Vault-13

ISHARES TR QUAL

MSCI USA QLT FCT · ETP · CUSIP 46432F339

1,632 institutional holders +111 vs Q3 2025
205,876,469205.9m shares reported held*
$40.8bnreported value*
82 new 452 added 738 reduced 77 sold out net sold ≈ $7.4bn (-37.1m 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 ($115.8m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $198.34. Options: 3 managers hold calls ($2.0m notional), 2 hold puts ($1.7m).

Trends to Q4 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: 1,521Q4 25: 1,6321,632Q3 22Q2 23Q1 24Q4 24Q4 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
Q4 20251,632

Buyers vs sellers

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

Bought or addedCut or sold out
1k01kQ1 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 25Q3 25: 580 bought or addedQ3 25: 770 cut or sold outQ4 25: 534 bought or addedQ4 25: 815 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 2024653488
Q2 2024722435
Q3 2024733459
Q4 2024717518
Q1 2025784558
Q2 2025780577
Q3 2025580770
Q4 2025534815

Calls vs puts

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

CallsPuts
$0$2m$4m$6mQ1 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 0.59Q4 25 calls: $2.0mQ4 25 puts: $1.7mQ4 25P/C 0.83
Numbers
QuarterCallsPutsP/C
Q1 2025$3.9m$1.1m0.29
Q2 2025$3.3m$2.5m0.78
Q3 2025$4.4m$2.6m0.59
Q4 2025$2.0m$1.7m0.83

Biggest buyers

FMR LLC Added +1,843,898+1.8m
GOLDMAN SACHS GROUP INC Added +888,773+888.8k
Empirical Financial Services, LLC d.b.a. Empirical Wealth Management Added +778,465+778.5k
Corient Private Wealth LP Added +681,733+681.7k
Facet Wealth, Inc. Added +259,414+259.4k
Focus Partners Wealth Added +240,881+240.9k
MERCER GLOBAL ADVISORS INC /ADV Added +239,680+239.7k
AlphaCore Capital LLC Added +179,715+179.7k
Kestra Advisory Services, LLC Added +177,291+177.3k
Ameritas Advisory Services, LLC Added +159,451+159.5k

Biggest sellers

ENVESTNET ASSET MANAGEMENT INC Reduced -9,366,263-9.4m
JPMORGAN CHASE & CO Reduced -8,312,760-8.3m
LPL Financial LLC Reduced -2,346,797-2.3m
TWO SIGMA INVESTMENTS, LP Reduced -1,523,000-1.5m
BlackRock, Inc. Reduced -1,234,739-1.2m
Sanctuary Advisors, LLC Reduced -1,192,036-1.2m
CWM, LLC Reduced -1,001,622-1.0m
PARK AVENUE SECURITIES LLC Reduced -898,596-898.6k
Envestnet Portfolio Solutions, Inc. Reduced -811,925-811.9k
BANK OF AMERICA CORP /DE/ Reduced -760,993-761.0k

