Vault-13

LISTED FD TR INFL

HORIZON KINETICS · ETP · CUSIP 53656F623

150 institutional holders +7 vs Q3 2025
18,884,46418.9m shares reported held*
$840.5mreported value*
17 new 70 added 35 reduced 13 sold out net sold ≈ $181.9m (-4.1m 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 ≈ $44.51. Options: 1 managers hold calls ($1.1m notional), 0 hold puts (—).

Trends to Q4 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: 143Q4 25: 150150Q3 22Q2 23Q1 24Q4 24Q4 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
Q4 2025150

Buyers vs sellers

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

Bought or addedCut or sold out
1000100Q1 24: 35 bought or addedQ1 24: 85 cut or sold outQ2 24: 57 bought or addedQ2 24: 46 cut or sold outQ2 24Q3 24: 49 bought or addedQ3 24: 51 cut or sold outQ4 24: 75 bought or addedQ4 24: 37 cut or sold outQ4 24Q1 25: 85 bought or addedQ1 25: 42 cut or sold outQ2 25: 88 bought or addedQ2 25: 53 cut or sold outQ2 25Q3 25: 67 bought or addedQ3 25: 62 cut or sold outQ4 25: 87 bought or addedQ4 25: 48 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 20243585
Q2 20245746
Q3 20244951
Q4 20247537
Q1 20258542
Q2 20258853
Q3 20256762
Q4 20258748

Calls vs puts

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

CallsPuts
$0$500k$1m$1.5mQ1 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 0.00Q4 25 calls: $1.1mQ4 25 puts: $0Q4 25P/C 0.00
Numbers
QuarterCallsPutsP/C
Q1 2025$296.7k$44.7k0.15
Q2 2025$619.9k$00.00
Q3 2025$858.2k$00.00
Q4 2025$1.1m$00.00

Biggest buyers

MAI Capital Management Added +251,382+251.4k
FIRST FOUNDATION ADVISORS Added +159,107+159.1k
Corient Private Wealth LP Added +108,576+108.6k
HighTower Advisors, LLC Added +95,792+95.8k
WELLS FARGO & COMPANY/MN Added +62,635+62.6k
ROYAL BANK OF CANADA Added +58,309+58.3k
Bank of New York Mellon Corp Added +44,894+44.9k
Hilltop National Bank Added +39,196+39.2k
Focus Partners Wealth Added +36,677+36.7k
Rockefeller Capital Management L.P. Added +30,404+30.4k

