In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 23, 2025), Castellan Group reported 35 stock positions worth $688.0 million . Its top holding was Castellan Targetd Equity ETF (CTEF) at 66.6% of the portfolio, followed by Castellan Target Inc. ETF (CTIF, 20.8% ) and Abrdn Precious Metals Basket (GLTR, 1.0% ). Compared with Q2 2025, it opened 6 new positions, sold out of 2, added to 17 and reduced 4. The biggest buy was Castellan Targetd Equity ETF (CTEF, shares +6% ) and the biggest sale Alpha Architect 1-3 MNTH Box (BOXX, shares −81% ).
Location LOUISVILLE, KY
CIK 0001832521
Portfolio Value $688.0M (Q3 2025) Holdings 35 stocks · $688.0M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q2 2025 CTEF Castellan Targetd Equity ETF 7,033,118 $458.0M Add +6.3% CTIF Castellan Target Inc. ETF 2,769,969 $142.9M Add +17.4% GLTR Abrdn Precious Metals Basket 42,510 $7.0M Add +1.6% XLE SS Energy Select Sector 68,654 $6.1M Reduce -0.1% ES Eversource Energy 57,626 $4.1M Add +3.2% CTRE Caretrust REIT Inc. 114,543 $4.0M Reduce -2.7% ATO Atmos Energy Corp. 22,780 $3.9M Add +2.0% WEC WEC Energy Group Inc. 33,556 $3.8M Add +3.5% DKL Delek Logistics Partners LP 80,743 $3.7M Add +6.3% NJR New Jersey Resources Corp. 75,992 $3.7M New FR First Industrial Realty TR 70,824 $3.6M New NEE Nextera Energy Inc. 48,186 $3.6M Add +3.0% POR Portland General Electric Co. 82,503 $3.6M Add +5.2% TRNO Terreno Realty Corp. 63,043 $3.6M New CWEN Clearway Energy Inc. Class C 124,856 $3.5M Add +0.9% EGP Eastgroup Properties Inc. 20,749 $3.5M Add +8.6% MPLX MPLX LP 68,030 $3.4M Add +9.5% GTY Getty Realty Corp. 117,318 $3.1M Add +10.3% XOM Exxon Mobil Corp. 27,224 $3.1M Add +2.9% CVX Chevron Corp. 19,123 $3.0M Reduce -6.3% HESM Hess Midstream LP Class A 84,578 $2.9M Add +7.3% GOOG Alphabet Inc. Class C 7,100 $1.7M New MSFT Microsoft Corp. 3,200 $1.7M No change RIO Rio Tinto PLC-Spon ADR 23,040 $1.5M Add +6.1% BHP BHP Group Ltd.-Spon ADR 26,944 $1.5M Add +1.2% HALO Halozyme Therapeutics Inc. 16,000 $1.2M No change GOOGL Alphabet Inc. Class A 4,600 $1.1M No change BOXX Alpha Architect 1-3 MNTH Box 8,500 $968K Reduce -80.9% LRN Stride Inc. 6,340 $944K New PDEC Innovator U.S. Equity Power 17,661 $742K No change META Meta Platforms Inc. Class A 1,000 $734K New PGR Progressive Corp. 2,000 $494K No change AAPL Apple Inc. 1,642 $418K No change BMAR Innovator U.S. Equity Buffer 7,928 $409K No change BAPR Innovator U.S. Equity Buffer 7,160 $336K No change
Options reported separately and not counted above: PROSHARES TR II puts ($978K), ALPHABET INC calls ($446K), ALPHABET INC calls ($353K), HALOZYME THERAPEUTICS INC calls ($318K), MICROSOFT CORP calls ($237K).
Portfolio Sells Q2 2025 → Q3 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q2 2025 % Of Portfolio Change To Portfolio ▲ BOXX Alpha Architect 1-3 MNTH Box Reduce -80.9% 0.14% −0.78 EXR Extra Space Storage Inc. Sold out 0.00% −0.57 SRE Sempra Sold out 0.00% −0.56 XLE SS Energy Select Sector Reduce -0.1% 0.89% −0.18 CVX Chevron Corp. Reduce -6.3% 0.43% −0.11 CTRE Caretrust REIT Inc. Reduce -2.7% 0.58% −0.09
Portfolio Buys Q2 2025 → Q3 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q2 2025 % Of Portfolio Change To Portfolio ▼ CTEF Castellan Targetd Equity ETF Add +6.3% 66.57% +2.72 NJR New Jersey Resources Corp. New 0.53% +0.53 FR First Industrial Realty TR New 0.53% +0.53 TRNO Terreno Realty Corp. New 0.52% +0.52 GOOG Alphabet Inc. Class C New 0.25% +0.25 LRN Stride Inc. New 0.14% +0.14 META Meta Platforms Inc. Class A New 0.11% +0.11 RIO Rio Tinto PLC-Spon ADR Add +6.1% 0.22% −0.01 BHP BHP Group Ltd.-Spon ADR Add +1.2% 0.22% −0.02 GLTR Abrdn Precious Metals Basket Add +1.6% 1.02% −0.04 ES Eversource Energy Add +3.2% 0.60% −0.06 POR Portland General Electric Co. Add +5.2% 0.53% −0.06 WEC WEC Energy Group Inc. Add +3.5% 0.56% −0.06 DKL Delek Logistics Partners LP Add +6.3% 0.53% −0.07 ATO Atmos Energy Corp. Add +2.0% 0.57% −0.07 NEE Nextera Energy Inc. Add +3.0% 0.53% −0.07 EGP Eastgroup Properties Inc. Add +8.6% 0.51% −0.08 XOM Exxon Mobil Corp. Add +2.9% 0.45% −0.08 GTY Getty Realty Corp. Add +10.3% 0.46% −0.08 MPLX MPLX LP Add +9.5% 0.49% −0.10 HESM Hess Midstream LP Class A Add +7.3% 0.42% −0.13 CWEN Clearway Energy Inc. Class C Add +0.9% 0.51% −0.22 CTIF Castellan Target Inc. ETF Add +17.4% 20.77% −1.26
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ PROSHARES TR II put New 470 $978K ALPHABET INC call New 66 $446K ALPHABET INC call New 46 $353K HALOZYME THERAPEUTICS INC call New 160 $318K MICROSOFT CORP call New 32 $237K
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 39 $910.0M CTEF, CTIF, BOXX, CTRE, LXP Q1 2026 34 $722.6M CTEF, CTIF, BOXX, CWEN, NEE Q4 2025 57 $792.7M CTEF, CTIF, GOOG, BOXX, MSFT Q3 2025 35 $688.0M CTEF, CTIF, GLTR, XLE, ES Q2 2025 Amended 31 $542.8M CTEF, CTIF, XLE, GLTR, BOXX Q1 2025 65 $357.6M HALO, MSFT, FTNT, IDCC, TSCO Q4 2024 61 $230.8M APP, MSFT, TGTX, FTNT, NCLH Q3 2024 59 $237.2M NRG, MSFT, APP, MOD, URI Q2 2024 59 $210.1M MSFT, FTAI, MOD, MEDP, KLAC Q1 2024 59 $195.3M MSFT, MOD, FTAI, URI, MEDP