Biggest calls

CITADEL ADVISORS LLC Reduced $1.4m7.1k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $417.1k2.1k shares
JANE STREET GROUP, LLC Reduced $218.5k1.1k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $993.1k5.0k shares
CITADEL ADVISORS LLC Added $715.0k3.6k 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, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 FMR LLC 0.18% of their portfolio BOSTON, MA 17,577,20217.6m $3.5bn $3.5bn 0.18% Added +1.8m +1,843,898
2 ENVESTNET ASSET MANAGEMENT INC 0.99% of their portfolio Berwyn, PA 16,736,08216.7m $3.3bn $3.3bn 0.99% Reduced -9.4m -9,366,263
3 LPL Financial LLC 0.88% of their portfolio FORT MILL, SC 16,176,10016.2m $3.2bn $3.2bn 0.88% Reduced -2.3m -2,346,797
4 MORGAN STANLEY 0.11% of their portfolio NEW YORK, NY 8,969,3609.0m $1.8bn $1.8bn 0.11% Reduced -614.5k -614,479
5 PNC Financial Services Group, Inc. 0.70% of their portfolio Pittsburgh, PA 6,445,5916.4m $1.3bn $1.3bn 0.70% Reduced -310.3k -310,262
6 BANK OF AMERICA CORP /DE/ 0.09% of their portfolio CHARLOTTE, NC 6,383,6706.4m $1.3bn $1.3bn 0.09% Reduced -761.0k -760,993
7 JPMORGAN CHASE & CO 0.06% of their portfolio NEW YORK, NY 4,451,0664.5m $884.1m $884.1m 0.06% Reduced -8.3m -8,312,760
8 WELLS FARGO & COMPANY/MN 0.16% of their portfolio SAN FRANCISCO, CA 4,118,6934.1m $818.1m $818.1m 0.16% Reduced -183.8k -183,820
9 AMERIPRISE FINANCIAL INC 0.18% of their portfolio MINNEAPOLIS, MN 3,955,6374.0m $785.4m $785.4m 0.18% Reduced -608.7k -608,682
10 UBS Group AG 0.15% of their portfolio ZURICH, V8 3,718,0623.7m $738.5m $738.5m 0.15% Reduced -192.2k -192,183
11 Cerity Partners LLC 1.02% of their portfolio NEW YORK, NY 3,527,6903.5m $700.9m $700.9m 1.02% Reduced -181.3k -181,327
12 M&T Bank Corp 1.99% of their portfolio BUFFALO, NY 3,114,8183.1m $618.7m $618.7m 1.99% Reduced -66.2k -66,160
13 BlackRock, Inc. 0.01% of their portfolio New York, NY 3,105,4593.1m $616.8m $616.8m 0.01% Reduced -1.2m -1,234,739
14 Orgel Wealth Management, LLC 13.37% of their portfolio ALTOONA, WI 3,050,5533.1m $605.9m $605.9m 13.37% Added +45.0k +44,952
15 Facet Wealth, Inc. 10.44% of their portfolio WEST PALM BEACH, FL 2,888,1002.9m $590.0m $590.0m 10.44% Added +259.4k +259,414
16 Blue Trust, Inc. 6.06% of their portfolio BRENTWOOD, TN 2,701,7542.7m $536.6m $536.6m 6.06% Reduced -36.2k -36,165
17 KEYBANK NATIONAL ASSOCIATION/OH 1.89% of their portfolio BROOKLYN, OH 2,660,8112.7m $528.5m $528.5m 1.89% Reduced -208.1k -208,071
18 Focus Partners Wealth 0.54% of their portfolio ST LOUIS, MO 2,386,9562.4m $474.1m $474.1m 0.54% Added +240.9k +240,881
19 CWM, LLC 1.21% of their portfolio OMAHA, NE 2,245,9282.2m $446.1m $446.1m 1.21% Reduced -1.0m -1,001,622
20 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.25% of their portfolio MILWAUKEE, WI 1,988,0662.0m $394.9m $394.9m 0.25% Reduced -263.1k -263,124
21 RAYMOND JAMES FINANCIAL INC 0.12% of their portfolio ST. PETERSBURG, FL 1,969,4792.0m $391.2m $391.2m 0.12% Reduced -71.1k -71,096
22 MML INVESTORS SERVICES, LLC 0.90% of their portfolio SPRINGFIELD, MA 1,850,6691.9m $367.6m $367.6m 0.90% Reduced -643.9k -643,912
23 Empirical Financial Services, LLC d.b.a. Empirical Wealth Management 6.29% of their portfolio Seattle, WA 1,764,4251.8m $350.5m $350.5m 6.29% Added +778.5k +778,465
