Vault-13

LITMAN GREGORY FDS TR DBMF

IMGP DBI MANAGED · ETP · CUSIP 53700T827

192 institutional holders +1 vs Q2 2025
41,112,90841.1m shares reported held*
$1.1bnreported value*
21 new 92 added 62 reduced 18 sold out net bought ≈ $265.3m (+9.7m 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 ($8.4m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $27.34. Options: 1 managers hold calls ($284.0k notional), 1 hold puts ($49.0k).

Trends to Q3 2025

Institutional holders

Managers reporting a position, each quarter

0100200Q3 22: 101Q4 22: 153Q1 23: 138Q2 23: 137Q3 23: 136Q4 23: 131Q1 24: 140Q2 24: 156Q3 24: 158Q4 24: 191Q1 25: 191Q2 25: 191Q3 25: 192192Q3 22Q2 23Q1 24Q4 24Q3 25
Numbers
QuarterHolders
Q3 2022101
Q4 2022153
Q1 2023138
Q2 2023137
Q3 2023136
Q4 2023131
Q1 2024140
Q2 2024156
Q3 2024158
Q4 2024191
Q1 2025191
Q2 2025191
Q3 2025192

Buyers vs sellers

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

Bought or addedCut or sold out
2000200Q4 23: 65 bought or addedQ4 23: 79 cut or sold outQ1 24: 88 bought or addedQ1 24: 62 cut or sold outQ1 24Q2 24: 101 bought or addedQ2 24: 54 cut or sold outQ3 24: 93 bought or addedQ3 24: 70 cut or sold outQ3 24Q4 24: 112 bought or addedQ4 24: 67 cut or sold outQ1 25: 112 bought or addedQ1 25: 97 cut or sold outQ1 25Q2 25: 107 bought or addedQ2 25: 90 cut or sold outQ3 25: 113 bought or addedQ3 25: 80 cut or sold outQ3 25
Numbers
QuarterBought or addedCut or sold out
Q4 20236579
Q1 20248862
Q2 202410154
Q3 20249370
Q4 202411267
Q1 202511297
Q2 202510790
Q3 202511380

Calls vs puts

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

CallsPuts
$0$200k$400k$600kQ4 24 calls: $107.3kQ4 24 puts: $20.9kQ4 24P/C 0.20Q1 25 calls: $583.5kQ1 25 puts: $280.4kQ1 25P/C 0.48Q2 25 calls: $468.3kQ2 25 puts: $0Q2 25P/C 0.00Q3 25 calls: $284.0kQ3 25 puts: $49.0kQ3 25P/C 0.17
Numbers
QuarterCallsPutsP/C
Q4 2024$107.3k$20.9k0.20
Q1 2025$583.5k$280.4k0.48
Q2 2025$468.3k$00.00
Q3 2025$284.0k$49.0k0.17

Biggest buyers

MORGAN STANLEY Added +5,014,368+5.0m
Parcion Private Wealth LLC New +1,536,734+1.5m
POTOMAC FUND MANAGEMENT INC /ADV New +821,763+821.8k
Tidal Investments LLC Added +363,998+364.0k
Savant Capital, LLC Added +262,849+262.8k
Beacon Capital Management, Inc. New +239,213+239.2k
Scarborough Advisors, LLC Added +221,438+221.4k
MML INVESTORS SERVICES, LLC Added +186,904+186.9k
ROCKLAND TRUST CO Added +182,808+182.8k
ASHTON THOMAS SECURITIES, LLC Added +127,823+127.8k

Biggest sellers

JPMORGAN CHASE & CO Reduced -237,745-237.7k
Goldstein Advisors, LLC Reduced -108,854-108.9k
RENAISSANCE TECHNOLOGIES LLC Reduced -93,500-93.5k
TriaGen Wealth Management LLC Sold out -88,500-88.5k
Principia Wealth Advisory, LLC Reduced -71,710-71.7k
Castleview Partners, LLC Sold out -49,055-49.1k
Innova Wealth Partners Reduced -45,127-45.1k
Rockefeller Capital Management L.P. Reduced -41,049-41.0k
CITADEL ADVISORS LLC Reduced -32,331-32.3k
FLOW TRADERS U.S. LLC Sold out -29,355-29.4k

