Vault-13

ISHARES TR USMV

MSCI USA MIN VOL · ETP · CUSIP 46429B697

1,303 institutional holders +1 vs Q1 2025
181,927,680181.9m shares reported held*
$17.1bnreported value*
72 new 451 added 527 reduced 73 sold out net sold ≈ $706.5m (-7.5m 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 ($63.6m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $93.88. Options: 2 managers hold calls ($3.0m notional), 4 hold puts ($7.5m).

Trends to Q2 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: 1,302Q2 25: 1,3031,303Q3 22Q2 23Q1 24Q4 24Q2 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
Q2 20251,303

Buyers vs sellers

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

Bought or addedCut or sold out
1k01kQ3 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 24Q1 25: 518 bought or addedQ1 25: 610 cut or sold outQ2 25: 523 bought or addedQ2 25: 600 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 2023371660
Q4 2023345720
Q1 2024325771
Q2 2024349687
Q3 2024435605
Q4 2024415595
Q1 2025518610
Q2 2025523600

Calls vs puts

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

CallsPuts
$0$2m$4m$6m$8mQ3 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 4.31Q2 25 calls: $3.0mQ2 25 puts: $7.5mQ2 25P/C 2.51
Numbers
QuarterCallsPutsP/C
Q3 2024$830.9k$2.5m2.97
Q4 2024$621.5k$3.0m4.84
Q1 2025$1.0m$4.4m4.31
Q2 2025$3.0m$7.5m2.51

Biggest buyers

TWO SIGMA INVESTMENTS, LP Added +1,573,600+1.6m
ROYAL BANK OF CANADA Added +1,311,218+1.3m
AMERIPRISE FINANCIAL INC Added +452,184+452.2k
Cetera Investment Advisers Added +445,896+445.9k
LPL Financial LLC Added +437,145+437.1k
TRUIST FINANCIAL CORP Added +436,281+436.3k
Portfolio Design Labs, LLC New +369,354+369.4k
Horizon Investments, LLC Added +350,288+350.3k
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND New +318,000+318.0k
Ascent Group, LLC Added +282,778+282.8k

