Global X U.S. Infrastructure Development

PAVE • BATS

Global X U.S. Infrastructure Development is an exchange-traded fund on BATS. As of Q3 2025, 599 institutional investors hold shares in this ETF, with total holdings valued at $6.5B. BANK OF AMERICA CORP /DE/ is the largest holder with a position valued at $1.2B.

Overview

Overview of institutional ownership in PAVE as of Q3 2025

All Institutions

Institutions: 599
Value Held: $6.5B
Shares Held: 136.6M
Avg Position: $10.9M
Median Position: $606.9K

Hedge Funds

Hedge Funds: 9
Value Held: $8.0M
Shares Held: 167.1K
Avg Position: $884.0K
Median Position: $379.2K

Biggest Investors

Institutions with the largest positions in PAVE as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
BANK OF AMERICA CORP /DE/ Institution	Brian T. Moynihan CEO	$1.2B 0.09% of portfolio	24.3M shares	Q1 2017 Held for 8y 8m	$1.33T
BANK OF MONTREAL /CAN/ Institution	Darryl White CEO	$1.1B 0.50% of portfolio	23.8M shares	Q1 2021 Held for 4y 8m	$227.19B
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$473.0M 0.03% of portfolio	9.9M shares	Q3 2017 Held for 8y 2m	$1.65T
L LPL Financial LLC Institution	-	$347.1M 0.10% of portfolio	7.3M shares	Q2 2017 Held for 8y 5m	$340.07B
H Harel Insurance Investments & Financial Services Ltd. Institution	-	$216.4M 2.20% of portfolio	4.5M shares	Q3 2021 Held for 4y 2m	$9.8B
JPMORGAN CHASE & CO Institution	Jamie Dimon CEO	$172.9M 0.01% of portfolio	3.6M shares	Q4 2020 Held for 4y 11m	$1.56T
A Atlantic Trust Group, LLC Institution	-	$163.0M 0.28% of portfolio	3.4M shares	Q1 2022 Held for 3y 8m	$58.4B
WELLS FARGO & COMPANY/MN Institution	Charles W. Scharf CEO	$144.6M 0.03% of portfolio	3.0M shares	Q1 2019 Held for 6y 8m	$488.50B
C Clal Insurance Enterprises Holdings Ltd Institution	-	$118.8M 1.01% of portfolio	2.5M shares	Q2 2024 Held for 1y 5m	$11.7B
UBS Group AG Institution	Sergio P. Ermotti CEO	$106.8M 0.02% of portfolio	2.2M shares	Q1 2018 Held for 7y 8m	$511.54B

Net Capital Flow

Institutional buying and selling activity for PAVE in Q3 2025

Traded: +$279.9M
Buyers: 301
Sellers: 220
Total Bought: +$394.1M
Total Sold: −$114.2M
Avg Position: $10.2M

Biggest Buyers

Institution	Net Bought	Current Position
BANK OF AMERICA CORP /DE/ Institution	+$77.4M +1.6M shares	$1.2B 24.3M shares
A Advisor Group Holdings, Inc. Institution	+$65.9M +1.4M shares	$106.5M 2.3M shares
BANK OF MONTREAL /CAN/ Institution	+$47.7M +1.0M shares	$1.1B 23.8M shares
L LPL Financial LLC Institution	+$13.8M +290.5K shares	$347.1M 7.3M shares
MORGAN STANLEY RIA/Wealth	+$12.6M +264.6K shares	$473.0M 9.9M shares
N NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Institution	+$11.2M +234.4K shares	$91.8M 1.9M shares
Deane Retirement Strategies, Inc. RIA/Wealth	+$9.2M +194.2K shares	$9.2M 194.2K shares
A Atlantic Trust Group, LLC Institution	+$8.9M +187.6K shares	$163.0M 3.4M shares
VAN ECK ASSOCIATES CORP ETF Provider	+$8.8M +185.0K shares	$21.8M 458.2K shares
Capital Asset Advisory Services LLC RIA/Wealth	+$8.2M +171.8K shares	$45.2M 949.0K shares

Biggest Sellers

Institution	Net Sold	Current Position
MEITAV DASH INVESTMENTS LTD RIA/Wealth	−$41.3M −867.4K shares	$48.2M 1.0M shares
P PRUDENTIAL PLC Institution	−$12.5M −285.9K shares	Sold Off 0 shares
RAYMOND JAMES FINANCIAL INC RIA/Wealth	−$6.9M −144.2K shares	$67.4M 1.4M shares
S Systelligence, LLC Institution	−$6.0M −127.0K shares	$3.4M 70.5K shares
Financial Advocates Investment Management RIA/Wealth	−$3.6M −81.6K shares	Sold Off 0 shares
WELLS FARGO & COMPANY/MN Institution	−$3.4M −72.2K shares	$144.6M 3.0M shares
COMMONWEALTH EQUITY SERVICES, LLC. RIA/Wealth	−$2.9M −60.9K shares	$54.6M 1.1M shares
N NOMURA ASSET MANAGEMENT CO LTD Long Only Manager	−$2.4M −55.2K shares	Sold Off 0 shares
Fundamentun, LLC RIA/Wealth	−$2.1M −44.8K shares	$284.8K 6.0K shares
B BNP PARIBAS ARBITRAGE, SA Institution	−$1.7M −36.2K shares	$515.8K 10.8K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited PAVE in Q3 2025

