% of shares outstanding is not shown for ADX: this is a fund line, and we hold no cover-page share count for it at any quarter — a fund's shares outstanding move with creations and redemptions rather than with issuance and buybacks, and it is not the SEC cover-page count this percentage is defined against. The figure is withheld rather than computed against a count that does not exist. Holder share counts are shown as filed.
Crowding percentile withheld — no market cap for ADX in the served universe — the cohort is size-matched, and an unmatched percentile would compare a micro-cap register to a mega-cap one.
| # | Holder | Shares | Value | % of shares out | Δ QoQ |
|---|---|---|---|---|---|
| 1 | LAZARD ASSET MANAGEMENT LLC | 3,567,5563.6M | $78M | — | — |
| 2 | RAYMOND JAMES FINANCIAL INC | 1,292,9521.3M | $28M | — | TRIM -4% |
| 3 | MORGAN STANLEY | 1,163,2711.2M | $25M | — | TRIM -37% |
| 4 | COHEN & STEERS, INC. | 1,121,6351.1M | $25M | — | ADD 3% |
| 5 | Bensler, LLC | 1,054,9671.1M | $23M | — | ADD 7% |
| 6 | ROYAL BANK OF CANADA | 980,325980,325 | $21M | — | ADD 5% |
| 7 | BLUE BELL PRIVATE WEALTH MANAGEMENT, LLC | 894,195894,195 | $20M | — | TRIM -3% |
| 8 | STIFEL FINANCIAL CORP | 417,542417,542 | $9M | — | ADD 3% |
| 9 | Advisors Asset Management, Inc. | 398,930398,930 | $9M | — | ADD 3% |
| 10 | LPL Financial LLC | 387,092387,092 | $8M | — | TRIM -11% |
| 11 | Allspring Global Investments Holdings, LLC | 382,304382,304 | $8M | — | TRIM -5% |
| 12 | Waterfront Wealth Inc. | 379,693379,693 | $8M | — | — |
| 13 | AMERIPRISE FINANCIAL INC | 317,230317,230 | $7M | — | ADD 174% |
| 14 | 1607 Capital Partners, LLC | 315,928315,928 | $7M | — | TRIM -38% |
| 15 | Hennion & Walsh Asset Management, Inc. | 301,196301,196 | $7M | — | ADD 5% |
| 16 | WELLS FARGO & COMPANY/MN | 291,421291,421 | $6M | — | ADD 32% |
| 17 | GatePass Capital, LLC | 288,965288,965 | $6M | — | TRIM -3% |
| 18 | BANK OF AMERICA CORP /DE/ | 283,991283,991 | $6M | — | — |
| 19 | WEALTH ENHANCEMENT ADVISORY SERVICES, LLC | 271,458271,458 | $6M | — | TRIM -37% |
| 20 | INTREPID FAMILY OFFICE LLC | 273,000273,000 | $6M | — | ADD 2% |
| 21 | ARQ WEALTH ADVISORS, LLC | 225,155225,155 | $5M | — | ADD 8% |
| 22 | RB Capital Management, LLC | 207,076207,076 | $5M | — | — |
| 23 | UMB Bank, n.a. | 208,109208,109 | $5M | — | TRIM -3% |
| 24 | Kestra Advisory Services, LLC | 202,000202,000 | $4M | — | ADD 2% |
| 25 | OSAIC HOLDINGS, INC. | 197,907197,907 | $4M | — | ADD 9% |
| 26 | FCA CORP /TX | 184,138184,138 | $4M | — | ADD 5% |
| 27 | Uncommon Cents Investing LLC | 181,905181,905 | $4M | — | — |
| 28 | ROBERTS GLORE & CO INC /IL/ | 157,823157,823 | $3M | — | ADD 9% |