Biggest calls

CITADEL ADVISORS LLC Reduced $284.0k10.4k shares

Biggest puts

SIMPLEX TRADING, LLC New $49.0k1.8k 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, Q3 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 MORGAN STANLEY 0.01% of their portfolio NEW YORK, NY 7,695,1917.7m $210.2m $210.2m 0.01% Added +5.0m +5,014,368
2 LPL Financial LLC 0.04% of their portfolio FORT MILL, SC 5,282,4775.3m $144.3m $144.3m 0.04% Added +125.5k +125,489
3 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.04% of their portfolio MILWAUKEE, WI 1,969,2992.0m $53.8m $53.8m 0.04% Added +73.1k +73,114
4 Parcion Private Wealth LLC 2.62% of their portfolio BELLEVUE, WA 1,536,7341.5m $42.0m $42.0m 2.62% New
5 RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio ST. PETERSBURG, FL 1,367,7861.4m $37.4m $37.4m 0.01% Added +82.2k +82,222
6 Litman Gregory Wealth Management LLC 2.35% of their portfolio LARKSPUR, CA 1,155,7981.2m $31.6m $31.6m 2.35% Reduced -11.1k -11,096
7 Cardinal Point Capital Management ULC 2.20% of their portfolio TORONTO, A6 1,123,0111.1m $31.4m $31.4m 2.20% Added +38.0k +38,016
8 Goldstein Advisors, LLC 3.56% of their portfolio Madison, WI 1,071,1811.1m $29.3m $29.3m 3.56% Reduced -108.9k -108,854
9 Savant Capital, LLC 0.16% of their portfolio ROCKFORD, IL 963,646963.6k $26.3m $26.3m 0.16% Added +262.8k +262,849
10 POTOMAC FUND MANAGEMENT INC /ADV 0.95% of their portfolio BETHESDA, MD 821,763821.8k $22.4m $22.4m 0.95% New
11 Tidal Investments LLC 0.08% of their portfolio Milwaukee, WI 703,075703.1k $19.2m $19.2m 0.08% Added +364.0k +363,998
12 OneDigital Investment Advisors LLC 0.19% of their portfolio OVERLAND PARK, KS 664,443664.4k $18.1m $18.1m 0.19% Reduced -24.8k -24,780
13 ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio Berwyn, PA 651,561651.6k $17.8m $17.8m 0.01% Added +18.2k +18,243
14 Austin Wealth Management, LLC 2.71% of their portfolio Austin, TX 610,122610.1k $17.3m $17.3m 2.71% Added +50.4k +50,363
15 SUMMIT WEALTH & RETIREMENT PLANNING, INC. 3.96% of their portfolio EAGLE, ID 589,581589.6k $16.1m $16.1m 3.96% Added +3.7k +3,682
16 New York Life Investment Management LLC 0.14% of their portfolio New York, NY 574,888574.9k $15.7m $15.7m 0.14% Added +100.1k +100,068
17 IAG Wealth Partners, LLC 1.76% of their portfolio WAUKESHA, WI 535,932535.9k $14.6m $14.6m 1.76% Added +121.4k +121,365
18 COMMONWEALTH EQUITY SERVICES, LLC 0.02% of their portfolio WALTHAM, MA 526,375526.4k $14.4m $14.4m 0.02% Added +27.6k +27,560
19 SAGE PRIVATE WEALTH GROUP, LLC 7.35% of their portfolio OAKBROOK TERRACE, IL 484,080484.1k $13.2m $13.2m 7.35% Added +23.1k +23,129
20 ROCKLAND TRUST CO 0.53% of their portfolio HANOVER, MA 475,948475.9k $13.0m $13.0m 0.53% Added +182.8k +182,808
21 Valmark Advisers, Inc. 0.17% of their portfolio AKRON, OH 474,151474.2k $12.9m $12.9m 0.17% Reduced -918 -918
22 ALM First Financial Advisors, LLC 2.60% of their portfolio DALLAS, TX 472,305472.3k $12.9m $12.9m 2.60% Unchanged
23 Private Advisor Group, LLC 0.06% of their portfolio MORRISTOWN, NJ 432,719432.7k $11.8m $11.8m 0.06% Added +32.2k +32,159
