Vault-13

GLOBAL X FDS PAVE

US INFR DEV ETF · ETP · CUSIP 37954Y673

738 institutional holders +57 vs Q4 2025
162,461,251162.5m shares reported held*
$8.2bnreported value*
97 new 314 added 213 reduced 39 sold out net bought ≈ $697.7m (+13.8m 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 ($1.3m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $50.77. Options: 5 managers hold calls ($8.2m notional), 2 hold puts ($1.0m).

Trends to Q1 2026

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: 681Q1 26: 738738Q3 22Q3 23Q3 24Q3 25Q1 26
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
Q1 2026738

Buyers vs sellers

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

Bought or addedCut or sold out
5000500Q2 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 25Q4 25: 321 bought or addedQ4 25: 210 cut or sold outQ1 26: 411 bought or addedQ1 26: 252 cut or sold outQ1 26
Numbers
QuarterBought or addedCut or sold out
Q2 2024259205
Q3 2024282215
Q4 2024270213
Q1 2025297249
Q2 2025253274
Q3 2025302230
Q4 2025321210
Q1 2026411252

Calls vs puts

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

CallsPuts
$0$2.5m$5m$7.5m$10mQ2 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 0.00Q1 26 calls: $8.2mQ1 26 puts: $1.0mQ1 26P/C 0.13
Numbers
QuarterCallsPutsP/C
Q2 2025$2.4m$00.00
Q3 2025$2.5m$00.00
Q4 2025$1.6m$00.00
Q1 2026$8.2m$1.0m0.13

Biggest buyers

Harel Insurance Investments & Financial Services Ltd. Added +2,699,000+2.7m
Kestra Investment Management, LLC Added +2,021,518+2.0m
JPMORGAN CHASE & CO Added +1,674,280+1.7m
ENVESTNET ASSET MANAGEMENT INC Added +1,172,678+1.2m
LPL Financial LLC Added +1,047,393+1.0m
BANK OF AMERICA CORP /DE/ Added +903,562+903.6k
VAN ECK ASSOCIATES CORP Added +851,423+851.4k
PRINCIPAL FINANCIAL GROUP INC Added +494,075+494.1k
MORGAN STANLEY Added +442,265+442.3k
UBS Group AG Added +361,330+361.3k

Biggest sellers

First Interstate Bank Reduced -449,547-449.5k
BANK OF MONTREAL /CAN/ Reduced -433,535-433.5k
MERCER GLOBAL ADVISORS INC /ADV Reduced -305,616-305.6k
Stonebridge Financial Group, LLC Reduced -288,058-288.1k
Stratos Wealth Partners, LTD. Reduced -282,426-282.4k
Marshall Financial Group, LLC Reduced -236,466-236.5k
OSAIC HOLDINGS, INC. Reduced -227,371-227.4k
Tidal Investments LLC Sold out -149,684-149.7k
CX Institutional Reduced -89,329-89.3k
NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Reduced -88,836-88.8k

