Vault-13

GLOBAL X FDS PAVE

US INFR DEV ETF · ETP · CUSIP 37954Y673

821 institutional holders +83 vs Q1 2026
176,492,927176.5m shares reported held*
$10.4bnreported value*
119 new 333 added 187 reduced 38 sold out net bought ≈ $851.2m (+14.5m 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 ($6.8m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $58.88. Options: 4 managers hold calls ($6.0m notional), 2 hold puts ($2.6m).

Trends to Q2 2026

Institutional holders

Managers reporting a position, each quarter

05001kQ3 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: 738Q2 26: 821821Q3 22Q3 23Q3 24Q3 25Q2 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
Q2 2026821

Buyers vs sellers

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

Bought or addedCut or sold out
5000500Q3 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 25Q1 26: 411 bought or addedQ1 26: 252 cut or sold outQ2 26: 452 bought or addedQ2 26: 225 cut or sold outQ2 26
Numbers
QuarterBought or addedCut or sold out
Q3 2024282215
Q4 2024270213
Q1 2025297249
Q2 2025253274
Q3 2025302230
Q4 2025321210
Q1 2026411252
Q2 2026452225

Calls vs puts

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

CallsPuts
$0$2.5m$5m$7.5m$10mQ3 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 0.13Q2 26 calls: $6.0mQ2 26 puts: $2.6mQ2 26P/C 0.43
Numbers
QuarterCallsPutsP/C
Q3 2025$2.5m$00.00
Q4 2025$1.6m$00.00
Q1 2026$8.2m$1.0m0.13
Q2 2026$6.0m$2.6m0.43

Biggest buyers

Focus Partners Wealth Added +2,470,824+2.5m
MEITAV INVESTMENT HOUSE LTD Added +1,611,000+1.6m
RiverFront Investment Group, LLC Added +1,096,642+1.1m
ENVESTNET ASSET MANAGEMENT INC Added +1,001,544+1.0m
MORGAN STANLEY Added +984,538+984.5k
LPL Financial LLC Added +940,837+940.8k
Treasurer of the State of North Carolina New +904,346+904.3k
PRINCIPAL FINANCIAL GROUP INC Added +759,000+759.0k
Composition Wealth, LLC New +728,078+728.1k
Cambridge Investment Research Advisors, Inc. Added +601,499+601.5k

