Vault-13

ISHARES TR VLUE

MSCI USA VALUE · ETP · CUSIP 46432F388

555 institutional holders +80 vs Q4 2025
54,344,62554.3m shares reported held*
$7.7bnreported value*
116 new 185 added 144 reduced 37 sold out net bought ≈ $657.4m (+4.6m 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 ($10.0m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $142.12. Options: 0 managers hold calls (— notional), 2 hold puts ($398.1k).

Trends to Q1 2026

Institutional holders

Managers reporting a position, each quarter

0200400600Q3 22: 468Q4 22: 468Q1 23: 445Q2 23: 432Q3 23: 416Q4 23: 435Q1 24: 421Q2 24: 406Q3 24: 403Q4 24: 425Q1 25: 423Q2 25: 422Q3 25: 434Q4 25: 475Q1 26: 555555Q3 22Q3 23Q3 24Q3 25Q1 26
Numbers
QuarterHolders
Q3 2022468
Q4 2022468
Q1 2023445
Q2 2023432
Q3 2023416
Q4 2023435
Q1 2024421
Q2 2024406
Q3 2024403
Q4 2024425
Q1 2025423
Q2 2025422
Q3 2025434
Q4 2025475
Q1 2026555

Buyers vs sellers

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

Bought or addedCut or sold out
4000400Q2 24: 146 bought or addedQ2 24: 219 cut or sold outQ3 24: 132 bought or addedQ3 24: 208 cut or sold outQ3 24Q4 24: 152 bought or addedQ4 24: 182 cut or sold outQ1 25: 151 bought or addedQ1 25: 205 cut or sold outQ1 25Q2 25: 150 bought or addedQ2 25: 207 cut or sold outQ3 25: 170 bought or addedQ3 25: 193 cut or sold outQ3 25Q4 25: 195 bought or addedQ4 25: 198 cut or sold outQ1 26: 301 bought or addedQ1 26: 181 cut or sold outQ1 26
Numbers
QuarterBought or addedCut or sold out
Q2 2024146219
Q3 2024132208
Q4 2024152182
Q1 2025151205
Q2 2025150207
Q3 2025170193
Q4 2025195198
Q1 2026301181

Calls vs puts

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

CallsPuts
$0$100k$200k$300k$400kQ2 25 calls: $0Q2 25 puts: $0Q2 25P/C —Q3 25 calls: $0Q3 25 puts: $0Q3 25P/C —Q4 25 calls: $0Q4 25 puts: $0Q4 25P/C —Q1 26 calls: $0Q1 26 puts: $398.1kQ1 26P/C —
Numbers
QuarterCallsPutsP/C
Q2 2025$0$0—
Q3 2025$0$0—
Q4 2025$0$0—
Q1 2026$0$398.1k—

Biggest buyers

ENVESTNET ASSET MANAGEMENT INC Added +1,155,585+1.2m
LPL Financial LLC Added +401,188+401.2k
MASON STREET ADVISORS, LLC New +288,200+288.2k
NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Added +281,619+281.6k
MAINSTAY CAPITAL MANAGEMENT LLC /ADV New +267,154+267.2k
WELLS FARGO & COMPANY/MN Added +264,969+265.0k
JPMORGAN CHASE & CO Added +253,654+253.7k
MML INVESTORS SERVICES, LLC Added +250,800+250.8k
Qube Research & Technologies Ltd Added +154,720+154.7k
Insight Wealth Strategies, LLC Added +153,389+153.4k

Biggest sellers

Caisse de depot et placement du Quebec Sold out -417,950-417.9k
STATE OF MICHIGAN RETIREMENT SYSTEM Reduced -167,900-167.9k
Matson Money. Inc. Reduced -145,603-145.6k
CIBC WORLD MARKET INC. Reduced -100,940-100.9k
Avidian Wealth Enterprises, LLC Reduced -80,860-80.9k
INTRUST BANK NA Reduced -68,933-68.9k
FISCHER INVESTMENT STRATEGIES, LLC Reduced -49,743-49.7k
Mason Investment Advisory Services, Inc. Reduced -48,186-48.2k
MERCER GLOBAL ADVISORS INC /ADV Reduced -46,582-46.6k
GOLDMAN SACHS GROUP INC Reduced -43,000-43.0k

Biggest calls

None

Biggest puts

CITADEL ADVISORS LLC New $213.3k1.5k shares
Belvedere Trading LLC New $184.8k1.3k 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.

