Vault-13

2023 ETF SERIES TRUST BUSA

BRANDES US VALUE · ETP · CUSIP 900934308

25 institutional holders +7 vs Q4 2025
6,477,4826.5m shares reported held*
$239.8mreported value*
9 new 9 added 3 reduced 2 sold out net sold ≈ $18.5m (-500.6k 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 ($7.7m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $37.02.

Trends to Q1 2026

Institutional holders

Managers reporting a position, each quarter

0102030Q4 23: 3Q1 24: 3Q2 24: 4Q3 24: 8Q4 24: 10Q1 25: 12Q2 25: 12Q3 25: 16Q4 25: 18Q1 26: 2525Q4 23Q2 24Q4 24Q2 25Q4 25Q1 26
Numbers
QuarterHolders
Q4 20233
Q1 20243
Q2 20244
Q3 20248
Q4 202410
Q1 202512
Q2 202512
Q3 202516
Q4 202518
Q1 202625

Buyers vs sellers

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

Bought or addedCut or sold out
20020Q2 24: 3 bought or addedQ2 24: 1 cut or sold outQ3 24: 6 bought or addedQ3 24: 2 cut or sold outQ3 24Q4 24: 6 bought or addedQ4 24: 4 cut or sold outQ1 25: 8 bought or addedQ1 25: 3 cut or sold outQ1 25Q2 25: 10 bought or addedQ2 25: 4 cut or sold outQ3 25: 12 bought or addedQ3 25: 4 cut or sold outQ3 25Q4 25: 13 bought or addedQ4 25: 8 cut or sold outQ1 26: 18 bought or addedQ1 26: 5 cut or sold outQ1 26
Numbers
QuarterBought or addedCut or sold out
Q2 202431
Q3 202462
Q4 202464
Q1 202583
Q2 2025104
Q3 2025124
Q4 2025138
Q1 2026185

Biggest buyers

STIFEL FINANCIAL CORP Added +91,249+91.2k
Brooklyn Investment Group Added +29,848+29.8k
Live Oak Private Wealth LLC New +29,801+29.8k
ROYAL BANK OF CANADA Added +22,103+22.1k
Waverly Advisors, LLC New +21,651+21.7k
JANE STREET GROUP, LLC New +15,866+15.9k
Kestra Advisory Services, LLC Added +12,520+12.5k
SUSQUEHANNA INTERNATIONAL GROUP, LLP New +6,999+7.0k
Sanctuary Advisors, LLC New +6,577+6.6k
Dana Investment Advisors, Inc. New +5,945+5.9k

Biggest sellers

HANTZ FINANCIAL SERVICES, INC. Reduced -714,354-714.4k
A&I FINANCIAL SERVICES, LLC Reduced -18,591-18.6k
STEPH & CO Sold out -7,337-7.3k
CITADEL ADVISORS LLC Sold out -7,095-7.1k
Steward Partners Investment Advisory, LLC Reduced -650-650

Holders, Q1 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 HANTZ FINANCIAL SERVICES, INC. 3.16% of their portfolio SOUTHFIELD, MI 5,592,2355.6m $207.0m $207.0m 3.16% Reduced -714.4k -714,354
2 A&I FINANCIAL SERVICES, LLC 7.79% of their portfolio LONE TREE, CO 444,162444.2k $16.4m $16.4m 7.79% Reduced -18.6k -18,591
3 Brooklyn Investment Group 0.24% of their portfolio NEW YORK, NY 206,088206.1k $7.6m $7.6m 0.24% Added +29.8k +29,848
4 STIFEL FINANCIAL CORP 0.00% of their portfolio ST. LOUIS, MO 97,01797.0k $3.6m $3.6m 0.00% Added +91.2k +91,249
5 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 91,39791.4k $3.4m $3.4m 0.00% Added +22.1k +22,103
6 NKCFO LLC 0.90% of their portfolio GENEVA, IL 82,10082.1k $3.0m $3.0m 0.90% Unchanged
7 HARBOR INVESTMENT ADVISORY, LLC 0.10% of their portfolio LUTHERVILLE, MD 33,04533.0k $1.2m $1.2m 0.10% Added +119 +119
8 Live Oak Private Wealth LLC 0.15% of their portfolio WILMINGTON, NC 29,80129.8k $1.1m $1.1m 0.15% New
9 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 23,53423.5k $871.2k $871.2k 0.00% Added +1.8k +1,839
10 Waverly Advisors, LLC 0.01% of their portfolio BIRMINGHAM, AL 21,65121.7k $801.5k $801.5k 0.01% New
11 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 15,86615.9k $587.4k $587.4k 0.00% New
12 Kestra Advisory Services, LLC 0.00% of their portfolio AUSTIN, TX 14,32014.3k $530.1k $530.1k 0.00% Added +12.5k +12,520
13 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 6,9997.0k $259.1k $259.1k 0.00% New
14 B. Riley Wealth Advisors, Inc. 0.02% of their portfolio MEMPHIS, TN 6,6196.6k $240.5k $240.5k 0.02% Unchanged
15 Sanctuary Advisors, LLC 0.00% of their portfolio INDIANAPOLIS, IN 6,5776.6k $243.5k $243.5k 0.00% New
16 Dana Investment Advisors, Inc. 0.01% of their portfolio BROOKFIELD, WI 5,9455.9k $220.1k $220.1k 0.01% New
17 UBS Group AG 0.00% of their portfolio ZURICH, V8 1,6431.6k $60.8k $60.8k 0.00% Added +814 +814
18 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 1,5881.6k $58.8k $58.8k 0.00% Unchanged
19 US BANCORP \DE\ 0.00% of their portfolio MINNEAPOLIS, MN 1,2741.3k $47.2k $47.2k 0.00% New
20 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 676676 $25.0k $25.0k 0.00% Added +162 +162
21 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio NEW YORK, NY 625625 $23.1k $23.1k 0.00% New
22 SIGNATUREFD, LLC 0.00% of their portfolio ATLANTA, GA 526526 $19.5k $19.5k 0.00% Added +2 +2
23 HUNTINGTON NATIONAL BANK 0.00% of their portfolio COLUMBUS, OH 504504 $18.7k $18.7k 0.00% Unchanged
24 Steward Partners Investment Advisory, LLC 0.00% of their portfolio STAMFORD, CT 445445 $16.5k $16.5k 0.00% Reduced -650 -650
25 LANARK FINANCIAL, INC. 0.00% of their portfolio BIRMINGHAM, AL 6262 $2.3k $2.3k 0.00% New