Biggest sellers

JPMORGAN CHASE & CO Reduced -1,915,629-1.9m
Kestra Investment Management, LLC Reduced -1,049,025-1.0m
VAN ECK ASSOCIATES CORP Reduced -711,194-711.2k
BANK OF AMERICA CORP /DE/ Reduced -326,058-326.1k
Eagle Strategies LLC Reduced -153,436-153.4k
MERCER GLOBAL ADVISORS INC /ADV Reduced -138,270-138.3k
Deane Retirement Strategies, Inc. Sold out -99,448-99.4k
UBS Group AG Reduced -96,770-96.8k
FLOW TRADERS U.S. LLC Sold out -65,343-65.3k
Stockman Wealth Management, Inc. Sold out -61,200-61.2k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $4.1m70.1k shares
CITADEL ADVISORS LLC Added $1.2m19.6k shares
JANE STREET GROUP, LLC Added $730.6k12.4k shares
Entelevest, LLC Unchanged $5.9k100 shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $1.8m31.3k shares
CITADEL ADVISORS LLC Added $748.3k12.7k 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, Q2 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 BANK OF AMERICA CORP /DE/ 0.10% of their portfolio CHARLOTTE, NC 25,173,38125.2m $1.5bn $1.5bn 0.10% Reduced -326.1k -326,058
2 BANK OF MONTREAL /CAN/ 0.52% of their portfolio TORONTO, A6 24,488,50824.5m $1.4bn $1.4bn 0.52% Added +278.7k +278,739
3 MORGAN STANLEY 0.04% of their portfolio NEW YORK, NY 11,645,27811.6m $686.1m $686.1m 0.04% Added +984.5k +984,538
4 LPL Financial LLC 0.13% of their portfolio FORT MILL, SC 9,616,2189.6m $566.6m $566.6m 0.13% Added +940.8k +940,837
5 Harel Insurance Investments & Financial Services Ltd. 2.56% of their portfolio Ramat Gan, L3 8,938,1398.9m $527.3m $527.3m 2.56% Unchanged
6 ENVESTNET ASSET MANAGEMENT INC 0.07% of their portfolio Berwyn, PA 5,089,1175.1m $299.9m $299.9m 0.07% Added +1.0m +1,001,544
7 JPMORGAN CHASE & CO 0.02% of their portfolio NEW YORK, NY 4,495,0494.5m $263.4m $263.4m 0.02% Reduced -1.9m -1,915,629
8 CIBC Bancorp USA Inc. 0.31% of their portfolio CHICAGO, IL 4,214,6104.2m $248.1m $248.1m 0.31% Added +278.7k +278,717
9 WELLS FARGO & COMPANY/MN 0.04% of their portfolio SAN FRANCISCO, CA 3,597,4363.6m $212.0m $212.0m 0.04% Added +309.0k +308,957
10 Focus Partners Wealth 0.18% of their portfolio ST LOUIS, MO 3,061,2023.1m $180.4m $180.4m 0.18% Added +2.5m +2,470,824
11 MEITAV INVESTMENT HOUSE LTD 1.12% of their portfolio BENE-BERAQ, L3 2,832,0252.8m $167.0m $167.0m 1.12% Added +1.6m +1,611,000
12 RiverFront Investment Group, LLC 2.12% of their portfolio RICHMOND, VA 2,722,5982.7m $160.4m $160.4m 2.12% Added +1.1m +1,096,642
13 UBS Group AG 0.02% of their portfolio ZURICH, V8 2,365,4662.4m $139.4m $139.4m 0.02% Reduced -96.8k -96,770
14 PRINCIPAL FINANCIAL GROUP INC 0.07% of their portfolio DES MOINES, IA 2,326,4752.3m $137.1m $137.1m 0.07% Added +759.0k +759,000
15 OSAIC HOLDINGS, INC. 0.15% of their portfolio SCOTTSDALE, AZ 2,228,4952.2m $131.3m $131.3m 0.15% Added +227.9k +227,929
16 ROYAL BANK OF CANADA 0.02% of their portfolio TORONTO, A6 1,969,0912.0m $116.0m $116.0m 0.02% Added +358.4k +358,435
17 WADDELL & ASSOCIATES, LLC 5.73% of their portfolio MEMPHIS, TN 1,964,1402.0m $115.7m $115.7m 5.73% Reduced -4.3k -4,326
18 Clal Insurance Enterprises Holdings Ltd 0.50% of their portfolio Tel-aviv, L3 1,871,7501.9m $110.3m $110.3m 0.50% Unchanged
19 RAYMOND JAMES FINANCIAL INC 0.03% of their portfolio ST. PETERSBURG, FL 1,861,7761.9m $109.7m $109.7m 0.03% Added +325.3k +325,331
