Vault-13

INVESCO QQQ TR QQQ

UNIT SER 1 · ETP · CUSIP 46090E103 · ISIN US46090E1038

3,861 institutional holders +300 vs Q3 2025
233,988,779234.0m shares reported held*
$140.6bnreported value*
150 new 1,523 added 1,405 reduced 126 sold out net sold ≈ $4.5bn (-8.2m 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 ($276.2m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $600.96. Options: 121 managers hold calls ($161.8bn notional), 234 hold puts ($250.5bn).

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

02k4kQ3 22: 2,218Q4 22: 2,346Q1 23: 2,449Q2 23: 2,533Q3 23: 2,527Q4 23: 2,843Q1 24: 2,909Q2 24: 2,968Q3 24: 3,055Q4 24: 3,411Q1 25: 3,356Q2 25: 3,489Q3 25: 3,561Q4 25: 3,8613,861Q3 22Q2 23Q1 24Q4 24Q4 25
Numbers
QuarterHolders
Q3 20222,218
Q4 20222,346
Q1 20232,449
Q2 20232,533
Q3 20232,527
Q4 20232,843
Q1 20242,909
Q2 20242,968
Q3 20243,055
Q4 20243,411
Q1 20253,356
Q2 20253,489
Q3 20253,561
Q4 20253,861

Buyers vs sellers

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

Bought or addedCut or sold out
2k02kQ1 24: 1,432 bought or addedQ1 24: 1,180 cut or sold outQ2 24: 1,526 bought or addedQ2 24: 1,092 cut or sold outQ2 24Q3 24: 1,467 bought or addedQ3 24: 1,207 cut or sold outQ4 24: 1,593 bought or addedQ4 24: 1,189 cut or sold outQ4 24Q1 25: 1,565 bought or addedQ1 25: 1,493 cut or sold outQ2 25: 1,835 bought or addedQ2 25: 1,346 cut or sold outQ2 25Q3 25: 1,732 bought or addedQ3 25: 1,389 cut or sold outQ4 25: 1,673 bought or addedQ4 25: 1,531 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 20241,4321,180
Q2 20241,5261,092
Q3 20241,4671,207
Q4 20241,5931,189
Q1 20251,5651,493
Q2 20251,8351,346
Q3 20251,7321,389
Q4 20251,6731,531

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$100bn$200bn$300bnQ1 25 calls: $122.1bnQ1 25 puts: $212.6bnQ1 25P/C 1.74Q2 25 calls: $149.1bnQ2 25 puts: $203.5bnQ2 25P/C 1.36Q3 25 calls: $180.4bnQ3 25 puts: $280.1bnQ3 25P/C 1.55Q4 25 calls: $161.8bnQ4 25 puts: $250.5bnQ4 25P/C 1.55
Numbers
QuarterCallsPutsP/C
Q1 2025$122.1bn$212.6bn1.74
Q2 2025$149.1bn$203.5bn1.36
Q3 2025$180.4bn$280.1bn1.55
Q4 2025$161.8bn$250.5bn1.55

Biggest buyers

BANK OF AMERICA CORP /DE/ Added +5,616,255+5.6m
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added +1,908,276+1.9m
JANE STREET GROUP, LLC Added +1,384,457+1.4m
NWI MANAGEMENT LP New +1,310,400+1.3m
AIA Group Ltd Added +946,473+946.5k
Analyst IMS Investment Management Services Ltd. Added +712,026+712.0k
WELLS FARGO & COMPANY/MN Added +670,392+670.4k
ALKEON CAPITAL MANAGEMENT LLC Added +572,200+572.2k
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND Added +534,000+534.0k
NATIONAL BANK OF CANADA /FI/ Added +332,661+332.7k