24 ROYAL BANK OF CANADA 0.06% of their portfolio TORONTO, A6 1,727,4631.7m $343.1m $343.1m 0.06% Reduced -108.4k -108,418
25 Haverford Trust Co 3.05% of their portfolio Radnor, PA 1,720,2751.7m $341.7m $341.7m 3.05% Added +41.5k +41,540
26 STIFEL FINANCIAL CORP 0.28% of their portfolio ST. LOUIS, MO 1,592,7721.6m $316.4m $316.4m 0.28% Reduced -131.9k -131,863
27 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.05% of their portfolio SAN FRANCISCO, CA 1,554,5161.6m $308.8m $308.8m 0.05% Reduced -52.3k -52,338
28 Cetera Investment Advisers 0.33% of their portfolio SCHAUMBURG, IL 1,530,3031.5m $303.9m $303.9m 0.33% Reduced -521.4k -521,383
29 MERCER GLOBAL ADVISORS INC /ADV 0.34% of their portfolio DENVER, CO 1,369,3781.4m $221.1m $221.1m 0.34% Added +239.7k +239,680
30 COMMONWEALTH EQUITY SERVICES, LLC 0.36% of their portfolio WALTHAM, MA 1,355,3271.4m $269.2m $269.2m 0.36% Reduced -273.7k -273,685
31 Corient Private Wealth LP 0.18% of their portfolio MIAMI, FL 1,329,3411.3m $264.0m $264.0m 0.18% Added +681.7k +681,733
32 HighTower Advisors, LLC 0.28% of their portfolio CHICAGO, IL 1,300,7531.3m $258.4m $258.4m 0.28% Reduced -37.7k -37,694
33 Wharton Business Group, LLC 9.08% of their portfolio MALVERN, PA 1,202,2741.2m $238.8m $238.8m 9.08% Added +770 +770
34 GOLDMAN SACHS GROUP INC 0.03% of their portfolio NEW YORK, NY 1,108,9641.1m $220.3m $220.3m 0.03% Added +888.8k +888,773
35 Envestnet Portfolio Solutions, Inc. 0.76% of their portfolio BERWYN, PA 1,093,4911.1m $217.2m $217.2m 0.76% Reduced -811.9k -811,925
36 PARK AVENUE SECURITIES LLC 1.83% of their portfolio NEW YORK, NY 1,085,1531.1m $215.5m $215.5m 1.83% Reduced -898.6k -898,596
37 COLDSTREAM CAPITAL MANAGEMENT INC 2.76% of their portfolio BELLEVUE, WA 1,076,8301.1m $213.9m $213.9m 2.76% Added +32.3k +32,284
38 Connecticut Wealth Management, LLC 8.84% of their portfolio FARMINGTON, CT 1,023,7871.0m $203.3m $203.3m 8.84% Reduced -21.0k -20,975
39 OSAIC HOLDINGS, INC. 0.25% of their portfolio SCOTTSDALE, AZ 867,313867.3k $172.4m $172.4m 0.25% Reduced -269.1k -269,087
40 Janney Montgomery Scott LLC 0.39% of their portfolio PHILADELPHIA, PA 846,687846.7k $168.2m $168.2m 0.39% Reduced -503.2k -503,204
41 SCS Capital Management LLC 1.76% of their portfolio BOSTON, MA 837,390837.4k $166.3m $166.3m 1.76% Reduced -406.7k -406,733
42 Kestra Investment Management, LLC 3.98% of their portfolio AUSTIN, TX 818,786818.8k $162.6m $162.6m 3.98% Reduced -62.2k -62,160
43 Bank of New York Mellon Corp 0.03% of their portfolio NEW YORK, NY 785,766785.8k $156.1m $156.1m 0.03% Reduced -452.3k -452,337
44 Bluespring Wealth Management, LLC 12.98% of their portfolio AUSTIN, TX 758,836758.8k $150.7m $150.7m 12.98% Reduced -19.8k -19,790
45 Kestra Advisory Services, LLC 0.60% of their portfolio AUSTIN, TX 727,584727.6k $144.5m $144.5m 0.60% Added +177.3k +177,291
46 Foster Group, Inc. 4.32% of their portfolio WEST DES MOINES, IA 719,725719.7k $143.0m $143.0m 4.32% Added +19.0k +19,030
47 NewEdge Advisors, LLC 0.51% of their portfolio NEW ORLEANS, LA 714,153714.2k $141.8m $141.8m 0.51% Reduced -376.8k -376,794
48 Mariner, LLC 0.16% of their portfolio Overland Park, KS 687,099687.1k $136.5m $136.5m 0.16% Added +135.2k +135,216
49 OneDigital Investment Advisors LLC 1.27% of their portfolio OVERLAND PARK, KS 650,190650.2k $129.1m $129.1m 1.27% Reduced -384.2k -384,243
