Vault-13

ISHARES TR QUAL

MSCI USA QLT FCT · ETP · CUSIP 46432F339

1,521 institutional holders +10 vs Q2 2025
243,127,429243.1m shares reported held*
$47.0bnreported value*
76 new 504 added 700 reduced 70 sold out net sold ≈ $2.3bn (-16.4m 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 ($148.1m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $193.33. Options: 3 managers hold calls ($4.4m notional), 3 hold puts ($2.6m).

Trends to Q3 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: 1,511Q3 25: 1,5211,521Q3 22Q2 23Q1 24Q4 24Q3 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
Q3 20251,521

Buyers vs sellers

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

Bought or addedCut or sold out
1k01kQ4 23: 614 bought or addedQ4 23: 409 cut or sold outQ1 24: 653 bought or addedQ1 24: 488 cut or sold outQ1 24Q2 24: 722 bought or addedQ2 24: 435 cut or sold outQ3 24: 733 bought or addedQ3 24: 459 cut or sold outQ3 24Q4 24: 717 bought or addedQ4 24: 518 cut or sold outQ1 25: 784 bought or addedQ1 25: 558 cut or sold outQ1 25Q2 25: 780 bought or addedQ2 25: 577 cut or sold outQ3 25: 580 bought or addedQ3 25: 770 cut or sold outQ3 25
Numbers
QuarterBought or addedCut or sold out
Q4 2023614409
Q1 2024653488
Q2 2024722435
Q3 2024733459
Q4 2024717518
Q1 2025784558
Q2 2025780577
Q3 2025580770

Calls vs puts

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

CallsPuts
$0$2m$4m$6mQ4 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 0.78Q3 25 calls: $4.4mQ3 25 puts: $2.6mQ3 25P/C 0.59
Numbers
QuarterCallsPutsP/C
Q4 2024$4.2m$1.3m0.32
Q1 2025$3.9m$1.1m0.29
Q2 2025$3.3m$2.5m0.78
Q3 2025$4.4m$2.6m0.59

Biggest buyers

JPMORGAN CHASE & CO Added +5,751,487+5.8m
FMR LLC Added +1,065,480+1.1m
TWO SIGMA INVESTMENTS, LP Added +964,500+964.5k
Sanctuary Advisors, LLC Added +810,528+810.5k
COLDSTREAM CAPITAL MANAGEMENT INC Added +595,017+595.0k
Thrivent Financial for Lutherans Added +333,133+333.1k
Prosperity Consulting Group, LLC New +214,514+214.5k
Caisse de depot et placement du Quebec Added +204,731+204.7k
Modern Wealth Management, LLC Added +190,460+190.5k
Advocacy Wealth Management, LLC Added +188,895+188.9k