| 29 | JONES FINANCIAL COMPANIES LLLP | 161,050161,050 | $3M | — | ADD 33% |
| 30 | Cetera Investment Advisers | 146,764146,764 | $3M | — | TRIM -2% |
| 31 | D.A. DAVIDSON & CO. | 145,800145,800 | $3M | — | ADD 11% |
| 32 | INDEPENDENT FINANCIAL GROUP, LLC | 145,263145,263 | $3M | — | — |
| 33 | GENERAL AMERICAN INVESTORS CO INC | 131,124131,124 | $3M | — | — |
| 34 | Integrated Wealth Concepts LLC | 120,982120,982 | $3M | — | — |
| 35 | UBS Group AG | 110,812110,812 | $2M | — | ADD 53% |
| 36 | DELTA CAPITAL MANAGEMENT LLC | 105,466105,466 | $2M | — | — |
| 37 | Focus Partners Wealth | 104,157104,157 | $2M | — | ADD 7% |
| 38 | Stolper Co | 103,675103,675 | $2M | — | ADD 3% |
| 39 | Providence Wealth Advisors, LLC | 98,95398,953 | $2M | — | — |
| 40 | Westbourne Investment Advisors, Inc. | 83,40083,400 | $2M | — | ADD 12% |
| 41 | PMG Family Office LLC | 83,31283,312 | $2M | — | ADD 5% |
| 42 | EVOLVE PRIVATE WEALTH, LLC | 82,41382,413 | $2M | — | — |
| 43 | Walsh & Associates, LLC | 79,79179,791 | $2M | — | ADD 1971% |
| 44 | Concurrent Investment Advisors, LLC | 77,42177,421 | $2M | — | ADD 15% |
| 45 | Advisory Advocates, LLC | 77,01877,018 | $2M | — | ADD 39% |
| 46 | Waverly Advisors, LLC | 73,19973,199 | $2M | — | ADD 9% |
| 47 | COMMONWEALTH EQUITY SERVICES, LLC | 72,94672,946 | $2M | — | TRIM -2% |
| 48 | Diversified Trust Co | 65,35165,351 | $1M | — | ADD 2% |
| 49 | HighTower Advisors, LLC | 64,27264,272 | $1M | — | — |
| 50 | MEANS INVESTMENT CO., INC. | 62,53562,535 | $1M | — | — |
| 51 | Koshinski Asset Management, Inc. | 61,03861,038 | $1M | — | ADD 4% |
| 52 | MERCER GLOBAL ADVISORS INC /ADV | 58,37158,371 | $1M | — | TRIM -9% |
| 53 | Janney Montgomery Scott LLC | 55,42155,421 | $1M | — | ADD 7% |
| 54 | Ancora Advisors LLC | 53,89653,896 | $1M | — | TRIM -8% |
| 55 | Steward Partners Investment Advisory, LLC | 53,26953,269 | $1M | — | ADD 529% |
| 56 | GUGGENHEIM CAPITAL LLC | 53,23753,237 | $1M | — | ADD 19% |
| 57 | Savant Capital, LLC | 52,63952,639 | $1M | — | — |
| 58 | Wealthspire Advisors, LLC | 51,22151,221 | $1M | — | NEW |
| 59 | Invesco Ltd. | 48,06848,068 | $1M | — | ADD 22% |
| 60 | Lido Advisors, LLC | 47,64147,641 | $1M | — | — |
| 61 | Capital Investment Advisors, LLC | 47,62647,626 | $1M | — | — |
| 62 | WEST BANCORPORATION INC | 46,89046,890 | $1M | — | — |
| 63 | JPMORGAN CHASE & CO | 47,07947,079 | $990,542 | — | ADD 228% |
| 64 | MassMutual Private Wealth & Trust, FSB | 44,09344,093 | $965,196 | — | TRIM -3% |
| 65 | Midwest Trust Co | 44,09344,093 | $965,196 | — | TRIM -3% |
| 66 | Capstone Financial Advisors, Inc. | 42,97742,977 | $940,758 | — | — |