20 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.06% of their portfolio MILWAUKEE, WI 1,856,0981.9m $109.4m $109.4m 0.06% Added +118.1k +118,138
21 Moss Adams Wealth Advisors LLC 6.81% of their portfolio SEATTLE, WA 1,847,5701.8m $109.0m $109.0m 6.81% Added +30.6k +30,612
22 Cetera Investment Advisers 0.09% of their portfolio SCHAUMBURG, IL 1,699,4051.7m $100.1m $100.1m 0.09% Added +401.9k +401,860
23 Kestra Investment Management, LLC 1.88% of their portfolio AUSTIN, TX 1,646,3011.6m $97.0m $97.0m 1.88% Reduced -1.0m -1,049,025
24 AMERIPRISE FINANCIAL INC 0.02% of their portfolio MINNEAPOLIS, MN 1,406,8491.4m $82.9m $82.9m 0.02% Added +204.1k +204,070
25 Cambridge Investment Research Advisors, Inc. 0.07% of their portfolio FAIRFIELD, IA 1,081,2831.1m $63.7m $63.7m 0.07% Added +601.5k +601,499
26 AXXCESS WEALTH MANAGEMENT, LLC 0.99% of their portfolio CARLSBAD, CA 1,058,9741.1m $62.4m $62.4m 0.99% Added +40.7k +40,665
27 Capital Asset Advisory Services LLC 2.19% of their portfolio Williamston, MI 1,028,1011.0m $60.6m $60.6m 2.19% Added +44.1k +44,143
28 Kestra Advisory Services, LLC 0.19% of their portfolio AUSTIN, TX 1,023,8931.0m $60.3m $60.3m 0.19% Added +147.9k +147,897
29 COMMONWEALTH EQUITY SERVICES, LLC 0.07% of their portfolio WALTHAM, MA 1,006,4451.0m $59.3m $59.3m 0.07% Reduced -9.0k -9,038
30 EVERGREEN CAPITAL MANAGEMENT LLC 0.95% of their portfolio Bellevue, WA 918,222918.2k $54.2m $54.2m 0.95% Added +41.4k +41,396
31 Treasurer of the State of North Carolina 0.14% of their portfolio RALEIGH, NC 904,346904.3k $53.3m $53.3m 0.14% New
32 Mariner, LLC 0.05% of their portfolio Overland Park, KS 878,989879.0k $51.8m $51.8m 0.05% Reduced -32.6k -32,568
33 HighTower Advisors, LLC 0.05% of their portfolio CHICAGO, IL 871,355871.4k $51.3m $51.3m 0.05% Added +34.2k +34,205
34 MML INVESTORS SERVICES, LLC 0.10% of their portfolio SPRINGFIELD, MA 844,313844.3k $49.7m $49.7m 0.10% Added +178.9k +178,874
35 VAN ECK ASSOCIATES CORP 0.03% of their portfolio NEW YORK, NY 782,638782.6k $46.1m $46.1m 0.03% Reduced -711.2k -711,194
36 First Interstate Bank 2.32% of their portfolio Billings, MT 755,645755.6k $44.5m $44.5m 2.32% Reduced -7.7k -7,742
37 EP Wealth Advisors, LLC 0.17% of their portfolio TORRANCE, CA 743,811743.8k $43.8m $43.8m 0.17% Reduced -124 -124
38 Composition Wealth, LLC 0.50% of their portfolio LOS ANGELES, CA 728,078728.1k $42.9m $42.9m 0.50% New
39 Mirae Asset Global Investments Co., Ltd. 0.08% of their portfolio SEOUL, M5 703,288703.3k $41.4m $41.4m 0.08% Added +212.3k +212,336
40 Kranot Hishtalmut Le Morim Ve Gananot Havera Menahelet LTD 1.57% of their portfolio Tel Aviv, L3 647,770647.8k $38.2m $38.2m 1.57% Unchanged
41 Destination Wealth Management 0.85% of their portfolio Walnut Creek, CA 621,076621.1k $36.6m $36.6m 0.85% Reduced -9.6k -9,578
42 Evolution Wealth Advisors, LLC 4.20% of their portfolio AVENTURA, FL 609,894609.9k $35.9m $35.9m 4.20% Added +3.9k +3,872
43 Pacific Life Fund Advisors LLC 3.85% of their portfolio NEWPORT BEACH, CA 594,414594.4k $35.0m $35.0m 3.85% New
44 GREAT VALLEY ADVISOR GROUP, INC. 0.54% of their portfolio WILMINGTON, DE 577,813577.8k $34.0m $34.0m 0.54% Added +9.9k +9,942
45 Cooper Financial Group 2.82% of their portfolio IRVINE, CA 576,388576.4k $34.0m $34.0m 2.82% Added +25.0k +24,981
46 Rockefeller Capital Management L.P. 0.05% of their portfolio NEW YORK, NY 570,265570.3k $33.6m $33.6m 0.05% Added +25.7k +25,671
