Vault-13

ISHARES TR USMV

MSCI USA MIN VOL · ETP · CUSIP 46429B697

1,307 institutional holders +4 vs Q2 2025
182,959,572183.0m shares reported held*
$17.4bnreported value*
74 new 408 added 555 reduced 68 sold out net bought ≈ $104.7m (+1.1m 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 ($37.1m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $95.27. Options: 5 managers hold calls ($3.0m notional), 3 hold puts ($9.1m).

Trends to Q3 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: 1,303Q3 25: 1,3071,307Q3 22Q2 23Q1 24Q4 24Q3 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
Q3 20251,307

Buyers vs sellers

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

Bought or addedCut or sold out
1k01kQ4 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 25Q2 25: 523 bought or addedQ2 25: 600 cut or sold outQ3 25: 482 bought or addedQ3 25: 623 cut or sold outQ3 25
Numbers
QuarterBought or addedCut or sold out
Q4 2023345720
Q1 2024325771
Q2 2024349687
Q3 2024435605
Q4 2024415595
Q1 2025518610
Q2 2025523600
Q3 2025482623

Calls vs puts

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

CallsPuts
$0$2.5m$5m$7.5m$10mQ4 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 2.51Q3 25 calls: $3.0mQ3 25 puts: $9.1mQ3 25P/C 3.05
Numbers
QuarterCallsPutsP/C
Q4 2024$621.5k$3.0m4.84
Q1 2025$1.0m$4.4m4.31
Q2 2025$3.0m$7.5m2.51
Q3 2025$3.0m$9.1m3.05

Biggest buyers

JPMORGAN CHASE & CO Added +3,258,645+3.3m
MORGAN STANLEY Added +2,237,806+2.2m
Junto Capital Management LP New +894,548+894.5k
TWO SIGMA INVESTMENTS, LP Added +565,200+565.2k
BARCLAYS PLC Added +352,366+352.4k
Russell Investments Group, Ltd. Added +344,482+344.5k
Balyasny Asset Management L.P. New +306,619+306.6k
LPL Financial LLC Added +233,287+233.3k
Sanctuary Advisors, LLC Added +219,962+220.0k
RAYMOND JAMES FINANCIAL INC Added +206,108+206.1k

