Vault-13

LISTED FD TR INFL

HORIZON KINETICS · ETP · CUSIP 53656F623

168 institutional holders +18 vs Q4 2025
16,484,96216.5m shares reported held*
$853.4mreported value*
33 new 65 added 48 reduced 10 sold out net sold ≈ $126.3m (-2.4m 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 ≈ $51.77. Options: 2 managers hold calls ($1.6m notional), 1 hold puts ($1.7m).

Trends to Q1 2026

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: 150Q1 26: 168168Q3 22Q3 23Q3 24Q3 25Q1 26
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
Q1 2026168

Buyers vs sellers

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

Bought or addedCut or sold out
1000100Q2 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 25Q4 25: 87 bought or addedQ4 25: 48 cut or sold outQ1 26: 98 bought or addedQ1 26: 58 cut or sold outQ1 26
Numbers
QuarterBought or addedCut or sold out
Q2 20245746
Q3 20244951
Q4 20247537
Q1 20258542
Q2 20258853
Q3 20256762
Q4 20258748
Q1 20269858

Calls vs puts

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

CallsPuts
$0$500k$1m$1.5m$2mQ2 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 0.00Q1 26 calls: $1.6mQ1 26 puts: $1.7mQ1 26P/C 1.11
Numbers
QuarterCallsPutsP/C
Q2 2025$619.9k$00.00
Q3 2025$858.2k$00.00
Q4 2025$1.1m$00.00
Q1 2026$1.6m$1.7m1.11

Biggest buyers

COOPER INVESTORS PTY LTD New +172,724+172.7k
UBS Group AG Added +145,452+145.5k
WELLS FARGO & COMPANY/MN Added +136,431+136.4k
Pillsbury Lake Capital LLC New +129,975+130.0k
PECAUT & CO. Added +97,248+97.2k
RAYMOND JAMES FINANCIAL INC Added +79,182+79.2k
Essex Financial Services, Inc. Added +70,888+70.9k
ENVESTNET ASSET MANAGEMENT INC Added +54,356+54.4k
INDEPENDENT FINANCIAL GROUP, LLC New +53,986+54.0k
Rockefeller Capital Management L.P. Added +52,423+52.4k

