Story

Sumit Roy

Tue, Jun 3, 2025, 1:00 PM45 min read

After a rocky April, ETF investors came back in force in May, pouring $87.6 billion into U.S.-listed exchange-traded funds. The strong monthly total brings year-to-date inflows to $457.6 billion.

Money flowed into almost every major asset class. U.S. fixed-income ETFs led the way with $27.4 billion of inflows, followed closely by U.S. equity ETFs with $24.6 billion. International equities picked up $22.2 billion, while international bond ETFs added $10.3 billion and currency ETFs took in $6.3 billion.

The only major segments to see outflows were commodities ETFs, which lost $1.8 billion, and leveraged ETFs, which saw $3.5 billion in redemptions.

The Vanguard S&P 500 ETF (VOO) continued to dominate the flows leaderboard, picking up $10.4 billion in May. That brings its 2025 year-to-date total to a staggering $66.1 billion—five times more than any other ETF.

Second place on a year-to-date basis is the iShares 0-3 Month Treasury Bond ETF (SGOV), which brought in $2.3 billion in May and $17.4 billion for the year.

The Invesco QQQ Trust (QQQ) also had a strong month, adding $7.2 billion in assets as the tech-heavy Nasdaq rebounded sharply.

Another big winner in May was the iShares Bitcoin Trust (IBIT), which brought in $6.6 billion, the third-most of any ETF. Bitcoin rallied during the month, recovering from its April dip and reigniting interest in crypto exposure via ETFs.

Finally, despite 30-year Treasury yields holding near 5% amid ongoing concerns about U.S. government debt levels, some investors saw value in long-term bonds. The iShares 20+ Year Treasury Bond ETF (TLT) pulled in $4.4 billion during May, ranking fourth among all ETFs.

For a full list of the top inflows and outflows for May and 2025 as a whole, see the tables below.

Ticker	Name	Issuer	Net Flows ($, mm)	AUM ($, mm)	% of AUM	YTD 2025 Net Flows($,M)
VOO	Vanguard S&P 500 ETF	Vanguard	10,441.26	657,328.88	1.59%	66,104.50
QQQ	Invesco QQQ Trust Series I	Invesco	7,172.27	333,877.88	2.15%	9,742.34
IBIT	iShares Bitcoin Trust ETF	BlackRock, Inc.	6,612.62	70,387.45	9.39%	11,728.27
TLT	iShares 20+ Year Treasury Bond ETF	BlackRock, Inc.	4,365.34	50,806.39	8.59%	848.24
THRO	iShares U.S. Thematic Rotation Active ETF	BlackRock, Inc.	3,746.27	4,338.20	86.36%	4,319.31
EFV	iShares MSCI EAFE Value ETF	BlackRock, Inc.	3,452.98	25,223.81	13.69%	2,137.63
LQD	iShares iBoxx $ Investment Grade Corporate Bond ETF	BlackRock, Inc.	3,294.72	30,763.14	10.71%	1,558.93
IAGG	iShares Core International Aggregate Bond ETF	BlackRock, Inc.	2,981.90	9,983.33	29.87%	2,922.55
SGOV	iShares 0-3 Month Treasury Bond ETF	BlackRock, Inc.	2,324.92	47,194.43	4.93%	17,411.95
QQQM	Invesco NASDAQ 100 ETF	Invesco	2,291.98	48,402.28	4.74%	8,337.89

Ticker	Name	Issuer	Net Flows ($, mm)	AUM ($, mm)	% of AUM	June 2025 Net Flows($,M)
VOO	Vanguard S&P 500 ETF	Vanguard	66,104.50	657,328.88	10.06%	10,441.26
SGOV	iShares 0-3 Month Treasury Bond ETF	BlackRock, Inc.	17,411.95	47,194.43	36.89%	2,324.92
VTI	Vanguard Total Stock Market ETF	Vanguard	15,654.57	473,468.73	3.31%	1,928.68
SPLG	SPDR Portfolio S&P 500 ETF	State Street	13,158.90	67,522.35	19.49%	1,746.16
IBIT	iShares Bitcoin Trust ETF	BlackRock, Inc.	11,728.27	70,387.45	16.66%	6,612.62
QQQ	Invesco QQQ Trust Series I	Invesco	9,742.34	333,877.88	2.92%	7,172.27
QQQM	Invesco NASDAQ 100 ETF	Invesco	8,337.89	48,402.28	17.23%	2,291.98
BIL	SPDR Bloomberg 1-3 Month T-Bill ETF	State Street	7,732.62	43,989.90	17.58%	-3,702.03
VUG	Vanguard Growth ETF	Vanguard	7,344.32	164,581.41	4.46%	339.49
JEPQ	JPMorgan NASDAQ Equity Premium Income ETF	JPMorgan Chase	7,022.97	26,285.24	26.72%	1,436.90

Ticker	Name	Issuer	Net Flows ($, mm)	AUM ($, mm)	% of AUM	YTD 2025 Net Flows($,M)
IVV	iShares Core S&P 500 ETF	BlackRock, Inc.	-14,007.69	582,357.14	-2.41%	-6,006.52
SPY	SPDR S&P 500 ETF Trust	State Street	-5,018.20	603,514.00	-0.83%	-25,496.90
BIL	SPDR Bloomberg 1-3 Month T-Bill ETF	State Street	-3,702.03	43,989.90	-8.42%	7,732.62
XLF	Financial Select Sector SPDR Fund	State Street	-2,319.53	49,523.88	-4.68%	-1,017.40
TQQQ	ProShares UltraPro QQQ	ProShare Advisors LLC	-2,192.27	24,505.62	-8.95%	1,418.08
SHV	iShares Short Treasury Bond ETF	BlackRock, Inc.	-2,094.87	20,592.69	-10.17%	1,529.31
VCLT	Vanguard Long-Term Corporate Bond ETF	Vanguard	-1,907.51	10,356.34	-18.42%	-3,299.56
HEFA	iShares Currency Hedged MSCI EAFE ETF	BlackRock, Inc.	-1,601.95	6,468.19	-24.77%	468.70
SOXL	Direxion Daily Semiconductor Bull 3x Shares	Rafferty Asset Management	-1,483.73	11,522.57	-12.88%	2,658.49
EMXC	iShares MSCI Emerging Markets ex China ETF	BlackRock, Inc.	-1,470.74	14,033.52	-10.48%	-2,331.61

Ticker	Name	Issuer	Net Flows ($, mm)	AUM ($, mm)	% of AUM	June 2025 Net Flows($,M)
SPY	SPDR S&P 500 ETF Trust	State Street	-25,496.90	603,514.00	-4.22%	-5,018.20
IVV	iShares Core S&P 500 ETF	BlackRock, Inc.	-6,006.52	582,357.14	-1.03%	-14,007.69
XLE	Energy Select Sector SPDR Fund	State Street	-5,897.55	26,461.22	-22.29%	-424.05
VMBS	Vanguard Mortgage-Backed Securities ETF	Vanguard	-5,327.57	14,331.28	-37.17%	124.74
IWM	iShares Russell 2000 ETF	BlackRock, Inc.	-4,858.03	62,351.19	-7.79%	1,347.35
EFG	iShares MSCI EAFE Growth ETF	BlackRock, Inc.	-3,989.73	13,019.21	-30.64%	-129.38
IWD	iShares Russell 1000 Value ETF	BlackRock, Inc.	-3,547.70	60,672.68	-5.85%	-1,417.46
VCLT	Vanguard Long-Term Corporate Bond ETF	Vanguard	-3,299.56	10,356.34	-31.86%	-1,907.51
IJR	iShares Core S&P Small Cap ETF	BlackRock, Inc.	-3,254.32	77,036.61	-4.22%	-1,004.41
CALF	Pacer US Small Cap Cash Cows 100 ETF	Pacer Advisors	-2,832.61	4,314.28	-65.66%	-255.19

