Vanguard Is Now the Top Investor in MicroStrategy Stock. Should You Buy MSTR Too?
The investment positions Vanguard as the top holder in MicroStrategy, the world's largest publicly listed corporate Bitcoin holder, with 601,550 Bitcoin valued at $74 billion.
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Vanguard has previously criticized Bitcoin, with executives calling the cryptocurrency 'speculative' and warning that it could create portfolio 'havoc.'
While competitors like BlackRock (BLK) and Fidelity launched spot Bitcoin ETFs in January 2024, Vanguard notably abstained from the crypto rush. The firm maintained its stance even as Bitcoin reached an all-time high of $123,000 earlier this month. Additionally, Vanguard CEO Salim Ramji recently reaffirmed that the company doesn't make bets on 'speculative assets,' such as Bitcoin.
This quiet accumulation of MicroStrategy shares suggests Vanguard may be gaining indirect Bitcoin exposure while maintaining its public skepticism toward direct cryptocurrency investments, highlighting the complex dynamics between traditional asset managers and digital assets.
Is MSTR Stock a Good Buy Right Now?
Strategy, formerly known as MicroStrategy, has become the poster child for Bitcoin treasury companies. Over the last five years, MSTR stock has surged more than 3,700%, outpacing the nearly 1,200% returns of Bitcoin.
This remarkable outperformance stems from Strategy's aggressive Bitcoin accumulation strategy, which began in August 2020. Strategy now holds more than 600,000 BTC on its balance sheet, making it the world's largest corporate Bitcoin holder by a wide margin. Executive Chairman Michael Saylor has transformed the software company into what he calls 'the world's first Bitcoin treasury company.'
Strategy's success has sparked a wave of imitators. Even failing businesses are pivoting to Bitcoin treasury strategies, hoping to revitalize their stock prices through exposure to cryptocurrency.
However, this approach carries significant risks. For instance, Strategy employs debt and leverage to acquire Bitcoin, creating what some analysts describe as an ultra-leveraged Bitcoin fund. This approach only works when Bitcoin prices rise, interest rates remain manageable, and market sentiment stays positive.
Is MSTR Stock Overvalued Right Now?
Out of the 13 analysts covering MSTR stock, 11 recommend 'Strong Buy,' one recommends 'Moderate Buy,' and one recommends 'Strong Sell.' The average MSTR stock price target is $543.62, 27% above the current price.
With Bitcoin currently priced near $120,000 acquiring meaningful positions becomes increasingly expensive, which will create a cycle of dilutive stock offerings. While Strategy has delivered exceptional returns, investors should consider whether direct Bitcoin exposure through spot ETFs might offer similar upside with fewer operational risks and complications.
On the date of publication, Aditya Raghunath did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com
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This Cancer Biotech Company Is Making a Big Bet on the HYPE Crypto. Should You Buy Its Stock Here?
Michael Saylor-led MicroStrategy (MSTR) started it in 2020. Now, from Tesla (TSLA) to Block (XYZ) to even the federal government, it seems that everyone is doing it to various degrees. I am referring, of course, to becoming a crypto treasury company or adopting a dedicated strategy to accumulate reserves of a specific cryptocurrency. Although most of the time, the preferred choice of crypto is the world's most popular and largest digital asset, Bitcoin (BTCUSD), building reserves of a token that's not as widely accessible for investment can be a strategically prudent move. That's because it can raise the stock's appeal as a 'proxy trade' for the underlying token. Based on recent headlines, it seems that this is exactly what cancer-focused clinical-stage biotechnology company Sonnet BioTherapeutics is doing with the little-known HYPE crypto. More News from Barchart Find Winning Momentum Trades With This Moving Average Stock Screener Tariffs, Earnings and Other Can't Miss Items this Week Dear Nvidia Stock Fans, Mark Your Calendars for August 27 Stop Missing Market Moves: Get the FREE Barchart Brief – your midday dose of stock movers, trending sectors, and actionable trade ideas, delivered right to your inbox. Sign Up Now! About Sonnet BioTherapeutics Founded in 2011, Sonnet BioTherapeutics (SONN) has focused on developing novel immuno-oncology therapeutics using its proprietary F_HAB platform, which leverages fully human albumin-binding antibody fragments to deliver immune-activating molecules such as IL‑12 or IL‑6 directly to tumors. Valued at a modest market cap of $8.9 million, SONN stock has gained 89.4% on a YTD basis, but still closed Monday at a price of $2.83, placing it firmly in penny stock territory. Following the Wall Street trend, Sonnet has recently formed a SPAC-like business combination to transition into a crypto treasury company focused on the HYPE token. The company has agreed to merge with Rorschach I LLC, a newly formed vehicle backed by Atlas Merchant Capital, Paradigm, and other crypto-investor groups. Through this merged company, which will be called Hyperliquid Strategies, Inc or HSI, it will hold about 12.6 million HYPE tokens worth $583 million at the time of signing of the agreement and $305 million in cash, totaling an assumed $888 million