Vault-13

GLOBAL X FDS PAVE

US INFR DEV ETF · ETP · CUSIP 37954Y673

620 institutional holders +11 vs Q2 2025
141,285,199141.3m shares reported held*
$6.7bnreported value*
60 new 242 added 188 reduced 42 sold out net bought ≈ $363.9m (+7.7m 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 ($2.8m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $47.59. Options: 3 managers hold calls ($2.5m notional), 0 hold puts (—).

Trends to Q3 2025

Institutional holders

Managers reporting a position, each quarter

0250500750Q3 22: 379Q4 22: 395Q1 23: 407Q2 23: 419Q3 23: 440Q4 23: 487Q1 24: 522Q2 24: 527Q3 24: 550Q4 24: 598Q1 25: 586Q2 25: 609Q3 25: 620620Q3 22Q2 23Q1 24Q4 24Q3 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
Q2 2025609
Q3 2025620

Buyers vs sellers

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

Bought or addedCut or sold out
4000400Q4 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 25Q2 25: 253 bought or addedQ2 25: 274 cut or sold outQ3 25: 302 bought or addedQ3 25: 230 cut or sold outQ3 25
Numbers
QuarterBought or addedCut or sold out
Q4 2023221191
Q1 2024288190
Q2 2024259205
Q3 2024282215
Q4 2024270213
Q1 2025297249
Q2 2025253274
Q3 2025302230

Calls vs puts

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

CallsPuts
$0$1m$2m$3mQ4 24 calls: $2.4mQ4 24 puts: $1.6mQ4 24P/C 0.68Q1 25 calls: $1.6mQ1 25 puts: $101.9kQ1 25P/C 0.07Q2 25 calls: $2.4mQ2 25 puts: $0Q2 25P/C 0.00Q3 25 calls: $2.5mQ3 25 puts: $0Q3 25P/C 0.00
Numbers
QuarterCallsPutsP/C
Q4 2024$2.4m$1.6m0.68
Q1 2025$1.6m$101.9k0.07
Q2 2025$2.4m$00.00
Q3 2025$2.5m$00.00

Biggest buyers

JPMORGAN CHASE & CO Added +3,775,181+3.8m
BANK OF AMERICA CORP /DE/ Added +1,625,360+1.6m
OSAIC HOLDINGS, INC. Added +1,394,232+1.4m
BANK OF MONTREAL /CAN/ Added +1,001,842+1.0m
LPL Financial LLC Added +290,462+290.5k
MORGAN STANLEY Added +264,594+264.6k
Phoenix Financial Ltd. New +262,000+262.0k
NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Added +234,434+234.4k
Sanctuary Advisors, LLC Added +229,240+229.2k
Deane Retirement Strategies, Inc. New +194,181+194.2k

Biggest sellers

ROYAL BANK OF CANADA Reduced -1,289,183-1.3m
MEITAV INVESTMENT HOUSE LTD Reduced -867,365-867.4k
Ameritas Advisory Services, LLC Reduced -383,337-383.3k
PRUDENTIAL PLC Sold out -285,900-285.9k
Rockefeller Capital Management L.P. Reduced -269,831-269.8k
RAYMOND JAMES FINANCIAL INC Reduced -144,187-144.2k
Systelligence, LLC Reduced -126,958-127.0k
New Millennium Group LLC Reduced -124,780-124.8k
Financial Advocates Investment Management Sold out -81,553-81.6k
WELLS FARGO & COMPANY/MN Reduced -72,191-72.2k

