Vault-13

ISHARES TR EEM

MSCI EMG MKT ETF · ETP · CUSIP 464287234 · ISIN US4642872349

1,361 institutional holders +46 vs Q1 2025
316,329,189316.3m shares reported held*
$15.5bnreported value*
131 new 453 added 485 reduced 82 sold out net bought ≈ $484.2m (+10.1m 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 ($26.8m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $48.85. Options: 49 managers hold calls ($9.6bn notional), 57 hold puts ($12.5bn).

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

05001k1.5kQ3 22: 1,221Q4 22: 1,319Q1 23: 1,322Q2 23: 1,328Q3 23: 1,282Q4 23: 1,317Q1 24: 1,281Q2 24: 1,277Q3 24: 1,288Q4 24: 1,333Q1 25: 1,315Q2 25: 1,3611,361Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 20221,221
Q4 20221,319
Q1 20231,322
Q2 20231,328
Q3 20231,282
Q4 20231,317
Q1 20241,281
Q2 20241,277
Q3 20241,288
Q4 20241,333
Q1 20251,315
Q2 20251,361

Buyers vs sellers

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

Bought or addedCut or sold out
1k01kQ3 23: 385 bought or addedQ3 23: 667 cut or sold outQ4 23: 503 bought or addedQ4 23: 621 cut or sold outQ4 23Q1 24: 380 bought or addedQ1 24: 715 cut or sold outQ2 24: 447 bought or addedQ2 24: 623 cut or sold outQ2 24Q3 24: 431 bought or addedQ3 24: 586 cut or sold outQ4 24: 522 bought or addedQ4 24: 554 cut or sold outQ4 24Q1 25: 454 bought or addedQ1 25: 632 cut or sold outQ2 25: 584 bought or addedQ2 25: 567 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 2023385667
Q4 2023503621
Q1 2024380715
Q2 2024447623
Q3 2024431586
Q4 2024522554
Q1 2025454632
Q2 2025584567

Calls vs puts

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

CallsPuts
$0$5bn$10bn$15bn$20bnQ3 24 calls: $17.2bnQ3 24 puts: $18.1bnQ3 24P/C 1.05Q4 24 calls: $8.1bnQ4 24 puts: $14.7bnQ4 24P/C 1.83Q1 25 calls: $10.3bnQ1 25 puts: $10.4bnQ1 25P/C 1.01Q2 25 calls: $9.6bnQ2 25 puts: $12.5bnQ2 25P/C 1.30
Numbers
QuarterCallsPutsP/C
Q3 2024$17.2bn$18.1bn1.05
Q4 2024$8.1bn$14.7bn1.83
Q1 2025$10.3bn$10.4bn1.01
Q2 2025$9.6bn$12.5bn1.30

Biggest buyers

ROYAL BANK OF CANADA Added +6,028,249+6.0m
JANE STREET GROUP, LLC Added +4,304,282+4.3m
BANCO BILBAO VIZCAYA ARGENTARIA, S.A. Added +3,149,813+3.1m
CITIGROUP INC Added +2,212,705+2.2m
Corient Private Wealth LP Added +2,181,269+2.2m
Invesco Ltd. New +2,086,315+2.1m
GOLDMAN SACHS GROUP INC Added +2,019,435+2.0m
BANK OF AMERICA CORP /DE/ Added +1,897,714+1.9m
Absolute Gestao de Investimentos Ltda. New +1,785,708+1.8m
BANK OF NOVA SCOTIA Added +1,700,100+1.7m

Biggest sellers

Swiss Life Asset Management Ltd Sold out -5,052,766-5.1m
TD Asset Management Inc Reduced -4,989,277-5.0m
MORGAN STANLEY Reduced -4,290,568-4.3m
Brevan Howard Capital Management LP Sold out -4,200,000-4.2m
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced -3,374,123-3.4m
SIH Partners, LLLP Reduced -2,818,759-2.8m
Schonfeld Strategic Advisors LLC Sold out -2,340,077-2.3m
Squarepoint Ops LLC Reduced -2,189,125-2.2m
FLOW TRADERS U.S. LLC Sold out -1,116,713-1.1m
UBS Group AG Reduced -1,079,585-1.1m