valuation. Notably, Sonnet's legacy biotech unit will operate under HSI as its wholly owned subsidiary. Commenting on the development, interim Sonnet CEO Raghu Rao said, 'Following a thorough review, we believe this proposed combination with Rorschach provides us with a unique and exciting opportunity. We will be able to capitalize on the recent advancements around digital assets and equip Sonnet with funding to potentially realize the future value of our existing biotech assets." Bob Diamon, co-founder and CEO of Atlas, who is poised to be the Chairman of the Board of the new entity, added, 'We believe HYPE and the Hyperliquid protocol represent a truly differentiated offering within the digital asset space. We believe Hyperliquid Strategies will be well placed to maximize these opportunities because of our unique team of investors and operators with deep, relevant crypto and financial services experience.' But why HYPE? What is its utility, and can it draw interest from crypto investors over the long haul - or will the 'hype' die down after a while? Let's find out. What is HYPE? HYPE is the native token that powers the Hyperliquid network, an advanced decentralized exchange built entirely on its own Layer-1 foundation. 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The result is a structure similar to centralized platforms in terms of price precision and trade depth, but with the transparency and auditability of blockchain. Every order and execution can be verified without intermediaries. Another key feature is the absence of gas fees. By removing that cost layer, the platform opens the door for frequent and efficient trading, appealing to both individual and institutional participants. This also provides the technical flexibility required to support broader blockchain use cases. Over time, the same infrastructure may facilitate the tokenization of assets in sectors like real estate, raw materials, or environmental credits, allowing for divisible ownership and on-chain liquidity. HYPE's total supply is capped at one billion tokens, with the current valuation placing its market capitalization at around $12.6 billion. Dire Financial Straits Sonnet's transformation to a HYPE treasury company may have been accelerated by its poor financial condition, characterized by widespread losses and pre-revenue status. For the six months ended March 31, 2025, net cash outflow from operating activities increased to $5.38 million from $2.36 million in the same period a year ago. Even more troubling was a 'going concern' warning in the quarterly filing (emphasis added): 'The Company has incurred recurring losses and negative cash flows from operations since inception and it expects to generate losses from operations for the foreseeable future primarily due to research and development costs for its potential product candidates. The Company believes its cash at March 31, 2025 of $2.1 million will fund the Company's projected operations into July 2025. Substantial additional financing will be needed by the Company to fund its operations. These factors raise substantial doubt about the Company's ability to continue as a going concern. The accompanying unaudited interim consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. However, substantial doubt about the Company's ability to continue as a going concern exists.' In other words, the biotech company went public with its HYPE treasury news just before its previously stated funding runway - and ability to continue as a going concern - was about to run out. Analyst Opinion Unsurprisingly, SONN has limited coverage on Wall Street, with just one analyst following the shares. Although that one analyst calls the stock a 'Strong Buy,' I would steer clear of SONN due to its unproven track record in its core business, cash flow struggles, and limited evidence of HYPE becoming a prominent cryptocurrency in the future. Granted, HYPE use-cases and utility could be exciting, but currently the story around Sonnet seems to be just that - hype. On the date of publication, Pathikrit Bose did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Top Gainers July 2025 Ticker Name Issuer Net Flows ($, mm) AUM ($, mm) % of AUM YTD 2025 Net Flows($,M) VOO Vanguard S&P 500 ETF Vanguard 12,505.78 713,136.42 1.75% 72,595.38 IBIT iShares Bitcoin Trust ETF BlackRock, Inc. 5,272.08 86,240.50 6.11% 20,309.05 SPLG SPDR Portfolio S&P 500 ETF State Street 4,593.13 79,200.94 5.80% 19,615.32 ETHA iShares Ethereum Trust ETF BlackRock, Inc. 4,207.27 11,266.45 37.34% 6,199.44 VTI Vanguard Total Stock Market ETF Vanguard 3,855.38 515,638.15 0.75% 21,930.74 XLF Financial Select Sector SPDR Fund State Street 3,145.41 53,168.06 5.92% 892.07 IVV iShares Core S&P 500 ETF BlackRock, Inc. 2,781.51 641,919.12 0.43% 4,645.05 SBIL Simplify Government Money Market ETF Simplify 2,624.61 2,627.72 99.88% 2,624.61 VXUS Vanguard Total International Stock ETF Vanguard 2,426.04 98,265.67 2.47% 10,131.54 SGOV iShares 0-3 Month Treasury Bond ETF BlackRock, Inc. 2,414.91 52,159.68 4.63% 22,351.86 Top Gainers (Year-to-Date) Ticker Name Issuer Net Flows ($, mm) AUM ($, mm) % of AUM July 2025 Net Flows($,M) VOO Vanguard S&P 500 ETF Vanguard 72,595.38 713,136.42 10.18% 12,505.78 SGOV iShares 0-3 Month Treasury Bond ETF BlackRock, Inc. 22,351.86 52,159.68 42.85% 2,414.91 VTI Vanguard Total Stock Market ETF Vanguard 21,930.74 515,638.15 4.25% 3,855.38 IBIT iShares Bitcoin Trust ETF BlackRock, Inc. 