50 &PARTNERS 0.63% of their portfolio NASHVILLE, TN 609,636609.6k $121.1m $121.1m 0.63% Reduced -25.9k -25,944
51 D.A. DAVIDSON & CO. 0.73% of their portfolio GREAT FALLS, MT 599,698599.7k $119.1m $119.1m 0.73% Added +15.0k +14,985
52 Modern Wealth Management, LLC 2.10% of their portfolio KANSAS CITY, MO 580,779580.8k $115.4m $115.4m 2.10% Added +69.6k +69,615
53 UNITED CAPITAL FINANCIAL ADVISORS, LLC 0.70% of their portfolio IRVING, TX 580,624580.6k $115.3m $115.3m 0.70% Added +61.3k +61,286
54 Sanctuary Advisors, LLC 0.62% of their portfolio INDIANAPOLIS, IN 567,790567.8k $112.8m $112.8m 0.62% Reduced -1.2m -1,192,036
55 Sage Mountain Advisors LLC 5.92% of their portfolio ATLANTA, GA 561,990562.0k $111.6m $111.6m 5.92% Reduced -20.6k -20,584
56 Obermeyer Wealth Partners 4.98% of their portfolio ASPEN, CO 548,575548.6k $109.0m $109.0m 4.98% Reduced -5.6k -5,552
57 Savant Capital, LLC 0.62% of their portfolio ROCKFORD, IL 548,003548.0k $108.8m $108.8m 0.62% Reduced -8.6k -8,567
58 Foundations Investment Advisors, LLC 1.40% of their portfolio PHOENIX, AZ 536,023536.0k $106.5m $106.5m 1.40% Reduced -291.7k -291,725
59 Fragasso Financial Advisors Inc 6.43% of their portfolio SEWICKLEY, PA 534,840534.8k $106.2m $106.2m 6.43% Reduced -31.2k -31,229
60 Integrated Wealth Concepts LLC 1.24% of their portfolio WALTHAM, MA 524,607524.6k $104.2m $104.2m 1.24% Reduced -429.1k -429,119
61 Cambridge Investment Research Advisors, Inc. 0.27% of their portfolio FAIRFIELD, IA 508,907508.9k $101.1m $101.1m 0.27% Reduced -80.6k -80,626
62 HOWARD FINANCIAL SERVICES, LTD. 11.79% of their portfolio DALLAS, TX 507,751507.8k $100.8m $100.8m 11.79% Added +2.6k +2,581
63 JOHNSON INVESTMENT COUNSEL INC 0.79% of their portfolio Cincinnati, OH 488,614488.6k $97.0m $97.0m 0.79% Added +8.0k +7,959
64 Prime Capital Investment Advisors, LLC 1.17% of their portfolio OVERLAND PARK, KS 483,014483.0k $95.9m $95.9m 1.17% Added +20.5k +20,481
65 Merit Financial Group, LLC 0.74% of their portfolio ALPHARETTA, GA 465,944465.9k $92.5m $92.5m 0.74% Reduced -231.6k -231,559
66 SAX WEALTH ADVISORS, LLC 4.33% of their portfolio PARSIPPANY, NJ 463,270463.3k $92.0m $92.0m 4.33% Added +22.8k +22,847
67 Equitable Holdings, Inc. 0.62% of their portfolio NEW YORK, NY 458,517458.5k $91.1m $91.1m 0.62% Reduced -12.2k -12,236
68 Advocacy Wealth Management, LLC 3.76% of their portfolio ATLANTA, GA 452,605452.6k $89.9m $89.9m 3.76% Reduced -172.1k -172,135
69 PINNACLE ASSOCIATES LTD 1.09% of their portfolio NEW YORK, NY 427,145427.1k $84.8m $84.8m 1.09% Reduced -1.0k -1,046
70 Baker Avenue Asset Management, LP 1.93% of their portfolio SAN FRANCISCO, CA 420,537420.5k $83.5m $83.5m 1.93% Added +3.2k +3,163
71 Composition Wealth, LLC 1.17% of their portfolio LOS ANGELES, CA 409,551409.6k $81.3m $81.3m 1.17% Reduced -22.5k -22,483
72 TWO SIGMA INVESTMENTS, LP 0.12% of their portfolio NEW YORK, NY 408,800408.8k $81.2m $81.2m 0.12% Reduced -1.5m -1,523,000
73 CAPTRUST FINANCIAL ADVISORS 0.15% of their portfolio RALEIGH, NC 403,748403.7k $80.2m $80.2m 0.15% Reduced -3.2k -3,185
74 Private Advisor Group, LLC 0.37% of their portfolio MORRISTOWN, NJ 400,404400.4k $79.5m $79.5m 0.37% Reduced -64.2k -64,166