Biggest sellers

MORGAN STANLEY Reduced -4,976,192-5.0m
Alaska Permanent Fund Corp Sold out -2,918,749-2.9m
Cerity Partners LLC Reduced -1,061,130-1.1m
LOCKHEED MARTIN INVESTMENT MANAGEMENT CO Sold out -707,300-707.3k
Geneos Wealth Management Inc. Reduced -644,819-644.8k
FMR LLC Reduced -487,302-487.3k
JPMORGAN CHASE & CO Reduced -416,100-416.1k
Horizon Wealth Management, LLC Reduced -413,336-413.3k
US BANCORP \DE\ Reduced -407,760-407.8k
BANK OF AMERICA CORP /DE/ Reduced -381,914-381.9k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $2.5m26.7k shares
CITADEL ADVISORS LLC Added $478.7k5.1k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $4.7m49.6k shares
CITADEL ADVISORS LLC Reduced $1.9m20.5k shares
Cubist Systematic Strategies, LLC New $544.4k5.8k shares
JANE STREET GROUP, LLC New $356.7k3.8k 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, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 BANK OF AMERICA CORP /DE/ 0.10% of their portfolio CHARLOTTE, NC 13,696,37413.7m $1.3bn $1.3bn 0.10% Reduced -381.9k -381,914
2 RAYMOND JAMES FINANCIAL INC 0.43% of their portfolio ST. PETERSBURG, FL 13,315,04013.3m $1.2bn $1.2bn 0.43% Added +191.5k +191,453
3 MORGAN STANLEY 0.08% of their portfolio NEW YORK, NY 12,533,16512.5m $1.2bn $1.2bn 0.08% Reduced -5.0m -4,976,192
4 FMR LLC 0.06% of their portfolio BOSTON, MA 10,583,48810.6m $993.5m $993.5m 0.06% Reduced -487.3k -487,302
5 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 1.04% of their portfolio PLYMOUTH, MN 6,675,6656.7m $628.6m $628.6m 1.04% Added +51.5k +51,463
6 LPL Financial LLC 0.20% of their portfolio FORT MILL, SC 6,313,7396.3m $592.7m $592.7m 0.20% Added +437.1k +437,145
7 PNC Financial Services Group, Inc. 0.33% of their portfolio Pittsburgh, PA 5,459,8215.5m $512.5m $512.5m 0.33% Reduced -299.6k -299,551
8 ENVESTNET ASSET MANAGEMENT INC 0.13% of their portfolio Berwyn, PA 4,686,9644.7m $440.0m $440.0m 0.13% Added +81.8k +81,787
9 BlackRock, Inc. 0.01% of their portfolio New York, NY 4,550,6224.6m $427.2m $427.2m 0.01% Reduced -151.1k -151,077
10 WELLS FARGO & COMPANY/MN 0.08% of their portfolio SAN FRANCISCO, CA 3,658,5023.7m $343.4m $343.4m 0.08% Reduced -165.0k -165,020
11 Millburn Ridgefield LLC /DE/ 8.05% of their portfolio New York, NY 3,562,3143.6m $334.4m $334.4m 8.05% Reduced -193.2k -193,188
12 Catalyst Capital Advisors LLC 6.75% of their portfolio San Juan, PR 3,562,3143.6m $334.4m $334.4m 6.75% Reduced -193.2k -193,188
13 UBS Group AG 0.07% of their portfolio ZURICH, V8 3,465,9223.5m $325.3m $325.3m 0.07% Reduced -90.5k -90,537
14 JPMORGAN CHASE & CO 0.02% of their portfolio NEW YORK, NY 3,429,9293.4m $322.0m $322.0m 0.02% Reduced -416.1k -416,100
15 ROYAL BANK OF CANADA 0.03% of their portfolio TORONTO, A6 3,039,6263.0m $285.3m $285.3m 0.03% Added +1.3m +1,311,218
16 AMERIPRISE FINANCIAL INC 0.07% of their portfolio MINNEAPOLIS, MN 2,892,8402.9m $271.6m $271.6m 0.07% Added +452.2k +452,184
17 COMMONWEALTH EQUITY SERVICES, LLC 0.27% of their portfolio WALTHAM, MA 2,202,3412.2m $206.7m $206.7m 0.27% Added +16.7k +16,746
18 TWO SIGMA INVESTMENTS, LP 0.37% of their portfolio NEW YORK, NY 2,168,2002.2m $203.5m $203.5m 0.37% Added +1.6m +1,573,600
19 Cetera Investment Advisers 0.34% of their portfolio SCHAUMBURG, IL 2,142,2772.1m $201.1m $201.1m 0.34% Added +445.9k +445,896
