Vault-13

ISHARES TR USMV

MSCI USA MIN VOL · ETP · CUSIP 46429B697

1,378 institutional holders +71 vs Q3 2025
178,404,463178.4m shares reported held*
$16.8bnreported value*
78 new 426 added 541 reduced 83 sold out net sold ≈ $421.4m (-4.4m 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 ($51.2m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $94.16. Options: 2 managers hold calls ($2.6m notional), 2 hold puts ($6.4m).

Trends to Q4 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: 1,307Q4 25: 1,3781,378Q3 22Q2 23Q1 24Q4 24Q4 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
Q4 20251,378

Buyers vs sellers

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

Bought or addedCut or sold out
1k01kQ1 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 25Q3 25: 482 bought or addedQ3 25: 623 cut or sold outQ4 25: 504 bought or addedQ4 25: 624 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 2024325771
Q2 2024349687
Q3 2024435605
Q4 2024415595
Q1 2025518610
Q2 2025523600
Q3 2025482623
Q4 2025504624

Calls vs puts

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

CallsPuts
$0$2.5m$5m$7.5m$10mQ1 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 3.05Q4 25 calls: $2.6mQ4 25 puts: $6.4mQ4 25P/C 2.41
Numbers
QuarterCallsPutsP/C
Q1 2025$1.0m$4.4m4.31
Q2 2025$3.0m$7.5m2.51
Q3 2025$3.0m$9.1m3.05
Q4 2025$2.6m$6.4m2.41

Biggest buyers

FMR LLC Added +2,019,562+2.0m
BNP PARIBAS FINANCIAL MARKETS Added +793,173+793.2k
MORGAN STANLEY Added +465,870+465.9k
Vestcor Inc Added +342,610+342.6k
ALLIANCEBERNSTEIN L.P. Added +258,392+258.4k
RAYMOND JAMES FINANCIAL INC Added +251,970+252.0k
Cambridge Investment Research Advisors, Inc. Added +244,905+244.9k
AMERIPRISE FINANCIAL INC Added +217,072+217.1k
MAI Capital Management Added +206,721+206.7k
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND Added +172,000+172.0k