Holders, Q1 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 2.02% of their portfolio MILWAUKEE, WI 23,028,16323.0m $3.3bn $3.3bn 2.02% Added +281.6k +281,619
2 Mason Investment Advisory Services, Inc. 30.50% of their portfolio RESTON, VA 4,644,8854.6m $660.5m $660.5m 30.50% Reduced -48.2k -48,186
3 Matson Money. Inc. 10.71% of their portfolio MASON, OH 2,455,6582.5m $349.2m $349.2m 10.71% Reduced -145.6k -145,603
4 BANK OF AMERICA CORP /DE/ 0.02% of their portfolio CHARLOTTE, NC 1,612,2861.6m $229.3m $229.3m 0.02% Added +5.6k +5,584
5 BlackRock, Inc. 0.00% of their portfolio New York, NY 1,554,1091.6m $221.0m $221.0m 0.00% Added +148.5k +148,530
6 ENVESTNET ASSET MANAGEMENT INC 0.05% of their portfolio Berwyn, PA 1,286,3191.3m $182.9m $182.9m 0.05% Added +1.2m +1,155,585
7 MERCER GLOBAL ADVISORS INC /ADV 0.25% of their portfolio DENVER, CO 1,182,2491.2m $168.1m $168.1m 0.25% Reduced -46.6k -46,582
8 Wharton Business Group, LLC 6.20% of their portfolio MALVERN, PA 1,153,4721.2m $164.0m $164.0m 6.20% Reduced -42.7k -42,680
9 LPL Financial LLC 0.04% of their portfolio FORT MILL, SC 939,359939.4k $133.6m $133.6m 0.04% Added +401.2k +401,188
10 MORGAN STANLEY 0.01% of their portfolio NEW YORK, NY 927,084927.1k $131.8m $131.8m 0.01% Added +86.6k +86,611
11 FMR LLC 0.01% of their portfolio BOSTON, MA 721,493721.5k $102.6m $102.6m 0.01% Added +113.8k +113,846
12 JPMORGAN CHASE & CO 0.01% of their portfolio NEW YORK, NY 667,457667.5k $92.4m $92.4m 0.01% Added +253.7k +253,654
13 WELLS FARGO & COMPANY/MN 0.02% of their portfolio SAN FRANCISCO, CA 618,258618.3k $87.9m $87.9m 0.02% Added +265.0k +264,969
14 PNC Financial Services Group, Inc. 0.05% of their portfolio Pittsburgh, PA 558,535558.5k $79.4m $79.4m 0.05% Added +8.3k +8,335
15 Provida Pension Fund Administrator 1.27% of their portfolio LAS CONDES, SANTIAGO, F3 531,070531.1k $75.5m $75.5m 1.27% Not comparable
16 Kathmere Capital Management, LLC 4.05% of their portfolio WAYNE, PA 459,887459.9k $65.4m $65.4m 4.05% Reduced -4.3k -4,291
17 Janney Montgomery Scott LLC 0.16% of their portfolio PHILADELPHIA, PA 447,061447.1k $63.6m $63.6m 0.16% Added +107.1k +107,102
18 UBS Group AG 0.01% of their portfolio ZURICH, V8 349,243349.2k $49.7m $49.7m 0.01% Reduced -12.7k -12,681
19 Focus Partners Wealth 0.05% of their portfolio ST LOUIS, MO 331,680331.7k $47.2m $47.2m 0.05% Added +2.7k +2,719
20 M&T Bank Corp 0.15% of their portfolio BUFFALO, NY 313,443313.4k $44.6m $44.6m 0.15% Reduced -13.9k -13,872
21 MML INVESTORS SERVICES, LLC 0.12% of their portfolio SPRINGFIELD, MA 309,025309.0k $43.9m $43.9m 0.12% Added +250.8k +250,800
22 ROYAL BANK OF CANADA 0.01% of their portfolio TORONTO, A6 305,941305.9k $43.5m $43.5m 0.01% Added +131.5k +131,527
23 Marks Wealth, LLC 11.41% of their portfolio ELLICOTT CITY, MD 305,035305.0k $43.4m $43.4m 11.41% Added +52.3k +52,253
24 CWM, LLC 0.11% of their portfolio OMAHA, NE 289,852289.9k $41.2m $41.2m 0.11% Added +57.6k +57,598