20 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.13% of their portfolio MILWAUKEE, WI 1,904,0121.9m $178.7m $178.7m 0.13% Added +71.3k +71,325
21 ASSETMARK, INC 0.39% of their portfolio CONCORD, CA 1,746,2621.7m $163.9m $163.9m 0.39% Added +103.2k +103,240
22 SEI INVESTMENTS CO 0.16% of their portfolio OAKS, PA 1,494,9811.5m $140.3m $140.3m 0.16% Added +28.9k +28,920
23 MERCER GLOBAL ADVISORS INC /ADV 0.30% of their portfolio DENVER, CO 1,441,0281.4m $135.3m $135.3m 0.30% Reduced -88.8k -88,782
24 Caisse de depot et placement du Quebec 0.26% of their portfolio Montreal, A8 1,304,6921.3m $122.5m $122.5m 0.26% Reduced -90.4k -90,441
25 JOHNSON INVESTMENT COUNSEL INC 1.07% of their portfolio Cincinnati, OH 1,263,5961.3m $118.6m $118.6m 1.07% Added +39.4k +39,367
26 Bank of New York Mellon Corp 0.02% of their portfolio NEW YORK, NY 1,207,8641.2m $113.4m $113.4m 0.02% Added +224.5k +224,484
27 Mariner, LLC 0.16% of their portfolio Overland Park, KS 1,205,1881.2m $113.1m $113.1m 0.16% Reduced -10.3k -10,312
28 Cambridge Investment Research Advisors, Inc. 0.34% of their portfolio FAIRFIELD, IA 1,197,0321.2m $112.4m $112.4m 0.34% Reduced -102.6k -102,575
29 Dynasty Wealth Management, LLC 1.88% of their portfolio ST. PETERSBURG, FL 1,176,8691.2m $110.5m $110.5m 1.88% Reduced -17.6k -17,563
30 Horizon Investments, LLC 1.70% of their portfolio Charlotte, NC 1,146,3631.1m $107.6m $107.6m 1.70% Added +350.3k +350,288
31 Focus Partners Wealth 0.23% of their portfolio ST LOUIS, MO 1,138,3451.1m $106.9m $106.9m 0.23% Added +21.6k +21,647
32 OSAIC HOLDINGS, INC. 0.19% of their portfolio SCOTTSDALE, AZ 1,131,3061.1m $106.2m $106.2m 0.19% Reduced -297.9k -297,906
33 Cerity Partners LLC 0.19% of their portfolio NEW YORK, NY 1,121,7391.1m $105.3m $105.3m 0.19% Reduced -1.1m -1,061,130
34 Financial Advisors, LLC 19.22% of their portfolio ANDOVER, MA 1,099,4871.1m $103.2m $103.2m 19.22% Reduced -8.2k -8,163
35 Quotient Wealth Partners, LLC 2.82% of their portfolio DALLAS, TX 1,019,6051.0m $95.7m $95.7m 2.82% Added +23.9k +23,868
36 Brookstone Capital Management 1.14% of their portfolio WHEATON, IL 927,795927.8k $87.1m $87.1m 1.14% Reduced -54.8k -54,789
37 SECURIAN ASSET MANAGEMENT, INC 2.36% of their portfolio ST PAUL, MN 881,287881.3k $82.7m $82.7m 2.36% Reduced -144.0k -144,000
38 US BANCORP \DE\ 0.10% of their portfolio MINNEAPOLIS, MN 823,869823.9k $77.3m $77.3m 0.10% Reduced -407.8k -407,760
39 CAPTRUST FINANCIAL ADVISORS 0.16% of their portfolio RALEIGH, NC 765,468765.5k $71.9m $71.9m 0.16% Reduced -37.4k -37,429
40 CWM, LLC 0.25% of their portfolio OMAHA, NE 761,223761.2k $71.5m $71.5m 0.25% Added +29.5k +29,460
41 TRUIST FINANCIAL CORP 0.10% of their portfolio CHARLOTTE, NC 731,634731.6k $68.7m $68.7m 0.10% Added +436.3k +436,281
42 JONES FINANCIAL COMPANIES LLLP 0.05% of their portfolio DES PERES, MO 724,296724.3k $67.4m $67.4m 0.05% Added +188.6k +188,561
43 Steward Partners Investment Advisory, LLC 0.51% of their portfolio STAMFORD, CT 700,707700.7k $65.8m $65.8m 0.51% Added +51.2k +51,247
44 HighTower Advisors, LLC 0.08% of their portfolio CHICAGO, IL 678,845678.8k $63.7m $63.7m 0.08% Reduced -12.0k -12,001
45 Janney Montgomery Scott LLC 0.16% of their portfolio PHILADELPHIA, PA 658,501658.5k $61.8m $61.8m 0.16% Added +80.4k +80,409
46 MML INVESTORS SERVICES, LLC 0.16% of their portfolio SPRINGFIELD, MA 576,273576.3k $54.1m $54.1m 0.16% Added +40.0k +39,998