Biggest sellers

JPMORGAN CHASE & CO Reduced -3,491,151-3.5m
Corient Private Wealth LP Reduced -129,738-129.7k
LPL Financial LLC Reduced -103,257-103.3k
Proficio Capital Partners LLC Reduced -50,043-50.0k
Philip James Wealth Mangement, LLC Reduced -45,942-45.9k
Baird Financial Group, Inc. Reduced -40,952-41.0k
OXFORD FINANCIAL GROUP, LTD. LLC Reduced -27,525-27.5k
WEALTH ENHANCEMENT ADVISORY SERVICES, LLC Sold out -25,760-25.8k
GUIDANCE CAPITAL, INC Reduced -19,932-19.9k
GTS SECURITIES LLC Sold out -19,655-19.7k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $1.3m25.2k shares
CITADEL ADVISORS LLC New $265.5k5.1k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP New $1.7m33.5k 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 OXFORD FINANCIAL GROUP, LTD. LLC 11.07% of their portfolio INDIANAPOLIS, IN 3,947,4523.9m $205.5m $205.5m 11.07% Reduced -27.5k -27,525
2 LPL Financial LLC 0.01% of their portfolio FORT MILL, SC 968,455968.5k $50.4m $50.4m 0.01% Reduced -103.3k -103,257
3 ROYAL BANK OF CANADA 0.01% of their portfolio TORONTO, A6 829,646829.6k $43.2m $43.2m 0.01% Added +43.7k +43,713
4 WELLS FARGO & COMPANY/MN 0.01% of their portfolio SAN FRANCISCO, CA 816,891816.9k $42.5m $42.5m 0.01% Added +136.4k +136,431
5 UBS Group AG 0.00% of their portfolio ZURICH, V8 519,499519.5k $27.0m $27.0m 0.00% Added +145.5k +145,452
6 One Charles Private Wealth Services, LLC 6.46% of their portfolio HINGHAM, MA 495,718495.7k $25.8m $25.8m 6.46% Reduced -495 -495
7 Rockefeller Capital Management L.P. 0.04% of their portfolio NEW YORK, NY 436,945436.9k $22.7m $22.7m 0.04% Added +52.4k +52,423
8 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 433,834433.8k $22.6m $22.6m 0.00% Added +38.4k +38,447
9 Bayshore Capital Advisors, LLC 7.26% of their portfolio TAMPA, FL 330,506330.5k $17.2m $17.2m 7.26% Added +37.8k +37,814
10 RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio ST. PETERSBURG, FL 315,797315.8k $16.4m $16.4m 0.01% Added +79.2k +79,182
11 Janney Montgomery Scott LLC 0.04% of their portfolio PHILADELPHIA, PA 302,310302.3k $15.7m $15.7m 0.04% Reduced -1.2k -1,243
12 COMMONWEALTH EQUITY SERVICES, LLC 0.02% of their portfolio WALTHAM, MA 295,915295.9k $15.4m $15.4m 0.02% Added +12.9k +12,867
13 CAPTRUST FINANCIAL ADVISORS 0.03% of their portfolio RALEIGH, NC 285,691285.7k $14.9m $14.9m 0.03% Added +9.9k +9,944
14 Hilltop National Bank 3.47% of their portfolio CASPER, WY 280,389280.4k $14.6m $14.6m 3.47% Added +31.2k +31,215
15 MAI Capital Management 0.08% of their portfolio INDEPENDENCE, OH 256,154256.2k $13.3m $13.3m 0.08% Added +4.6k +4,642
16 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 249,138249.1k $13.0m $13.0m 0.00% Added +54.4k +54,356
17 FIRST FOUNDATION ADVISORS 0.52% of their portfolio Irvine, CA 246,486246.5k $12.8m $12.8m 0.52% Added +22.1k +22,142
18 DIVERSIFIED MANAGEMENT INC 2.05% of their portfolio MILWAUKEE, WI 229,919229.9k $12.0m $12.0m 2.05% Added +23.0k +22,972
19 Aptus Capital Advisors, LLC 0.10% of their portfolio FAIRHOPE, AL 223,258223.3k $11.6m $11.6m 0.10% Added +10.6k +10,562
20 Coastal Bridge Advisors, LLC 0.71% of their portfolio WESTPORT, CT 191,817191.8k $10.0m $10.0m 0.71% Added +4.2k +4,218