Biggest sellers

ENVESTNET ASSET MANAGEMENT INC Reduced -6,375,705-6.4m
Gallagher Fiduciary Advisors, LLC Reduced -2,476,354-2.5m
Soundwatch Capital LLC Reduced -2,433,304-2.4m
ROYAL BANK OF CANADA Reduced -1,795,625-1.8m
MML INVESTORS SERVICES, LLC Reduced -959,710-959.7k
LPL Financial LLC Reduced -942,208-942.2k
WELLS FARGO & COMPANY/MN Reduced -906,545-906.5k
Composition Wealth, LLC Reduced -715,980-716.0k
Kestra Investment Management, LLC Reduced -690,116-690.1k
MORGAN STANLEY Reduced -544,373-544.4k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $2.5m12.7k shares
CITADEL ADVISORS LLC Added $1.5m7.8k shares
JANE STREET GROUP, LLC New $369.6k1.9k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $2.1m10.6k shares
CITADEL ADVISORS LLC Added $486.2k2.5k shares
UBS Group AG New $19.4k100 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, Q3 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 ENVESTNET ASSET MANAGEMENT INC 1.46% of their portfolio Berwyn, PA 26,102,34526.1m $5.1bn $5.1bn 1.46% Reduced -6.4m -6,375,705
2 LPL Financial LLC 1.05% of their portfolio FORT MILL, SC 18,522,89718.5m $3.6bn $3.6bn 1.05% Reduced -942.2k -942,208
3 FMR LLC 0.16% of their portfolio BOSTON, MA 15,733,30415.7m $3.1bn $3.1bn 0.16% Added +1.1m +1,065,480
4 JPMORGAN CHASE & CO 0.08% of their portfolio NEW YORK, NY 12,763,82612.8m $2.5bn $2.5bn 0.08% Added +5.8m +5,751,487
5 MORGAN STANLEY 0.11% of their portfolio NEW YORK, NY 9,583,8399.6m $1.9bn $1.9bn 0.11% Reduced -544.4k -544,373
6 BANK OF AMERICA CORP /DE/ 0.10% of their portfolio CHARLOTTE, NC 7,144,6637.1m $1.4bn $1.4bn 0.10% Reduced -323.9k -323,888
7 PNC Financial Services Group, Inc. 0.80% of their portfolio Pittsburgh, PA 6,755,8536.8m $1.3bn $1.3bn 0.80% Reduced -324.9k -324,936
8 AMERIPRISE FINANCIAL INC 0.20% of their portfolio MINNEAPOLIS, MN 4,564,3194.6m $888.3m $888.3m 0.20% Reduced -409.8k -409,833
9 BlackRock, Inc. 0.01% of their portfolio New York, NY 4,340,1984.3m $844.2m $844.2m 0.01% Reduced -332.8k -332,785
10 WELLS FARGO & COMPANY/MN 0.17% of their portfolio SAN FRANCISCO, CA 4,302,5134.3m $836.8m $836.8m 0.17% Reduced -906.5k -906,545
11 UBS Group AG 0.15% of their portfolio ZURICH, V8 3,910,2453.9m $760.5m $760.5m 0.15% Reduced -92.7k -92,704
12 Cerity Partners LLC 1.17% of their portfolio NEW YORK, NY 3,709,0173.7m $721.2m $721.2m 1.17% Reduced -46.9k -46,863
13 CWM, LLC 1.90% of their portfolio OMAHA, NE 3,247,5503.2m $631.6m $631.6m 1.90% Reduced -139.6k -139,585
14 M&T Bank Corp 2.08% of their portfolio BUFFALO, NY 3,180,9783.2m $618.7m $618.7m 2.08% Reduced -134.7k -134,667
15 Orgel Wealth Management, LLC 13.34% of their portfolio ALTOONA, WI 3,005,6013.0m $584.6m $584.6m 13.34% Added +51.1k +51,076
16 KEYBANK NATIONAL ASSOCIATION/OH 1.96% of their portfolio BROOKLYN, OH 2,868,8822.9m $558.0m $558.0m 1.96% Reduced -306.1k -306,101
17 Blue Trust, Inc. 5.98% of their portfolio BRENTWOOD, TN 2,737,9192.7m $532.5m $532.5m 5.98% Added +77.0k +76,969
18 Facet Wealth, Inc. 10.58% of their portfolio WEST PALM BEACH, FL 2,628,6862.6m $511.3m $511.3m 10.58% Added +125.5k +125,483
19 MML INVESTORS SERVICES, LLC 1.29% of their portfolio SPRINGFIELD, MA 2,494,5812.5m $485.2m $485.2m 1.29% Reduced -959.7k -959,710
20 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.29% of their portfolio MILWAUKEE, WI 2,251,1902.3m $437.9m $437.9m 0.29% Reduced -166.9k -166,902
