Vault-13

LITMAN GREGORY FDS TR DBMF

IMGP DBI MANAGED · ETP · CUSIP 53700T827

241 institutional holders +49 vs Q3 2025
57,221,04657.2m shares reported held*
$1.6bnreported value*
48 new 103 added 60 reduced 14 sold out net bought ≈ $444.5m (+15.8m 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 ($11.6m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $28.08. Options: 1 managers hold calls ($805.3k notional), 2 hold puts ($2.0m).

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

0100200300Q3 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: 192Q4 25: 241241Q3 22Q2 23Q1 24Q4 24Q4 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
Q4 2025241

Buyers vs sellers

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

Bought or addedCut or sold out
2000200Q1 24: 88 bought or addedQ1 24: 62 cut or sold outQ2 24: 101 bought or addedQ2 24: 54 cut or sold outQ2 24Q3 24: 93 bought or addedQ3 24: 70 cut or sold outQ4 24: 112 bought or addedQ4 24: 67 cut or sold outQ4 24Q1 25: 112 bought or addedQ1 25: 97 cut or sold outQ2 25: 107 bought or addedQ2 25: 90 cut or sold outQ2 25Q3 25: 113 bought or addedQ3 25: 80 cut or sold outQ4 25: 151 bought or addedQ4 25: 74 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 20248862
Q2 202410154
Q3 20249370
Q4 202411267
Q1 202511297
Q2 202510790
Q3 202511380
Q4 202515174

Calls vs puts

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

CallsPuts
$0$500k$1m$1.5m$2mQ1 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 0.17Q4 25 calls: $805.3kQ4 25 puts: $2.0mQ4 25P/C 2.47
Numbers
QuarterCallsPutsP/C
Q1 2025$583.5k$280.4k0.48
Q2 2025$468.3k$00.00
Q3 2025$284.0k$49.0k0.17
Q4 2025$805.3k$2.0m2.47

Biggest buyers

JPMORGAN CHASE & CO Added +7,363,949+7.4m
TIAA TRUST, NATIONAL ASSOCIATION New +3,121,070+3.1m
Tidal Investments LLC Added +917,173+917.2k
ROYAL BANK OF CANADA Added +537,000+537.0k
Penserra Capital Management LLC New +531,851+531.9k
Beacon Harbor Wealth Advisors, Inc. New +437,012+437.0k
Innova Wealth Partners Added +395,047+395.0k
LPL Financial LLC Added +355,157+355.2k
FMA Wealth Management, LLC New +247,483+247.5k
NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Added +198,372+198.4k

Biggest sellers

Baird Financial Group, Inc. Sold out -149,781-149.8k
Capitolis Liquid Global Markets LLC Sold out -149,300-149.3k
AXXCESS WEALTH MANAGEMENT, LLC Reduced -130,310-130.3k
Sanctuary Advisors, LLC Reduced -89,533-89.5k
Beacon Capital Management, Inc. Reduced -77,503-77.5k
CITADEL ADVISORS LLC Sold out -65,282-65.3k
HOWARD BAILEY SECURITIES, LLC Reduced -60,582-60.6k
Evelyn Partners Asset Management Ltd Reduced -60,224-60.2k
WELLS FARGO & COMPANY/MN Reduced -57,362-57.4k
Litman Gregory Wealth Management LLC Reduced -41,761-41.8k