Biggest sellers

ROYAL BANK OF CANADA Reduced -1,415,260-1.4m
Caisse de depot et placement du Quebec Sold out -1,304,692-1.3m
ENVESTNET ASSET MANAGEMENT INC Reduced -924,803-924.8k
Bank of New York Mellon Corp Reduced -687,683-687.7k
FMR LLC Reduced -392,103-392.1k
PNC Financial Services Group, Inc. Reduced -340,237-340.2k
AMERIPRISE FINANCIAL INC Reduced -301,768-301.8k
Ocean Park Asset Management, LLC Sold out -285,868-285.9k
Portfolio Design Labs, LLC Reduced -246,020-246.0k
Berkshire Money Management, Inc. Reduced -211,215-211.2k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $1.8m19.0k shares
JANE STREET GROUP, LLC New $475.7k5.0k shares
CITADEL ADVISORS LLC Reduced $371.0k3.9k shares
WOLVERINE TRADING, LLC New $303.1k3.2k shares
SYM FINANCIAL Corp New $9.5k100 shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $7.2m75.6k shares
CITADEL ADVISORS LLC Reduced $1.3m14.1k shares
Cubist Systematic Strategies, LLC Reduced $523.3k5.5k 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, Q3 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 MORGAN STANLEY 0.09% of their portfolio NEW YORK, NY 14,770,97114.8m $1.4bn $1.4bn 0.09% Added +2.2m +2,237,806
2 BANK OF AMERICA CORP /DE/ 0.10% of their portfolio CHARLOTTE, NC 13,794,59513.8m $1.3bn $1.3bn 0.10% Added +98.2k +98,221
3 RAYMOND JAMES FINANCIAL INC 0.41% of their portfolio ST. PETERSBURG, FL 13,521,14813.5m $1.3bn $1.3bn 0.41% Added +206.1k +206,108
4 FMR LLC 0.05% of their portfolio BOSTON, MA 10,191,38510.2m $969.6m $969.6m 0.05% Reduced -392.1k -392,103
5 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.98% of their portfolio PLYMOUTH, MN 6,831,8996.8m $650.7m $650.7m 0.98% Added +156.2k +156,234
6 JPMORGAN CHASE & CO 0.02% of their portfolio NEW YORK, NY 6,688,5746.7m $636.4m $636.4m 0.02% Added +3.3m +3,258,645
7 LPL Financial LLC 0.18% of their portfolio FORT MILL, SC 6,547,0266.5m $622.9m $622.9m 0.18% Added +233.3k +233,287
8 PNC Financial Services Group, Inc. 0.30% of their portfolio Pittsburgh, PA 5,119,5845.1m $487.1m $487.1m 0.30% Reduced -340.2k -340,237
9 BlackRock, Inc. 0.01% of their portfolio New York, NY 4,713,7854.7m $448.5m $448.5m 0.01% Added +163.2k +163,163
10 ENVESTNET ASSET MANAGEMENT INC 0.10% of their portfolio Berwyn, PA 3,762,1613.8m $357.9m $357.9m 0.10% Reduced -924.8k -924,803
11 Millburn Ridgefield LLC /DE/ 8.52% of their portfolio New York, NY 3,752,9603.8m $357.1m $357.1m 8.52% Added +190.6k +190,646
12 Catalyst Capital Advisors LLC 7.20% of their portfolio San Juan, PR 3,752,9603.8m $357.1m $357.1m 7.20% Added +190.6k +190,646
13 UBS Group AG 0.07% of their portfolio ZURICH, V8 3,545,9783.5m $337.4m $337.4m 0.07% Added +80.1k +80,056
14 WELLS FARGO & COMPANY/MN 0.07% of their portfolio SAN FRANCISCO, CA 3,473,6963.5m $330.5m $330.5m 0.07% Reduced -184.8k -184,806
15 TWO SIGMA INVESTMENTS, LP 0.40% of their portfolio NEW YORK, NY 2,733,4002.7m $260.1m $260.1m 0.40% Added +565.2k +565,200
16 AMERIPRISE FINANCIAL INC 0.06% of their portfolio MINNEAPOLIS, MN 2,591,0722.6m $247.1m $247.1m 0.06% Reduced -301.8k -301,768
17 Cetera Investment Advisers 0.23% of their portfolio SCHAUMBURG, IL 2,071,0392.1m $197.0m $197.0m 0.23% Reduced -71.2k -71,238
18 COMMONWEALTH EQUITY SERVICES, LLC 0.25% of their portfolio WALTHAM, MA 2,036,3212.0m $193.7m $193.7m 0.25% Reduced -166.0k -166,020