21 Focus Partners Wealth 0.67% of their portfolio ST LOUIS, MO 2,146,0752.1m $417.4m $417.4m 0.67% Added +43.3k +43,309
22 Cetera Investment Advisers 0.46% of their portfolio SCHAUMBURG, IL 2,051,6862.1m $399.1m $399.1m 0.46% Reduced -61.9k -61,923
23 RAYMOND JAMES FINANCIAL INC 0.13% of their portfolio ST. PETERSBURG, FL 2,040,5752.0m $396.9m $396.9m 0.13% Added +62.2k +62,154
24 PARK AVENUE SECURITIES LLC 3.01% of their portfolio NEW YORK, NY 1,983,7492.0m $385.8m $385.8m 3.01% Reduced -481.2k -481,182
25 TWO SIGMA INVESTMENTS, LP 0.58% of their portfolio NEW YORK, NY 1,931,8001.9m $375.7m $375.7m 0.58% Added +964.5k +964,500
26 Envestnet Portfolio Solutions, Inc. 1.37% of their portfolio BERWYN, PA 1,905,4161.9m $370.6m $370.6m 1.37% Reduced -492.7k -492,664
27 ROYAL BANK OF CANADA 0.06% of their portfolio TORONTO, A6 1,835,8811.8m $357.1m $357.1m 0.06% Reduced -1.8m -1,795,625
28 Sanctuary Advisors, LLC 0.97% of their portfolio INDIANAPOLIS, IN 1,759,8261.8m $321.1m $321.1m 0.97% Added +810.5k +810,528
29 STIFEL FINANCIAL CORP 0.31% of their portfolio ST. LOUIS, MO 1,724,6351.7m $335.5m $335.5m 0.31% Reduced -53.1k -53,070
30 Haverford Trust Co 2.95% of their portfolio Radnor, PA 1,678,7351.7m $326.5m $326.5m 2.95% Added +67.5k +67,503
31 COMMONWEALTH EQUITY SERVICES, LLC 0.41% of their portfolio WALTHAM, MA 1,629,0121.6m $316.8m $316.8m 0.41% Reduced -356.0k -355,976
32 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.05% of their portfolio SAN FRANCISCO, CA 1,606,8541.6m $312.5m $312.5m 0.05% Reduced -66.8k -66,779
33 Janney Montgomery Scott LLC 0.62% of their portfolio PHILADELPHIA, PA 1,349,8911.3m $262.6m $262.6m 0.62% Reduced -218.8k -218,752
34 HighTower Advisors, LLC 0.30% of their portfolio CHICAGO, IL 1,338,4471.3m $260.3m $260.3m 0.30% Reduced -4.2k -4,205
35 SCS Capital Management LLC 2.64% of their portfolio BOSTON, MA 1,244,1231.2m $242.0m $242.0m 2.64% Reduced -302.7k -302,670
36 Bank of New York Mellon Corp 0.04% of their portfolio NEW YORK, NY 1,238,1031.2m $240.8m $240.8m 0.04% Reduced -355.2k -355,221
37 Wharton Business Group, LLC 0.13% of their portfolio MALVERN, PA 1,201,5041.2m $3.0m $3.0m 0.13% Reduced -10.0k -10,039
38 OSAIC HOLDINGS, INC. 0.30% of their portfolio SCOTTSDALE, AZ 1,136,4001.1m $216.9m $216.9m 0.30% Reduced -80.6k -80,552
39 MERCER GLOBAL ADVISORS INC /ADV 0.37% of their portfolio DENVER, CO 1,129,6981.1m $219.7m $219.7m 0.37% Reduced -126.1k -126,055
40 NewEdge Advisors, LLC 0.96% of their portfolio NEW ORLEANS, LA 1,090,9471.1m $212.2m $212.2m 0.96% Reduced -84.7k -84,717
41 Connecticut Wealth Management, LLC 9.02% of their portfolio FARMINGTON, CT 1,044,7621.0m $203.2m $203.2m 9.02% Reduced -16.0k -16,002
42 COLDSTREAM CAPITAL MANAGEMENT INC 2.74% of their portfolio BELLEVUE, WA 1,044,5461.0m $203.2m $203.2m 2.74% Added +595.0k +595,017
43 OneDigital Investment Advisors LLC 2.07% of their portfolio OVERLAND PARK, KS 1,034,4331.0m $201.2m $201.2m 2.07% Reduced -69.0k -68,962
44 Empirical Financial Services, LLC d.b.a. Empirical Wealth Management 3.86% of their portfolio Seattle, WA 985,960986.0k $191.8m $191.8m 3.86% Added +35.8k +35,778
45 Integrated Wealth Concepts LLC 1.66% of their portfolio WALTHAM, MA 953,726953.7k $185.5m $185.5m 1.66% Reduced -152.4k -152,351
46 Kestra Investment Management, LLC 4.60% of their portfolio AUSTIN, TX 880,946880.9k $171.3m $171.3m 4.60% Reduced -690.1k -690,116