Biggest calls

CITADEL ADVISORS LLC Added $805.3k28.7k shares

Biggest puts

TORNO CAPITAL, LLC Not comparable $2.0m70.0k shares
SIMPLEX TRADING, LLC Reduced $22.4k800 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, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 MORGAN STANLEY 0.01% of their portfolio NEW YORK, NY 7,845,1007.8m $220.1m $220.1m 0.01% Added +149.9k +149,909
2 JPMORGAN CHASE & CO 0.01% of their portfolio NEW YORK, NY 7,374,4837.4m $206.9m $206.9m 0.01% Added +7.4m +7,363,949
3 LPL Financial LLC 0.04% of their portfolio FORT MILL, SC 5,637,6345.6m $158.2m $158.2m 0.04% Added +355.2k +355,157
4 TIAA TRUST, NATIONAL ASSOCIATION 0.21% of their portfolio CHARLOTTE, NC 3,121,0703.1m $87.8m $87.8m 0.21% New
5 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.04% of their portfolio MILWAUKEE, WI 2,167,6712.2m $60.8m $60.8m 0.04% Added +198.4k +198,372
6 Tidal Investments LLC 0.19% of their portfolio Milwaukee, WI 1,620,2481.6m $45.5m $45.5m 0.19% Added +917.2k +917,173
7 Parcion Private Wealth LLC 2.66% of their portfolio BELLEVUE, WA 1,556,6371.6m $43.7m $43.7m 2.66% Added +19.9k +19,903
8 RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio ST. PETERSBURG, FL 1,457,1551.5m $40.9m $40.9m 0.01% Added +89.4k +89,369
9 Cardinal Point Capital Management ULC 2.14% of their portfolio TORONTO, A6 1,164,6161.2m $32.7m $32.7m 2.14% Added +41.6k +41,605
10 Litman Gregory Wealth Management LLC 2.29% of their portfolio LARKSPUR, CA 1,114,0371.1m $31.3m $31.3m 2.29% Reduced -41.8k -41,761
11 Goldstein Advisors, LLC 3.36% of their portfolio Madison, WI 1,050,5551.1m $29.5m $29.5m 3.36% Reduced -20.6k -20,626
12 Savant Capital, LLC 0.15% of their portfolio ROCKFORD, IL 965,864965.9k $27.1m $27.1m 0.15% Added +2.2k +2,218
13 POTOMAC FUND MANAGEMENT INC /ADV 0.89% of their portfolio BETHESDA, MD 859,178859.2k $24.1m $24.1m 0.89% Added +37.4k +37,415
14 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 759,975760.0k $21.3m $21.3m 0.00% Added +537.0k +537,000
15 OneDigital Investment Advisors LLC 0.18% of their portfolio OVERLAND PARK, KS 644,354644.4k $18.1m $18.1m 0.18% Reduced -20.1k -20,089
16 Austin Wealth Management, LLC 2.66% of their portfolio Austin, TX 635,783635.8k $18.0m $18.0m 2.66% Added +25.7k +25,661
17 ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio Berwyn, PA 622,541622.5k $17.5m $17.5m 0.01% Reduced -29.0k -29,020
18 ROCKLAND TRUST CO 0.67% of their portfolio HANOVER, MA 606,018606.0k $17.0m $17.0m 0.67% Added +130.1k +130,070
19 SUMMIT WEALTH & RETIREMENT PLANNING, INC. 3.96% of their portfolio EAGLE, ID 599,282599.3k $16.8m $16.8m 3.96% Added +9.7k +9,701
20 New York Life Investment Management LLC 0.14% of their portfolio New York, NY 570,325570.3k $16.0m $16.0m 0.14% Reduced -4.6k -4,563
21 IAG Wealth Partners, LLC 1.84% of their portfolio WAUKESHA, WI 565,318565.3k $15.9m $15.9m 1.84% Added +29.4k +29,386
22 COMMONWEALTH EQUITY SERVICES, LLC 0.02% of their portfolio WALTHAM, MA 548,434548.4k $15.4m $15.4m 0.02% Added +22.1k +22,059
23 Penserra Capital Management LLC 0.18% of their portfolio ORINDA, CA 531,851531.9k $14.9m $14.9m 0.18% New
