Vault-13

ISHARES TR USMV

MSCI USA MIN VOL · ETP · CUSIP 46429B697

1,230 institutional holders +78 vs Q3 2023
290,256,659290.3m shares reported held*
$22.6bnreported value*
81 new 264 added 650 reduced 70 sold out net sold ≈ $1.3bn (-16.1m 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 ($33.3m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $78.01. Options: 3 managers hold calls ($1.0m notional), 2 hold puts ($398.0k).

Trends to Q4 2023

Institutional holders

Managers reporting a position, each quarter

05001k1.5kQ3 22: 1,066Q4 22: 1,158Q1 23: 1,132Q2 23: 1,154Q3 23: 1,152Q4 23: 1,2301,230Q3 22Q4 22Q1 23Q2 23Q3 23Q4 23
Numbers
QuarterHolders
Q3 20221,066
Q4 20221,158
Q1 20231,132
Q2 20231,154
Q3 20231,152
Q4 20231,230

Buyers vs sellers

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

Bought or addedCut or sold out
1k01kQ4 22: 482 bought or addedQ4 22: 510 cut or sold outQ4 22Q1 23: 510 bought or addedQ1 23: 526 cut or sold outQ1 23Q2 23: 501 bought or addedQ2 23: 548 cut or sold outQ2 23Q3 23: 371 bought or addedQ3 23: 660 cut or sold outQ3 23Q4 23: 345 bought or addedQ4 23: 720 cut or sold outQ4 23
Numbers
QuarterBought or addedCut or sold out
Q4 2022482510
Q1 2023510526
Q2 2023501548
Q3 2023371660
Q4 2023345720

Calls vs puts

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

CallsPuts
$0$1m$2m$3mQ1 23 calls: $2.5mQ1 23 puts: $50.9kQ1 23P/C 0.02Q2 23 calls: $1.6mQ2 23 puts: $616.9kQ2 23P/C 0.40Q3 23 calls: $1.5mQ3 23 puts: $767.2kQ3 23P/C 0.52Q4 23 calls: $1.0mQ4 23 puts: $398.0kQ4 23P/C 0.40
Numbers
QuarterCallsPutsP/C
Q1 2023$2.5m$50.9k0.02
Q2 2023$1.6m$616.9k0.40
Q3 2023$1.5m$767.2k0.52
Q4 2023$1.0m$398.0k0.40

Biggest buyers

MORGAN STANLEY Added +20,682,265+20.7m
JPMORGAN CHASE & CO Added +6,529,698+6.5m
PNC Financial Services Group, Inc. Added +3,797,883+3.8m
MERCER GLOBAL ADVISORS INC /ADV Added +816,465+816.5k
Vestcor Inc Added +746,042+746.0k
Squarepoint Ops LLC New +449,296+449.3k
Lester Murray Antman dba SimplyRich New +189,578+189.6k
RAYMOND JAMES & ASSOCIATES Added +122,005+122.0k
Cerity Partners LLC Added +112,455+112.5k
BARCLAYS PLC Added +110,934+110.9k

Biggest sellers

ENVESTNET ASSET MANAGEMENT INC Reduced -7,247,829-7.2m
FMR LLC Reduced -6,021,990-6.0m
BANK OF AMERICA CORP /DE/ Reduced -5,650,375-5.7m
OSAIC HOLDINGS, INC. Reduced -3,246,271-3.2m
CAPTRUST FINANCIAL ADVISORS Reduced -3,117,736-3.1m
Envestnet Portfolio Solutions, Inc. Reduced -2,527,803-2.5m
BlackRock Inc. Reduced -1,781,288-1.8m
FIRST CITIZENS BANK & TRUST CO Reduced -1,617,446-1.6m
LPL Financial LLC Reduced -1,558,536-1.6m
CWM, LLC Reduced -1,388,643-1.4m

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $827.1k10.6k shares
CITADEL ADVISORS LLC Reduced $171.7k2.2k shares
Cutler Group LLC / CA Reduced $7.0k3.3k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $319.9k4.1k shares
CITADEL ADVISORS LLC Added $78.0k1.0k 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.

Major shareholders (over 5%)

Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.

HolderStakeChangeShares Last filed
FMR LLC 13G · institution +1.3 pts · filed 2026-05-06 6.3% +1.3 pts 15.4m≈ $1.5bn 2026-05-06

Holders, Q4 2023

#ManagerLocationShares Value% of their portfolioChangeShares change
1 MORGAN STANLEY 0.12% of their portfolio NEW YORK, NY 35,565,60835.6m $2.8bn $2.8bn 0.12% Added +20.7m +20,682,265
2 BANK OF AMERICA CORP /DE/ 0.30% of their portfolio CHARLOTTE, NC 34,303,38934.3m $2.7bn $2.7bn 0.30% Reduced -5.7m -5,650,375
3 FMR LLC 0.12% of their portfolio BOSTON, MA 20,622,01220.6m $1.6bn $1.6bn 0.12% Reduced -6.0m -6,021,990
4 RAYMOND JAMES & ASSOCIATES 0.94% of their portfolio ST PETERSBURG, FL 16,080,79916.1m $1.3bn $1.3bn 0.94% Added +122.0k +122,005
5 ENVESTNET ASSET MANAGEMENT INC 0.50% of their portfolio Berwyn, PA 15,485,63115.5m $1.2bn $1.2bn 0.50% Reduced -7.2m -7,247,829
6 JPMORGAN CHASE & CO 0.04% of their portfolio NEW YORK, NY 9,442,7649.4m $736.8m $736.8m 0.04% Added +6.5m +6,529,698
7 PNC Financial Services Group, Inc. 0.56% of their portfolio Pittsburgh, PA 9,098,9149.1m $710.0m $710.0m 0.56% Added +3.8m +3,797,883
8 MERCER GLOBAL ADVISORS INC /ADV 1.87% of their portfolio DENVER, CO 7,988,8948.0m $623.4m $623.4m 1.87% Added +816.5k +816,465
9 BlackRock Inc. 0.02% of their portfolio New York, NY 7,778,3807.8m $606.9m $606.9m 0.02% Reduced -1.8m -1,781,288
10 LPL Financial LLC 0.29% of their portfolio FORT MILL, SC 6,026,3046.0m $470.2m $470.2m 0.29% Reduced -1.6m -1,558,536
11 Raymond James Financial Services Advisors, Inc. 0.59% of their portfolio ST. PETERSBURG, FL 4,658,2064.7m $363.5m $363.5m 0.59% Reduced -144.1k -144,080
12 WELLS FARGO & COMPANY/MN 0.09% of their portfolio SAN FRANCISCO, CA 4,298,7944.3m $335.4m $335.4m 0.09% Reduced -184.4k -184,445
13 AMERIPRISE FINANCIAL INC 0.10% of their portfolio MINNEAPOLIS, MN 4,237,3114.2m $330.6m $330.6m 0.10% Reduced -76.3k -76,264
14 UBS Group AG 0.13% of their portfolio ZURICH, V8 4,182,7774.2m $326.4m $326.4m 0.13% Reduced -115.0k -114,959
15 Alaska Permanent Fund Corp 4.86% of their portfolio JUNEAU, AK 3,780,2823.8m $295.0m $295.0m 4.86% Reduced -350.1k -350,067
16 Millburn Ridgefield LLC /DE/ 8.55% of their portfolio New York, NY 3,577,1333.6m $279.1m $279.1m 8.55% Reduced -5.0k -4,999
17 Catalyst Capital Advisors LLC 7.50% of their portfolio San Juan, PR 3,577,1333.6m $279.1m $279.1m 7.50% Reduced -5.0k -4,999
18 SEI INVESTMENTS CO 0.35% of their portfolio OAKS, PA 2,799,9882.8m $218.5m $218.5m 0.35% Reduced -52.9k -52,877
19 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.24% of their portfolio MILWAUKEE, WI 2,720,8422.7m $212.3m $212.3m 0.24% Reduced -344.1k -344,134
20 COMMONWEALTH EQUITY SERVICES, LLC 0.37% of their portfolio WALTHAM, MA 2,602,4602.6m $203.1m $203.1m 0.37% Reduced -179.1k -179,092
21 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.55% of their portfolio PLYMOUTH, MN 2,414,9252.4m $188.4m $188.4m 0.55% Reduced -40.7k -40,725
22 CAPTRUST FINANCIAL ADVISORS 0.62% of their portfolio RALEIGH, NC 2,303,3292.3m $179.7m $179.7m 0.62% Reduced -3.1m -3,117,736
23 ROYAL BANK OF CANADA 0.04% of their portfolio TORONTO, A6 2,197,4252.2m $171.5m $171.5m 0.04% Added +37.0k +36,957
24 Cerity Partners LLC 0.56% of their portfolio NEW YORK, NY 2,132,2302.1m $166.4m $166.4m 0.56% Added +112.5k +112,455
25 OSAIC HOLDINGS, INC. 0.26% of their portfolio SCOTTSDALE, AZ 1,920,2821.9m $149.9m $149.9m 0.26% Reduced -3.2m -3,246,271
26 ASSETMARK, INC 0.46% of their portfolio CONCORD, CA 1,630,4331.6m $127.2m $127.2m 0.46% Reduced -25.7k -25,687
27 CWM, LLC 0.66% of their portfolio OMAHA, NE 1,576,3221.6m $123.0m $123.0m 0.66% Reduced -1.4m -1,388,643
28 US BANCORP \DE\ 0.17% of their portfolio MINNEAPOLIS, MN 1,472,0671.5m $114.9m $114.9m 0.17% Reduced -105.1k -105,088
29 Cambridge Investment Research Advisors, Inc. 0.49% of their portfolio FAIRFIELD, IA 1,463,2241.5m $114.2m $114.2m 0.49% Reduced -38.6k -38,607
30 Bank of New York Mellon Corp 0.02% of their portfolio NEW YORK, NY 1,380,3711.4m $107.7m $107.7m 0.02% Reduced -362.9k -362,918
31 Mariner, LLC 0.25% of their portfolio Overland Park, KS 1,334,8921.3m $104.2m $104.2m 0.25% Reduced -62.0k -61,974
32 SECURIAN ASSET MANAGEMENT, INC 2.86% of their portfolio ST PAUL, MN 1,290,7621.3m $100.7m $100.7m 2.86% Reduced -65.7k -65,650
33 Brookstone Capital Management 1.77% of their portfolio WHEATON, IL 1,169,7561.2m $91.3m $91.3m 1.77% Reduced -59.8k -59,788
34 Cetera Advisors LLC 1.25% of their portfolio DENVER, CO 1,156,0601.2m $90.2m $90.2m 1.25% Reduced -18.1k -18,057
35 Financial Advisors, LLC 18.92% of their portfolio ANDOVER, MA 1,081,4901.1m $84.4m $84.4m 18.92% Reduced -2.8k -2,820
36 MML INVESTORS SERVICES, LLC 0.38% of their portfolio SPRINGFIELD, MA 1,068,8061.1m $83.4m $83.4m 0.38% Reduced -410.4k -410,363
37 JOHNSON INVESTMENT COUNSEL INC 0.97% of their portfolio Cincinnati, OH 1,052,7611.1m $82.1m $82.1m 0.97% Reduced -19.5k -19,499
38 WADE G W & INC 2.31% of their portfolio Wellesley, MA 913,087913.1k $71.2m $71.2m 2.31% Reduced -67.6k -67,606
39 Envestnet Portfolio Solutions, Inc. 0.29% of their portfolio BERWYN, PA 884,229884.2k $69.0m $69.0m 0.29% Reduced -2.5m -2,527,803
40 Integrated Wealth Concepts LLC 1.12% of their portfolio WALTHAM, MA 877,178877.2k $68.4m $68.4m 1.12% Reduced -139.3k -139,318
41 Janney Montgomery Scott LLC 0.21% of their portfolio PHILADELPHIA, PA 821,754821.8k $64.1m $64.1m 0.21% Reduced -319.7k -319,720
42 AE Wealth Management LLC 0.34% of their portfolio TOPEKA, KS 820,614820.6k $65.6m $65.6m 0.34% Reduced -330.4k -330,378
43 Symmetry Partners, LLC 3.45% of their portfolio GLASTONBURY, CT 819,478819.5k $63.9m $63.9m 3.45% Added +16.3k +16,278
44 Horizon Investments, LLC 1.78% of their portfolio Charlotte, NC 818,488818.5k $63.9m $63.9m 1.78% Reduced -721.5k -721,464
45 Vestcor Inc 2.08% of their portfolio FREDERICTON, A3 788,484788.5k $61.5m $61.5m 2.08% Added +746.0k +746,042
46 HighTower Advisors, LLC 0.10% of their portfolio CHICAGO, IL 776,696776.7k $60.6m $60.6m 0.10% Reduced -42.4k -42,427
47 Quotient Wealth Partners, LLC 2.33% of their portfolio DALLAS, TX 769,262769.3k $60.0m $60.0m 2.33% First filing
48 Private Advisor Group, LLC 0.40% of their portfolio MORRISTOWN, NJ 655,035655.0k $51.1m $51.1m 0.40% Reduced -19.4k -19,382
49 CAPSTONE INVESTMENT ADVISORS, LLC 0.84% of their portfolio NEW YORK, NY 622,029622.0k $48.5m $48.5m 0.84% Unchanged