20,309.05 86,240.50 23.55% 5,272.08 SPLG SPDR Portfolio S&P 500 ETF State Street 19,615.32 79,200.94 24.77% 4,593.13 QQQM Invesco NASDAQ 100 ETF Invesco 11,563.97 56,215.97 20.57% 1,907.46 VXUS Vanguard Total International Stock ETF Vanguard 10,131.54 98,265.67 10.31% 2,426.04 VUG Vanguard Growth ETF Vanguard 9,417.69 183,107.85 5.14% 1,056.42 BND Vanguard Total Bond Market ETF Vanguard 9,386.35 132,552.97 7.08% 1,954.98 IEMG iShares Core MSCI Emerging Markets ETF BlackRock, Inc. 8,421.86 99,542.62 8.46% 2,360.44 Biggest Losers (July 2025) Ticker Name Issuer Net Flows ($, mm) AUM ($, mm) % of AUM YTD 2025 Net Flows($,M) LQD iShares iBoxx $ Investment Grade Corporate Bond ETF BlackRock, Inc. -3,707.61 26,737.05 -13.87% -2,882.59 VCLT Vanguard Long-Term Corporate Bond ETF Vanguard -3,193.42 6,691.23 -47.73% -7,116.92 IWM iShares Russell 2000 ETF BlackRock, Inc. -2,613.93 62,365.95 -4.19% -9,368.30 TQQQ ProShares UltraPro QQQ ProShare Advisors LLC -2,039.21 27,394.80 -7.44% -2,006.49 SOXL Direxion Daily Semiconductor Bull 3x Shares Rafferty Asset Management -1,882.43 13,616.94 -13.82% -1,386.21 VB Vanguard Small-Cap ETF Vanguard -1,350.62 64,055.51 -2.11% -223.37 BIL SPDR Bloomberg 1-3 Month T-Bill ETF State Street -1,186.80 41,664.71 -2.85% 5,392.48 VTWO Vanguard Russell 2000 ETF Vanguard -1,090.06 11,858.56 -9.19% -572.60 COWZ Pacer US Cash Cows 100 ETF Pacer Advisors -1,012.24 20,085.06 -5.04% -4,580.84 VCIT Vanguard Intermediate-Term Corporate Bond ETF Vanguard -954.39 53,828.85 -1.77% 3,654.75 Biggest Losers (Year-to-Date) Ticker Name Issuer Net Flows ($, mm) AUM ($, mm) % of AUM July 2025 Net Flows($,M) SPY SPDR S&P 500 ETF Trust State Street -19,321.75 654,995.72 -2.95% 1,621.99 IWM iShares Russell 2000 ETF BlackRock, Inc. -9,368.30 62,365.95 -15.02% -2,613.93 VCLT Vanguard Long-Term Corporate Bond ETF Vanguard -7,116.92 6,691.23 -106.36% -3,193.42 XLE Energy Select Sector SPDR Fund State Street -6,638.34 27,439.65 -24.19% -289.53 VMBS Vanguard Mortgage-Backed Securities ETF Vanguard -5,295.34 14,500.81 -36.52% 116.66 IWD iShares Russell 1000 Value ETF BlackRock, Inc. -4,791.76 62,144.03 -7.71% -625.17 COWZ Pacer US Cash Cows 100 ETF Pacer Advisors -4,580.84 20,085.06 -22.81% -1,012.24 EFG iShares MSCI EAFE Growth ETF BlackRock, Inc. -4,124.31 12,787.55 -32.25% 0.00 EMXC iShares MSCI Emerging Markets ex China ETF BlackRock, Inc. -3,828.62 13,323.60 -28.74% -375.20 GDX VanEck Gold Miners ETF VanEck -3,604.51 15,167.55 -23.76% -253.41 Asset Classes (July 2025) Net Flows ($, mm) AUM ($, mm) Alternatives 428.56 10,501.87 Asset Allocation 514.90 25,879.47 Commodities ETFs 2,176.23 223,297.64 Currency 11,880.50 179,909.83 International Equity 26,217.40 1,909,521.74 International Fixed Income 7,412.91 310,247.95 Inverse 993.16 14,486.26 Leveraged -3,933.67 148,893.65 US Equity 51,975.20 7,340,616.44 US Fixed Income 18,271.59 1,720,257.75 Total: 115,936.77 11,883,612.59 Asset Classes (Year-to-Date) Net Flows ($, mm) AUM ($, mm) Alternatives 1,482.85 10,501.87 Asset Allocation 2,937.02 25,879.47 Commodities ETFs 23,687.21 223,297.64 Currency 29,225.94 179,909.83 International Equity 120,477.04 1,909,521.74 International Fixed Income 50,167.21 310,247.95 Inverse 7,827.95 14,486.26 Leveraged 3,858.73 148,893.65 US Equity 272,328.46 7,340,616.44 US Fixed Income 160,818.99 1,720,257.75 Total: 672,811.40 11,883,612.59 July 2025 ETF Brand League Table Brand AUM ($, mm) Net Flows ($, mm) % of AUM YTD 2025 Net Flows($,M) iShares 3,559,786.70 22,484.25 0.63% 140,269.32 Vanguard 3,423,723.23 28,797.50 0.84% 192,655.06 SPDR 1,641,007.41 12,802.96 0.78% 25,029.33 Invesco 717,174.20 3,483.33 0.49% 30,888.56 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Microsectors 5,628.40 0.00 0.00% 2,279.05 Defiance 5,500.25 242.18 4.40% 1,633.63 Eaton Vance 5,072.60 511.47 10.08% 2,130.91 American Century 4,987.33 183.44 3.68% 931.22 New York Life Investments 4,878.19 41.61 0.85% 213.44 Aptus 4,514.55 81.16 1.80% 738.93 Allianz 4,470.64 47.91 1.07% 630.16 TCW 4,206.14 170.97 4.06% 1,407.68 Harbor 3,930.85 674.45 17.16% 1,328.12 Morgan Stanley 3,893.00 -9.99 -0.26% 299.72 ActivePassive 3,869.41 4.04 0.10% 231.11 Virtus 3,511.25 229.39 6.53% 875.46 Main Funds 3,252.74 61.25 1.88% 229.17 T-Rex 3,103.12 -351.35 -11.32% 216.63 SEI 3,060.54 89.19 2.91% 384.61 Invesco DB 3,007.39 -6.11 -0.20% -150.56 Eagle 2,995.80 105.11 3.51% 561.37 Cambria 2,860.15 33.92 1.19% -30.70 Sprott 2,843.43 -0.95 -0.03% 215.01 GMO 2,594.25 293.50 11.31% 917.69 Motley Fool 2,374.34 41.44 1.75% 174.02 Strive 2,264.17 4.89 0.22% 232.87 BlackRock 2,221.10 -30.69 -1.38% -193.05 Bahl & Gaynor 2,195.64 60.80 2.77% 432.50 US Commodity Funds 2,120.95 -240.84 -11.36% -490.83 Inspire 2,100.33 28.50 1.36% 208.55 Fundstrat 2,076.68 618.19 29.77% 1,200.05 Brown Advisory 2,075.37 113.47 5.47% 408.19 SP Funds 2,049.67 74.45 3.63% 432.32 Distillate 1,909.94 -33.88 -1.77% -274.66 Angel Oak 1,856.99 113.68 6.12% 564.35 Bridgeway 1,816.45 11.20 0.62% 126.34 DoubleLine 1,786.66 108.58 6.08% 403.76 Neuberger Berman 1,771.28 100.04 5.65% 255.92 Davis 1,741.43 28.47 1.63% 191.58 Rockefeller Capital Management 1,657.84 -2.00 -0.12% -17.56 Bluemonte 1,649.40 227.30 13.78% 1,286.98 Vident 1,495.14 -5.29 -0.35% -44.38 Tortoise 1,443.15 -2.09 -0.15% -81.48 Freedom 1,367.64 45.06 3.29% 166.16 ROBO Global 1,342.20 -4.51 -0.34% -23.61 Horizon 1,309.02 8.67 0.66% 125.74 Meridian 1,290.73 -46.43 -3.60% 198.82 Kovitz 1,267.66 1.89 0.15% -4.84 iPath 