47 STIFEL FINANCIAL CORP 0.02% of their portfolio ST. LOUIS, MO 501,911501.9k $29.6m $29.6m 0.02% Added +139.7k +139,716
48 Steward Partners Investment Advisory, LLC 0.15% of their portfolio STAMFORD, CT 493,294493.3k $29.1m $29.1m 0.15% Added +159.9k +159,869
49 Ameritas Advisory Services, LLC 0.56% of their portfolio Lincoln, NE 472,633472.6k $27.8m $27.8m 0.56% Added +122.1k +122,099
50 Janney Montgomery Scott LLC 0.05% of their portfolio PHILADELPHIA, PA 470,344470.3k $27.7m $27.7m 0.05% Added +89.8k +89,763
51 Equitable Holdings, Inc. 0.16% of their portfolio NEW YORK, NY 449,071449.1k $26.5m $26.5m 0.16% Added +144.6k +144,563
52 Teamwork Financial Advisors, LLC 2.22% of their portfolio San Antonio, TX 403,005403.0k $23.7m $23.7m 2.22% Added +43.7k +43,699
53 JONES FINANCIAL COMPANIES LLLP 0.01% of their portfolio DES PERES, MO 397,534397.5k $23.4m $23.4m 0.01% Added +123.4k +123,392
54 Thrivent Financial for Lutherans 0.04% of their portfolio Minneapolis, MN 385,411385.4k $22.7m $22.7m 0.04% Reduced -55.4k -55,393
55 360 Financial, Inc. 5.61% of their portfolio WAYZATA, MN 374,735374.7k $22.1m $22.1m 5.61% Reduced -1.2k -1,218
56 Rockport Wealth LLC 3.64% of their portfolio Fairview Park, OH 367,703367.7k $21.7m $21.7m 3.64% New
57 MFA WEALTH ADVISORS, LLC 3.29% of their portfolio PITTSBURGH, PA 327,596327.6k $19.3m $19.3m 3.29% Reduced -8.3k -8,276
58 Riggs Asset Managment Co. Inc. 3.38% of their portfolio DALLAS, PA 321,358321.4k $18.9m $18.9m 3.38% Reduced -4.5k -4,453
59 Private Advisor Group, LLC 0.09% of their portfolio MORRISTOWN, NJ 320,363320.4k $18.9m $18.9m 0.09% Reduced -59.6k -59,567
60 BLAIR WILLIAM & CO/IL 0.05% of their portfolio CHICAGO, IL 316,206316.2k $18.6m $18.6m 0.05% Added +43.0k +42,993
61 Tidal Investments LLC 0.04% of their portfolio Milwaukee, WI 312,551312.6k $18.4m $18.4m 0.04% New
62 HBW ADVISORY SERVICES LLC 1.53% of their portfolio SIMI VALLEY, CA 287,085287.1k $16.9m $16.9m 1.53% Added +2.2k +2,207
63 Gerber Kawasaki Wealth & Investment Management 0.43% of their portfolio SANTA MONICA, CA 274,009274.0k $16.1m $16.1m 0.43% Reduced -17 -17
64 Destiny Wealth Partners, LLC 2.13% of their portfolio TAVARES, FL 267,397267.4k $15.1m $15.1m 2.13% Reduced -15.2k -15,214
65 CITIGROUP INC 0.01% of their portfolio NEW YORK, NY 267,076267.1k $15.7m $15.7m 0.01% Added +87.5k +87,545
66 CIBC WORLD MARKET INC. 0.03% of their portfolio TORONTO, A6 265,157265.2k $15.6m $15.6m 0.03% Reduced -181 -181
67 ALTFEST L J & CO INC 1.45% of their portfolio NEW YORK, NY 253,259253.3k $14.9m $14.9m 1.45% Reduced -2.7k -2,718
68 MAI Capital Management 0.06% of their portfolio INDEPENDENCE, OH 246,013246.0k $14.5m $14.5m 0.06% Added +60.2k +60,187
69 Robertson Stephens Wealth Management, LLC 0.36% of their portfolio San Francisco, CA 244,424244.4k $14.4m $14.4m 0.36% Reduced -16.9k -16,855
70 Eagle Strategies LLC 1.40% of their portfolio NEW YORK, NY 239,684239.7k $14.1m $14.1m 1.40% Reduced -153.4k -153,436
71 Kranot Hishtalmut Le Morim Tichoniim Havera Menahelet LTD 1.67% of their portfolio Tel Aviv, L3 229,190229.2k $13.5m $13.5m 1.67% Unchanged
72 New England Private Wealth Advisors LLC 1.23% of their portfolio WELLESLEY, MA 220,583220.6k $12.7m $12.7m 1.23% Added +13.7k +13,687
73 Symphony Financial Services, Inc. 5.77% of their portfolio AKRON, OH 217,871217.9k $12.8m $12.8m 5.77% Added +9.2k +9,213
