Vault-13

2023 ETF SERIES TRUST BUSA

BRANDES US VALUE · ETP · CUSIP 900934308

27 institutional holders +2 vs Q1 2026
6,634,1516.6m shares reported held*
$261.7mreported value*
7 new 9 added 6 reduced 5 sold out net bought ≈ $6.1m (+154.8k 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 ≈ $39.45.

Trends to Q2 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: 25Q2 26: 2727Q4 23Q2 24Q4 24Q2 25Q4 25Q2 26
Numbers
QuarterHolders
Q4 20233
Q1 20243
Q2 20244
Q3 20248
Q4 202410
Q1 202512
Q2 202512
Q3 202516
Q4 202518
Q1 202625
Q2 202627

Buyers vs sellers

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

Bought or addedCut or sold out
20020Q3 24: 6 bought or addedQ3 24: 2 cut or sold outQ4 24: 6 bought or addedQ4 24: 4 cut or sold outQ4 24Q1 25: 8 bought or addedQ1 25: 3 cut or sold outQ2 25: 10 bought or addedQ2 25: 4 cut or sold outQ2 25Q3 25: 12 bought or addedQ3 25: 4 cut or sold outQ4 25: 13 bought or addedQ4 25: 8 cut or sold outQ4 25Q1 26: 18 bought or addedQ1 26: 5 cut or sold outQ2 26: 16 bought or addedQ2 26: 11 cut or sold outQ2 26
Numbers
QuarterBought or addedCut or sold out
Q3 202462
Q4 202464
Q1 202583
Q2 2025104
Q3 2025124
Q4 2025138
Q1 2026185
Q2 20261611

Biggest buyers

Nuveen, LLC New +239,749+239.7k
Nautilus Advisors LLC New +33,610+33.6k
GOLDMAN SACHS GROUP INC New +25,491+25.5k
STIFEL FINANCIAL CORP Added +21,730+21.7k
ROYAL BANK OF CANADA Added +18,902+18.9k
Cambridge Investment Research Advisors, Inc. New +17,468+17.5k
Waverly Advisors, LLC Added +15,489+15.5k
WEDBUSH SECURITIES INC New +6,400+6.4k
JPMORGAN CHASE & CO New +4,302+4.3k
Kestra Advisory Services, LLC Added +3,326+3.3k

Biggest sellers

HANTZ FINANCIAL SERVICES, INC. Reduced -93,813-93.8k
NKCFO LLC Sold out -82,100-82.1k
HARBOR INVESTMENT ADVISORY, LLC Reduced -32,351-32.4k
JANE STREET GROUP, LLC Reduced -10,383-10.4k
SUSQUEHANNA INTERNATIONAL GROUP, LLP Sold out -6,999-7.0k
Dana Investment Advisors, Inc. Sold out -5,945-5.9k
A&I FINANCIAL SERVICES, LLC Reduced -1,381-1.4k
US BANCORP \DE\ Sold out -1,274-1.3k
MORGAN STANLEY Reduced -1,146-1.1k
COMMONWEALTH EQUITY SERVICES, LLC Reduced -814-814

Holders, Q2 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 HANTZ FINANCIAL SERVICES, INC. 2.93% of their portfolio SOUTHFIELD, MI 5,498,4225.5m $216.9m $216.9m 2.93% Reduced -93.8k -93,813
2 A&I FINANCIAL SERVICES, LLC 7.61% of their portfolio LONE TREE, CO 442,781442.8k $17.5m $17.5m 7.61% Reduced -1.4k -1,381
3 Nuveen, LLC 0.00% of their portfolio CHARLOTTE, NC 239,749239.7k $9.5m $9.5m 0.00% New
4 STIFEL FINANCIAL CORP 0.00% of their portfolio ST. LOUIS, MO 118,747118.7k $4.7m $4.7m 0.00% Added +21.7k +21,730
5 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 110,299110.3k $4.4m $4.4m 0.00% Added +18.9k +18,902
6 Waverly Advisors, LLC 0.01% of their portfolio BIRMINGHAM, AL 37,14037.1k $1.5m $1.5m 0.01% Added +15.5k +15,489
7 Nautilus Advisors LLC 0.80% of their portfolio La Jolla, CA 33,61033.6k $1.3m $1.3m 0.80% New
8 Live Oak Private Wealth LLC 0.15% of their portfolio WILMINGTON, NC 31,39831.4k $1.2m $1.2m 0.15% Added +1.6k +1,597
9 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 25,49125.5k $1.0m $1.0m 0.00% New
10 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 22,72022.7k $896.1k $896.1k 0.00% Reduced -814 -814
11 Kestra Advisory Services, LLC 0.00% of their portfolio AUSTIN, TX 17,64617.6k $696.0k $696.0k 0.00% Added +3.3k +3,326
12 Cambridge Investment Research Advisors, Inc. 0.00% of their portfolio FAIRFIELD, IA 17,46817.5k $688.0k $688.0k 0.00% New
13 Sanctuary Advisors, LLC 0.00% of their portfolio INDIANAPOLIS, IN 7,0777.1k $279.1k $279.1k 0.00% Added +500 +500
14 B. Riley Wealth Advisors, Inc. 0.01% of their portfolio MEMPHIS, TN 6,6196.6k $262.5k $262.5k 0.01% Unchanged
15 WEDBUSH SECURITIES INC 0.01% of their portfolio PASADENA, CA 6,4006.4k $252.0k $252.0k 0.01% New
16 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 5,4835.5k $216.2k $216.2k 0.00% Reduced -10.4k -10,383
17 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 4,3024.3k $170.6k $170.6k 0.00% New
18 UBS Group AG 0.00% of their portfolio ZURICH, V8 3,4153.4k $134.7k $134.7k 0.00% Added +1.8k +1,772
19 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 1,9101.9k $75.3k $75.3k 0.00% Added +1.2k +1,234
20 Regatta Research & Money Management 0.04% of their portfolio METAIRIE, LA 1,1951.2k $47.1k $47.1k 0.04% First filing
21 HARBOR INVESTMENT ADVISORY, LLC 0.00% of their portfolio LUTHERVILLE, MD 694694 $27.4k $27.4k 0.00% Reduced -32.4k -32,351
22 SIGNATUREFD, LLC 0.00% of their portfolio ATLANTA, GA 528528 $20.8k $20.8k 0.00% Added +2 +2
23 HUNTINGTON NATIONAL BANK 0.00% of their portfolio COLUMBUS, OH 504504 $19.9k $19.9k 0.00% Unchanged
24 Steward Partners Investment Advisory, LLC 0.00% of their portfolio STAMFORD, CT 445445 $17.6k $17.6k 0.00% Unchanged
25 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 442442 $17.4k $17.4k 0.00% Reduced -1.1k -1,146
26 Blue Trust, Inc. 0.00% of their portfolio BRENTWOOD, TN 108108 $4.3k $4.3k 0.00% New
27 LANARK FINANCIAL, INC. 0.00% of their portfolio BIRMINGHAM, AL 6262 $2.4k $2.4k 0.00% Unchanged