| 67 | OPPENHEIMER & CO INC | 42,07942,079 | $921,109 | — | NEW |
| 68 | Mariner, LLC | 40,65140,651 | $888,257 | — | TRIM -11% |
| 69 | Avior Wealth Management, LLC | 39,26339,263 | $859,478 | — | ADD 33% |
| 70 | RFG - Bristol Wealth Advisors, LLC | 38,51238,512 | $843,028 | — | — |
| 71 | Creative Planning | 37,71637,716 | $825,604 | — | ADD 223% |
| 72 | FIFTH THIRD BANCORP | 36,95536,955 | $808,935 | — | — |
| 73 | Merit Financial Group, LLC | 36,35136,351 | $795,722 | — | TRIM -14% |
| 74 | Samalin Investment Counsel, LLC | 36,05436,054 | $789,231 | — | NEW |
| 75 | XTX Topco Ltd | 35,57035,570 | $778,627 | — | ADD 94% |
| 76 | Cambridge Investment Research Advisors, Inc. | 34,34234,342 | $752,000 | — | TRIM -15% |
| 77 | UHLMANN PRICE SECURITIES, LLC | 34,19534,195 | $748,526 | — | — |
| 78 | Prostatis Group LLC | 34,03634,036 | $745,049 | — | ADD 2% |
| 79 | Joel Isaacson & Co., LLC | 33,48933,489 | $733,074 | — | — |
| 80 | MML INVESTORS SERVICES, LLC | 33,36533,365 | $730,351 | — | — |
| 81 | Cerity Partners LLC | 32,16332,163 | $704,048 | — | ADD 10% |
| 82 | Kovack Advisors, Inc. | 30,26730,267 | $664,368 | — | — |
| 83 | LexAurum Advisors, LLC | 29,68729,687 | $649,848 | — | NEW |
| 84 | KESTRA PRIVATE WEALTH SERVICES, LLC | 28,65728,657 | $627,302 | — | ADD 18% |
| 85 | Quad-Cities Investment Group, LLC | 28,48828,488 | $623,603 | — | ADD 2% |
| 86 | Turtle Creek Wealth Advisors, LLC | 28,10628,106 | $615,240 | — | — |
| 87 | MILLENNIUM MANAGEMENT LLC | 27,98027,980 | $612,482 | — | NEW |
| 88 | Blue Trust, Inc. | 27,93927,939 | $611,580 | — | ADD 2% |
| 89 | JANE STREET GROUP, LLC | 26,89826,898 | $588,798 | — | — |
| 90 | Corient Private Wealth LLC | 26,25026,250 | $574,609 | — | TRIM -80% |
| 91 | NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO | 25,71825,718 | $562,973 | — | ADD 18% |
| 92 | LEE DANNER & BASS INC | 25,00025,000 | $547,250 | — | — |
| 93 | HARBOUR INVESTMENTS, INC. | 23,41223,412 | $512,510 | — | — |
| 94 | Uniting Wealth Partners, LLC | 22,75622,756 | $498,135 | — | ADD 2% |
| 95 | World Investment Advisors | 22,60322,603 | $494,770 | — | ADD 69% |
| 96 | Savvy Advisors, Inc. | 22,10422,104 | $483,857 | — | ADD 11% |
| 97 | Cannon Advisors, Inc. | 21,88521,885 | $479,063 | — | TRIM -4% |
| 98 | Mezzasalma Advisors, LLC | 20,65920,659 | $452,223 | — | — |
| 99 | EP Wealth Advisors, LLC | 20,27420,274 | $443,796 | — | ADD 6% |
| 100 | Allegheny Financial Group | 18,47318,473 | $404,374 | — | — |
Rows rank by the value each filer reported — 13F filers price their own positions, so a holder with fewer shares can rank just above one with more.