	Net Flows ($, mm)	AUM ($, mm)
Alternatives	224.04	9,988.38
Asset Allocation	339.65	24,726.25
Commodities ETFs	-1,789.66	211,116.88
Currency	6,253.56	143,883.90
International Equity	22,213.65	1,790,266.82
International Fixed Income	10,295.55	291,059.42
Inverse	1,603.00	14,646.76
Leveraged	-3,511.62	120,538.77
US Equity	24,597.10	6,782,945.03
US Fixed Income	27,421.04	1,663,853.28
Total:	87,646.30	11,053,025.50

	Net Flows ($, mm)	AUM ($, mm)
Alternatives	1,091.48	9,988.38
Asset Allocation	1,812.69	24,726.25
Commodities ETFs	14,930.31	211,116.88
Currency	11,925.52	143,883.90
International Equity	65,620.09	1,790,266.82
International Fixed Income	33,074.47	291,059.42
Inverse	5,677.33	14,646.76
Leveraged	9,811.76	120,538.77
US Equity	193,889.84	6,782,945.03
US Fixed Income	119,732.79	1,663,853.28
Total:	457,566.26	11,053,025.50

Brand	AUM ($, mm)	Net Flows ($, mm)	% of AUM	YTD 2025 Net Flows($,M)
iShares	3,340,693.18	24,258.83%	0.73	83,601.96
Vanguard	3,199,404.90	22,987.86%	0.72	149,324.64
SPDR	1,530,353.23	-6,036.74%	-0.39	334.39
Invesco	663,698.91	12,597.11%	1.90	25,352.60
Schwab	424,868.90	1,699.19%	0.40	21,619.92
JPMorgan	211,013.41	5,675.66%	2.69	25,190.98
Dimensional	192,396.83	2,994.34%	1.56	17,490.98
First Trust	160,995.58	746.35%	0.46	3,934.17
Fidelity	119,798.44	1,246.52%	1.04	11,110.13
VanEck	86,412.78	89.32%	0.10	-5,321.64
WisdomTree	83,401.82	877.90%	1.05	2,924.32
ProShares	78,691.67	-736.45%	-0.94	5,114.70
Capital Group	66,162.46	3,261.26%	4.93	15,230.85
Avantis	65,266.79	2,475.44%	3.79	9,587.09
Global X	57,119.64	291.09%	0.51	2,936.75
Direxion	48,891.77	-907.27%	-1.86	5,533.22
Goldman Sachs	41,064.80	125.48%	0.31	1,990.77
Pacer	39,856.49	-533.32%	-1.34	-3,766.70
FT Vest	39,548.97	281.06%	0.71	3,811.54
PIMCO	37,464.81	1,087.44%	2.90	5,988.27
Janus Henderson	32,216.77	901.85%	2.80	5,705.09
Grayscale	28,424.07	-275.37%	-0.97	-1,702.08
Xtrackers	26,303.05	243.22%	0.92	421.06
Franklin	26,167.87	1,189.96%	4.55	3,786.01
Innovator	25,464.31	281.89%	1.11	2,772.07
FlexShares	20,805.55	333.34%	1.60	-165.08
PGIM	16,413.09	665.93%	4.06	4,181.66
ARK	15,624.07	-502.62%	-3.22	-1,011.49
T. Rowe Price	15,065.71	403.28%	2.68	6,150.05
VictoryShares	14,163.50	568.33%	4.01	3,966.74
YieldMax	12,533.43	2,288.29%	18.26	7,105.26
abrdn	11,545.80	44.78%	0.39	690.25
Amplify	11,131.97	300.86%	2.70	723.86
Alerian	10,521.36	170.03%	1.62	733.28
Nuveen	10,514.11	754.93%	7.18	974.10
BNY Mellon	8,218.23	1,297.54%	15.79	837.80
GraniteShares	7,972.58	-1,312.14%	-16.46	424.28
Alpha Architect	7,850.16	618.35%	7.88	2,046.96
KraneShares	7,811.84	51.30%	0.66	93.28
US Benchmark Series	7,572.16	134.55%	1.78	1,337.55
AB Funds	7,293.36	269.56%	3.70	1,484.69
John Hancock	7,203.79	4.80%	0.07	-21.02
Simplify	6,975.04	-221.86%	-3.18	1,052.63
Neos	6,962.90	796.86%	11.44	2,558.51
ALPS	6,753.59	75.16%	1.11	686.14
Principal	6,433.03	23.82%	0.37	1,355.05
Hartford	5,720.61	19.11%	0.33	137.14
Putnam	5,715.65	337.29%	5.90	1,552.39
Columbia	5,581.32	191.21%	3.43	1,132.74
BondBloxx	5,015.67	400.88%	7.99	1,567.50
Roundhill	4,879.91	366.50%	7.51	1,292.41
New York Life Investments	4,734.91	15.27%	0.32	142.30
REX Microsectors	4,635.02	871.64%	18.81	1,235.82
Volatility Shares	4,624.55	69.72%	1.51	729.11
American Century	4,618.17	373.23%	8.08	768.17
Bitwise	4,588.66	-0.64%	-0.01	-139.71
Defiance	4,317.37	-70.08%	-1.62	1,215.72
Eaton Vance	4,268.46	311.08%	7.29	1,356.66
Aptus	4,211.42	74.89%	1.78	565.79
Allianz	4,190.58	55.07%	1.31	552.69
ActivePassive	3,670.60	25.81%	0.70	203.52
Morgan Stanley	3,600.80	4.77%	0.13	280.70
TCW	3,349.91	324.37%	9.68	1,080.17
T-Rex	3,254.41	-187.06%	-5.75	824.57
Virtus	3,019.80	83.08%	2.75	537.79
Harbor	2,993.59	62.35%	2.08	556.50
Main Funds	2,965.32	41.67%	1.41	158.86
Invesco DB	2,878.34	-49.19%	-1.71	-148.32
SEI	2,752.24	34.76%	1.26	213.21
Cambria	2,734.47	-58.97%	-2.16	-46.80
Eagle	2,727.68	143.76%	5.27	422.77
Sprott	2,512.65	-37.88%	-1.51	172.55
BlackRock	2,208.32	-3.37%	-0.15	-131.94
Motley Fool	2,158.17	69.85%	3.24	90.49
GMO	2,085.21	61.51%	2.95	541.13