Biggest sellers

JPMORGAN CHASE & CO Reduced -3,145,811-3.1m
Junto Capital Management LP Sold out -894,548-894.5k
BANK OF AMERICA CORP /DE/ Reduced -771,137-771.1k
BlackRock, Inc. Reduced -552,000-552.0k
PNC Financial Services Group, Inc. Reduced -450,579-450.6k
Dynasty Wealth Management, LLC Reduced -368,247-368.2k
Quotient Wealth Partners, LLC Reduced -339,509-339.5k
Balyasny Asset Management L.P. Sold out -306,619-306.6k
Sovereign Investment Advisors, LLC Reduced -296,127-296.1k
TRUIST FINANCIAL CORP Reduced -282,611-282.6k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $1.9m20.5k shares
JANE STREET GROUP, LLC Added $715.6k7.6k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $4.8m51.5k shares
CITADEL ADVISORS LLC Added $1.5m16.1k 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 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 MORGAN STANLEY 0.09% of their portfolio NEW YORK, NY 15,236,84115.2m $1.4bn $1.4bn 0.09% Added +465.9k +465,870
2 RAYMOND JAMES FINANCIAL INC 0.40% of their portfolio ST. PETERSBURG, FL 13,773,11813.8m $1.3bn $1.3bn 0.40% Added +252.0k +251,970
3 BANK OF AMERICA CORP /DE/ 0.09% of their portfolio CHARLOTTE, NC 13,023,45813.0m $1.2bn $1.2bn 0.09% Reduced -771.1k -771,137
4 FMR LLC 0.06% of their portfolio BOSTON, MA 12,210,94712.2m $1.1bn $1.1bn 0.06% Added +2.0m +2,019,562
5 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.89% of their portfolio PLYMOUTH, MN 6,977,7427.0m $659.8m $659.8m 0.89% Added +145.8k +145,843
6 LPL Financial LLC 0.16% of their portfolio FORT MILL, SC 6,288,6656.3m $592.1m $592.1m 0.16% Reduced -258.4k -258,361
7 PNC Financial Services Group, Inc. 0.24% of their portfolio Pittsburgh, PA 4,669,0054.7m $439.6m $439.6m 0.24% Reduced -450.6k -450,579
8 BlackRock, Inc. 0.01% of their portfolio New York, NY 4,161,7854.2m $391.9m $391.9m 0.01% Reduced -552.0k -552,000
9 Millburn Ridgefield LLC /DE/ 8.42% of their portfolio New York, NY 3,752,9603.8m $353.4m $353.4m 8.42% Unchanged
10 Catalyst Capital Advisors LLC 7.26% of their portfolio San Juan, PR 3,752,9603.8m $353.4m $353.4m 7.26% Unchanged
11 JPMORGAN CHASE & CO 0.02% of their portfolio NEW YORK, NY 3,542,7633.5m $333.6m $333.6m 0.02% Reduced -3.1m -3,145,811
12 WELLS FARGO & COMPANY/MN 0.06% of their portfolio SAN FRANCISCO, CA 3,509,6263.5m $330.5m $330.5m 0.06% Added +35.9k +35,930
13 ENVESTNET ASSET MANAGEMENT INC 0.10% of their portfolio Berwyn, PA 3,480,9893.5m $327.8m $327.8m 0.10% Reduced -281.2k -281,172
14 UBS Group AG 0.06% of their portfolio ZURICH, V8 3,418,2263.4m $321.9m $321.9m 0.06% Reduced -127.8k -127,752
15 AMERIPRISE FINANCIAL INC 0.06% of their portfolio MINNEAPOLIS, MN 2,808,1442.8m $264.4m $264.4m 0.06% Added +217.1k +217,072
16 TWO SIGMA INVESTMENTS, LP 0.35% of their portfolio NEW YORK, NY 2,492,6002.5m $234.7m $234.7m 0.35% Reduced -240.8k -240,800
17 Cetera Investment Advisers 0.22% of their portfolio SCHAUMBURG, IL 2,123,1672.1m $199.9m $199.9m 0.22% Added +52.1k +52,128
18 COMMONWEALTH EQUITY SERVICES, LLC 0.25% of their portfolio WALTHAM, MA 1,995,4782.0m $187.9m $187.9m 0.25% Reduced -40.8k -40,843
19 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.10% of their portfolio MILWAUKEE, WI 1,675,2391.7m $157.7m $157.7m 0.10% Reduced -122.0k -122,022
20 ROYAL BANK OF CANADA 0.03% of their portfolio TORONTO, A6 1,663,6371.7m $156.6m $156.6m 0.03% Added +39.3k +39,271