47 Foundations Investment Advisors, LLC 2.34% of their portfolio PHOENIX, AZ 827,748827.7k $161.0m $161.0m 2.34% Reduced -25.9k -25,869
48 Bluespring Wealth Management, LLC 13.17% of their portfolio AUSTIN, TX 778,626778.6k $151.4m $151.4m 13.17% Added +3.3k +3,253
49 SYNOVUS FINANCIAL CORP 1.65% of their portfolio Columbus, GA 742,905742.9k $144.5m $144.5m 1.65% Added +2.2k +2,175
50 Foster Group, Inc. 4.28% of their portfolio WEST DES MOINES, IA 700,695700.7k $136.3m $136.3m 4.28% Added +13.6k +13,601
51 Merit Financial Group, LLC 1.25% of their portfolio ALPHARETTA, GA 697,503697.5k $135.7m $135.7m 1.25% Added +43.3k +43,346
52 JB Capital LLC 5.77% of their portfolio WETHERSFIELD, CT 687,705687.7k $133.8m $133.8m 5.77% Reduced -131.7k -131,667
53 Corient Private Wealth LP 0.20% of their portfolio MIAMI, FL 647,608647.6k $126.0m $126.0m 0.20% Added +5.2k +5,238
54 &PARTNERS 0.79% of their portfolio NASHVILLE, TN 635,580635.6k $123.5m $123.5m 0.79% Added +77.0k +77,002
55 Advocacy Wealth Management, LLC 5.27% of their portfolio ATLANTA, GA 624,740624.7k $121.5m $121.5m 5.27% Added +188.9k +188,895
56 Cambridge Investment Research Advisors, Inc. 0.31% of their portfolio FAIRFIELD, IA 589,533589.5k $114.7m $114.7m 0.31% Reduced -43.2k -43,236
57 D.A. DAVIDSON & CO. 0.73% of their portfolio GREAT FALLS, MT 584,713584.7k $113.7m $113.7m 0.73% Added +32.0k +31,968
58 Sage Mountain Advisors LLC 6.49% of their portfolio ATLANTA, GA 582,574582.6k $113.3m $113.3m 6.49% Added +6.5k +6,496
59 Dynasty Wealth Management, LLC 1.51% of their portfolio ST. PETERSBURG, FL 582,095582.1k $113.2m $113.2m 1.51% Added +90.2k +90,195
60 Fragasso Financial Advisors Inc 6.94% of their portfolio SEWICKLEY, PA 566,069566.1k $111.2m $111.2m 6.94% Added +9.0k +9,028
61 SAGESPRING WEALTH PARTNERS, LLC 1.58% of their portfolio FRANKLIN, TN 564,406564.4k $80.8m $80.8m 1.58% Added +171.4k +171,368
62 Savant Capital, LLC 0.66% of their portfolio ROCKFORD, IL 556,570556.6k $108.3m $108.3m 0.66% Reduced -1.9k -1,920
63 Obermeyer Wealth Partners 5.05% of their portfolio ASPEN, CO 554,127554.1k $107.8m $107.8m 5.05% Added +3.0k +2,957
64 Mariner, LLC 0.14% of their portfolio Overland Park, KS 551,883551.9k $107.3m $107.3m 0.14% Reduced -3.5k -3,499
65 Kestra Advisory Services, LLC 0.49% of their portfolio AUSTIN, TX 550,293550.3k $107.0m $107.0m 0.49% Added +15.7k +15,714
66 Caisse de depot et placement du Quebec 0.19% of their portfolio Montreal, A8 545,242545.2k $106.0m $106.0m 0.19% Added +204.7k +204,731
67 UNITED CAPITAL FINANCIAL ADVISORS, LLC 0.73% of their portfolio IRVING, TX 519,338519.3k $101.0m $101.0m 0.73% Reduced -107.6k -107,605
68 Modern Wealth Management, LLC 1.97% of their portfolio KANSAS CITY, MO 511,164511.2k $99.4m $99.4m 1.97% Added +190.5k +190,460
69 HOWARD FINANCIAL SERVICES, LTD. 12.02% of their portfolio DALLAS, TX 505,170505.2k $98.3m $98.3m 12.02% Added +8.2k +8,224
70 JOHNSON INVESTMENT COUNSEL INC 0.78% of their portfolio Cincinnati, OH 480,655480.7k $93.5m $93.5m 0.78% Added +6.4k +6,413
71 AE Wealth Management LLC 0.59% of their portfolio TOPEKA, KS 477,193477.2k $92.8m $92.8m 0.59% Added +3.4k +3,362
72 UMB Bank, n.a. 1.36% of their portfolio Kansas City, MO 474,088474.1k $92.2m $92.2m 1.36% Reduced -27.0k -27,014
73 Equitable Holdings, Inc. 0.67% of their portfolio NEW YORK, NY 470,753470.8k $91.6m $91.6m 0.67% Reduced -6.2k -6,197
