Vault-13

PUTNAM ETF TRUST PVAL

FOCUSED LAR CAP · ETP · CUSIP 746729300

261 institutional holders +60 vs Q3 2025
128,917,037128.9m shares reported held*
$5.9bnreported value*
56 new 155 added 25 reduced 7 sold out net bought ≈ $1.5bn (+31.9m 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 ≈ $45.59.

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

0100200300Q3 22: 12Q4 22: 21Q1 23: 23Q2 23: 21Q3 23: 27Q4 23: 35Q1 24: 39Q2 24: 64Q3 24: 97Q4 24: 118Q1 25: 148Q2 25: 171Q3 25: 201Q4 25: 261261Q3 22Q2 23Q1 24Q4 24Q4 25
Numbers
QuarterHolders
Q3 202212
Q4 202221
Q1 202323
Q2 202321
Q3 202327
Q4 202335
Q1 202439
Q2 202464
Q3 202497
Q4 2024118
Q1 2025148
Q2 2025171
Q3 2025201
Q4 2025261

Buyers vs sellers

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

Bought or addedCut or sold out
4000400Q1 24: 29 bought or addedQ1 24: 14 cut or sold outQ2 24: 51 bought or addedQ2 24: 9 cut or sold outQ2 24Q3 24: 78 bought or addedQ3 24: 16 cut or sold outQ4 24: 92 bought or addedQ4 24: 23 cut or sold outQ4 24Q1 25: 117 bought or addedQ1 25: 23 cut or sold outQ2 25: 132 bought or addedQ2 25: 42 cut or sold outQ2 25Q3 25: 159 bought or addedQ3 25: 39 cut or sold outQ4 25: 211 bought or addedQ4 25: 32 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 20242914
Q2 2024519
Q3 20247816
Q4 20249223
Q1 202511723
Q2 202513242
Q3 202515939
Q4 202521132

Calls vs puts

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

CallsPuts
$0$50k$100k$150k$200kQ1 25 calls: $0Q1 25 puts: $0Q1 25P/C —Q2 25 calls: $0Q2 25 puts: $0Q2 25P/C —Q3 25 calls: $0Q3 25 puts: $194.5kQ3 25P/C —Q4 25 calls: $0Q4 25 puts: $0Q4 25P/C —
Numbers
QuarterCallsPutsP/C
Q1 2025$0$0—
Q2 2025$0$0—
Q3 2025$0$194.5k—
Q4 2025$0$0—

Biggest buyers

BANK OF AMERICA CORP /DE/ Added +11,785,315+11.8m
MORGAN STANLEY Added +1,906,373+1.9m
Corient Private Wealth LP Added +1,577,510+1.6m
Cetera Investment Advisers Added +1,484,571+1.5m
Cullen/Frost Bankers, Inc. Added +1,009,485+1.0m
Modern Wealth Management, LLC Added +788,744+788.7k
Bleakley Financial Group, LLC New +779,036+779.0k
Thrivent Financial for Lutherans New +772,511+772.5k
WELLS FARGO & COMPANY/MN Added +689,527+689.5k
HANCOCK WHITNEY CORP New +670,090+670.1k

Biggest sellers

Sanctuary Advisors, LLC Reduced -316,506-316.5k
D.A. DAVIDSON & CO. Reduced -70,220-70.2k
TWO SIGMA INVESTMENTS, LP Sold out -53,900-53.9k
RENAISSANCE TECHNOLOGIES LLC Sold out -51,540-51.5k
Cannon Wealth Management Services, LLC Reduced -48,787-48.8k
TRUIST FINANCIAL CORP Reduced -29,862-29.9k
CITADEL ADVISORS LLC Sold out -22,585-22.6k
Prosperity Financial Group, Inc. Reduced -16,543-16.5k
Cerity Partners LLC Sold out -10,294-10.3k
D. E. Shaw & Co., Inc. Sold out -8,721-8.7k

