Vault-13

ISHARES TR CMBS

CMBS ETF · ETP · CUSIP 46429B366

93 institutional holders +4 vs Q1 2025
5,228,8335.2m shares reported held*
$254.7mreported value*
14 new 34 added 25 reduced 10 sold out net sold ≈ $720.4k (-29.5k 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 ($493.4k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $48.71.

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

050100Q3 22: 86Q4 22: 76Q1 23: 81Q2 23: 85Q3 23: 82Q4 23: 79Q1 24: 85Q2 24: 84Q3 24: 85Q4 24: 96Q1 25: 89Q2 25: 9393Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 202286
Q4 202276
Q1 202381
Q2 202385
Q3 202382
Q4 202379
Q1 202485
Q2 202484
Q3 202485
Q4 202496
Q1 202589
Q2 202593

Buyers vs sellers

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

Bought or addedCut or sold out
50050Q3 23: 32 bought or addedQ3 23: 45 cut or sold outQ4 23: 31 bought or addedQ4 23: 46 cut or sold outQ4 23Q1 24: 50 bought or addedQ1 24: 28 cut or sold outQ2 24: 46 bought or addedQ2 24: 35 cut or sold outQ2 24Q3 24: 39 bought or addedQ3 24: 40 cut or sold outQ4 24: 45 bought or addedQ4 24: 29 cut or sold outQ4 24Q1 25: 49 bought or addedQ1 25: 43 cut or sold outQ2 25: 48 bought or addedQ2 25: 35 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 20233245
Q4 20233146
Q1 20245028
Q2 20244635
Q3 20243940
Q4 20244529
Q1 20254943
Q2 20254835

Calls vs puts

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

CallsPuts
$0$250k$500k$750k$1mQ3 24 calls: $0Q3 24 puts: $278.0kQ3 24P/C —Q4 24 calls: $0Q4 24 puts: $948.6kQ4 24P/C —Q1 25 calls: $0Q1 25 puts: $235.5kQ1 25P/C —Q2 25 calls: $0Q2 25 puts: $0Q2 25P/C —
Numbers
QuarterCallsPutsP/C
Q3 2024$0$278.0k—
Q4 2024$0$948.6k—
Q1 2025$0$235.5k—
Q2 2025$0$0—

Biggest buyers

Prepared Retirement Institute LLC Added +96,333+96.3k
SCHMIDT P J INVESTMENT MANAGEMENT INC New +91,204+91.2k
LPL Financial LLC Added +54,862+54.9k
Systelligence, LLC Added +42,727+42.7k
WELLS FARGO & COMPANY/MN Added +42,392+42.4k
TIAA TRUST, NATIONAL ASSOCIATION New +41,898+41.9k
ENVESTNET ASSET MANAGEMENT INC Added +39,600+39.6k
HANCOCK WHITNEY CORP Added +33,892+33.9k
SUSQUEHANNA INTERNATIONAL GROUP, LLP New +26,716+26.7k
AE Wealth Management LLC Added +23,972+24.0k

Biggest sellers

Tortoise Investment Management, LLC Reduced -316,516-316.5k
UBS Group AG Reduced -62,701-62.7k
Pathstone Holdings, LLC Reduced -38,516-38.5k
JANE STREET GROUP, LLC Sold out -35,391-35.4k
Coppell Advisory Solutions LLC Sold out -28,408-28.4k
FLOW TRADERS U.S. LLC Sold out -23,206-23.2k
Goldstone Financial Group, LLC Sold out -21,420-21.4k
MORGAN STANLEY Reduced -19,369-19.4k
DARK FOREST CAPITAL MANAGEMENT LP Reduced -18,831-18.8k
Tidal Investments LLC Reduced -12,534-12.5k