1,238.00 192.82 15.58% 88.95 Federated Hermes 1,230.63 102.95 8.37% 616.32 iM 1,175.59 12.89 1.10% -53.60 AdvisorShares 1,145.65 29.28 2.56% 51.80 CCM 1,138.63 0.84 0.07% 16.24 HCM 1,125.28 9.44 0.84% 47.90 Select 1,090.94 107.21 9.83% 971.18 Timothy 1,050.63 -1.74 -0.17% 19.93 ETRACS 1,048.09 -57.49 -5.49% -123.71 Allspring 1,045.67 75.18 7.19% 865.93 TrueShares 1,044.47 59.58 5.70% 251.45 SMI Funds 1,025.93 104.75 10.21% 556.20 Congress 1,015.49 21.34 2.10% 269.91 Panagram 1,012.33 36.72 3.63% 351.99 Calvert 1,009.56 25.23 2.50% 80.54 Calamos 975.65 65.18 6.68% 355.63 Summit Global Investments 950.25 7.32 0.77% 348.79 Thrivent 936.94 30.81 3.29% 578.88 Tradr 935.91 187.31 20.01% 635.45 US Global 934.60 -58.99 -6.31% -214.23 CoinShares 925.18 -25.69 -2.78% -313.06 874.70 233.51 26.70% 482.10 Return Stacked 871.63 -1.62 -0.19% 33.02 REX 834.80 29.91 3.58% 273.37 Monarch 816.80 7.25 0.89% 104.05 Touchstone 795.15 40.56 5.10% 222.34 Wahed 791.65 15.87 2.00% 57.72 Gotham 776.75 -0.11 -0.01% 20.14 Strategy Shares 763.79 -2.97 -0.39% -150.12 FCF Advisors 759.63 12.33 1.62% -43.05 AAM 746.13 29.05 3.89% 108.61 Teucrium 684.98 170.43 24.88% 284.52 MFS 675.53 87.86 13.01% 450.98 Day Hagan 662.31 -19.82 -2.99% -71.81 The Brinsmere Funds 646.06 5.34 0.83% 53.68 Oneascent 632.28 5.86 0.93% 80.67 SoFi 625.65 13.61 2.17% -576.96 InfraCap 609.69 4.28 0.70% 26.62 USCF Advisers 609.65 36.09 5.92% 177.52 Brandes 604.22 4.60 0.76% 118.86 Natixis 603.87 24.31 4.03% 109.20 Opus Capital Management 603.74 15.53 2.57% 124.92 First Eagle 589.67 118.81 20.15% 557.29 Oakmark 585.46 59.45 10.15% 493.55 Brookstone 583.63 4.95 0.85% 57.88 RPAR 572.35 1.23 0.21% -61.09 ClearBridge 552.75 -7.96 -1.44% 61.95 Bushido 547.83 4.59 0.84% 39.82 Lazard 532.62 375.87 70.57% 380.56 Tidal ETFs 523.96 12.15 2.32% 125.24 Longview 518.00 0.00 0.00% 59.34 Barclays 514.83 1.43 0.28% 24.34 Castellan 514.26 19.76 3.84% 56.36 Range 510.42 76.51 14.99% 292.30 Sterling Capital 491.37 45.05 9.17% 442.20 F/m 481.46 -10.91 -2.27% 76.18 ERShares 478.24 96.70 20.22% 250.98 Tema 475.29 10.38 2.18% 138.01 VistaShares 470.76 124.61 26.47% 466.44 Swan 458.37 11.68 2.55% 85.79 FundX 440.47 10.11 2.29% 53.76 Elm 435.49 8.41 1.93% 56.21 3Edge 429.94 37.70 8.77% 182.66 Burney 426.86 21.65 5.07% 97.54 Anfield 422.08 82.59 19.57% 121.61 Vert 420.06 4.19 1.00% -7.53 Zacks 415.49 -1.91 -0.46% 81.94 Overlay Shares 396.60 -68.70 -17.32% 6.74 Macquarie 395.09 56.52 14.30% 291.32 ClearShares 390.57 -2.51 -0.64% -0.65 Adaptive 388.49 2.83 0.73% -5.19 Max 385.80 0.85 0.22% 127.17 ROC 377.32 5.09 1.35% 97.74 EMQQ 361.95 -0.07 -0.02% -42.78 Parametric 358.17 11.10 3.10% 146.89 LeaderShares 352.07 -68.13 -19.35% -272.80 AXS Investments 351.86 -10.69 -3.04% -132.74 Alger 349.07 54.91 15.73% 162.09 Quadratic 347.98 5.82 1.67% -145.99 Toews 341.06 8.70 2.55% 104.03 CastleArk 338.38 -19.46 -5.75% -27.53 Matthews 335.25 1.41 0.42% -76.41 Cabana 320.04 -25.74 -8.04% -95.27 Russell Investments 320.01 10.43 3.26% 14.22 AGF 310.84 41.19 13.25% 11.99 Saba 300.95 5.57 1.85% 51.01 Astoria 300.71 9.24 3.07% 101.91 Beyond 291.83 15.07 5.16% 98.81 Leverage Shares 289.16 166.04 57.42% 240.11 Subversive 286.43 2.96 1.03% 25.17 Stone Ridge 285.96 -66.10 -23.12% 189.99 American Beacon 280.99 11.48 4.08% 78.44 PlanRock 278.06 -0.50 -0.18% -34.06 Segall Bryant & Hamill 270.52 2.26 0.83% 11.71 Strategas 270.34 13.69 5.06% 97.05 STF 269.93 6.79 2.52% 14.74 Thornburg 269.61 30.88 11.45% 219.22 Applied Finance 266.64 3.95 1.48% 19.25 Fairlead 265.89 7.10 2.67% 38.70 Counterpoint 261.07 17.77 6.81% 125.96 Frontier 251.56 0.00 0.00% -12.91 Nicholas 249.88 24.17 9.67% 52.85 Polen 247.65 2.81 1.14% 37.56 Adasina 247.15 0.00 0.00% 24.42 Eventide 242.36 7.97 3.29% 154.01 Madison 238.73 -1.10 -0.46% -11.83 Oak Funds 238.47 0.00 0.00% -208.86 FPA 222.21 2.55 1.15% 24.61 Little Harbor Advisors 218.41 -0.35 -0.16% -6.77 SRH 215.10 0.00 0.00% 0.17 GQG Partners 211.48 213.57 100.99% 213.57 CoRe 204.84 -15.64 -7.63% 77.76 CornerCap 196.43 -1.97 -1.00% -8.90 Faith Investor Services 193.87 -1.24 -0.64% 48.42 RiverFront 189.18 -0.19 -0.10% 2.76 Convergence 187.81 -3.98 -2.12% -47.89 Tremblant 187.32 3.77 2.01% 15.18 Rayliant 184.60 -7.93 -4.29% 10.20 Optimize 176.25 -3.21 -1.82% -2.82 Regan 175.89 8.92 5.07% 42.52 EA Series Trust 173.96 12.40 7.13% 66.17 BeeHive 172.94 0.62 0.36% -1.77 JLens 171.95 2.63 1.53% 129.89 DB 168.25 0.00 0.00% -6.81 Amplius 168.18 15.40 9.16% 15.40 Rareview Funds 167.45 2.98 1.78% 4.56 SoundWatch Capital 159.85 0.76 0.48% 3.67 Kensington 159.02 7.69 4.84% 88.98 Hashdex 157.89 -0.81 -0.51% 98.40 Ballast 156.70 -2.02 -1.29% 1.22 Humankind 156.23 0.00 0.00% 1.37 Twin Oak 154.54 1.69 1.09% 28.35 Argent 152.73 2.47 1.61% 37.77 Renaissance 152.43 0.01 0.01% -12.19 WBI Shares 151.79 -2.67 -1.76% -13.82 Euclidean 147.03 0.00 0.00% -19.09 Hilton 146.73 18.23 12.43% 41.86 ETC 146.40 -1.10 -0.75% 22.86 Westwood 145.28 23.74 16.34% 60.46 Adaptiv 144.25 2.44 1.69% 43.89 REX-Osprey 143.58 137.16 95.53% 137.16 Cohen & Steers 143.05 12.42 8.69% 12.42 Themes 142.30 20.12 14.14% 81.62 Gadsden 140.93 10.44 7.41% -23.34 Essential 40 137.23 18.08 13.18% 51.56 McElhenny Sheffield 133.71 -3.48 -2.61% 53.14 ACV 132.22 1.18 0.89% 6.81 The Future Fund 127.53 7.30 5.72% 77.13 BrandywineGLOBAL 127.16 -0.72 -0.57% -1.07 Hull 125.81 0.02 0.01% 50.98 Alexis 125.46 1.34 1.07% 13.27 Hoya 121.48 -2.09 -1.72% 7.64 Siren 118.97 -1.34 -1.13% -12.15 Palmer Square 118.90 7.15 6.02% 65.25 MarketDesk 