Biggest sellers

MORGAN STANLEY Reduced -8,516,396-8.5m
JPMORGAN CHASE & CO Reduced -4,463,122-4.5m
GOLDMAN SACHS GROUP INC Reduced -3,700,488-3.7m
Maxi Investments CY Ltd Sold out -1,235,000-1.2m
CITIGROUP INC Reduced -1,178,036-1.2m
ROYAL BANK OF CANADA Reduced -1,075,023-1.1m
HRT FINANCIAL LP Reduced -835,216-835.2k
PRICE T ROWE ASSOCIATES INC /MD/ Reduced -825,447-825.4k
Capula Management Ltd Reduced -453,985-454.0k
GTS SECURITIES LLC Reduced -354,357-354.4k

Biggest calls

Optiver Holding B.V. Added $24.5bn39.8m shares
JANE STREET GROUP, LLC Added $19.7bn32.1m shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $19.4bn31.6m shares
CTC LLC Added $14.6bn237.1k shares
CITADEL ADVISORS LLC Reduced $13.8bn22.5m shares
BARCLAYS PLC Reduced $7.0bn11.4m shares
SIMPLEX TRADING, LLC Added $5.9bn9.5m shares
IMC-Chicago, LLC Added $5.2bn8.5m shares
AKUNA SECURITIES LLC Added $4.4bn7.1m shares
JPMORGAN CHASE & CO Reduced $4.0bn6.5m shares

Biggest puts

Optiver Holding B.V. Reduced $25.4bn41.4m shares
JANE STREET GROUP, LLC Added $23.5bn38.3m shares
CITADEL ADVISORS LLC Reduced $22.2bn36.2m shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $21.0bn34.1m shares
CTC LLC Added $18.2bn295.5k shares
ALKEON CAPITAL MANAGEMENT LLC Reduced $13.6bn22.1m shares
BARCLAYS PLC Reduced $11.9bn19.3m shares
SIMPLEX TRADING, LLC Reduced $9.4bn15.4m shares
Rokos Capital Management LLP Added $9.3bn15.1m shares
AKUNA SECURITIES LLC Added $7.7bn12.6m shares

