Vault-13

GLOBAL X FDS PAVE

US INFR DEV ETF · ETP · CUSIP 37954Y673

681 institutional holders +61 vs Q3 2025
148,538,615148.5m shares reported held*
$7.1bnreported value*
63 new 258 added 169 reduced 41 sold out net bought ≈ $277.7m (+5.8m 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 ($174.6k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $47.85. Options: 3 managers hold calls ($1.6m notional), 0 hold puts (—).

Trends to Q4 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: 620Q4 25: 681681Q3 22Q2 23Q1 24Q4 24Q4 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
Q4 2025681

Buyers vs sellers

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

Bought or addedCut or sold out
4000400Q1 24: 288 bought or addedQ1 24: 190 cut or sold outQ2 24: 259 bought or addedQ2 24: 205 cut or sold outQ2 24Q3 24: 282 bought or addedQ3 24: 215 cut or sold outQ4 24: 270 bought or addedQ4 24: 213 cut or sold outQ4 24Q1 25: 297 bought or addedQ1 25: 249 cut or sold outQ2 25: 253 bought or addedQ2 25: 274 cut or sold outQ2 25Q3 25: 302 bought or addedQ3 25: 230 cut or sold outQ4 25: 321 bought or addedQ4 25: 210 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 2024288190
Q2 2024259205
Q3 2024282215
Q4 2024270213
Q1 2025297249
Q2 2025253274
Q3 2025302230
Q4 2025321210

Calls vs puts

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

CallsPuts
$0$1m$2m$3mQ1 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 0.00Q4 25 calls: $1.6mQ4 25 puts: $0Q4 25P/C 0.00
Numbers
QuarterCallsPutsP/C
Q1 2025$1.6m$101.9k0.07
Q2 2025$2.4m$00.00
Q3 2025$2.5m$00.00
Q4 2025$1.6m$00.00

Biggest buyers

Harel Insurance Investments & Financial Services Ltd. Added +1,694,808+1.7m
BANK OF MONTREAL /CAN/ Added +868,412+868.4k
ENVESTNET ASSET MANAGEMENT INC Added +797,196+797.2k
Kestra Investment Management, LLC New +673,808+673.8k
Moss Adams Wealth Advisors LLC Added +638,160+638.2k
MERCER GLOBAL ADVISORS INC /ADV Added +595,629+595.6k
LPL Financial LLC Added +340,014+340.0k
Ameritas Advisory Services, LLC Added +338,541+338.5k
BANK OF AMERICA CORP /DE/ Added +336,454+336.5k
Stonebridge Financial Group, LLC Added +295,858+295.9k