Strive	2,078.22	24.10%	1.16	190.35
Bahl & Gaynor	1,991.14	47.34%	2.38	302.93
Distillate	1,929.13	-20.40%	-1.06	-138.10
Inspire	1,895.93	13.55%	0.71	96.25
US Commodity Funds	1,856.92	-191.27%	-10.30	-577.43
SP Funds	1,805.94	13.06%	0.72	330.08
Angel Oak	1,677.33	83.16%	4.96	393.99
Bridgeway	1,636.28	6.31%	0.39	64.38
DoubleLine	1,606.81	67.05%	4.17	237.45
Rockefeller Capital Management	1,606.80	5.57%	0.35	-17.53
Davis	1,604.07	17.13%	1.07	151.34
Neuberger Berman	1,603.83	88.61%	5.52	149.65
Vident	1,447.96	-3.01%	-0.21	-39.14
Meridian	1,340.39	9.34%	0.70	267.73
Horizon	1,302.75	29.99%	2.30	114.31
ROBO Global	1,220.73	-15.22%	-1.25	-21.17
Brown Advisory	1,213.79	64.03%	5.28	200.76
Freedom	1,212.32	34.47%	2.84	93.22
iM	1,194.80	49.67%	4.16	-16.30
Kovitz	1,183.01	-5.29%	-0.45	-3.18
Fundstrat	1,118.11	129.56%	11.59	426.85
CCM	1,104.25	-2.61%	-0.24	17.87
ETRACS	1,074.35	0.00%	0.00	-66.22
Select	1,066.98	392.01%	36.74	945.73
AdvisorShares	1,022.85	3.32%	0.32	16.86
Timothy	1,020.82	7.20%	0.71	28.07
Federated Hermes	1,009.57	62.51%	6.19	482.42
iPath	1,008.74	90.87%	9.01	-116.31
HCM	985.80	18.65%	1.89	27.45
US Global	978.33	-10.90%	-1.11	-141.44
TrueShares	971.52	45.84%	4.72	219.43
Congress	924.67	30.72%	3.32	226.75
Calvert	915.17	32.98%	3.60	30.89
Tortoise	908.91	-20.27%	-2.23	-70.12
Summit Global Investments	904.69	12.37%	1.37	333.78
Allspring	891.98	1.11%	0.12	755.77
Panagram	877.96	76.32%	8.69	209.05
SMI Funds	839.28	61.16%	7.29	520.21
Return Stacked	830.36	1.80%	0.22	48.37
CoinShares	829.13	-23.02%	-2.78	-271.90
Thrivent	816.66	22.34%	2.74	517.79
Calamos	810.77	30.31%	3.74	230.52
Monarch	782.96	-42.05%	-5.37	92.11
Strategy Shares	759.84	-97.83%	-12.87	-131.50
REX	741.13	24.09%	3.25	221.69
FCF Advisors	735.43	1.62%	0.22	-57.10
Wahed	728.86	8.72%	1.20	41.80
Gotham	727.48	0.00%	0.00	19.66
Touchstone	714.97	33.34%	4.66	159.34
AAM	677.46	-1.64%	-0.24	68.71
Day Hagan	646.06	-36.64%	-5.67	-47.46
Tradr	638.68	211.70%	33.15	385.56
The Brinsmere Funds	602.47	0.01%	0.00	31.98
Oneascent	596.97	33.00%	5.53	71.52
InfraCap	579.71	4.37%	0.75	19.89
RPAR	568.46	10.60%	1.86	-39.63
SoFi	562.93	-8.19%	-1.46	-586.63
Brandes	553.27	14.57%	2.63	87.41
Opus Capital Management	552.91	15.79%	2.86	94.18
Brookstone	546.77	21.31%	3.90	49.80
ClearBridge	533.74	7.55%	1.41	69.94
Natixis	519.30	3.71%	0.71	63.27
Bushido	516.45	10.29%	1.99	37.92
Barclays	503.07	3.65%	0.73	23.44
USCF Advisers	493.38	-47.84%	-9.70	77.03
MFS	490.14	62.44%	12.74	275.48
Longview	485.59	1.12%	0.23	58.11
Tidal ETFs	478.76	7.31%	1.53	103.92
Oakmark	476.79	79.68%	16.71	401.10
F/m	467.20	-15.87%	-3.40	63.11
Overlay Shares	434.47	11.55%	2.66	66.88
Sterling Capital	432.10	51.40%	11.90	387.95
Swan	422.15	18.50%	4.38	69.79
Stone Ridge	416.79	26.14%	6.27	316.64
Vert	412.13	-24.91%	-6.05	-15.41
Teucrium	406.19	65.58%	16.14	80.66
Elm	405.49	-4.84%	-1.19	42.10
Tema	404.98	0.62%	0.15	106.12
ClearShares	398.45	17.69%	4.44	14.39
Burney	386.61	31.43%	8.13	83.52
Zacks	378.34	12.84%	3.39	72.24
First Eagle	369.00	111.35%	30.18	345.57
LeaderShares	366.84	-6.63%	-1.81	-245.25
Adaptive	360.39	-0.39%	-0.11	-8.50
EMQQ	353.93	-1.95%	-0.55	-38.67
ROC	350.13	16.34%	4.67	85.31
ERShares	349.08	9.19%	2.63	156.99
Quadratic	347.42	37.66%	10.84	-149.12
AXS Investments	345.39	-29.81%	-8.63	-114.43
Cabana	340.91	-15.14%	-4.44	-63.89
3Edge	332.51	16.51%	4.97	87.13
CastleArk	328.85	-15.14%	-4.60	-8.09
Parametric	327.52	16.54%	5.05	123.80
Anfield	322.26	4.76%	1.48	36.75
AGF	319.01	-105.51%	-33.07	-28.59
Matthews	308.49	-3.26%	-1.06	-75.43
Toews	305.09	-0.01%	0.00	83.78
Max	303.23	0.00%	0.00	126.31
Range	292.27	15.18%	5.19	130.72
FundX	289.83	-2.27%	-0.78	-19.62
Saba	281.45	10.73%	3.81	38.84
Macquarie	280.87	60.16%	21.42	206.80
Astoria	271.06	36.41%	13.43	88.05
Subversive	270.32	-2.84%	-1.05	30.51
Adasina	263.60	34.58%	13.12	47.44
Beyond	260.14	-3.49%	-1.34	74.56
American Beacon	258.84	3.19%	1.23	69.52
PlanRock	252.51	3.08%	1.22	-45.95
Segall Bryant & Hamill	250.79	3.69%	1.47	8.19
Fairlead	250.74	20.04%	7.99	30.20
VistaShares	244.69	126.40%	51.66	242.69