| Holder | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 | Latest value |
|---|---|---|---|---|---|---|---|
| LAZARD ASSET MANAGEMENT LLC | 3.0M | 3.6M | 3.6M | 3.5M | 3.6M | 3.6M | $78M |
| RAYMOND JAMES FINANCIAL INC | 1.0M | 1.2M | 1.2M | 1.3M | 1.3M | 1.3M | $28M |
| MORGAN STANLEY | 2.5M | 2.3M | 2.6M | 2.4M | 1.9M | 1.2M | $25M |
| COHEN & STEERS, INC. | 1.2M | 1.2M | 1.2M | 1.1M | 1.1M | 1.1M | $25M |
| Bensler, LLC | 697K | 788K | 858K | 925K | 988K | 1.1M | $23M |
| ROYAL BANK OF CANADA | 755K | 1.1M | 1.9M | 942K | 936K | 980K | $21M |
| BLUE BELL PRIVATE WEALTH MANAGEMENT, LLC | 936K | 937K | 934K | 927K | 924K | 894K | $20M |
| STIFEL FINANCIAL CORP | 260K | 363K | 374K | 355K | 403K | 418K | $9M |
| Advisors Asset Management, Inc. | 266K | 345K | 349K | 380K | 387K | 399K | $9M |
| LPL Financial LLC | 141K | 167K | 424K | 439K | 433K | 387K | $8M |
| Allspring Global Investments Holdings, LLC | 532K | 524K | 413K | 387K | 401K | 382K | $8M |
| Waterfront Wealth Inc. | 394K | 414K | 441K | 446K | 385K | 380K | $8M |
| AMERIPRISE FINANCIAL INC | 57K | 94K | 107K | 113K | 116K | 317K | $7M |
| 1607 Capital Partners, LLC | 747K | 653K | 673K | 653K | 509K | 316K | $7M |
| Hennion & Walsh Asset Management, Inc. | 218K | 237K | 265K | 279K | 288K | 301K | $7M |
Shares reported each quarter by the largest current holders. Green = added vs the prior filing, red = trimmed, grey = roughly held; a dash is a quarter with no 13F on file (a gap is skipped, not read as an exit). 13F is filed up to 45 days after quarter-end. Up to 40 quarters (10 years) available — use the selector above.
Holder count only — too few computable %-of-shares-outstanding quarters for a % pane. Line breaks are quarters with no 13F record, never interpolated.
Short interest has its own tab now — open SI →
Source: SEC Form 13F — every institution manager (≥ $100M in 13F securities) reporting a long US-listed position, across ~10,250 filers over 10 years of history. 13F is long-only, US-listed, filed up to 45 days after quarter-end.
| Biggest buyers | Δ shares | Δ value | |
|---|---|---|---|
| AMERIPRISE FINANCIAL INC | +201,551 | $4M | ADD |
| Walsh & Associates, LLC | +75,938 | $2M | ADD |
| WELLS FARGO & COMPANY/MN | +70,701 | $2M | ADD |
| Bensler, LLC | +67,249 | $1M | ADD |
| Wealthspire Advisors, LLC | +51,221 | $1M | OPEN |
| Biggest sellers | Δ shares | Δ value | |
|---|---|---|---|
| MORGAN STANLEY | −695,600 | $15M | TRIM |
| Penserra Capital Management LLC | −325,215 | $7M | CLOSE |
| 1607 Capital Partners, LLC | −192,608 | $4M | TRIM |
| Shaker Financial Services, LLC | −164,389 | $4M | CLOSE |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC | −159,493 | $3M | TRIM |
The 2025-Q4 register is as-filed in ITS OWN share basis; every count below was rebased into the 2026-Q1 basis (no split in between, factor 1). Dollar figures value the SHARE delta at one price — the 2026-03-31 close — rather than differencing two filings' own reported values, which would mix the quarter's price move into the trade figure.