19 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.11% of their portfolio MILWAUKEE, WI 1,797,2611.8m $171.0m $171.0m 0.11% Reduced -106.8k -106,751
20 ROYAL BANK OF CANADA 0.03% of their portfolio TORONTO, A6 1,624,3661.6m $154.5m $154.5m 0.03% Reduced -1.4m -1,415,260
21 ASSETMARK, INC 0.33% of their portfolio CONCORD, CA 1,623,8641.6m $154.5m $154.5m 0.33% Reduced -122.4k -122,398
22 SEI INVESTMENTS CO 0.15% of their portfolio OAKS, PA 1,505,1431.5m $143.2m $143.2m 0.15% Added +10.2k +10,162
23 MERCER GLOBAL ADVISORS INC /ADV 0.20% of their portfolio DENVER, CO 1,286,4261.3m $122.4m $122.4m 0.20% Reduced -154.6k -154,602
24 JOHNSON INVESTMENT COUNSEL INC 1.02% of their portfolio Cincinnati, OH 1,276,7721.3m $121.5m $121.5m 1.02% Added +13.2k +13,176
25 Dynasty Wealth Management, LLC 1.60% of their portfolio ST. PETERSBURG, FL 1,261,8381.3m $120.1m $120.1m 1.60% Added +85.0k +84,969
26 Mariner, LLC 0.15% of their portfolio Overland Park, KS 1,216,9431.2m $115.8m $115.8m 0.15% Added +11.8k +11,755
27 Horizon Investments, LLC 1.51% of their portfolio Charlotte, NC 1,207,6961.2m $114.9m $114.9m 1.51% Added +61.3k +61,333
28 Cambridge Investment Research Advisors, Inc. 0.31% of their portfolio FAIRFIELD, IA 1,173,6031.2m $111.7m $111.7m 0.31% Reduced -23.4k -23,429
29 Cerity Partners LLC 0.18% of their portfolio NEW YORK, NY 1,173,1371.2m $111.6m $111.6m 0.18% Added +51.4k +51,398
30 Focus Partners Wealth 0.17% of their portfolio ST LOUIS, MO 1,124,9181.1m $107.0m $107.0m 0.17% Reduced -13.4k -13,427
31 OSAIC HOLDINGS, INC. 0.14% of their portfolio SCOTTSDALE, AZ 1,088,4941.1m $102.9m $102.9m 0.14% Reduced -42.8k -42,812
32 Financial Advisors, LLC 18.32% of their portfolio ANDOVER, MA 1,086,3721.1m $103.4m $103.4m 18.32% Reduced -13.1k -13,115
33 Quotient Wealth Partners, LLC 2.79% of their portfolio DALLAS, TX 1,072,2131.1m $102.0m $102.0m 2.79% Added +52.6k +52,608
34 SECURIAN ASSET MANAGEMENT, INC 2.29% of their portfolio ST PAUL, MN 907,287907.3k $86.3m $86.3m 2.29% Added +26.0k +26,000
35 Brookstone Capital Management 1.02% of their portfolio WHEATON, IL 901,586901.6k $85.8m $85.8m 1.02% Reduced -26.2k -26,209
36 Russell Investments Group, Ltd. 0.10% of their portfolio Seattle, WA 898,946898.9k $85.5m $85.5m 0.10% Added +344.5k +344,482
37 Junto Capital Management LP 1.78% of their portfolio NEW YORK, NY 894,548894.5k $85.1m $85.1m 1.78% New
38 JONES FINANCIAL COMPANIES LLLP 0.06% of their portfolio DES PERES, MO 866,788866.8k $81.9m $81.9m 0.06% Added +142.5k +142,492
39 CWM, LLC 0.22% of their portfolio OMAHA, NE 784,525784.5k $74.6m $74.6m 0.22% Added +23.3k +23,302
40 US BANCORP \DE\ 0.09% of their portfolio MINNEAPOLIS, MN 780,361780.4k $74.2m $74.2m 0.09% Reduced -43.5k -43,508
41 CAPTRUST FINANCIAL ADVISORS 0.15% of their portfolio RALEIGH, NC 760,024760.0k $72.3m $72.3m 0.15% Reduced -5.4k -5,444
42 Steward Partners Investment Advisory, LLC 0.38% of their portfolio STAMFORD, CT 704,580704.6k $67.0m $67.0m 0.38% Added +3.9k +3,873
43 HighTower Advisors, LLC 0.07% of their portfolio CHICAGO, IL 673,550673.5k $64.1m $64.1m 0.07% Reduced -5.3k -5,295
44 Janney Montgomery Scott LLC 0.15% of their portfolio PHILADELPHIA, PA 655,308655.3k $62.3m $62.3m 0.15% Reduced -3.2k -3,193
45 TRUIST FINANCIAL CORP 0.08% of their portfolio CHARLOTTE, NC 619,787619.8k $59.0m $59.0m 0.08% Reduced -111.8k -111,847
46 STIFEL FINANCIAL CORP 0.05% of their portfolio ST. LOUIS, MO 609,963610.0k $58.0m $58.0m 0.05% Added +91.1k +91,128