Holders, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 BANK OF AMERICA CORP /DE/ 0.08% of their portfolio CHARLOTTE, NC 24,207,32524.2m $1.1bn $1.1bn 0.08% Added +11.8m +11,785,315
2 MORGAN STANLEY 0.03% of their portfolio NEW YORK, NY 9,566,7309.6m $436.0m $436.0m 0.03% Added +1.9m +1,906,373
3 Cetera Investment Advisers 0.34% of their portfolio SCHAUMBURG, IL 6,853,9156.9m $312.3m $312.3m 0.34% Added +1.5m +1,484,571
4 Cullen/Frost Bankers, Inc. 3.44% of their portfolio San Antonio, TX 6,852,8556.9m $312.3m $312.3m 3.44% Added +1.0m +1,009,485
5 GLENMEDE TRUST CO NA 1.39% of their portfolio PHILADELPHIA, PA 6,419,4876.4m $292.5m $292.5m 1.39% First filing
6 COMMONWEALTH EQUITY SERVICES, LLC 0.31% of their portfolio WALTHAM, MA 5,124,6405.1m $233.5m $233.5m 0.31% Added +234.9k +234,950
7 UBS Group AG 0.05% of their portfolio ZURICH, V8 5,037,4345.0m $229.6m $229.6m 0.05% Added +408.2k +408,248
8 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.13% of their portfolio MILWAUKEE, WI 4,603,5774.6m $209.8m $209.8m 0.13% Added +410.9k +410,945
9 ENVESTNET ASSET MANAGEMENT INC 0.05% of their portfolio Berwyn, PA 4,058,6314.1m $185.0m $185.0m 0.05% Added +141.7k +141,668
10 CWM, LLC 0.40% of their portfolio OMAHA, NE 3,249,6283.2m $148.1m $148.1m 0.40% Added +195.1k +195,140
11 Corient Private Wealth LP 0.07% of their portfolio MIAMI, FL 2,200,4712.2m $100.3m $100.3m 0.07% Added +1.6m +1,577,510
12 STIFEL FINANCIAL CORP 0.09% of their portfolio ST. LOUIS, MO 2,158,3922.2m $98.4m $98.4m 0.09% Added +31.5k +31,526
13 Amplius Wealth Advisors, LLC 7.80% of their portfolio BLUE BELL, PA 2,039,7632.0m $93.0m $93.0m 7.80% Added +32.9k +32,925
14 Modern Wealth Management, LLC 1.65% of their portfolio KANSAS CITY, MO 1,985,2512.0m $90.5m $90.5m 1.65% Added +788.7k +788,744
15 Allegheny Financial Group 13.37% of their portfolio Pittsburgh, PA 1,982,1422.0m $90.3m $90.3m 13.37% Added +561.6k +561,590
16 Cambridge Investment Research Advisors, Inc. 0.19% of their portfolio FAIRFIELD, IA 1,571,2251.6m $71.6m $71.6m 0.19% Added +467.1k +467,121
17 Opal Wealth Advisors, LLC 18.29% of their portfolio JERICHO, NY 1,539,4911.5m $70.2m $70.2m 18.29% Added +26.2k +26,158
18 WELLS FARGO & COMPANY/MN 0.01% of their portfolio SAN FRANCISCO, CA 1,530,8771.5m $69.8m $69.8m 0.01% Added +689.5k +689,527
19 HighTower Advisors, LLC 0.06% of their portfolio CHICAGO, IL 1,228,8541.2m $56.0m $56.0m 0.06% Added +38.8k +38,758
20 Oak Barrel Wealth Advisory LLC 32.44% of their portfolio RESTON, VA 1,190,9551.2m $54.3m $54.3m 32.44% First filing
21 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.06% of their portfolio PLYMOUTH, MN 1,013,8321.0m $47.5m $47.5m 0.06% Added +18.2k +18,241
22 Sanctuary Advisors, LLC 0.25% of their portfolio INDIANAPOLIS, IN 995,269995.3k $45.4m $45.4m 0.25% Reduced -316.5k -316,506
23 AUCTUS ADVISORS LLC 40.18% of their portfolio CHARLOTTE, NC 956,522956.5k $43.6m $43.6m 40.18% First filing
24 Kestra Advisory Services, LLC 0.18% of their portfolio AUSTIN, TX 954,400954.4k $43.5m $43.5m 0.18% Added +323.1k +323,086