Biggest sellers

JPMORGAN CHASE & CO Reduced -4,888,937-4.9m
Proficio Capital Partners LLC Reduced -71,677-71.7k
Hilltop Holdings Inc. Sold out -66,556-66.6k
Stratos Wealth Advisors, LLC Sold out -50,183-50.2k
LEAVELL INVESTMENT MANAGEMENT, INC. Reduced -35,250-35.2k
CITADEL ADVISORS LLC Sold out -33,162-33.2k
Stegent Equity Advisors, Inc. Sold out -20,124-20.1k
OXFORD FINANCIAL GROUP, LTD. LLC Reduced -15,169-15.2k
D. E. Shaw & Co., Inc. Sold out -11,849-11.8k
SCS Capital Management LLC Reduced -9,728-9.7k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $1.1m25.1k 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 OXFORD FINANCIAL GROUP, LTD. LLC 9.71% of their portfolio INDIANAPOLIS, IN 3,974,9774.0m $176.7m $176.7m 9.71% Reduced -15.2k -15,169
2 JPMORGAN CHASE & CO 0.01% of their portfolio NEW YORK, NY 3,527,9973.5m $156.9m $156.9m 0.01% Reduced -4.9m -4,888,937
3 LPL Financial LLC 0.01% of their portfolio FORT MILL, SC 1,071,7121.1m $47.6m $47.6m 0.01% Added +3.2k +3,192
4 ROYAL BANK OF CANADA 0.01% of their portfolio TORONTO, A6 785,933785.9k $34.9m $34.9m 0.01% Added +58.3k +58,309
5 WELLS FARGO & COMPANY/MN 0.01% of their portfolio SAN FRANCISCO, CA 680,460680.5k $30.3m $30.3m 0.01% Added +62.6k +62,635
6 One Charles Private Wealth Services, LLC 5.70% of their portfolio HINGHAM, MA 496,213496.2k $22.1m $22.1m 5.70% Reduced -5.6k -5,600
7 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 395,387395.4k $17.6m $17.6m 0.00% Added +44.9k +44,894
8 Rockefeller Capital Management L.P. 0.03% of their portfolio NEW YORK, NY 384,522384.5k $17.1m $17.1m 0.03% Added +30.4k +30,404
9 UBS Group AG 0.00% of their portfolio ZURICH, V8 374,047374.0k $16.6m $16.6m 0.00% Added +18.6k +18,572
10 Janney Montgomery Scott LLC 0.03% of their portfolio PHILADELPHIA, PA 303,553303.6k $13.5m $13.5m 0.03% Added +12.3k +12,300
11 Bayshore Capital Advisors, LLC 6.50% of their portfolio TAMPA, FL 292,692292.7k $13.0m $13.0m 6.50% First filing
12 COMMONWEALTH EQUITY SERVICES, LLC 0.02% of their portfolio WALTHAM, MA 283,048283.0k $12.6m $12.6m 0.02% Added +5.0k +5,002
13 CAPTRUST FINANCIAL ADVISORS 0.02% of their portfolio RALEIGH, NC 275,747275.7k $12.3m $12.3m 0.02% Added +11.5k +11,460
14 MAI Capital Management 0.06% of their portfolio INDEPENDENCE, OH 251,512251.5k $11.2m $11.2m 0.06% Added +251.4k +251,382
15 Hilltop National Bank 2.68% of their portfolio CASPER, WY 249,174249.2k $11.1m $11.1m 2.68% Added +39.2k +39,196
16 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 236,615236.6k $10.5m $10.5m 0.00% Added +14.2k +14,184
17 FIRST FOUNDATION ADVISORS 0.38% of their portfolio Irvine, CA 224,344224.3k $10.0m $10.0m 0.38% Added +159.1k +159,107
18 Aptus Capital Advisors, LLC 0.08% of their portfolio FAIRHOPE, AL 212,696212.7k $9.5m $9.5m 0.08% Added +7.6k +7,594
19 DIVERSIFIED MANAGEMENT INC 2.15% of their portfolio MILWAUKEE, WI 206,947206.9k $9.2m $9.2m 2.15% First filing
20 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 194,782194.8k $8.7m $8.7m 0.00% Added +15.3k +15,302
21 Coastal Bridge Advisors, LLC 0.62% of their portfolio WESTPORT, CT 187,599187.6k $8.3m $8.3m 0.62% Added +5.1k +5,095