STF	244.56	9.19%	3.76	9.86
Frontier	244.29	-1.34%	-0.55	-12.23
Applied Finance	239.07	-0.98%	-0.41	12.44
Madison	235.65	-1.14%	-0.48	-10.64
Polen	230.69	4.85%	2.10	26.91
Oak Funds	225.09	-44.00%	-19.55	-208.86
Strategas	221.90	3.90%	1.76	69.50
Counterpoint	220.81	18.29%	8.28	89.87
Nicholas	215.78	4.39%	2.04	20.64
SRH	208.31	0.00%	0.00	0.18
Thornburg	207.91	24.57%	11.82	159.61
Little Harbor Advisors	207.05	-0.90%	-0.44	-6.42
Alger	205.77	6.91%	3.36	55.57
FPA	200.06	0.60%	0.30	16.47
CoRe	198.27	0.00%	0.00	80.42
CornerCap	190.09	-1.87%	-0.99	-5.60
Eventide	186.83	29.17%	15.61	109.65
RiverFront	183.76	1.32%	0.72	3.78
Faith Investor Services	181.50	0.00%	0.00	48.36
Convergence	179.85	9.33%	5.19	-46.92
DB	171.37	0.00%	0.00	-6.81
Tremblant	169.94	16.09%	9.47	25.39
Rayliant	166.05	-2.90%	-1.75	4.63
BeeHive	164.42	0.56%	0.34	-1.20
Regan	162.99	7.50%	4.60	30.42
Optimize	162.61	0.00%	0.00	1.60
Rareview Funds	158.78	-5.20%	-3.28	1.02
JLens	153.80	19.17%	12.47	123.65
EA Series Trust	151.19	11.97%	7.92	46.46
SoundWatch Capital	151.10	0.00%	0.00	2.91
Humankind	150.29	-0.27%	-0.18	1.37
Ballast	149.18	-0.89%	-0.60	3.24
WBI Shares	148.16	-1.03%	-0.70	-9.75
Euclidean	144.09	-16.45%	-11.42	-18.18
Renaissance	143.16	-4.01%	-2.80	-10.10
	142.28	17.93%	12.60	125.85
ETC	140.69	22.04%	15.66	23.96
Argent	132.42	12.76%	9.64	26.47
Kensington	132.01	14.42%	10.92	69.67
Hashdex	129.49	-4.61%	-3.56	90.00
McElhenny Sheffield	126.97	9.78%	7.70	55.11
BrandywineGLOBAL	123.43	0.00%	0.00	-0.39
ACV	123.01	0.00%	0.00	5.63
Gadsden	121.66	2.33%	1.92	-33.81
Hoya	121.38	2.20%	1.81	9.45
Adaptiv	119.30	0.34%	0.29	40.29
Hull	118.72	35.22%	29.66	52.51
THOR	116.74	-36.83%	-31.55	-2.21
Impact Shares	114.72	-1.04%	-0.91	-4.96
Alexis	113.40	1.84%	1.62	7.52
Siren	113.17	1.18%	1.04	-10.99
Westwood	112.72	10.16%	9.01	29.34
Conductor Fund	112.64	1.00%	0.89	1.02
Sovereign's	111.10	3.17%	2.85	24.28
The Future Fund	110.99	-1.08%	-0.97	67.62
Mohr Funds	105.07	-0.49%	-0.47	-36.86
Hilton	104.32	-1.23%	-1.18	7.45
MarketDesk	102.25	-6.06%	-5.93	-2.61
Absolute	101.83	0.84%	0.83	8.36
First Manhattan	100.66	0.00%	0.00	-0.07
Bancreek	99.61	3.04%	3.05	-7.82
MC	99.15	0.61%	0.62	96.44
Texas Capital	97.93	2.79%	2.85	2.02
Altshares	92.86	5.26%	5.66	5.56
Hennessy	90.59	0.29%	0.32	-6.16
Themes	90.27	3.95%	4.38	39.77
Essential 40	87.94	1.54%	1.76	5.61
Leuthold	87.77	-2.58%	-2.94	-3.40
Keating	87.71	1.60%	1.83	3.42
SWP	87.64	3.88%	4.43	4.27
UBS	85.87	0.00%	0.00	0.00
Kurv	85.25	1.66%	1.94	57.15
River1	81.54	1.18%	1.45	20.25
OPAL	81.40	4.85%	5.95	73.24
ArrowShares	80.32	4.84%	6.02	3.66
Palmer Square	78.74	3.06%	3.88	25.27
Indexperts	77.89	9.28%	11.91	68.30
Logan	76.07	0.00%	0.00	-0.54
Aberdeen	75.64	0.00%	0.00	0.00
NestYield	75.23	17.79%	23.64	51.67
Academy	73.75	0.00%	0.00	0.98
Horizons	72.85	3.81%	5.23	68.72
Miller	72.61	0.67%	0.92	4.26
Praxis	71.19	52.51%	73.76	66.80
Matrix	69.65	0.01%	0.01	0.28
Sound Income Strategies	69.61	0.45%	0.64	0.45
Gabelli	69.29	1.59%	2.30	-0.07
Leverage Shares	68.96	4.05%	5.87	57.11
Clough	67.67	-1.85%	-2.73	0.80
Jensen	66.51	-32.96%	-49.56	-16.43
India	64.32	-0.81%	-1.25	5.12
Donoghue Forlines	63.83	0.72%	1.12	45.24
SmartETFs	62.61	-0.09%	-0.14	2.50
FM	61.37	-0.12%	-0.20	-4.20
Breakwave	60.31	5.43%	9.00	34.18
Obra	60.11	2.71%	4.51	12.41
Core Alternative	59.41	0.00%	0.00	-49.06
Procure	58.33	3.27%	5.61	6.30
Cambiar Funds	58.21	-0.29%	-0.50	-0.63
Spear	56.10	-1.27%	-2.27	3.24
Goose Hollow	55.80	1.53%	2.75	-2.43
AOT	54.52	1.86%	3.41	3.58
Even Herd	52.75	0.21%	0.40	0.65
Emerald	51.22	0.04%	0.09	3.74
Regents Park	51.15	-0.48%	-0.94	-2.48
Discipline Funds	50.74	0.00%	0.00	4.54
Carbon Collective	50.16	0.61%	1.21	2.16
UVA	49.73	2.16%	4.34	4.36
Sparkline	49.08	0.90%	1.84	8.66
QRAFT	48.52	-0.01%	-0.02	-10.18
North Shore	47.07	0.00%	0.00	2.49
WealthTrust	47.02	-0.01%	-0.02	5.85
Genter Capital	46.97	2.44%	5.19	14.67
Tweedy, Browne Co.	46.47	9.57%	20.58	40.42
Parnassus Investments	46.45	2.16%	4.65	41.05
IDX	44.61	0.00%	0.00	-6.27
Q3	43.91	-1.72%	-3.91	-8.44
Anydrus	43.30	5.58%	12.89	3.11