118.81 7.91 6.66% 8.45 Sovereign's 116.14 -2.97 -2.56% 26.99 Conductor Fund 115.51 0.00 0.00% 1.02 Impact Shares 115.15 -3.32 -2.88% -9.26 Bancreek 113.80 9.56 8.40% 3.58 Texas Capital 113.55 10.37 9.13% 14.22 THOR 112.15 28.21 25.15% -11.83 Tweedy, Browne Co. 109.18 37.10 33.98% 103.17 REX Shares 109.18 37.82 34.64% 96.77 First Manhattan 109.12 0.00 0.00% -0.01 Horizons 107.37 9.15 8.52% 99.14 Absolute 106.81 3.44 3.23% 13.52 Procure 105.56 27.69 26.23% 40.09 Mohr Funds 105.00 -4.07 -3.88% -43.01 MC 103.23 0.00 0.00% 96.44 NestYield 101.06 9.29 9.19% 69.89 SWP 96.45 4.83 5.01% 5.59 Leuthold 95.64 2.79 2.92% 1.16 Hennessy 93.39 -0.44 -0.47% -8.57 Praxis 91.60 10.65 11.62% 81.95 Altshares 91.49 -3.14 -3.43% 2.64 Kurv 89.70 -0.80 -0.90% 62.50 OPAL 89.39 4.68 5.23% 81.40 Keating 88.98 1.36 1.53% 3.69 Miller 88.89 8.87 9.98% 17.82 Indexperts 88.69 2.72 3.06% 75.88 River1 87.80 0.67 0.77% 22.14 Logan 83.18 -0.30 -0.36% -0.03 Towle 82.47 1.76 2.14% 1.76 Aberdeen 82.19 0.00 0.00% 0.00 Academy 79.44 0.00 0.00% 6.44 Gabelli 78.24 1.71 2.18% 3.05 Matrix 76.88 0.01 0.01% 0.28 UBS 76.80 -13.33 -17.35% -13.33 ArrowShares 74.66 -3.98 -5.34% -0.33 Clough 73.39 1.11 1.51% 2.11 Sound Income Strategies 72.98 0.72 0.98% 1.61 Jensen 69.79 1.85 2.66% -14.29 Obra 69.49 0.10 0.14% 16.64 DWS 68.03 14.97 22.00% 33.91 Spear 66.96 -0.73 -1.09% 1.84 SmartETFs 66.22 0.90 1.36% 3.97 India 64.13 0.02 0.03% 5.13 AOT 63.79 1.52 2.38% 5.09 Donoghue Forlines 63.73 0.73 1.14% 45.75 FM 63.00 0.00 0.00% -4.20 Parnassus Investments 61.73 2.57 4.17% 52.33 Genter Capital 60.86 6.74 11.08% 28.86 Cambiar Funds 59.43 -0.32 -0.54% -0.95 Goose Hollow 57.80 1.52 2.63% -0.90 WealthTrust 57.17 4.25 7.44% 11.95 Emerald 56.01 1.72 3.07% 5.49 Carbon Collective 55.10 0.61 1.11% 3.99 Even Herd 54.98 -1.56 -2.84% 1.71 Sparkline 53.49 0.04 0.07% 10.40 Discipline Funds 53.42 0.70 1.32% 6.64 Regents Park 53.23 -1.31 -2.47% -3.79 TappAlpha 52.96 14.98 28.28% 39.01 North Shore 51.52 0.47 0.92% 2.96 QRAFT 51.35 0.00 0.00% -11.65 Suncoast 51.06 45.24 88.61% 50.56 Anydrus 50.17 3.93 7.84% 8.32 Stacked 49.89 6.93 13.89% 15.85 Core Alternative 49.24 -2.16 -4.38% -58.52 PLUS 49.03 0.81 1.64% 34.51 UVA 48.93 -1.09 -2.22% 3.28 Breakwave 47.60 -37.50 -78.79% -2.03 Aztlan 47.13 4.22 8.96% 4.82 Pacific Funds 46.89 0.00 0.00% 38.35 RAM 45.86 0.03 0.06% 0.87 Q3 45.53 -1.31 -2.88% -9.75 Affinity 43.77 1.67 3.81% 8.85 PMV 43.04 1.13 2.62% 13.48 Alternative Access 42.59 0.01 0.02% 15.05 Formidable 42.31 0.00 0.00% -4.18 Pinnacle 40.91 3.86 9.43% 2.08 NETL 40.52 0.61 1.50% 0.04 SonicShares 39.60 0.00 0.00% 2.15 21Shares 39.08 3.41 8.74% 12.95 Bridges 38.86 1.99 5.12% 6.56 Relative Sentiment 37.83 1.68 4.44% 16.52 IDX 36.95 0.00 0.00% -3.17 Ocean Park 36.45 0.24 0.67% 14.90 Acquirers Fund 36.08 -0.95 -2.62% -8.27 RAFI Indices 35.16 2.32 6.61% 0.91 Guru 34.88 0.00 -0.01% -2.22 Dakota 34.77 0.00 0.00% 0.00 Innovative Portfolios 34.55 0.00 0.00% 0.27 Cultivar 33.47 0.27 0.80% 1.53 Tactical Funds 32.77 0.00 0.00% 2.72 Point Bridge Capital 32.16 0.00 0.00% 3.68 Concourse 32.01 0.01 0.03% 7.02 Peak 31.09 2.22 7.14% 13.62 Martin Currie 30.99 0.00 0.00% 2.61 FMQQ 30.59 0.02 0.05% -1.00 Reckoner 30.10 30.00 99.66% 30.00 Cullen 29.95 5.14 17.16% 19.11 Morgan Dempsey 29.78 3.31 11.10% 7.49 CrossingBridge Funds 29.27 -2.37 -8.10% -36.68 ZEGA 28.25 -0.53 -1.87% 0.97 Leatherback 28.02 -3.07 -10.97% -7.35 The Nightview 27.78 0.32 1.17% 0.06 Advent 27.18 0.00 -0.02% 26.02 Unlimited 27.11 7.96 29.38% 25.81 Mairs & Power 26.94 0.43 1.61% 4.16 Tuttle 26.65 4.72 17.72% 15.52 StockSnips 23.21 -1.10 -4.75% 0.55 Validus 22.97 0.00 0.00% -0.44 Western Asset 22.12 -1.00 -4.53% -9.86 ADRhedged 21.53 7.71 35.80% 10.46 Opportunistic 20.93 1.05 5.00% 19.30 Clockwise Capital 20.74 -1.27 -6.11% 1.03 DGA 18.97 0.00 0.00% -1.52 Bastion 18.74 2.16 11.51% 17.90 Performance Trust 18.65 1.01 5.43% 5.06 OTG 18.65 0.22 1.19% 0.22 GGM 18.59 -0.27 -1.43% -1.33 Intelligent Investor 18.28 0.00 0.00% -1.60 Atlas 17.37 0.00 0.00% 9.71 Free Market 17.18 2.38 13.88% 15.78 LAFFER TENGLER 17.00 0.33 1.96% 1.90 Brendan Wood 16.89 0.00 0.00% 5.16 North Square 16.49 4.31 26.16% 6.05 Draco 16.45 1.29 7.82% 0.87 Rainwater 15.91 3.39 21.29% 15.45 Hedgeye 14.39 14.11 98.04% 14.11 Peerless 13.83 0.97 7.03% 3.78 ATAC 11.59 0.00 0.00% 3.93 Build 11.27 0.00 0.00% 4.39 FolioBeyond 10.79 0.00 0.00% 11.06 Quantify Funds 10.66 4.80 45.04% 7.80 Ionic 10.60 0.48 4.55% -1.45 Democracy 10.48 0.00 -0.02% 0.39 Alpha 10.46 0.00 -0.04% -0.57 Armada ETF Advisors 10.32 0.48 4.67% -0.19 CoreValues Alpha 10.29 0.00 0.00% 1.31 Vontobel 10.14 -1.27 -12.50% 10.32 Altrius 10.03 0.00 -0.02% 3.32 MKAM 8.93 0.00 0.00% 0.86 iMGP 8.92 0.00 0.00% -0.58 Otter Creek 8.92 -0.01 -0.08% -0.23 WHITEWOLF 8.38 1.28 15.24% 5.42 Honeytree 8.27 0.00 0.00% 0.65 ETFB 7.66 0.48 6.25% 0.95 LSV 6.80 0.52 7.58% 5.48 Onefund 5.98 0.00 0.00% 2.07 Fire Funds 5.92 0.39 6.62% 3.80 Hypatia Capital 5.85 0.32 5.49% 1.50 Sarmaya Partners 5.81 1.13 19.55% 5.50 CRM 5.78 2.92 50.56% 5.88 MRBL 5.74 0.00 0.00% 5.56 CORE16 5.35 -1.02 -19.03% 5.21 Reverb ETF 4.97 0.00 0.00% 0.00 Grizzle 4.89 0.00 0.00% -9.77 Mason Capital 4.42 0.00 0.00% 0.02 RiverNorth 4.37 0.00 0.00% 0.00 X-Square 4.35 0.00 0.00% 0.64 Kingsbarn 4.23 0.23 5.44% 2.02 Acruence 3.90 -0.55 -14.20% -1.09 USCF 3.83 0.00 0.00% 0.06 Langar 3.67 -0.82 -22.26% 1.39 Abacus 3.61 0.00 0.00% -0.25 iREIT 3.32 0.00 0.00% -1.45 WEBs 2.73 0.00 0.00% 0.00 Ned Davis Research 2.67 0.00 0.00% 1.22 COtwo 2.48 0.00 