Biggest calls

CITADEL ADVISORS LLC Reduced $1.1m23.7k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $1.1m22.6k shares
JANE STREET GROUP, LLC New $252.4k5.3k 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 BANK OF AMERICA CORP /DE/ 0.09% of their portfolio CHARLOTTE, NC 24,259,42324.3m $1.2bn $1.2bn 0.09% Added +1.6m +1,625,360
2 BANK OF MONTREAL /CAN/ 0.48% of their portfolio TORONTO, A6 23,774,89223.8m $1.1bn $1.1bn 0.48% Added +1.0m +1,001,842
3 MORGAN STANLEY 0.03% of their portfolio NEW YORK, NY 9,929,7849.9m $473.0m $473.0m 0.03% Added +264.6k +264,594
4 LPL Financial LLC 0.10% of their portfolio FORT MILL, SC 7,287,9747.3m $347.1m $347.1m 0.10% Added +290.5k +290,462
5 JPMORGAN CHASE & CO 0.01% of their portfolio NEW YORK, NY 7,260,2447.3m $345.8m $345.8m 0.01% Added +3.8m +3,775,181
6 Harel Insurance Investments & Financial Services Ltd. 1.94% of their portfolio Ramat Gan, L3 4,544,3314.5m $216.4m $216.4m 1.94% Reduced -363 -363
7 CIBC Private Wealth Group LLC 0.28% of their portfolio ATLANTA, GA 3,422,6443.4m $163.0m $163.0m 0.28% Added +187.6k +187,627
8 WELLS FARGO & COMPANY/MN 0.03% of their portfolio SAN FRANCISCO, CA 3,035,8483.0m $144.6m $144.6m 0.03% Reduced -72.2k -72,191
9 Clal Insurance Enterprises Holdings Ltd 0.91% of their portfolio Tel-aviv, L3 2,493,7502.5m $118.8m $118.8m 0.91% Unchanged
10 OSAIC HOLDINGS, INC. 0.15% of their portfolio SCOTTSDALE, AZ 2,252,6392.3m $106.5m $106.5m 0.15% Added +1.4m +1,394,232
11 UBS Group AG 0.02% of their portfolio ZURICH, V8 2,242,2932.2m $106.8m $106.8m 0.02% Added +93.2k +93,213
12 ENVESTNET ASSET MANAGEMENT INC 0.03% of their portfolio Berwyn, PA 2,117,6992.1m $100.9m $100.9m 0.03% Added +104.0k +104,040
13 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.06% of their portfolio MILWAUKEE, WI 1,928,0031.9m $91.8m $91.8m 0.06% Added +234.4k +234,434
14 WADDELL & ASSOCIATES, LLC 7.67% of their portfolio MEMPHIS, TN 1,892,1681.9m $90.1m $90.1m 7.67% Added +65.4k +65,420
15 ROYAL BANK OF CANADA 0.01% of their portfolio TORONTO, A6 1,506,1351.5m $71.7m $71.7m 0.01% Reduced -1.3m -1,289,183
16 RiverFront Investment Group, LLC 1.21% of their portfolio RICHMOND, VA 1,444,1521.4m $68.8m $68.8m 1.21% Added +63.7k +63,695
17 RAYMOND JAMES FINANCIAL INC 0.02% of their portfolio ST. PETERSBURG, FL 1,414,9431.4m $67.4m $67.4m 0.02% Reduced -144.2k -144,187
18 First Interstate Bank 3.15% of their portfolio Billings, MT 1,197,7511.2m $57.0m $57.0m 3.15% Added +3.1k +3,144
19 COMMONWEALTH EQUITY SERVICES, LLC 0.07% of their portfolio WALTHAM, MA 1,145,7071.1m $54.6m $54.6m 0.07% Reduced -60.9k -60,913
20 Moss Adams Wealth Advisors LLC 4.18% of their portfolio SEATTLE, WA 1,126,1031.1m $53.6m $53.6m 4.18% Added +84.9k +84,906
21 PRINCIPAL FINANCIAL GROUP INC 0.03% of their portfolio DES MOINES, IA 1,073,4001.1m $51.1m $51.1m 0.03% Unchanged
22 MEITAV INVESTMENT HOUSE LTD 0.66% of their portfolio BENE-BERAQ, L3 1,011,2041.0m $48.2m $48.2m 0.66% Reduced -867.4k -867,365
23 AXXCESS WEALTH MANAGEMENT, LLC 1.00% of their portfolio CARLSBAD, CA 989,652989.7k $47.1m $47.1m 1.00% Added +141.4k +141,383