Pacific Funds	42.93	0.00%	0.00	38.35
RAM	42.54	-0.01%	-0.02	0.83
Alternative Access	42.53	-0.01%	-0.03	15.04
DWS	42.48	0.00%	0.00	13.54
Aztlan	41.09	0.00%	0.00	1.15
Formidable	41.01	-2.60%	-6.35	-4.18
PMV	40.86	0.82%	2.00	12.07
NETL	40.40	2.99%	7.40	-0.57
REX Shares	39.94	5.84%	14.62	38.29
Relative Sentiment	39.41	7.03%	17.83	19.62
Stacked	38.31	6.20%	16.19	7.15
Affinity	38.09	4.64%	12.18	5.58
SonicShares	37.95	2.15%	5.66	2.15
Twin Oak	37.41	0.28%	0.74	26.01
Bridges	36.38	0.30%	0.83	5.21
Ocean Park	34.87	6.60%	18.93	14.61
Guru	33.84	0.00%	0.00	-2.22
Innovative Portfolios	33.74	0.01%	0.03	0.27
Acquirers Fund	33.56	-0.88%	-2.63	-7.33
Pinnacle	33.51	0.00%	0.00	-1.16
TappAlpha	32.35	6.76%	20.88	19.78
CrossingBridge Funds	31.91	1.05%	3.30	-33.67
Cultivar	31.87	0.50%	1.58	1.00
Tactical Funds	31.70	0.21%	0.66	2.72
Leatherback	31.21	-1.22%	-3.91	-4.27
RAFI Indices	30.94	-3.65%	-11.78	-0.93
Martin Currie	30.62	0.00%	0.00	2.61
Point Bridge Capital	30.45	-0.01%	-0.02	3.71
FMQQ	30.16	0.00%	0.01	-0.99
PLUS	28.81	1.54%	5.34	23.30
Peak	27.92	2.17%	7.79	10.85
ZEGA	27.60	-0.49%	-1.77	2.01
Foundations	26.49	-0.67%	-2.54	-3.07
Morgan Dempsey	25.98	1.56%	6.01	4.45
Mairs & Power	25.66	0.65%	2.53	2.86
Advent	25.49	24.75%	97.11	25.25
StockSnips	24.72	0.00%	0.00	1.65
The Nightview	24.44	-0.65%	-2.65	-1.23
Western Asset	24.01	-1.00%	-4.14	-7.85
21Shares	23.06	0.00%	0.00	9.05
Validus	22.11	0.00%	0.00	-0.44
Clockwise Capital	21.44	-0.58%	-2.70	2.91
Cullen	20.96	2.46%	11.75	10.83
GGM	19.47	0.00%	0.00	0.00
DGA	18.23	-0.50%	-2.74	-1.52
Atlas	17.40	0.52%	3.02	9.71
Intelligent Investor	17.30	-0.71%	-4.10	-1.34
Performance Trust	16.60	0.00%	0.00	3.04
Brendan Wood	14.82	0.70%	4.69	3.74
LAFFER TENGLER	14.82	0.00%	0.00	1.25
Tuttle	14.31	2.61%	18.21	3.21
Democracy	13.59	3.76%	27.66	3.76
Build	13.13	-0.63%	-4.77	6.27
Draco	13.02	0.00%	0.00	-0.42
Peerless	12.44	0.47%	3.82	2.81
ATAC	12.24	-0.36%	-2.95	5.05
North Square	12.00	0.25%	2.09	1.73
ADRhedged	11.23	0.94%	8.34	0.94
FolioBeyond	10.76	0.00%	0.01	11.06
Unlimited	10.41	3.88%	37.24	10.16
Armada ETF Advisors	10.14	-0.21%	-2.07	-0.67
Ionic	10.11	0.00%	0.00	-1.93
Alpha	10.07	0.00%	0.03	-0.56
Altrius	9.72	0.71%	7.29	3.34
CoreValues Alpha	9.71	0.00%	0.00	1.31
RiverNorth	9.29	0.00%	0.00	0.00
Otter Creek	9.29	-0.24%	-2.61	0.82
iMGP	9.09	0.00%	0.00	0.01
MKAM	8.63	0.86%	10.02	0.86
Honeytree	8.07	0.00%	0.00	0.65
WHITEWOLF	7.28	0.00%	0.00	4.74
ETFB	7.24	0.00%	0.00	0.47
Vontobel	5.80	5.75%	99.27	5.75
Onefund	5.54	0.00%	0.00	2.07
Suncoast	5.37	5.31%	98.87	5.31
MRBL	5.32	0.00%	0.00	5.56
Fire Funds	5.17	0.61%	11.81	3.21
Hypatia Capital	4.79	0.57%	11.89	0.86
Reverb ETF	4.62	0.00%	0.00	0.00
Sarmaya Partners	4.54	0.52%	11.46	4.37
X-Square	4.40	0.00%	0.00	0.64
Mason Capital	4.32	0.00%	0.00	-0.52
Acruence	4.30	0.00%	0.00	-0.53
iREIT	4.29	0.00%	0.00	-0.50
Grizzle	4.21	0.00%	0.00	-9.77
Kingsbarn	4.05	1.11%	27.35	1.79
UWP	3.64	0.00%	0.00	0.00
USCF	3.61	0.00%	0.00	0.06
Langar	3.48	-0.50%	-14.23	1.30
Quantify Funds	3.28	0.00%	0.00	3.00
CRM	2.63	1.26%	48.02	1.55
Ned Davis Research	2.54	0.00%	0.00	1.22
LSV	1.94	0.00%	-0.02	1.00
Hotchkis & Wiley	1.93	0.25%	12.83	1.91
Vest	1.78	0.00%	0.00	-0.57
SanJac Alpha	1.76	0.00%	0.00	0.75
Coastal	1.74	0.00%	0.00	0.23
Battleshares	1.36	0.00%	0.00	2.75
Cboe Vest	1.28	0.00%	0.00	0.00
Abacus	1.18	0.00%	0.00	0.22
Fortuna	0.87	0.30%	34.66	0.80
TradersAI	0.86	0.00%	0.00	0.03
CORE16	0.74	0.74%	99.85	0.74
Deutsche X-trackers	0.20	0.00%	0.00	0.00
Cohen & Steers	0.00	0.00%	0.00	0.00
KP Funds	0.00	0.00%	0.00	0.00
ICE BofAML	0.00	0.00%	0.00	0.00
Robinson	0.00	0.00%	0.00	-3.06
CRIT	0.00	0.00%	0.00	0.00
Lazard	0.00	0.00%	0.00	0.00
VegTech	0.00	0.00%	0.00	0.46
Vesper	0.00	0.00%	0.00	-12.04
Newday	0.00	0.00%	0.00	0.00
Jacob	0.00	0.00%	0.00	0.00
Dynamic	0.00	0.00%	0.00	0.00
Arch Indices	0.00	0.00%	0.00	0.00
Octane	0.00	0.00%	0.00	0.00
Akros	0.00	0.00%	0.00	-0.97
AlphaMark	0.00	0.00%	0.00	0.00
Meet Kevin	0.00	0.00%	0.00	-9.13
Russell Investments	0.00	0.00%	0.00	0.00
Stance	0.00	0.00%	0.00	-0.49
Trajan	0.00	0.00%	0.00	0.00

