INVESTMENT MANAGERS ETF

The holders are market-makers across the board — Susquehanna International ($3.4M), Jane Street ($2.8M) and Belvedere Trading ($2.1M). All three provide liquidity in ETF shares and hold inventory for trading and arbitrage, not because of a view on underlying companies.

For readers, CWVX's 13F profile is plumbing: the holders are authorized-participant-style trading shops managing ETF inventory. There is no fundamental ownership signal here, just the market-making activity that keeps a small fund's shares liquid.