50 Allianz Asset Management GmbH 0.09% of their portfolio MUNICH, 2M 596,741596.7k $46.6m $46.6m 0.09% Reduced -337.8k -337,759
51 Legacy Financial Advisors, Inc. 8.75% of their portfolio COVINGTON, KY 583,769583.8k $45.6m $45.6m 8.75% Reduced -27.4k -27,436
52 Steward Partners Investment Advisory, LLC 0.59% of their portfolio STAMFORD, CT 556,617556.6k $43.4m $43.4m 0.59% Reduced -134.2k -134,192
53 Fragasso Financial Advisors Inc 3.90% of their portfolio SEWICKLEY, PA 548,348548.3k $42.8m $42.8m 3.90% Added +8.3k +8,305
54 PARK AVENUE SECURITIES LLC 0.59% of their portfolio NEW YORK, NY 545,180545.2k $42.5m $42.5m 0.59% Reduced -532.1k -532,139
55 Geneos Wealth Management Inc. 2.00% of their portfolio ENGLEWOOD, CO 518,679518.7k $40.5m $40.5m 2.00% Reduced -7.5k -7,529
56 ARS Wealth Advisors Group, LLC 5.92% of their portfolio St. Petersburg, FL 511,936511.9k $39.9m $39.9m 5.92% Added +22.1k +22,057
57 Cetera Investment Advisers 0.32% of their portfolio SCHAUMBURG, IL 511,141511.1k $39.9m $39.9m 0.32% Reduced -275.5k -275,464
58 STIFEL FINANCIAL CORP 0.05% of their portfolio ST. LOUIS, MO 488,143488.1k $38.1m $38.1m 0.05% Reduced -48.6k -48,606
59 NewEdge Advisors, LLC 0.36% of their portfolio NEW ORLEANS, LA 484,031484.0k $38.3m $38.3m 0.36% Reduced -97.2k -97,227
60 TRUIST FINANCIAL CORP 0.06% of their portfolio CHARLOTTE, NC 477,788477.8k $37.3m $37.3m 0.06% Reduced -38.9k -38,928
61 FIL Ltd 0.04% of their portfolio HAMILTON, D0 463,861463.9k $36.2m $36.2m 0.04% Added +90.6k +90,569
62 GLENMEDE TRUST CO NA 0.19% of their portfolio PHILADELPHIA, PA 461,482461.5k $36.0m $36.0m 0.19% Added +45.3k +45,342
63 OneDigital Investment Advisors LLC 0.63% of their portfolio OVERLAND PARK, KS 459,503459.5k $35.9m $35.9m 0.63% Reduced -62.0k -62,045
64 Squarepoint Ops LLC 0.14% of their portfolio NEW YORK, NY 449,296449.3k $35.1m $35.1m 0.14% New
65 KEYBANK NATIONAL ASSOCIATION/OH 0.16% of their portfolio BROOKLYN, OH 448,361448.4k $35.0m $35.0m 0.16% Reduced -19.4k -19,359
66 Pineridge Advisors LLC 11.54% of their portfolio ST. CHARLES, MO 446,526446.5k $34.8m $34.8m 11.54% First filing
67 Cetera Advisor Networks LLC 0.19% of their portfolio EL SEGUNDO, CA 438,444438.4k $34.2m $34.2m 0.19% Reduced -154.1k -154,075
68 ALLIANCEBERNSTEIN L.P. 0.01% of their portfolio NASHVILLE, TN 417,842417.8k $32.6m $32.6m 0.01% Reduced -17.2k -17,211
69 Granite Bay Wealth Management, LLC 0.27% of their portfolio PORTSMOUTH, NH 411,222411.2k $30.7m $30.7m 0.27% Reduced -36.9k -36,931
70 Klingman & Associates, LLC 2.35% of their portfolio New York, NY 410,940410.9k $32.1m $32.1m 2.35% Reduced -8.7k -8,683
71 Halpern Financial, Inc. 9.58% of their portfolio ASHBURN, VA 394,590394.6k $30.8m $30.8m 9.58% Reduced -26.3k -26,308
72 Thrivent Financial for Lutherans 0.07% of their portfolio Minneapolis, MN 382,818382.8k $29.9m $29.9m 0.07% Reduced -152.5k -152,537
73 Equitable Holdings, Inc. 0.37% of their portfolio NEW YORK, NY 379,485379.5k $29.6m $29.6m 0.37% Added +9.6k +9,560
74 Atria Wealth Solutions, Inc. 0.36% of their portfolio NEW YORK, NY 363,077363.1k $28.3m $28.3m 0.36% Reduced -107.1k -107,128
