Vault-13

ISHARES TR QUAL

MSCI USA QLT FCT · ETP · CUSIP 46432F339

1,511 institutional holders +36 vs Q1 2025
259,860,805259.9m shares reported held*
$46.6bnreported value*
118 new 662 added 496 reduced 81 sold out net bought ≈ $924.3m (+9.9m 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 ($137.8m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $179.38. Options: 2 managers hold calls ($3.3m notional), 2 hold puts ($2.5m).

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

01k2kQ3 22: 807Q4 22: 825Q1 23: 918Q2 23: 1,008Q3 23: 1,049Q4 23: 1,170Q1 24: 1,248Q2 24: 1,297Q3 24: 1,373Q4 24: 1,490Q1 25: 1,475Q2 25: 1,5111,511Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 2022807
Q4 2022825
Q1 2023918
Q2 20231,008
Q3 20231,049
Q4 20231,170
Q1 20241,248
Q2 20241,297
Q3 20241,373
Q4 20241,490
Q1 20251,475
Q2 20251,511

Buyers vs sellers

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

Bought or addedCut or sold out
1k01kQ3 23: 429 bought or addedQ3 23: 503 cut or sold outQ4 23: 614 bought or addedQ4 23: 409 cut or sold outQ4 23Q1 24: 653 bought or addedQ1 24: 488 cut or sold outQ2 24: 722 bought or addedQ2 24: 435 cut or sold outQ2 24Q3 24: 733 bought or addedQ3 24: 459 cut or sold outQ4 24: 717 bought or addedQ4 24: 518 cut or sold outQ4 24Q1 25: 784 bought or addedQ1 25: 558 cut or sold outQ2 25: 780 bought or addedQ2 25: 577 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 2023429503
Q4 2023614409
Q1 2024653488
Q2 2024722435
Q3 2024733459
Q4 2024717518
Q1 2025784558
Q2 2025780577

Calls vs puts

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

CallsPuts
$0$2m$4m$6mQ3 24 calls: $2.9mQ3 24 puts: $896.5kQ3 24P/C 0.31Q4 24 calls: $4.2mQ4 24 puts: $1.3mQ4 24P/C 0.32Q1 25 calls: $3.9mQ1 25 puts: $1.1mQ1 25P/C 0.29Q2 25 calls: $3.3mQ2 25 puts: $2.5mQ2 25P/C 0.78
Numbers
QuarterCallsPutsP/C
Q3 2024$2.9m$896.5k0.31
Q4 2024$4.2m$1.3m0.32
Q1 2025$3.9m$1.1m0.29
Q2 2025$3.3m$2.5m0.78

Biggest buyers

Gallagher Fiduciary Advisors, LLC Added +2,463,130+2.5m
Soundwatch Capital LLC Added +2,434,556+2.4m
ROYAL BANK OF CANADA Added +1,793,668+1.8m
CHARLES SCHWAB INVESTMENT MANAGEMENT INC New +1,673,633+1.7m
LPL Financial LLC Added +1,278,462+1.3m
Orgel Wealth Management, LLC Added +1,070,608+1.1m
Cerity Partners LLC Added +1,065,946+1.1m
ENVESTNET ASSET MANAGEMENT INC Added +624,581+624.6k
MORGAN STANLEY Added +573,981+574.0k
&PARTNERS Added +461,572+461.6k

Biggest sellers

BNP PARIBAS FINANCIAL MARKETS Reduced -2,703,199-2.7m
FMR LLC Reduced -844,255-844.3k
Thrivent Financial for Lutherans Reduced -472,631-472.6k
KEYBANK NATIONAL ASSOCIATION/OH Reduced -380,729-380.7k
UBS Group AG Reduced -329,597-329.6k
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced -247,640-247.6k
PNC Financial Services Group, Inc. Reduced -215,735-215.7k
FRANKLIN RESOURCES INC Reduced -204,468-204.5k
Prime Capital Investment Advisors, LLC Reduced -201,842-201.8k
WELLS FARGO & COMPANY/MN Reduced -190,047-190.0k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $2.7m14.5k shares
CITADEL ADVISORS LLC Reduced $621.6k3.4k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $2.2m12.0k shares
CITADEL ADVISORS LLC Added $347.4k1.9k 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 +1.1 pts · filed 2026-08-07 10.4% +1.1 pts 22.0m≈ $4.8bn 2026-08-07

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 ENVESTNET ASSET MANAGEMENT INC 1.73% of their portfolio Berwyn, PA 32,478,05032.5m $5.9bn $5.9bn 1.73% Added +624.6k +624,581
2 LPL Financial LLC 1.19% of their portfolio FORT MILL, SC 19,465,10519.5m $3.6bn $3.6bn 1.19% Added +1.3m +1,278,462
3 FMR LLC 0.15% of their portfolio BOSTON, MA 14,667,82414.7m $2.7bn $2.7bn 0.15% Reduced -844.3k -844,255
4 MORGAN STANLEY 0.12% of their portfolio NEW YORK, NY 10,128,21210.1m $1.9bn $1.9bn 0.12% Added +574.0k +573,981
5 BANK OF AMERICA CORP /DE/ 0.11% of their portfolio CHARLOTTE, NC 7,468,5517.5m $1.4bn $1.4bn 0.11% Reduced -10.3k -10,252
6 PNC Financial Services Group, Inc. 0.83% of their portfolio Pittsburgh, PA 7,080,7897.1m $1.3bn $1.3bn 0.83% Reduced -215.7k -215,735
7 JPMORGAN CHASE & CO 0.09% of their portfolio NEW YORK, NY 7,012,3397.0m $1.3bn $1.3bn 0.09% Added +50.9k +50,889
8 WELLS FARGO & COMPANY/MN 0.21% of their portfolio SAN FRANCISCO, CA 5,209,0585.2m $952.3m $952.3m 0.21% Reduced -190.0k -190,047
9 AMERIPRISE FINANCIAL INC 0.22% of their portfolio MINNEAPOLIS, MN 4,974,1525.0m $909.3m $909.3m 0.22% Reduced -169.2k -169,239
10 BlackRock, Inc. 0.02% of their portfolio New York, NY 4,672,9834.7m $854.3m $854.3m 0.02% Reduced -169.8k -169,804
11 UBS Group AG 0.15% of their portfolio ZURICH, V8 4,002,9494.0m $731.8m $731.8m 0.15% Reduced -329.6k -329,597
12 Cerity Partners LLC 1.23% of their portfolio NEW YORK, NY 3,755,8803.8m $686.9m $686.9m 1.23% Added +1.1m +1,065,946
13 ROYAL BANK OF CANADA 0.06% of their portfolio TORONTO, A6 3,631,5063.6m $663.9m $663.9m 0.06% Added +1.8m +1,793,668
14 MML INVESTORS SERVICES, LLC 1.82% of their portfolio SPRINGFIELD, MA 3,454,2913.5m $631.5m $631.5m 1.82% Added +44.3k +44,285
15 CWM, LLC 2.18% of their portfolio OMAHA, NE 3,387,1353.4m $619.2m $619.2m 2.18% Added +64.2k +64,226
16 M&T Bank Corp 2.08% of their portfolio BUFFALO, NY 3,315,6453.3m $606.2m $606.2m 2.08% Reduced -36.3k -36,303
17 KEYBANK NATIONAL ASSOCIATION/OH 2.16% of their portfolio BROOKLYN, OH 3,174,9833.2m $580.5m $580.5m 2.16% Reduced -380.7k -380,729
18 Orgel Wealth Management, LLC 13.02% of their portfolio ALTOONA, WI 2,954,5253.0m $540.1m $540.1m 13.02% Added +1.1m +1,070,608
19 Blue Trust, Inc. 5.74% of their portfolio BRENTWOOD, TN 2,660,9502.7m $486.5m $486.5m 5.74% Added +327.4k +327,395
20 Facet Wealth, Inc. 10.47% of their portfolio WEST PALM BEACH, FL 2,503,2032.5m $460.9m $460.9m 10.47% Added +174.7k +174,714
21 Gallagher Fiduciary Advisors, LLC 0.04% of their portfolio ROLLING MEADOWS, IL 2,481,9602.5m $1.1m $1.1m 0.04% Added +2.5m +2,463,130
22 PARK AVENUE SECURITIES LLC 4.14% of their portfolio NEW YORK, NY 2,464,9312.5m $450.6m $450.6m 4.14% Reduced -24.7k -24,738
23 Soundwatch Capital LLC 1.14% of their portfolio DALLAS, TX 2,437,9242.4m $6.7m $6.7m 1.14% Added +2.4m +2,434,556
24 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.32% of their portfolio MILWAUKEE, WI 2,418,0922.4m $442.1m $442.1m 0.32% Added +47.7k +47,699
25 Envestnet Portfolio Solutions, Inc. 1.61% of their portfolio BERWYN, PA 2,398,0802.4m $438.4m $438.4m 1.61% Reduced -158.6k -158,632