Issuer	AUM ($, mm)	Net Flows ($, mm)	% of AUM	YTD 2025 Net Flows($,M)
BlackRock, Inc.	3,342,901.49	24,255.46%	0.73	83,470.02
Vanguard	3,199,404.90	22,987.86%	0.72	149,324.64
State Street	1,416,301.01	-5,013.07%	-0.35	-8,316.25
Invesco	666,577.25	12,547.92%	1.88	25,204.28
Charles Schwab	424,682.13	1,679.09%	0.40	21,432.75
JPMorgan Chase	211,013.41	5,675.66%	2.69	25,190.98
First Trust	200,531.98	1,025.33%	0.51	7,734.66
Dimensional	192,396.83	2,994.34%	1.56	17,490.98
Fidelity	119,798.44	1,246.52%	1.04	11,110.13
World Gold Council	114,052.22	-1,023.67%	-0.90	8,650.65
VanEck	86,412.78	89.32%	0.10	-5,321.64
WisdomTree	83,053.26	848.78%	1.02	2,778.40
ProShare Advisors LLC	78,691.67	-736.45%	-0.94	5,114.70
American Century Investments	69,884.96	2,848.67%	4.08	10,355.26
The Capital Group Companies	66,162.46	3,261.26%	4.93	15,230.85
Mirae Asset Global Investments Co., Ltd.	57,020.88	292.13%	0.51	2,866.56
Rafferty Asset Management	48,891.77	-907.27%	-1.86	5,533.22
Allianz	41,655.39	1,142.51%	2.74	6,540.96
Goldman Sachs	41,064.80	125.48%	0.31	1,990.77
Pacer Advisors	39,856.49	-533.32%	-1.34	-3,766.70
Janus Henderson	32,216.77	901.85%	2.80	5,705.09
Franklin Templeton	27,958.15	1,221.29%	4.37	3,949.49
Deutsche Bank AG	26,517.10	243.22%	0.92	427.79
Innovator	25,405.41	284.52%	1.12	2,783.90
Northern Trust	20,805.55	333.34%	1.60	-165.08
Digital Currency Group, Inc.	19,651.40	-479.19%	-2.44	-1,709.27
Tidal Investments LLC	18,120.05	1,927.86%	10.64	5,898.35
SS&C	17,458.71	246.51%	1.41	1,423.20
Alpha Architect	16,645.24	799.55%	4.80	3,076.92
Prudential	16,413.09	665.93%	4.06	4,181.66
ARK Investment Management LP	15,603.26	-502.62%	-3.22	-1,003.93
T. Rowe Price Group, Inc.	15,065.71	403.28%	2.68	6,150.05
Victory Capital	14,163.50	568.33%	4.01	3,966.74
Abrdn Plc	11,621.44	44.78%	0.39	690.25
Amplify Investments	11,131.97	300.86%	2.70	723.86
TIAA Board of Governors	10,514.11	754.93%	7.18	974.10
Morgan Stanley	9,111.94	365.37%	4.01	1,792.06
Grayscale Investments LLC	8,772.67	203.82%	2.32	7.19
BNY Mellon	8,218.23	1,297.54%	15.79	837.80
CICC	8,159.26	88.96%	1.09	-55.85
1251 Capital Group Inc.	8,090.58	118.73%	1.47	1,404.40
GraniteShares	7,972.58	-1,312.14%	-16.46	424.28
Equitable	7,293.36	269.56%	3.70	1,484.69
Manulife	7,203.79	4.80%	0.07	-21.02
Simplify	6,975.04	-221.86%	-3.18	1,052.63
Neos Investments LLC	6,962.90	796.86%	11.44	2,558.51
Toroso Investments Topco LLC	6,630.70	499.30%	7.53	2,753.49
Principal	6,433.03	23.82%	0.37	1,355.05
The Hartford	5,720.61	19.11%	0.33	137.14
Ameriprise Financial	5,581.32	191.21%	3.43	1,132.74
Bondbloxx Investment Management Corp.	5,015.67	400.88%	7.99	1,567.50
BMO	4,938.25	871.64%	17.65	1,362.13
New York Life	4,734.91	15.27%	0.32	142.30
Power Corporation of Canada	4,624.77	308.44%	6.67	1,449.15
Roundhill Investments	4,576.34	364.84%	7.97	1,248.12
Volatility Shares LLC	4,555.12	28.62%	0.63	664.83
Exchange Traded Concepts	4,550.91	35.31%	0.78	366.28
Bitwise Asset Management, Inc.	4,392.16	-2.65%	-0.06	-159.14
Tuttle Capital Management LLC	4,374.08	207.62%	4.75	1,777.29
Aptus Capital Advisors	4,288.06	84.47%	1.97	647.89
Envestnet	3,670.60	25.81%	0.70	203.52
Virtus Investment Partners	3,510.81	85.61%	2.44	534.05
The TCW Group, Inc.	3,349.91	324.37%	9.68	1,080.17
ORIX	2,993.59	62.35%	2.08	556.50
Main Management	2,965.32	41.67%	1.41	158.86
SEI Investments	2,754.19	34.75%	1.26	214.21
Eagle Capital Management LLC	2,727.68	143.76%	5.27	422.77
Cambria Investment Management LP	2,719.04	-58.25%	-2.14	-42.85
Sprott	2,512.65	-37.88%	-1.51	172.55
Marygold	2,353.37	-239.11%	-10.16	-500.81
Defiance ETFs	2,177.61	123.87%	5.69	470.21
The Motley Fool	2,158.17	69.85%	3.24	90.49
Grantham, Mayo, Van Otterloo & Co. LLC	2,085.21	61.51%	2.95	541.13
Bahl & Gaynor, Inc.	1,991.14	47.34%	2.38	302.93
Distillate Capital	1,929.13	-20.40%	-1.06	-138.10
Inspire Impact Group LLC	1,895.93	13.55%	0.71	96.25
Angel Oak Cos. LLC	1,677.33	83.16%	4.96	393.99
Focus Financial Partners, Inc	1,668.61	-4.17%	-0.25	54.93
Doubleline ETF Holdings LP	1,606.81	67.05%	4.17	237.45
Davis Advisers	1,604.07	17.13%	1.07	151.34
Neuberger Berman	1,603.83	88.61%	5.52	149.65
Barclays	1,511.81	94.52%	6.25	-92.88
MM VAM LLC	1,447.96	-3.01%	-0.21	-39.14
Eurazeo SA	1,412.08	54.03%	3.83	1.94
Horizon Kinetics	1,302.75	29.99%	2.30	114.31
Brown Advisory Management LLC	1,213.79	64.03%	5.28	200.76
Sun Life Financial, Inc.	1,167.60	60.80%	5.21	344.19
UBS	1,160.22	0.00%	0.00	-66.22
AdvisorShares	1,022.85	3.32%	0.32	16.86
Timothy Plan	1,020.82	7.20%	0.71	28.07
Federated Hermes, Inc.	1,009.57	62.51%	6.19	482.42
TrueMark Group	998.20	14.28%	1.43	228.75
Groupe BPCE	996.09	83.39%	8.37	464.36
Howard Capital Management Inc.	985.80	18.65%	1.89	27.45
US Global Investors	978.33	-10.90%	-1.11	-141.44
AXS Investments	975.33	182.51%	18.71	272.35
Lagan Holding Co. Trust	924.67	30.72%	3.32	226.75
Tortoise	908.91	-20.27%	-2.23	-70.12
Summit Global LLC	904.69	12.37%	1.37	333.78
Allspring Group Holdings LLC	891.98	1.11%	0.12	755.77