21 ASSETMARK, INC 0.30% of their portfolio CONCORD, CA 1,554,3641.6m $146.4m $146.4m 0.30% Reduced -69.5k -69,500
22 SEI INVESTMENTS CO 0.14% of their portfolio OAKS, PA 1,531,3091.5m $144.2m $144.2m 0.14% Added +26.2k +26,166
23 Cambridge Investment Research Advisors, Inc. 0.35% of their portfolio FAIRFIELD, IA 1,418,5081.4m $133.6m $133.6m 0.35% Added +244.9k +244,905
24 MERCER GLOBAL ADVISORS INC /ADV 0.18% of their portfolio DENVER, CO 1,267,6131.3m $119.4m $119.4m 0.18% Reduced -18.8k -18,813
25 JOHNSON INVESTMENT COUNSEL INC 0.95% of their portfolio Cincinnati, OH 1,234,1011.2m $116.2m $116.2m 0.95% Reduced -42.7k -42,671
26 Focus Partners Wealth 0.13% of their portfolio ST LOUIS, MO 1,225,6191.2m $115.4m $115.4m 0.13% Added +100.7k +100,701
27 Cerity Partners LLC 0.17% of their portfolio NEW YORK, NY 1,222,6951.2m $115.1m $115.1m 0.17% Added +49.6k +49,558
28 Horizon Investments, LLC 1.42% of their portfolio Charlotte, NC 1,191,6941.2m $112.2m $112.2m 1.42% Reduced -16.0k -16,002
29 Mariner, LLC 0.12% of their portfolio Overland Park, KS 1,055,2761.1m $99.4m $99.4m 0.12% Reduced -161.7k -161,667
30 JONES FINANCIAL COMPANIES LLLP 0.06% of their portfolio DES PERES, MO 1,008,7751.0m $95.0m $95.0m 0.06% Added +142.0k +141,987
31 OSAIC HOLDINGS, INC. 0.13% of their portfolio SCOTTSDALE, AZ 974,737974.7k $91.8m $91.8m 0.13% Reduced -113.8k -113,757
32 Dynasty Wealth Management, LLC 0.83% of their portfolio ST. PETERSBURG, FL 893,591893.6k $84.1m $84.1m 0.83% Reduced -368.2k -368,247
33 SECURIAN ASSET MANAGEMENT, INC 3.11% of their portfolio ST PAUL, MN 870,287870.3k $81.9m $81.9m 3.11% Reduced -37.0k -37,000
34 Brookstone Capital Management 0.92% of their portfolio WHEATON, IL 854,348854.3k $80.4m $80.4m 0.92% Reduced -47.2k -47,238
35 Russell Investments Group, Ltd. 0.09% of their portfolio Seattle, WA 852,118852.1k $80.2m $80.2m 0.09% Reduced -46.8k -46,828
36 BNP PARIBAS FINANCIAL MARKETS 0.05% of their portfolio PARIS, I0 800,747800.7k $75.4m $75.4m 0.05% Added +793.2k +793,173
37 CWM, LLC 0.20% of their portfolio OMAHA, NE 795,730795.7k $74.9m $74.9m 0.20% Added +11.2k +11,205
38 CAPTRUST FINANCIAL ADVISORS 0.13% of their portfolio RALEIGH, NC 735,946735.9k $69.3m $69.3m 0.13% Reduced -24.1k -24,078
39 Quotient Wealth Partners, LLC 1.84% of their portfolio DALLAS, TX 732,704732.7k $69.0m $69.0m 1.84% Reduced -339.5k -339,509
40 US BANCORP \DE\ 0.08% of their portfolio MINNEAPOLIS, MN 728,703728.7k $68.6m $68.6m 0.08% Reduced -51.7k -51,658
41 MAI Capital Management 0.39% of their portfolio INDEPENDENCE, OH 712,694712.7k $67.1m $67.1m 0.39% Added +206.7k +206,721
42 Janney Montgomery Scott LLC 0.15% of their portfolio PHILADELPHIA, PA 671,440671.4k $63.2m $63.2m 0.15% Added +16.1k +16,132
43 HighTower Advisors, LLC 0.07% of their portfolio CHICAGO, IL 671,199671.2k $63.2m $63.2m 0.07% Reduced -2.4k -2,351
44 Steward Partners Investment Advisory, LLC 0.34% of their portfolio STAMFORD, CT 666,308666.3k $62.7m $62.7m 0.34% Reduced -38.3k -38,272
45 STIFEL FINANCIAL CORP 0.06% of their portfolio ST. LOUIS, MO 655,434655.4k $61.7m $61.7m 0.06% Added +45.5k +45,471
46 Geneos Wealth Management Inc. 1.32% of their portfolio ENGLEWOOD, CO 573,795573.8k $54.0m $54.0m 1.32% Added +24.2k +24,169
