Vault-13

ISHARES TR USMV

MSCI USA MIN VOL · ETP · CUSIP 46429B697

1,287 institutional holders +94 vs Q3 2024
187,338,223187.3m shares reported held*
$16.6bnreported value*
75 new 340 added 533 reduced 62 sold out net sold ≈ $1.7bn (-19.3m 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 ($29.0m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $88.80. Options: 2 managers hold calls ($621.5k notional), 2 hold puts ($3.0m).

Trends to Q4 2024

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: 1,230Q1 24: 1,173Q2 24: 1,169Q3 24: 1,193Q4 24: 1,2871,287Q3 22Q1 23Q3 23Q1 24Q3 24Q4 24
Numbers
QuarterHolders
Q3 20221,066
Q4 20221,158
Q1 20231,132
Q2 20231,154
Q3 20231,152
Q4 20231,230
Q1 20241,173
Q2 20241,169
Q3 20241,193
Q4 20241,287

Buyers vs sellers

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

Bought or addedCut or sold out
1k01kQ1 23: 510 bought or addedQ1 23: 526 cut or sold outQ2 23: 501 bought or addedQ2 23: 548 cut or sold outQ2 23Q3 23: 371 bought or addedQ3 23: 660 cut or sold outQ4 23: 345 bought or addedQ4 23: 720 cut or sold outQ4 23Q1 24: 325 bought or addedQ1 24: 771 cut or sold outQ2 24: 349 bought or addedQ2 24: 687 cut or sold outQ2 24Q3 24: 435 bought or addedQ3 24: 605 cut or sold outQ4 24: 415 bought or addedQ4 24: 595 cut or sold outQ4 24
Numbers
QuarterBought or addedCut or sold out
Q1 2023510526
Q2 2023501548
Q3 2023371660
Q4 2023345720
Q1 2024325771
Q2 2024349687
Q3 2024435605
Q4 2024415595

Calls vs puts

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

CallsPuts
$0$10m$20m$30m$40mQ1 24 calls: $1.9mQ1 24 puts: $40.0mQ1 24P/C 21.30Q2 24 calls: $1.2mQ2 24 puts: $8.6mQ2 24P/C 6.99Q3 24 calls: $830.9kQ3 24 puts: $2.5mQ3 24P/C 2.97Q4 24 calls: $621.5kQ4 24 puts: $3.0mQ4 24P/C 4.84
Numbers
QuarterCallsPutsP/C
Q1 2024$1.9m$40.0m21.30
Q2 2024$1.2m$8.6m6.99
Q3 2024$830.9k$2.5m2.97
Q4 2024$621.5k$3.0m4.84

Biggest buyers

Focus Partners Wealth Added +1,928,169+1.9m
LOCKHEED MARTIN INVESTMENT MANAGEMENT CO New +707,300+707.3k
MAI Capital Management Added +352,324+352.3k
LPL Financial LLC Added +328,291+328.3k
Sequoia Financial Advisors, LLC Added +281,084+281.1k
Independent Advisor Alliance New +201,156+201.2k
Catalyst Capital Advisors LLC Added +180,849+180.8k
Millburn Ridgefield LLC /DE/ Added +180,849+180.8k
HRT FINANCIAL LP New +146,754+146.8k
JONES FINANCIAL COMPANIES LLLP Added +141,982+142.0k

Biggest sellers

MORGAN STANLEY Reduced -5,101,982-5.1m
PNC Financial Services Group, Inc. Reduced -3,729,079-3.7m
JPMORGAN CHASE & CO Reduced -3,695,658-3.7m
FMR LLC Reduced -2,481,409-2.5m
Horizon Investments, LLC Reduced -1,195,199-1.2m
Russell Investments Group, Ltd. Reduced -658,954-659.0k
HSBC HOLDINGS PLC Sold out -500,000-500.0k
BANK OF AMERICA CORP /DE/ Reduced -458,835-458.8k
Ocean Park Asset Management, LLC Reduced -412,318-412.3k
Allianz SE Reduced -391,312-391.3k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $452.8k5.1k shares
CITADEL ADVISORS LLC Added $168.7k1.9k shares

Biggest puts

CITADEL ADVISORS LLC Added $2.4m26.6k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $648.2k7.3k 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 2024