NZC Capital LLC	877.96	76.32%	8.69	209.05
Coinshares International Ltd.	829.13	-23.02%	-2.78	-271.90
Thrivent Financial for Lutherans	816.66	22.34%	2.74	517.79
Calamos Family Partners, Inc.	810.77	30.31%	3.74	230.52
FCF Advisors	799.26	2.33%	0.29	-11.86
Kingsview Partners LLC	782.96	-42.05%	-5.37	92.11
Rational Advisors Inc.	759.84	-97.83%	-12.87	-131.50
Wahed	728.86	8.72%	1.20	41.80
Western & Southern Mutual Holding Co.	714.97	33.34%	4.66	159.34
Day Hagan Asset Management	611.94	-36.64%	-5.99	-80.81
Aptus Holdings LLC	603.24	15.98%	2.65	67.18
Estate Counselors LLC	602.47	0.01%	0.00	31.98
Oneascent Holdings LLC	596.97	33.00%	5.53	71.52
Brandes Worldwide Holdings	553.27	14.57%	2.63	87.41
AmeriLife	546.77	21.31%	3.90	49.80
CI Financial	540.62	1.42%	0.26	-11.43
REX Shares LLC	484.77	7.05%	1.45	108.25
Anfield Group	437.99	8.25%	1.88	36.78
Liquid Strategies	434.47	11.55%	2.66	66.88
Marathon Partners LLC	423.38	27.57%	6.51	58.62
Swan Global Investments	422.15	18.50%	4.38	69.79
Stone Ridge Holdings Group LP	416.79	26.14%	6.27	316.64
3Fourteen & SMI Advisory Services LLC	415.90	33.59%	8.08	461.59
Vert Asset Management LLC	412.13	-24.91%	-6.05	-15.41
Cygnet Capital LLC	405.49	-4.84%	-1.19	42.10
Dawn Global Topco Ltd.	404.98	0.62%	0.15	106.12
Sterling Capital Management LLC	400.89	52.90%	13.20	394.00
ClearShares LLC	398.45	17.69%	4.44	14.39
Zacks	378.34	12.84%	3.39	72.24
BCP CC Holdings LP	369.00	111.35%	30.18	345.57
Redwood	366.84	-6.63%	-1.81	-245.25
Adaptive Investments	360.39	-0.39%	-0.11	-8.50
Running Oak Capital LLC	350.13	16.34%	4.67	85.31
Capital Impact Advisors	349.08	9.19%	2.63	156.99
WisdomTree, Inc.	348.55	29.11%	8.35	145.92
3EDGE Asset Management LP	332.51	16.51%	4.97	87.13
CastleArk Management LLC	328.85	-15.14%	-4.60	-8.09
AGF	319.01	-105.51%	-33.07	-28.59
Matthews International Capital Management	308.49	-3.26%	-1.06	-75.43
Toews Corp.	305.09	-0.01%	0.00	83.78
Rex Advisers LLC	296.30	22.88%	7.72	151.73
Twin Oak Holdings LP	262.49	-43.73%	-16.66	-182.85
Macquarie Group Ltd	254.12	58.36%	22.97	196.81
PlanRock Wealth Management LLC	252.51	3.08%	1.22	-45.95
Cary Street Partners Financial LLC /VA/	250.74	20.04%	7.99	30.20
Stf Management LP	244.56	9.19%	3.76	9.86
Frontier Asset Management LLC	244.29	-1.34%	-0.55	-12.23
Applied Finance Group	239.07	-0.98%	-0.41	12.44
Madison Investment Holdings, Inc.	235.65	-1.14%	-0.48	-10.64
Baird Financial Group Inc.	221.90	3.90%	1.76	69.50
Counterpoint Mutual Funds LLC	220.81	18.29%	8.28	89.87
Teucrium	218.67	1.92%	0.88	-12.43
Paralel Technologies LLC	208.31	0.00%	0.00	0.18
Thornburg Investment Management	207.91	24.57%	11.82	159.61
Little Harbor Advisors	207.05	-0.90%	-0.44	-6.42
Alger	205.77	6.91%	3.36	55.57
Resolute Investment Managers, Inc.	203.36	2.68%	1.32	69.02
First Pacific Advisors LP	200.06	0.60%	0.30	16.47
CornerCap Investment Counsel, Inc.	190.09	-1.87%	-0.99	-5.60
Teucrium Trading LLC	187.53	63.65%	33.94	93.08
Eventide Asset Management, LLC	186.83	29.17%	15.61	109.65
The Charles Schwab Corp.	186.78	20.10%	10.76	187.17
Faith Investor Services LLC	181.50	0.00%	0.00	48.36
Convergence Investment Partners, LLC	179.85	9.33%	5.19	-46.92
Tremblant Capital	169.94	16.09%	9.47	25.39
Rayliant	166.05	-2.90%	-1.75	4.63
Regan Capital, LLC	162.99	7.50%	4.60	30.42
Optimize Financial Inc.	162.61	0.00%	0.00	1.60
Themes ETF	161.86	9.27%	5.72	98.43
Neil Azous Revocable Trust	158.78	-5.20%	-3.28	1.02
Soundwatch Capital LLC	151.10	0.00%	0.00	2.91
Humankind USA LLC	150.29	-0.27%	-0.18	1.37
Inverdale Capital Management LLC	149.18	-0.89%	-0.60	3.24
WBI	148.16	-1.03%	-0.70	-9.75
Renaissance Capital	143.16	-4.01%	-2.80	-10.10
Kensington Asset Management LLC	132.01	14.42%	10.92	69.67
Community Capital Management, Inc.	130.67	-4.24%	-3.24	4.23
Ridgeline Research LLC	123.01	0.00%	0.00	5.63
Pettee Investors	121.38	2.20%	1.81	9.45
Client First Investment Management LLC	119.30	0.34%	0.29	40.29
Hull Investments LLC	118.72	35.22%	29.66	52.51
Hashdex Ltd.	116.33	0.00%	0.00	93.66
Beyond Investing	114.07	1.31%	1.15	6.84
Alexis Investment Partners LLC	113.40	1.84%	1.62	7.52
SRN Advisors	113.17	1.18%	1.04	-10.99
IronHorse Holdings	112.64	1.00%	0.89	1.02
Sovereign's Capital Management LLC	111.10	3.17%	2.85	24.28
Future Fund Advisors	110.99	-1.08%	-0.97	67.62
Westwood Holdings Group, Inc.	109.47	10.16%	9.28	27.00
ShariaPortfolio, Inc.	106.64	2.89%	2.71	30.04
Retireful LLC	105.07	-0.49%	-0.47	-36.86
Absolute Investment Advisers LLC	101.83	0.84%	0.83	8.36
First Manhattan Co.	100.66	0.00%	0.00	-0.07
Texas Capital Bancshares, Inc.	97.93	2.79%	2.85	2.02
Mcivy Co. LLC	96.69	4.59%	4.75	19.03
Affiliated Managers Group	92.93	11.73%	12.62	81.47
Water Island Capital	92.86	5.26%	5.66	5.56
Hennessy Advisors	90.59	0.29%	0.32	-6.16
Infrastructure Capital Advisors LLC	88.70	1.84%	2.08	23.64
Killir Kapital Management LLC	87.94	1.54%	1.76	5.61
The Leuthold Group LLC	87.77	-2.58%	-2.94	-3.40
SWP Investment Management LLC	87.64	3.88%	4.43	4.27