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, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 BANK OF AMERICA CORP /DE/ 0.87% of their portfolio CHARLOTTE, NC 19,547,55219.5m $12.0bn $12.0bn 0.87% Added +5.6m +5,616,255
2 MORGAN STANLEY 0.59% of their portfolio NEW YORK, NY 16,041,84116.0m $9.9bn $9.9bn 0.59% Reduced -8.5m -8,516,396
3 LPL Financial LLC 1.80% of their portfolio FORT MILL, SC 10,729,28710.7m $6.6bn $6.6bn 1.80% Added +164.4k +164,444
4 WELLS FARGO & COMPANY/MN 0.90% of their portfolio SAN FRANCISCO, CA 7,526,6857.5m $4.6bn $4.6bn 0.90% Added +670.4k +670,392
5 UBS Group AG 0.73% of their portfolio ZURICH, V8 5,962,0706.0m $3.7bn $3.7bn 0.73% Reduced -204.2k -204,240
6 GOLDMAN SACHS GROUP INC 0.51% of their portfolio NEW YORK, NY 5,887,1715.9m $3.6bn $3.6bn 0.51% Reduced -3.7m -3,700,488
7 ROYAL BANK OF CANADA 0.49% of their portfolio TORONTO, A6 4,511,1314.5m $2.8bn $2.8bn 0.49% Reduced -1.1m -1,075,023
8 AMERIPRISE FINANCIAL INC 0.57% of their portfolio MINNEAPOLIS, MN 4,093,9144.1m $2.5bn $2.5bn 0.57% Reduced -32.3k -32,287
9 SUSQUEHANNA INTERNATIONAL GROUP, LLP 3.42% of their portfolio BALA CYNWYD, PA 4,050,1514.1m $2.5bn $2.5bn 3.42% Added +1.9m +1,908,276
10 RAYMOND JAMES FINANCIAL INC 0.75% of their portfolio ST. PETERSBURG, FL 3,909,7373.9m $2.4bn $2.4bn 0.75% Reduced -18.6k -18,633
11 JPMORGAN CHASE & CO 0.15% of their portfolio NEW YORK, NY 3,615,4923.6m $2.2bn $2.2bn 0.15% Reduced -4.5m -4,463,122
12 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 1.20% of their portfolio MILWAUKEE, WI 3,091,2923.1m $1.9bn $1.9bn 1.20% Reduced -80.7k -80,718
13 PNC Financial Services Group, Inc. 1.02% of their portfolio Pittsburgh, PA 3,036,4633.0m $1.9bn $1.9bn 1.02% Reduced -34.6k -34,558
14 HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 3.15% of their portfolio TORONTO, A6 3,025,0003.0m $1.9bn $1.9bn 3.15% Added +534.0k +534,000
15 ENVESTNET ASSET MANAGEMENT INC 0.54% of their portfolio Berwyn, PA 2,945,7212.9m $1.8bn $1.8bn 0.54% Reduced -40.6k -40,605
16 Howard Capital Management, LLC 6.92% of their portfolio Alpharetta, GA 2,830,7602.8m $534.6m $534.6m 6.92% Added +99 +99
17 Cetera Investment Advisers 1.50% of their portfolio SCHAUMBURG, IL 2,227,7782.2m $1.4bn $1.4bn 1.50% Added +18.4k +18,433
18 SHANDA ASSET MANAGEMENT HOLDINGS Ltd 65.34% of their portfolio REDWOOD CITY, CA 2,200,0002.2m $1.4bn $1.4bn 65.34% Unchanged
19 COMMONWEALTH EQUITY SERVICES, LLC 1.63% of their portfolio WALTHAM, MA 1,985,5312.0m $1.2bn $1.2bn 1.63% Reduced -286.8k -286,790
20 OSAIC HOLDINGS, INC. 1.66% of their portfolio SCOTTSDALE, AZ 1,847,0041.8m $1.1bn $1.1bn 1.66% Added +72.3k +72,309
21 National Mutual Insurance Federation of Agricultural Cooperatives 7.92% of their portfolio TOKYO, JAPAN, M0 1,759,0001.8m $1.1bn $1.1bn 7.92% Unchanged
22 Analyst IMS Investment Management Services Ltd. 31.35% of their portfolio Tel-aviv, L3 1,750,0791.8m $1.1bn $1.1bn 31.35% Added +712.0k +712,026
23 CITIGROUP INC 0.67% of their portfolio NEW YORK, NY 1,601,9041.6m $984.1m $984.1m 0.67% Reduced -1.2m -1,178,036
24 HRT FINANCIAL LP 3.79% of their portfolio NEW YORK, NY 1,541,0261.5m $946.7m $946.7m 3.79% Reduced -835.2k -835,216