24 SAGE PRIVATE WEALTH GROUP, LLC 7.45% of their portfolio OAKBROOK TERRACE, IL 494,071494.1k $13.9m $13.9m 7.45% Added +10.0k +9,991
25 ALM First Financial Advisors, LLC 2.62% of their portfolio DALLAS, TX 472,305472.3k $13.3m $13.3m 2.62% Unchanged
26 Valmark Advisers, Inc. 0.16% of their portfolio AKRON, OH 470,247470.2k $13.2m $13.2m 0.16% Reduced -3.9k -3,904
27 Fortitude Family Office, LLC 2.95% of their portfolio SCOTTSDALE, AZ 448,656448.7k $12.6m $12.6m 2.95% Added +116.5k +116,484
28 Beacon Harbor Wealth Advisors, Inc. 2.72% of their portfolio VIRGINIA BEACH, VA 437,012437.0k $12.3m $12.3m 2.72% New
29 Private Advisor Group, LLC 0.06% of their portfolio MORRISTOWN, NJ 435,523435.5k $12.2m $12.2m 0.06% Added +2.8k +2,804
30 Innova Wealth Partners 6.07% of their portfolio NEWTOWN, PA 428,563428.6k $12.0m $12.0m 6.07% Added +395.0k +395,047
31 Cambria Investment Management, L.P. 0.61% of their portfolio Manhattan Beach, CA 372,915372.9k $10.5m $10.5m 0.61% Added +109.3k +109,324
32 Scarborough Advisors, LLC 1.64% of their portfolio ANNAPOLIS, MD 345,677345.7k $9.7m $9.7m 1.64% Added +11.1k +11,099
33 A&I FINANCIAL SERVICES, LLC 4.30% of their portfolio LONE TREE, CO 322,366322.4k $9.0m $9.0m 4.30% Reduced -6.3k -6,324
34 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 317,329317.3k $8.9m $8.9m 0.00% Reduced -57.4k -57,362
35 Farther Finance Advisors, LLC 0.09% of their portfolio SAN FRANCISCO, CA 303,933303.9k $8.5m $8.5m 0.09% Added +143.1k +143,063
36 Evelyn Partners Asset Management Ltd 1.99% of their portfolio London, X0 302,180302.2k $8.5m $8.5m 1.99% Reduced -60.2k -60,224
37 Merit Financial Group, LLC 0.07% of their portfolio ALPHARETTA, GA 293,747293.7k $8.2m $8.2m 0.07% Added +187.1k +187,131
38 AXXCESS WEALTH MANAGEMENT, LLC 0.15% of their portfolio CARLSBAD, CA 290,158290.2k $8.1m $8.1m 0.15% Reduced -130.3k -130,310
39 ASHTON THOMAS SECURITIES, LLC 1.44% of their portfolio ROCHESTER, NY 270,686270.7k $7.6m $7.6m 1.44% Added +8.9k +8,895
40 Leelyn Smith, LLC 1.04% of their portfolio GENEVA, IL 257,482257.5k $7.2m $7.2m 1.04% Reduced -5.8k -5,826
41 FMA Wealth Management, LLC 4.50% of their portfolio DUXBURY, MA 247,483247.5k $6.9m $6.9m 4.50% New
42 Cetera Investment Advisers 0.01% of their portfolio SCHAUMBURG, IL 246,435246.4k $6.9m $6.9m 0.01% Added +32.0k +32,044
43 MML INVESTORS SERVICES, LLC 0.02% of their portfolio SPRINGFIELD, MA 244,935244.9k $6.9m $6.9m 0.02% Reduced -8.8k -8,818
44 Deane Retirement Strategies, Inc. 2.51% of their portfolio NEW ORLEANS, LA 216,508216.5k $6.1m $6.1m 2.51% Added +1.0k +1,000
45 Empire Financial Management Company, LLC 1.29% of their portfolio NEW YORK, NY 211,563211.6k $5.9m $5.9m 1.29% Added +1.6k +1,599
46 Equitable Holdings, Inc. 0.04% of their portfolio NEW YORK, NY 210,496210.5k $5.9m $5.9m 0.04% Added +26.9k +26,942
47 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 209,575209.6k $5.9m $5.9m 0.00% Added +113.0k +113,038
48 Cambridge Investment Research Advisors, Inc. 0.02% of their portfolio FAIRFIELD, IA 209,240209.2k $5.9m $5.9m 0.02% Added +302 +302