47 Bank of New York Mellon Corp 0.01% of their portfolio NEW YORK, NY 536,968537.0k $50.6m $50.6m 0.01% Added +16.8k +16,787
48 BARCLAYS PLC 0.02% of their portfolio LONDON, X0 529,659529.7k $49.9m $49.9m 0.02% Added +29.4k +29,388
49 MML INVESTORS SERVICES, LLC 0.12% of their portfolio SPRINGFIELD, MA 508,271508.3k $47.9m $47.9m 0.12% Added +6.3k +6,275
50 Private Advisor Group, LLC 0.22% of their portfolio MORRISTOWN, NJ 503,255503.3k $47.4m $47.4m 0.22% Reduced -7.8k -7,750
51 NewEdge Advisors, LLC 0.16% of their portfolio NEW ORLEANS, LA 475,640475.6k $44.8m $44.8m 0.16% Reduced -20.6k -20,591
52 Facet Wealth, Inc. 0.78% of their portfolio WEST PALM BEACH, FL 462,542462.5k $44.0m $44.0m 0.78% Added +17.4k +17,357
53 GLENMEDE TRUST CO NA 0.19% of their portfolio PHILADELPHIA, PA 425,429425.4k $40.1m $40.1m 0.19% First filing
54 Vestcor Inc 1.13% of their portfolio FREDERICTON, A3 420,748420.7k $39.6m $39.6m 1.13% Added +342.6k +342,610
55 High Probability Advisors, LLC 4.80% of their portfolio Pittsford, NY 382,490382.5k $36.0m $36.0m 4.80% Added +15.9k +15,945
56 Qube Research & Technologies Ltd 0.05% of their portfolio LONDON, X0 379,398379.4k $35.7m $35.7m 0.05% Added +30.1k +30,103
57 ARS Wealth Advisors Group, LLC 3.21% of their portfolio St. Petersburg, FL 377,494377.5k $35.5m $35.5m 3.21% Reduced -16.0k -16,020
58 Klingman & Associates, LLC 1.65% of their portfolio New York, NY 363,088363.1k $34.2m $34.2m 1.65% Reduced -7.5k -7,492
59 TRUIST FINANCIAL CORP 0.04% of their portfolio CHARLOTTE, NC 337,176337.2k $31.7m $31.7m 0.04% Reduced -282.6k -282,611
60 KEYBANK NATIONAL ASSOCIATION/OH 0.11% of their portfolio BROOKLYN, OH 322,060322.1k $30.3m $30.3m 0.11% Reduced -45.4k -45,378
61 ALLIANCEBERNSTEIN L.P. 0.01% of their portfolio NASHVILLE, TN 318,051318.1k $29.9m $29.9m 0.01% Added +258.4k +258,392
62 Lineweaver Wealth Advisors, LLC 4.01% of their portfolio VALLEY VIEW, OH 311,983312.0k $29.4m $29.4m 4.01% Added +4.4k +4,443
63 PARK AVENUE SECURITIES LLC 0.25% of their portfolio NEW YORK, NY 309,667309.7k $29.2m $29.2m 0.25% Reduced -22.1k -22,051
64 Rehmann Capital Advisory Group 1.53% of their portfolio LANSING, MI 308,099308.1k $29.4m $29.4m 1.53% Added +9.6k +9,641
65 Symmetry Partners, LLC 1.71% of their portfolio GLASTONBURY, CT 307,678307.7k $29.0m $29.0m 1.71% Added +11.1k +11,088
66 HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.05% of their portfolio TORONTO, A6 290,000290.0k $27.3m $27.3m 0.05% Added +172.0k +172,000
67 Integrated Wealth Concepts LLC 0.32% of their portfolio WALTHAM, MA 282,483282.5k $26.6m $26.6m 0.32% Reduced -55.6k -55,615
68 Kestra Advisory Services, LLC 0.11% of their portfolio AUSTIN, TX 280,368280.4k $26.4m $26.4m 0.11% Added +14.2k +14,229
69 Lido Advisors, LLC 0.10% of their portfolio Los Angeles, CA 274,347274.3k $26.1m $26.1m 0.10% Added +6.4k +6,378
70 Envestnet Portfolio Solutions, Inc. 0.09% of their portfolio BERWYN, PA 271,919271.9k $25.6m $25.6m 0.09% Added +4.7k +4,695
71 GDS Wealth Management 1.56% of their portfolio FLOWER MOUND, TX 264,659264.7k $24.9m $24.9m 1.56% Reduced -38.8k -38,763
72 SAGESPRING WEALTH PARTNERS, LLC 0.45% of their portfolio FRANKLIN, TN 261,676261.7k $24.6m $24.6m 0.45% Reduced -21.7k -21,677
73 Cornerstone Wealth Management, LLC 1.24% of their portfolio ST. PETERS, MO 253,762253.8k $23.9m $23.9m 1.24% Added +5.0k +5,018
