Vault-13

ISHARES TR USMV

MSCI USA MIN VOL · ETP · CUSIP 46429B697

1,302 institutional holders +15 vs Q4 2024
189,983,896190.0m shares reported held*
$17.8bnreported value*
105 new 413 added 527 reduced 83 sold out net bought ≈ $222.9m (+2.4m 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 ($34.8m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $93.58. Options: 2 managers hold calls ($1.0m notional), 2 hold puts ($4.4m).

Trends to Q1 2025

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: 1,287Q1 25: 1,3021,302Q3 22Q1 23Q3 23Q1 24Q3 24Q1 25
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
Q1 20251,302

Buyers vs sellers

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

Bought or addedCut or sold out
1k01kQ2 23: 501 bought or addedQ2 23: 548 cut or sold outQ3 23: 371 bought or addedQ3 23: 660 cut or sold outQ3 23Q4 23: 345 bought or addedQ4 23: 720 cut or sold outQ1 24: 325 bought or addedQ1 24: 771 cut or sold outQ1 24Q2 24: 349 bought or addedQ2 24: 687 cut or sold outQ3 24: 435 bought or addedQ3 24: 605 cut or sold outQ3 24Q4 24: 415 bought or addedQ4 24: 595 cut or sold outQ1 25: 518 bought or addedQ1 25: 610 cut or sold outQ1 25
Numbers
QuarterBought or addedCut or sold out
Q2 2023501548
Q3 2023371660
Q4 2023345720
Q1 2024325771
Q2 2024349687
Q3 2024435605
Q4 2024415595
Q1 2025518610

Calls vs puts

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

CallsPuts
$0$2.5m$5m$7.5m$10mQ2 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 4.84Q1 25 calls: $1.0mQ1 25 puts: $4.4mQ1 25P/C 4.31
Numbers
QuarterCallsPutsP/C
Q2 2024$1.2m$8.6m6.99
Q3 2024$830.9k$2.5m2.97
Q4 2024$621.5k$3.0m4.84
Q1 2025$1.0m$4.4m4.31

Biggest buyers

WEALTH ENHANCEMENT ADVISORY SERVICES, LLC Added +3,352,591+3.4m
Caisse de depot et placement du Quebec New +1,395,133+1.4m
MORGAN STANLEY Added +787,411+787.4k
Geneos Wealth Management Inc. Added +651,442+651.4k
TWO SIGMA INVESTMENTS, LP New +594,600+594.6k
JPMORGAN CHASE & CO Added +568,565+568.6k
Russell Investments Group, Ltd. Added +430,843+430.8k
Horizon Wealth Management, LLC New +420,106+420.1k
SYKON CAPITAL LLC New +280,936+280.9k
AMERIPRISE FINANCIAL INC Added +235,117+235.1k

Biggest sellers

Alaska Permanent Fund Corp Reduced -1,784,013-1.8m
BANK OF AMERICA CORP /DE/ Reduced -1,731,393-1.7m
Focus Partners Wealth Reduced -1,121,476-1.1m
FMR LLC Reduced -601,253-601.3k
PNC Financial Services Group, Inc. Reduced -416,557-416.6k
Fragasso Financial Advisors Inc Reduced -355,873-355.9k
UBS Group AG Reduced -309,597-309.6k
BARCLAYS PLC Reduced -307,085-307.1k
Trilogy Capital Inc. Reduced -226,754-226.8k
FFT WEALTH MANAGEMENT LLC Sold out -207,455-207.5k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $824.2k8.8k shares
CITADEL ADVISORS LLC Added $206.1k2.2k shares

