LAZARD LISTED INFRASTRUCTURE ETF

What stands out is the concentration. Nicolet Bankshares holds roughly $3.4 million — about 65% of the entire disclosed book — an unusually dominant position for an ETF, where ownership is typically spread across many platforms. BIP Wealth ($969K) and Commonwealth Equity ($626K) make up most of the remainder.

For readers, GLIX's institutional story is that a single bank-affiliated holder accounts for two-thirds of its reported 13F value. That makes the fund's disclosed ownership unusually dependent on one account, in contrast to the broad distribution most ETF wrappers show.