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 State of New Jersey Common Pension Fund D 0.10% of their portfolio TRENTON, NJ 521,932521.9k $25.4m $25.4m 0.10% Unchanged
2 ARVEST INVESTMENTS, INC. 3.24% of their portfolio LOWELL, AR 442,161442.2k $21.5m $21.5m 3.24% Reduced -2.8k -2,834
3 AE Wealth Management LLC 0.14% of their portfolio TOPEKA, KS 397,979398.0k $19.4m $19.4m 0.14% Added +24.0k +23,972
4 UBS Group AG 0.00% of their portfolio ZURICH, V8 378,238378.2k $18.4m $18.4m 0.00% Reduced -62.7k -62,701
5 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 297,798297.8k $14.5m $14.5m 0.00% Reduced -8.7k -8,661
6 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 278,970279.0k $13.6m $13.6m 0.00% Reduced -19.4k -19,369
7 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 259,336259.3k $12.6m $12.6m 0.00% Added +54.9k +54,862
8 HANCOCK WHITNEY CORP 0.24% of their portfolio GULFPORT, MS 253,002253.0k $12.3m $12.3m 0.24% Added +33.9k +33,892
9 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 247,585247.6k $12.1m $12.1m 0.00% Added +42.4k +42,392
10 CENTRAL BANK & TRUST CO 1.46% of their portfolio LEXINGTON, KY 182,706182.7k $8.9m $8.9m 1.46% Reduced -11.7k -11,743
11 Systelligence, LLC 1.49% of their portfolio BLOOMINGTON, MN 165,931165.9k $8.1m $8.1m 1.49% Added +42.7k +42,727
12 Prepared Retirement Institute LLC 4.49% of their portfolio LANSDALE, PA 156,402156.4k $7.6m $7.6m 4.49% Added +96.3k +96,333
13 OSAIC HOLDINGS, INC. 0.01% of their portfolio SCOTTSDALE, AZ 138,508138.5k $6.7m $6.7m 0.01% Added +179 +179
14 Krilogy Financial LLC 0.36% of their portfolio ST. LOUIS, MO 128,503128.5k $6.3m $6.3m 0.36% Reduced -7.3k -7,299
15 HighTower Advisors, LLC 0.01% of their portfolio CHICAGO, IL 112,740112.7k $5.5m $5.5m 0.01% Added +1.8k +1,800
16 SCHMIDT P J INVESTMENT MANAGEMENT INC 0.77% of their portfolio CEDARBURG, WI 91,20491.2k $4.4m $4.4m 0.77% New
17 SYKON CAPITAL LLC 1.36% of their portfolio HARRISON, NY 76,35176.4k $3.7m $3.7m 1.36% Added +4.2k +4,168
18 Pathstone Holdings, LLC 0.01% of their portfolio ENGLEWOOD, NJ 73,37073.4k $3.6m $3.6m 0.01% Reduced -38.5k -38,516
19 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 71,88171.9k $3.5m $3.5m 0.00% Added +39.6k +39,600
20 Ocean Park Asset Management, LLC 0.11% of their portfolio SANTA MONICA, CA 63,28663.3k $3.0m $3.0m 0.11% Unchanged
21 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 54,30254.3k $2.6m $2.6m 0.00% Added +17.3k +17,257
22 U.S. Capital Wealth Advisors, LLC 0.08% of their portfolio AUSTIN, TX 54,02354.0k $2.6m $2.6m 0.08% Reduced -9.6k -9,612
23 Insight Wealth Partners, LLC 1.45% of their portfolio Plano, TX 53,57353.6k $2.6m $2.6m 1.45% Added +1.5k +1,500
24 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 48,63448.6k $2.4m $2.4m 0.00% Reduced -8.1k -8,117
25 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 47,35947.4k $2.3m $2.3m 0.00% Added +3.5k +3,500
26 AVANTAX ADVISORY SERVICES, INC. 0.01% of their portfolio DALLAS, TX 47,07947.1k $2.3m $2.3m 0.01% Added +9.5k +9,467
27 BlackRock, Inc. 0.00% of their portfolio New York, NY 45,62545.6k $2.2m $2.2m 0.00% Added +10.9k +10,883
28 TIAA TRUST, NATIONAL ASSOCIATION 0.01% of their portfolio CHARLOTTE, NC 41,89841.9k $2.0m $2.0m 0.01% New
29 FIRST TRUST ADVISORS LP 0.00% of their portfolio Wheaton, IL 39,44439.4k $1.9m $1.9m 0.00% Added +917 +917
30 Advisory Alpha, LLC 0.05% of their portfolio HOLLAND, MI 32,66132.7k $1.6m $1.6m 0.05% Reduced -7.9k -7,946