74 Private Advisor Group, LLC 0.44% of their portfolio MORRISTOWN, NJ 464,570464.6k $90.4m $90.4m 0.44% Reduced -72.9k -72,919
75 Prime Capital Investment Advisors, LLC 1.13% of their portfolio OVERLAND PARK, KS 462,533462.5k $90.0m $90.0m 1.13% Reduced -2.1k -2,137
76 Thrivent Financial for Lutherans 0.17% of their portfolio Minneapolis, MN 454,367454.4k $88.4m $88.4m 0.17% Added +333.1k +333,133
77 SAX WEALTH ADVISORS, LLC 4.61% of their portfolio PARSIPPANY, NJ 440,423440.4k $85.7m $85.7m 4.61% Reduced -14.3k -14,281
78 Composition Wealth, LLC 1.26% of their portfolio LOS ANGELES, CA 432,034432.0k $84.0m $84.0m 1.26% Reduced -716.0k -715,980
79 PINNACLE ASSOCIATES LTD 1.11% of their portfolio NEW YORK, NY 428,191428.2k $83.3m $83.3m 1.11% Added +3.0k +2,971
80 Baker Avenue Asset Management, LP 1.94% of their portfolio SAN FRANCISCO, CA 417,374417.4k $81.2m $81.2m 1.94% Added +726 +726
81 CAPTRUST FINANCIAL ADVISORS 0.16% of their portfolio RALEIGH, NC 406,933406.9k $79.1m $79.1m 0.16% Reduced -2.5k -2,463
82 Valence8 US LP 26.58% of their portfolio Cambridge, MA 398,725398.7k $77.6m $77.6m 26.58% Added +409 +409
83 Clearstead Advisors, LLC 1.10% of their portfolio CLEVELAND, OH 388,991389.0k $75.7m $75.7m 1.10% Reduced -114.0k -113,951
84 Wilmington Savings Fund Society, FSB 1.81% of their portfolio WILMINGTON, DE 385,368385.4k $75.0m $75.0m 1.81% Added +1.3k +1,345
85 TIAA TRUST, NATIONAL ASSOCIATION 0.18% of their portfolio CHARLOTTE, NC 377,472377.5k $73.4m $73.4m 0.18% Reduced -57.2k -57,240
86 Cresset Asset Management, LLC 0.32% of their portfolio Chicago, IL 377,340377.3k $73.4m $73.4m 0.32% Reduced -1.9k -1,859
87 US BANCORP \DE\ 0.09% of their portfolio MINNEAPOLIS, MN 372,012372.0k $72.4m $72.4m 0.09% Reduced -42.9k -42,879
88 Unison Advisors LLC 6.55% of their portfolio PROVIDENCE, RI 368,830368.8k $71.7m $71.7m 6.55% Added +147.2k +147,221
89 CLIFTONLARSONALLEN WEALTH ADVISORS, LLC 1.09% of their portfolio MINNEAPOLIS, MN 354,955355.0k $69.0m $69.0m 1.09% Reduced -8.6k -8,580
90 NorthCoast Asset Management LLC 0.27% of their portfolio STAMFORD, CT 349,534349.5k $68.0m $68.0m 0.27% Added +3.9k +3,918
91 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.10% of their portfolio PLYMOUTH, MN 343,794343.8k $67.3m $67.3m 0.10% Reduced -3.2k -3,170
92 SACHEM HILL LLC 13.37% of their portfolio DENVER, CO 343,591343.6k $66.8m $66.8m 13.37% Reduced -12.6k -12,561
93 LANDAAS & CO /WI /ADV 14.58% of their portfolio MILWAUKEE, WI 329,817329.8k $64.2m $64.2m 14.58% Reduced -24.4k -24,415
94 JONES FINANCIAL COMPANIES LLLP 0.04% of their portfolio DES PERES, MO 329,218329.2k $63.4m $63.4m 0.04% Added +41.7k +41,655
95 Financial Advisors, LLC 11.17% of their portfolio ANDOVER, MA 324,192324.2k $63.1m $63.1m 11.17% Reduced -10.9k -10,900
96 Austin Private Wealth, LLC 4.81% of their portfolio Austin, TX 320,864320.9k $62.4m $62.4m 4.81% Reduced -89.3k -89,324
97 Steward Partners Investment Advisory, LLC 0.36% of their portfolio STAMFORD, CT 319,014319.0k $62.0m $62.0m 0.36% Reduced -6.6k -6,608
98 EASTERN BANK 1.10% of their portfolio BOSTON, MA 318,985319.0k $62.0m $62.0m 1.10% Added +5.5k +5,479
99 Horizon Investments, LLC 0.79% of their portfolio Charlotte, NC 310,003310.0k $60.3m $60.3m 0.79% Added +589 +589
100 Rockefeller Capital Management L.P. 0.11% of their portfolio NEW YORK, NY 291,099291.1k $56.6m $56.6m 0.11% Reduced -211.3k -211,275