75 Rockefeller Capital Management L.P. 0.14% of their portfolio NEW YORK, NY 396,165396.2k $78.7m $78.7m 0.14% Added +105.1k +105,066
76 Wilmington Savings Fund Society, FSB 1.82% of their portfolio WILMINGTON, DE 390,162390.2k $77.5m $77.5m 1.82% Added +4.8k +4,794
77 Clearstead Advisors, LLC 0.96% of their portfolio CLEVELAND, OH 384,909384.9k $76.5m $76.5m 0.96% Reduced -4.1k -4,082
78 Cresset Asset Management, LLC 0.32% of their portfolio Chicago, IL 375,852375.9k $74.7m $74.7m 0.32% Reduced -1.5k -1,488
79 Unison Advisors LLC 6.48% of their portfolio PROVIDENCE, RI 373,248373.2k $74.1m $74.1m 6.48% Added +4.4k +4,418
80 Valence8 US LP 21.37% of their portfolio Cambridge, MA 363,103363.1k $72.1m $72.1m 21.37% Reduced -35.6k -35,622
81 JB Capital LLC 2.91% of their portfolio WETHERSFIELD, CT 359,243359.2k $71.4m $71.4m 2.91% Reduced -328.5k -328,462
82 JONES FINANCIAL COMPANIES LLLP 0.04% of their portfolio DES PERES, MO 357,323357.3k $71.0m $71.0m 0.04% Added +28.1k +28,105
83 SACHEM HILL LLC 13.41% of their portfolio DENVER, CO 347,402347.4k $69.0m $69.0m 13.41% Added +3.8k +3,811
84 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.09% of their portfolio PLYMOUTH, MN 344,822344.8k $70.0m $70.0m 0.09% Added +1.0k +1,028
85 AE Wealth Management LLC 0.37% of their portfolio TOPEKA, KS 324,486324.5k $64.4m $64.4m 0.37% Reduced -152.7k -152,707
86 True Link Financial Advisors, LLC 3.86% of their portfolio SAN FRANCISCO, CA 320,084320.1k $63.6m $63.6m 3.86% Added +158.1k +158,143
87 TIAA TRUST, NATIONAL ASSOCIATION 0.15% of their portfolio CHARLOTTE, NC 317,375317.4k $63.0m $63.0m 0.15% Reduced -60.1k -60,097
88 CLIFTONLARSONALLEN WEALTH ADVISORS, LLC 0.95% of their portfolio MINNEAPOLIS, MN 316,479316.5k $62.9m $62.9m 0.95% Reduced -38.5k -38,476
89 LANDAAS & CO /WI /ADV 13.62% of their portfolio MILWAUKEE, WI 311,714311.7k $61.9m $61.9m 13.62% Reduced -18.1k -18,103
90 Horizon Investments, LLC 0.76% of their portfolio Charlotte, NC 303,700303.7k $60.3m $60.3m 0.76% Reduced -6.3k -6,303
91 Steward Partners Investment Advisory, LLC 0.31% of their portfolio STAMFORD, CT 288,830288.8k $57.4m $57.4m 0.31% Reduced -30.2k -30,184
92 Strategies Wealth Advisors, LLC 5.71% of their portfolio GRAND RAPIDS, MI 286,783286.8k $57.0m $57.0m 5.71% Added +14.5k +14,516
93 Baron Wealth Management LLC 17.42% of their portfolio TROY, MI 284,589284.6k $56.5m $56.5m 17.42% Added +550 +550
94 Provida Pension Fund Administrator 0.97% of their portfolio LAS CONDES, SANTIAGO, F3 282,033282.0k $56.0m $56.0m 0.97% Added +72.9k +72,885
95 Pinnacle Wealth Management Advisory Group, LLC 3.85% of their portfolio RED BANK, NJ 281,667281.7k $55.9m $55.9m 3.85% Added +240 +240
96 US BANCORP \DE\ 0.07% of their portfolio MINNEAPOLIS, MN 279,559279.6k $55.5m $55.5m 0.07% Reduced -92.5k -92,453
97 Prosperity Consulting Group, LLC 2.36% of their portfolio OWINGS MILLS, MD 263,654263.7k $52.4m $52.4m 2.36% Added +49.1k +49,140
98 Thrivent Financial for Lutherans 0.09% of their portfolio Minneapolis, MN 263,128263.1k $52.6m $52.6m 0.09% Reduced -191.2k -191,239
99 Apollon Wealth Management, LLC 0.90% of their portfolio MOUNT PLEASANT, SC 261,259261.3k $51.9m $51.9m 0.90% Reduced -8.2k -8,162
100 ALLIANCEBERNSTEIN L.P. 0.02% of their portfolio NASHVILLE, TN 251,788251.8k $50.0m $50.0m 0.02% Reduced -17.8k -17,834