25 JANE STREET GROUP, LLC 1.10% of their portfolio NEW YORK, NY 1,509,2391.5m $927.1m $927.1m 1.10% Added +1.4m +1,384,457
26 Wellspring Financial Advisors, LLC 0.23% of their portfolio CLEVELAND, OH 1,437,0731.4m $3.0m $3.0m 0.23% Added +824 +824
27 BANK OF MONTREAL /CAN/ 0.36% of their portfolio TORONTO, A6 1,431,0501.4m $877.4m $877.4m 0.36% Added +198.1k +198,103
28 ALKEON CAPITAL MANAGEMENT LLC 3.82% of their portfolio New York, NY 1,421,9771.4m $873.5m $873.5m 3.82% Added +572.2k +572,200
29 US BANCORP \DE\ 0.98% of their portfolio MINNEAPOLIS, MN 1,366,5501.4m $839.5m $839.5m 0.98% Reduced -11.5k -11,507
30 Fisher Asset Management, LLC 0.28% of their portfolio PLANO, TX 1,352,6261.4m $830.9m $830.9m 0.28% Reduced -43.9k -43,857
31 Cambridge Investment Research Advisors, Inc. 2.14% of their portfolio FAIRFIELD, IA 1,320,6081.3m $811.3m $811.3m 2.14% Reduced -19.5k -19,457
32 NWI MANAGEMENT LP 24.60% of their portfolio NEW YORK, NY 1,310,4001.3m $805.0m $805.0m 24.60% New
33 Hancock Prospecting Pty Ltd 24.12% of their portfolio West Perth, C3 1,277,7091.3m $784.9m $784.9m 24.12% Unchanged
34 Align Financial, LLC 0.74% of their portfolio HERMANTOWN, MN 1,271,6361.3m $1.3m $1.3m 0.74% First filing
35 HighTower Advisors, LLC 0.81% of their portfolio CHICAGO, IL 1,203,5641.2m $739.4m $739.4m 0.81% Added +1.8k +1,841
36 BARCLAYS PLC 0.29% of their portfolio LONDON, X0 1,192,3951.2m $732.5m $732.5m 0.29% Added +305.8k +305,818
37 Rockefeller Capital Management L.P. 1.28% of their portfolio NEW YORK, NY 1,154,7401.2m $709.4m $709.4m 1.28% Added +37.2k +37,166
38 Mariner, LLC 0.79% of their portfolio Overland Park, KS 1,084,5001.1m $666.2m $666.2m 0.79% Added +27.6k +27,560
39 TRUIST FINANCIAL CORP 0.87% of their portfolio CHARLOTTE, NC 1,056,8721.1m $649.2m $649.2m 0.87% Reduced -15.6k -15,556
40 TD Asset Management Inc 0.51% of their portfolio Toronto, A6 1,039,4381.0m $638.5m $638.5m 0.51% Reduced -2.7k -2,747
41 STIFEL FINANCIAL CORP 0.55% of their portfolio ST. LOUIS, MO 995,785995.8k $611.8m $611.8m 0.55% Added +11.0k +10,972
42 BNP PARIBAS FINANCIAL MARKETS 0.38% of their portfolio PARIS, I0 970,741970.7k $596.3m $596.3m 0.38% Reduced -165.9k -165,858
43 AIA Group Ltd 8.92% of their portfolio HONG KONG, K3 970,018970.0k $595.9m $595.9m 8.92% Added +946.5k +946,473
44 BARINGS LLC 10.34% of their portfolio CHARLOTTE, NC 906,307906.3k $561.4m $561.4m 10.34% Added +11.9k +11,900
45 MML INVESTORS SERVICES, LLC 1.35% of their portfolio SPRINGFIELD, MA 905,369905.4k $556.2m $556.2m 1.35% Added +13.1k +13,055
46 Janney Montgomery Scott LLC 1.19% of their portfolio PHILADELPHIA, PA 841,143841.1k $516.7m $516.7m 1.19% Reduced -71.2k -71,226
47 CIBC WORLD MARKET INC. 0.89% of their portfolio TORONTO, A6 812,243812.2k $499.0m $499.0m 0.89% Added +224.5k +224,525
48 FMR LLC 0.03% of their portfolio BOSTON, MA 808,510808.5k $496.7m $496.7m 0.03% Added +23.9k +23,854
49 Fiera Capital Corp 1.49% of their portfolio MONTREAL, A8 765,258765.3k $470.1m $470.1m 1.49% Added +6.7k +6,683
50 Cerity Partners LLC 0.67% of their portfolio NEW YORK, NY 751,154751.2k $461.4m $461.4m 0.67% Added +20.5k +20,541