Biggest puts

CITADEL ADVISORS LLC Added $2.5m27.1k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $1.9m20.3k 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, Q1 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 MORGAN STANLEY 0.12% of their portfolio NEW YORK, NY 17,509,35717.5m $1.6bn $1.6bn 0.12% Added +787.4k +787,411
2 BANK OF AMERICA CORP /DE/ 0.12% of their portfolio CHARLOTTE, NC 14,078,28814.1m $1.3bn $1.3bn 0.12% Reduced -1.7m -1,731,393
3 RAYMOND JAMES FINANCIAL INC 0.46% of their portfolio ST. PETERSBURG, FL 13,123,58713.1m $1.2bn $1.2bn 0.46% Reduced -125.0k -124,957
4 FMR LLC 0.07% of their portfolio BOSTON, MA 11,070,79011.1m $1.0bn $1.0bn 0.07% Reduced -601.3k -601,253
5 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 1.19% of their portfolio PLYMOUTH, MN 6,624,2026.6m $620.4m $620.4m 1.19% Added +3.4m +3,352,591
6 LPL Financial LLC 0.21% of their portfolio FORT MILL, SC 5,876,5945.9m $550.4m $550.4m 0.21% Added +190.7k +190,680
7 PNC Financial Services Group, Inc. 0.28% of their portfolio Pittsburgh, PA 5,759,3725.8m $539.4m $539.4m 0.28% Reduced -416.6k -416,557
8 BlackRock, Inc. 0.01% of their portfolio New York, NY 4,701,6994.7m $440.4m $440.4m 0.01% Reduced -199.9k -199,879
9 ENVESTNET ASSET MANAGEMENT INC 0.14% of their portfolio Berwyn, PA 4,605,1774.6m $431.3m $431.3m 0.14% Added +112.8k +112,814
10 JPMORGAN CHASE & CO 0.03% of their portfolio NEW YORK, NY 3,846,0293.8m $360.2m $360.2m 0.03% Added +568.6k +568,565
11 WELLS FARGO & COMPANY/MN 0.09% of their portfolio SAN FRANCISCO, CA 3,823,5223.8m $358.1m $358.1m 0.09% Added +126.5k +126,544
12 Millburn Ridgefield LLC /DE/ 8.52% of their portfolio New York, NY 3,755,5023.8m $351.7m $351.7m 8.52% Added +104.1k +104,095
13 Catalyst Capital Advisors LLC 7.20% of their portfolio San Juan, PR 3,755,5023.8m $351.7m $351.7m 7.20% Added +104.1k +104,095
14 UBS Group AG 0.07% of their portfolio ZURICH, V8 3,556,4593.6m $333.1m $333.1m 0.07% Reduced -309.6k -309,597
15 Alaska Permanent Fund Corp 3.80% of their portfolio JUNEAU, AK 2,918,7492.9m $270.1m $270.1m 3.80% Reduced -1.8m -1,784,013
16 AMERIPRISE FINANCIAL INC 0.06% of their portfolio MINNEAPOLIS, MN 2,440,6562.4m $228.6m $228.6m 0.06% Added +235.1k +235,117
17 COMMONWEALTH EQUITY SERVICES, LLC 0.29% of their portfolio WALTHAM, MA 2,185,5952.2m $204.7m $204.7m 0.29% Added +59.0k +59,001
18 Cerity Partners LLC 0.42% of their portfolio NEW YORK, NY 2,182,8692.2m $204.4m $204.4m 0.42% Added +83.5k +83,529
19 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.14% of their portfolio MILWAUKEE, WI 1,832,6871.8m $171.6m $171.6m 0.14% Reduced -131.0k -130,975
20 ROYAL BANK OF CANADA 0.04% of their portfolio TORONTO, A6 1,728,4081.7m $161.9m $161.9m 0.04% Added +91.2k +91,185
21 Cetera Investment Advisers 0.31% of their portfolio SCHAUMBURG, IL 1,696,3811.7m $158.9m $158.9m 0.31% Reduced -24.4k -24,403
22 ASSETMARK, INC 0.42% of their portfolio CONCORD, CA 1,643,0221.6m $153.9m $153.9m 0.42% Added +36.7k +36,685
23 MERCER GLOBAL ADVISORS INC /ADV 0.33% of their portfolio DENVER, CO 1,529,8101.5m $143.3m $143.3m 0.33% Reduced -168.2k -168,187