Biggest calls

UBS Group AG Added $2.3bn48.2m shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $1.1bn22.7m shares
JANE STREET GROUP, LLC Added $1.1bn22.6m shares
BNP PARIBAS FINANCIAL MARKETS Added $594.3m123.2k shares
BANK OF AMERICA CORP /DE/ Added $533.8m11.1m shares
CITADEL ADVISORS LLC Reduced $471.9m9.8m shares
MILLENNIUM MANAGEMENT LLC Added $467.6m9.7m shares
CITIGROUP INC Reduced $404.5m8.4m shares
Brevan Howard Capital Management LP Reduced $383.5m8.0m shares
GOLDMAN SACHS GROUP INC Reduced $327.0m6.8m shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $1.3bn26.6m shares
CITADEL ADVISORS LLC Added $1.1bn22.7m shares
Squarepoint Ops LLC Reduced $985.1m20.4m shares
JANE STREET GROUP, LLC Added $980.4m20.3m shares
UBS Group AG Reduced $940.8m19.5m shares
MILLENNIUM MANAGEMENT LLC Added $925.4m19.2m shares
CITIGROUP INC Reduced $772.1m16.0m shares
Allianz Asset Management GmbH Reduced $593.2m12.3m shares
Jain Global LLC Added $496.0m10.3m shares
GOLDMAN SACHS GROUP INC Reduced $456.3m9.5m 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, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 MORGAN STANLEY 0.08% of their portfolio NEW YORK, NY 27,012,67927.0m $1.3bn $1.3bn 0.08% Reduced -4.3m -4,290,568
2 BANK OF AMERICA CORP /DE/ 0.10% of their portfolio CHARLOTTE, NC 26,934,32726.9m $1.3bn $1.3bn 0.10% Added +1.9m +1,897,714
3 BlackRock, Inc. 0.01% of their portfolio New York, NY 15,643,61615.6m $754.6m $754.6m 0.01% Reduced -312.1k -312,112
4 GOLDMAN SACHS GROUP INC 0.10% of their portfolio NEW YORK, NY 13,328,14313.3m $642.9m $642.9m 0.10% Added +2.0m +2,019,435
5 JPMORGAN CHASE & CO 0.04% of their portfolio NEW YORK, NY 12,043,20312.0m $581.0m $581.0m 0.04% Added +1.3m +1,256,608
6 JANE STREET GROUP, LLC 0.87% of their portfolio NEW YORK, NY 11,168,24111.2m $538.8m $538.8m 0.87% Added +4.3m +4,304,282
7 WELLS FARGO & COMPANY/MN 0.12% of their portfolio SAN FRANCISCO, CA 10,949,66110.9m $528.2m $528.2m 0.12% Reduced -23.2k -23,229
8 Retirement Systems of Alabama 1.58% of their portfolio MONTGOMERY, AL 9,142,4259.1m $441.0m $441.0m 1.58% Unchanged
9 UBS Group AG 0.09% of their portfolio ZURICH, V8 8,850,9868.9m $427.0m $427.0m 0.09% Reduced -1.1m -1,079,585
10 ROYAL BANK OF CANADA 0.04% of their portfolio TORONTO, A6 8,817,8108.8m $425.4m $425.4m 0.04% Added +6.0m +6,028,249
11 CITIGROUP INC 0.27% of their portfolio NEW YORK, NY 7,967,2148.0m $384.3m $384.3m 0.27% Added +2.2m +2,212,705
12 BANCO BILBAO VIZCAYA ARGENTARIA, S.A. 2.02% of their portfolio Madrid, U3 4,634,8214.6m $223.1m $223.1m 2.02% Added +3.1m +3,149,813
13 PNC Financial Services Group, Inc. 0.14% of their portfolio Pittsburgh, PA 4,634,4904.6m $223.6m $223.6m 0.14% Reduced -213.9k -213,887
