Vault-13

FLEXSHARES TR GUNR

MORNSTAR UPSTR · ETP · CUSIP 33939L407

271 institutional holders +7 vs Q1 2025
99,134,92199.1m shares reported held*
$4.0bnreported value*
27 new 91 added 92 reduced 20 sold out net sold ≈ $225.6m (-5.6m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($404.5k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $40.13. Options: 1 managers hold calls ($0 notional), 0 hold puts (—).

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

0100200300Q3 22: 274Q4 22: 278Q1 23: 294Q2 23: 290Q3 23: 287Q4 23: 295Q1 24: 282Q2 24: 283Q3 24: 268Q4 24: 292Q1 25: 264Q2 25: 271271Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 2022274
Q4 2022278
Q1 2023294
Q2 2023290
Q3 2023287
Q4 2023295
Q1 2024282
Q2 2024283
Q3 2024268
Q4 2024292
Q1 2025264
Q2 2025271

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
2000200Q3 23: 129 bought or addedQ3 23: 131 cut or sold outQ4 23: 121 bought or addedQ4 23: 129 cut or sold outQ4 23Q1 24: 108 bought or addedQ1 24: 149 cut or sold outQ2 24: 109 bought or addedQ2 24: 142 cut or sold outQ2 24Q3 24: 107 bought or addedQ3 24: 140 cut or sold outQ4 24: 121 bought or addedQ4 24: 125 cut or sold outQ4 24Q1 25: 95 bought or addedQ1 25: 154 cut or sold outQ2 25: 118 bought or addedQ2 25: 112 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 2023129131
Q4 2023121129
Q1 2024108149
Q2 2024109142
Q3 2024107140
Q4 2024121125
Q1 202595154
Q2 2025118112

Biggest buyers

First Interstate Bank Added +643,232+643.2k
EVOKE WEALTH, LLC Added +280,289+280.3k
MERCER GLOBAL ADVISORS INC /ADV Added +271,596+271.6k
ROYAL BANK OF CANADA Added +186,535+186.5k
Ledyard National Bank New +178,401+178.4k
CITADEL ADVISORS LLC Added +109,173+109.2k
MORGAN STANLEY Added +99,783+99.8k
Pathway Financial Advisors LLC Added +82,306+82.3k
Sageworth Trust Co New +61,217+61.2k
Barry Investment Advisors, LLC Added +56,473+56.5k

Biggest sellers

NORTHERN TRUST CORP Reduced -4,739,672-4.7m
1832 Asset Management L.P. Reduced -1,534,278-1.5m
OLD MISSION CAPITAL LLC Reduced -463,860-463.9k
Cullen/Frost Bankers, Inc. Reduced -132,112-132.1k
Latigo Investments, LLC Sold out -127,500-127.5k
GREENLEAF TRUST Reduced -122,551-122.6k
UBS Group AG Reduced -117,111-117.1k
Hills Bank & Trust Co Reduced -79,282-79.3k
Corient Private Wealth LP Reduced -78,926-78.9k
NICOLET ADVISORY SERVICES, LLC Reduced -74,837-74.8k