24 SEI INVESTMENTS CO 0.18% of their portfolio OAKS, PA 1,466,0611.5m $137.3m $137.3m 0.18% Reduced -13.2k -13,180
25 OSAIC HOLDINGS, INC. 0.30% of their portfolio SCOTTSDALE, AZ 1,429,2121.4m $133.9m $133.9m 0.30% Reduced -4.3k -4,293
26 Caisse de depot et placement du Quebec 0.27% of their portfolio Montreal, A8 1,395,1331.4m $130.7m $130.7m 0.27% New
27 Cambridge Investment Research Advisors, Inc. 0.41% of their portfolio FAIRFIELD, IA 1,299,6071.3m $121.7m $121.7m 0.41% Reduced -88.0k -87,965
28 US BANCORP \DE\ 0.15% of their portfolio MINNEAPOLIS, MN 1,231,6291.2m $115.4m $115.4m 0.15% Reduced -2.0k -1,977
29 JOHNSON INVESTMENT COUNSEL INC 1.11% of their portfolio Cincinnati, OH 1,224,2291.2m $114.7m $114.7m 1.11% Added +42.6k +42,604
30 Mariner, LLC 0.19% of their portfolio Overland Park, KS 1,215,5001.2m $113.8m $113.8m 0.19% Added +48.8k +48,830
31 Geneos Wealth Management Inc. 1.63% of their portfolio ENGLEWOOD, CO 1,205,4451.2m $112.9m $112.9m 1.63% Added +651.4k +651,442
32 Dynasty Wealth Management, LLC 1.86% of their portfolio ST. PETERSBURG, FL 1,194,4321.2m $111.9m $111.9m 1.86% Reduced -9.5k -9,496
33 Focus Partners Wealth 0.26% of their portfolio ST LOUIS, MO 1,116,6981.1m $104.6m $104.6m 0.26% Reduced -1.1m -1,121,476
34 Financial Advisors, LLC 20.47% of their portfolio ANDOVER, MA 1,107,6501.1m $103.7m $103.7m 20.47% Added +383 +383
35 SECURIAN ASSET MANAGEMENT, INC 2.92% of their portfolio ST PAUL, MN 1,025,2871.0m $96.0m $96.0m 2.92% Reduced -33.4k -33,350
36 Quotient Wealth Partners, LLC 2.98% of their portfolio DALLAS, TX 995,737995.7k $93.3m $93.3m 2.98% Reduced -17.8k -17,782
37 Bank of New York Mellon Corp 0.02% of their portfolio NEW YORK, NY 983,380983.4k $92.1m $92.1m 0.02% Added +84.1k +84,075
38 Brookstone Capital Management 1.32% of their portfolio WHEATON, IL 982,584982.6k $92.0m $92.0m 1.32% Added +752 +752
39 CAPTRUST FINANCIAL ADVISORS 0.19% of their portfolio RALEIGH, NC 802,897802.9k $75.2m $75.2m 0.19% Added +34.3k +34,263
40 Horizon Investments, LLC 2.22% of their portfolio Charlotte, NC 796,075796.1k $74.6m $74.6m 2.22% Added +111.1k +111,067
41 CWM, LLC 0.27% of their portfolio OMAHA, NE 731,763731.8k $68.5m $68.5m 0.27% Reduced -1.5k -1,541
42 LOCKHEED MARTIN INVESTMENT MANAGEMENT CO 2.70% of their portfolio BETHESDA, MD 707,300707.3k $66.2m $66.2m 2.70% Unchanged
43 HighTower Advisors, LLC 0.09% of their portfolio CHICAGO, IL 690,846690.8k $64.7m $64.7m 0.09% Reduced -19.9k -19,929
44 Steward Partners Investment Advisory, LLC 0.54% of their portfolio STAMFORD, CT 649,460649.5k $60.8m $60.8m 0.54% Added +17.2k +17,227
45 TWO SIGMA INVESTMENTS, LP 0.12% of their portfolio NEW YORK, NY 594,600594.6k $55.7m $55.7m 0.12% New
46 Janney Montgomery Scott LLC 0.15% of their portfolio PHILADELPHIA, PA 578,092578.1k $54.1m $54.1m 0.15% Reduced -6.9k -6,879
47 Russell Investments Group, Ltd. 0.07% of their portfolio Seattle, WA 538,501538.5k $50.4m $50.4m 0.07% Added +430.8k +430,843
48 MML INVESTORS SERVICES, LLC 0.17% of their portfolio SPRINGFIELD, MA 536,275536.3k $50.2m $50.2m 0.17% Added +94.8k +94,760
49 JONES FINANCIAL COMPANIES LLLP 0.04% of their portfolio DES PERES, MO 535,735535.7k $49.7m $49.7m 0.04% Added +175.5k +175,467