31 GUGGENHEIM CAPITAL LLC 0.01% of their portfolio CHICAGO, IL 32,58632.6k $1.6m $1.6m 0.01% Added +3.2k +3,239
32 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 32,10432.1k $1.6m $1.6m 0.00% Reduced -1.4k -1,363
33 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 26,71626.7k $1.3m $1.3m 0.00% New
34 Palogic Value Management, L.P. 0.48% of their portfolio DALLAS, TX 23,65423.7k $1.2m $1.2m 0.48% Reduced -176 -176
35 Cetera Investment Advisers 0.00% of their portfolio SCHAUMBURG, IL 23,55623.6k $1.1m $1.1m 0.00% Added +6.1k +6,073
36 Columbus Macro, LLC 0.14% of their portfolio NEW CASTLE, PA 23,43223.4k $1.1m $1.1m 0.14% Added +4.8k +4,801
37 Envestnet Portfolio Solutions, Inc. 0.00% of their portfolio BERWYN, PA 17,72317.7k $863.5k $863.5k 0.00% Reduced -3.7k -3,730
38 COMMUNITY TRUST & INVESTMENT CO 0.05% of their portfolio LEXINGTON, KY 16,32216.3k $795.2k $795.2k 0.05% New
39 Rosenberg Matthew Hamilton 0.18% of their portfolio GRAND JUNCTION, CO 16,08416.1k $783.6k $783.6k 0.18% Reduced -1.6k -1,571
40 Willis Johnson & Associates, Inc. 0.05% of their portfolio Houston, TX 14,96815.0k $729.3k $729.3k 0.05% Reduced -196 -196
41 JONES FINANCIAL COMPANIES LLLP 0.00% of their portfolio DES PERES, MO 14,62714.6k $712.6k $712.6k 0.00% Added +2.6k +2,650
42 TOUNJIAN ADVISORY PARTNERS, LLC 0.13% of their portfolio FORT MYERS, FL 14,44214.4k $693.2k $693.2k 0.13% Reduced -66 -66
43 Tortoise Investment Management, LLC 0.06% of their portfolio WHITE PLAINS, NY 13,33213.3k $649.5k $649.5k 0.06% Reduced -316.5k -316,516
44 Elevated Capital Advisors, LLC 0.15% of their portfolio SANDY, UT 11,19211.2k $537.2k $537.2k 0.15% Unchanged
45 COMERICA BANK 0.00% of their portfolio DALLAS, TX 10,81910.8k $527.1k $527.1k 0.00% Reduced -2.4k -2,386
46 Tidal Investments LLC 0.00% of their portfolio Milwaukee, WI 10,59310.6k $514.6k $514.6k 0.00% Reduced -12.5k -12,534
47 MMA ASSET MANAGEMENT LLC 0.19% of their portfolio New York, NY 10,09910.1k $492.0k $492.0k 0.19% New
48 Kestra Advisory Services, LLC 0.00% of their portfolio AUSTIN, TX 10,04310.0k $489.3k $489.3k 0.00% Added +4.6k +4,551
49 Cambridge Investment Research Advisors, Inc. 0.00% of their portfolio FAIRFIELD, IA 9,8529.9k $480.0k $480.0k 0.00% New
50 &PARTNERS 0.00% of their portfolio NASHVILLE, TN 9,1099.1k $443.8k $443.8k 0.00% Added +3.4k +3,410
51 Ridgewood Investments LLC 0.17% of their portfolio SPRINGFIELD, NJ 8,2288.2k $400.9k $400.9k 0.17% Reduced -447 -447
52 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 7,0917.1k $345.5k $345.5k 0.00% Added +2.0k +2,025
53 Visionary Wealth Advisors 0.02% of their portfolio O'FALLON, IL 7,0767.1k $344.7k $344.7k 0.02% New
54 GREAT VALLEY ADVISOR GROUP, INC. 0.01% of their portfolio WILMINGTON, DE 6,4496.4k $314.0k $314.0k 0.01% Added +18 +18
55 Cullen/Frost Bankers, Inc. 0.00% of their portfolio San Antonio, TX 6,2786.3k $305.9k $305.9k 0.00% Added +288 +288
56 Wealthcare Advisory Partners LLC 0.01% of their portfolio WEST CHESTER, PA 5,9325.9k $289.0k $289.0k 0.01% Added +105 +105
57 City Center Advisors, LLC 0.30% of their portfolio TROY, MI 5,7675.8k $281.0k $281.0k 0.30% Added +538 +538
58 IFP Advisors, Inc 0.01% of their portfolio TAMPA, FL 5,2285.2k $254.7k $254.7k 0.01% Added +2.3k +2,298
59 DARK FOREST CAPITAL MANAGEMENT LP 0.01% of their portfolio NEW YORK, NY 4,8844.9k $237.9k $237.9k 0.01% Reduced -18.8k -18,831