47 Geneos Wealth Management Inc. 1.29% of their portfolio ENGLEWOOD, CO 560,626560.6k $52.6m $52.6m 1.29% Reduced -644.8k -644,819
48 Russell Investments Group, Ltd. 0.07% of their portfolio Seattle, WA 554,464554.5k $52.0m $52.0m 0.07% Added +16.0k +15,963
49 Private Advisor Group, LLC 0.27% of their portfolio MORRISTOWN, NJ 533,569533.6k $50.1m $50.1m 0.27% Added +27.6k +27,603
50 STIFEL FINANCIAL CORP 0.05% of their portfolio ST. LOUIS, MO 518,835518.8k $48.7m $48.7m 0.05% Added +72.0k +72,016
51 Sovereign Investment Advisors, LLC 13.29% of their portfolio PHOENIX, AZ 514,675514.7k $48.3m $48.3m 13.29% Added +193.2k +193,203
52 MAI Capital Management 0.33% of their portfolio INDEPENDENCE, OH 498,855498.9k $46.8m $46.8m 0.33% Reduced -3.9k -3,945
53 NewEdge Advisors, LLC 0.24% of their portfolio NEW ORLEANS, LA 497,468497.5k $46.7m $46.7m 0.24% Reduced -19.4k -19,355
54 PARK AVENUE SECURITIES LLC 0.41% of their portfolio NEW YORK, NY 475,892475.9k $44.7m $44.7m 0.41% Added +82.6k +82,568
55 Glenmede Investment Management, LP 0.21% of their portfolio PHILADELPHIA, PA 440,319440.3k $41.3m $41.3m 0.21% First filing
56 Facet Wealth, Inc. 0.93% of their portfolio WEST PALM BEACH, FL 440,141440.1k $40.8m $40.8m 0.93% Added +1.4k +1,356
57 ARS Wealth Advisors Group, LLC 4.35% of their portfolio St. Petersburg, FL 401,337401.3k $37.7m $37.7m 4.35% Reduced -11.9k -11,919
58 Klingman & Associates, LLC 1.94% of their portfolio New York, NY 374,660374.7k $35.2m $35.2m 1.94% Reduced -3.3k -3,313
59 Rockefeller Capital Management L.P. 0.04% of their portfolio NEW YORK, NY 370,180370.2k $34.7m $34.7m 0.04% Added +186.5k +186,494
60 Portfolio Design Labs, LLC 6.81% of their portfolio ENCINO, CA 369,354369.4k $34.7m $34.7m 6.81% New
61 KEYBANK NATIONAL ASSOCIATION/OH 0.13% of their portfolio BROOKLYN, OH 359,795359.8k $33.8m $33.8m 0.13% Reduced -5.4k -5,405
62 High Probability Advisors, LLC 4.92% of their portfolio Pittsford, NY 350,316350.3k $32.9m $32.9m 4.92% Added +1.3k +1,297
63 Integrated Wealth Concepts LLC 0.32% of their portfolio WALTHAM, MA 344,233344.2k $32.3m $32.3m 0.32% Reduced -10.6k -10,602
64 HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.06% of their portfolio TORONTO, A6 318,000318.0k $29.9m $29.9m 0.06% New
65 SAGESPRING WEALTH PARTNERS, LLC 0.64% of their portfolio FRANKLIN, TN 313,896313.9k $29.5m $29.5m 0.64% Reduced -20.0k -20,001
66 Ascent Group, LLC 1.13% of their portfolio VIRGINIA BEACH, VA 308,114308.1k $28.9m $28.9m 1.13% Added +282.8k +282,778
67 Lineweaver Wealth Advisors, LLC 4.55% of their portfolio VALLEY VIEW, OH 306,980307.0k $28.8m $28.8m 4.55% Added +123.4k +123,413
68 GDS Wealth Management 2.04% of their portfolio FLOWER MOUND, TX 297,725297.7k $27.9m $27.9m 2.04% Added +3.6k +3,631
69 Ocean Park Asset Management, LLC 0.95% of their portfolio SANTA MONICA, CA 285,868285.9k $26.8m $26.8m 0.95% Unchanged
70 Rehmann Capital Advisory Group 1.62% of their portfolio LANSING, MI 284,803284.8k $26.7m $26.7m 1.62% Reduced -2.8k -2,825
71 Envestnet Portfolio Solutions, Inc. 0.10% of their portfolio BERWYN, PA 278,750278.8k $26.2m $26.2m 0.10% Added +13.9k +13,912
72 Kestra Advisory Services, LLC 0.12% of their portfolio AUSTIN, TX 271,470271.5k $25.5m $25.5m 0.12% Added +42.3k +42,301
73 Berkshire Money Management, Inc. 2.67% of their portfolio DALTON, MA 270,650270.6k $25.4m $25.4m 2.67% New