0.00% 0.00 SanJac Alpha 2.26 0.50 22.20% 1.25 Hotchkis & Wiley 2.05 0.00 0.00% 1.91 Coastal 1.78 0.00 -0.16% 0.23 Vest 1.77 0.00 0.00% -0.57 Cboe Vest 1.29 0.00 0.00% 0.00 Battleshares 1.01 0.00 0.00% 2.75 Fortuna 0.92 0.00 0.00% 0.80 TradersAI 0.91 0.00 0.00% 0.03 Deutsche X-trackers 0.19 0.00 0.00% 0.00 Trajan 0.00 0.00 0.00% 0.00 Arch Indices 0.00 0.00 0.00% 0.00 AlphaMark 0.00 0.00 0.00% 0.00 Crossmark 0.00 0.00 0.00% 0.00 UWP 0.00 0.00 0.00% 0.00 Newday 0.00 0.00 0.00% 0.00 Akros 0.00 0.00 0.00% -0.97 Vesper 0.00 0.00 0.00% -12.04 CRIT 0.00 0.00 0.00% 0.00 Robinson 0.00 0.00 0.00% -3.06 ICE BofAML 0.00 0.00 0.00% 0.00 Octane 0.00 0.00 0.00% 0.00 Meet Kevin 0.00 0.00 0.00% -9.13 Stance 0.00 0.00 0.00% -0.49 Jacob 0.00 0.00 0.00% 0.00 Dynamic 0.00 0.00 0.00% 0.00 VegTech 0.00 0.00 0.00% 0.46 Foundations 0.00 0.00 0.00% -3.57 KP Funds 0.00 0.00 0.00% 0.00 July 2025 ETF Issuer League Table Issuer AUM ($, mm) Net Flows ($, mm) % of AUM YTD 2025 Net Flows($,M) BlackRock, Inc. 3,562,007.80 22,453.56 0.63% 140,076.27 Vanguard 3,423,723.23 28,797.50 0.84% 192,655.06 State Street 1,523,648.77 12,294.94 0.81% 12,619.92 Invesco 720,181.59 3,477.22 0.48% 30,738.01 Charles Schwab 449,054.08 2,591.56 0.58% 25,599.74 JPMorgan Chase 233,494.93 3,985.84 1.71% 38,008.48 First Trust 211,629.66 1,393.75 0.66% 10,200.01 Dimensional 208,130.86 2,693.47 1.29% 23,769.13 Fidelity 133,724.22 3,257.92 2.44% 16,201.59 World Gold Council 117,358.63 508.02 0.43% 12,409.42 VanEck 94,505.09 65.39 0.07% -4,893.37 ProShare Advisors LLC 87,673.29 -448.05 -0.51% 4,171.98 WisdomTree 85,819.83 161.76 0.19% 3,200.58 American Century Investments 78,136.11 2,875.71 3.68% 14,979.55 The Capital Group Companies 77,807.02 4,331.92 5.57% 22,574.84 Mirae Asset Global Investments Co., Ltd. 62,986.35 1,504.92 2.39% 4,912.56 Rafferty Asset Management 53,904.12 -2,470.70 -4.58% 2,032.62 Goldman Sachs 44,340.25 730.93 1.65% 3,435.48 Allianz 43,668.53 1,230.79 2.82% 8,174.61 Pacer Advisors 39,876.14 -1,236.54 -3.10% -5,731.02 Janus Henderson 35,774.81 2,234.33 6.25% 9,077.37 Franklin Templeton 29,814.25 799.37 2.68% 5,212.49 Deutsche Bank AG 28,083.55 344.26 1.23% 1,310.79 Innovator 27,161.54 568.95 2.09% 3,435.12 Tidal Investments LLC 24,180.37 4,080.11 16.87% 11,789.70 Northern Trust 21,774.06 194.20 0.89% 174.41 Digital Currency Group, Inc. 21,257.20 -371.74 -1.75% -2,110.38 ARK Investment Management LP 20,565.02 1,428.54 6.95% 345.33 Alpha Architect 19,891.54 773.80 3.89% 4,378.33 SS&C 18,285.62 98.50 0.54% 1,679.40 Prudential 18,039.39 971.40 5.38% 5,739.85 T. Rowe Price Group, Inc. 17,362.82 900.35 5.19% 7,494.95 Victory Capital 15,377.34 683.44 4.44% 5,150.28 Abrdn Plc 13,199.76 136.66 1.04% 1,405.00 Amplify Investments 12,658.80 466.96 3.69% 1,501.13 Grayscale Investments LLC 12,142.89 694.47 5.72% 793.59 TIAA Board of Governors 10,364.24 -162.37 -1.57% -67.79 Morgan Stanley 10,333.33 537.82 5.20% 2,658.06 Neos Investments LLC 9,961.40 1,374.57 13.80% 5,239.36 GraniteShares 9,877.73 -250.28 -2.53% -936.87 Simplify 9,612.56 2,640.78 27.47% 3,666.69 CICC 9,554.63 1,087.20 11.38% 1,033.80 Toroso Investments Topco LLC 9,403.59 1,168.88 12.43% 4,657.06 BNY Mellon 8,808.94 191.65 2.18% 1,061.62 Equitable 8,167.18 390.40 4.78% 2,155.92 1251 Capital Group Inc. 8,112.36 9.16 0.11% 1,422.66 Manulife 7,581.34 -29.53 -0.39% -4.01 Principal 7,014.69 27.39 0.39% 1,673.16 Exchange Traded Concepts 6,632.90 279.89 4.22% 1,785.45 Ameriprise Financial 6,230.42 144.34 2.32% 1,429.06 BMO 6,014.20 0.85 0.01% 2,406.22 The Hartford 5,854.34 16.27 0.28% 234.90 Volatility Shares LLC 5,675.64 -456.42 -8.04% 522.75 Bondbloxx Investment Management Corp. 5,673.35 296.91 5.23% 2,198.55 Power Corporation of Canada 5,584.80 230.03 4.12% 2,120.61 Bitwise Asset Management, Inc. 5,423.13 220.91 4.07% 318.51 Roundhill Investments 5,217.37 180.26 3.46% 1,503.36 New York Life 4,878.19 41.61 0.85% 213.44 Aptus Capital Advisors 4,621.92 102.07 2.21% 830.37 Tuttle Capital Management LLC 4,284.88 -238.04 -5.56% 1,229.08 Virtus Investment Partners 4,024.78 234.24 5.82% 877.46 ORIX 3,930.85 674.45 17.16% 1,328.12 Envestnet 3,869.41 4.04 0.10% 231.11 The TCW Group, Inc. 3,838.89 171.16 4.46% 1,417.02 Main Management 3,252.74 61.25 1.88% 229.17 SEI Investments 3,067.34 89.70 2.92% 390.09 Eagle Capital Management LLC 2,995.80 105.11 3.51% 561.37 Defiance ETFs 2,906.74 286.28 9.85% 956.33 Sprott 2,843.43 -0.95 -0.03% 215.01 Cambria Investment Management LP 2,839.12 30.96 1.09% -31.88 Marygold 2,733.68 -204.75 -7.49% -313.72 Grantham, Mayo, Van Otterloo & Co. LLC 2,594.25 293.50 11.31% 917.69 The Motley Fool 2,374.34 41.44 1.75% 174.02 Bahl & Gaynor, Inc. 2,195.64 60.80 2.77% 432.50 Inspire Impact Group LLC 2,100.33 28.50 1.36% 208.55 Brown Advisory Management LLC 2,075.37 113.47 5.47% 408.19 Distillate Capital 1,909.94 -33.88 -1.77% -274.66 Angel Oak Cos. LLC 1,856.99 113.68 6.12% 564.35 Doubleline ETF Holdings LP 1,786.66 108.58 6.08% 403.76 Focus Financial Partners, Inc 1,785.66 1.89 0.11% 54.50 Neuberger Berman 1,771.28 100.04 5.65% 255.92 Barclays 1,752.83 194.25 11.08% 113.28 Davis Advisers 1,741.43 28.47 1.63% 191.58 MM VAM LLC 1,496.19 -5.29 -0.35% -43.38 Tortoise 1,443.15 -2.09 -0.15% -81.48 Sun Life Financial, Inc. 1,421.66 116.91 8.22% 559.60 Eurazeo SA 1,402.40 14.70 1.05% -32.39 Horizon Kinetics 1,304.92 5.66 0.43% 121.74 AXS Investments 1,278.43 176.62 13.82% 503.32 Federated Hermes, Inc. 1,230.63 102.95 8.37% 616.32 Groupe BPCE 1,189.33 