14 BNP PARIBAS FINANCIAL MARKETS 0.15% of their portfolio PARIS, I0 4,073,5474.1m $196.5m $196.5m 0.15% Reduced -563.2k -563,219
15 BANK OF MONTREAL /CAN/ 0.09% of their portfolio TORONTO, A6 3,720,1733.7m $179.5m $179.5m 0.09% Added +321.4k +321,399
16 Bank of New York Mellon Corp 0.03% of their portfolio NEW YORK, NY 3,621,2883.6m $174.7m $174.7m 0.03% Added +194.2k +194,242
17 Board of Trustees of The Leland Stanford Junior University 18.51% of their portfolio STANFORD, CA 3,543,4523.5m $170.9m $170.9m 18.51% Unchanged
18 US BANCORP \DE\ 0.20% of their portfolio MINNEAPOLIS, MN 3,308,5873.3m $159.6m $159.6m 0.20% Added +40.2k +40,177
19 BARCLAYS PLC 0.06% of their portfolio LONDON, X0 3,282,7153.3m $158.4m $158.4m 0.06% Added +625.8k +625,831
20 Corient Private Wealth LP 0.21% of their portfolio MIAMI, FL 3,240,3293.2m $156.3m $156.3m 0.21% Added +2.2m +2,181,269
21 LPL Financial LLC 0.04% of their portfolio FORT MILL, SC 2,730,2892.7m $131.7m $131.7m 0.04% Added +319.3k +319,292
22 STATE OF WISCONSIN INVESTMENT BOARD 0.30% of their portfolio MADISON, WI 2,553,8282.6m $123.2m $123.2m 0.30% Reduced -882.8k -882,800
23 ENVESTNET ASSET MANAGEMENT INC 0.03% of their portfolio Berwyn, PA 2,278,5642.3m $109.9m $109.9m 0.03% Reduced -12.1k -12,124
24 BANK OF NOVA SCOTIA 0.22% of their portfolio TORONTO, A6 2,240,4222.2m $108.1m $108.1m 0.22% Added +1.7m +1,700,100
25 Invesco Ltd. 0.02% of their portfolio ATLANTA, GA 2,086,3152.1m $100.6m $100.6m 0.02% New
26 RAYMOND JAMES FINANCIAL INC 0.03% of their portfolio ST. PETERSBURG, FL 2,031,8992.0m $98.0m $98.0m 0.03% Added +314.0k +313,978
27 Squarepoint Ops LLC 0.21% of their portfolio NEW YORK, NY 2,017,2962.0m $97.3m $97.3m 0.21% Reduced -2.2m -2,189,125
28 Cassaday & Co Wealth Management LLC 2.36% of their portfolio MCLEAN, VA 1,954,3252.0m $94.3m $94.3m 2.36% Added +46.5k +46,511
29 Hirtle & Co., LLC 3.53% of their portfolio WEST CONSHOHOCKEN, PA 1,929,8221.9m $93.1m $93.1m 3.53% Added +48.3k +48,299
30 BAILARD, INC. 2.13% of their portfolio Foster City, CA 1,894,3921.9m $91.4m $91.4m 2.13% Added +1.6m +1,648,670
31 Mariner, LLC 0.13% of their portfolio Overland Park, KS 1,877,6041.9m $90.6m $90.6m 0.13% Added +356.9k +356,892
32 Jain Global LLC 1.38% of their portfolio NEW YORK, NY 1,835,0211.8m $88.5m $88.5m 1.38% Added +1.7m +1,666,667
33 Absolute Gestao de Investimentos Ltda. 28.01% of their portfolio SAO PAULO, D5 1,785,7081.8m $86.1m $86.1m 28.01% New
34 Man Group plc 0.18% of their portfolio LONDON, X0 1,691,2111.7m $81.6m $81.6m 0.18% Added +394.0k +393,999
35 GREENLEAF TRUST 0.72% of their portfolio KALAMAZOO, MI 1,687,3081.7m $81.4m $81.4m 0.72% Reduced -124.8k -124,848