24 AXXCESS WEALTH MANAGEMENT, LLC 0.24% of their portfolio CARLSBAD, CA 420,468420.5k $11.5m $11.5m 0.24% Added +57.5k +57,503
25 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 374,691374.7k $10.2m $10.2m 0.00% Reduced -10.9k -10,935
26 Evelyn Partners Asset Management Ltd 2.23% of their portfolio London, X0 362,404362.4k $9.9m $9.9m 2.23% Reduced -14.5k -14,493
27 Scarborough Advisors, LLC 1.61% of their portfolio ANNAPOLIS, MD 334,578334.6k $9.1m $9.1m 1.61% Added +221.4k +221,438
28 Fortitude Family Office, LLC 2.45% of their portfolio SCOTTSDALE, AZ 332,172332.2k $9.1m $9.1m 2.45% Reduced -7.2k -7,199
29 A&I FINANCIAL SERVICES, LLC 4.40% of their portfolio LONE TREE, CO 328,690328.7k $9.0m $9.0m 4.40% Added +106.6k +106,561
30 Cambria Investment Management, L.P. 0.44% of their portfolio Manhattan Beach, CA 263,591263.6k $7.2m $7.2m 0.44% Reduced -2.5k -2,545
31 Leelyn Smith, LLC 1.08% of their portfolio GENEVA, IL 263,308263.3k $7.2m $7.2m 1.08% Added +3.4k +3,431
32 ASHTON THOMAS SECURITIES, LLC 1.00% of their portfolio ROCHESTER, NY 261,791261.8k $7.2m $7.2m 1.00% Added +127.8k +127,823
33 MML INVESTORS SERVICES, LLC 0.02% of their portfolio SPRINGFIELD, MA 253,753253.8k $6.9m $6.9m 0.02% Added +186.9k +186,904
34 Beacon Capital Management, Inc. 0.31% of their portfolio DAYTON, OH 239,213239.2k $6.5m $6.5m 0.31% New
35 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 222,975223.0k $6.1m $6.1m 0.00% Added +94.7k +94,745
36 Deane Retirement Strategies, Inc. 2.53% of their portfolio NEW ORLEANS, LA 215,508215.5k $5.9m $5.9m 2.53% Reduced -2.1k -2,140
37 Cetera Investment Advisers 0.01% of their portfolio SCHAUMBURG, IL 214,391214.4k $5.9m $5.9m 0.01% Added +15.0k +14,977
38 Empire Financial Management Company, LLC 1.31% of their portfolio NEW YORK, NY 209,964210.0k $5.7m $5.7m 1.31% Added +5.0k +4,968
39 Cambridge Investment Research Advisors, Inc. 0.02% of their portfolio FAIRFIELD, IA 208,938208.9k $5.7m $5.7m 0.02% Added +12.4k +12,388
40 CSS LLC/IL 0.33% of their portfolio CHICAGO, IL 205,764205.8k $5.6m $5.6m 0.33% Unchanged
41 Professional Financial Advisors, LLC 1.11% of their portfolio NORTH PLATTE, NE 192,557192.6k $5.3m $5.3m 1.11% Added +13.0k +12,966
42 Upper Left Wealth Management, LLC 3.22% of their portfolio TAMPA, FL 187,599187.6k $5.1m $5.1m 3.22% Added +6.5k +6,543
43 Sanctuary Advisors, LLC 0.01% of their portfolio INDIANAPOLIS, IN 186,890186.9k $4.9m $4.9m 0.01% Added +83.5k +83,509
44 Equitable Holdings, Inc. 0.04% of their portfolio NEW YORK, NY 183,554183.6k $5.0m $5.0m 0.04% Added +11.9k +11,940
45 CWM, LLC 0.01% of their portfolio OMAHA, NE 181,533181.5k $5.0m $5.0m 0.01% Reduced -12.8k -12,839
46 CoreCap Advisors, LLC 0.16% of their portfolio SOUTHFIELD, MI 161,695161.7k $4.4m $4.4m 0.16% Added +32.2k +32,233
47 Farther Finance Advisors, LLC 0.07% of their portfolio SAN FRANCISCO, CA 160,870160.9k $4.4m $4.4m 0.07% Added +53.4k +53,394
48 Baird Financial Group, Inc. 0.01% of their portfolio MILWAUKEE, WI 149,781149.8k $4.1m $4.1m 0.01% Reduced -21.5k -21,454