Biggest calls

CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 shares

Biggest puts

None

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 NORTHERN TRUST CORP 0.38% of their portfolio CHICAGO, IL 69,688,43269.7m $2.8bn $2.8bn 0.38% Reduced -4.7m -4,739,672
2 EVOKE WEALTH, LLC 3.74% of their portfolio Los Angeles, CA 3,971,2724.0m $159.3m $159.3m 3.74% Added +280.3k +280,289
3 Valmark Advisers, Inc. 1.95% of their portfolio AKRON, OH 3,489,2583.5m $140.0m $140.0m 1.95% Added +33.1k +33,059
4 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 1,788,0191.8m $71.7m $71.7m 0.00% Added +99.8k +99,783
5 First Interstate Bank 3.35% of their portfolio Billings, MT 1,421,3461.4m $57.0m $57.0m 3.35% Added +643.2k +643,232
6 MOLLER WEALTH PARTNERS 9.90% of their portfolio NORTHFIELD, IL 1,117,3021.1m $44.8m $44.8m 9.90% Added +44.7k +44,675
7 1832 Asset Management L.P. 0.07% of their portfolio TORONTO, A6 960,003960.0k $38.5m $38.5m 0.07% Reduced -1.5m -1,534,278
8 NBT BANK, N.A. 2.62% of their portfolio NORWICH, NY 950,745950.7k $38.1m $38.1m 2.62% Reduced -56.0k -55,983
9 CONNABLE OFFICE INC 3.72% of their portfolio KALAMAZOO, MI 937,063937.1k $37.6m $37.6m 3.72% Reduced -25.5k -25,538
10 Aaron Wealth Advisors LLC 2.45% of their portfolio Chicago, IL 599,090599.1k $24.0m $24.0m 2.45% Added +17.0k +16,987
11 Pure Financial Advisors, LLC 0.39% of their portfolio SAN DIEGO, CA 550,052550.1k $22.1m $22.1m 0.39% Added +49.1k +49,115
12 Hills Bank & Trust Co 1.37% of their portfolio North Liberty, IA 542,269542.3k $21.8m $21.8m 1.37% Reduced -79.3k -79,282
13 VPR Management LLC 9.95% of their portfolio HOUSTON, TX 528,203528.2k $21.2m $21.2m 9.95% Unchanged
14 Versant Capital Management, Inc 3.12% of their portfolio PHOENIX, AZ 512,086512.1k $20.5m $20.5m 3.12% Reduced -53.1k -53,132
15 Colony Family Offices, LLC 4.33% of their portfolio CHARLOTTE, NC 417,173417.2k $16.7m $16.7m 4.33% Reduced -30.8k -30,767
16 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 413,748413.7k $16.6m $16.6m 0.00% Added +186.5k +186,535
17 MERCER GLOBAL ADVISORS INC /ADV 0.04% of their portfolio DENVER, CO 413,561413.6k $16.6m $16.6m 0.04% Added +271.6k +271,596
18 RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio ST. PETERSBURG, FL 399,182399.2k $16.0m $16.0m 0.01% Reduced -47.8k -47,752
19 Barry Investment Advisors, LLC 3.95% of their portfolio NEW BEDFORD, MA 395,851395.9k $15.9m $15.9m 3.95% Added +56.5k +56,473
20 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 375,879375.9k $15.1m $15.1m 0.00% Reduced -28.2k -28,205
21 CENTRAL TRUST Co 0.34% of their portfolio JEFFERSON CITY, MO 368,063368.1k $14.8m $14.8m 0.34% Added +3.1k +3,134
22 Navalign, LLC 4.05% of their portfolio ENCINO, CA 365,709365.7k $14.7m $14.7m 4.05% Added +12.6k +12,560
23 Pathway Financial Advisors LLC 1.92% of their portfolio SOUTH BURLINGTON, VT 327,259327.3k $13.1m $13.1m 1.92% Added +82.3k +82,306
24 FLOW TRADERS U.S. LLC 0.45% of their portfolio NEW YORK, NY 305,377305.4k $12.2m $12.2m 0.45% Added +39.6k +39,574