36 TOTAL INVESTMENT MANAGEMENT INC 11.12% of their portfolio SCOTTSDALE, AZ 1,596,0001.6m $77.0m $77.0m 11.12% Reduced -3.0k -3,001
37 HSBC HOLDINGS PLC 0.05% of their portfolio LONDON, X0 1,540,6131.5m $74.0m $74.0m 0.05% Reduced -136.7k -136,677
38 OLD MISSION CAPITAL LLC 1.95% of their portfolio CHICAGO, IL 1,514,8231.5m $73.1m $73.1m 1.95% New
39 REGIONS FINANCIAL CORP 0.49% of their portfolio BIRMINGHAM, AL 1,476,0841.5m $71.2m $71.2m 0.49% Reduced -13.3k -13,320
40 CITADEL ADVISORS LLC 0.06% of their portfolio MIAMI, FL 1,444,2921.4m $69.7m $69.7m 0.06% New
41 USA FINANCIAL FORMULAS 11.58% of their portfolio ADA, MI 1,406,6621.4m $67.9m $67.9m 11.58% New
42 Modern Wealth Management, LLC 1.55% of their portfolio KANSAS CITY, MO 1,304,9971.3m $63.0m $63.0m 1.55% Added +1.3m +1,292,976
43 HighTower Advisors, LLC 0.07% of their portfolio CHICAGO, IL 1,192,7751.2m $57.5m $57.5m 0.07% Added +104.6k +104,626
44 HALBERT HARGROVE GLOBAL ADVISORS, LLC 3.02% of their portfolio LONG BEACH, CA 1,190,1501.2m $57.4m $57.4m 3.02% Reduced -36.0k -36,021
45 CONNABLE OFFICE INC 5.51% of their portfolio KALAMAZOO, MI 1,153,9051.2m $55.7m $55.7m 5.51% Reduced -13.5k -13,463
46 Vontobel Holding Ltd. 0.18% of their portfolio ZURICH, V8 1,133,5961.1m $54.7m $54.7m 0.18% Added +24.3k +24,273
47 FMR LLC 0.00% of their portfolio BOSTON, MA 1,115,2231.1m $53.8m $53.8m 0.00% Added +6.1k +6,077
48 ALLSTATE CORP 3.81% of their portfolio NORTHBROOK, IL 1,095,6051.1m $52.9m $52.9m 3.81% Reduced -321.6k -321,630
49 Banco Santander, S.A. 0.49% of their portfolio Madrid, U3 1,073,7411.1m $51.8m $51.8m 0.49% Added +678.4k +678,400
50 Thrivent Financial for Lutherans 0.11% of their portfolio Minneapolis, MN 1,008,4871.0m $48.6m $48.6m 0.11% Added +76.8k +76,790
51 Checchi Capital Advisers, LLC 3.36% of their portfolio BEVERLY HILLS, CA 999,167999.2k $48.2m $48.2m 3.36% Added +595.6k +595,619
52 KEYBANK NATIONAL ASSOCIATION/OH 0.17% of their portfolio BROOKLYN, OH 964,661964.7k $46.5m $46.5m 0.17% Reduced -11.6k -11,612
53 Rockefeller Capital Management L.P. 0.05% of their portfolio NEW YORK, NY 949,114949.1k $45.8m $45.8m 0.05% Added +535.3k +535,295
54 NORTHERN TRUST CORP 0.01% of their portfolio CHICAGO, IL 887,341887.3k $42.8m $42.8m 0.01% Reduced -32.4k -32,397
55 AMERIPRISE FINANCIAL INC 0.01% of their portfolio MINNEAPOLIS, MN 886,958887.0k $42.6m $42.6m 0.01% Reduced -54.4k -54,426
56 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.06% of their portfolio BALA CYNWYD, PA 836,040836.0k $40.3m $40.3m 0.06% Reduced -3.4m -3,374,123
57 M&T Bank Corp 0.14% of their portfolio BUFFALO, NY 822,178822.2k $39.7m $39.7m 0.14% Reduced -24.5k -24,538