74 Creative Planning 0.02% of their portfolio OVERLAND PARK, KS 250,310250.3k $23.6m $23.6m 0.02% Reduced -13.4k -13,356
75 Well Done, LLC 3.44% of their portfolio HOLLAND, MI 244,249244.2k $23.0m $23.0m 3.44% Reduced -3.2k -3,170
76 Capital Advisors, Ltd. LLC 2.57% of their portfolio SHAKER HEIGHTS, OH 242,057242.1k $22.8m $22.8m 2.57% Reduced -4.1k -4,122
77 Stratos Wealth Partners, LTD. 0.26% of their portfolio BEACHWOOD, OH 241,476241.5k $22.7m $22.7m 0.26% Added +5.4k +5,354
78 Beacon Pointe Advisors, LLC 0.16% of their portfolio NEWPORT BEACH, CA 238,418238.4k $22.4m $22.4m 0.16% Added +5.1k +5,087
79 Pacific Center for Financial Services 5.78% of their portfolio DANVILLE, CA 238,345238.3k $22.7m $22.7m 5.78% Unchanged
80 CITIZENS FINANCIAL GROUP INC/RI 0.30% of their portfolio PROVIDENCE, RI 236,531236.5k $22.3m $22.3m 0.30% Reduced -3.4k -3,403
81 OneDigital Investment Advisors LLC 0.22% of their portfolio OVERLAND PARK, KS 234,598234.6k $22.1m $22.1m 0.22% Reduced -6.8k -6,829
82 CITIGROUP INC 0.01% of their portfolio NEW YORK, NY 233,684233.7k $22.0m $22.0m 0.01% Reduced -70.3k -70,276
83 Cassia Capital Partners, LLC 11.59% of their portfolio WINSTON SALEM, NC 227,493227.5k $21.4m $21.4m 11.59% Added +10.2k +10,245
84 Sanctuary Advisors, LLC 0.12% of their portfolio INDIANAPOLIS, IN 226,463226.5k $21.3m $21.3m 0.12% Reduced -210.2k -210,188
85 BARON SILVER STEVENS FINANCIAL ADVISORS, LLC 3.05% of their portfolio Boca Raton, FL 224,532224.5k $21.1m $21.1m 3.05% Reduced -3.4k -3,373
86 Adaptive Financial Consulting, LLC 8.16% of their portfolio BEACHWOOD, OH 222,839222.8k $21.0m $21.0m 8.16% Added +7.0k +6,973
87 Journey Advisory Group, LLC 1.76% of their portfolio COVINGTON, KY 222,135222.1k $20.9m $20.9m 1.76% Added +2.9k +2,878
88 Lester Murray Antman dba SimplyRich 5.43% of their portfolio CARLSBAD, CA 220,714220.7k $20.8m $20.8m 5.43% Added +10.0k +10,019
89 CHOREO, LLC 0.26% of their portfolio ROCKFORD, IL 216,979217.0k $20.6m $20.6m 0.26% Reduced -10.8k -10,799
90 Valmark Advisers, Inc. 0.25% of their portfolio AKRON, OH 214,795214.8k $20.2m $20.2m 0.25% Reduced -2.2k -2,176
91 &PARTNERS 0.10% of their portfolio NASHVILLE, TN 211,695211.7k $19.9m $19.9m 0.10% Added +52.0k +52,001
92 MV CAPITAL MANAGEMENT, INC. 1.91% of their portfolio BETHESDA, MD 211,341211.3k $19.9m $19.9m 1.91% Reduced -631 -631
93 Financial Enhancement Group LLC 2.50% of their portfolio ANDERSON, IN 203,637203.6k $19.2m $19.2m 2.50% Added +39.0k +38,998
94 Rockefeller Capital Management L.P. 0.03% of their portfolio NEW YORK, NY 202,560202.6k $19.1m $19.1m 0.03% Added +21.2k +21,184
95 INTRUST BANK NA 1.58% of their portfolio WICHITA, KS 202,328202.3k $19.1m $19.1m 1.58% Added +7.1k +7,085
96 Equitable Holdings, Inc. 0.13% of their portfolio NEW YORK, NY 202,099202.1k $19.0m $19.0m 0.13% Added +26.4k +26,423
97 Meridian Wealth Advisors, LLC 2.58% of their portfolio AUSTIN, TX 197,634197.6k $18.6m $18.6m 2.58% Added +56.9k +56,912
98 Wealth Advisors of Iowa, LLC 6.08% of their portfolio WEST DES MOINES, IA 196,636196.6k $18.5m $18.5m 6.08% Added +3.3k +3,272
99 UNITED CAPITAL FINANCIAL ADVISORS, LLC 0.11% of their portfolio IRVING, TX 193,885193.9k $18.3m $18.3m 0.11% Added +49.1k +49,072
100 Summit Wealth Partners, LLC 3.28% of their portfolio Orlando, FL 188,694188.7k $17.8m $17.8m 3.28% Reduced -15.2k -15,231