47 Geneos Wealth Management Inc. 1.33% of their portfolio ENGLEWOOD, CO 549,626549.6k $52.3m $52.3m 1.33% Reduced -11.0k -11,000
48 Bank of New York Mellon Corp 0.01% of their portfolio NEW YORK, NY 520,181520.2k $49.5m $49.5m 0.01% Reduced -687.7k -687,683
49 Private Advisor Group, LLC 0.24% of their portfolio MORRISTOWN, NJ 511,005511.0k $48.6m $48.6m 0.24% Reduced -22.6k -22,564
50 MAI Capital Management 0.30% of their portfolio INDEPENDENCE, OH 505,973506.0k $48.1m $48.1m 0.30% Added +7.1k +7,118
51 MML INVESTORS SERVICES, LLC 0.13% of their portfolio SPRINGFIELD, MA 501,996502.0k $47.8m $47.8m 0.13% Reduced -74.3k -74,277
52 BARCLAYS PLC 0.02% of their portfolio LONDON, X0 500,271500.3k $47.6m $47.6m 0.02% Added +352.4k +352,366
53 NewEdge Advisors, LLC 0.21% of their portfolio NEW ORLEANS, LA 496,231496.2k $47.2m $47.2m 0.21% Reduced -1.2k -1,237
54 Sovereign Investment Advisors, LLC 11.68% of their portfolio PHOENIX, AZ 450,059450.1k $42.8m $42.8m 11.68% Reduced -64.6k -64,616
55 Facet Wealth, Inc. 0.88% of their portfolio WEST PALM BEACH, FL 445,185445.2k $42.4m $42.4m 0.88% Added +5.0k +5,044
56 Sanctuary Advisors, LLC 0.13% of their portfolio INDIANAPOLIS, IN 436,651436.7k $41.2m $41.2m 0.13% Added +220.0k +219,962
57 Glenmede Investment Management, LP 0.19% of their portfolio PHILADELPHIA, PA 416,136416.1k $39.6m $39.6m 0.19% Reduced -24.2k -24,183
58 ARS Wealth Advisors Group, LLC 3.70% of their portfolio St. Petersburg, FL 393,514393.5k $37.4m $37.4m 3.70% Reduced -7.8k -7,823
59 Klingman & Associates, LLC 1.78% of their portfolio New York, NY 370,580370.6k $35.3m $35.3m 1.78% Reduced -4.1k -4,080
60 KEYBANK NATIONAL ASSOCIATION/OH 0.12% of their portfolio BROOKLYN, OH 367,438367.4k $34.9m $34.9m 0.12% Added +7.6k +7,643
61 High Probability Advisors, LLC 4.78% of their portfolio Pittsford, NY 366,545366.5k $34.9m $34.9m 4.78% Added +16.2k +16,229
62 Qube Research & Technologies Ltd 0.05% of their portfolio LONDON, X0 349,295349.3k $33.2m $33.2m 0.05% Added +104.5k +104,531
63 Integrated Wealth Concepts LLC 0.29% of their portfolio WALTHAM, MA 338,098338.1k $32.2m $32.2m 0.29% Reduced -6.1k -6,135
64 PARK AVENUE SECURITIES LLC 0.25% of their portfolio NEW YORK, NY 331,718331.7k $31.6m $31.6m 0.25% Reduced -144.2k -144,174
65 Lineweaver Wealth Advisors, LLC 4.29% of their portfolio VALLEY VIEW, OH 307,540307.5k $29.3m $29.3m 4.29% Added +560 +560
66 Balyasny Asset Management L.P. 0.06% of their portfolio Chicago, IL 306,619306.6k $29.2m $29.2m 0.06% New
67 CITIGROUP INC 0.02% of their portfolio NEW YORK, NY 303,960304.0k $28.9m $28.9m 0.02% Added +120.6k +120,580
68 GDS Wealth Management 1.91% of their portfolio FLOWER MOUND, TX 303,422303.4k $28.9m $28.9m 1.91% Added +5.7k +5,697
69 Rehmann Capital Advisory Group 1.55% of their portfolio LANSING, MI 298,458298.5k $28.4m $28.4m 1.55% Added +13.7k +13,655
70 Symmetry Partners, LLC 3.07% of their portfolio GLASTONBURY, CT 296,590296.6k $28.2m $28.2m 3.07% Added +33.4k +33,426
71 SAGESPRING WEALTH PARTNERS, LLC 0.53% of their portfolio FRANKLIN, TN 283,353283.4k $27.0m $27.0m 0.53% Reduced -30.5k -30,543
72 Lido Advisors, LLC 0.10% of their portfolio Los Angeles, CA 267,969268.0k $25.5m $25.5m 0.10% Added +160.1k +160,141
73 Envestnet Portfolio Solutions, Inc. 0.09% of their portfolio BERWYN, PA 267,224267.2k $25.4m $25.4m 0.09% Reduced -11.5k -11,526