25 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 302,320302.3k $12.1m $12.1m 0.00% Reduced -20.7k -20,740
26 Farmers National Bank 2.86% of their portfolio DANVILLE, KY 270,702270.7k $10.9m $10.9m 2.86% Added +5.4k +5,372
27 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 266,768266.8k $10.7m $10.7m 0.00% Reduced -821 -821
28 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 250,958251.0k $10.1m $10.1m 0.00% Added +13.2k +13,222
29 Envestnet Portfolio Solutions, Inc. 0.03% of their portfolio BERWYN, PA 226,589226.6k $9.1m $9.1m 0.03% Reduced -8.1k -8,132
30 STEPH & CO 2.81% of their portfolio MARINETTE, WI 216,296216.3k $8.7m $8.7m 2.81% Added +8.4k +8,416
31 UBS Group AG 0.00% of their portfolio ZURICH, V8 208,311208.3k $8.4m $8.4m 0.00% Reduced -117.1k -117,111
32 ARKANSAS FINANCIAL GROUP, INC. 1.23% of their portfolio LITTLE ROCK, AR 197,382197.4k $7.9m $7.9m 1.23% Reduced -8.9k -8,875
33 Cullen/Frost Bankers, Inc. 0.09% of their portfolio San Antonio, TX 184,844184.8k $7.4m $7.4m 0.09% Reduced -132.1k -132,112
34 Wealthcare Advisory Partners LLC 0.16% of their portfolio WEST CHESTER, PA 179,538179.5k $7.2m $7.2m 0.16% Reduced -9.4k -9,358
35 Ledyard National Bank 0.68% of their portfolio HANOVER, NH 178,401178.4k $7.2m $7.2m 0.68% New
36 United Bank 2.65% of their portfolio Zebulon, GA 172,393172.4k $6.9m $6.9m 2.65% Added +12.5k +12,481
37 Brio Consultants, LLC 0.99% of their portfolio SAN FRANCISCO, CA 168,488168.5k $6.8m $6.8m 0.99% Added +3.2k +3,233
38 MAI Capital Management 0.05% of their portfolio INDEPENDENCE, OH 164,892164.9k $6.6m $6.6m 0.05% Added +3.4k +3,446
39 CoreCap Advisors, LLC 0.26% of their portfolio SOUTHFIELD, MI 161,805161.8k $6.5m $6.5m 0.26% Added +6.2k +6,205
40 Austin Wealth Management, LLC 1.08% of their portfolio Austin, TX 150,348150.3k $6.1m $6.1m 1.08% Added +7.1k +7,144
41 Pasadena Private Wealth, LLC 1.02% of their portfolio PASADENA, CA 148,968149.0k $6.0m $6.0m 1.02% Added +18.6k +18,602
42 Roehl & Yi Investment Advisors, LLC 2.92% of their portfolio Eugene, OR 142,181142.2k $5.7m $5.7m 2.92% Reduced -1.7k -1,669
43 Avos Capital Management, LLC 3.18% of their portfolio SEATTLE, WA 138,853138.9k $5.6m $5.6m 3.18% Added +28.8k +28,815
44 IAG Wealth Partners, LLC 0.70% of their portfolio WAUKESHA, WI 132,394132.4k $5.3m $5.3m 0.70% Added +30.7k +30,703
45 Cetera Investment Advisers 0.01% of their portfolio SCHAUMBURG, IL 130,356130.4k $5.2m $5.2m 0.01% Added +13.9k +13,855
46 BESSEMER GROUP INC 0.01% of their portfolio WOODBRIDGE, NJ 125,667125.7k $5.0m $5.0m 0.01% Added +8.6k +8,635
47 Cornerstone National Bank & Trust Co 2.12% of their portfolio PALATINE, IL 122,637122.6k $4.9m $4.9m 2.12% Reduced -17.1k -17,125
48 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 122,054122.1k $4.9m $4.9m 0.00% Added +109.2k +109,173
49 JANE STREET GROUP, LLC 0.01% of their portfolio NEW YORK, NY 118,797118.8k $4.8m $4.8m 0.01% Added +14.9k +14,935