#ManagerLocationShares Value% of their portfolioChangeShares change
1 MORGAN STANLEY 0.10% of their portfolio NEW YORK, NY 16,721,94616.7m $1.5bn $1.5bn 0.10% Reduced -5.1m -5,101,982
2 BANK OF AMERICA CORP /DE/ 0.13% of their portfolio CHARLOTTE, NC 15,809,68115.8m $1.4bn $1.4bn 0.13% Reduced -458.8k -458,835
3 RAYMOND JAMES FINANCIAL INC 0.43% of their portfolio ST. PETERSBURG, FL 13,248,54413.2m $1.2bn $1.2bn 0.43% First filing
4 FMR LLC 0.06% of their portfolio BOSTON, MA 11,672,04311.7m $1.0bn $1.0bn 0.06% Reduced -2.5m -2,481,409
5 PNC Financial Services Group, Inc. 0.37% of their portfolio Pittsburgh, PA 6,175,9296.2m $548.4m $548.4m 0.37% Reduced -3.7m -3,729,079
6 LPL Financial LLC 0.21% of their portfolio FORT MILL, SC 5,685,9145.7m $504.9m $504.9m 0.21% Added +328.3k +328,291
7 BlackRock, Inc. 0.01% of their portfolio New York, NY 4,901,5784.9m $435.2m $435.2m 0.01% Reduced -303.6k -303,569
8 Alaska Permanent Fund Corp 6.20% of their portfolio JUNEAU, AK 4,702,7624.7m $417.6m $417.6m 6.20% Added +4.4k +4,375
9 ENVESTNET ASSET MANAGEMENT INC 0.13% of their portfolio Berwyn, PA 4,492,3634.5m $398.9m $398.9m 0.13% Reduced -272.8k -272,796
10 UBS Group AG 0.08% of their portfolio ZURICH, V8 3,866,0563.9m $343.3m $343.3m 0.08% Added +23.9k +23,863
11 WELLS FARGO & COMPANY/MN 0.08% of their portfolio SAN FRANCISCO, CA 3,696,9783.7m $328.3m $328.3m 0.08% Reduced -78.5k -78,506
12 Millburn Ridgefield LLC /DE/ 8.11% of their portfolio New York, NY 3,651,4073.7m $324.2m $324.2m 8.11% Added +180.8k +180,849
13 Catalyst Capital Advisors LLC 6.91% of their portfolio San Juan, PR 3,651,4073.7m $324.2m $324.2m 6.91% Added +180.8k +180,849
14 JPMORGAN CHASE & CO 0.02% of their portfolio NEW YORK, NY 3,277,4643.3m $291.0m $291.0m 0.02% Reduced -3.7m -3,695,658
15 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.56% of their portfolio PLYMOUTH, MN 3,271,6113.3m $290.5m $290.5m 0.56% Added +67.6k +67,611
16 Focus Partners Wealth 0.26% of their portfolio ST LOUIS, MO 2,238,1742.2m $198.7m $198.7m 0.26% Added +1.9m +1,928,169
17 AMERIPRISE FINANCIAL INC 0.05% of their portfolio MINNEAPOLIS, MN 2,205,5392.2m $195.9m $195.9m 0.05% Reduced -104.1k -104,079
18 COMMONWEALTH EQUITY SERVICES, LLC 0.28% of their portfolio WALTHAM, MA 2,126,5942.1m $188.8m $188.8m 0.28% Reduced -32.8k -32,830
19 Cerity Partners LLC 0.40% of their portfolio NEW YORK, NY 2,099,3402.1m $186.4m $186.4m 0.40% Reduced -34.8k -34,835
20 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.15% of their portfolio MILWAUKEE, WI 1,963,6622.0m $174.4m $174.4m 0.15% Reduced -93.7k -93,659
21 Cetera Investment Advisers 0.32% of their portfolio SCHAUMBURG, IL 1,720,7841.7m $152.8m $152.8m 0.32% Reduced -103.3k -103,265
22 MERCER GLOBAL ADVISORS INC /ADV 0.37% of their portfolio DENVER, CO 1,697,9971.7m $150.8m $150.8m 0.37% Reduced -225.5k -225,475
23 ROYAL BANK OF CANADA 0.03% of their portfolio TORONTO, A6 1,637,2231.6m $145.4m $145.4m 0.03% Reduced -55.9k -55,901
24 ASSETMARK, INC 0.39% of their portfolio CONCORD, CA 1,606,3371.6m $142.6m $142.6m 0.39% Added +10.3k +10,270