50 NewEdge Advisors, LLC 0.29% of their portfolio NEW ORLEANS, LA 516,823516.8k $48.4m $48.4m 0.29% Added +51.7k +51,682
51 Private Advisor Group, LLC 0.29% of their portfolio MORRISTOWN, NJ 505,966506.0k $47.4m $47.4m 0.29% Reduced -710 -710
52 MAI Capital Management 0.36% of their portfolio INDEPENDENCE, OH 502,800502.8k $47.1m $47.1m 0.36% Reduced -9.1k -9,062
53 GLENMEDE TRUST CO NA 0.22% of their portfolio PHILADELPHIA, PA 447,207447.2k $41.9m $41.9m 0.22% Added +3.3k +3,303
54 STIFEL FINANCIAL CORP 0.04% of their portfolio ST. LOUIS, MO 446,819446.8k $41.8m $41.8m 0.04% Added +24.2k +24,156
55 Facet Wealth, Inc. 1.05% of their portfolio WEST PALM BEACH, FL 438,785438.8k $40.7m $40.7m 1.05% Added +61.2k +61,206
56 Horizon Wealth Management, LLC 6.63% of their portfolio LA GRANGE, IL 420,106420.1k $39.3m $39.3m 6.63% New
57 ARS Wealth Advisors Group, LLC 5.47% of their portfolio St. Petersburg, FL 413,256413.3k $38.7m $38.7m 5.47% Reduced -64.4k -64,421
58 PARK AVENUE SECURITIES LLC 0.45% of their portfolio NEW YORK, NY 393,324393.3k $36.8m $36.8m 0.45% Added +155.0k +154,959
59 Klingman & Associates, LLC 2.17% of their portfolio New York, NY 377,973378.0k $35.4m $35.4m 2.17% Reduced -413 -413
60 KEYBANK NATIONAL ASSOCIATION/OH 0.14% of their portfolio BROOKLYN, OH 365,200365.2k $34.2m $34.2m 0.14% Added +7.9k +7,886
61 Allianz Asset Management GmbH 0.05% of their portfolio MUNICH, 2M 358,892358.9k $33.6m $33.6m 0.05% Added +39.5k +39,550
62 Integrated Wealth Concepts LLC 0.39% of their portfolio WALTHAM, MA 354,835354.8k $33.2m $33.2m 0.39% Reduced -19.0k -19,035
63 CAPSTONE INVESTMENT ADVISORS, LLC 0.30% of their portfolio NEW YORK, NY 353,001353.0k $33.1m $33.1m 0.30% Added +183.0k +182,956
64 High Probability Advisors, LLC 5.45% of their portfolio Pittsford, NY 349,019349.0k $32.7m $32.7m 5.45% Added +8.6k +8,639
65 SAGESPRING WEALTH PARTNERS, LLC 0.79% of their portfolio FRANKLIN, TN 333,897333.9k $31.3m $31.3m 0.79% Reduced -28.0k -27,953
66 Sovereign Investment Advisors, LLC 9.35% of their portfolio PHOENIX, AZ 321,472321.5k $26.9m $26.9m 9.35% Added +35.6k +35,580
67 TRUIST FINANCIAL CORP 0.04% of their portfolio CHARLOTTE, NC 295,353295.4k $27.7m $27.7m 0.04% Reduced -5.7k -5,734
68 GDS Wealth Management 2.35% of their portfolio FLOWER MOUND, TX 294,094294.1k $27.5m $27.5m 2.35% Reduced -9.8k -9,810
69 Rehmann Capital Advisory Group 1.70% of their portfolio LANSING, MI 287,628287.6k $26.9m $26.9m 1.70% Added +23.8k +23,836
70 Ocean Park Asset Management, LLC 0.95% of their portfolio SANTA MONICA, CA 285,868285.9k $26.8m $26.8m 0.95% Added +42.6k +42,602
71 SYKON CAPITAL LLC 9.99% of their portfolio HARRISON, NY 280,936280.9k $26.3m $26.3m 9.99% New
72 CHOREO, LLC 0.40% of their portfolio ROCKFORD, IL 276,386276.4k $25.9m $25.9m 0.40% Reduced -15.3k -15,315
73 OneDigital Investment Advisors LLC 0.30% of their portfolio OVERLAND PARK, KS 270,589270.6k $25.3m $25.3m 0.30% Reduced -10.4k -10,406
74 CITIZENS FINANCIAL GROUP INC/RI 0.49% of their portfolio PROVIDENCE, RI 267,421267.4k $25.0m $25.0m 0.49% Reduced -6.7k -6,705
75 Envestnet Portfolio Solutions, Inc. 0.09% of their portfolio BERWYN, PA 264,838264.8k $24.8m $24.8m 0.09% Added +51.5k +51,535