49 CSS LLC/IL 0.33% of their portfolio CHICAGO, IL 205,764205.8k $5.8m $5.8m 0.33% Unchanged
50 Empowered Funds, LLC 0.10% of their portfolio NEWTOWN SQUARE, PA 204,310204.3k $5.7m $5.7m 0.10% Added +108.0k +108,000
51 Professional Financial Advisors, LLC 1.15% of their portfolio NORTH PLATTE, NE 200,182200.2k $5.6m $5.6m 1.15% Added +7.6k +7,625
52 Upper Left Wealth Management, LLC 3.35% of their portfolio TAMPA, FL 195,943195.9k $5.5m $5.5m 3.35% Added +8.3k +8,344
53 Carrera Capital Advisors 0.92% of their portfolio TROY, MI 195,638195.6k $5.5m $5.5m 0.92% New
54 Fermata Advisors, LLC 1.21% of their portfolio SONOMA, CA 179,200179.2k $5.0m $5.0m 1.21% Added +45.4k +45,373
55 CWM, LLC 0.01% of their portfolio OMAHA, NE 174,368174.4k $4.9m $4.9m 0.01% Reduced -7.2k -7,165
56 Beacon Capital Management, Inc. 0.24% of their portfolio DAYTON, OH 161,710161.7k $4.5m $4.5m 0.24% Reduced -77.5k -77,503
57 Principia Wealth Advisory, LLC 2.60% of their portfolio DALLAS, TX 148,138148.1k $4.2m $4.2m 2.60% Added +19.4k +19,398
58 Avestar Capital, LLC 0.28% of their portfolio New York, NY 144,340144.3k $4.1m $4.1m 0.28% Added +1.0k +1,046
59 Longview Financial Advisors, Inc. 2.67% of their portfolio HUNTSVILLE, AL 139,971140.0k $3.9m $3.9m 2.67% Added +2.8k +2,798
60 Live Oak Investment Partners 2.38% of their portfolio AUSTIN, TX 138,022138.0k $3.9m $3.9m 2.38% Added +6.3k +6,333
61 Ethos Financial Group, LLC 0.28% of their portfolio KING OF PRUSSIA, PA 137,203137.2k $3.8m $3.8m 0.28% Added +124.2k +124,176
62 Elyxium Wealth, LLC 1.07% of their portfolio BEVERLY HILLS, CA 137,007137.0k $3.8m $3.8m 1.07% Added +44.0k +44,017
63 ASPIRIANT, LLC 0.11% of their portfolio San Francisco, CA 130,604130.6k $3.7m $3.7m 0.11% New
64 ENTREWEALTH, LLC 1.77% of their portfolio AUSTIN, TX 130,465130.5k $3.9m $3.9m 1.77% Added +13.0k +13,002
65 Sterneck Capital Management, LLC 1.63% of their portfolio KANSAS CITY, MO 129,200129.2k $3.6m $3.6m 1.63% Added +4.3k +4,345
66 Evelyn Partners Investment Management Services Ltd 0.45% of their portfolio London, X0 127,654127.7k $3.6m $3.6m 0.45% Added +6.2k +6,177
67 CoreCap Advisors, LLC 0.13% of their portfolio SOUTHFIELD, MI 127,623127.6k $3.6m $3.6m 0.13% Reduced -34.1k -34,072
68 Atria Investments, Inc 0.04% of their portfolio Charlotte, NC 119,401119.4k $3.4m $3.4m 0.04% Added +6.9k +6,938
69 STANSBERRY ASSET MANAGEMENT, LLC 0.33% of their portfolio Westlake, TX 117,811117.8k $3.3m $3.3m 0.33% Added +2.1k +2,085
70 Worth Asset Management, LLC 1.36% of their portfolio DALLAS, TX 114,036114.0k $3.2m $3.2m 1.36% Added +105.7k +105,746
71 SKY-MOUNTAIN CAPITAL MANAGEMENT, INC. 1.95% of their portfolio KETCHUM, ID 99,89799.9k $2.9m $2.9m 1.95% New
72 Sanctuary Advisors, LLC 0.01% of their portfolio INDIANAPOLIS, IN 97,35797.4k $2.7m $2.7m 0.01% Reduced -89.5k -89,533
73 MKD WEALTH COACHES, LLC 2.58% of their portfolio TROY, MI 91,90491.9k $2.6m $2.6m 2.58% Reduced -2.1k -2,088
74 Fairman Group, LLC 2.00% of their portfolio CHESTERBROOK, PA 89,20589.2k $2.5m $2.5m 2.00% Added +5.8k +5,834