60 TRUIST FINANCIAL CORP 0.00% of their portfolio CHARLOTTE, NC 4,7194.7k $229.9k $229.9k 0.00% New
61 Kingdom Financial Group LLC. 0.20% of their portfolio PEORIA, AZ 4,5974.6k $223.9k $223.9k 0.20% New
62 HORIZON FINANCIAL SERVICES, LLC 0.12% of their portfolio WINSTON SALEM, NC 4,5964.6k $223.9k $223.9k 0.12% Reduced -946 -946
63 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 4,4374.4k $216.2k $216.2k 0.00% Reduced -191 -191
64 NWAM LLC 0.01% of their portfolio MERCER ISLAND, WA 4,1514.2k $201.3k $201.3k 0.01% New
65 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 3,5303.5k $172.0k $172.0k 0.00% Added +1.3k +1,315
66 CENTAURUS FINANCIAL, INC. 0.01% of their portfolio ANAHEIM, CA 2,0942.1k $102.0k $102.0k 0.01% Unchanged
67 ST GERMAIN D J CO INC 0.00% of their portfolio SPRINGFIELD, MA 1,6131.6k $78.6k $78.6k 0.00% Added +53 +53
68 MAI Capital Management 0.00% of their portfolio INDEPENDENCE, OH 1,0001.0k $48.7k $48.7k 0.00% Unchanged
69 FMR LLC 0.00% of their portfolio BOSTON, MA 938938 $45.7k $45.7k 0.00% Added +92 +92
70 Wagner Wealth Management, LLC 0.01% of their portfolio GREENVILLE, SC 888888 $43.2k $43.2k 0.01% Added +8 +8
71 PRIVATE TRUST CO NA 0.00% of their portfolio CLEVELAND, OH 848848 $41.3k $41.3k 0.00% Unchanged
72 Capital Analysts, LLC 0.00% of their portfolio FORT WASHINGTON, PA 677677 $33.0k $33.0k 0.00% Unchanged
73 Decker Retirement Planning Inc. 0.02% of their portfolio LEVI, UT 601601 $29.3k $29.3k 0.02% Unchanged
74 NATIONAL BANK OF CANADA /FI/ 0.00% of their portfolio MONTREAL, A8 441441 $21.4k $21.4k 0.00% Unchanged
75 Strengthening Families & Communities, LLC 0.01% of their portfolio BOSTON, MA 441441 $21.5k $21.5k 0.01% Added +4 +4
76 Ameritas Advisory Services, LLC 0.00% of their portfolio Lincoln, NE 413413 $20.1k $20.1k 0.00% New
77 Geneos Wealth Management Inc. 0.00% of their portfolio ENGLEWOOD, CO 386386 $18.8k $18.8k 0.00% New
78 Transce3nd, LLC 0.01% of their portfolio BUDA, TX 377377 $18.4k $18.4k 0.01% Unchanged
79 Capital A Wealth Management, LLC 0.17% of their portfolio CRANBERRY TWP, PA 318318 $14.9k $14.9k 0.17% Added +310 +310
80 Bogart Wealth, LLC 0.00% of their portfolio MCLEAN, VA 306306 $14.9k $14.9k 0.00% Unchanged
81 CWM, LLC 0.00% of their portfolio OMAHA, NE 256256 $12.0k $12.0k 0.00% New
82 US BANCORP \DE\ 0.00% of their portfolio MINNEAPOLIS, MN 200200 $9.7k $9.7k 0.00% Unchanged
83 Jackson Hole Capital Partners, LLC 0.00% of their portfolio TULSA, OK 136136 $6.6k $6.6k 0.00% Unchanged
84 LGT Financial Advisors LLC 0.01% of their portfolio DALLAS, TX 9393 $4.5k $4.5k 0.01% Reduced -815 -815
85 Rossby Financial, LCC 0.00% of their portfolio MELBOURNE, FL 7575 $3.7k $3.7k 0.00% Unchanged
86 Qube Research & Technologies Ltd 0.00% of their portfolio LONDON, X0 4646 $2.2k $2.2k 0.00% Unchanged
87 Rise Advisors, LLC 0.00% of their portfolio ROCHESTER, NY 3636 $1.8k $1.8k 0.00% New
88 Glen Eagle Advisors, LLC 0.00% of their portfolio KINGSTON, NJ 3232 $1.6k $1.6k 0.00% Unchanged
89 IMG Wealth Management, Inc. 0.00% of their portfolio JACKSONVILLE, FL 3131 $1.5k $1.5k 0.00% Unchanged
90 Quest 10 Wealth Builders, Inc. 0.00% of their portfolio Fuquay-Varina, VA 1616 $780 $780 0.00% Reduced -26 -26
91 Arax Advisory Partners 0.00% of their portfolio NEW YORK, NY 1313 $634 $634 0.00% Unchanged
92 Spurstone Advisory Services, LLC 0.00% of their portfolio HIGGANUM, CT 22 $97 $97 0.00% Unchanged
93 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged