Vault-13

LISTED FDS TR HEGD

SWAN HEDGED EQTY · ETP · CUSIP 53656F599

81 institutional holders +12 vs Q3 2025
20,805,81520.8m shares reported held*
$524.5mreported value*
12 new 40 added 20 reduced 4 sold out net bought ≈ $71.8m (+2.8m 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 ($18.5m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $25.21.

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

050100Q3 22: 27Q4 22: 29Q1 23: 35Q2 23: 28Q3 23: 34Q4 23: 38Q1 24: 40Q2 24: 44Q3 24: 44Q4 24: 63Q1 25: 71Q2 25: 64Q3 25: 69Q4 25: 8181Q3 22Q2 23Q1 24Q4 24Q4 25
Numbers
QuarterHolders
Q3 202227
Q4 202229
Q1 202335
Q2 202328
Q3 202334
Q4 202338
Q1 202440
Q2 202444
Q3 202444
Q4 202463
Q1 202571
Q2 202564
Q3 202569
Q4 202581

Buyers vs sellers

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

Bought or addedCut or sold out
1000100Q1 24: 23 bought or addedQ1 24: 17 cut or sold outQ2 24: 27 bought or addedQ2 24: 14 cut or sold outQ2 24Q3 24: 26 bought or addedQ3 24: 18 cut or sold outQ4 24: 36 bought or addedQ4 24: 13 cut or sold outQ4 24Q1 25: 40 bought or addedQ1 25: 28 cut or sold outQ2 25: 33 bought or addedQ2 25: 30 cut or sold outQ2 25Q3 25: 43 bought or addedQ3 25: 19 cut or sold outQ4 25: 52 bought or addedQ4 25: 24 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 20242317
Q2 20242714
Q3 20242618
Q4 20243613
Q1 20254028
Q2 20253330
Q3 20254319
Q4 20255224

Biggest buyers

CWM, LLC Added +1,372,757+1.4m
Legacy CG, LLC New +671,970+672.0k
FRANKLIN RESOURCES INC New +513,742+513.7k
Swan Global Investments, LLC Added +303,498+303.5k
MY Wealth Management Inc. Added +255,625+255.6k
NewEdge Advisors, LLC Added +237,420+237.4k
LPL Financial LLC Added +173,105+173.1k
Avior Wealth Management, LLC Added +105,564+105.6k
Blueprint Investment Partners LLC Added +52,907+52.9k
PRIVATE TRUST CO NA New +49,153+49.2k

Biggest sellers

ENVESTNET ASSET MANAGEMENT INC Reduced -1,291,999-1.3m
Marshall & Sterling Wealth Advisors Inc. Reduced -13,569-13.6k
CITADEL ADVISORS LLC Sold out -13,074-13.1k
RETIREMENT GUYS FORMULA LLC Reduced -9,365-9.4k
Icon Wealth Advisors, LLC Sold out -5,016-5.0k
Camarda Financial Advisors, LLC Reduced -4,316-4.3k
JPMORGAN CHASE & CO Reduced -3,089-3.1k
Kingsview Wealth Management, LLC Reduced -2,396-2.4k
Colonial Trust Co / SC Reduced -2,320-2.3k
SIGNATURE ESTATE & INVESTMENT ADVISORS LLC Reduced -1,803-1.8k

Holders, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 CWM, LLC 0.27% of their portfolio OMAHA, NE 3,891,8463.9m $98.1m $98.1m 0.27% Added +1.4m +1,372,757
2 Swan Global Investments, LLC 3.36% of their portfolio DURANGO, CO 2,812,2382.8m $70.9m $70.9m 3.36% Added +303.5k +303,498
3 Taylor Securities Services, Inc. 22.82% of their portfolio HARRISBURG, PA 1,984,3342.0m $50.0m $50.0m 22.82% First filing
4 NewEdge Advisors, LLC 0.14% of their portfolio NEW ORLEANS, LA 1,579,1941.6m $39.8m $39.8m 0.14% Added +237.4k +237,420
5 Blueprint Investment Partners LLC 4.22% of their portfolio GREENSBORO, NC 1,564,5361.6m $39.4m $39.4m 4.22% Added +52.9k +52,907
6 LPL Financial LLC 0.01% of their portfolio FORT MILL, SC 1,277,8641.3m $32.2m $32.2m 0.01% Added +173.1k +173,105
7 Blueprint Financial Advisors LLC 2.82% of their portfolio GREENSBOTO, NC 733,927733.9k $18.5m $18.5m 2.82% Added +45.4k +45,382
8 Legacy CG, LLC 4.74% of their portfolio PLANO, TX 671,970672.0k $16.9m $16.9m 4.74% New
9 Avior Wealth Management, LLC 0.44% of their portfolio OMAHA, NE 564,734564.7k $14.2m $14.2m 0.44% Added +105.6k +105,564
10 Financial Designs Corp 7.80% of their portfolio CLAREMONT, CA 546,153546.2k $13.8m $13.8m 7.80% Added +17.9k +17,899
11 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 513,742513.7k $13.0m $13.0m 0.00% New
12 Beacon Pointe Advisors, LLC 0.09% of their portfolio NEWPORT BEACH, CA 493,147493.1k $12.4m $12.4m 0.09% Added +43.6k +43,614
13 Vantage Financial Partners, LLC 2.45% of their portfolio ELM GROVE, WI 477,957478.0k $12.0m $12.0m 2.45% Added +16.1k +16,086
14 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 405,220405.2k $10.2m $10.2m 0.00% Added +9.7k +9,663
15 MY Wealth Management Inc. 8.45% of their portfolio GERMANTOWN, MD 384,483384.5k $9.7m $9.7m 8.45% Added +255.6k +255,625
16 Spartan Planning & Wealth Management 6.53% of their portfolio GREENSBORO, NC 351,213351.2k $8.9m $8.9m 6.53% Added +9.9k +9,880
17 Ausdal Financial Partners, Inc. 0.41% of their portfolio Davenport, IA 347,743347.7k $8.8m $8.8m 0.41% Added +14.1k +14,114
18 Atria Investments, Inc 0.09% of their portfolio Charlotte, NC 303,350303.4k $7.6m $7.6m 0.09% Added +5.3k +5,264
19 RETIREMENT GUYS FORMULA LLC 3.43% of their portfolio MAUMEE, OH 298,681298.7k $7.5m $7.5m 3.43% Reduced -9.4k -9,365
20 Cambridge Investment Research Advisors, Inc. 0.02% of their portfolio FAIRFIELD, IA 240,529240.5k $6.1m $6.1m 0.02% Added +22.2k +22,250
21 LAUREL OAK WEALTH MANAGEMENT, LLC 0.95% of their portfolio MARLTON, NJ 223,090223.1k $5.6m $5.6m 0.95% First filing
22 Thompson David Blair 2.95% of their portfolio CHARLOTTE, NC 204,893204.9k $5.2m $5.2m 2.95% First filing
23 Marshall & Sterling Wealth Advisors Inc. 2.48% of their portfolio POUGHKEEPSIE, NY 148,869148.9k $3.8m $3.8m 2.48% Reduced -13.6k -13,569
24 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 140,659140.7k $3.5m $3.5m 0.00% Reduced -1.3m -1,291,999
25 STIFEL FINANCIAL CORP 0.00% of their portfolio ST. LOUIS, MO 117,937117.9k $3.0m $3.0m 0.00% Added +14.8k +14,761
26 LaSalle St. Investment Advisors, LLC 0.43% of their portfolio ELMHURST, IL 105,563105.6k $2.7m $2.7m 0.43% Added +19.6k +19,556
27 Orion Porfolio Solutions, LLC 0.02% of their portfolio OMAHA, NE 84,31484.3k $2.1m $2.1m 0.02% Reduced -20 -20
28 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 76,16876.2k $1.9m $1.9m 0.00% Added +7.8k +7,789
29 Baird Financial Group, Inc. 0.00% of their portfolio MILWAUKEE, WI 76,16676.2k $1.9m $1.9m 0.00% Added +1.8k +1,779
30 Camarda Financial Advisors, LLC 0.51% of their portfolio FLEMING ISLAND, FL 52,64452.6k $1.3m $1.3m 0.51% Reduced -4.3k -4,316
31 PRIVATE TRUST CO NA 0.11% of their portfolio CLEVELAND, OH 49,15349.2k $1.2m $1.2m 0.11% New
32 SENTINEL PENSION ADVISORS, LLC 0.19% of their portfolio WAKEFIELD, MA 48,83748.8k $1.2m $1.2m 0.19% New
33 Barnes Wealth Management Group, Inc 0.62% of their portfolio Bakersfield, CA 46,19246.2k $1.2m $1.2m 0.62% Added +8.5k +8,536
34 Kingsview Wealth Management, LLC 0.02% of their portfolio GRANTS PASS, OR 45,34845.3k $1.1m $1.1m 0.02% Reduced -2.4k -2,396
35 Private Advisor Group, LLC 0.01% of their portfolio MORRISTOWN, NJ 42,77442.8k $1.1m $1.1m 0.01% Added +13.2k +13,186
36 CHILTON CAPITAL MANAGEMENT LLC 0.03% of their portfolio HOUSTON, TX 38,92938.9k $981.4k $981.4k 0.03% Added +2.4k +2,386
37 MML INVESTORS SERVICES, LLC 0.00% of their portfolio SPRINGFIELD, MA 36,77836.8k $927.2k $927.2k 0.00% Added +13 +13
38 INTEGRITY ALLIANCE, LLC. 0.03% of their portfolio Urbandale, IA 35,86035.9k $904.0k $904.0k 0.03% New
39 RIVERCHASE WEALTH MANAGEMENT, LLC 0.45% of their portfolio Flower Mound, TX 32,78732.8k $826.6k $826.6k 0.45% Reduced -630 -630
40 GRANITE ISLANDS PRIVATE WEALTH, LLC 0.73% of their portfolio GUILFORD, CT 31,34131.3k $790.1k $790.1k 0.73% First filing
41 Csenge Advisory Group 0.04% of their portfolio CLEARWATER, FL 31,32231.3k $789.6k $789.6k 0.04% Reduced -121 -121
42 CreativeOne Wealth, LLC 0.02% of their portfolio OVERLAND PARK, KS 29,10429.1k $733.7k $733.7k 0.02% Reduced -1.3k -1,345
43 J.W. COLE ADVISORS, INC. 0.02% of their portfolio TAMPA, FL 28,90728.9k $728.7k $728.7k 0.02% New
44 SIGNATURE ESTATE & INVESTMENT ADVISORS LLC 0.01% of their portfolio LOS ANGELES, CA 27,97428.0k $705.2k $705.2k 0.01% Reduced -1.8k -1,803
45 WORLD EQUITY GROUP, INC. 0.16% of their portfolio SCHAUMBURG, IL 22,06222.1k $556.2k $556.2k 0.16% Added +9.7k +9,703
46 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 18,71818.7k $471.9k $471.9k 0.00% Added +542 +542
47 WCG Wealth Advisors LLC 0.01% of their portfolio LAS VEGAS, NV 17,60717.6k $443.9k $443.9k 0.01% New
48 GTS SECURITIES LLC 0.01% of their portfolio NEW YORK, NY 15,46115.5k $389.8k $389.8k 0.01% New
49 Kestra Advisory Services, LLC 0.00% of their portfolio AUSTIN, TX 15,17815.2k $382.6k $382.6k 0.00% Added +67 +67
50 VestGen Advisors, LLC 0.02% of their portfolio CHICAGO, IL 15,15115.2k $382.0k $382.0k 0.02% New
51 Integrated Wealth Concepts LLC 0.00% of their portfolio WALTHAM, MA 14,49014.5k $365.3k $365.3k 0.00% Added +257 +257
52 Advisor Resource Council 0.13% of their portfolio DALLAS, TX 14,46714.5k $364.7k $364.7k 0.13% Added +140 +140
53 Prosperity Financial Group, Inc. 0.13% of their portfolio San Ramon, CA 14,39114.4k $362.8k $362.8k 0.13% Reduced -506 -506