Biggest calls

Cavalier Investments, LLC New $5.1m100.0k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $2.1m40.6k shares
CITADEL ADVISORS LLC Added $685.9k13.5k shares
JANE STREET GROUP, LLC Added $391.2k7.7k shares
Entelevest, LLC New $5.1k100 shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP New $828.2k16.3k shares
CITADEL ADVISORS LLC New $218.5k4.3k 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 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 BANK OF AMERICA CORP /DE/ 0.09% of their portfolio CHARLOTTE, NC 25,499,43925.5m $1.3bn $1.3bn 0.09% Added +903.6k +903,562
2 BANK OF MONTREAL /CAN/ 0.51% of their portfolio TORONTO, A6 24,209,76924.2m $1.2bn $1.2bn 0.51% Reduced -433.5k -433,535
3 MORGAN STANLEY 0.03% of their portfolio NEW YORK, NY 10,660,74010.7m $541.7m $541.7m 0.03% Added +442.3k +442,265
4 Harel Insurance Investments & Financial Services Ltd. 3.08% of their portfolio Ramat Gan, L3 8,938,1398.9m $454.1m $454.1m 3.08% Added +2.7m +2,699,000
5 LPL Financial LLC 0.12% of their portfolio FORT MILL, SC 8,675,3818.7m $440.8m $440.8m 0.12% Added +1.0m +1,047,393
6 JPMORGAN CHASE & CO 0.02% of their portfolio NEW YORK, NY 6,410,6786.4m $315.3m $315.3m 0.02% Added +1.7m +1,674,280
7 ENVESTNET ASSET MANAGEMENT INC 0.06% of their portfolio Berwyn, PA 4,087,5734.1m $207.7m $207.7m 0.06% Added +1.2m +1,172,678
8 CIBC Bancorp USA Inc. 0.27% of their portfolio CHICAGO, IL 3,935,8933.9m $199.8m $199.8m 0.27% First filing
9 WELLS FARGO & COMPANY/MN 0.03% of their portfolio SAN FRANCISCO, CA 3,288,4793.3m $167.1m $167.1m 0.03% Added +251.6k +251,602
10 Kestra Investment Management, LLC 2.36% of their portfolio AUSTIN, TX 2,695,3262.7m $136.9m $136.9m 2.36% Added +2.0m +2,021,518
11 UBS Group AG 0.02% of their portfolio ZURICH, V8 2,462,2362.5m $125.1m $125.1m 0.02% Added +361.3k +361,330
12 OSAIC HOLDINGS, INC. 0.15% of their portfolio SCOTTSDALE, AZ 2,000,5662.0m $101.7m $101.7m 0.15% Reduced -227.4k -227,371
13 WADDELL & ASSOCIATES, LLC 5.64% of their portfolio MEMPHIS, TN 1,968,4662.0m $100.0m $100.0m 5.64% Added +50.9k +50,926
14 Clal Insurance Enterprises Holdings Ltd 0.58% of their portfolio Tel-aviv, L3 1,871,7501.9m $95.1m $95.1m 0.58% Unchanged
15 Moss Adams Wealth Advisors LLC 6.75% of their portfolio SEATTLE, WA 1,816,9581.8m $92.3m $92.3m 6.75% Added +52.7k +52,695
16 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.05% of their portfolio MILWAUKEE, WI 1,737,9601.7m $88.3m $88.3m 0.05% Reduced -88.8k -88,836
17 RiverFront Investment Group, LLC 1.28% of their portfolio RICHMOND, VA 1,625,9561.6m $82.6m $82.6m 1.28% Added +131.9k +131,899
18 ROYAL BANK OF CANADA 0.02% of their portfolio TORONTO, A6 1,610,6561.6m $81.8m $81.8m 0.02% Added +120.1k +120,091
19 PRINCIPAL FINANCIAL GROUP INC 0.04% of their portfolio DES MOINES, IA 1,567,4751.6m $79.6m $79.6m 0.04% Added +494.1k +494,075
20 RAYMOND JAMES FINANCIAL INC 0.02% of their portfolio ST. PETERSBURG, FL 1,536,4451.5m $78.1m $78.1m 0.02% Added +68.5k +68,464
21 VAN ECK ASSOCIATES CORP 0.06% of their portfolio NEW YORK, NY 1,493,8321.5m $75.9m $75.9m 0.06% Added +851.4k +851,423
22 Cetera Investment Advisers 0.07% of their portfolio SCHAUMBURG, IL 1,297,5451.3m $65.9m $65.9m 0.07% Added +312.1k +312,076