25 SEI INVESTMENTS CO 0.17% of their portfolio OAKS, PA 1,479,2411.5m $131.3m $131.3m 0.17% Reduced -39.7k -39,683
26 OSAIC HOLDINGS, INC. 0.28% of their portfolio SCOTTSDALE, AZ 1,433,5051.4m $124.9m $124.9m 0.28% Added +86.0k +85,973
27 Cambridge Investment Research Advisors, Inc. 0.41% of their portfolio FAIRFIELD, IA 1,387,5721.4m $123.2m $123.2m 0.41% Reduced -74.4k -74,437
28 US BANCORP \DE\ 0.14% of their portfolio MINNEAPOLIS, MN 1,233,6061.2m $109.5m $109.5m 0.14% Reduced -108.8k -108,829
29 Dynasty Wealth Management, LLC 1.84% of their portfolio ST. PETERSBURG, FL 1,203,9281.2m $106.9m $106.9m 1.84% Added +93.5k +93,543
30 JOHNSON INVESTMENT COUNSEL INC 1.02% of their portfolio Cincinnati, OH 1,181,6251.2m $104.9m $104.9m 1.02% Added +69.4k +69,376
31 Mariner, LLC 0.17% of their portfolio Overland Park, KS 1,166,6701.2m $103.6m $103.6m 0.17% Reduced -12.8k -12,848
32 Financial Advisors, LLC 18.86% of their portfolio ANDOVER, MA 1,107,2671.1m $98.3m $98.3m 18.86% Reduced -1.9k -1,942
33 SECURIAN ASSET MANAGEMENT, INC 2.74% of their portfolio ST PAUL, MN 1,058,6371.1m $94.0m $94.0m 2.74% Reduced -27.4k -27,425
34 Quotient Wealth Partners, LLC 2.94% of their portfolio DALLAS, TX 1,013,5191.0m $90.0m $90.0m 2.94% Added +12.6k +12,622
35 Brookstone Capital Management 1.27% of their portfolio WHEATON, IL 981,832981.8k $87.2m $87.2m 1.27% Reduced -28.6k -28,583
36 Bank of New York Mellon Corp 0.01% of their portfolio NEW YORK, NY 899,305899.3k $79.8m $79.8m 0.01% Reduced -385.2k -385,211
37 CAPTRUST FINANCIAL ADVISORS 0.19% of their portfolio RALEIGH, NC 768,634768.6k $68.2m $68.2m 0.19% Reduced -142.8k -142,762
38 CWM, LLC 0.27% of their portfolio OMAHA, NE 733,304733.3k $65.1m $65.1m 0.27% Added +4.6k +4,564
39 HighTower Advisors, LLC 0.09% of their portfolio CHICAGO, IL 710,775710.8k $63.1m $63.1m 0.09% Reduced -29.0k -28,993
40 LOCKHEED MARTIN INVESTMENT MANAGEMENT CO 2.50% of their portfolio BETHESDA, MD 707,300707.3k $62.8m $62.8m 2.50% New
41 Horizon Investments, LLC 1.75% of their portfolio Charlotte, NC 685,008685.0k $60.8m $60.8m 1.75% Reduced -1.2m -1,195,199
42 Steward Partners Investment Advisory, LLC 0.50% of their portfolio STAMFORD, CT 632,233632.2k $56.1m $56.1m 0.50% Added +17.3k +17,257
43 Janney Montgomery Scott LLC 0.14% of their portfolio PHILADELPHIA, PA 584,971585.0k $51.9m $51.9m 0.14% Reduced -872 -872
44 Geneos Wealth Management Inc. 1.72% of their portfolio ENGLEWOOD, CO 554,003554.0k $49.2m $49.2m 1.72% Added +5.5k +5,547
45 MAI Capital Management 0.34% of their portfolio INDEPENDENCE, OH 511,862511.9k $45.4m $45.4m 0.34% Added +352.3k +352,324
46 Private Advisor Group, LLC 0.25% of their portfolio MORRISTOWN, NJ 506,676506.7k $45.0m $45.0m 0.25% Reduced -23.2k -23,154
47 ARS Wealth Advisors Group, LLC 5.83% of their portfolio St. Petersburg, FL 477,677477.7k $42.4m $42.4m 5.83% Reduced -42.7k -42,711
48 NewEdge Advisors, LLC 0.25% of their portfolio NEW ORLEANS, LA 465,141465.1k $41.3m $41.3m 0.25% Reduced -45.4k -45,443
49 Fragasso Financial Advisors Inc 3.11% of their portfolio SEWICKLEY, PA 459,752459.8k $40.8m $40.8m 3.11% Added +35.7k +35,690