21 Longview Financial Advisors, Inc. 5.64% of their portfolio HUNTSVILLE, AL 177,208177.2k $9.2m $9.2m 5.64% Added +4.3k +4,295
22 Focus Partners Wealth 0.01% of their portfolio ST LOUIS, MO 173,216173.2k $9.0m $9.0m 0.01% Added +47.5k +47,454
23 COOPER INVESTORS PTY LTD 3.67% of their portfolio MELBOURNE, VICTORIA, C3 172,724172.7k $9.0m $9.0m 3.67% New
24 Independent Family Office, LLC 3.21% of their portfolio ALBANY, NY 149,927149.9k $7.8m $7.8m 3.21% Reduced -11.4k -11,367
25 PECAUT & CO. 2.53% of their portfolio SIOUX CITY, IA 149,401149.4k $7.8m $7.8m 2.53% Added +97.2k +97,248
26 HighTower Advisors, LLC 0.01% of their portfolio CHICAGO, IL 148,561148.6k $7.7m $7.7m 0.01% Added +6.5k +6,537
27 Kestra Investment Management, LLC 0.13% of their portfolio AUSTIN, TX 146,401146.4k $7.6m $7.6m 0.13% Reduced -10.4k -10,382
28 Atlas Wealth Partners, LLC 7.22% of their portfolio WYOMISSING, PA 134,961135.0k $7.0m $7.0m 7.22% Added +4.4k +4,405
29 NCM Capital Management, LLC 2.49% of their portfolio RAMSEY, NJ 133,728133.7k $7.0m $7.0m 2.49% Added +7.6k +7,605
30 Pillsbury Lake Capital LLC 1.94% of their portfolio SAN FRANCISCO, CA 129,975130.0k $4.3m $4.3m 1.94% New
31 Moors & Cabot, Inc. 0.27% of their portfolio BOSTON, MA 121,626121.6k $6.3m $6.3m 0.27% Added +4.4k +4,419
32 Cullen/Frost Bankers, Inc. 0.07% of their portfolio San Antonio, TX 117,080117.1k $6.1m $6.1m 0.07% Reduced -5.5k -5,520
33 GUARDIAN WEALTH ADVISORS, LLC / NC 0.39% of their portfolio RALEIGH, NC 116,707116.7k $6.1m $6.1m 0.39% Added +10.7k +10,748
34 IFP Advisors, Inc 0.12% of their portfolio TAMPA, FL 109,620109.6k $5.7m $5.7m 0.12% Reduced -3.6k -3,584
35 Philip James Wealth Mangement, LLC 0.61% of their portfolio MILTON, GA 102,071102.1k $5.3m $5.3m 0.61% Reduced -45.9k -45,942
36 STIFEL FINANCIAL CORP 0.00% of their portfolio ST. LOUIS, MO 100,655100.7k $5.2m $5.2m 0.00% Added +19.8k +19,792
37 HORIZON KINETICS ASSET MANAGEMENT LLC 0.06% of their portfolio NEW YORK, NY 100,352100.4k $5.2m $5.2m 0.06% Added +1.4k +1,372
38 SCS Capital Management LLC 0.05% of their portfolio BOSTON, MA 99,29099.3k $5.2m $5.2m 0.05% Reduced -2.5k -2,540
39 Waterloo Capital, L.P. 0.36% of their portfolio AUSTIN, TX 97,94097.9k $5.1m $5.1m 0.36% Reduced -2.1k -2,101
40 Essex Financial Services, Inc. 0.27% of their portfolio ESSEX, CT 92,23192.2k $4.8m $4.8m 0.27% Added +70.9k +70,888
41 EagleClaw Capital Managment, LLC 0.64% of their portfolio BOSTON, MA 88,30288.3k $4.6m $4.6m 0.64% Added +1.7k +1,697
42 NewEdge Wealth, LLC 0.05% of their portfolio STAMFORD, CT 88,19788.2k $4.6m $4.6m 0.05% Added +4 +4
43 INTREPID FAMILY OFFICE LLC 3.85% of their portfolio SARASOTA, FL 85,00085.0k $4.4m $4.4m 3.85% Unchanged
44 OneDigital Investment Advisors LLC 0.04% of their portfolio OVERLAND PARK, KS 78,18978.2k $4.1m $4.1m 0.04% Added +3.2k +3,209
45 Baird Financial Group, Inc. 0.01% of their portfolio MILWAUKEE, WI 75,31475.3k $3.9m $3.9m 0.01% Reduced -41.0k -40,952
46 Sanctuary Advisors, LLC 0.02% of their portfolio INDIANAPOLIS, IN 73,07073.1k $3.8m $3.8m 0.02% Added +9.8k +9,792