23 MEITAV INVESTMENT HOUSE LTD 0.68% of their portfolio BENE-BERAQ, L3 1,221,0251.2m $62.0m $62.0m 0.68% Added +15.7k +15,730
24 AMERIPRISE FINANCIAL INC 0.01% of their portfolio MINNEAPOLIS, MN 1,202,7791.2m $61.1m $61.1m 0.01% Added +231.4k +231,357
25 AXXCESS WEALTH MANAGEMENT, LLC 1.66% of their portfolio CARLSBAD, CA 1,018,3091.0m $51.7m $51.7m 1.66% Reduced -8.9k -8,916
26 COMMONWEALTH EQUITY SERVICES, LLC 0.07% of their portfolio WALTHAM, MA 1,015,4831.0m $51.6m $51.6m 0.07% Reduced -64.3k -64,335
27 Capital Asset Advisory Services LLC 2.09% of their portfolio Williamston, MI 983,958984.0k $54.6m $54.6m 2.09% Reduced -6.5k -6,521
28 Mariner, LLC 0.05% of their portfolio Overland Park, KS 911,557911.6k $46.3m $46.3m 0.05% Added +33.1k +33,104
29 EVERGREEN CAPITAL MANAGEMENT LLC 0.97% of their portfolio Bellevue, WA 876,826876.8k $44.6m $44.6m 0.97% Added +359.6k +359,617
30 Kestra Advisory Services, LLC 0.17% of their portfolio AUSTIN, TX 875,996876.0k $44.5m $44.5m 0.17% Added +126.8k +126,762
31 HighTower Advisors, LLC 0.05% of their portfolio CHICAGO, IL 837,150837.1k $42.5m $42.5m 0.05% Added +52.6k +52,648
32 First Interstate Bank 2.18% of their portfolio Billings, MT 763,387763.4k $38.8m $38.8m 2.18% Reduced -449.5k -449,547
33 EP Wealth Advisors, LLC 0.19% of their portfolio TORRANCE, CA 743,935743.9k $37.8m $37.8m 0.19% Reduced -4.5k -4,529
34 MML INVESTORS SERVICES, LLC 0.09% of their portfolio SPRINGFIELD, MA 665,439665.4k $33.8m $33.8m 0.09% Added +10.4k +10,377
35 Kranot Hishtalmut Le Morim Ve Gananot Havera Menahelet LTD 2.16% of their portfolio Tel Aviv, L3 647,770647.8k $32.9m $32.9m 2.16% Unchanged
36 Destination Wealth Management 0.83% of their portfolio Walnut Creek, CA 630,654630.7k $32.0m $32.0m 0.83% Reduced -6.0k -6,027
37 Evolution Wealth Advisors, LLC 3.14% of their portfolio AVENTURA, FL 606,022606.0k $30.8m $30.8m 3.14% Added +2.3k +2,342
38 Focus Partners Wealth 0.03% of their portfolio ST LOUIS, MO 590,378590.4k $30.0m $30.0m 0.03% Added +24.2k +24,221
39 GREAT VALLEY ADVISOR GROUP, INC. 0.52% of their portfolio WILMINGTON, DE 567,871567.9k $28.9m $28.9m 0.52% Added +32.0k +32,036
40 Cooper Financial Group 2.83% of their portfolio IRVINE, CA 551,407551.4k $28.0m $28.0m 2.83% Added +18.1k +18,114
41 Rockefeller Capital Management L.P. 0.05% of their portfolio NEW YORK, NY 544,594544.6k $27.7m $27.7m 0.05% Added +75.7k +75,683
42 Mirae Asset Global Investments Co., Ltd. 0.07% of their portfolio SEOUL, M5 490,952491.0k $24.9m $24.9m 0.07% Reduced -81.3k -81,348
43 Cambridge Investment Research Advisors, Inc. 0.06% of their portfolio FAIRFIELD, IA 479,784479.8k $24.4m $24.4m 0.06% Added +106.4k +106,394
44 CWM, LLC 0.06% of their portfolio OMAHA, NE 460,523460.5k $23.4m $23.4m 0.06% Added +67.0k +66,962
45 Thrivent Financial for Lutherans 0.04% of their portfolio Minneapolis, MN 440,804440.8k $22.4m $22.4m 0.04% Reduced -50.8k -50,833
46 Eagle Strategies LLC 2.39% of their portfolio NEW YORK, NY 393,120393.1k $20.0m $20.0m 2.39% Added +9.4k +9,376
47 Janney Montgomery Scott LLC 0.05% of their portfolio PHILADELPHIA, PA 380,581380.6k $19.3m $19.3m 0.05% Added +48.3k +48,252