75 RENAISSANCE TECHNOLOGIES LLC 0.00% of their portfolio NEW YORK, NY 88,30088.3k $2.5m $2.5m 0.00% Added +5.4k +5,400
76 NewEdge Advisors, LLC 0.01% of their portfolio NEW ORLEANS, LA 87,14687.1k $2.4m $2.4m 0.01% Added +10.9k +10,935
77 Wealth High Governance Asset Management Ltda. 0.41% of their portfolio SAO PAULO, D5 82,44382.4k $2.3m $2.3m 0.41% First filing
78 Good Steward Wealth Advisors,LLC 1.51% of their portfolio CLARKSVILLE, TN 81,61581.6k $2.3m $2.3m 1.51% Added +64.6k +64,569
79 Midwest Financial Group LLC 1.00% of their portfolio Overland Park, KS 80,57880.6k $2.3m $2.3m 1.00% Added +7.6k +7,573
80 Canal Capital Management, LLC 0.31% of their portfolio Richmond, VA 78,23678.2k $2.2m $2.2m 0.31% Reduced -13.9k -13,857
81 Perennial Investment Advisors, LLC 0.17% of their portfolio Los Angeles, CA 75,94575.9k $2.1m $2.1m 0.17% Added +26.1k +26,080
82 Sound Financial Strategies Group, LLC 1.50% of their portfolio MADISON, MS 75,84275.8k $2.1m $2.1m 1.50% Added +14.0k +13,977
83 Hilltop Holdings Inc. 0.12% of their portfolio DALLAS, TX 72,77072.8k $2.0m $2.0m 0.12% Reduced -1.7k -1,687
84 MANNING & NAPIER ADVISORS LLC 0.03% of their portfolio Fairport, NY 72,27072.3k $2.0m $2.0m 0.03% Added +59.0k +59,032
85 Stonebridge Financial Group, LLC 0.17% of their portfolio Wormleysburg, PA 71,81771.8k $2.0m $2.0m 0.17% Added +12.2k +12,230
86 IFG Advisory, LLC 0.09% of their portfolio ATLANTA, GA 69,82269.8k $2.0m $2.0m 0.09% Added +6.2k +6,183
87 RAINEY & RANDALL WEALTH ADVISORS INC. 0.31% of their portfolio Celebration, FL 68,21368.2k $1.9m $1.9m 0.31% Added +114 +114
88 Twelve Points Wealth Management LLC 0.41% of their portfolio CONCORD, MA 64,06764.1k $1.8m $1.8m 0.41% Added +1.4k +1,402
89 Mariner, LLC 0.00% of their portfolio Overland Park, KS 63,90163.9k $1.8m $1.8m 0.00% Added +6.7k +6,650
90 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.00% of their portfolio Toronto, A6 60,08060.1k $1.7m $1.7m 0.00% Added +51.6k +51,585
91 CAPTRUST FINANCIAL ADVISORS 0.00% of their portfolio RALEIGH, NC 59,49859.5k $1.7m $1.7m 0.00% Reduced -10.6k -10,616
92 Galvin, Gaustad & Stein, LLC 0.13% of their portfolio Scottsdale, AZ 58,91458.9k $1.7m $1.7m 0.13% New
93 E&G Advisors, LLC 0.36% of their portfolio HOUSTON, TX 57,05757.1k $1.6m $1.6m 0.36% Reduced -15.3k -15,300
94 R. W. Roge & Company, Inc. 0.77% of their portfolio BOHEMIA, NY 55,32555.3k $1.6m $1.6m 0.77% Reduced -5.5k -5,504
95 Smart Portfolios, LLC 1.42% of their portfolio LAKE FOREST PARK, WA 50,70950.7k $1.4m $1.4m 1.42% Added +13.7k +13,729
96 RHS Financial, LLC 0.69% of their portfolio SAN FRANCISCO, CA 50,38850.4k $1.4m $1.4m 0.69% Reduced -3.8k -3,765
97 MAI Capital Management 0.01% of their portfolio INDEPENDENCE, OH 50,23950.2k $1.4m $1.4m 0.01% Added +2.1k +2,086
98 ALPHA CAPITAL ADVISORS INC /ADV 1.33% of their portfolio BANGOR, ME 49,58549.6k $1.4m $1.4m 1.33% First filing
99 Concurrent Investment Advisors, LLC 0.02% of their portfolio Tampa, FL 47,06547.1k $1.3m $1.3m 0.02% Added +14.5k +14,542
100 Quadrature Capital Ltd 0.01% of their portfolio LONDON, X0 46,90746.9k $1.3m $1.3m 0.01% New