26 Cetera Investment Advisers 0.65% of their portfolio SCHAUMBURG, IL 2,113,6092.1m $386.4m $386.4m 0.65% Reduced -34.3k -34,290
27 Focus Partners Wealth 0.83% of their portfolio ST LOUIS, MO 2,102,7662.1m $384.4m $384.4m 0.83% Added +211.2k +211,244
28 COMMONWEALTH EQUITY SERVICES, LLC 0.48% of their portfolio WALTHAM, MA 1,984,9882.0m $362.9m $362.9m 0.48% Added +45.1k +45,088
29 RAYMOND JAMES FINANCIAL INC 0.12% of their portfolio ST. PETERSBURG, FL 1,978,4212.0m $361.7m $361.7m 0.12% Added +9.7k +9,729
30 STIFEL FINANCIAL CORP 0.32% of their portfolio ST. LOUIS, MO 1,777,7051.8m $325.0m $325.0m 0.32% Added +17.8k +17,827
31 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.05% of their portfolio SAN FRANCISCO, CA 1,673,6331.7m $306.0m $306.0m 0.05% New
32 Haverford Trust Co 2.80% of their portfolio Radnor, PA 1,611,2321.6m $294.6m $294.6m 2.80% Added +87.3k +87,302
33 Bank of New York Mellon Corp 0.06% of their portfolio NEW YORK, NY 1,593,3241.6m $291.3m $291.3m 0.06% Added +211.2k +211,222
34 Kestra Investment Management, LLC 4.28% of their portfolio AUSTIN, TX 1,571,0621.6m $277.8m $277.8m 4.28% Reduced -6.2k -6,172
35 Janney Montgomery Scott LLC 0.75% of their portfolio PHILADELPHIA, PA 1,568,6431.6m $286.8m $286.8m 0.75% Added +19.9k +19,878
36 SCS Capital Management LLC 3.14% of their portfolio BOSTON, MA 1,546,7931.5m $283.1m $283.1m 3.14% Added +334.5k +334,490
37 HighTower Advisors, LLC 0.31% of their portfolio CHICAGO, IL 1,342,6521.3m $245.5m $245.5m 0.31% Reduced -93.7k -93,660
38 MERCER GLOBAL ADVISORS INC /ADV 0.52% of their portfolio DENVER, CO 1,255,7531.3m $229.6m $229.6m 0.52% Reduced -33.8k -33,831
39 OSAIC HOLDINGS, INC. 0.40% of their portfolio SCOTTSDALE, AZ 1,216,9521.2m $222.5m $222.5m 0.40% Reduced -97.8k -97,751
40 Wharton Business Group, LLC 9.34% of their portfolio MALVERN, PA 1,211,5431.2m $221.3m $221.3m 9.34% Reduced -39.8k -39,845
41 NewEdge Advisors, LLC 1.11% of their portfolio NEW ORLEANS, LA 1,175,6641.2m $214.9m $214.9m 1.11% Added +47.1k +47,085
42 Composition Wealth, LLC 3.53% of their portfolio LOS ANGELES, CA 1,148,0141.1m $209.9m $209.9m 3.53% Reduced -102.0k -102,048
43 Integrated Wealth Concepts LLC 2.03% of their portfolio WALTHAM, MA 1,106,0771.1m $202.2m $202.2m 2.03% Reduced -7.3k -7,326
44 OneDigital Investment Advisors LLC 2.24% of their portfolio OVERLAND PARK, KS 1,103,3951.1m $201.7m $201.7m 2.24% Reduced -53.2k -53,186
45 Connecticut Wealth Management, LLC 9.23% of their portfolio FARMINGTON, CT 1,060,7641.1m $193.9m $193.9m 9.23% Reduced -39.3k -39,345
46 TWO SIGMA INVESTMENTS, LP 0.32% of their portfolio NEW YORK, NY 967,300967.3k $176.8m $176.8m 0.32% Added +366.3k +366,300
47 Empirical Financial Services, LLC d.b.a. Empirical Wealth Management 3.93% of their portfolio Seattle, WA 950,182950.2k $173.7m $173.7m 3.93% Reduced -47.6k -47,643
48 Sanctuary Advisors, LLC 1.07% of their portfolio INDIANAPOLIS, IN 949,298949.3k $173.6m $173.6m 1.07% Added +52.0k +51,952
49 Foundations Investment Advisors, LLC 2.46% of their portfolio PHOENIX, AZ 853,617853.6k $156.1m $156.1m 2.46% Added +102.2k +102,231
50 JB Capital LLC 7.26% of their portfolio WETHERSFIELD, CT 819,372819.4k $149.8m $149.8m 7.26% Added +43.0k +43,017