Biggest sellers

JPMORGAN CHASE & CO Reduced -2,523,846-2.5m
Clal Insurance Enterprises Holdings Ltd Reduced -622,000-622.0k
GOLDMAN SACHS GROUP INC Reduced -225,381-225.4k
Sanctuary Advisors, LLC Reduced -223,025-223.0k
Deane Retirement Strategies, Inc. Sold out -194,181-194.2k
EXCHANGE TRADED CONCEPTS, LLC Sold out -152,896-152.9k
Strive Asset Management, LLC Sold out -149,773-149.8k
UBS Group AG Reduced -141,387-141.4k
Phoenix Financial Ltd. Reduced -131,000-131.0k
NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Reduced -101,207-101.2k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $884.1k18.5k shares
CITADEL ADVISORS LLC Reduced $516.1k10.8k shares
JANE STREET GROUP, LLC Reduced $229.4k4.8k 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 BANK OF MONTREAL /CAN/ 0.48% of their portfolio TORONTO, A6 24,643,30424.6m $1.2bn $1.2bn 0.48% Added +868.4k +868,412
2 BANK OF AMERICA CORP /DE/ 0.09% of their portfolio CHARLOTTE, NC 24,595,87724.6m $1.2bn $1.2bn 0.09% Added +336.5k +336,454
3 MORGAN STANLEY 0.03% of their portfolio NEW YORK, NY 10,218,47510.2m $488.3m $488.3m 0.03% Added +288.7k +288,691
4 LPL Financial LLC 0.10% of their portfolio FORT MILL, SC 7,627,9887.6m $364.5m $364.5m 0.10% Added +340.0k +340,014
5 Harel Insurance Investments & Financial Services Ltd. 2.59% of their portfolio Ramat Gan, L3 6,239,1396.2m $299.1m $299.1m 2.59% Added +1.7m +1,694,808
6 JPMORGAN CHASE & CO 0.02% of their portfolio NEW YORK, NY 4,736,3984.7m $226.4m $226.4m 0.02% Reduced -2.5m -2,523,846
7 CIBC Private Wealth Group LLC 0.30% of their portfolio ATLANTA, GA 3,652,1253.7m $174.5m $174.5m 0.30% Added +229.5k +229,481
8 WELLS FARGO & COMPANY/MN 0.03% of their portfolio SAN FRANCISCO, CA 3,036,8773.0m $145.1m $145.1m 0.03% Added +1.0k +1,029
9 ENVESTNET ASSET MANAGEMENT INC 0.04% of their portfolio Berwyn, PA 2,914,8952.9m $139.3m $139.3m 0.04% Added +797.2k +797,196
10 OSAIC HOLDINGS, INC. 0.16% of their portfolio SCOTTSDALE, AZ 2,227,9372.2m $106.5m $106.5m 0.16% Reduced -24.7k -24,702
11 UBS Group AG 0.02% of their portfolio ZURICH, V8 2,100,9062.1m $100.4m $100.4m 0.02% Reduced -141.4k -141,387
12 WADDELL & ASSOCIATES, LLC 6.18% of their portfolio MEMPHIS, TN 1,917,5401.9m $91.6m $91.6m 6.18% Added +25.4k +25,372
13 Clal Insurance Enterprises Holdings Ltd 0.58% of their portfolio Tel-aviv, L3 1,871,7501.9m $89.6m $89.6m 0.58% Reduced -622.0k -622,000
14 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.06% of their portfolio MILWAUKEE, WI 1,826,7961.8m $87.3m $87.3m 0.06% Reduced -101.2k -101,207
15 Moss Adams Wealth Advisors LLC 6.15% of their portfolio SEATTLE, WA 1,764,2631.8m $84.8m $84.8m 6.15% Added +638.2k +638,160
16 RiverFront Investment Group, LLC 1.18% of their portfolio RICHMOND, VA 1,494,0571.5m $71.4m $71.4m 1.18% Added +49.9k +49,905
17 ROYAL BANK OF CANADA 0.01% of their portfolio TORONTO, A6 1,490,5651.5m $71.2m $71.2m 0.01% Reduced -15.6k -15,570
18 RAYMOND JAMES FINANCIAL INC 0.02% of their portfolio ST. PETERSBURG, FL 1,467,9811.5m $70.2m $70.2m 0.02% Added +53.0k +53,038
19 First Interstate Bank 3.11% of their portfolio Billings, MT 1,212,9341.2m $58.0m $58.0m 3.11% Added +15.2k +15,183
20 MEITAV INVESTMENT HOUSE LTD 0.66% of their portfolio BENE-BERAQ, L3 1,205,2951.2m $57.6m $57.6m 0.66% Added +194.1k +194,091
21 COMMONWEALTH EQUITY SERVICES, LLC 0.07% of their portfolio WALTHAM, MA 1,079,8181.1m $51.6m $51.6m 0.07% Reduced -65.9k -65,889
22 PRINCIPAL FINANCIAL GROUP INC 0.03% of their portfolio DES MOINES, IA 1,073,4001.1m $51.3m $51.3m 0.03% Unchanged
23 AXXCESS WEALTH MANAGEMENT, LLC 0.88% of their portfolio CARLSBAD, CA 1,027,2251.0m $49.1m $49.1m 0.88% Added +37.6k +37,573
24 Capital Asset Advisory Services LLC 1.99% of their portfolio Williamston, MI 990,479990.5k $49.5m $49.5m 1.99% Added +41.5k +41,513
25 Cetera Investment Advisers 0.05% of their portfolio SCHAUMBURG, IL 985,469985.5k $47.1m $47.1m 0.05% Added +87.5k +87,488
26 AMERIPRISE FINANCIAL INC 0.01% of their portfolio MINNEAPOLIS, MN 971,422971.4k $46.5m $46.5m 0.01% Added +71.9k +71,939
27 Mariner, LLC 0.05% of their portfolio Overland Park, KS 878,453878.5k $42.0m $42.0m 0.05% Reduced -4.7k -4,665
28 HighTower Advisors, LLC 0.04% of their portfolio CHICAGO, IL 784,502784.5k $37.5m $37.5m 0.04% Added +35.2k +35,224
29 Kestra Advisory Services, LLC 0.15% of their portfolio AUSTIN, TX 749,234749.2k $35.8m $35.8m 0.15% Added +96.8k +96,797
30 EP Wealth Advisors, LLC 0.19% of their portfolio TORRANCE, CA 748,464748.5k $35.8m $35.8m 0.19% First filing
31 Kestra Investment Management, LLC 0.79% of their portfolio AUSTIN, TX 673,808673.8k $32.2m $32.2m 0.79% New
32 MML INVESTORS SERVICES, LLC 0.08% of their portfolio SPRINGFIELD, MA 655,062655.1k $31.3m $31.3m 0.08% Added +104.6k +104,554
33 Kranot Hishtalmut Le Morim Ve Gananot Havera Menahelet LTD 2.03% of their portfolio Tel Aviv, L3 647,770647.8k $31.2m $31.2m 2.03% Unchanged
34 VAN ECK ASSOCIATES CORP 0.03% of their portfolio NEW YORK, NY 642,409642.4k $30.7m $30.7m 0.03% Added +184.2k +184,185
35 Destination Wealth Management 0.80% of their portfolio Walnut Creek, CA 636,681636.7k $30.4m $30.4m 0.80% Reduced -2.0k -2,050
36 MERCER GLOBAL ADVISORS INC /ADV 0.05% of their portfolio DENVER, CO 624,954625.0k $29.9m $29.9m 0.05% Added +595.6k +595,629
37 Evolution Wealth Advisors, LLC 2.91% of their portfolio AVENTURA, FL 603,680603.7k $28.8m $28.8m 2.91% Reduced -177 -177
38 Mirae Asset Global Investments Co., Ltd. 0.08% of their portfolio SEOUL, M5 572,300572.3k $27.4m $27.4m 0.08% Added +32.3k +32,300
39 Focus Partners Wealth 0.03% of their portfolio ST LOUIS, MO 566,157566.2k $27.0m $27.0m 0.03% Added +6.8k +6,799
40 GREAT VALLEY ADVISOR GROUP, INC. 0.49% of their portfolio WILMINGTON, DE 535,835535.8k $25.6m $25.6m 0.49% Added +11.5k +11,452
41 Cooper Financial Group 2.71% of their portfolio IRVINE, CA 533,293533.3k $25.5m $25.5m 2.71% Reduced -8.4k -8,427
42 EVERGREEN CAPITAL MANAGEMENT LLC 0.56% of their portfolio Bellevue, WA 517,209517.2k $24.9m $24.9m 0.56% Added +1.3k +1,272
43 Thrivent Financial for Lutherans 0.04% of their portfolio Minneapolis, MN 491,637491.6k $23.5m $23.5m 0.04% Added +110.7k +110,668
44 Stratos Wealth Partners, LTD. 0.26% of their portfolio BEACHWOOD, OH 473,975474.0k $22.7m $22.7m 0.26% Reduced -69.4k -69,436
45 Rockefeller Capital Management L.P. 0.04% of their portfolio NEW YORK, NY 468,911468.9k $22.4m $22.4m 0.04% Added +150.5k +150,490
46 CWM, LLC 0.05% of their portfolio OMAHA, NE 393,561393.6k $18.8m $18.8m 0.05% Added +13.0k +12,980