22 Corient Private Wealth LP 0.01% of their portfolio MIAMI, FL 185,517185.5k $8.2m $8.2m 0.01% Added +108.6k +108,576
23 Longview Financial Advisors, Inc. 5.22% of their portfolio HUNTSVILLE, AL 172,913172.9k $7.7m $7.7m 5.22% Added +5.2k +5,203
24 Independent Family Office, LLC 2.99% of their portfolio ALBANY, NY 161,294161.3k $7.2m $7.2m 2.99% Added +849 +849
25 Kestra Investment Management, LLC 0.17% of their portfolio AUSTIN, TX 156,783156.8k $7.0m $7.0m 0.17% Added +3.5k +3,511
26 Philip James Wealth Mangement, LLC 0.76% of their portfolio MILTON, GA 148,013148.0k $6.6m $6.6m 0.76% Added +3.7k +3,685
27 HighTower Advisors, LLC 0.01% of their portfolio CHICAGO, IL 142,024142.0k $6.3m $6.3m 0.01% Added +95.8k +95,792
28 Atlas Wealth Partners, LLC 6.38% of their portfolio WYOMISSING, PA 130,556130.6k $5.8m $5.8m 6.38% Added +2.2k +2,151
29 NCM Capital Management, LLC 2.08% of their portfolio RAMSEY, NJ 126,123126.1k $5.6m $5.6m 2.08% Added +13.1k +13,052
30 Focus Partners Wealth 0.01% of their portfolio ST LOUIS, MO 125,762125.8k $5.6m $5.6m 0.01% Added +36.7k +36,677
31 Cullen/Frost Bankers, Inc. 0.06% of their portfolio San Antonio, TX 122,600122.6k $5.5m $5.5m 0.06% Unchanged
32 Moors & Cabot, Inc. 0.22% of their portfolio BOSTON, MA 117,207117.2k $5.2m $5.2m 0.22% Reduced -1.2k -1,236
33 Baird Financial Group, Inc. 0.01% of their portfolio MILWAUKEE, WI 116,266116.3k $5.2m $5.2m 0.01% Reduced -3.3k -3,266
34 IFP Advisors, Inc 0.11% of their portfolio TAMPA, FL 113,204113.2k $5.0m $5.0m 0.11% Added +2.4k +2,381
35 GUARDIAN WEALTH ADVISORS, LLC / NC 0.30% of their portfolio RALEIGH, NC 105,959106.0k $4.7m $4.7m 0.30% Added +5.6k +5,628
36 SCS Capital Management LLC 0.05% of their portfolio BOSTON, MA 101,830101.8k $4.5m $4.5m 0.05% Reduced -9.7k -9,728
37 Waterloo Capital, L.P. 0.32% of their portfolio AUSTIN, TX 100,041100.0k $4.4m $4.4m 0.32% Added +1.8k +1,845
38 HORIZON KINETICS ASSET MANAGEMENT LLC 0.06% of their portfolio NEW YORK, NY 98,98099.0k $4.4m $4.4m 0.06% Reduced -2.3k -2,319
39 NewEdge Wealth, LLC 0.04% of their portfolio STAMFORD, CT 88,19388.2k $3.9m $3.9m 0.04% Reduced -93 -93
40 EagleClaw Capital Managment, LLC 0.56% of their portfolio BOSTON, MA 86,60586.6k $3.9m $3.9m 0.56% Reduced -525 -525
41 INTREPID FAMILY OFFICE LLC 3.64% of their portfolio SARASOTA, FL 85,00085.0k $3.8m $3.8m 3.64% Unchanged
42 STIFEL FINANCIAL CORP 0.00% of their portfolio ST. LOUIS, MO 80,86380.9k $3.6m $3.6m 0.00% Added +14.7k +14,742
43 OneDigital Investment Advisors LLC 0.03% of their portfolio OVERLAND PARK, KS 74,98075.0k $3.3m $3.3m 0.03% Added +455 +455
44 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 64,22864.2k $2.9m $2.9m 0.00% Reduced -2.0k -1,983
45 Sanctuary Advisors, LLC 0.02% of their portfolio INDIANAPOLIS, IN 63,27863.3k $2.8m $2.8m 0.02% Reduced -9.4k -9,432
46 Proficio Capital Partners LLC 0.18% of their portfolio NEWTON, MA 58,81358.8k $2.6m $2.6m 0.18% Reduced -71.7k -71,677
47 Ausdal Financial Partners, Inc. 0.12% of their portfolio Davenport, IA 58,79158.8k $2.6m $2.6m 0.12% Added +1.3k +1,266