50 Boltwood Capital Management 1.35% of their portfolio WALNUT CREEK, CA 118,683118.7k $4.8m $4.8m 1.35% Reduced -13.3k -13,289
51 Beacon Pointe Advisors, LLC 0.05% of their portfolio NEWPORT BEACH, CA 116,842116.8k $4.7m $4.7m 0.05% Reduced -7.4k -7,410
52 S. R. Schill & Associates 3.44% of their portfolio MERCER ISLAND, WA 116,558116.6k $4.7m $4.7m 3.44% Added +3.2k +3,155
53 Clark Capital Management Group, Inc. 0.03% of their portfolio PHILADELPHIA, PA 114,204114.2k $4.6m $4.6m 0.03% Reduced -1.9k -1,881
54 Fermata Advisors, LLC 1.22% of their portfolio SONOMA, CA 113,507113.5k $4.6m $4.6m 1.22% Reduced -1.4k -1,375
55 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 93,87693.9k $3.8m $3.8m 0.00% Reduced -36.2k -36,158
56 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 92,84892.8k $3.7m $3.7m 0.00% Reduced -21.0k -20,951
57 Money Design Co.,Ltd. 0.17% of their portfolio TOKYO, M0 88,98189.0k $3.6m $3.6m 0.17% Added +10.7k +10,693
58 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.01% of their portfolio PLYMOUTH, MN 82,62782.6k $3.4m $3.4m 0.01% Reduced -23.8k -23,847
59 GREENLEAF TRUST 0.03% of their portfolio KALAMAZOO, MI 81,48981.5k $3.3m $3.3m 0.03% Reduced -122.6k -122,551
60 Missouri Trust & Investment Co 0.93% of their portfolio SPRINGFIELD, MO 71,22271.2k $2.9m $2.9m 0.93% Added +376 +376
61 Walkner Condon Financial Advisors LLC 0.51% of their portfolio MADISON, WI 68,52468.5k $2.7m $2.7m 0.51% Added +3.7k +3,748
62 VeraBank, N.A. 0.55% of their portfolio HENDERSON, TX 67,85367.9k $2.7m $2.7m 0.55% Reduced -17.6k -17,599
63 SVB WEALTH LLC 0.14% of their portfolio BOSTON, MA 67,14967.1k $2.7m $2.7m 0.14% Reduced -72.0k -71,996
64 Rockefeller Capital Management L.P. 0.00% of their portfolio NEW YORK, NY 65,32465.3k $2.6m $2.6m 0.00% Added +38.9k +38,859
65 HORIZON BANCORP INC /IN/ 1.30% of their portfolio MICHIGAN CITY, IN 64,17164.2k $2.6m $2.6m 1.30% Reduced -4.1k -4,117
66 Wealthfront Advisers LLC 0.01% of their portfolio Palo Alto, CA 61,70661.7k $2.5m $2.5m 0.01% Added +28.4k +28,443
67 Sageworth Trust Co 0.14% of their portfolio LANCASTER, PA 61,21761.2k $2.5m $2.5m 0.14% New
68 Smallwood Wealth Investment Management, LLC 1.28% of their portfolio RED BANK, NJ 55,78055.8k $2.2m $2.2m 1.28% Added +1.3k +1,298
69 AlTi Global, Inc. 0.06% of their portfolio NEW YORK, NY 55,29055.3k $2.2m $2.2m 0.06% Reduced -261 -261
70 CVA Family Office, LLC 0.30% of their portfolio DENVER, CO 53,59253.6k $2.1m $2.1m 0.30% Reduced -79 -79
71 Etesian Wealth Advisors, Inc. 0.79% of their portfolio West Linn, OR 52,95553.0k $2.1m $2.1m 0.79% Added +951 +951
72 Purkiss Capital Advisors LLC 1.16% of their portfolio RIDGEFIELD, CT 52,11552.1k $2.1m $2.1m 1.16% Unchanged
73 MONECO ADVISORS, LLC 0.17% of their portfolio FAIRFIELD, CT 45,88145.9k $1.8m $1.8m 0.17% Added +2.3k +2,333
74 MML INVESTORS SERVICES, LLC 0.01% of their portfolio SPRINGFIELD, MA 43,49443.5k $1.7m $1.7m 0.01% Added +1.3k +1,342