58 Mitsubishi UFJ Trust & Banking Corp 0.09% of their portfolio TOKYO, M0 796,882796.9k $38.4m $38.4m 0.09% Unchanged
59 Wilmington Savings Fund Society, FSB 0.66% of their portfolio WILMINGTON, DE 766,018766.0k $37.0m $37.0m 0.66% Added +144.9k +144,937
60 FIFTH THIRD BANCORP 0.13% of their portfolio CINCINNATI, OH 755,646755.6k $36.5m $36.5m 0.13% Reduced -48.2k -48,217
61 Erste Asset Management GmbH 0.32% of their portfolio VIENNA, C4 744,718744.7k $38.0m $38.0m 0.32% Reduced -6.9k -6,900
62 ACADIAN ASSET MANAGEMENT LLC 0.07% of their portfolio Boston, MA 735,538735.5k $35.5m $35.5m 0.07% Reduced -178.5k -178,470
63 DEUTSCHE BANK AG\ 0.01% of their portfolio FRANKFURT AM MAIN, 2M 729,072729.1k $35.2m $35.2m 0.01% Reduced -113.5k -113,475
64 Creative Planning 0.03% of their portfolio OVERLAND PARK, KS 711,578711.6k $34.3m $34.3m 0.03% Reduced -92.9k -92,875
65 HUNTINGTON NATIONAL BANK 0.21% of their portfolio COLUMBUS, OH 675,389675.4k $32.6m $32.6m 0.21% Reduced -5.6k -5,618
66 STIFEL FINANCIAL CORP 0.03% of their portfolio ST. LOUIS, MO 659,748659.7k $31.8m $31.8m 0.03% Added +30.4k +30,391
67 Provenance Wealth Advisors, LLC 4.55% of their portfolio FORT LAUDERDALE, FL 657,251657.3k $31.7m $31.7m 4.55% Added +81.4k +81,372
68 SG Americas Securities, LLC 0.13% of their portfolio NEW YORK, NY 631,805631.8k $30.5m $30.5m 0.13% Added +594.0k +593,972
69 Qube Research & Technologies Ltd 0.04% of their portfolio LONDON, X0 612,204612.2k $29.5m $29.5m 0.04% Added +461.0k +460,989
70 AMARILLO NATIONAL BANK 5.25% of their portfolio AMARILLO, TX 585,747585.7k $28.3m $28.3m 5.25% Added +38.1k +38,067
71 CIBC Private Wealth Group LLC 0.05% of their portfolio ATLANTA, GA 584,513584.5k $28.2m $28.2m 0.05% Reduced -37.5k -37,537
72 PINKERTON WEALTH, LLC 3.30% of their portfolio COEUR D ALENE, ID 574,107574.1k $27.7m $27.7m 3.30% New
73 VICTORY CAPITAL MANAGEMENT INC 0.02% of their portfolio San Antonio, TX 570,578570.6k $27.5m $27.5m 0.02% Added +98.0k +97,966
74 BARINGS LLC 0.64% of their portfolio CHARLOTTE, NC 567,647567.6k $27.4m $27.4m 0.64% Unchanged
75 COMERICA BANK 0.10% of their portfolio DALLAS, TX 556,114556.1k $26.8m $26.8m 0.10% Added +30.0k +29,981
76 Cetera Investment Advisers 0.05% of their portfolio SCHAUMBURG, IL 554,094554.1k $26.7m $26.7m 0.05% Added +253.7k +253,722
77 COMMONWEALTH EQUITY SERVICES, LLC 0.04% of their portfolio WALTHAM, MA 553,452553.5k $26.7m $26.7m 0.04% Added +9.4k +9,393
78 Quent Capital, LLC 2.51% of their portfolio NEW YORK, NY 538,301538.3k $26.0m $26.0m 2.51% Added +797 +797
79 New Harbor Financial Group, LLC 5.90% of their portfolio WORCESTER, MA 533,270533.3k $25.7m $25.7m 5.90% New