25 Capital Analysts, LLC 1.18% of their portfolio FORT WASHINGTON, PA 937,476937.5k $42.7m $42.7m 1.18% Added +115.8k +115,801
26 Harbor Group, Inc. 5.79% of their portfolio BEDFORD, NH 848,271848.3k $38.7m $38.7m 5.79% Added +21.8k +21,789
27 Wealthspire Advisors, LLC 0.30% of their portfolio NEW YORK, NY 830,187830.2k $37.8m $37.8m 0.30% Added +501.5k +501,528
28 Geneos Wealth Management Inc. 0.92% of their portfolio ENGLEWOOD, CO 826,781826.8k $37.7m $37.7m 0.92% Added +80.5k +80,459
29 Drake & Associates, LLC 7.22% of their portfolio WAUKESHA, WI 795,851795.9k $36.3m $36.3m 7.22% Added +71.9k +71,879
30 Bleakley Financial Group, LLC 0.62% of their portfolio PARSIPPANY, NJ 779,036779.0k $35.5m $35.5m 0.62% New
31 LPL Financial LLC 0.01% of their portfolio FORT MILL, SC 776,080776.1k $35.4m $35.4m 0.01% Added +370.9k +370,896
32 Thrivent Financial for Lutherans 0.06% of their portfolio Minneapolis, MN 772,511772.5k $35.2m $35.2m 0.06% New
33 RFG Advisory, LLC 0.65% of their portfolio BIRMINGHAM, AL 759,205759.2k $34.6m $34.6m 0.65% Added +371.1k +371,140
34 Janney Montgomery Scott LLC 0.08% of their portfolio PHILADELPHIA, PA 742,130742.1k $33.8m $33.8m 0.08% Added +253.4k +253,368
35 SAX WEALTH ADVISORS, LLC 1.47% of their portfolio PARSIPPANY, NJ 686,031686.0k $31.3m $31.3m 1.47% Added +152.9k +152,882
36 HANCOCK WHITNEY CORP 0.55% of their portfolio GULFPORT, MS 670,090670.1k $30.5m $30.5m 0.55% New
37 MML INVESTORS SERVICES, LLC 0.07% of their portfolio SPRINGFIELD, MA 631,725631.7k $28.8m $28.8m 0.07% Added +166.6k +166,588
38 Arete Wealth Advisors, LLC 1.95% of their portfolio CHICAGO, IL 618,804618.8k $28.2m $28.2m 1.95% Added +19.3k +19,301
39 Embree Financial Group 3.40% of their portfolio Chicago, IL 606,936606.9k $27.7m $27.7m 3.40% Added +269.4k +269,353
40 Sowa Financial Group, Inc. 13.55% of their portfolio LINCOLN, RI 571,015571.0k $26.0m $26.0m 13.55% Added +22.7k +22,742
41 Rockefeller Capital Management L.P. 0.05% of their portfolio NEW YORK, NY 551,609551.6k $25.1m $25.1m 0.05% Added +461.2k +461,155
42 AdvisorNet Financial, Inc 1.28% of their portfolio MINNETONKA, MN 528,175528.2k $24.1m $24.1m 1.28% Added +37.6k +37,639
43 JONES FINANCIAL COMPANIES LLLP 0.01% of their portfolio DES PERES, MO 500,633500.6k $22.8m $22.8m 0.01% Added +297.6k +297,586
44 OneDigital Investment Advisors LLC 0.22% of their portfolio OVERLAND PARK, KS 490,766490.8k $22.4m $22.4m 0.22% Added +170.0k +170,019
45 BAKER TILLY WEALTH MANAGEMENT, LLC 5.17% of their portfolio MADISON, WI 460,074460.1k $21.0m $21.0m 5.17% Added +76.4k +76,437
46 TRUIST FINANCIAL CORP 0.03% of their portfolio CHARLOTTE, NC 447,913447.9k $20.4m $20.4m 0.03% Reduced -29.9k -29,862
47 Baird Financial Group, Inc. 0.03% of their portfolio MILWAUKEE, WI 437,315437.3k $19.9m $19.9m 0.03% Added +31.4k +31,363
48 Towneley Capital Management, Inc / DE 4.12% of their portfolio LAGUNA HILLS, CA 429,271429.3k $19.6m $19.6m 4.12% Added +3.2k +3,168
49 Cooper Financial Group 2.07% of their portfolio IRVINE, CA 427,522427.5k $19.5m $19.5m 2.07% Added +15.4k +15,423