83.77 7.04% 602.75 AdvisorShares 1,145.65 29.28 2.56% 51.80 Howard Capital Management Inc. 1,125.28 9.44 0.84% 47.90 UBS 1,124.89 -70.82 -6.30% -137.04 Timothy Plan 1,050.63 -1.74 -0.17% 19.93 Allspring Group Holdings LLC 1,045.67 75.18 7.19% 865.93 TrueMark Group 1,021.83 17.21 1.68% 221.14 Lagan Holding Co. Trust 1,015.49 21.34 2.10% 269.91 NZC Capital LLC 1,012.33 36.72 3.63% 351.99 Calamos Family Partners, Inc. 975.65 65.18 6.68% 355.63 Summit Global LLC 950.25 7.32 0.77% 348.79 Thrivent Financial for Lutherans 936.94 30.81 3.29% 578.88 US Global Investors 934.60 -58.99 -6.31% -214.23 Coinshares International Ltd. 925.18 -25.69 -2.78% -313.06 FCF Advisors 823.36 13.06 1.59% 2.71 Kingsview Partners LLC 816.80 7.25 0.89% 104.05 Western & Southern Mutual Holding Co. 795.15 40.56 5.10% 222.34 Wahed 791.65 15.87 2.00% 57.72 Rational Advisors Inc. 763.79 -2.97 -0.39% -150.12 CI Financial 710.99 12.36 1.74% 65.47 Estate Counselors LLC 646.06 5.34 0.83% 53.68 Oneascent Holdings LLC 632.28 5.86 0.93% 80.67 Aptus Holdings LLC 630.09 -8.86 -1.41% 86.61 Day Hagan Asset Management 624.98 -19.82 -3.17% -107.66 Brandes Worldwide Holdings 604.22 4.60 0.76% 118.86 BCP CC Holdings LP 589.67 118.81 20.15% 557.29 AmeriLife 583.63 4.95 0.85% 57.88 REX Shares LLC 551.85 25.89 4.69% 147.01 Lazard, Inc. 532.62 375.87 70.57% 380.56 Corpus Partners LLC 531.33 405.45 76.31% 524.32 Marathon Partners LLC 521.53 105.59 20.25% 75.86 Anfield Group 519.08 82.94 15.98% 123.11 3Fourteen & SMI Advisory Services LLC 504.40 -0.84 -0.17% 480.35 WisdomTree, Inc. 485.31 10.11 2.08% 165.87 Capital Impact Advisors 478.24 96.70 20.22% 250.98 Dawn Global Topco Ltd. 475.29 10.38 2.18% 138.01 Teucrium Trading LLC 471.38 163.49 34.68% 293.03 Sterling Capital Management LLC 458.78 45.05 9.82% 448.99 Swan Global Investments 458.37 11.68 2.55% 85.79 Themes ETF 437.24 189.08 43.24% 327.61 Cygnet Capital LLC 435.49 8.41 1.93% 56.21 3EDGE Asset Management LP 429.94 37.70 8.77% 182.66 Wedbush Fund Advisers LLC 426.24 139.68 32.77% 220.02 Vert Asset Management LLC 420.06 4.19 1.00% -7.53 Zacks 415.49 -1.91 -0.46% 81.94 Liquid Strategies 396.60 -68.70 -17.32% 6.74 Twin Oak Holdings LP 393.01 1.69 0.43% -180.51 ClearShares LLC 390.57 -2.51 -0.64% -0.65 Adaptive Investments 388.49 2.83 0.73% -5.19 Running Oak Capital LLC 377.32 5.09 1.35% 97.74 Clipper Holding LP 367.25 -0.19 -0.05% -9.34 Rex Advisers LLC 363.49 23.49 6.46% 193.58 The Charles Schwab Corp. 357.56 47.85 13.38% 355.48 Redwood 352.07 -68.13 -19.35% -272.80 Alger 349.07 54.91 15.73% 162.09 Toews Corp. 341.06 8.70 2.55% 104.03 CastleArk Management LLC 338.38 -19.46 -5.75% -27.53 Matthews International Capital Management 335.25 1.41 0.42% -76.41 Macquarie Group Ltd 332.28 30.65 9.23% 251.29 Russell Investments Group Ltd. 320.01 10.43 3.26% 14.22 AGF 310.84 41.19 13.25% 11.99 Stone Ridge Holdings Group LP 285.96 -66.10 -23.12% 189.99 PlanRock Wealth Management LLC 278.06 -0.50 -0.18% -34.06 Baird Financial Group Inc. 270.34 13.69 5.06% 97.05 Stf Management LP 269.93 6.79 2.52% 14.74 Thornburg Investment Management 269.61 30.88 11.45% 219.22 Applied Finance Group 266.64 3.95 1.48% 19.25 Cary Street Partners Financial LLC /VA/ 265.89 7.10 2.67% 38.70 Counterpoint Mutual Funds LLC 261.07 17.77 6.81% 125.96 Frontier Asset Management LLC 250.52 0.00 0.00% -13.91 Eventide Asset Management, LLC 242.36 7.97 3.29% 154.01 Madison Investment Holdings, Inc. 238.73 -1.10 -0.46% -11.83 Resolute Investment Managers, Inc. 223.20 10.95 4.91% 77.69 First Pacific Advisors LP 222.21 2.55 1.15% 24.61 Little Harbor Advisors 218.41 -0.35 -0.16% -6.77 Paralel Technologies LLC 215.10 0.00 0.00% 0.17 Teucrium 213.60 6.94 3.25% -8.51 GQG Partners Inc 211.48 213.57 100.99% 213.57 CornerCap Investment Counsel, Inc. 196.43 -1.97 -1.00% -8.90 Faith Investor Services LLC 193.87 -1.24 -0.64% 48.42 Convergence Investment Partners, LLC 187.81 -3.98 -2.12% -47.89 Tremblant Capital 187.32 3.77 2.01% 15.18 Rayliant 184.60 -7.93 -4.29% 10.20 Optimize Financial Inc. 176.25 -3.21 -1.82% -2.82 Regan Capital, LLC 175.89 8.92 5.07% 42.52 Rex Financial LLC 172.22 155.52 90.30% 166.71 Affiliated Managers Group 170.91 39.67 23.21% 155.50 Neil Azous Revocable Trust 167.45 2.98 1.78% 4.56 Soundwatch Capital LLC 159.85 0.76 0.48% 3.67 Kensington Asset Management LLC 159.02 7.69 4.84% 88.98 Inverdale Capital Management LLC 156.70 -2.02 -1.29% 1.22 Humankind USA LLC 156.23 0.00 0.00% 1.37 Renaissance Capital 152.43 0.01 0.01% -12.19 WBI 151.79 -2.67 -1.76% -13.82 Client First Investment Management LLC 144.25 2.44 1.69% 43.89 Cohen & Steers, Inc. (New York) 143.05 12.42 8.69% 12.42 Westwood Holdings Group, Inc. 142.53 23.74 16.66% 58.78 Hashdex Ltd. 142.03 -0.81 -0.57% 100.86 Killir Kapital Management LLC 137.23 18.08 13.18% 51.56 ShariaPortfolio, Inc. 134.48 17.75 13.20% 48.99 Ridgeline Research LLC 132.22 1.18 0.89% 6.81 Community Capital Management, Inc. 129.74 0.84 0.65% 2.54 Future Fund Advisors 127.53 7.30 5.72% 77.13 Hull Investments LLC 125.81 0.02 0.01% 50.98 Alexis Investment Partners LLC 125.46 1.34 1.07% 13.27 Beyond Investing 122.00 0.00 0.00% 6.83 Pettee Investors 121.48 -2.09 -1.72% 7.64 SRN Advisors 118.97 -1.34 -1.13% -12.15 Palmer Square Holdings LLC 118.90 7.15 6.02% 65.25 Truemark Group LLC 116.39 47.05 40.42% 111.71 Sovereign's Capital Management LLC 116.14 -2.97 -2.56% 26.99 IronHorse Holdings 115.51 0.00 0.00% 1.02 Texas Capital Bancshares, Inc. 113.55 10.37 9.13% 14.22 Mcivy Co. LLC 109.79 5.66 