KFA Mount Lucas Managed Futures Index Strategy ETF
KMLM
46 hedge funds and large institutions have $55M invested in KFA Mount Lucas Managed Futures Index Strategy ETF in 2025 Q4 according to their latest regulatory filings, with 8 funds opening new positions, 17 increasing their positions, 18 reducing their positions, and 13 closing their positions.
6% less repeat investments, than reductions
Existing positions increased: 17 | Existing positions reduced: 18
2.8% less ownership
Funds ownership: 35.4% → 32.6% (-2.8%)
10% less funds holding
Funds holding: 51 → 46 (-5)
14% less capital invested
Capital invested by funds: $63.9M → $55M (-$8.88M)
38% less first-time investments, than exits
New positions opened: 8 | Existing positions closed: 13
100% less funds holding in top 10
Funds holding in top 10: 1 → 0 (-1)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Jane Street
New York
|
+$3.36M |
| 2 |
MNA
Manning & Napier Advisors
Fairport,
New York
|
+$1.72M |
| 3 |
Envestnet Asset Management
Chicago,
Illinois
|
+$1.28M |
| 4 |
AIG
Abbington Investment Group
Westport,
Connecticut
|
+$1.06M |
| 5 |
NL
NVWM LLC
Yardley,
Pennsylvania
|
+$934K |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
AA
Ancora Advisors
Cleveland,
Ohio
|
-$6.15M |
| 2 |
WAP
Wealthcare Advisory Partners
West Chester,
Pennsylvania
|
-$2.62M |
| 3 |
Osaic Holdings
Scottsdale,
Arizona
|
-$2.07M |
| 4 |
FTUS
Flow Traders U.S.
New York
|
-$1.85M |
| 5 |
WCP
Wealthcare Capital Partners
West Chester,
Pennsylvania
|
-$1.03M |
KMLM Hedge Fund Activity: Q4 2025 in Review
46 of the 8,267 institutional investors tracked by Wall St. Rank reported a position in KFA Mount Lucas Managed Futures Index Strategy ETF (KMLM) for Q4 2025, worth a combined $55M — down 14% from $63.9M a quarter earlier.
Sellers outnumbered buyers: 13 funds closed out of KMLM and 8 opened new positions — a net loss of 5 holders — while 18 trimmed existing stakes and 17 added.
The largest buyer was Jane Street, opening a new position worth an estimated $3.36M. The largest seller was Ancora Advisors, cutting an estimated $6.15M.
- 46 institutional investors held KFA Mount Lucas Managed Futures Index Strategy ETF (KMLM) as of Q4 2025, down from 51 in Q3 2025.
- Funds reported $55M of KFA Mount Lucas Managed Futures Index Strategy ETF stock for Q4 2025, down 14% quarter-over-quarter.
- 8 funds opened new KFA Mount Lucas Managed Futures Index Strategy ETF positions in Q4 2025 and 13 closed out, a net change of -5 holders.
- The largest KFA Mount Lucas Managed Futures Index Strategy ETF buyer in Q4 2025 was Jane Street, an estimated $3.36M added.
- The largest KFA Mount Lucas Managed Futures Index Strategy ETF seller in Q4 2025 was Ancora Advisors, an estimated $6.15M sold.
Based on aggregated 13F filings for Q4 2025.