13Fs disclose LONG US-listed positions only — shorts, most derivatives, bonds and non-US listings are invisible here, and a filer's quarter-over-quarter change is not necessarily a trade (index rebalances, in-kind transfers and entity successions all read as flow).
| Quarter | Holders | Shares held | % shares out | Value held |
|---|---|---|---|---|
| 2026-Q1 | 198 | 20,762,549 | — | $454M |
| 2025-Q4 | 201 | 21,670,109 | — | $505M |
| 2025-Q3 | 191 | 23,388,082 | — | $519M |
| 2025-Q2 | 189 | 26,034,983 | — | $562M |
| 2025-Q1 | 180 | 26,987,415 | — | $511M |
| 2024-Q4 | 184 | 26,598,352 | — | $538M |
| 2024-Q3 | 169 | 25,731,295 | — | $552M |
| 2024-Q2 | 160 | 34,445,708 | — | $738M |
| 2024-Q1 | 160 | 36,975,999 | — | $719M |
| 2023-Q4 | 158 | 35,508,639 | — | $627M |
| 2023-Q3 | 154 | 32,509,641 | — | $539M |
| 2023-Q2 | 164 | 30,642,387 | — | $514M |
| 2023-Q1 | 156 | 29,213,777 | — | $454M |
| 2022-Q4 | 166 | 27,429,969 | — | $397M |
| 2022-Q3 | 149 | 25,240,701 | — | $366M |
| 2022-Q2 | 145 | 24,168,282 | — | $369M |
| 2022-Q1 | 143 | 23,954,957 | — | $440M |
| 2021-Q4 | 155 | 24,449,057 | — | $473M |
| 2021-Q3 | 136 | 24,174,833 | — | $477M |
| 2021-Q2 | 140 | 24,896,942 | — | $491M |
| 2021-Q1 | 135 | 25,481,871 | — | $463M |
| 2020-Q4 | 136 | 22,490,586 | — | $387M |
| 2020-Q3 | 121 | 21,141,521 | — | $341M |
| 2020-Q2 | 123 | 20,690,857 | — | $307M |
| 2020-Q1 | 123 | 19,987,614 | — | $250M |
| 2019-Q4 | 118 | 19,336,416 | — | $304M |
| 2019-Q3 | 108 | 18,278,369 | — | $288M |
| 2019-Q2 | 113 | 18,626,634 | — | $286M |
| 2019-Q1 | 108 | 19,916,646 | — | $286M |
| 2018-Q4 | 114 | 19,512,657 | — | $246M |
| 2018-Q3 | 119 | 20,708,247 | — | $343M |
| 2018-Q2 | 109 | 20,639,298 | — | $317M |
| 2018-Q1 | 105 | 20,351,078 | — | $301M |
| 2017-Q4 | 104 | 20,446,376 | — | $307M |
| 2017-Q3 | 93 | 24,568,994 | — | $374M |
| 2017-Q2 | 89 | 22,024,388 | — | $315M |
| 2017-Q1 | 89 | 23,889,344 | — | $328M |
| 2016-Q4 | 96 | 24,363,852 | — | $310M |
| 2016-Q3 | 93 | 21,059,235 | — | $277M |
| 2016-Q2 | 86 | 21,315,120 | — | $270M |
| 2016-Q1 | 87 | 21,471,471 | — | $276M |
| 2015-Q4 | 86 | 20,106,993 | — | $258M |
| 2015-Q3 | 81 | 19,238,684 | — | $245M |
| 2015-Q2 | 76 | 18,805,259 | — | $263M |
| 2015-Q1 | 78 | 18,899,004 | — | $264M |
| 2014-Q4 | 81 | 19,216,653 | — | $263M |
| 2014-Q3 | 77 | 18,365,397 | — | $256M |
| 2014-Q2 | 78 | 19,451,453 | — | $248M |
| 2014-Q1 | 71 | 18,443,399 | — | $239M |
| 2013-Q4 | 67 | 18,595,103 | — | $243M |
| 2013-Q3 | 63 | 18,544,760 | — | $230M |
| 2013-Q2 | 66 | 18,871,729 | — | $226M |
| 2013-Q1 | 5 | 743,705 | — | $9M |