5.15% 32.13 First Manhattan Co. 109.12 0.00 0.00% -0.01 Absolute Investment Advisers LLC 106.81 3.44 3.23% 13.52 ProcureAM 105.56 27.69 26.23% 40.09 Retireful LLC 105.00 -4.07 -3.88% -43.01 Acp Horizon Holdings LP 102.64 12.16 11.84% 94.58 SWP Investment Management LLC 96.45 4.83 5.01% 5.59 Infrastructure Capital Advisors LLC 96.16 -0.58 -0.60% 24.62 The Leuthold Group LLC 95.64 2.79 2.92% 1.16 Hennessy Advisors 93.39 -0.44 -0.47% -8.57 Everence Holdings Inc. 91.60 10.65 11.62% 81.95 Water Island Capital 91.49 -3.14 -3.43% 2.64 Kurv Investment Management LLC 89.21 -1.30 -1.46% 62.00 Miller Value Partners LLC 88.89 8.87 9.98% 17.82 Indexperts LLC 88.69 2.72 3.06% 75.88 Sound Capital Solutions LLC 87.80 0.67 0.77% 22.14 First Trust Advisors LP 86.41 -27.35 -31.66% 21.81 Astoria Portfolio Advisors LLC 84.21 11.97 14.22% 46.03 Logan Capital Management Inc. 83.18 -0.30 -0.36% -0.03 GAMCO Investors, Inc. 78.24 1.71 2.18% 3.05 Arrow Funds 74.66 -3.98 -5.34% -0.33 Clough Capital Partners LLC 73.39 1.11 1.51% 2.11 Thor Trading Advisors LLC 71.41 26.47 37.07% 32.74 Jensen Investment Management, Inc. 69.79 1.85 2.66% -14.29 Spear Advisors LLC 66.96 -0.73 -1.09% 1.84 Guinness Atkinson Asset Management 66.22 0.90 1.36% 3.97 Obra Capital, Inc. 64.40 0.00 0.00% 16.54 FMC Group Holdings LP 63.00 0.00 0.00% -4.20 Delaware Management Company Inc 62.81 25.86 41.18% 40.03 Cambiar Holdings 59.43 -0.32 -0.54% -0.95 Milliman, Inc. 59.12 -0.01 -0.02% -13.18 Goose Hollow Capital Management LLC 57.80 1.52 2.63% -0.90 Sammons Enterprises, Inc. 57.79 0.53 0.91% 0.75 WealthTrust Asset Management LLC 57.17 4.25 7.44% 11.95 Tapp Finance, Inc. 52.96 14.98 28.28% 39.01 Impact Shares 52.84 -3.32 -6.28% -7.31 Split Rock Private Trading & Wealth Management LLC 51.52 0.47 0.92% 2.96 Suncoast Equity Management LLC 51.06 45.24 88.61% 50.56 Belpointe 50.17 3.93 7.84% 8.32 Core Alternative Capital 49.24 -2.16 -4.38% -58.52 ETFMG 47.60 -37.50 -78.79% -2.03 Pacific Investments Ltd. 46.89 0.00 0.00% 38.35 Reflection Asset Management, LLC 45.86 0.03 0.06% 0.87 Q3 Asset Management Corp. 45.53 -1.31 -2.88% -9.75 Argent Capital Management 45.44 1.13 2.49% 30.41 PMV Capital LLC 43.04 1.13 2.62% 13.48 Alternative Access Funds LLC 42.59 0.01 0.02% 15.05 Formidable Asset Management 42.31 0.00 0.00% -4.18 Sparkline Capital LP 42.25 0.33 0.78% 3.24 Thor Analytics LLC 40.73 1.73 4.25% -44.57 Amun Holdings Ltd. 39.08 3.41 8.74% 12.95 Donald L. Hagan LLC 37.33 0.00 0.00% 35.86 IDX Advisors LLC 36.95 0.00 0.00% -3.17 Ocean Park Asset Management LLC 36.45 0.24 0.67% 14.90 Acquirers Funds 36.08 -0.95 -2.62% -8.27 Hedgeye Risk Management LLC 35.70 27.21 76.21% 34.70 Dakota Wealth Management LLC 34.77 0.00 0.00% 0.00 Sheaff Brock Capital Management LLC 34.55 0.00 0.00% 0.27 Cultivar Capital, Inc. 33.47 0.27 0.80% 1.53 Guardian Capital Group Ltd. 32.59 0.00 0.00% -6.80 Point Bridge Capital 32.16 0.00 0.00% 3.68 Concourse Capital Advisors LLC 32.01 0.01 0.03% 7.02 Peakshares LLC 31.09 2.22 7.14% 13.62 Reckoner Capital Management LLC 30.10 30.00 99.66% 30.00 Cullen Capital Management LLC 29.95 5.14 17.16% 19.11 Polen Capital Management LLC 29.77 1.01 3.38% 15.76 Cohanzick Management 29.27 -2.37 -8.10% -36.68 Nightview Capital LLC 27.78 0.32 1.17% 0.06 Advent Capital Management LLC 27.18 0.00 -0.02% 26.02 Mairs & Power, Inc. 26.94 0.43 1.61% 4.16 Unlimited Funds, Inc. 24.59 5.46 22.21% 23.31 Precidian Investments LLC 21.53 7.71 35.80% 10.46 Carbon Collective Investing LLC 20.76 0.61 2.95% 4.98 Clockwise Capital LLC 20.74 -1.27 -6.11% 1.03 Public Trust Advisors LLC 18.65 1.01 5.43% 5.06 Msc Group SA 18.65 0.22 1.19% 0.22 Grant/GrossMendelsohn LLC 18.59 -0.27 -1.43% -1.33 Atlas Capital Team, Inc. 17.37 0.00 0.00% 9.71 NSI Holdings, Inc. 16.49 4.31 26.16% 6.05 Dvx Ventures LLC 15.27 2.01 13.17% 15.18 Power Financial Corp. 14.85 1.47 9.93% 5.54 Build Asset Management LLC 11.27 0.00 0.00% 4.39 Brookmont Capital Management LLC 10.96 1.99 18.13% 9.98 Democracy Investment Management LLC 10.48 0.00 -0.02% 0.39 Vontobel Holding AG 10.14 -1.27 -12.50% 10.32 Otter Creek Advisors LLC 8.92 -0.01 -0.08% -0.23 Horizon Kinetics Holding Corp. 8.82 0.00 0.00% 8.57 ONEFUND LLC 5.98 0.00 0.00% 2.07 Hypatia Capital Group LLC 5.85 0.32 5.49% 1.50 Sarmaya Partners LLC 5.81 1.13 19.55% 5.50 AllianceBernstein LP 5.45 0.00 0.00% 5.25 Reverence Capital Partners LLC 5.09 0.10 1.97% 0.10 5.03 0.00 0.00% -1.24 Distribution Cognizant LLC 4.97 0.00 0.00% 0.00 WEBs Investments, Inc. 4.69 0.00 0.00% -0.41 Albert D. Mason, Inc. 4.42 0.00 0.00% 0.02 X-Square Capital 4.35 0.00 0.00% 0.64 Kingsbarn Capital Management LLC 4.23 0.23 5.44% 2.02 Langar Investment Management LLC 3.67 -0.82 -22.26% 1.39 Abacus Life, Inc. 3.61 0.00 0.00% -0.25 Cboe 3.06 0.00 0.00% -0.57 Hilltop Holdings, Inc. 2.75 0.00 0.00% 1.68 Epiris Managers LLP 2.67 0.00 0.00% 1.22 Saracen Energy Advisors LP 2.26 0.50 22.20% 1.25 HWCap Holdings LLC 2.05 0.00 0.00% 1.91 Fortuna Funds LLC 0.92 0.00 0.00% 0.80 Kelly Intelligence LLC 0.50 0.00 0.00% -5.13 Kurv Investment, Inc. 0.49 0.50 101.93% 0.50 VegTech LLC 0.00 0.00 0.00% 0.46 AG Financial Services Group 0.00 0.00 0.00% 0.00 Arch Indices Investment Advisors LLC 0.00 0.00 0.00% 0.00 Dynamic Shares LLC 0.00 0.00 0.00% 0.00 AlphaMark Advisors 0.00 0.00 0.00% 0.00 Jacob Asset Management of New York LLC 0.00 0.00 0.00% 0.00 Disclaimer: All data as of 6 a.m. Eastern time the date the article is published. 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