50 M&T Bank Corp 0.06% of their portfolio BUFFALO, NY 401,379401.4k $18.3m $18.3m 0.06% Added +207.2k +207,193
51 SILVER OAK SECURITIES, INCORPORATED 1.23% of their portfolio JACKSON, TN 397,649397.6k $18.2m $18.2m 1.23% Added +357.1k +357,108
52 Dogwood Wealth Management LLC 7.42% of their portfolio LENEXA, KS 369,699369.7k $16.8m $16.8m 7.42% New
53 Aurdan Capital Management, LLC 5.19% of their portfolio Wayne, PA 369,142369.1k $16.8m $16.8m 5.19% Added +33.4k +33,390
54 Steward Partners Investment Advisory, LLC 0.09% of their portfolio STAMFORD, CT 362,520362.5k $16.5m $16.5m 0.09% Added +54.4k +54,430
55 Weil Company, Inc. 3.76% of their portfolio SAN DIEGO, CA 358,446358.4k $16.3m $16.3m 3.76% Added +31.0k +30,975
56 BridgePort Financial Solutions, LLC 4.37% of their portfolio FAIRFIELD, IA 357,272357.3k $16.3m $16.3m 4.37% Added +10.9k +10,895
57 Keystone Financial Services, LLC 11.03% of their portfolio OMAHA, NE 355,400355.4k $16.2m $16.2m 11.03% Added +5.3k +5,276
58 Snowden Capital Advisors LLC 0.40% of their portfolio New York, NY 344,079344.1k $15.7m $15.7m 0.40% New
59 IVC Wealth Advisors LLC 6.18% of their portfolio SILVERDALE, PA 311,832311.8k $14.2m $14.2m 6.18% Added +4.2k +4,170
60 Haverford Trust Co 0.13% of their portfolio Radnor, PA 310,102310.1k $14.1m $14.1m 0.13% Added +62.7k +62,731
61 CENTRAL TRUST Co 0.28% of their portfolio JEFFERSON CITY, MO 309,966310.0k $14.1m $14.1m 0.28% Added +1.6k +1,555
62 Redhawk Wealth Advisors, Inc. 1.53% of their portfolio MINNEAPOLIS, MN 300,184300.2k $13.7m $13.7m 1.53% Added +17.3k +17,278
63 Retirement Management Systems Inc. 3.40% of their portfolio STEVENSVILLE, MD 291,909291.9k $13.3m $13.3m 3.40% First filing
64 Coign Capital Advisors LLC 6.73% of their portfolio Draper, UT 282,169282.2k $12.9m $12.9m 6.73% Added +9.4k +9,441
65 Smartleaf Asset Management LLC 0.47% of their portfolio BOSTON, MA 272,943272.9k $12.5m $12.5m 0.47% Added +80.7k +80,712
66 Frontier Asset Management, LLC 2.86% of their portfolio SHERIDAN, WY 270,736270.7k $12.3m $12.3m 2.86% Added +16.5k +16,537
67 Able Wealth Management LLC 3.88% of their portfolio Toms River, NJ 268,811268.8k $12.2m $12.2m 3.88% Added +43.4k +43,432
68 MAI Capital Management 0.06% of their portfolio INDEPENDENCE, OH 232,230232.2k $10.6m $10.6m 0.06% Added +70.3k +70,320
69 Integrated Advisors Network LLC 0.47% of their portfolio DALLAS, TX 231,271231.3k $10.5m $10.5m 0.47% Added +74.4k +74,439
70 Atria Investments, Inc 0.12% of their portfolio Charlotte, NC 228,286228.3k $10.4m $10.4m 0.12% Added +12.4k +12,377
71 CASTLE WEALTH MANAGEMENT LLC 3.24% of their portfolio BOYNTON BEACH, FL 214,930214.9k $9.8m $9.8m 3.24% Added +4.7k +4,701
72 Rollins Financial Advisors, LLC 1.40% of their portfolio ATLANTA, GA 209,695209.7k $9.6m $9.6m 1.40% Added +79.8k +79,772
73 PNC Financial Services Group, Inc. 0.01% of their portfolio Pittsburgh, PA 203,679203.7k $9.3m $9.3m 0.01% Added +30.1k +30,050
74 StoneCrest Wealth Management, Inc. 3.74% of their portfolio CHANDLER, AZ 203,474203.5k $9.3m $9.3m 3.74% Added +17.7k +17,700