74 ROTHSCHILD INVESTMENT LLC 0.47% of their portfolio CHICAGO, IL 214,811214.8k $12.7m $12.7m 0.47% Added +1.7k +1,704
75 Sage Capital Management, LLC 4.90% of their portfolio Stockton, NJ 213,126213.1k $12.6m $12.6m 4.90% Added +1.8k +1,849
76 Wealthcare Advisory Partners LLC 0.24% of their portfolio WEST CHESTER, PA 211,492211.5k $12.5m $12.5m 0.24% Added +7.2k +7,238
77 ADAPT WEALTH ADVISORS, LLC 4.06% of their portfolio ATLANTA, GA 210,835210.8k $12.4m $12.4m 4.06% Reduced -1.5k -1,532
78 Chicago Wealth Management, Inc. 4.20% of their portfolio CHICAGO, IL 200,760200.8k $11.8m $11.8m 4.20% Added +5.4k +5,395
79 Stratos Wealth Partners, LTD. 0.12% of their portfolio BEACHWOOD, OH 199,180199.2k $11.7m $11.7m 0.12% Added +7.6k +7,631
80 Investors Research Corp 2.05% of their portfolio ATLANTA, GA 194,312194.3k $11.4m $11.4m 2.05% Added +457 +457
81 National Philanthropic Trust 0.16% of their portfolio Jenkintown, PA 192,783192.8k $11.4m $11.4m 0.16% Added +5.5k +5,506
82 JMAC ENTERPRISES LLC 1.91% of their portfolio NEWTOWN, PA 192,070192.1k $11.3m $11.3m 1.91% Reduced -18.4k -18,407
83 Financial Partners Group, Inc 1.10% of their portfolio Overland Park, KS 183,114183.1k $10.8m $10.8m 1.10% Reduced -1.4k -1,441
84 MERCER GLOBAL ADVISORS INC /ADV 0.01% of their portfolio DENVER, CO 181,068181.1k $10.7m $10.7m 0.01% Reduced -138.3k -138,270
85 THRYVE WEALTH MANAGEMENT LLC 5.72% of their portfolio IRVING, TX 173,705173.7k $10.2m $10.2m 5.72% Added +10.8k +10,765
86 VALLEY WEALTH MANAGERS, INC. 0.57% of their portfolio PARAMUS, NJ 168,842168.8k $9.9m $9.9m 0.57% Added +137.0k +137,029
87 Clarus Group, Inc. 3.37% of their portfolio HOUSTON, TX 168,759168.8k $9.9m $9.9m 3.37% Reduced -3.5k -3,468
88 OGOREK ANTHONY JOSEPH /NY/ /ADV 2.46% of their portfolio WILLIAMSVILLE, NY 167,987168.0k $9.9m $9.9m 2.46% Reduced -331 -331
89 Cascade Financial Partners, LLC 0.85% of their portfolio SAN DIEGO, CA 167,112167.1k $9.8m $9.8m 0.85% Added +10.4k +10,360
90 Aptus Capital Advisors, LLC 0.07% of their portfolio FAIRHOPE, AL 166,066166.1k $9.8m $9.8m 0.07% Added +168 +168
91 IHT Wealth Management, LLC 0.21% of their portfolio Chicago, IL 164,041164.0k $9.7m $9.7m 0.21% Reduced -20.3k -20,274
92 CX Institutional 0.27% of their portfolio AUBURN, IN 158,718158.7k $9.4m $9.4m 0.27% Reduced -3.5k -3,487
93 Quadrant Private Wealth Management, LLC 2.03% of their portfolio Center Valley, PA 153,589153.6k $9.1m $9.1m 2.03% Added +35 +35
94 &PARTNERS 0.04% of their portfolio NASHVILLE, TN 150,459150.5k $8.9m $8.9m 0.04% Added +16.5k +16,497
95 Y.D. More Investments Ltd 0.27% of their portfolio Ramat Gan, L3 149,999150.0k $8.8m $8.8m 0.27% Added +12.3k +12,332
96 Sanctuary Advisors, LLC 0.04% of their portfolio INDIANAPOLIS, IN 147,572147.6k $8.7m $8.7m 0.04% Added +11.2k +11,158
97 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.01% of their portfolio PLYMOUTH, MN 147,238147.2k $5.3m $5.3m 0.01% Added +17.5k +17,514
98 5th Street Advisors, LLC 3.34% of their portfolio Southport, CT 146,296146.3k $8.6m $8.6m 3.34% Reduced -12.1k -12,134
99 Ameritas Investment Partners, Inc. 0.22% of their portfolio LINCOLN, NE 143,226143.2k $8.4m $8.4m 0.22% Added +5.4k +5,449
100 INDEPENDENT FINANCIAL GROUP, LLC 0.16% of their portfolio SAN DIEGO, CA 142,152142.2k $8.4m $8.4m 0.16% Added +13.7k +13,705