75 Corient Private Wealth LP 0.00% of their portfolio MIAMI, FL 42,92642.9k $1.7m $1.7m 0.00% Reduced -78.9k -78,926
76 NICOLET BANKSHARES INC 0.28% of their portfolio GREEN BAY, WI 40,51640.5k $1.6m $1.6m 0.28% Added +14.1k +14,090
77 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 38,59938.6k $1.5m $1.5m 0.00% Reduced -6.1k -6,144
78 ENTREWEALTH, LLC 0.98% of their portfolio AUSTIN, TX 35,36535.4k $1.4m $1.4m 0.98% Added +1.5k +1,460
79 Spire Wealth Management 0.05% of their portfolio MCLEAN, VA 34,85634.9k $1.4m $1.4m 0.05% Added +16.5k +16,477
80 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 34,64634.6k $1.4m $1.4m 0.00% Added +2.9k +2,854
81 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 33,56033.6k $1.3m $1.3m 0.00% Added +16.3k +16,280
82 Redwood Park Advisors LLC 1.00% of their portfolio Redwood City, CA 32,49332.5k $1.3m $1.3m 1.00% Added +1.9k +1,899
83 Creative Planning 0.00% of their portfolio OVERLAND PARK, KS 32,13732.1k $1.3m $1.3m 0.00% Added +12.3k +12,310
84 Cambridge Investment Research Advisors, Inc. 0.00% of their portfolio FAIRFIELD, IA 31,98932.0k $1.3m $1.3m 0.00% Added +836 +836
85 AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio Greenwich, CT 31,79431.8k $1.3m $1.3m 0.00% New
86 TRANSCEND CAPITAL ADVISORS, LLC 0.10% of their portfolio MADISON, NJ 31,54031.5k $1.3m $1.3m 0.10% Added +3.1k +3,067
87 Stelac Advisory Services LLC 0.47% of their portfolio NEW YORK, NY 31,03831.0k $1.2m $1.2m 0.47% Reduced -7.0k -7,045
88 Advisory Services Network, LLC 0.02% of their portfolio ATLANTA, GA 30,40030.4k $1.2m $1.2m 0.02% Reduced -1.3k -1,253
89 STUDIO INVESTMENT MANAGEMENT LLC 0.23% of their portfolio CHICAGO, IL 28,37028.4k $1.1m $1.1m 0.23% Reduced -991 -991
90 Granite Harbor Advisors, Inc. 0.53% of their portfolio Houston, TX 28,22928.2k $1.1m $1.1m 0.53% Reduced -537 -537
91 LRI Investments, LLC 0.09% of their portfolio PALM BEACH GARDENS, FL 26,87826.9k $1.1m $1.1m 0.09% Added +206 +206
92 COMERICA BANK 0.00% of their portfolio DALLAS, TX 26,71426.7k $1.1m $1.1m 0.00% Added +1.8k +1,789
93 Kestra Advisory Services, LLC 0.01% of their portfolio AUSTIN, TX 26,49026.5k $1.1m $1.1m 0.01% Reduced -17.9k -17,853
94 PNC Financial Services Group, Inc. 0.00% of their portfolio Pittsburgh, PA 25,52425.5k $1.0m $1.0m 0.00% Added +9.2k +9,245
95 L.M. KOHN & COMPANY 0.27% of their portfolio CINCINNATI, OH 25,40925.4k $1.0m $1.0m 0.27% Reduced -84 -84
96 KEYBANK NATIONAL ASSOCIATION/OH 0.00% of their portfolio BROOKLYN, OH 25,04125.0k $1.0m $1.0m 0.00% Unchanged
97 CAPITAL WEALTH MANAGEMENT, LLC 0.36% of their portfolio W. WARWICK, RI 24,26424.3k $973.2k $973.2k 0.36% Added +139 +139
98 OLD MISSION CAPITAL LLC 0.03% of their portfolio CHICAGO, IL 23,81323.8k $955.1k $955.1k 0.03% Reduced -463.9k -463,860
99 Wealthcare Capital Partners, LLC 0.48% of their portfolio WEST CHESTER, PA 23,73123.7k $951.9k $951.9k 0.48% Added +2.3k +2,349
100 STIFEL FINANCIAL CORP 0.00% of their portfolio ST. LOUIS, MO 23,64723.6k $948.5k $948.5k 0.00% Reduced -1.9k -1,863