51 Artemis Wealth Advisors, LLC 73.45% of their portfolio Port Washington, NY 720,331720.3k $441.3m $441.3m 73.45% Added +3.4k +3,429
52 Creative Planning 0.31% of their portfolio OVERLAND PARK, KS 707,024707.0k $434.3m $434.3m 0.31% Added +11.4k +11,352
53 IMC-Chicago, LLC 7.58% of their portfolio CHICAGO, IL 701,972702.0k $431.2m $431.2m 7.58% Added +276.9k +276,850
54 Rokos Capital Management LLP 6.14% of their portfolio LONDON, X0 682,056682.1k $418.9m $418.9m 6.14% Reduced -276.8k -276,846
55 Kestra Advisory Services, LLC 1.71% of their portfolio AUSTIN, TX 675,125675.1k $414.7m $414.7m 1.71% Added +50.4k +50,398
56 SUSQUEHANNA ADVISORS GROUP, INC. 13.31% of their portfolio BALA CYNWYD, PA 673,923673.9k $414.0m $414.0m 13.31% Unchanged
57 MEITAV INVESTMENT HOUSE LTD 4.75% of their portfolio BENE-BERAQ, L3 669,245669.2k $411.1m $411.1m 4.75% Added +205.6k +205,563
58 NISSAY ASSET MANAGEMENT CORP /JAPAN 2.11% of their portfolio Tokyo, M0 660,336660.3k $405.7m $405.7m 2.11% Unchanged
59 NewEdge Advisors, LLC 0.63% of their portfolio NEW ORLEANS, LA 651,166651.2k $173.5m $173.5m 0.63% Added +293.1k +293,069
60 Equitable Holdings, Inc. 2.65% of their portfolio NEW YORK, NY 629,974630.0k $387.0m $387.0m 2.65% Added +43.0k +43,028
61 Jefferies Financial Group Inc. 3.16% of their portfolio NEW YORK, NY 628,367628.4k $386.0m $386.0m 3.16% Added +43.9k +43,933
62 TUDOR INVESTMENT CORP ET AL 2.03% of their portfolio STAMFORD, CT 603,672603.7k $370.8m $370.8m 2.03% Added +30.6k +30,642
63 MILLENNIUM MANAGEMENT LLC 0.26% of their portfolio NEW YORK, NY 596,910596.9k $366.7m $366.7m 0.26% Added +234.7k +234,653
64 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.49% of their portfolio PLYMOUTH, MN 579,851579.9k $361.6m $361.6m 0.49% Added +10.3k +10,321
65 Rafferty Asset Management, LLC 1.17% of their portfolio New York, NY 551,290551.3k $338.7m $338.7m 1.17% Added +1.8k +1,770
66 HSBC HOLDINGS PLC 0.10% of their portfolio LONDON, X0 547,574547.6k $337.9m $337.9m 0.10% Added +283.8k +283,815
67 TWO SIGMA INVESTMENTS, LP 0.48% of their portfolio NEW YORK, NY 523,077523.1k $321.3m $321.3m 0.48% Reduced -150.8k -150,781
68 MIRAE ASSET SECURITIES (USA) INC. 12.66% of their portfolio NEW YORK, NY 520,874520.9k $320.0m $320.0m 12.66% Added +103.1k +103,134
69 Norinchukin Bank, The 3.71% of their portfolio TOKYO, M0 518,000518.0k $318.2m $318.2m 3.71% Unchanged
70 CWM, LLC 0.86% of their portfolio OMAHA, NE 514,062514.1k $315.8m $315.8m 0.86% Reduced -18.0k -18,043
71 CANADA PENSION PLAN INVESTMENT BOARD 0.21% of their portfolio TORONTO ONTARIO, A6 509,000509.0k $312.7m $312.7m 0.21% Unchanged
72 Private Advisor Group, LLC 1.45% of their portfolio MORRISTOWN, NJ 500,166500.2k $307.3m $307.3m 1.45% Reduced -19.4k -19,364
73 Brookstone Capital Management 3.48% of their portfolio WHEATON, IL 495,804495.8k $304.6m $304.6m 3.48% Added +46.4k +46,391
74 NATIONAL BANK OF CANADA /FI/ 0.31% of their portfolio MONTREAL, A8 492,469492.5k $302.5m $302.5m 0.31% Added +332.7k +332,661
75 JONES FINANCIAL COMPANIES LLLP 0.18% of their portfolio DES PERES, MO 483,730483.7k $297.2m $297.2m 0.18% Added +72.8k +72,800