50 GLENMEDE TRUST CO NA 0.20% of their portfolio PHILADELPHIA, PA 443,904443.9k $39.4m $39.4m 0.20% Reduced -5.6k -5,555
51 MML INVESTORS SERVICES, LLC 0.14% of their portfolio SPRINGFIELD, MA 441,515441.5k $39.2m $39.2m 0.14% Reduced -205.1k -205,135
52 BARCLAYS PLC 0.02% of their portfolio LONDON, X0 431,062431.1k $38.3m $38.3m 0.02% Added +57.9k +57,916
53 STIFEL FINANCIAL CORP 0.04% of their portfolio ST. LOUIS, MO 422,663422.7k $37.5m $37.5m 0.04% Added +1.9k +1,873
54 Equitable Holdings, Inc. 0.33% of their portfolio NEW YORK, NY 389,829389.8k $34.6m $34.6m 0.33% Added +6.2k +6,189
55 Klingman & Associates, LLC 2.07% of their portfolio New York, NY 378,386378.4k $33.6m $33.6m 2.07% Reduced -6.2k -6,181
56 Facet Wealth, Inc. 0.93% of their portfolio WEST PALM BEACH, FL 377,579377.6k $35.0m $35.0m 0.93% Added +29.6k +29,636
57 Integrated Wealth Concepts LLC 0.39% of their portfolio WALTHAM, MA 373,870373.9k $33.2m $33.2m 0.39% Reduced -260.6k -260,639
58 Ball & Co Wealth Management Inc. 25.73% of their portfolio FRANKLIN, TN 364,161364.2k $32.3m $32.3m 25.73% First filing
59 SAGESPRING WEALTH PARTNERS, LLC 0.85% of their portfolio FRANKLIN, TN 361,850361.9k $32.1m $32.1m 0.85% First filing
60 JONES FINANCIAL COMPANIES LLLP 0.03% of their portfolio DES PERES, MO 360,268360.3k $32.0m $32.0m 0.03% Added +142.0k +141,982
61 KEYBANK NATIONAL ASSOCIATION/OH 0.12% of their portfolio BROOKLYN, OH 357,314357.3k $31.7m $31.7m 0.12% Reduced -12.7k -12,651
62 Insight Wealth Strategies, LLC 4.09% of their portfolio SAN RAMON, CA 343,489343.5k $30.5m $30.5m 4.09% Added +4.2k +4,163
63 High Probability Advisors, LLC 5.42% of their portfolio Pittsford, NY 340,380340.4k $30.2m $30.2m 5.42% Added +4.9k +4,920
64 Carrera Capital Advisors 6.91% of their portfolio TROY, MI 332,458332.5k $29.5m $29.5m 6.91% Reduced -189.3k -189,317
65 Atria Wealth Solutions, Inc. 0.32% of their portfolio NEW YORK, NY 323,572323.6k $28.7m $28.7m 0.32% Added +8.8k +8,759
66 Allianz Asset Management GmbH 0.04% of their portfolio MUNICH, 2M 319,342319.3k $28.4m $28.4m 0.04% Reduced -44.7k -44,675
67 Kestra Advisory Services, LLC 0.15% of their portfolio AUSTIN, TX 319,103319.1k $28.3m $28.3m 0.15% Added +21.6k +21,601
68 GDS Wealth Management 2.46% of their portfolio FLOWER MOUND, TX 303,904303.9k $27.0m $27.0m 2.46% Reduced -23.1k -23,130
69 TRUIST FINANCIAL CORP 0.04% of their portfolio CHARLOTTE, NC 301,087301.1k $26.7m $26.7m 0.04% Reduced -129.2k -129,195
70 CHOREO, LLC 0.37% of their portfolio ROCKFORD, IL 291,701291.7k $25.9m $25.9m 0.37% Reduced -4.1k -4,122
71 Sovereign Investment Advisors, LLC 7.55% of their portfolio PHOENIX, AZ 285,892285.9k $25.4m $25.4m 7.55% Added +1.4k +1,354
72 Sequoia Financial Advisors, LLC 0.24% of their portfolio Akron, OH 285,738285.7k $25.4m $25.4m 0.24% Added +281.1k +281,084
73 Trilogy Capital Inc. 1.29% of their portfolio IRVINE, CA 281,808281.8k $25.0m $25.0m 1.29% Reduced -3.4k -3,426
74 Stratos Wealth Partners, LTD. 0.35% of their portfolio BEACHWOOD, OH 281,467281.5k $25.0m $25.0m 0.35% Reduced -9.1k -9,103
75 OneDigital Investment Advisors LLC 0.29% of their portfolio OVERLAND PARK, KS 280,995281.0k $24.9m $24.9m 0.29% Reduced -18.0k -17,997