49 Capitolis Liquid Global Markets LLC 0.03% of their portfolio NEW YORK, NY 149,300149.3k $4.1m $4.1m 0.03% Unchanged
50 Avestar Capital, LLC 0.28% of their portfolio New York, NY 143,294143.3k $3.9m $3.9m 0.28% Reduced -12.7k -12,740
51 Longview Financial Advisors, Inc. 2.67% of their portfolio HUNTSVILLE, AL 137,173137.2k $3.7m $3.7m 2.67% Added +2.4k +2,354
52 Fermata Advisors, LLC 0.93% of their portfolio SONOMA, CA 133,827133.8k $3.7m $3.7m 0.93% Added +2.5k +2,522
53 Live Oak Investment Partners 2.38% of their portfolio AUSTIN, TX 131,689131.7k $3.6m $3.6m 2.38% Added +15.9k +15,911
54 Principia Wealth Advisory, LLC 2.51% of their portfolio DALLAS, TX 128,740128.7k $3.5m $3.5m 2.51% Reduced -71.7k -71,710
55 Sterneck Capital Management, LLC 1.59% of their portfolio KANSAS CITY, MO 124,855124.9k $3.4m $3.4m 1.59% Added +80.8k +80,803
56 Evelyn Partners Investment Management Services Ltd 0.45% of their portfolio London, X0 121,477121.5k $3.3m $3.3m 0.45% Added +307 +307
57 ENTREWEALTH, LLC 1.65% of their portfolio AUSTIN, TX 117,463117.5k $3.2m $3.2m 1.65% Added +26.8k +26,795
58 STANSBERRY ASSET MANAGEMENT, LLC 0.33% of their portfolio Westlake, TX 115,726115.7k $3.2m $3.2m 0.33% Reduced -922 -922
59 Atria Investments, Inc 0.04% of their portfolio Charlotte, NC 112,463112.5k $3.1m $3.1m 0.04% Reduced -2.6k -2,639
60 Merit Financial Group, LLC 0.03% of their portfolio ALPHARETTA, GA 106,616106.6k $2.9m $2.9m 0.03% Added +69.7k +69,662
61 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 96,53796.5k $2.6m $2.6m 0.00% Added +63.3k +63,274
62 Empowered Funds, LLC 0.03% of their portfolio NEWTOWN SQUARE, PA 96,31096.3k $2.6m $2.6m 0.03% Added +1.4k +1,437
63 MKD WEALTH COACHES, LLC 2.56% of their portfolio TROY, MI 93,99294.0k $2.6m $2.6m 2.56% Added +1.6k +1,558
64 Elyxium Wealth, LLC 0.89% of their portfolio BEVERLY HILLS, CA 92,99093.0k $2.5m $2.5m 0.89% Added +39.7k +39,670
65 Canal Capital Management, LLC 0.38% of their portfolio Richmond, VA 92,09392.1k $2.5m $2.5m 0.38% Reduced -378 -378
66 Fairman Group, LLC 1.83% of their portfolio CHESTERBROOK, PA 83,37183.4k $2.3m $2.3m 1.83% Added +8.3k +8,292
67 RENAISSANCE TECHNOLOGIES LLC 0.00% of their portfolio NEW YORK, NY 82,90082.9k $2.3m $2.3m 0.00% Reduced -93.5k -93,500
68 AmeriServ Wealth Advisors 1.10% of their portfolio Johnstown, PA 79,48079.5k $2.2m $2.2m 1.10% New
69 NewEdge Advisors, LLC 0.01% of their portfolio NEW ORLEANS, LA 76,21176.2k $2.1m $2.1m 0.01% Added +327 +327
70 Hilltop Holdings Inc. 0.11% of their portfolio DALLAS, TX 74,45774.5k $2.0m $2.0m 0.11% Reduced -1.8k -1,849
71 Midwest Financial Group LLC 0.95% of their portfolio Overland Park, KS 73,00573.0k $2.0m $2.0m 0.95% Added +1.3k +1,306
72 E&G Advisors, LLC 0.46% of their portfolio HOUSTON, TX 72,35772.4k $2.0m $2.0m 0.46% Reduced -425 -425
73 HOWARD BAILEY SECURITIES, LLC 0.56% of their portfolio FORT WAYNE, IN 71,45371.5k $2.0m $2.0m 0.56% Added +5.9k +5,902
74 CAPTRUST FINANCIAL ADVISORS 0.00% of their portfolio RALEIGH, NC 70,11470.1k $1.9m $1.9m 0.00% Reduced -11.7k -11,703