25 MASON STREET ADVISORS, LLC 4.01% of their portfolio MILWAUKEE, WI 288,200288.2k $41.0m $41.0m 4.01% New
26 STATE OF MICHIGAN RETIREMENT SYSTEM 0.21% of their portfolio EAST LANSING, MI 279,800279.8k $39.8m $39.8m 0.21% Reduced -167.9k -167,900
27 MAINSTAY CAPITAL MANAGEMENT LLC /ADV 2.93% of their portfolio GRAND BLANC, MI 267,154267.2k $38.0m $38.0m 2.93% New
28 AMERIPRISE FINANCIAL INC 0.01% of their portfolio MINNEAPOLIS, MN 260,534260.5k $37.0m $37.0m 0.01% Added +63.7k +63,709
29 RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio ST. PETERSBURG, FL 243,975244.0k $34.7m $34.7m 0.01% Added +17.5k +17,484
30 Mullooly Asset Management, Inc. 12.79% of their portfolio WALL TOWNSHIP, NJ 243,736243.7k $34.7m $34.7m 12.79% Reduced -6.2k -6,153
31 Stonehearth Capital Management, LLC 13.32% of their portfolio DANVERS, MA 236,423236.4k $33.6m $33.6m 13.32% Reduced -17.9k -17,855
32 PRUDENTIAL PLC 0.24% of their portfolio LONDON, X0 223,800223.8k $31.8m $31.8m 0.24% Added +103.8k +103,800
33 One Capital Management, LLC 0.86% of their portfolio WESTLAKE VILLAGE, CA 220,580220.6k $31.4m $31.4m 0.86% Added +141.0k +140,970
34 Cetera Investment Advisers 0.03% of their portfolio SCHAUMBURG, IL 194,434194.4k $27.6m $27.6m 0.03% Added +90.9k +90,872
35 Meridian Wealth Partners, LLC 3.63% of their portfolio EXTON, PA 186,234186.2k $26.5m $26.5m 3.63% Added +2.5k +2,535
36 INTRUST BANK NA 2.02% of their portfolio WICHITA, KS 174,527174.5k $24.8m $24.8m 2.02% Reduced -68.9k -68,933
37 Elk River Wealth Management LLC 4.04% of their portfolio DENVER, CO 171,232171.2k $24.3m $24.3m 4.04% Reduced -715 -715
38 Insight Wealth Strategies, LLC 2.46% of their portfolio SAN RAMON, CA 154,871154.9k $22.0m $22.0m 2.46% Added +153.4k +153,389
39 Qube Research & Technologies Ltd 0.03% of their portfolio LONDON, X0 154,854154.9k $22.0m $22.0m 0.03% Added +154.7k +154,720
40 TUDOR INVESTMENT CORP ET AL 0.12% of their portfolio STAMFORD, CT 153,176153.2k $21.8m $21.8m 0.12% Added +150.4k +150,418
41 COMMONWEALTH EQUITY SERVICES, LLC 0.03% of their portfolio WALTHAM, MA 147,971148.0k $21.0m $21.0m 0.03% Reduced -8.5k -8,540
42 OSAIC HOLDINGS, INC. 0.03% of their portfolio SCOTTSDALE, AZ 142,306142.3k $20.2m $20.2m 0.03% Reduced -3.5k -3,498
43 Foster Group, Inc. 0.58% of their portfolio WEST DES MOINES, IA 136,913136.9k $19.5m $19.5m 0.58% Reduced -84 -84
44 Lido Advisors, LLC 0.07% of their portfolio Los Angeles, CA 132,336132.3k $18.8m $18.8m 0.07% Reduced -24.8k -24,814
45 Addison Advisors LLC 3.61% of their portfolio MIDDLEBURY, VT 114,845114.8k $16.3m $16.3m 3.61% Reduced -1 -1
46 Integrated Wealth Concepts LLC 0.13% of their portfolio WALTHAM, MA 113,615113.6k $16.2m $16.2m 0.13% Added +47.9k +47,900
47 JONES FINANCIAL COMPANIES LLLP 0.01% of their portfolio DES PERES, MO 108,157108.2k $15.3m $15.3m 0.01% Added +51.0k +50,974
48 Erste Asset Management GmbH 0.13% of their portfolio VIENNA, C4 103,400103.4k $14.3m $14.3m 0.13% Unchanged
49 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 97,49797.5k $13.9m $13.9m 0.00% Reduced -43.0k -43,000