51 Bluespring Wealth Management, LLC 13.48% of their portfolio AUSTIN, TX 775,373775.4k $141.8m $141.8m 13.48% Added +20.3k +20,271
52 SYNOVUS FINANCIAL CORP 1.66% of their portfolio Columbus, GA 740,730740.7k $135.4m $135.4m 1.66% Added +29.7k +29,726
53 Foster Group, Inc. 4.30% of their portfolio WEST DES MOINES, IA 687,094687.1k $125.6m $125.6m 4.30% Added +13.1k +13,093
54 Merit Financial Group, LLC 1.33% of their portfolio ALPHARETTA, GA 654,157654.2k $119.6m $119.6m 1.33% Added +141.9k +141,871
55 Corient Private Wealth LP 0.16% of their portfolio MIAMI, FL 642,370642.4k $117.4m $117.4m 0.16% Reduced -1.2k -1,230
56 Cambridge Investment Research Advisors, Inc. 0.35% of their portfolio FAIRFIELD, IA 632,769632.8k $115.7m $115.7m 0.35% Added +2.2k +2,179
57 UNITED CAPITAL FINANCIAL ADVISORS, LLC 0.93% of their portfolio IRVING, TX 626,943626.9k $114.6m $114.6m 0.93% Reduced -7.7k -7,684
58 Sage Mountain Advisors LLC 6.85% of their portfolio ATLANTA, GA 576,078576.1k $105.3m $105.3m 6.85% Added +17.9k +17,851
59 &PARTNERS 0.79% of their portfolio NASHVILLE, TN 558,578558.6k $102.6m $102.6m 0.79% Added +461.6k +461,572
60 Savant Capital, LLC 0.73% of their portfolio ROCKFORD, IL 558,490558.5k $102.1m $102.1m 0.73% Added +76.3k +76,321
61 Fragasso Financial Advisors Inc 6.87% of their portfolio SEWICKLEY, PA 557,041557.0k $101.8m $101.8m 6.87% Added +25.6k +25,607
62 Mariner, LLC 0.15% of their portfolio Overland Park, KS 555,382555.4k $101.5m $101.5m 0.15% Added +41.9k +41,878
63 D.A. DAVIDSON & CO. 0.71% of their portfolio GREAT FALLS, MT 552,745552.7k $101.1m $101.1m 0.71% Added +7.7k +7,737
64 Obermeyer Wealth Partners 5.02% of their portfolio ASPEN, CO 551,170551.2k $100.8m $100.8m 5.02% Added +6.5k +6,479
65 Private Advisor Group, LLC 0.53% of their portfolio MORRISTOWN, NJ 537,489537.5k $98.3m $98.3m 0.53% Added +41.0k +41,016
66 Kestra Advisory Services, LLC 0.48% of their portfolio AUSTIN, TX 534,579534.6k $97.7m $97.7m 0.48% Reduced -7.3k -7,324
67 Clearstead Advisors, LLC 1.29% of their portfolio CLEVELAND, OH 502,942502.9k $91.9m $91.9m 1.29% Reduced -2.8k -2,785
68 Rockefeller Capital Management L.P. 0.11% of their portfolio NEW YORK, NY 502,374502.4k $91.8m $91.8m 0.11% Added +287.0k +286,992
69 UMB Bank, n.a. 1.43% of their portfolio Kansas City, MO 501,102501.1k $91.6m $91.6m 1.43% Reduced -20.0k -19,974
70 HOWARD FINANCIAL SERVICES, LTD. 11.94% of their portfolio DALLAS, TX 496,946496.9k $90.9m $90.9m 11.94% Added +12.2k +12,244
71 Dynasty Wealth Management, LLC 1.53% of their portfolio ST. PETERSBURG, FL 491,900491.9k $89.9m $89.9m 1.53% Reduced -39.9k -39,892
72 Equitable Holdings, Inc. 0.72% of their portfolio NEW YORK, NY 476,950476.9k $87.2m $87.2m 0.72% Added +32.0k +31,961
73 JOHNSON INVESTMENT COUNSEL INC 0.78% of their portfolio Cincinnati, OH 474,242474.2k $86.7m $86.7m 0.78% Reduced -17.5k -17,511
74 AE Wealth Management LLC 0.63% of their portfolio TOPEKA, KS 473,831473.8k $86.6m $86.6m 0.63% Reduced -25.6k -25,563
75 Prime Capital Investment Advisors, LLC 1.13% of their portfolio OVERLAND PARK, KS 464,670464.7k $85.0m $85.0m 1.13% Reduced -201.8k -201,842