Kurv Investment Management LLC	85.25	1.66%	1.94	57.15
Sound Capital Solutions LLC	81.54	1.18%	1.45	20.25
Arrow Funds	80.32	4.84%	6.02	3.66
Thor Trading Advisors LLC	79.57	3.91%	4.91	44.09
Palmer Square Holdings LLC	78.74	3.06%	3.88	25.27
Indexperts LLC	77.89	9.28%	11.91	68.30
Logan Capital Management Inc.	76.07	0.00%	0.00	-0.54
Miller Value Partners LLC	72.61	0.67%	0.92	4.26
Everence Holdings Inc.	71.19	52.51%	73.76	66.80
GAMCO Investors, Inc.	69.29	1.59%	2.30	-0.07
Acp Horizon Holdings LP	68.88	0.00%	0.00	64.91
Corpus Partners LLC	68.70	41.10%	59.83	65.11
Clough Capital Partners LLC	67.67	-1.85%	-2.73	0.80
Jensen Investment Management, Inc.	66.51	-32.96%	-49.56	-16.43
Astoria Portfolio Advisors LLC	65.03	0.22%	0.33	32.24
Truemark Group LLC	64.02	36.41%	56.87	63.92
Guinness Atkinson Asset Management	62.61	-0.09%	-0.14	2.50
FMC Group Holdings LP	61.37	-0.12%	-0.20	-4.20
ETFMG	60.31	5.43%	9.00	34.18
Obra Capital, Inc.	60.11	2.71%	4.51	12.41
Core Alternative Capital	59.41	0.00%	0.00	-49.06
Milliman, Inc.	58.90	-2.63%	-4.47	-11.83
ProcureAM	58.33	3.27%	5.61	6.30
Cambiar Holdings	58.21	-0.29%	-0.50	-0.63
Spear Advisors LLC	56.10	-1.27%	-2.27	3.24
Goose Hollow Capital Management LLC	55.80	1.53%	2.75	-2.43
Sammons Enterprises, Inc.	55.48	0.51%	0.93	0.50
Impact Shares	53.11	-1.05%	-1.97	-4.00
Split Rock Private Trading & Wealth Management LLC	47.07	0.00%	0.00	2.49
WealthTrust Asset Management LLC	47.02	-0.01%	-0.02	5.85
IDX Advisors LLC	44.61	0.00%	0.00	-6.27
Q3 Asset Management Corp.	43.91	-1.72%	-3.91	-8.44
Belpointe	43.30	5.58%	12.89	3.11
Pacific Investments Ltd.	42.93	0.00%	0.00	38.35
Reflection Asset Management, LLC	42.54	-0.01%	-0.02	0.83
Alternative Access Funds LLC	42.53	-0.01%	-0.03	15.04
Formidable Asset Management	41.01	-2.60%	-6.35	-4.18
PMV Capital LLC	40.86	0.82%	2.00	12.07
Sparkline Capital LP	39.46	0.90%	2.29	2.93
Thor Analytics LLC	37.18	-40.74%	-109.59	-46.30
Argent Capital Management	34.93	7.29%	20.88	22.74
Ocean Park Asset Management LLC	34.87	6.60%	18.93	14.61
Donald L. Hagan LLC	34.12	0.00%	0.00	33.35
Sheaff Brock Capital Management LLC	33.74	0.01%	0.03	0.27
Acquirers Funds	33.56	-0.88%	-2.63	-7.33
Tapp Finance, Inc.	32.35	6.76%	20.88	19.78
Cohanzick Management	31.91	1.05%	3.30	-33.67
Cultivar Capital, Inc.	31.87	0.50%	1.58	1.00
Guardian Capital Group Ltd.	31.21	-1.50%	-4.82	-6.04
Point Bridge Capital	30.45	-0.01%	-0.02	3.71
Peakshares LLC	27.92	2.17%	7.79	10.85
Delaware Management Company Inc	26.74	1.80%	6.73	9.99
Mairs & Power, Inc.	25.66	0.65%	2.53	2.86
Advent Capital Management LLC	25.49	24.75%	97.11	25.25
Nightview Capital LLC	24.44	-0.65%	-2.65	-1.23
Amun Holdings Ltd.	23.06	0.00%	0.00	9.05
Polen Capital Management LLC	22.50	0.50%	2.22	8.68
Clockwise Capital LLC	21.44	-0.58%	-2.70	2.91
Cullen Capital Management LLC	20.96	2.46%	11.75	10.83
Grant/GrossMendelsohn LLC	19.47	0.00%	0.00	0.00
Carbon Collective Investing LLC	18.86	0.61%	3.22	3.14
Atlas Capital Team, Inc.	17.40	0.52%	3.02	9.71
Public Trust Advisors LLC	16.60	0.00%	0.00	3.04
Democracy Investment Management LLC	13.59	3.76%	27.66	3.76
Build Asset Management LLC	13.13	-0.63%	-4.77	6.27
First Trust Advisors LP	12.57	2.08%	16.56	11.05
Power Financial Corp.	12.40	4.07%	32.80	4.07
NSI Holdings, Inc.	12.00	0.25%	2.09	1.73
Precidian Investments LLC	11.23	0.94%	8.34	0.94
Unlimited Funds, Inc.	10.41	3.88%	37.24	10.16
Otter Creek Advisors LLC	9.29	-0.24%	-2.61	0.82
Brookmont Capital Management LLC	9.03	2.00%	22.12	8.00
Dvx Ventures LLC	6.62	6.60%	99.81	6.60
Vontobel Holding AG	5.80	5.75%	99.27	5.75
ONEFUND LLC	5.54	0.00%	0.00	2.07
Suncoast Equity Management LLC	5.37	5.31%	98.87	5.31
Hypatia Capital Group LLC	4.79	0.57%	11.89	0.86
Distribution Cognizant LLC	4.62	0.00%	0.00	0.00
Sarmaya Partners LLC	4.54	0.52%	11.46	4.37
X-Square Capital	4.40	0.00%	0.00	0.64
Albert D. Mason, Inc.	4.32	0.00%	0.00	-0.52
Kingsbarn Capital Management LLC	4.05	1.11%	27.35	1.79
Horizon Kinetics Holding Corp.	3.98	3.81%	95.84	3.81
Langar Investment Management LLC	3.48	-0.50%	-14.23	1.30
Hilltop Holdings, Inc.	3.25	0.00%	0.00	2.34
Cboe	3.06	0.00%	0.00	-0.57
Epiris Managers LLP	2.54	0.00%	0.00	1.22
	2.45	0.00%	0.00	-1.24
HWCap Holdings LLC	1.93	0.25%	12.83	1.91
Saracen Energy Advisors LP	1.76	0.00%	0.00	0.75
WEBs Investments, Inc.	1.74	0.00%	0.00	-0.41
Abacus Life, Inc.	1.18	0.00%	0.00	0.22
Fortuna Funds LLC	0.87	0.30%	34.66	0.80
Kelly Intelligence LLC	0.50	0.00%	0.00	-5.13
Lazard, Inc.	0.00	0.00%	0.00	0.00
VegTech LLC	0.00	0.00%	0.00	0.46
Cohen & Steers, Inc. (New York)	0.00	0.00%	0.00	0.00
Jacob Asset Management of New York 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
Russell Investments Group Ltd.	0.00	0.00%	0.00	0.00
Arch Indices Investment Advisors 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. Data are believed to be accurate; however, transient market data are often subject to subsequent revision and correction by the exchanges.

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