24 Capital Asset Advisory Services LLC 1.95% of their portfolio Williamston, MI 948,966949.0k $45.2m $45.2m 1.95% Added +171.8k +171,818
25 AMERIPRISE FINANCIAL INC 0.01% of their portfolio MINNEAPOLIS, MN 899,483899.5k $42.9m $42.9m 0.01% Reduced -14.0k -13,951
26 Cetera Investment Advisers 0.05% of their portfolio SCHAUMBURG, IL 897,981898.0k $42.8m $42.8m 0.05% Added +145.6k +145,629
27 Mariner, LLC 0.05% of their portfolio Overland Park, KS 883,118883.1k $42.1m $42.1m 0.05% Reduced -12.4k -12,358
28 HighTower Advisors, LLC 0.04% of their portfolio CHICAGO, IL 749,278749.3k $35.7m $35.7m 0.04% Added +8.0k +8,008
29 Kestra Advisory Services, LLC 0.14% of their portfolio AUSTIN, TX 652,437652.4k $31.1m $31.1m 0.14% Added +46.6k +46,586
30 Kranot Hishtalmut Le Morim Ve Gananot Havera Menahelet LTD 2.07% of their portfolio Tel Aviv, L3 647,770647.8k $30.8m $30.8m 2.07% Unchanged
31 Destination Wealth Management 0.84% of their portfolio Walnut Creek, CA 638,731638.7k $30.4m $30.4m 0.84% Reduced -3.5k -3,507
32 Evolution Wealth Advisors, LLC 3.86% of their portfolio AVENTURA, FL 603,857603.9k $28.8m $28.8m 3.86% Added +6.5k +6,509
33 Focus Partners Wealth 0.04% of their portfolio ST LOUIS, MO 559,358559.4k $26.6m $26.6m 0.04% Added +5.9k +5,867
34 MML INVESTORS SERVICES, LLC 0.07% of their portfolio SPRINGFIELD, MA 550,508550.5k $26.2m $26.2m 0.07% Added +23.0k +23,026
35 Stratos Wealth Partners, LTD. 0.31% of their portfolio BEACHWOOD, OH 543,411543.4k $25.9m $25.9m 0.31% Reduced -12.7k -12,725
36 Cooper Financial Group 2.86% of their portfolio IRVINE, CA 541,720541.7k $25.8m $25.8m 2.86% Added +1.2k +1,152
37 Mirae Asset Global Investments Co., Ltd. 0.08% of their portfolio SEOUL, M5 540,000540.0k $25.7m $25.7m 0.08% Unchanged
38 GREAT VALLEY ADVISOR GROUP, INC. 0.50% of their portfolio WILMINGTON, DE 524,383524.4k $25.0m $25.0m 0.50% Added +9.8k +9,815
39 EVERGREEN CAPITAL MANAGEMENT LLC 0.58% of their portfolio Bellevue, WA 515,937515.9k $24.6m $24.6m 0.58% Added +10.9k +10,851
40 VAN ECK ASSOCIATES CORP 0.02% of their portfolio NEW YORK, NY 458,224458.2k $21.8m $21.8m 0.02% Added +185.0k +185,049
41 Sanctuary Advisors, LLC 0.06% of their portfolio INDIANAPOLIS, IN 443,696443.7k $19.0m $19.0m 0.06% Added +229.2k +229,240
42 Eagle Strategies LLC 2.44% of their portfolio NEW YORK, NY 383,456383.5k $18.3m $18.3m 2.44% Added +17.3k +17,306
43 Thrivent Financial for Lutherans 0.04% of their portfolio Minneapolis, MN 380,969381.0k $18.1m $18.1m 0.04% Added +37.4k +37,429
44 CWM, LLC 0.05% of their portfolio OMAHA, NE 380,581380.6k $18.1m $18.1m 0.05% Reduced -1.2k -1,160
45 360 Financial, Inc. 5.62% of their portfolio WAYZATA, MN 366,930366.9k $17.5m $17.5m 5.62% Added +11.8k +11,762
46 HBW ADVISORY SERVICES LLC 1.94% of their portfolio SIMI VALLEY, CA 361,174361.2k $17.2m $17.2m 1.94% Reduced -5.3k -5,273
47 Cambridge Investment Research Advisors, Inc. 0.05% of their portfolio FAIRFIELD, IA 344,237344.2k $16.4m $16.4m 0.05% Added +29.6k +29,587
48 Janney Montgomery Scott LLC 0.04% of their portfolio PHILADELPHIA, PA 336,358336.4k $16.0m $16.0m 0.04% Added +35.8k +35,811
49 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 333,470333.5k $15.9m $15.9m 0.00% Reduced -10.7k -10,735