47 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 62,14662.1k $3.2m $3.2m 0.00% Reduced -2.1k -2,082
48 DAVENPORT & Co LLC 0.02% of their portfolio RICHMOND, VA 59,71659.7k $3.1m $3.1m 0.02% Added +3.7k +3,686
49 Abacus Planning Group, Inc. 0.41% of their portfolio COLUMBIA, SC 58,72858.7k $3.1m $3.1m 0.41% Added +3.8k +3,770
50 Corient Private Wealth LP 0.00% of their portfolio MIAMI, FL 55,77955.8k $4.9k $4.9k 0.00% Reduced -129.7k -129,738
51 Steward Partners Investment Advisory, LLC 0.01% of their portfolio STAMFORD, CT 54,11854.1k $2.8m $2.8m 0.01% Added +2.5k +2,483
52 INDEPENDENT FINANCIAL GROUP, LLC 0.06% of their portfolio SAN DIEGO, CA 53,98654.0k $2.8m $2.8m 0.06% New
53 Advisory Services Network, LLC 0.04% of their portfolio ATLANTA, GA 53,48453.5k $2.8m $2.8m 0.04% Added +3.8k +3,830
54 Clarity Asset Management, Inc. 1.33% of their portfolio AMES, IA 50,44050.4k $2.6m $2.6m 1.33% Added +50.1k +50,060
55 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 49,00249.0k $2.6m $2.6m 0.00% Added +42.2k +42,193
56 Pekin Hardy Strauss, Inc. 0.26% of their portfolio CHICAGO, IL 47,56647.6k $2.5m $2.5m 0.26% Reduced -2.3k -2,262
57 KESTRA PRIVATE WEALTH SERVICES, LLC 0.03% of their portfolio AUSTIN, TX 44,50844.5k $2.3m $2.3m 0.03% Reduced -1.3k -1,315
58 Ausdal Financial Partners, Inc. 0.10% of their portfolio Davenport, IA 44,49344.5k $2.3m $2.3m 0.10% Reduced -14.3k -14,298
59 Spire Wealth Management 0.08% of their portfolio MCLEAN, VA 43,22443.2k $2.3m $2.3m 0.08% Reduced -2.0k -1,992
60 Lionsbridge Wealth Management LLC 2.24% of their portfolio JACKSONVILLE BEACH, FL 42,87242.9k $2.2m $2.2m 2.24% Added +422 +422
61 Stratos Wealth Partners, LTD. 0.02% of their portfolio BEACHWOOD, OH 39,96440.0k $2.1m $2.1m 0.02% Added +2.9k +2,930
62 Cerity Partners LLC 0.00% of their portfolio NEW YORK, NY 39,70039.7k $2.1m $2.1m 0.00% Reduced -1.1k -1,147
63 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 36,84636.8k $1.9m $1.9m 0.00% Reduced -3.5m -3,491,151
64 Private Advisor Group, LLC 0.01% of their portfolio MORRISTOWN, NJ 35,81235.8k $1.9m $1.9m 0.01% Added +5.3k +5,260
65 Compass Ion Advisors, LLC 0.17% of their portfolio CONSHOHOCKEN, PA 34,18334.2k $1.8m $1.8m 0.17% Reduced -2.2k -2,200
66 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 33,03133.0k $1.7m $1.7m 0.00% Reduced -99 -99
67 Beacon Pointe Advisors, LLC 0.01% of their portfolio NEWPORT BEACH, CA 30,01730.0k $1.6m $1.6m 0.01% Added +11.4k +11,395
68 Atria Investments, Inc 0.02% of their portfolio Charlotte, NC 28,57828.6k $1.5m $1.5m 0.02% Added +573 +573
69 Cresset Asset Management, LLC 0.01% of their portfolio Chicago, IL 27,26327.3k $1.4m $1.4m 0.01% Added +5.1k +5,145
70 Meridian Wealth Advisors, LLC 0.18% of their portfolio AUSTIN, TX 25,89825.9k $1.3m $1.3m 0.18% Unchanged
71 Cambridge Investment Research Advisors, Inc. 0.00% of their portfolio FAIRFIELD, IA 24,56924.6k $1.3m $1.3m 0.00% Added +10.1k +10,117
72 Kingsview Wealth Management, LLC 0.02% of their portfolio GRANTS PASS, OR 22,70122.7k $1.2m $1.2m 0.02% New
73 Trilogy Capital Inc. 0.05% of their portfolio IRVINE, CA 22,45522.5k $1.2m $1.2m 0.05% Reduced -150 -150