76 Stratos Wealth Partners, LTD. 0.38% of their portfolio BEACHWOOD, OH 264,370264.4k $24.8m $24.8m 0.38% Reduced -17.1k -17,097
77 Cornerstone Wealth Management, LLC 1.63% of their portfolio ST. PETERS, MO 257,086257.1k $24.1m $24.1m 1.63% Reduced -1.3k -1,310
78 Creative Planning 0.02% of their portfolio OVERLAND PARK, KS 255,713255.7k $24.0m $24.0m 0.02% Added +47.4k +47,350
79 CITIGROUP INC 0.02% of their portfolio NEW YORK, NY 254,155254.2k $23.8m $23.8m 0.02% Reduced -566 -566
80 Atria Wealth Solutions, Inc. 0.29% of their portfolio NEW YORK, NY 253,886253.9k $23.8m $23.8m 0.29% Reduced -69.7k -69,686
81 Well Done, LLC 4.06% of their portfolio HOLLAND, MI 252,107252.1k $22.4m $22.4m 4.06% Added +1.5k +1,533
82 Capital Advisors, Ltd. LLC 3.06% of their portfolio SHAKER HEIGHTS, OH 248,400248.4k $23.3m $23.3m 3.06% Reduced -4.7k -4,674
83 Sequoia Financial Advisors, LLC 0.18% of their portfolio Akron, OH 245,358245.4k $23.0m $23.0m 0.18% Reduced -40.4k -40,380
84 Pacific Center for Financial Services 5.99% of their portfolio DANVILLE, CA 241,062241.1k $22.6m $22.6m 5.99% Added +109.7k +109,656
85 Symmetry Partners, LLC 3.11% of their portfolio GLASTONBURY, CT 238,945238.9k $22.4m $22.4m 3.11% Added +20.6k +20,650
86 Journey Advisory Group, LLC 1.79% of their portfolio COVINGTON, KY 233,131233.1k $21.8m $21.8m 1.79% Reduced -1.0k -1,022
87 AVANTAX ADVISORY SERVICES, INC. 0.13% of their portfolio DALLAS, TX 232,942232.9k $21.8m $21.8m 0.13% Added +2.9k +2,900
88 FORM Wealth Advisors, LLC 2.94% of their portfolio Lake Geneva, WI 230,780230.8k $21.6m $21.6m 2.94% First filing
89 Kestra Advisory Services, LLC 0.10% of their portfolio AUSTIN, TX 229,169229.2k $21.5m $21.5m 0.10% Reduced -89.9k -89,934
90 MV CAPITAL MANAGEMENT, INC. 2.21% of their portfolio BETHESDA, MD 219,895219.9k $20.6m $20.6m 2.21% Reduced -21.6k -21,615
91 Valmark Advisers, Inc. 0.31% of their portfolio AKRON, OH 219,526219.5k $20.6m $20.6m 0.31% Reduced -7.5k -7,470
92 Lowe Wealth Advisors, LLC 8.71% of their portfolio COLUMBIA, MD 218,979219.0k $20.5m $20.5m 8.71% Reduced -7.8k -7,784
93 Cassia Capital Partners, LLC 12.77% of their portfolio WINSTON SALEM, NC 218,534218.5k $20.5m $20.5m 12.77% Reduced -7.0k -6,971
94 Adaptive Financial Consulting, LLC 8.75% of their portfolio BEACHWOOD, OH 218,126218.1k $20.4m $20.4m 8.75% Reduced -6.9k -6,882
95 BARON SILVER STEVENS FINANCIAL ADVISORS, LLC 3.55% of their portfolio Boca Raton, FL 216,768216.8k $20.3m $20.3m 3.55% Reduced -9.1k -9,131
96 Beacon Pointe Advisors, LLC 0.23% of their portfolio NEWPORT BEACH, CA 216,341216.3k $20.3m $20.3m 0.23% Reduced -1.3k -1,300
97 Custos Family Office, LLC 7.11% of their portfolio AUSTIN, TX 213,990214.0k $20.0m $20.0m 7.11% Reduced -1.9k -1,905
98 Ball & Co Wealth Management Inc. 21.36% of their portfolio FRANKLIN, TN 212,769212.8k $19.9m $19.9m 21.36% Reduced -151.4k -151,392
99 Lester Murray Antman dba SimplyRich 5.74% of their portfolio CARLSBAD, CA 211,915211.9k $19.8m $19.8m 5.74% Added +23.7k +23,651
100 Sanctuary Advisors, LLC 0.14% of their portfolio INDIANAPOLIS, IN 209,391209.4k $19.6m $19.6m 0.14% Added +6.5k +6,537