50 STIFEL FINANCIAL CORP 0.01% of their portfolio ST. LOUIS, MO 331,951332.0k $15.8m $15.8m 0.01% Added +5.3k +5,317
51 Riggs Asset Managment Co. Inc. 3.41% of their portfolio DALLAS, PA 330,581330.6k $15.7m $15.7m 3.41% Added +1.4k +1,351
52 Rockefeller Capital Management L.P. 0.03% of their portfolio NEW YORK, NY 318,421318.4k $15.2m $15.2m 0.03% Reduced -269.8k -269,831
53 MFA WEALTH ADVISORS, LLC 3.25% of their portfolio PITTSBURGH, PA 312,029312.0k $14.9m $14.9m 3.25% Reduced -234 -234
54 Vishria Bird Financial Group, LLC 2.82% of their portfolio MEMPHIS, TN 302,058302.1k $14.4m $14.4m 2.82% Reduced -1.3k -1,296
55 Private Advisor Group, LLC 0.07% of their portfolio MORRISTOWN, NJ 278,477278.5k $13.3m $13.3m 0.07% Reduced -4.5k -4,473
56 Gerber Kawasaki Wealth & Investment Management 0.45% of their portfolio SANTA MONICA, CA 276,250276.2k $13.2m $13.2m 0.45% Added +8.7k +8,737
57 CIBC WORLD MARKET INC. 0.03% of their portfolio TORONTO, A6 275,506275.5k $13.1m $13.1m 0.03% Reduced -1.3k -1,309
58 Phoenix Financial Ltd. 0.06% of their portfolio Givatayim, L3 262,000262.0k $10.2m $10.2m 0.06% New
59 CX Institutional 0.36% of their portfolio AUBURN, IN 249,259249.3k $11.9m $11.9m 0.36% Added +5.5k +5,470
60 ALTFEST L J & CO INC 1.31% of their portfolio NEW YORK, NY 245,973246.0k $11.7m $11.7m 1.31% Added +5.6k +5,606
61 Robertson Stephens Wealth Management, LLC 0.35% of their portfolio San Francisco, CA 245,734245.7k $11.7m $11.7m 0.35% Added +8.2k +8,193
62 Marshall Financial Group, LLC 2.26% of their portfolio Hunt Valley, MD 243,885243.9k $11.6m $11.6m 2.26% Added +8.7k +8,738
63 Equitable Holdings, Inc. 0.08% of their portfolio NEW YORK, NY 234,924234.9k $11.2m $11.2m 0.08% Added +12.3k +12,256
64 OGOREK ANTHONY JOSEPH /NY/ /ADV 3.14% of their portfolio WILLIAMSVILLE, NY 230,453230.5k $11.0m $11.0m 3.14% Reduced -3.3k -3,284
65 Kranot Hishtalmut Le Morim Tichoniim Havera Menahelet LTD 2.24% of their portfolio Tel Aviv, L3 229,190229.2k $10.9m $10.9m 2.24% Unchanged
66 BLAIR WILLIAM & CO/IL 0.03% of their portfolio CHICAGO, IL 225,265225.3k $10.7m $10.7m 0.03% Added +5.8k +5,825
67 Sage Capital Management, LLC 4.75% of their portfolio Stockton, NJ 221,524221.5k $10.6m $10.6m 4.75% Reduced -5.2k -5,248
68 MAI Capital Management 0.07% of their portfolio INDEPENDENCE, OH 218,598218.6k $10.4m $10.4m 0.07% Added +1.0k +1,021
69 Wealthcare Advisory Partners LLC 0.21% of their portfolio WEST CHESTER, PA 209,140209.1k $10.0m $10.0m 0.21% Added +2.7k +2,713
70 JMAC ENTERPRISES LLC 1.96% of their portfolio NEWTOWN, PA 207,758207.8k $9.9m $9.9m 1.96% Reduced -343 -343
71 New England Private Wealth Advisors LLC 1.29% of their portfolio WELLESLEY, MA 206,204206.2k $9.8m $9.8m 1.29% Unchanged
72 ADAPT WEALTH ADVISORS, LLC 3.59% of their portfolio ATLANTA, GA 204,207204.2k $9.7m $9.7m 3.59% Added +5.3k +5,269
73 Symphony Financial Services, Inc. 5.14% of their portfolio AKRON, OH 200,491200.5k $9.5m $9.5m 5.14% Added +11.1k +11,143
74 National Philanthropic Trust 0.10% of their portfolio Jenkintown, PA 194,403194.4k $9.3m $9.3m 0.10% Reduced -191 -191