48 DAVENPORT & Co LLC 0.01% of their portfolio RICHMOND, VA 56,03056.0k $2.5m $2.5m 0.01% Added +1.4k +1,360
49 Abacus Planning Group, Inc. 0.33% of their portfolio COLUMBIA, SC 54,95855.0k $2.4m $2.4m 0.33% Added +4.1k +4,071
50 PECAUT & CO. 0.75% of their portfolio SIOUX CITY, IA 52,15352.2k $2.3m $2.3m 0.75% Added +4.0k +4,003
51 Steward Partners Investment Advisory, LLC 0.01% of their portfolio STAMFORD, CT 51,63551.6k $2.3m $2.3m 0.01% Added +1.9k +1,869
52 Pekin Hardy Strauss, Inc. 0.20% of their portfolio CHICAGO, IL 49,82849.8k $2.2m $2.2m 0.20% Reduced -5.9k -5,920
53 Advisory Services Network, LLC 0.03% of their portfolio ATLANTA, GA 49,65449.7k $2.2m $2.2m 0.03% Reduced -545 -545
54 KESTRA PRIVATE WEALTH SERVICES, LLC 0.03% of their portfolio AUSTIN, TX 45,82345.8k $2.0m $2.0m 0.03% Added +17.7k +17,678
55 Spire Wealth Management 0.07% of their portfolio MCLEAN, VA 45,21645.2k $2.0m $2.0m 0.07% Added +594 +594
56 Lionsbridge Wealth Management LLC 1.91% of their portfolio JACKSONVILLE BEACH, FL 42,45042.5k $1.9m $1.9m 1.91% Reduced -174 -174
57 Cerity Partners LLC 0.00% of their portfolio NEW YORK, NY 40,84740.8k $1.8m $1.8m 0.00% Reduced -333 -333
58 Wealthspire Advisors, LLC 0.01% of their portfolio NEW YORK, NY 39,64239.6k $1.8m $1.8m 0.01% Added +427 +427
59 Stratos Wealth Partners, LTD. 0.02% of their portfolio BEACHWOOD, OH 37,03437.0k $1.6m $1.6m 0.02% Added +895 +895
60 Compass Ion Advisors, LLC 0.15% of their portfolio CONSHOHOCKEN, PA 36,38336.4k $1.6m $1.6m 0.15% Reduced -2.4k -2,391
61 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 33,13033.1k $1.5m $1.5m 0.00% Added +174 +174
62 Private Advisor Group, LLC 0.01% of their portfolio MORRISTOWN, NJ 30,55230.6k $1.4m $1.4m 0.01% Reduced -4.1k -4,121
63 Atria Investments, Inc 0.01% of their portfolio Charlotte, NC 28,00528.0k $1.2m $1.2m 0.01% Added +6.7k +6,714
64 GUIDANCE CAPITAL, INC 0.32% of their portfolio LOUSVILLE, KY 26,25426.3k $1.3m $1.3m 0.32% Added +2.2k +2,157
65 Meridian Wealth Advisors, LLC 0.16% of their portfolio AUSTIN, TX 25,89825.9k $1.2m $1.2m 0.16% Added +5.5k +5,520
66 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 25,76025.8k $1.2m $1.2m 0.00% Unchanged
67 Trilogy Capital Inc. 0.04% of their portfolio IRVINE, CA 22,60522.6k $1.0m $1.0m 0.04% Added +90 +90
68 Cresset Asset Management, LLC 0.00% of their portfolio Chicago, IL 22,11822.1k $983.4k $983.4k 0.00% Added +11 +11
69 Compound Planning, Inc. 0.03% of their portfolio NEW YORK, NY 21,67221.7k $963.5k $963.5k 0.03% Added +71 +71
70 Savvy Advisors, Inc. 0.03% of their portfolio NEW YORK, NY 21,54121.5k $957.7k $957.7k 0.03% New
71 Essex Financial Services, Inc. 0.05% of their portfolio ESSEX, CT 21,34321.3k $948.9k $948.9k 0.05% Added +14.8k +14,790
72 PHILLIPS FINANCIAL MANAGEMENT, LLC 0.06% of their portfolio FORT WAYNE, IN 20,81620.8k $925.5k $925.5k 0.06% Unchanged
73 GTS SECURITIES LLC 0.03% of their portfolio NEW YORK, NY 19,65519.7k $873.9k $873.9k 0.03% Added +15.1k +15,083
74 Baker Ellis Asset Management LLC 0.10% of their portfolio Vancouver, WA 18,97219.0k $843.5k $843.5k 0.10% Reduced -2.6k -2,610
