Vault-13

LISTED FD TR INFL

HORIZON KINETICS · ETP · CUSIP 53656F623

143 institutional holders -9 vs Q2 2025
22,717,68522.7m shares reported held*
$1.0bnreported value*
7 new 60 added 47 reduced 15 sold out net bought ≈ $126.7m (+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. Holder counts are more reliable. Implied quarter-end price ≈ $44.72. Options: 1 managers hold calls ($858.2k notional), 0 hold puts (—).

Trends to Q3 2025

Institutional holders

Managers reporting a position, each quarter

0100200Q3 22: 152Q4 22: 169Q1 23: 164Q2 23: 149Q3 23: 144Q4 23: 133Q1 24: 109Q2 24: 111Q3 24: 114Q4 24: 134Q1 25: 142Q2 25: 152Q3 25: 143143Q3 22Q2 23Q1 24Q4 24Q3 25
Numbers
QuarterHolders
Q3 2022152
Q4 2022169
Q1 2023164
Q2 2023149
Q3 2023144
Q4 2023133
Q1 2024109
Q2 2024111
Q3 2024114
Q4 2024134
Q1 2025142
Q2 2025152
Q3 2025143

Buyers vs sellers

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

Bought or addedCut or sold out
1000100Q4 23: 37 bought or addedQ4 23: 98 cut or sold outQ1 24: 35 bought or addedQ1 24: 85 cut or sold outQ1 24Q2 24: 57 bought or addedQ2 24: 46 cut or sold outQ3 24: 49 bought or addedQ3 24: 51 cut or sold outQ3 24Q4 24: 75 bought or addedQ4 24: 37 cut or sold outQ1 25: 85 bought or addedQ1 25: 42 cut or sold outQ1 25Q2 25: 88 bought or addedQ2 25: 53 cut or sold outQ3 25: 67 bought or addedQ3 25: 62 cut or sold outQ3 25
Numbers
QuarterBought or addedCut or sold out
Q4 20233798
Q1 20243585
Q2 20245746
Q3 20244951
Q4 20247537
Q1 20258542
Q2 20258853
Q3 20256762

Calls vs puts

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

CallsPuts
$0$250k$500k$750k$1mQ4 24 calls: $262.8kQ4 24 puts: $41.9kQ4 24P/C 0.16Q1 25 calls: $296.7kQ1 25 puts: $44.7kQ1 25P/C 0.15Q2 25 calls: $619.9kQ2 25 puts: $0Q2 25P/C 0.00Q3 25 calls: $858.2kQ3 25 puts: $0Q3 25P/C 0.00
Numbers
QuarterCallsPutsP/C
Q4 2024$262.8k$41.9k0.16
Q1 2025$296.7k$44.7k0.15
Q2 2025$619.9k$00.00
Q3 2025$858.2k$00.00

Biggest buyers

JPMORGAN CHASE & CO Added +3,641,529+3.6m
Coastal Bridge Advisors, LLC Added +146,649+146.6k
Proficio Capital Partners LLC Added +64,175+64.2k
Focus Partners Wealth Added +48,797+48.8k
RAYMOND JAMES FINANCIAL INC Added +48,775+48.8k
Ausdal Financial Partners, Inc. Added +43,291+43.3k
Bank of New York Mellon Corp Added +43,268+43.3k
CITADEL ADVISORS LLC New +33,162+33.2k
KESTRA PRIVATE WEALTH SERVICES, LLC New +28,145+28.1k
FIRST FOUNDATION ADVISORS Added +27,475+27.5k