76 CITIZENS FINANCIAL GROUP INC/RI 0.47% of their portfolio PROVIDENCE, RI 274,126274.1k $24.3m $24.3m 0.47% Reduced -5.4k -5,415
77 Apella Capital, LLC 0.90% of their portfolio WEST HARTFORD, CT 264,526264.5k $23.5m $23.5m 0.90% Reduced -54.8k -54,754
78 Rehmann Capital Advisory Group 1.48% of their portfolio LANSING, MI 263,792263.8k $23.4m $23.4m 1.48% Reduced -12.3k -12,329
79 Cornerstone Wealth Management, LLC 1.55% of their portfolio ST. PETERS, MO 258,396258.4k $22.9m $22.9m 1.55% Reduced -215 -215
80 CITIGROUP INC 0.02% of their portfolio NEW YORK, NY 254,721254.7k $22.6m $22.6m 0.02% Reduced -10.5k -10,503
81 Capital Advisors, Ltd. LLC 2.83% of their portfolio SHAKER HEIGHTS, OH 253,074253.1k $22.5m $22.5m 2.83% Reduced -2.5k -2,453
82 Well Done, LLC 4.19% of their portfolio HOLLAND, MI 250,574250.6k $22.9m $22.9m 4.19% Unchanged
83 Executive Wealth Management, LLC 1.73% of their portfolio BRIGHTON, MI 249,579249.6k $22.2m $22.2m 1.73% Reduced -64.6k -64,649
84 Ocean Park Asset Management, LLC 0.73% of their portfolio SANTA MONICA, CA 243,266243.3k $21.6m $21.6m 0.73% Reduced -412.3k -412,318
85 MV CAPITAL MANAGEMENT, INC. 2.29% of their portfolio BETHESDA, MD 241,510241.5k $21.4m $21.4m 2.29% Reduced -9.2k -9,247
86 PARK AVENUE SECURITIES LLC 0.22% of their portfolio NEW YORK, NY 238,365238.4k $21.2m $21.2m 0.22% Added +49.2k +49,180
87 Lineweaver Wealth Advisors, LLC 3.85% of their portfolio VALLEY VIEW, OH 234,451234.5k $20.8m $20.8m 3.85% Reduced -18.8k -18,791
88 Journey Advisory Group, LLC 2.36% of their portfolio COVINGTON, KY 234,153234.2k $19.7m $19.7m 2.36% Unchanged
89 AVANTAX ADVISORY SERVICES, INC. 0.13% of their portfolio DALLAS, TX 230,042230.0k $20.4m $20.4m 0.13% Added +2.8k +2,804
90 Valmark Advisers, Inc. 0.31% of their portfolio AKRON, OH 226,996227.0k $20.2m $20.2m 0.31% Added +7.0k +7,047
91 Lowe Wealth Advisors, LLC 8.58% of their portfolio COLUMBIA, MD 226,763226.8k $20.1m $20.1m 8.58% Reduced -5.2k -5,158
92 BARON SILVER STEVENS FINANCIAL ADVISORS, LLC 3.40% of their portfolio Boca Raton, FL 225,899225.9k $20.1m $20.1m 3.40% Reduced -585 -585
93 Cassia Capital Partners, LLC 12.77% of their portfolio WINSTON SALEM, NC 225,505225.5k $20.0m $20.0m 12.77% Reduced -5.1k -5,086
94 Adaptive Financial Consulting, LLC 8.29% of their portfolio BEACHWOOD, OH 225,008225.0k $20.0m $20.0m 8.29% Reduced -1.3k -1,252
95 Qube Research & Technologies Ltd 0.03% of their portfolio LONDON, X0 220,177220.2k $19.5m $19.5m 0.03% Added +116.6k +116,581
96 Symmetry Partners, LLC 2.76% of their portfolio GLASTONBURY, CT 218,295218.3k $19.4m $19.4m 2.76% Added +90.5k +90,465
97 Beacon Pointe Advisors, LLC 0.21% of their portfolio NEWPORT BEACH, CA 217,641217.6k $19.3m $19.3m 0.21% Reduced -22.1k -22,090
98 Custos Family Office, LLC 6.71% of their portfolio AUSTIN, TX 215,895215.9k $19.2m $19.2m 6.71% Added +13.3k +13,251
99 Envestnet Portfolio Solutions, Inc. 0.06% of their portfolio BERWYN, PA 213,303213.3k $18.9m $18.9m 0.06% Reduced -46.7k -46,657
100 ALLIANCEBERNSTEIN L.P. 0.01% of their portfolio NASHVILLE, TN 212,104212.1k $18.8m $18.8m 0.01% Reduced -75.9k -75,856