74 Creative Planning 0.02% of their portfolio OVERLAND PARK, KS 266,538266.5k $25.0m $25.0m 0.02% Added +10.8k +10,825
75 Symmetry Partners, LLC 3.04% of their portfolio GLASTONBURY, CT 263,164263.2k $24.7m $24.7m 3.04% Added +24.2k +24,219
76 CITIZENS FINANCIAL GROUP INC/RI 0.39% of their portfolio PROVIDENCE, RI 255,666255.7k $24.0m $24.0m 0.39% Reduced -11.8k -11,755
77 Cornerstone Wealth Management, LLC 1.44% of their portfolio ST. PETERS, MO 253,542253.5k $23.8m $23.8m 1.44% Reduced -3.5k -3,544
78 OneDigital Investment Advisors LLC 0.26% of their portfolio OVERLAND PARK, KS 253,435253.4k $23.8m $23.8m 0.26% Reduced -17.2k -17,154
79 Capital Advisors, Ltd. LLC 2.88% of their portfolio SHAKER HEIGHTS, OH 248,410248.4k $23.3m $23.3m 2.88% Added +10 +10
80 Qube Research & Technologies Ltd 0.03% of their portfolio LONDON, X0 244,764244.8k $23.0m $23.0m 0.03% Added +201.5k +201,483
81 Well Done, LLC 4.30% of their portfolio HOLLAND, MI 244,014244.0k $22.9m $22.9m 4.30% Reduced -8.1k -8,093
82 Stratos Wealth Partners, LTD. 0.31% of their portfolio BEACHWOOD, OH 240,616240.6k $22.6m $22.6m 0.31% Reduced -23.8k -23,754
83 Pacific Center for Financial Services 6.11% of their portfolio DANVILLE, CA 239,832239.8k $22.5m $22.5m 6.11% Reduced -1.2k -1,230
84 AVANTAX ADVISORY SERVICES, INC. 0.12% of their portfolio DALLAS, TX 237,558237.6k $22.3m $22.3m 0.12% Added +4.6k +4,616
85 CHOREO, LLC 0.30% of their portfolio ROCKFORD, IL 232,719232.7k $21.8m $21.8m 0.30% Reduced -43.7k -43,667
86 BARON SILVER STEVENS FINANCIAL ADVISORS, LLC 3.41% of their portfolio Boca Raton, FL 226,798226.8k $21.3m $21.3m 3.41% Added +10.0k +10,030
87 Journey Advisory Group, LLC 1.61% of their portfolio COVINGTON, KY 220,613220.6k $20.7m $20.7m 1.61% Reduced -12.5k -12,518
88 Lowe Wealth Advisors, LLC 8.08% of their portfolio COLUMBIA, MD 220,433220.4k $20.7m $20.7m 8.08% Added +1.5k +1,454
89 Valmark Advisers, Inc. 0.29% of their portfolio AKRON, OH 219,956220.0k $20.6m $20.6m 0.29% Added +430 +430
90 Lester Murray Antman dba SimplyRich 5.73% of their portfolio CARLSBAD, CA 218,975219.0k $20.6m $20.6m 5.73% Added +7.1k +7,060
91 Ball & Co Wealth Management Inc. 21.88% of their portfolio FRANKLIN, TN 218,731218.7k $20.5m $20.5m 21.88% Added +6.0k +5,962
92 Beacon Pointe Advisors, LLC 0.21% of their portfolio NEWPORT BEACH, CA 217,893217.9k $20.5m $20.5m 0.21% Added +1.6k +1,552
93 Sanctuary Advisors, LLC 0.13% of their portfolio INDIANAPOLIS, IN 216,689216.7k $20.3m $20.3m 0.13% Added +7.3k +7,298
94 MV CAPITAL MANAGEMENT, INC. 2.08% of their portfolio BETHESDA, MD 215,522215.5k $20.2m $20.2m 2.08% Reduced -4.4k -4,373
95 Adaptive Financial Consulting, LLC 8.40% of their portfolio BEACHWOOD, OH 214,385214.4k $20.1m $20.1m 8.40% Reduced -3.7k -3,741
96 Cassia Capital Partners, LLC 12.09% of their portfolio WINSTON SALEM, NC 214,064214.1k $20.1m $20.1m 12.09% Reduced -4.5k -4,470
97 Custos Family Office, LLC 6.39% of their portfolio AUSTIN, TX 213,518213.5k $20.0m $20.0m 6.39% Reduced -472 -472
98 Summit Wealth Partners, LLC 3.65% of their portfolio Orlando, FL 203,668203.7k $19.1m $19.1m 3.65% Added +8.5k +8,506
99 COMERICA BANK 0.07% of their portfolio DALLAS, TX 202,422202.4k $19.0m $19.0m 0.07% Added +7.5k +7,497
100 Syntegra Private Wealth Group, LLC 1.91% of their portfolio Chesterfield, MO 199,698199.7k $18.7m $18.7m 1.91% Reduced -9.1k -9,117