76 SAX WEALTH ADVISORS, LLC 5.02% of their portfolio PARSIPPANY, NJ 454,704454.7k $83.1m $83.1m 5.02% Reduced -39.9k -39,872
77 COLDSTREAM CAPITAL MANAGEMENT INC 1.34% of their portfolio BELLEVUE, WA 449,529449.5k $82.2m $82.2m 1.34% Added +441.5k +441,506
78 Advocacy Wealth Management, LLC 4.89% of their portfolio ATLANTA, GA 435,845435.8k $79.7m $79.7m 4.89% Added +22.0k +21,989
79 TIAA TRUST, NATIONAL ASSOCIATION 0.21% of their portfolio CHARLOTTE, NC 434,712434.7k $79.5m $79.5m 0.21% Reduced -86.6k -86,581
80 PINNACLE ASSOCIATES LTD 1.13% of their portfolio NEW YORK, NY 425,220425.2k $77.7m $77.7m 1.13% Added +5.7k +5,677
81 Baker Avenue Asset Management, LP 2.17% of their portfolio SAN FRANCISCO, CA 416,648416.6k $76.2m $76.2m 2.17% Added +966 +966
82 US BANCORP \DE\ 0.10% of their portfolio MINNEAPOLIS, MN 414,891414.9k $75.9m $75.9m 0.10% Added +4.0k +4,005
83 Bogart Wealth, LLC 3.23% of their portfolio MCLEAN, VA 412,892412.9k $75.5m $75.5m 3.23% Reduced -184.2k -184,219
84 Austin Private Wealth, LLC 5.94% of their portfolio Austin, TX 410,188410.2k $75.0m $75.0m 5.94% Reduced -30.0k -30,045
85 CAPTRUST FINANCIAL ADVISORS 0.17% of their portfolio RALEIGH, NC 409,396409.4k $74.8m $74.8m 0.17% Reduced -18.9k -18,851
86 Valence8 US LP 30.65% of their portfolio Cambridge, MA 398,316398.3k $72.8m $72.8m 30.65% Added +58.6k +58,552
87 SAGESPRING WEALTH PARTNERS, LLC 1.55% of their portfolio FRANKLIN, TN 393,038393.0k $71.9m $71.9m 1.55% Added +25.8k +25,830
88 Wilmington Savings Fund Society, FSB 1.25% of their portfolio WILMINGTON, DE 384,023384.0k $70.2m $70.2m 1.25% Added +43.4k +43,400
89 Cresset Asset Management, LLC 0.35% of their portfolio Chicago, IL 379,199379.2k $69.3m $69.3m 0.35% Reduced -139.4k -139,436
90 Gradient Investments LLC 1.25% of their portfolio ARDEN HILLS, MN 375,456375.5k $68.6m $68.6m 1.25% Added +3.2k +3,241
91 CLIFTONLARSONALLEN WEALTH ADVISORS, LLC 1.11% of their portfolio MINNEAPOLIS, MN 363,535363.5k $66.5m $66.5m 1.11% Added +133.5k +133,457
92 TRUIST FINANCIAL CORP 0.10% of their portfolio CHARLOTTE, NC 358,984359.0k $65.6m $65.6m 0.10% Reduced -12.5k -12,543
93 SACHEM HILL LLC 13.28% of their portfolio DENVER, CO 356,152356.2k $65.1m $65.1m 13.28% Reduced -28.0k -27,951
94 LANDAAS & CO /WI /ADV 15.47% of their portfolio MILWAUKEE, WI 354,232354.2k $64.8m $64.8m 15.47% Added +644 +644
95 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.11% of their portfolio PLYMOUTH, MN 346,964347.0k $64.2m $64.2m 0.11% Added +12.6k +12,621
96 NorthCoast Asset Management LLC 0.27% of their portfolio STAMFORD, CT 345,616345.6k $63.2m $63.2m 0.27% Reduced -26.7k -26,682
97 Caisse de depot et placement du Quebec 0.13% of their portfolio Montreal, A8 340,511340.5k $62.3m $62.3m 0.13% New
98 Financial Advisors, LLC 11.41% of their portfolio ANDOVER, MA 335,092335.1k $61.3m $61.3m 11.41% Reduced -154 -154
99 Steward Partners Investment Advisory, LLC 0.47% of their portfolio STAMFORD, CT 325,622325.6k $59.5m $59.5m 0.47% Added +28.9k +28,860
100 Atria Investments, Inc 0.70% of their portfolio Charlotte, NC 324,996325.0k $59.4m $59.4m 0.70% Added +27.8k +27,820