Biggest sellers

ROYAL BANK OF CANADA Reduced -552,168-552.2k
Rockefeller Capital Management L.P. Reduced -323,618-323.6k
Kestra Investment Management, LLC Reduced -275,083-275.1k
LPL Financial LLC Reduced -120,159-120.2k
HighTower Advisors, LLC Reduced -50,524-50.5k
WELLS FARGO & COMPANY/MN Reduced -42,882-42.9k
SUSQUEHANNA INTERNATIONAL GROUP, LLP Sold out -42,054-42.1k
JANE STREET GROUP, LLC Sold out -25,264-25.3k
GTS SECURITIES LLC Reduced -22,145-22.1k
SCHWARTZ INVESTMENT COUNSEL INC Sold out -19,000-19.0k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $858.2k19.2k 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 JPMORGAN CHASE & CO 0.01% of their portfolio NEW YORK, NY 8,416,9348.4m $376.2m $376.2m 0.01% Added +3.6m +3,641,529
2 OXFORD FINANCIAL GROUP, LTD. LLC 10.09% of their portfolio INDIANAPOLIS, IN 3,990,1464.0m $178.3m $178.3m 10.09% Reduced -12.4k -12,446
3 LPL Financial LLC 0.01% of their portfolio FORT MILL, SC 1,068,5201.1m $47.8m $47.8m 0.01% Reduced -120.2k -120,159
4 ROYAL BANK OF CANADA 0.01% of their portfolio TORONTO, A6 727,624727.6k $32.5m $32.5m 0.01% Reduced -552.2k -552,168
5 WELLS FARGO & COMPANY/MN 0.01% of their portfolio SAN FRANCISCO, CA 617,825617.8k $27.6m $27.6m 0.01% Reduced -42.9k -42,882
6 One Charles Private Wealth Services, LLC 5.89% of their portfolio HINGHAM, MA 501,813501.8k $22.4m $22.4m 5.89% Added +5.0k +5,047
7 UBS Group AG 0.00% of their portfolio ZURICH, V8 355,475355.5k $15.9m $15.9m 0.00% Added +19.4k +19,390
8 Rockefeller Capital Management L.P. 0.03% of their portfolio NEW YORK, NY 354,118354.1k $15.8m $15.8m 0.03% Reduced -323.6k -323,618
9 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 350,493350.5k $15.7m $15.7m 0.00% Added +43.3k +43,268
10 Janney Montgomery Scott LLC 0.03% of their portfolio PHILADELPHIA, PA 291,253291.3k $13.0m $13.0m 0.03% Added +11.6k +11,592
11 COMMONWEALTH EQUITY SERVICES, LLC 0.02% of their portfolio WALTHAM, MA 278,046278.0k $12.4m $12.4m 0.02% Added +3.5k +3,491
12 CAPTRUST FINANCIAL ADVISORS 0.02% of their portfolio RALEIGH, NC 264,287264.3k $11.8m $11.8m 0.02% Added +3.0k +3,042
13 Lowe Wealth Advisors, LLC 4.09% of their portfolio COLUMBIA, MD 250,770250.8k $11.2m $11.2m 4.09% Added +5.7k +5,652
14 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 222,431222.4k $9.9m $9.9m 0.00% Added +48.8k +48,775
15 Hilltop National Bank 2.31% of their portfolio CASPER, WY 209,978210.0k $9.4m $9.4m 2.31% Added +21.6k +21,565
16 Aptus Capital Advisors, LLC 0.08% of their portfolio FAIRHOPE, AL 205,102205.1k $9.2m $9.2m 0.08% Added +5.8k +5,781
17 Coastal Bridge Advisors, LLC 0.62% of their portfolio WESTPORT, CT 182,504182.5k $8.2m $8.2m 0.62% Added +146.6k +146,649
18 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 179,480179.5k $8.0m $8.0m 0.00% Added +22.6k +22,558
19 Longview Financial Advisors, Inc. 5.35% of their portfolio HUNTSVILLE, AL 167,710167.7k $7.5m $7.5m 5.35% Added +1.9k +1,892
20 Independent Family Office, LLC 3.03% of their portfolio ALBANY, NY 160,445160.4k $7.2m $7.2m 3.03% Added +25.6k +25,559