54 EverSource Wealth Advisors, LLC 0.01% of their portfolio BIRMINGHAM, AL 14,32714.3k $361.2k $361.2k 0.01% Added +7.0k +7,015
55 HighTower Advisors, LLC 0.00% of their portfolio CHICAGO, IL 14,24914.2k $359.2k $359.2k 0.00% New
56 TRUIST FINANCIAL CORP 0.00% of their portfolio CHARLOTTE, NC 13,97514.0k $352.3k $352.3k 0.00% Added +1.9k +1,899
57 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 13,11513.1k $330.6k $330.6k 0.00% Added +5.0k +4,996
58 Hilltop Holdings Inc. 0.02% of their portfolio DALLAS, TX 11,92811.9k $300.7k $300.7k 0.02% Added +2.5k +2,504
59 Syntegra Private Wealth Group, LLC 0.02% of their portfolio Chesterfield, MO 10,39010.4k $261.9k $261.9k 0.02% Reduced -611 -611
60 Empire Financial Management Company, LLC 0.05% of their portfolio NEW YORK, NY 9,9339.9k $250.4k $250.4k 0.05% Unchanged
61 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 9,8539.9k $250.9k $250.9k 0.00% Reduced -1.7k -1,703
62 Vise Technologies, Inc. 0.00% of their portfolio NEW YORK, NY 9,8539.9k $248.4k $248.4k 0.00% Reduced -1.7k -1,703
63 Equitable Holdings, Inc. 0.00% of their portfolio NEW YORK, NY 9,4349.4k $237.8k $237.8k 0.00% Reduced -1.6k -1,595
64 MOSAIC FAMILY WEALTH PARTNERS, LLC 0.03% of their portfolio ST. LOUIS, MO 9,1099.1k $229.6k $229.6k 0.03% New
65 IHT Wealth Management, LLC 0.01% of their portfolio Chicago, IL 8,9609.0k $225.9k $225.9k 0.01% Added +210 +210
66 JOURNEY STRATEGIC WEALTH LLC 0.01% of their portfolio SUMMIT, NJ 8,8318.8k $222.6k $222.6k 0.01% Reduced -51 -51
67 Global Retirement Partners, LLC 0.00% of their portfolio San Rafael, CA 8,6178.6k $217.2k $217.2k 0.00% Added +17 +17
68 Caitlin John, LLC 0.12% of their portfolio BRIGHTON, MI 7,3347.3k $184.9k $184.9k 0.12% Added +3.7k +3,731
69 Colonial Trust Co / SC 0.02% of their portfolio SPARTANBURG, SC 5,8465.8k $147.4k $147.4k 0.02% Reduced -2.3k -2,320
70 Park Square Financial Group, LLC 0.77% of their portfolio ROSWELL, GA 5,8275.8k $130.5k $130.5k 0.77% Reduced -158 -158
71 CREATIVE FINANCIAL DESIGNS INC /ADV 0.01% of their portfolio KOKOMO, IN 5,0975.1k $128.5k $128.5k 0.01% Reduced -100 -100
72 Parallel Advisors, LLC 0.00% of their portfolio SAN FRANCISCO, CA 4,4744.5k $112.8k $112.8k 0.00% Added +6 +6
73 HARBOUR INVESTMENTS, INC. 0.00% of their portfolio MADISON, WI 3,6013.6k $90.8k $90.8k 0.00% Added +767 +767
74 ASSETMARK, INC 0.00% of their portfolio CONCORD, CA 1,9011.9k $47.9k $47.9k 0.00% Unchanged
75 Spire Wealth Management 0.00% of their portfolio MCLEAN, VA 1,7711.8k $44.7k $44.7k 0.00% Added +3 +3
76 Steward Partners Investment Advisory, LLC 0.00% of their portfolio STAMFORD, CT 1,5851.6k $40.0k $40.0k 0.00% Unchanged
77 UBS Group AG 0.00% of their portfolio ZURICH, V8 1,2081.2k $30.5k $30.5k 0.00% New
78 McIlrath & Eck, LLC 0.00% of their portfolio ARLINGTON, WA 1,0151.0k $25.6k $25.6k 0.00% Unchanged
79 Cullen/Frost Bankers, Inc. 0.00% of their portfolio San Antonio, TX 1,0051.0k $25.3k $25.3k 0.00% Added +205 +205
80 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 499499 $12.6k $12.6k 0.00% Reduced -3.1k -3,089
81 DHJJ Financial Advisors, Ltd. 0.00% of their portfolio NAPERVILLE, IL 1010 $253 $253 0.00% Unchanged