kawasaki Wealth & Investment Management 0.45% of their portfolio SANTA MONICA, CA 262,632262.6k $9.9m $9.9m 0.45% Added +8.8k +8,776
65 Financial Advocates Investment Management 0.70% of their portfolio OLYMPIA, WA 262,276262.3k $9.9m $9.9m 0.70% Added +395 +395
66 Janney Montgomery Scott LLC 0.03% of their portfolio PHILADELPHIA, PA 256,775256.8k $9.7m $9.7m 0.03% Added +63.2k +63,234
67 WCG Wealth Advisors LLC 0.72% of their portfolio LAS VEGAS, NV 249,926249.9k $9.4m $9.4m 0.72% Reduced -49.6k -49,603
68 Robertson Stephens Wealth Management, LLC 0.33% of their portfolio San Francisco, CA 233,614233.6k $8.8m $8.8m 0.33% Added +8.7k +8,726
69 Sage Capital Management, LLC 4.70% of their portfolio Stockton, NJ 229,472229.5k $8.7m $8.7m 4.70% Added +4.9k +4,913
70 Kranot Hishtalmut Le Morim Tichoniim Havera Menahelet LTD 2.15% of their portfolio Tel Aviv, L3 229,190229.2k $8.6m $8.6m 2.15% Unchanged
71 Chicago Wealth Management, Inc. 4.46% of their portfolio CHICAGO, IL 225,800225.8k $8.5m $8.5m 4.46% Added +3.2k +3,173
72 Equitable Holdings, Inc. 0.08% of their portfolio NEW YORK, NY 225,638225.6k $8.5m $8.5m 0.08% Reduced -34.6k -34,646
73 MAI Capital Management 0.06% of their portfolio INDEPENDENCE, OH 221,822221.8k $8.4m $8.4m 0.06% Reduced -4.2k -4,212
74 Merit Financial Group, LLC 0.12% of their portfolio ALPHARETTA, GA 217,252217.3k $8.2m $8.2m 0.12% Added +14.5k +14,477
75 National Philanthropic Trust 0.13% of their portfolio Jenkintown, PA 213,640213.6k $8.1m $8.1m 0.13% Added +44.9k +44,864
76 Sanctuary Advisors, LLC 0.06% of their portfolio INDIANAPOLIS, IN 210,705210.7k $7.9m $7.9m 0.06% Reduced -7.4k -7,357
77 Systelligence, LLC 1.91% of their portfolio BLOOMINGTON, MN 210,477210.5k $7.9m $7.9m 1.91% Added +103.5k +103,494
78 Marshall Financial Group, LLC 1.71% of their portfolio Hunt Valley, MD 206,966207.0k $7.8m $7.8m 1.71% New
79 New England Private Wealth Advisors LLC 1.20% of their portfolio WELLESLEY, MA 205,783205.8k $7.8m $7.8m 1.20% Added +366 +366
80 VAN ECK ASSOCIATES CORP 0.01% of their portfolio NEW YORK, NY 198,505198.5k $7.5m $7.5m 0.01% Added +68.8k +68,838
81 ADAPT WEALTH ADVISORS, LLC 3.56% of their portfolio ATLANTA, GA 193,669193.7k $7.3m $7.3m 3.56% Added +15.0k +14,995
82 Symphony Financial Services, Inc. 4.60% of their portfolio AKRON, OH 186,767186.8k $7.0m $7.0m 4.60% Added +2.6k +2,640
83 LWM Advisory Services, LLC 4.76% of their portfolio PLANTATION, FL 181,649181.6k $6.9m $6.9m 4.76% Added +4.2k +4,219
84 Clarus Group, Inc. 2.64% of their portfolio HOUSTON, TX 180,029180.0k $6.8m $6.8m 2.64% Reduced -11.6k -11,630
85 Wolf Group Capital Advisors 2.13% of their portfolio FAIRFAX, VA 168,260168.3k $6.3m $6.3m 2.13% New
86 Financial Partners Group, Inc 0.97% of their portfolio Overland Park, KS 166,806166.8k $6.3m $6.3m 0.97% Added +21.9k +21,890
87 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.01% of their portfolio BALA CYNWYD, PA 166,506166.5k $6.3m $6.3m 0.01% New
88 Steward Partners Investment Advisory, LLC 0.06% of their portfolio STAMFORD, CT 166,444166.4k $6.3m $6.3m 0.06% Reduced -61.0k -61,040
89 Quadrant Private Wealth Management, LLC 1.51% of their portfolio Center Valley, PA 160,338160.3k $6.0m $6.0m 1.51% Added +934 +934
90 5th Street Advisors, LLC 2.79% of their portfolio Southport, CT 153,154153.2k $5.8m $5.8m 2.79% Added +144.4k +144,447
91 IHT Wealth Management, LLC 0.18% of their portfolio Chicago, IL 150,848150.8k $5.7m $5.7m 0.18% Reduced -108.8k -108,848
92 Elyxium Wealth, LLC 2.47% of their portfolio BEVERLY HILLS, CA 147,703147.7k $5.6m $5.6m 2.47% Reduced -157 -157
93 CITADEL ADVISORS LLC 0.01% of their portfolio MIAMI, FL 139,154139.2k $5.3m $5.3m 0.01% Added +18.1k +18,102
94 AVANTAX ADVISORY SERVICES, INC. 0.03% of their portfolio DALLAS, TX 136,319136.3k $5.1m $5.1m 0.03% Added +7.0k +6,971
95 Orion Portfolio Solutions, LLC 0.03% of their portfolio Omaha, NE 134,151134.2k $5.1m $5.1m 0.03% Added +103.1k +103,090
96 HARBOUR INVESTMENTS, INC. 0.14% of their portfolio MADISON, WI 131,088131.1k $4.9m $4.9m 0.14% Added +5.7k +5,654
97 NTV Asset Management LLC 0.66% of their portfolio Charleston, WV 130,875130.9k $4.9m $4.9m 0.66% Reduced -48 -48
98 Wealthcare Advisory Partners LLC 0.13% of their portfolio WEST CHESTER, PA 129,430129.4k $4.9m $4.9m 0.13% Added +11.9k +11,866
99 NewEdge Advisors, LLC 0.03% of their portfolio NEW ORLEANS, LA 125,702125.7k $4.7m $4.7m 0.03% Added +35.3k +35,300
100 CASTLE WEALTH MANAGEMENT LLC 1.85% of their portfolio BOYNTON BEACH, FL 125,078125.1k $4.7m $4.7m 1.85% Added +6.3k +6,347