21 Kestra Investment Management, LLC 0.18% of their portfolio AUSTIN, TX 153,272153.3k $6.9m $6.9m 0.18% Reduced -275.1k -275,083
22 Philip James Wealth Mangement, LLC 0.75% of their portfolio MILTON, GA 144,328144.3k $6.5m $6.5m 0.75% Reduced -6.4k -6,449
23 Proficio Capital Partners LLC 0.40% of their portfolio NEWTON, MA 130,490130.5k $5.8m $5.8m 0.40% Added +64.2k +64,175
24 Atlas Wealth Partners, LLC 5.86% of their portfolio WYOMISSING, PA 128,405128.4k $5.7m $5.7m 5.86% Added +6.5k +6,500
25 Cullen/Frost Bankers, Inc. 0.06% of their portfolio San Antonio, TX 122,600122.6k $5.5m $5.5m 0.06% Unchanged
26 Baird Financial Group, Inc. 0.01% of their portfolio MILWAUKEE, WI 119,532119.5k $5.3m $5.3m 0.01% Reduced -3.1k -3,051
27 Moors & Cabot, Inc. 0.23% of their portfolio BOSTON, MA 118,443118.4k $5.3m $5.3m 0.23% Reduced -2.5k -2,500
28 NCM Capital Management, LLC 1.96% of their portfolio RAMSEY, NJ 113,071113.1k $5.1m $5.1m 1.96% Added +5.7k +5,722
29 SCS Capital Management LLC 0.05% of their portfolio BOSTON, MA 111,558111.6k $5.0m $5.0m 0.05% Reduced -2.4k -2,367
30 IFP Advisors, Inc 0.13% of their portfolio TAMPA, FL 110,823110.8k $5.0m $5.0m 0.13% Added +375 +375
31 HORIZON KINETICS ASSET MANAGEMENT LLC 0.06% of their portfolio NEW YORK, NY 101,299101.3k $4.5m $4.5m 0.06% Reduced -1.7k -1,657
32 GUARDIAN WEALTH ADVISORS, LLC / NC 0.29% of their portfolio RALEIGH, NC 100,331100.3k $4.5m $4.5m 0.29% Added +4.3k +4,327
33 Waterloo Capital, L.P. 0.33% of their portfolio AUSTIN, TX 98,19698.2k $4.4m $4.4m 0.33% Added +2.8k +2,797
34 Focus Partners Wealth 0.01% of their portfolio ST LOUIS, MO 89,08589.1k $4.0m $4.0m 0.01% Added +48.8k +48,797
35 NewEdge Wealth, LLC 0.05% of their portfolio STAMFORD, CT 88,28688.3k $3.8m $3.8m 0.05% Added +2.7k +2,728
36 EagleClaw Capital Managment, LLC 0.54% of their portfolio BOSTON, MA 87,13087.1k $3.9m $3.9m 0.54% Reduced -425 -425
37 INTREPID FAMILY OFFICE LLC 3.43% of their portfolio SARASOTA, FL 85,00085.0k $3.8m $3.8m 3.43% Unchanged
38 Corient Private Wealth LP 0.01% of their portfolio MIAMI, FL 76,94176.9k $3.4m $3.4m 0.01% Reduced -7.7k -7,696
39 OneDigital Investment Advisors LLC 0.03% of their portfolio OVERLAND PARK, KS 74,52574.5k $3.3m $3.3m 0.03% Added +1.4k +1,383
40 Sanctuary Advisors, LLC 0.01% of their portfolio INDIANAPOLIS, IN 72,71072.7k $3.2m $3.2m 0.01% Added +21.3k +21,297
41 Hilltop Holdings Inc. 0.16% of their portfolio DALLAS, TX 66,55666.6k $3.0m $3.0m 0.16% Reduced -2.9k -2,851
42 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 66,21166.2k $2.9m $2.9m 0.00% Added +26.5k +26,507
43 STIFEL FINANCIAL CORP 0.00% of their portfolio ST. LOUIS, MO 66,12166.1k $3.0m $3.0m 0.00% Added +24.5k +24,530
44 FIRST FOUNDATION ADVISORS 0.11% of their portfolio Irvine, CA 65,23765.2k $2.9m $2.9m 0.11% Added +27.5k +27,475
45 Ausdal Financial Partners, Inc. 0.13% of their portfolio Davenport, IA 57,52557.5k $2.6m $2.6m 0.13% Added +43.3k +43,291
46 Pekin Hardy Strauss, Inc. 0.25% of their portfolio CHICAGO, IL 55,74855.7k $2.5m $2.5m 0.25% Reduced -2.0k -2,040
47 DAVENPORT & Co LLC 0.01% of their portfolio RICHMOND, VA 54,67054.7k $2.4m $2.4m 0.01% Added +3.2k +3,156