75 Stratos Wealth Partners, LTD. 0.53% of their portfolio BEACHWOOD, OH 361,270361.3k $28.2m $28.2m 0.53% Reduced -22.4k -22,384
76 GDS Wealth Management 3.72% of their portfolio FLOWER MOUND, TX 353,766353.8k $27.6m $27.6m 3.72% Reduced -40.0k -40,009
77 TELEMUS CAPITAL, LLC 2.26% of their portfolio Southfield, MI 350,888350.9k $27.4m $27.4m 2.26% Added +26.0k +26,036
78 WEALTHSOURCE PARTNERS, LLC 1.77% of their portfolio SAN LUIS OBISPO, CA 349,094349.1k $27.2m $27.2m 1.77% Reduced -83.3k -83,344
79 High Probability Advisors, LLC 5.49% of their portfolio Pittsford, NY 348,574348.6k $27.2m $27.2m 5.49% Reduced -3.4k -3,383
80 COMERICA BANK 0.12% of their portfolio DALLAS, TX 343,654343.7k $26.8m $26.8m 0.12% Reduced -7.2k -7,250
81 NOTTINGHAM ADVISORS, INC. 3.29% of their portfolio AMHERST, NY 336,032336.0k $23.6m $23.6m 3.29% Reduced -2.4k -2,371
82 Leelyn Smith, LLC 5.74% of their portfolio GENEVA, IL 335,802335.8k $26.2m $26.2m 5.74% Reduced -37.1k -37,059
83 Rakuten Investment Management, Inc. 0.23% of their portfolio TOKYO, M0 335,103335.1k $26.1m $26.1m 0.23% Added +11.4k +11,400
84 Financial Gravity Asset Management, Inc. 0.02% of their portfolio Lakeway, TX 330,503330.5k $1.7m $1.7m 0.02% Added +4.9k +4,918
85 MAI Capital Management 0.34% of their portfolio INDEPENDENCE, OH 328,458328.5k $25.6m $25.6m 0.34% Added +1.9k +1,853
86 Sovereign Investment Advisors, LLC 9.42% of their portfolio PHOENIX, AZ 323,837323.8k $25.3m $25.3m 9.42% Reduced -60.6k -60,580
87 Wealth Advisors of Iowa, LLC 16.67% of their portfolio WEST DES MOINES, IA 318,286318.3k $24.8m $24.8m 16.67% Reduced -9.3k -9,322
88 Apella Capital, LLC 1.38% of their portfolio WEST HARTFORD, CT 317,911317.9k $24.8m $24.8m 1.38% Reduced -17.4k -17,363
89 Kestra Advisory Services, LLC 0.20% of their portfolio AUSTIN, TX 308,578308.6k $24.1m $24.1m 0.20% Reduced -19.5k -19,514
90 Cassia Capital Partners, LLC 19.79% of their portfolio WINSTON SALEM, NC 305,439305.4k $23.8m $23.8m 19.79% Reduced -76.6k -76,561
91 BARCLAYS PLC 0.01% of their portfolio LONDON, X0 303,231303.2k $23.7m $23.7m 0.01% Added +110.9k +110,934
92 Insight Wealth Strategies, LLC 3.70% of their portfolio SAN RAMON, CA 293,965294.0k $22.9m $22.9m 3.70% Reduced -25.1k -25,057
93 CITIZENS FINANCIAL GROUP INC/RI 0.79% of their portfolio PROVIDENCE, RI 292,485292.5k $22.8m $22.8m 0.79% Reduced -9.3k -9,273
94 AVANTAX ADVISORY SERVICES, INC. 0.23% of their portfolio DALLAS, TX 290,755290.8k $22.7m $22.7m 0.23% Reduced -29.5k -29,500
95 CHOREO, LLC 0.60% of their portfolio ROCKFORD, IL 285,636285.6k $22.3m $22.3m 0.60% Reduced -28.1k -28,099
96 True Link Financial Advisors, LLC 2.40% of their portfolio SAN FRANCISCO, CA 283,807283.8k $22.1m $22.1m 2.40% Added +37.6k +37,582
97 MV CAPITAL MANAGEMENT, INC. 2.80% of their portfolio BETHESDA, MD 283,102283.1k $22.1m $22.1m 2.80% Reduced -3.7k -3,697
98 Rehmann Capital Advisory Group 1.83% of their portfolio LANSING, MI 282,354282.4k $22.0m $22.0m 1.83% Reduced -9.9k -9,939
99 Beacon Pointe Advisors, LLC 0.26% of their portfolio NEWPORT BEACH, CA 278,833278.8k $21.8m $21.8m 0.26% Reduced -61.3k -61,289
100 M&T Bank Corp 0.08% of their portfolio BUFFALO, NY 275,533275.5k $21.5m $21.5m 0.08% Reduced -231.6k -231,575