47 Eagle Strategies LLC 2.34% of their portfolio NEW YORK, NY 383,744383.7k $18.3m $18.3m 2.34% Added +288 +288
48 Cambridge Investment Research Advisors, Inc. 0.05% of their portfolio FAIRFIELD, IA 373,390373.4k $17.8m $17.8m 0.05% Added +29.2k +29,153
49 Private Advisor Group, LLC 0.08% of their portfolio MORRISTOWN, NJ 371,496371.5k $17.8m $17.8m 0.08% Added +93.0k +93,019
50 360 Financial, Inc. 5.35% of their portfolio WAYZATA, MN 370,663370.7k $17.7m $17.7m 5.35% Added +3.7k +3,733
51 Ameritas Advisory Services, LLC 0.65% of their portfolio Lincoln, NE 364,538364.5k $17.4m $17.4m 0.65% Added +338.5k +338,541
52 HBW ADVISORY SERVICES LLC 1.83% of their portfolio SIMI VALLEY, CA 352,975353.0k $16.9m $16.9m 1.83% Reduced -8.2k -8,199
53 STIFEL FINANCIAL CORP 0.01% of their portfolio ST. LOUIS, MO 344,718344.7k $16.5m $16.5m 0.01% Added +12.8k +12,767
54 Janney Montgomery Scott LLC 0.04% of their portfolio PHILADELPHIA, PA 332,329332.3k $15.9m $15.9m 0.04% Reduced -4.0k -4,029
55 Riggs Asset Managment Co. Inc. 3.16% of their portfolio DALLAS, PA 327,859327.9k $15.7m $15.7m 3.16% Reduced -2.7k -2,722
56 MFA WEALTH ADVISORS, LLC 3.24% of their portfolio PITTSBURGH, PA 320,636320.6k $15.3m $15.3m 3.24% Added +8.6k +8,607
57 Stonebridge Financial Group, LLC 1.24% of their portfolio Wormleysburg, PA 304,126304.1k $14.5m $14.5m 1.24% Added +295.9k +295,858
58 Destiny Wealth Partners, LLC 1.65% of their portfolio TAVARES, FL 281,803281.8k $14.4m $14.4m 1.65% Added +276.7k +276,721
59 CIBC WORLD MARKET INC. 0.02% of their portfolio TORONTO, A6 271,371271.4k $13.0m $13.0m 0.02% Reduced -4.1k -4,135
60 Gerber Kawasaki Wealth & Investment Management 0.45% of their portfolio SANTA MONICA, CA 269,811269.8k $12.9m $12.9m 0.45% Reduced -6.4k -6,439
61 Robertson Stephens Wealth Management, LLC 0.35% of their portfolio San Francisco, CA 258,026258.0k $12.4m $12.4m 0.35% Added +12.3k +12,292
62 CX Institutional 0.36% of their portfolio AUBURN, IN 251,534251.5k $12.0m $12.0m 0.36% Added +2.3k +2,275
63 Equitable Holdings, Inc. 0.08% of their portfolio NEW YORK, NY 249,551249.6k $11.9m $11.9m 0.08% Added +14.6k +14,627
64 Marshall Financial Group, LLC 2.30% of their portfolio Hunt Valley, MD 248,382248.4k $11.9m $11.9m 2.30% Added +4.5k +4,497
65 ALTFEST L J & CO INC 1.29% of their portfolio NEW YORK, NY 247,497247.5k $11.8m $11.8m 1.29% Added +1.5k +1,524
66 Kranot Hishtalmut Le Morim Tichoniim Havera Menahelet LTD 2.16% of their portfolio Tel Aviv, L3 229,190229.2k $11.0m $11.0m 2.16% Unchanged
67 BLAIR WILLIAM & CO/IL 0.03% of their portfolio CHICAGO, IL 228,197228.2k $10.9m $10.9m 0.03% Added +2.9k +2,932
68 Sanctuary Advisors, LLC 0.06% of their portfolio INDIANAPOLIS, IN 220,671220.7k $10.5m $10.5m 0.06% Reduced -223.0k -223,025
69 ADAPT WEALTH ADVISORS, LLC 3.52% of their portfolio ATLANTA, GA 214,036214.0k $10.2m $10.2m 3.52% Added +9.8k +9,829
70 Sage Capital Management, LLC 4.70% of their portfolio Stockton, NJ 212,866212.9k $10.2m $10.2m 4.70% Reduced -8.7k -8,658
71 JMAC ENTERPRISES LLC 1.91% of their portfolio NEWTOWN, PA 208,958209.0k $10.0m $10.0m 1.91% Added +1.2k +1,200
72 JONES FINANCIAL COMPANIES LLLP 0.01% of their portfolio DES PERES, MO 207,482207.5k $9.9m $9.9m 0.01% Added +57.5k +57,509
73 ROTHSCHILD INVESTMENT LLC 0.54% of their portfolio CHICAGO, IL 206,396206.4k $9.9m $9.9m 0.54% Added +204.5k +204,485