74 Kestra Advisory Services, LLC 0.12% of their portfolio AUSTIN, TX 266,139266.1k $25.3m $25.3m 0.12% Reduced -5.3k -5,331
75 Creative Planning 0.02% of their portfolio OVERLAND PARK, KS 263,666263.7k $25.1m $25.1m 0.02% Reduced -2.9k -2,872
76 Cornerstone Wealth Management, LLC 1.31% of their portfolio ST. PETERS, MO 248,744248.7k $23.7m $23.7m 1.31% Reduced -4.8k -4,798
77 Well Done, LLC 4.01% of their portfolio HOLLAND, MI 247,419247.4k $23.5m $23.5m 4.01% Added +3.4k +3,405
78 Capital Advisors, Ltd. LLC 2.64% of their portfolio SHAKER HEIGHTS, OH 246,179246.2k $23.4m $23.4m 2.64% Reduced -2.2k -2,231
79 OneDigital Investment Advisors LLC 0.24% of their portfolio OVERLAND PARK, KS 241,427241.4k $23.0m $23.0m 0.24% Reduced -12.0k -12,008
80 CITIZENS FINANCIAL GROUP INC/RI 0.31% of their portfolio PROVIDENCE, RI 239,934239.9k $22.8m $22.8m 0.31% Reduced -15.7k -15,732
81 Pacific Center for Financial Services 5.78% of their portfolio DANVILLE, CA 238,345238.3k $22.7m $22.7m 5.78% Reduced -1.5k -1,487
82 Stratos Wealth Partners, LTD. 0.26% of their portfolio BEACHWOOD, OH 236,122236.1k $22.5m $22.5m 0.26% Reduced -4.5k -4,494
83 Beacon Pointe Advisors, LLC 0.19% of their portfolio NEWPORT BEACH, CA 233,331233.3k $22.2m $22.2m 0.19% Added +15.4k +15,438
84 BARON SILVER STEVENS FINANCIAL ADVISORS, LLC 3.17% of their portfolio Boca Raton, FL 227,905227.9k $21.7m $21.7m 3.17% Added +1.1k +1,107
85 CHOREO, LLC 0.28% of their portfolio ROCKFORD, IL 227,778227.8k $21.7m $21.7m 0.28% Reduced -4.9k -4,941
86 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 220,425220.4k $21.0m $21.0m 0.00% Added +97.9k +97,884
87 Journey Advisory Group, LLC 1.54% of their portfolio COVINGTON, KY 219,257219.3k $20.9m $20.9m 1.54% Reduced -1.4k -1,356
88 Lowe Wealth Advisors, LLC 7.55% of their portfolio COLUMBIA, MD 217,277217.3k $20.7m $20.7m 7.55% Reduced -3.2k -3,156
89 Cassia Capital Partners, LLC 11.29% of their portfolio WINSTON SALEM, NC 217,248217.2k $20.7m $20.7m 11.29% Added +3.2k +3,184
90 Valmark Advisers, Inc. 0.27% of their portfolio AKRON, OH 216,971217.0k $20.6m $20.6m 0.27% Reduced -3.0k -2,985
91 Adaptive Financial Consulting, LLC 8.21% of their portfolio BEACHWOOD, OH 215,866215.9k $20.5m $20.5m 8.21% Added +1.5k +1,481
92 Modern Wealth Management, LLC 0.40% of their portfolio KANSAS CITY, MO 212,469212.5k $20.2m $20.2m 0.40% Added +152.6k +152,590
93 MV CAPITAL MANAGEMENT, INC. 1.94% of their portfolio BETHESDA, MD 211,972212.0k $20.2m $20.2m 1.94% Reduced -3.5k -3,550
94 Lester Murray Antman dba SimplyRich 5.41% of their portfolio CARLSBAD, CA 210,695210.7k $20.0m $20.0m 5.41% Reduced -8.3k -8,280
95 Summit Wealth Partners, LLC 3.50% of their portfolio Orlando, FL 203,925203.9k $19.4m $19.4m 3.50% Added +257 +257
96 COMERICA BANK 0.07% of their portfolio DALLAS, TX 202,847202.8k $19.3m $19.3m 0.07% Added +425 +425
97 INTRUST BANK NA 1.55% of their portfolio WICHITA, KS 195,243195.2k $18.6m $18.6m 1.55% Added +3.1k +3,141
98 Mirae Asset Global Investments Co., Ltd. 0.07% of their portfolio SEOUL, M5 195,000195.0k $22.0m $22.0m 0.07% Added +5.8k +5,800
99 Wealth Advisors of Iowa, LLC 6.26% of their portfolio WEST DES MOINES, IA 193,364193.4k $18.4m $18.4m 6.26% Reduced -1.3k -1,252
100 Syntegra Private Wealth Group, LLC 1.72% of their portfolio Chesterfield, MO 191,324191.3k $18.2m $18.2m 1.72% Reduced -8.4k -8,374