50 Cresset Asset Management, LLC 0.06% of their portfolio Chicago, IL 90,52990.5k $12.9m $12.9m 0.06% Reduced -6.1k -6,072
51 SIGNATUREFD, LLC 0.18% of their portfolio ATLANTA, GA 80,77180.8k $11.5m $11.5m 0.18% Reduced -260 -260
52 EFG International AG 0.24% of their portfolio Zurich, V8 77,78777.8k $11.1m $11.1m 0.24% Reduced -466 -466
53 LIFE LINE WEALTH MANAGEMENT LLC 4.87% of their portfolio Beverly Hills, CA 76,73376.7k $10.9m $10.9m 4.87% New
54 Bleakley Financial Group, LLC 0.17% of their portfolio PARSIPPANY, NJ 75,23175.2k $10.7m $10.7m 0.17% Added +59.2k +59,172
55 PARK AVENUE SECURITIES LLC 0.08% of their portfolio NEW YORK, NY 72,72472.7k $10.3m $10.3m 0.08% Added +68.5k +68,503
56 TRB Wealth Management, LLC 1.46% of their portfolio HOUSTON, TX 72,47472.5k $10.3m $10.3m 1.46% First filing
57 HighTower Advisors, LLC 0.01% of their portfolio CHICAGO, IL 70,76270.8k $10.1m $10.1m 0.01% Added +10.0k +9,960
58 Focus Partners Advisor Solutions, LLC 0.10% of their portfolio SAINT LOUIS, MO 67,05167.1k $9.5m $9.5m 0.10% Added +1.7k +1,741
59 FIRST FINANCIAL BANK - TRUST DIVISION 0.76% of their portfolio HAMILTON, OH 66,48966.5k $9.5m $9.5m 0.76% Added +2.9k +2,915
60 Avidian Wealth Enterprises, LLC 0.29% of their portfolio Houston, TX 65,09165.1k $9.3m $9.3m 0.29% Reduced -80.9k -80,860
61 Redhawk Wealth Advisors, Inc. 1.01% of their portfolio MINNEAPOLIS, MN 64,39464.4k $9.2m $9.2m 1.01% New
62 Cerro Pacific Wealth Advisors LLC 2.37% of their portfolio San Luis Obispo, CA 63,66963.7k $9.1m $9.1m 2.37% Reduced -8.4k -8,361
63 CFO4Life Group, LLC 1.37% of their portfolio COPPELL, TX 63,28163.3k $9.0m $9.0m 1.37% Reduced -1.5k -1,452
64 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 61,77161.8k $8.8m $8.8m 0.00% Reduced -394 -394
65 OneDigital Investment Advisors LLC 0.09% of their portfolio OVERLAND PARK, KS 61,19961.2k $8.7m $8.7m 0.09% Added +25.0k +25,048
66 D. E. Shaw & Co., Inc. 0.01% of their portfolio New York, NY 61,04361.0k $8.7m $8.7m 0.01% New
67 Cerity Partners LLC 0.01% of their portfolio NEW YORK, NY 57,42357.4k $8.2m $8.2m 0.01% Reduced -3.0k -3,031
68 SYNTAX RESEARCH, INC. 5.13% of their portfolio BOCA RATON, FL 56,73556.7k $8.1m $8.1m 5.13% Reduced -4.8k -4,826
69 Dorsey Wright & Associates 1.00% of their portfolio PASADENA, CA 56,55156.6k $8.0m $8.0m 1.00% New
70 IFP Advisors, Inc 0.15% of their portfolio TAMPA, FL 51,32051.3k $7.3m $7.3m 0.15% Added +9.1k +9,064
71 Steward Partners Investment Advisory, LLC 0.04% of their portfolio STAMFORD, CT 51,02651.0k $7.3m $7.3m 0.04% Reduced -7.5k -7,471
72 Cambridge Investment Research Advisors, Inc. 0.02% of their portfolio FAIRFIELD, IA 50,58250.6k $7.2m $7.2m 0.02% Added +7.1k +7,112
73 Thrivent Financial for Lutherans 0.01% of their portfolio Minneapolis, MN 50,12950.1k $7.1m $7.1m 0.01% Added +39.3k +39,326
74 Tactive Advisors, LLC 2.00% of their portfolio Jacksonville, FL 49,86049.9k $7.1m $7.1m 2.00% Reduced -5.5k -5,498