80 Balyasny Asset Management L.P. 0.06% of their portfolio Chicago, IL 518,287518.3k $25.0m $25.0m 0.06% Added +234.3k +234,279
81 FRANKLIN RESOURCES INC 0.01% of their portfolio San Mateo, CA 516,348516.3k $24.9m $24.9m 0.01% Reduced -21.2k -21,225
82 OSAIC HOLDINGS, INC. 0.04% of their portfolio SCOTTSDALE, AZ 508,034508.0k $24.5m $24.5m 0.04% Added +19.5k +19,468
83 Point72 Europe (London) LLP 1.26% of their portfolio LONDON, X0 505,776505.8k $24.4m $24.4m 1.26% Added +56.2k +56,186
84 Allianz Asset Management GmbH 0.03% of their portfolio MUNICH, 2M 488,419488.4k $23.6m $23.6m 0.03% Added +245.3k +245,275
85 Focus Partners Wealth 0.05% of their portfolio ST LOUIS, MO 481,026481.0k $23.2m $23.2m 0.05% Added +40.4k +40,424
86 TRUIST FINANCIAL CORP 0.03% of their portfolio CHARLOTTE, NC 463,911463.9k $22.4m $22.4m 0.03% Added +8.3k +8,259
87 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.02% of their portfolio MILWAUKEE, WI 461,494461.5k $22.3m $22.3m 0.02% Added +75.3k +75,258
88 Clear Creek Financial Management, LLC 2.11% of their portfolio SILVERDALE, WA 460,553460.6k $22.2m $22.2m 2.11% Added +274.5k +274,517
89 Glenmede Investment Management, LP 0.11% of their portfolio PHILADELPHIA, PA 458,487458.5k $22.1m $22.1m 0.11% First filing
90 CIBC WORLD MARKET INC. 0.05% of their portfolio TORONTO, A6 447,301447.3k $21.6m $21.6m 0.05% Reduced -43.6k -43,645
91 Baird Financial Group, Inc. 0.04% of their portfolio MILWAUKEE, WI 435,605435.6k $21.0m $21.0m 0.04% Added +1.3k +1,273
92 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.04% of their portfolio PLYMOUTH, MN 433,673433.7k $21.1m $21.1m 0.04% Added +20.9k +20,866
93 LAZARD ASSET MANAGEMENT LLC 0.03% of their portfolio NEW YORK, NY 419,662419.7k $20.2m $20.2m 0.03% Reduced -74.6k -74,615
94 Capula Management Ltd 0.25% of their portfolio Grand Cayman, E9 418,786418.8k $20.2m $20.2m 0.25% Added +343.1k +343,128
95 CAPTRUST FINANCIAL ADVISORS 0.04% of their portfolio RALEIGH, NC 416,327416.3k $20.1m $20.1m 0.04% Added +2.4k +2,447
96 WIT, LLC 0.49% of their portfolio DISTRICT OF COLUMBIA, DC 412,144412.1k $19.9m $19.9m 0.49% Unchanged
97 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.02% of their portfolio FRANKFURT AM MAIN, 2M 397,363397.4k $19.2m $19.2m 0.02% Unchanged
98 Advisors Preferred, LLC 3.13% of their portfolio ROCKVILLE, MD 392,596392.6k $19.0m $19.0m 3.13% Reduced -158.7k -158,673
99 Financiere des Professionnels - Fonds d'investissement inc. 1.14% of their portfolio MONTREAL, A8 392,000392.0k $18.9m $18.9m 1.14% Reduced -80.5k -80,500
100 MILLENNIUM MANAGEMENT LLC 0.02% of their portfolio NEW YORK, NY 387,792387.8k $18.7m $18.7m 0.02% Reduced -573.6k -573,593