74 Symphony Financial Services, Inc. 5.04% of their portfolio AKRON, OH 205,781205.8k $9.8m $9.8m 5.04% Added +5.3k +5,290
75 New England Private Wealth Advisors LLC 1.22% of their portfolio WELLESLEY, MA 205,164205.2k $9.8m $9.8m 1.22% Reduced -1.0k -1,040
76 Wealthcare Advisory Partners LLC 0.19% of their portfolio WEST CHESTER, PA 205,129205.1k $9.8m $9.8m 0.19% Reduced -4.0k -4,011
77 MAI Capital Management 0.05% of their portfolio INDEPENDENCE, OH 190,473190.5k $9.1m $9.1m 0.05% Reduced -28.1k -28,125
78 National Philanthropic Trust 0.09% of their portfolio Jenkintown, PA 188,895188.9k $9.0m $9.0m 0.09% Reduced -5.5k -5,508
79 Financial Partners Group, Inc 1.09% of their portfolio Overland Park, KS 186,054186.1k $9.4m $9.4m 1.09% Added +4.1k +4,102
80 IHT Wealth Management, LLC 0.21% of their portfolio Chicago, IL 182,221182.2k $8.8m $8.8m 0.21% Added +27.0k +26,992
81 Clarus Group, Inc. 3.03% of their portfolio HOUSTON, TX 176,236176.2k $8.4m $8.4m 3.03% Reduced -5.4k -5,439
82 OGOREK ANTHONY JOSEPH /NY/ /ADV 2.31% of their portfolio WILLIAMSVILLE, NY 175,925175.9k $8.4m $8.4m 2.31% Reduced -54.5k -54,528
83 Investors Research Corp 1.54% of their portfolio ATLANTA, GA 175,465175.5k $8.4m $8.4m 1.54% Added +13.9k +13,947
84 Steward Partners Investment Advisory, LLC 0.05% of their portfolio STAMFORD, CT 172,104172.1k $8.2m $8.2m 0.05% Added +5.6k +5,609
85 THRYVE WEALTH MANAGEMENT LLC 3.72% of their portfolio IRVING, TX 157,346157.3k $7.5m $7.5m 3.72% First filing
86 Cascade Financial Partners, LLC 0.74% of their portfolio SAN DIEGO, CA 152,446152.4k $7.3m $7.3m 0.74% Added +18.1k +18,133
87 5th Street Advisors, LLC 3.39% of their portfolio Southport, CT 151,727151.7k $7.3m $7.3m 3.39% Reduced -4.3k -4,325
88 Quadrant Private Wealth Management, LLC 1.19% of their portfolio Center Valley, PA 150,592150.6k $7.2m $7.2m 1.19% Reduced -1.1k -1,100
89 Tidal Investments LLC 0.03% of their portfolio Milwaukee, WI 149,684149.7k $7.2m $7.2m 0.03% New
90 WCG Wealth Advisors LLC 0.19% of their portfolio LAS VEGAS, NV 145,005145.0k $6.9m $6.9m 0.19% New
91 Y.D. More Investments Ltd 0.32% of their portfolio Ramat Gan, L3 138,273138.3k $6.6m $6.6m 0.32% Added +19.3k +19,284
92 Phoenix Financial Ltd. 0.06% of their portfolio Givatayim, L3 131,000131.0k $5.1m $5.1m 0.06% Reduced -131.0k -131,000
93 Ameritas Investment Partners, Inc. 0.19% of their portfolio LINCOLN, NE 130,665130.7k $6.2m $6.2m 0.19% Added +2.3k +2,264
94 &PARTNERS 0.03% of their portfolio NASHVILLE, TN 130,254130.3k $6.2m $6.2m 0.03% Added +98.2k +98,250
95 Lake Hills Wealth Management, LLC 3.21% of their portfolio AUSTIN, TX 128,792128.8k $6.2m $6.2m 3.21% New
96 WASHINGTON GROWTH STRATEGIES LLC 3.94% of their portfolio WASHINGTON, DC 127,402127.4k $6.1m $6.1m 3.94% Added +14.7k +14,694
97 Copley Financial Group, Inc. 3.72% of their portfolio SAN DIEGO, CA 125,750125.8k $6.0m $6.0m 3.72% New
98 NTV Asset Management LLC 0.63% of their portfolio Charleston, WV 125,466125.5k $6.0m $6.0m 0.63% Reduced -1.8k -1,751
99 Ausdal Financial Partners, Inc. 0.28% of their portfolio Davenport, IA 124,489124.5k $5.9m $5.9m 0.28% Added +4.5k +4,511
100 CASTLE WEALTH MANAGEMENT LLC 1.91% of their portfolio BOYNTON BEACH, FL 120,300120.3k $5.8m $5.8m 1.91% Reduced -4.0k -4,023