48 Abacus Planning Group, Inc. 0.31% of their portfolio COLUMBIA, SC 50,88750.9k $2.3m $2.3m 0.31% Added +3.5k +3,542
49 Advisory Services Network, LLC 0.03% of their portfolio ATLANTA, GA 50,19950.2k $2.2m $2.2m 0.03% Added +658 +658
50 Stratos Wealth Advisors, LLC 0.11% of their portfolio BEACHWOOD, OH 50,18350.2k $2.2m $2.2m 0.11% Reduced -16 -16
51 Steward Partners Investment Advisory, LLC 0.01% of their portfolio STAMFORD, CT 49,76649.8k $2.2m $2.2m 0.01% Reduced -152 -152
52 PECAUT & CO. 0.69% of their portfolio SIOUX CITY, IA 48,15048.1k $2.2m $2.2m 0.69% Unchanged
53 HighTower Advisors, LLC 0.00% of their portfolio CHICAGO, IL 46,23246.2k $2.1m $2.1m 0.00% Reduced -50.5k -50,524
54 LEAVELL INVESTMENT MANAGEMENT, INC. 0.09% of their portfolio MOBILE, AL 45,12145.1k $2.0m $2.0m 0.09% Added +11.0k +11,020
55 Spire Wealth Management 0.07% of their portfolio MCLEAN, VA 44,62244.6k $2.0m $2.0m 0.07% Reduced -363 -363
56 Lionsbridge Wealth Management LLC 1.88% of their portfolio JACKSONVILLE BEACH, FL 42,62442.6k $1.9m $1.9m 1.88% Added +918 +918
57 Cerity Partners LLC 0.00% of their portfolio NEW YORK, NY 41,18041.2k $1.8m $1.8m 0.00% Reduced -1.7k -1,672
58 Wealthspire Advisors, LLC 0.01% of their portfolio NEW YORK, NY 39,21539.2k $1.8m $1.8m 0.01% Reduced -52 -52
59 Compass Ion Advisors, LLC 0.17% of their portfolio CONSHOHOCKEN, PA 38,77438.8k $1.7m $1.7m 0.17% Added +8 +8
60 Stratos Wealth Partners, LTD. 0.02% of their portfolio BEACHWOOD, OH 36,13936.1k $1.6m $1.6m 0.02% Reduced -155 -155
61 Private Advisor Group, LLC 0.01% of their portfolio MORRISTOWN, NJ 34,67334.7k $1.5m $1.5m 0.01% Added +1.1k +1,142
62 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 33,16233.2k $1.5m $1.5m 0.00% New
63 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 32,95633.0k $1.5m $1.5m 0.00% Added +543 +543
64 KESTRA PRIVATE WEALTH SERVICES, LLC 0.02% of their portfolio AUSTIN, TX 28,14528.1k $1.3m $1.3m 0.02% New
65 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 25,76025.8k $1.2m $1.2m 0.00% Unchanged
66 GUIDANCE CAPITAL, INC 0.28% of their portfolio LOUSVILLE, KY 24,09724.1k $1.1m $1.1m 0.28% Added +1.4k +1,430
67 Trilogy Capital Inc. 0.05% of their portfolio IRVINE, CA 22,51522.5k $1.0m $1.0m 0.05% Reduced -100 -100
68 Cresset Asset Management, LLC 0.00% of their portfolio Chicago, IL 22,10722.1k $988.1k $988.1k 0.00% Unchanged
69 Compound Planning, Inc. 0.03% of their portfolio NEW YORK, NY 21,60121.6k $965.4k $965.4k 0.03% Added +1.5k +1,470
70 Baker Ellis Asset Management LLC 0.12% of their portfolio Vancouver, WA 21,58221.6k $964.6k $964.6k 0.12% Added +12 +12
71 Atria Investments, Inc 0.01% of their portfolio Charlotte, NC 21,29121.3k $951.6k $951.6k 0.01% Added +6.2k +6,197
72 PHILLIPS FINANCIAL MANAGEMENT, LLC 0.06% of their portfolio FORT WAYNE, IN 20,81620.8k $930.4k $930.4k 0.06% Unchanged
73 Meridian Wealth Advisors, LLC 0.13% of their portfolio AUSTIN, TX 20,37820.4k $910.8k $910.8k 0.13% Added +5.6k +5,600
74 Stegent Equity Advisors, Inc. 0.73% of their portfolio HOUSTON, TX 20,12420.1k $899.4k $899.4k 0.73% Reduced -249 -249