75 Trademark Financial Management, LLC 5.01% of their portfolio Bloomington, MN 199,606199.6k $9.1m $9.1m 5.01% Added +55.7k +55,677
76 PRUDENTIAL PLC 0.07% of their portfolio LONDON, X0 195,200195.2k $8.9m $8.9m 0.07% New
77 Visionary Wealth Advisors 0.40% of their portfolio O'FALLON, IL 194,124194.1k $8.8m $8.8m 0.40% Added +73.9k +73,863
78 Stratos Investment Management, LLC 0.32% of their portfolio BEACHWOOD, OH 176,821176.8k $8.1m $8.1m 0.32% New
79 HARBOUR INVESTMENTS, INC. 0.16% of their portfolio MADISON, WI 172,070172.1k $7.8m $7.8m 0.16% Added +42.0k +42,006
80 Diversify Advisory Services, LLC 0.25% of their portfolio SANDY, UT 170,008170.0k $8.0m $8.0m 0.25% Added +48.9k +48,948
81 KESTRA PRIVATE WEALTH SERVICES, LLC 0.10% of their portfolio AUSTIN, TX 168,912168.9k $7.7m $7.7m 0.10% Added +48.9k +48,920
82 U.S. Capital Wealth Advisors, LLC 0.20% of their portfolio AUSTIN, TX 167,421167.4k $7.6m $7.6m 0.20% Added +113.4k +113,361
83 Foundry Financial Group, Inc. 3.76% of their portfolio LACONIA, NH 164,693164.7k $7.5m $7.5m 3.76% Added +2.3k +2,282
84 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 160,265160.3k $7.3m $7.3m 0.00% Added +20.0k +20,043
85 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 157,259157.3k $7.2m $7.2m 0.00% Added +62.9k +62,914
86 Prosperity Financial Group, Inc. 2.51% of their portfolio San Ramon, CA 152,929152.9k $7.0m $7.0m 2.51% Reduced -16.5k -16,543
87 Midwest Financial Group LLC 3.03% of their portfolio Overland Park, KS 150,304150.3k $6.8m $6.8m 3.03% New
88 J.W. COLE ADVISORS, INC. 0.16% of their portfolio TAMPA, FL 144,709144.7k $6.6m $6.6m 0.16% Added +27.0k +26,984
89 Per Stirling Capital Management, LLC. 0.73% of their portfolio AUSTIN, TX 143,149143.1k $6.5m $6.5m 0.73% Added +6.3k +6,323
90 ERn Financial, LLC 1.19% of their portfolio MIDDLETON, WI 139,276139.3k $6.3m $6.3m 1.19% Added +7.4k +7,401
91 New England Private Wealth Advisors LLC 0.78% of their portfolio WELLESLEY, MA 137,765137.8k $6.3m $6.3m 0.78% Added +13.3k +13,331
92 Key Client Fiduciary Advisors, LLC 2.13% of their portfolio Fairfield, NJ 134,798134.8k $6.1m $6.1m 2.13% Added +123.2k +123,228
93 Patriot Financial Group Insurance Agency, LLC 0.71% of their portfolio Westborough, MA 130,288130.3k $5.9m $5.9m 0.71% Reduced -7.4k -7,415
94 Sovran Advisors, LLC 0.52% of their portfolio SAN DIEGO, CA 129,464129.5k $6.1m $6.1m 0.52% Added +3.1k +3,122
95 Midwest Capital Advisors, LLC 2.82% of their portfolio Grand Rapids, MI 129,186129.2k $5.9m $5.9m 2.82% Added +20.5k +20,462
96 Empire Life Investments Inc. 0.30% of their portfolio Toronto, A6 118,301118.3k $5.4m $5.4m 0.30% Added +22.9k +22,876
97 Essex Financial Services, Inc. 0.30% of their portfolio ESSEX, CT 116,036116.0k $5.3m $5.3m 0.30% Added +16.1k +16,088
98 Prostatis Group LLC 1.26% of their portfolio HANOVER, MD 115,733115.7k $5.3m $5.3m 1.26% Added +28.5k +28,493
99 Merit Financial Group, LLC 0.04% of their portfolio ALPHARETTA, GA 115,056115.1k $5.2m $5.2m 0.04% Added +31.9k +31,883
100 Cannon Wealth Management Services, LLC 3.60% of their portfolio WINSTON SALEM, NC 111,765111.8k $5.1m $5.1m 3.60% Reduced -48.8k -48,787