75 Deane Retirement Strategies, Inc. 3.98% of their portfolio NEW ORLEANS, LA 194,181194.2k $9.2m $9.2m 3.98% New
76 Financial Partners Group, Inc 1.08% of their portfolio Overland Park, KS 181,952182.0k $8.7m $8.7m 1.08% Added +3.8k +3,808
77 Clarus Group, Inc. 3.01% of their portfolio HOUSTON, TX 181,675181.7k $8.7m $8.7m 3.01% Added +3.8k +3,797
78 Steward Partners Investment Advisory, LLC 0.05% of their portfolio STAMFORD, CT 166,495166.5k $7.9m $7.9m 0.05% Added +1.6k +1,643
79 Investors Research Corp 1.42% of their portfolio ATLANTA, GA 161,518161.5k $7.7m $7.7m 1.42% Added +15.9k +15,942
80 5th Street Advisors, LLC 3.68% of their portfolio Southport, CT 156,052156.1k $7.4m $7.4m 3.68% Added +1.5k +1,537
81 IHT Wealth Management, LLC 0.19% of their portfolio Chicago, IL 155,229155.2k $7.4m $7.4m 0.19% Added +4.9k +4,902
82 EXCHANGE TRADED CONCEPTS, LLC 0.07% of their portfolio Oklahoma City, OK 152,896152.9k $7.3m $7.3m 0.07% Reduced -24.8k -24,786
83 Quadrant Private Wealth Management, LLC 1.32% of their portfolio Center Valley, PA 151,692151.7k $7.2m $7.2m 1.32% Reduced -1.4k -1,446
84 JONES FINANCIAL COMPANIES LLLP 0.00% of their portfolio DES PERES, MO 149,973150.0k $7.1m $7.1m 0.00% Added +31.0k +31,014
85 Strive Asset Management, LLC 3.87% of their portfolio DALLAS, TX 149,773149.8k $7.1m $7.1m 3.87% Added +27.8k +27,777
86 Cascade Financial Partners, LLC 0.73% of their portfolio SAN DIEGO, CA 134,313134.3k $6.4m $6.4m 0.73% Added +8.0k +7,984
87 NewEdge Advisors, LLC 0.03% of their portfolio NEW ORLEANS, LA 133,261133.3k $6.3m $6.3m 0.03% Added +21.4k +21,408
88 Ameritas Investment Partners, Inc. 0.19% of their portfolio LINCOLN, NE 128,401128.4k $6.1m $6.1m 0.19% Added +7.9k +7,865
89 NTV Asset Management LLC 0.66% of their portfolio Charleston, WV 127,217127.2k $6.1m $6.1m 0.66% Reduced -4.0k -3,978
90 CASTLE WEALTH MANAGEMENT LLC 2.00% of their portfolio BOYNTON BEACH, FL 124,323124.3k $5.9m $5.9m 2.00% Reduced -797 -797
91 Ausdal Financial Partners, Inc. 0.28% of their portfolio Davenport, IA 119,978120.0k $5.7m $5.7m 0.28% Added +8.7k +8,722
92 FORTEM FINANCIAL GROUP, LLC 1.64% of their portfolio PALM DESERT, CA 119,713119.7k $5.7m $5.7m 1.64% Added +2.8k +2,783
93 Y.D. More Investments Ltd 0.32% of their portfolio Ramat Gan, L3 118,989119.0k $5.7m $5.7m 0.32% Added +27.8k +27,843
94 RETIREMENT PLANNING GROUP, LLC / NY 4.13% of their portfolio MALTA, NY 115,849115.8k $5.5m $5.5m 4.13% Added +773 +773
95 WASHINGTON GROWTH STRATEGIES LLC 3.83% of their portfolio WASHINGTON, DC 112,708112.7k $5.4m $5.4m 3.83% Reduced -743 -743
96 Capital Advantage, Inc. 0.81% of their portfolio Walnut Creek, CA 112,440112.4k $5.4m $5.4m 0.81% Added +7.6k +7,569
97 MONTAG A & ASSOCIATES INC 0.24% of their portfolio ATLANTA, GA 110,030110.0k $5.2m $5.2m 0.24% Reduced -2.2k -2,208
98 Snowden Capital Advisors LLC 0.14% of their portfolio New York, NY 107,221107.2k $5.1m $5.1m 0.14% Added +2.1k +2,072
99 NATIONAL BANK OF CANADA /FI/ 0.01% of their portfolio MONTREAL, A8 107,026107.0k $5.1m $5.1m 0.01% Reduced -1.6k -1,588
100 Aspire Capital Advisors LLC 1.24% of their portfolio SEATTLE, WA 105,747105.7k $5.0m $5.0m 1.24% Added +20.5k +20,488