75 RAINEY & RANDALL WEALTH ADVISORS INC. 0.31% of their portfolio Celebration, FL 68,09968.1k $1.9m $1.9m 0.31% Added +4.4k +4,400
76 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 65,28265.3k $1.8m $1.8m 0.00% Reduced -32.3k -32,331
77 IFG Advisory, LLC 0.08% of their portfolio ATLANTA, GA 63,63963.6k $1.7m $1.7m 0.08% Added +1.2k +1,243
78 Frontier Asset Management, LLC 0.43% of their portfolio SHERIDAN, WY 63,37663.4k $1.7m $1.7m 0.43% Reduced -2.4k -2,396
79 Twelve Points Wealth Management LLC 0.43% of their portfolio CONCORD, MA 62,66562.7k $1.7m $1.7m 0.43% Reduced -4.2k -4,192
80 Sound Financial Strategies Group, LLC 1.23% of their portfolio MADISON, MS 61,86561.9k $1.7m $1.7m 1.23% New
81 R. W. Roge & Company, Inc. 0.85% of their portfolio BOHEMIA, NY 60,82960.8k $1.7m $1.7m 0.85% Reduced -10.4k -10,384
82 Stonebridge Financial Group, LLC 0.14% of their portfolio Wormleysburg, PA 59,58759.6k $1.6m $1.6m 0.14% Added +28.1k +28,079
83 Mariner, LLC 0.00% of their portfolio Overland Park, KS 57,25157.3k $1.6m $1.6m 0.00% Added +56 +56
84 Optivise Advisory Services LLC 0.91% of their portfolio FRANKLIN, TN 56,30056.3k $1.5m $1.5m 0.91% Reduced -12.7k -12,708
85 RHS Financial, LLC 0.77% of their portfolio SAN FRANCISCO, CA 54,15354.2k $1.5m $1.5m 0.77% Added +3.9k +3,903
86 Perennial Investment Advisors, LLC 0.11% of their portfolio Los Angeles, CA 49,86549.9k $1.4m $1.4m 0.11% Added +4.9k +4,937
87 MAI Capital Management 0.01% of their portfolio INDEPENDENCE, OH 48,15348.2k $1.3m $1.3m 0.01% Added +7.4k +7,404
88 Legacy Capital Group California, Inc. 0.32% of their portfolio LOS GATOS, CA 45,46445.5k $1.2m $1.2m 0.32% Reduced -408 -408
89 STIFEL FINANCIAL CORP 0.00% of their portfolio ST. LOUIS, MO 43,57543.6k $1.2m $1.2m 0.00% Reduced -16.6k -16,646
90 NATIONAL BANK OF CANADA /FI/ 0.00% of their portfolio MONTREAL, A8 42,39442.4k $1.2m $1.2m 0.00% Added +5.1k +5,078
91 COMERICA BANK 0.00% of their portfolio DALLAS, TX 42,12942.1k $1.2m $1.2m 0.00% Added +17.3k +17,279
92 Columbus Macro, LLC 0.13% of their portfolio NEW CASTLE, PA 41,08341.1k $1.1m $1.1m 0.13% Added +4.4k +4,393
93 Savvy Advisors, Inc. 0.05% of their portfolio NEW YORK, NY 40,15440.2k $1.1m $1.1m 0.05% Reduced -8.5k -8,487
94 Matrix Trust Co 0.17% of their portfolio DENVER, CO 38,87038.9k $1.1m $1.1m 0.17% Reduced -1.9k -1,876
95 Smart Portfolios, LLC 0.97% of their portfolio LAKE FOREST PARK, WA 36,98037.0k $1.0m $1.0m 0.97% Added +5.6k +5,644
96 RETIREMENT FINANCIAL SOLUTIONS, LLC 0.20% of their portfolio KNOXVILLE, TN 35,34235.3k $965.2k $965.2k 0.20% Added +14.1k +14,087
97 Family Office Research LLC 0.41% of their portfolio Bethesda, MD 34,12034.1k $931.8k $931.8k 0.41% Added +1.6k +1,633
98 ABBINGTON INVESTMENT GROUP 0.79% of their portfolio WESTPORT, CT 33,76433.8k $922.1k $922.1k 0.79% First filing
99 Innova Wealth Partners 0.49% of their portfolio NEWTOWN, PA 33,51633.5k $915.3k $915.3k 0.49% Reduced -45.1k -45,127
100 CENTAURUS FINANCIAL, INC. 0.04% of their portfolio ANAHEIM, CA 33,15033.1k $905.0k $905.0k 0.04% Added +22.4k +22,365