New Positions: 35
New Value: $11.9M
Exited Positions: 41
Exited Value: $27.7M

New Positions

Institution	Position Value
CUSTOM INDEX SYSTEMS, LLC RIA/Wealth	$1.8M 38.3K shares
O Owen LaRue, LLC Institution	$1.4M 28.7K shares
T TWIN FOCUS CAPITAL PARTNERS, LLC Family Office	$776.4K 16.3K shares
SMITH, MOORE & CO. RIA/Wealth	$764.9K 16.1K shares
Connecticut Wealth Management, LLC RIA/Wealth	$747.6K 15.7K shares
Summit Financial, LLC RIA/Wealth	$644.5K 13.5K shares
LEAVELL INVESTMENT MANAGEMENT, INC. RIA/Wealth	$474.9K 10.0K shares
JOHNSON INVESTMENT COUNSEL INC RIA/Wealth	$465.0K 9.8K shares
C Cardinal Point Capital Management, ULC Hedge Fund•Value	$462.0K 9.8K shares
AQR CAPITAL MANAGEMENT LLC Hedge Fund•Multi-Strategy	$379.2K 8.0K shares

Exited Positions

Institution	Previous Position
P PRUDENTIAL PLC Institution	$12.5M 285.9K shares
Financial Advocates Investment Management RIA/Wealth	$3.6M 81.6K shares
N NOMURA ASSET MANAGEMENT CO LTD Long Only Manager	$2.4M 55.2K shares
Duncan Williams Asset Management, LLC RIA/Wealth	$1.0M 23.4K shares
S SG Americas Securities, LLC Institution	$833.9K 19.1K shares
Advisor Resource Council RIA/Wealth	$767.3K 17.6K shares
O OLD MISSION CAPITAL LLC Institution	$714.1K 16.4K shares
W WCG Wealth Advisors LLC Institution	$539.0K 12.4K shares
Empowered Funds, LLC ETF Provider	$472.2K 10.8K shares
SCHMEIDLER A R & CO INC RIA/Wealth	$464.7K 10.7K shares

Options Activity

Institutions with the largest Call and Put options positions in PAVE as of Q3 2025

Call Positions: 3
Call Value: $2.5M
Put Positions: 0
Put Value: -

Call Positions

Institution	Position Value
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$1.1M 237.0 contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$1.1M 226.0 contracts
J JANE STREET GROUP, LLC Institution	$252.4K 53.0 contracts

Put Positions

Institution	Position Value
No put positions found

Most Committed Institutions

Institutions with PAVE as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
WADDELL & ASSOCIATES, LLC RIA/Wealth	David Sewall Waddell CEO	7.67% $90.1M	1.9M shares	Q2 2025 Held for 5 months	$1.2B
Y Yahav Achim Ve Achayot - Provident Funds Management Co Ltd. Institution	-	6.35% $2.2M	47.1K shares	Q3 2021 Held for 4y 2m	$35.3M
360 Financial, Inc. RIA/Wealth	Michael Anthony Rogers President	5.65% $17.5M	366.9K shares	Q4 2021 Held for 3y 11m	$309.2M
Symphony Financial Services, Inc. RIA/Wealth	John Y Kim President	5.15% $9.5M	200.5K shares	Q2 2024 Held for 1y 5m	$185.3M
Sage Capital Management, LLC RIA/Wealth	Lawrence Craig Busch President	4.75% $10.6M	221.5K shares	Q4 2023 Held for 1y 11m	$221.9M
CABANA LLC RIA/Wealth	George Chaddwick Mason CEO	4.33% $708.3K	14.9K shares	Q2 2025 Held for 5 months	$16.4M
Moss Adams Wealth Advisors LLC RIA/Wealth	Kenneth Daniel Evans COO	4.18% $53.6M	1.1M shares	Q1 2024 Held for 1y 8m	$1.3B
RETIREMENT PLANNING GROUP, LLC / NY RIA/Wealth	David M Kopyc President	4.14% $5.5M	115.8K shares	Q4 2024 Held for 11 months	$133.4M
Deane Retirement Strategies, Inc. RIA/Wealth	Keith Laborde Deane Managing Partner	3.98% $9.2M	194.2K shares	Q3 2025 Held for 2 months	$232.5M
Evolution Wealth Advisors, LLC RIA/Wealth	Adam Bruno Owner	3.93% $28.8M	603.9K shares	Q3 2020 Held for 5y 2m	$732.2M