75 PURE PORTFOLIOS HOLDINGS LLC 0.26% of their portfolio LAKE OSWEGO, OR 18,43318.4k $823.9k $823.9k 0.26% Added +2.2k +2,216
76 Beacon Pointe Advisors, LLC 0.01% of their portfolio NEWPORT BEACH, CA 18,39118.4k $822.0k $822.0k 0.01% Added +930 +930
77 Straight Path Wealth Management 0.21% of their portfolio Jenison, MI 17,10517.1k $764.5k $764.5k 0.21% Reduced -250 -250
78 KING LUTHER CAPITAL MANAGEMENT CORP 0.00% of their portfolio FORT WORTH, TX 16,50016.5k $737.5k $737.5k 0.00% Unchanged
79 JNBA Financial Advisors 0.07% of their portfolio BLOOMINGTON, MN 16,27116.3k $727.2k $727.2k 0.07% Reduced -670 -670
80 Copia Wealth Management 0.52% of their portfolio BEND, OR 15,58615.6k $696.6k $696.6k 0.52% Added +3.1k +3,117
81 CORNERSTONE ADVISORS ASSET MANAGEMENT, LLC 0.12% of their portfolio BETHLEHEM, PA 15,03115.0k $671.8k $671.8k 0.12% Unchanged
82 IHT Wealth Management, LLC 0.02% of their portfolio Chicago, IL 14,95915.0k $668.6k $668.6k 0.02% Added +400 +400
83 Mezzasalma Advisors, LLC 0.16% of their portfolio TINTON FALLS, NJ 14,33614.3k $640.7k $640.7k 0.16% Reduced -469 -469
84 Bright Futures Wealth Management, LLC. 0.48% of their portfolio WEBSTER, NY 14580, NY 13,75613.8k $614.8k $614.8k 0.48% First filing
85 Autumn Glory Partners, LLC 0.25% of their portfolio DALLAS, TX 13,62313.6k $608.9k $608.9k 0.25% Unchanged
86 Cambridge Investment Research Advisors, Inc. 0.00% of their portfolio FAIRFIELD, IA 13,46213.5k $602.0k $602.0k 0.00% Reduced -6.2k -6,196
87 Cetera Investment Advisers 0.00% of their portfolio SCHAUMBURG, IL 12,95113.0k $578.9k $578.9k 0.00% Added +3.0k +3,046
88 Perigon Wealth Management, LLC 0.01% of their portfolio SAN FRANCISCO, CA 12,00012.0k $536.3k $536.3k 0.01% Unchanged
89 D. E. Shaw & Co., Inc. 0.00% of their portfolio New York, NY 11,84911.8k $529.6k $529.6k 0.00% Unchanged
90 Auxano Advisors, LLC 0.11% of their portfolio BELLEVUE, WA 11,69111.7k $522.5k $522.5k 0.11% Reduced -1.2k -1,206
91 NewEdge Advisors, LLC 0.00% of their portfolio NEW ORLEANS, LA 11,06711.1k $494.6k $494.6k 0.00% Reduced -942 -942
92 Mariner, LLC 0.00% of their portfolio Overland Park, KS 10,28710.3k $459.8k $459.8k 0.00% Reduced -211 -211
93 GARRISON POINT ADVISORS, LLC 0.18% of their portfolio Walnut Creek, CA 9,6499.6k $431.3k $431.3k 0.18% Reduced -280 -280
94 Evanson Asset Management, LLC 0.02% of their portfolio CARMEL, CA 9,5539.6k $427.0k $427.0k 0.02% Added +20 +20
95 Trademark Financial Management, LLC 0.25% of their portfolio Bloomington, MN 9,5249.5k $425.7k $425.7k 0.25% Reduced -465 -465
96 Sigma Planning Corp 0.01% of their portfolio ANN ARBOR, MI 9,4979.5k $424.5k $424.5k 0.01% Added +109 +109
97 Principia Wealth Advisory, LLC 0.29% of their portfolio DALLAS, TX 9,1909.2k $410.7k $410.7k 0.29% Added +352 +352
98 INGALLS & SNYDER LLC 0.01% of their portfolio NEW YORK, NY 8,5198.5k $381.0k $381.0k 0.01% New
99 Carlton Hofferkamp & Jenks Wealth Management, LLC 0.12% of their portfolio THE WOODLANDS, TX 8,0548.1k $350.5k $350.5k 0.12% Unchanged
100 MACROVIEW INVESTMENT MANAGEMENT LLC 0.26% of their portfolio BETHESDA, MD 7,8777.9k $352.1k $352.1k 0.26% Added +3 +3