48 Private Advisor Group, LLC 0.09% of their portfolio MORRISTOWN, NJ 379,930379.9k $19.3m $19.3m 0.09% Added +8.4k +8,434
49 360 Financial, Inc. 5.76% of their portfolio WAYZATA, MN 375,953376.0k $19.1m $19.1m 5.76% Added +5.3k +5,290
50 STIFEL FINANCIAL CORP 0.02% of their portfolio ST. LOUIS, MO 362,195362.2k $18.4m $18.4m 0.02% Added +17.5k +17,477
51 Teamwork Financial Advisors, LLC 2.03% of their portfolio San Antonio, TX 359,306359.3k $18.3m $18.3m 2.03% New
52 Ameritas Advisory Services, LLC 0.69% of their portfolio Lincoln, NE 350,534350.5k $17.8m $17.8m 0.69% Reduced -14.0k -14,004
53 MFA WEALTH ADVISORS, LLC 3.36% of their portfolio PITTSBURGH, PA 335,872335.9k $17.1m $17.1m 3.36% Added +15.2k +15,236
54 Steward Partners Investment Advisory, LLC 0.09% of their portfolio STAMFORD, CT 333,425333.4k $16.9m $16.9m 0.09% Added +161.3k +161,321
55 Riggs Asset Managment Co. Inc. 3.41% of their portfolio DALLAS, PA 325,811325.8k $16.6m $16.6m 3.41% Reduced -2.0k -2,048
56 MERCER GLOBAL ADVISORS INC /ADV 0.02% of their portfolio DENVER, CO 319,338319.3k $16.2m $16.2m 0.02% Reduced -305.6k -305,616
57 Equitable Holdings, Inc. 0.09% of their portfolio NEW YORK, NY 304,508304.5k $14.6m $14.6m 0.09% Added +55.0k +54,957
58 HBW ADVISORY SERVICES LLC 1.53% of their portfolio SIMI VALLEY, CA 284,878284.9k $14.5m $14.5m 1.53% Reduced -68.1k -68,097
59 Destiny Wealth Partners, LLC 1.57% of their portfolio TAVARES, FL 282,611282.6k $14.4m $14.4m 1.57% Added +808 +808
60 JONES FINANCIAL COMPANIES LLLP 0.01% of their portfolio DES PERES, MO 274,142274.1k $13.6m $13.6m 0.01% Added +66.7k +66,660
61 Gerber Kawasaki Wealth & Investment Management 0.44% of their portfolio SANTA MONICA, CA 274,026274.0k $13.9m $13.9m 0.44% Added +4.2k +4,215
62 BLAIR WILLIAM & CO/IL 0.04% of their portfolio CHICAGO, IL 273,213273.2k $13.9m $13.9m 0.04% Added +45.0k +45,016
63 CIBC WORLD MARKET INC. 0.02% of their portfolio TORONTO, A6 265,338265.3k $13.5m $13.5m 0.02% Reduced -6.0k -6,033
64 Robertson Stephens Wealth Management, LLC 0.37% of their portfolio San Francisco, CA 261,279261.3k $13.3m $13.3m 0.37% Added +3.3k +3,253
65 ALTFEST L J & CO INC 1.39% of their portfolio NEW YORK, NY 255,977256.0k $13.0m $13.0m 1.39% Added +8.5k +8,480
66 Kranot Hishtalmut Le Morim Tichoniim Havera Menahelet LTD 2.30% of their portfolio Tel Aviv, L3 229,190229.2k $11.6m $11.6m 2.30% Unchanged
67 ROTHSCHILD INVESTMENT LLC 0.57% of their portfolio CHICAGO, IL 213,107213.1k $10.8m $10.8m 0.57% Added +6.7k +6,711
68 ADAPT WEALTH ADVISORS, LLC 3.91% of their portfolio ATLANTA, GA 212,367212.4k $10.8m $10.8m 3.91% Reduced -1.7k -1,669
69 Sage Capital Management, LLC 5.04% of their portfolio Stockton, NJ 211,277211.3k $10.7m $10.7m 5.04% Reduced -1.6k -1,589
70 JMAC ENTERPRISES LLC 2.05% of their portfolio NEWTOWN, PA 210,477210.5k $10.7m $10.7m 2.05% Added +1.5k +1,519
71 Symphony Financial Services, Inc. 5.44% of their portfolio AKRON, OH 208,658208.7k $10.6m $10.6m 5.44% Added +2.9k +2,877
72 New England Private Wealth Advisors LLC 1.21% of their portfolio WELLESLEY, MA 206,896206.9k $10.5m $10.5m 1.21% Added +1.7k +1,732
73 Wealthcare Advisory Partners LLC 0.20% of their portfolio WEST CHESTER, PA 204,254204.3k $10.4m $10.4m 0.20% Reduced -875 -875