74 Waverly Advisors, LLC 0.01% of their portfolio BIRMINGHAM, AL 22,26122.3k $1.2m $1.2m 0.01% New
75 Wealthspire Advisors, LLC 0.01% of their portfolio NEW YORK, NY 22,13922.1k $1.2m $1.2m 0.01% Reduced -17.5k -17,503
76 PHILLIPS FINANCIAL MANAGEMENT, LLC 0.08% of their portfolio FORT WAYNE, IN 20,81620.8k $1.1m $1.1m 0.08% Unchanged
77 Triad Investment Management 1.23% of their portfolio NEWPORT BEACH, CA 20,05020.1k $1.0m $1.0m 1.23% New
78 LAFFER TENGLER INVESTMENTS, INC. 0.15% of their portfolio Scottsdale, AZ 20,00020.0k $1.0m $1.0m 0.15% New
79 Bright Futures Wealth Management, LLC. 0.70% of their portfolio WEBSTER, NY 14580, NY 19,76819.8k $1.0m $1.0m 0.70% Added +6.0k +6,009
80 Baker Ellis Asset Management LLC 0.12% of their portfolio Vancouver, WA 19,47219.5k $1.0m $1.0m 0.12% Added +500 +500
81 Straight Path Wealth Management 0.26% of their portfolio Jenison, MI 18,90518.9k $984.2k $984.2k 0.26% Added +350 +350
82 Mezzasalma Advisors, LLC 0.24% of their portfolio TINTON FALLS, NJ 18,18318.2k $946.6k $946.6k 0.24% Added +3.8k +3,819
83 OPPENHEIMER & CO INC 0.01% of their portfolio NEW YORK, NY 17,61817.6k $917.2k $917.2k 0.01% Added +8.4k +8,381
84 KING LUTHER CAPITAL MANAGEMENT CORP 0.00% of their portfolio FORT WORTH, TX 16,50016.5k $859.0k $859.0k 0.00% Unchanged
85 Greenhaven Road Investment Management, L.P. 0.36% of their portfolio GREENWICH, CT 16,02416.0k $528.8k $528.8k 0.36% New
86 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 15,50015.5k $806.9k $806.9k 0.00% Added +14.7k +14,692
87 Cetera Investment Advisers 0.00% of their portfolio SCHAUMBURG, IL 15,34115.3k $798.7k $798.7k 0.00% Added +2.4k +2,390
88 JNBA Financial Advisors 0.07% of their portfolio BLOOMINGTON, MN 15,16515.2k $789.5k $789.5k 0.07% Reduced -1.1k -1,050
89 CORNERSTONE ADVISORS ASSET MANAGEMENT, LLC 0.12% of their portfolio BETHLEHEM, PA 15,03115.0k $782.5k $782.5k 0.12% Unchanged
90 INGALLS & SNYDER LLC 0.03% of their portfolio NEW YORK, NY 14,46914.5k $753.0k $753.0k 0.03% Added +4.0k +4,001
91 Autumn Glory Partners, LLC 0.26% of their portfolio DALLAS, TX 13,62313.6k $709.2k $709.2k 0.26% Unchanged
92 PARSONS CAPITAL MANAGEMENT INC/RI 0.03% of their portfolio PROVIDENCE, RI 13,43713.4k $699.5k $699.5k 0.03% New
93 Perigon Wealth Management, LLC 0.01% of their portfolio SAN FRANCISCO, CA 12,00012.0k $624.7k $624.7k 0.01% Unchanged
94 Realta Investment Advisors 0.21% of their portfolio WILMINGTON, DE 11,76311.8k $612.4k $612.4k 0.21% New
95 Savvy Advisors, Inc. 0.02% of their portfolio NEW YORK, NY 11,62111.6k $605.0k $605.0k 0.02% Reduced -9.9k -9,920
96 Copia Wealth Management 0.41% of their portfolio BEND, OR 11,37311.4k $592.1k $592.1k 0.41% Reduced -4.4k -4,430
97 SMITH, MOORE & CO. 0.04% of their portfolio CLAYTON, MO 11,19211.2k $582.6k $582.6k 0.04% New
98 NewEdge Advisors, LLC 0.00% of their portfolio NEW ORLEANS, LA 9,6179.6k $500.6k $500.6k 0.00% Reduced -1.0k -1,015
99 Evanson Asset Management, LLC 0.03% of their portfolio CARMEL, CA 9,5889.6k $499.1k $499.1k 0.03% Added +14 +14
100 Sigma Planning Corp 0.01% of their portfolio ANN ARBOR, MI 9,5049.5k $494.8k $494.8k 0.01% Added +2 +2