76 FRANKLIN RESOURCES INC 0.07% of their portfolio San Mateo, CA 465,410465.4k $285.9m $285.9m 0.07% Reduced -126.7k -126,722
77 IEQ CAPITAL, LLC 0.85% of their portfolio Foster City, CA 462,456462.5k $284.1m $284.1m 0.85% Reduced -8.7k -8,668
78 CAPTRUST FINANCIAL ADVISORS 0.46% of their portfolio RALEIGH, NC 435,995436.0k $239.9m $239.9m 0.46% Added +55.8k +55,777
79 MERCER GLOBAL ADVISORS INC /ADV 0.40% of their portfolio DENVER, CO 430,342430.3k $263.6m $263.6m 0.40% Added +137.7k +137,679
80 CBIZ Investment Advisory Services, LLC 9.79% of their portfolio INDEPENDENCE, OH 421,260421.3k $258.8m $258.8m 9.79% Unchanged
81 MAI Capital Management 1.45% of their portfolio INDEPENDENCE, OH 407,117407.1k $250.1m $250.1m 1.45% Added +43.3k +43,317
82 Japan Science & Technology Agency 4.55% of their portfolio TOKYO, M0 403,081403.1k $247.6m $247.6m 4.55% Added +104.4k +104,414
83 Engineers Gate Manager LP 2.91% of their portfolio NEW YORK, NY 399,690399.7k $245.5m $245.5m 2.91% Added +141.1k +141,130
84 Baird Financial Group, Inc. 0.38% of their portfolio MILWAUKEE, WI 397,570397.6k $244.2m $244.2m 0.38% Added +39.4k +39,417
85 J.Safra Asset Management Corp 12.60% of their portfolio NEW YORK, NY 391,141391.1k $240.3m $240.3m 12.60% Added +26.4k +26,439
86 Lido Advisors, LLC 0.93% of their portfolio Los Angeles, CA 389,894389.9k $235.0m $235.0m 0.93% Added +9.0k +9,016
87 RITHOLTZ WEALTH MANAGEMENT 4.35% of their portfolio NEW YORK, NY 387,575387.6k $238.1m $238.1m 4.35% Reduced -1.7k -1,674
88 TORONTO DOMINION BANK 0.41% of their portfolio TORONTO, ONTARIO, A6 380,920380.9k $234.0m $234.0m 0.41% Added +140.3k +140,329
89 NorthRock Partners, LLC 3.90% of their portfolio MINNEAPOLIS, MN 375,518375.5k $230.7m $230.7m 3.90% Added +70.7k +70,666
90 Kensington Asset Management, LLC 12.01% of their portfolio AUSTIN, TX 375,243375.2k $232.4m $232.4m 12.01% Added +7.3k +7,341
91 INVICTUS PRIVATE WEALTH, LLC 13.40% of their portfolio Denver, CO 360,351360.4k $221.4m $221.4m 13.40% Added +4.2k +4,211
92 NATIXIS 0.86% of their portfolio PARIS, I0 357,535357.5k $219.6m $219.6m 0.86% Added +292.0k +291,967
93 Bell Bank 9.28% of their portfolio FARGO, ND 353,558353.6k $217.2m $217.2m 9.28% Added +3.4k +3,431
94 CITADEL ADVISORS LLC 0.15% of their portfolio MIAMI, FL 350,522350.5k $215.3m $215.3m 0.15% Reduced -230.0k -230,011
95 BANK OF NOVA SCOTIA 0.32% of their portfolio TORONTO, A6 346,573346.6k $212.9m $212.9m 0.32% Reduced -44.5k -44,456
96 Mizuho Bank, Ltd. 24.86% of their portfolio TOKYO, M0 340,000340.0k $208.9m $208.9m 24.86% Added +86.0k +86,000
97 PEAPACK GLADSTONE FINANCIAL CORP 2.56% of their portfolio BEDMINSTER, NJ 331,926331.9k $203.4m $203.4m 2.56% Reduced -2.8k -2,785
98 Bank Julius Baer & Co. Ltd, Zurich 0.55% of their portfolio ZURICH, V8 325,454325.5k $199.9m $199.9m 0.55% Reduced -93.7k -93,655
99 Steward Partners Investment Advisory, LLC 1.08% of their portfolio STAMFORD, CT 319,166319.2k $196.1m $196.1m 1.08% Added +11.6k +11,565
100 Cohen Klingenstein LLC 5.93% of their portfolio NEW YORK, NY 317,949317.9k $195.3m $195.3m 5.93% Reduced -3.9k -3,926