74 Chicago Wealth Management, Inc. 3.96% of their portfolio CHICAGO, IL 195,365195.4k $9.9m $9.9m 3.96% New
75 Investors Research Corp 1.88% of their portfolio ATLANTA, GA 193,855193.9k $9.8m $9.8m 1.88% Added +18.4k +18,390
76 Stratos Wealth Partners, LTD. 0.11% of their portfolio BEACHWOOD, OH 191,549191.5k $9.7m $9.7m 0.11% Reduced -282.4k -282,426
77 National Philanthropic Trust 0.10% of their portfolio Jenkintown, PA 187,277187.3k $9.5m $9.5m 0.10% Reduced -1.6k -1,618
78 MAI Capital Management 0.05% of their portfolio INDEPENDENCE, OH 185,826185.8k $9.4m $9.4m 0.05% Reduced -4.6k -4,647
79 Financial Partners Group, Inc 1.12% of their portfolio Overland Park, KS 184,555184.6k $9.4m $9.4m 1.12% Reduced -1.5k -1,499
80 IHT Wealth Management, LLC 0.22% of their portfolio Chicago, IL 184,315184.3k $9.4m $9.4m 0.22% Added +2.1k +2,094
81 WCG Wealth Advisors LLC 0.26% of their portfolio LAS VEGAS, NV 181,548181.5k $9.2m $9.2m 0.26% Added +36.5k +36,543
82 CITIGROUP INC 0.01% of their portfolio NEW YORK, NY 179,531179.5k $9.1m $9.1m 0.01% Added +85.7k +85,733
83 Clarus Group, Inc. 3.14% of their portfolio HOUSTON, TX 172,227172.2k $8.8m $8.8m 3.14% Reduced -4.0k -4,009
84 OGOREK ANTHONY JOSEPH /NY/ /ADV 2.34% of their portfolio WILLIAMSVILLE, NY 168,318168.3k $8.6m $8.6m 2.34% Reduced -7.6k -7,607
85 Aptus Capital Advisors, LLC 0.07% of their portfolio FAIRHOPE, AL 165,898165.9k $8.4m $8.4m 0.07% Added +129.3k +129,335
86 THRYVE WEALTH MANAGEMENT LLC 5.53% of their portfolio IRVING, TX 162,940162.9k $8.3m $8.3m 5.53% Added +5.6k +5,594
87 CX Institutional 0.25% of their portfolio AUBURN, IN 162,205162.2k $8.2m $8.2m 0.25% Reduced -89.3k -89,329
88 5th Street Advisors, LLC 3.49% of their portfolio Southport, CT 158,430158.4k $8.0m $8.0m 3.49% Added +6.7k +6,703
89 Cascade Financial Partners, LLC 0.82% of their portfolio SAN DIEGO, CA 156,752156.8k $8.0m $8.0m 0.82% Added +4.3k +4,306
90 Quadrant Private Wealth Management, LLC 1.21% of their portfolio Center Valley, PA 153,554153.6k $7.8m $7.8m 1.21% Added +3.0k +2,962
91 Ameritas Investment Partners, Inc. 0.22% of their portfolio LINCOLN, NE 137,777137.8k $7.0m $7.0m 0.22% Added +7.1k +7,112
92 Y.D. More Investments Ltd 0.27% of their portfolio Ramat Gan, L3 137,667137.7k $6.9m $6.9m 0.27% Reduced -606 -606
93 Sanctuary Advisors, LLC 0.04% of their portfolio INDIANAPOLIS, IN 136,414136.4k $6.9m $6.9m 0.04% Reduced -84.3k -84,257
94 &PARTNERS 0.03% of their portfolio NASHVILLE, TN 133,962134.0k $6.9m $6.9m 0.03% Added +3.7k +3,708
95 Copley Financial Group, Inc. 4.06% of their portfolio SAN DIEGO, CA 132,333132.3k $6.7m $6.7m 4.06% Added +6.6k +6,583
96 Phoenix Financial Ltd. 0.05% of their portfolio Givatayim, L3 131,000131.0k $5.1m $5.1m 0.05% Unchanged
97 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.01% of their portfolio PLYMOUTH, MN 129,724129.7k $4.0m $4.0m 0.01% Added +40.4k +40,440
98 NTV Asset Management LLC 0.72% of their portfolio Charleston, WV 129,135129.1k $6.6m $6.6m 0.72% Added +3.7k +3,669
99 INDEPENDENT FINANCIAL GROUP, LLC 0.15% of their portfolio SAN DIEGO, CA 128,447128.4k $6.5m $6.5m 0.15% Added +10.3k +10,307
100 Ausdal Financial Partners, Inc. 0.29% of their portfolio Davenport, IA 128,131128.1k $6.5m $6.5m 0.29% Added +3.6k +3,642