75 Beacon Pointe Advisors, LLC 0.01% of their portfolio NEWPORT BEACH, CA 18,62218.6k $827.9k $827.9k 0.01% Added +231 +231
76 Straight Path Wealth Management 0.22% of their portfolio Jenison, MI 18,55518.6k $825.0k $825.0k 0.22% Added +1.4k +1,450
77 PURE PORTFOLIOS HOLDINGS LLC 0.24% of their portfolio LAKE OSWEGO, OR 17,83417.8k $792.9k $792.9k 0.24% Reduced -599 -599
78 KING LUTHER CAPITAL MANAGEMENT CORP 0.00% of their portfolio FORT WORTH, TX 16,50016.5k $733.6k $733.6k 0.00% Unchanged
79 JNBA Financial Advisors 0.06% of their portfolio BLOOMINGTON, MN 16,21516.2k $720.9k $720.9k 0.06% Reduced -56 -56
80 IHT Wealth Management, LLC 0.02% of their portfolio Chicago, IL 15,85915.9k $705.1k $705.1k 0.02% Added +900 +900
81 Copia Wealth Management 0.50% of their portfolio BEND, OR 15,80315.8k $702.6k $702.6k 0.50% Added +217 +217
82 CORNERSTONE ADVISORS ASSET MANAGEMENT, LLC 0.11% of their portfolio BETHLEHEM, PA 15,03115.0k $668.3k $668.3k 0.11% Unchanged
83 Cambridge Investment Research Advisors, Inc. 0.00% of their portfolio FAIRFIELD, IA 14,45214.5k $643.0k $643.0k 0.00% Added +990 +990
84 Mezzasalma Advisors, LLC 0.15% of their portfolio TINTON FALLS, NJ 14,36414.4k $642.0k $642.0k 0.15% Added +28 +28
85 Bright Futures Wealth Management, LLC. 0.45% of their portfolio WEBSTER, NY 14580, NY 13,75913.8k $611.7k $611.7k 0.45% Added +3 +3
86 Autumn Glory Partners, LLC 0.21% of their portfolio DALLAS, TX 13,62313.6k $605.7k $605.7k 0.21% Unchanged
87 Cetera Investment Advisers 0.00% of their portfolio SCHAUMBURG, IL 12,95113.0k $575.8k $575.8k 0.00% Unchanged
88 Perigon Wealth Management, LLC 0.01% of their portfolio SAN FRANCISCO, CA 12,00012.0k $533.5k $533.5k 0.01% Unchanged
89 Requisite Capital Management, LLC 0.09% of their portfolio DALLAS, TX 11,10011.1k $493.5k $493.5k 0.09% New
90 NewEdge Advisors, LLC 0.00% of their portfolio NEW ORLEANS, LA 10,63210.6k $472.7k $472.7k 0.00% Reduced -435 -435
91 INGALLS & SNYDER LLC 0.02% of their portfolio NEW YORK, NY 10,46810.5k $465.0k $465.0k 0.02% Added +1.9k +1,949
92 Mariner, LLC 0.00% of their portfolio Overland Park, KS 10,10410.1k $449.2k $449.2k 0.00% Reduced -183 -183
93 LEAVELL INVESTMENT MANAGEMENT, INC. 0.02% of their portfolio MOBILE, AL 9,8719.9k $438.9k $438.9k 0.02% Reduced -35.2k -35,250
94 Principia Wealth Advisory, LLC 0.27% of their portfolio DALLAS, TX 9,6559.7k $429.3k $429.3k 0.27% Added +465 +465
95 Evanson Asset Management, LLC 0.02% of their portfolio CARMEL, CA 9,5749.6k $425.7k $425.7k 0.02% Added +21 +21
96 Sigma Planning Corp 0.01% of their portfolio ANN ARBOR, MI 9,5029.5k $422.4k $422.4k 0.01% Added +5 +5
97 GARRISON POINT ADVISORS, LLC 0.19% of their portfolio Walnut Creek, CA 9,4599.5k $420.5k $420.5k 0.19% Reduced -190 -190
98 OPPENHEIMER & CO INC 0.01% of their portfolio NEW YORK, NY 9,2379.2k $410.7k $410.7k 0.01% Added +2.8k +2,763
99 Auxano Advisors, LLC 0.08% of their portfolio BELLEVUE, WA 9,2229.2k $410.0k $410.0k 0.08% Reduced -2.5k -2,469
100 IKE Capital, LLC 0.33% of their portfolio NEW YORK, NY 8,5668.6k $380.9k $380.9k 0.33% First filing