75 NOMURA ASSET MANAGEMENT CO LTD 0.02% of their portfolio TOKYO, M0 46,75546.8k $6.6m $6.6m 0.02% Added +21.3k +21,300
76 Point72 Asset Management, L.P. 0.01% of their portfolio STAMFORD, CT 45,77445.8k $6.5m $6.5m 0.01% Added +37.0k +36,979
77 Aptus Capital Advisors, LLC 0.05% of their portfolio FAIRHOPE, AL 45,41445.4k $6.5m $6.5m 0.05% Added +161 +161
78 ANDERSON HOAGLAND & CO 0.55% of their portfolio ST LOUIS, MO 44,73844.7k $6.4m $6.4m 0.55% Reduced -933 -933
79 WADDELL & ASSOCIATES, LLC 0.34% of their portfolio MEMPHIS, TN 42,51142.5k $6.0m $6.0m 0.34% Added +828 +828
80 Mariner, LLC 0.01% of their portfolio Overland Park, KS 41,39941.4k $5.9m $5.9m 0.01% Added +4.4k +4,352
81 Parallel Advisors, LLC 0.10% of their portfolio SAN FRANCISCO, CA 40,57840.6k $5.8m $5.8m 0.10% Reduced -763 -763
82 LCW Services, LLC 2.85% of their portfolio VIRGINIA BEACH, VA 40,31340.3k $5.7m $5.7m 2.85% Reduced -626 -626
83 Well Done, LLC 0.83% of their portfolio HOLLAND, MI 39,52039.5k $5.6m $5.6m 0.83% Added +505 +505
84 EVERGREEN CAPITAL MANAGEMENT LLC 0.12% of their portfolio Bellevue, WA 39,29439.3k $5.6m $5.6m 0.12% Reduced -423 -423
85 Interchange Capital Partners, LLC 1.29% of their portfolio PITTSBURGH, PA 38,38938.4k $4.1m $4.1m 1.29% Reduced -697 -697
86 Geneos Wealth Management Inc. 0.13% of their portfolio ENGLEWOOD, CO 38,22138.2k $5.4m $5.4m 0.13% Added +38.1k +38,133
87 GILPIN WEALTH MANAGEMENT, LLC 4.20% of their portfolio DENVER, CO 37,26737.3k $5.3m $5.3m 4.20% Reduced -1.1k -1,081
88 Tennessee Valley Asset Management Partners 0.66% of their portfolio KNOXVILLE, TN 34,94934.9k $5.0m $5.0m 0.66% New
89 Family Manage LLC 0.58% of their portfolio NEW YORK, NY 34,18134.2k $4.9m $4.9m 0.58% Reduced -1.5k -1,496
90 Foundations Investment Advisors, LLC 0.06% of their portfolio PHOENIX, AZ 33,96834.0k $4.8m $4.8m 0.06% Added +8.9k +8,927
91 Arrow Investment Advisors, LLC 4.92% of their portfolio LAUREL, MD 32,49632.5k $4.6m $4.6m 4.92% New
92 STEPHENS INC /AR/ 0.06% of their portfolio LITTLE ROCK, AR 32,31632.3k $4.6m $4.6m 0.06% Added +3.4k +3,438
93 PEDDOCK CAPITAL ADVISORS, LLC 1.01% of their portfolio BRAINTREE, MA 32,14932.1k $4.6m $4.6m 1.01% Added +1.4k +1,446
94 Focus Financial Network, Inc. 0.16% of their portfolio MINNEAPOLIS, MN 31,08931.1k $4.4m $4.4m 0.16% Reduced -6.1k -6,115
95 Equitable Holdings, Inc. 0.03% of their portfolio NEW YORK, NY 30,91730.9k $4.2m $4.2m 0.03% Reduced -318 -318
96 SVB WEALTH LLC 0.29% of their portfolio BOSTON, MA 30,52330.5k $4.3m $4.3m 0.29% Added +1.6k +1,617
97 SAX WEALTH ADVISORS, LLC 0.19% of their portfolio PARSIPPANY, NJ 29,10329.1k $4.0m $4.0m 0.19% Unchanged
98 Composition Wealth, LLC 0.06% of their portfolio LOS ANGELES, CA 28,72428.7k $4.1m $4.1m 0.06% Added +27.2k +27,238
99 JACKSON THORNTON WEALTH MANAGEMENT, LLC 0.39% of their portfolio MONTGOMERY, AL 28,23428.2k $4.3m $4.3m 0.39% Unchanged
100 Creative Planning 0.00% of their portfolio OVERLAND PARK, KS 27,79527.8k $4.0m $4.0m 0.00% Added +11.5k +11,549