iShares MSCI Emerging Markets

EEM • ARCA

iShares MSCI Emerging Markets is an exchange-traded fund on ARCA. As of Q3 2025, 1,390 institutional investors hold shares in this ETF, with total holdings valued at $16.9B. MORGAN STANLEY is the largest holder with a position valued at $1.8B.

Overview

Overview of institutional ownership in EEM as of Q3 2025

All Institutions

Institutions: 1,390
Value Held: $16.9B
Shares Held: 315.8M
Avg Position: $12.1M
Median Position: $910.3K

Hedge Funds

Hedge Funds: 40
Value Held: $427.8M
Shares Held: 8.0M
Avg Position: $10.7M
Median Position: $1.7M

Biggest Investors

Institutions with the largest positions in EEM as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$1.8B 0.11% of portfolio	33.9M shares	≤ Q2 2013 Held for 12y 6m+	$1.65T
BANK OF AMERICA CORP /DE/ Institution	Brian T. Moynihan CEO	$1.5B 0.11% of portfolio	28.2M shares	≤ Q2 2013 Held for 12y 6m+	$1.33T
BlackRock, Inc. Institution	Laurence D. Fink CEO	$816.1M 0.01% of portfolio	15.3M shares	≤ Q2 2013 Held for 12y 6m+	$5.67T
GOLDMAN SACHS GROUP INC Institution	David M. Solomon CEO	$655.8M 0.09% of portfolio	12.3M shares	≤ Q2 2013 Held for 12y 6m+	$691.37B
WELLS FARGO & COMPANY/MN Institution	Charles W. Scharf CEO	$622.0M 0.13% of portfolio	11.6M shares	≤ Q2 2013 Held for 12y 6m+	$488.52B
UBS Group AG Institution	Sergio P. Ermotti CEO	$568.2M 0.11% of portfolio	10.6M shares	Q4 2014 Held for 11 years	$511.60B
R Retirement Systems of Alabama Institution	-	$487.6M 1.62% of portfolio	9.1M shares	Q1 2013 Held for 12y 9m	$30.1B
H HSBC HOLDINGS PLC Institution	-	$484.3M 0.29% of portfolio	9.1M shares	Q1 2012 Held for 13y 9m	$169.02B
JPMORGAN CHASE & CO Institution	Jamie Dimon CEO	$422.7M 0.03% of portfolio	7.9M shares	≤ Q2 2013 Held for 12y 6m+	$1.56T
C Clal Insurance Enterprises Holdings Ltd Institution	-	$407.2M 3.47% of portfolio	7.6M shares	Q3 2025 Held for 3 months	$11.7B

Net Capital Flow

Institutional buying and selling activity for EEM in Q3 2025

Traded: +$434.4M
Buyers: 550
Sellers: 531
Total Bought: +$2.7B
Total Sold: −$2.3B
Avg Position: $11.6M

Biggest Buyers

Institution	Net Bought	Current Position
C Clal Insurance Enterprises Holdings Ltd Institution	+$407.2M +7.6M shares	$407.2M 7.6M shares
H HSBC HOLDINGS PLC Institution	+$402.4M +7.6M shares	$484.3M 9.1M shares
MORGAN STANLEY RIA/Wealth	+$366.3M +6.9M shares	$1.8B 33.9M shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	+$105.3M +2.0M shares	$182.4M 3.4M shares
N NATIONAL BANK OF CANADA /FI/ Institution	+$105.2M +2.0M shares	$105.7M 2.0M shares
D Duquesne Family Office LLC Institution	+$101.5M +1.9M shares	$101.5M 1.9M shares
UBS Group AG Institution	+$95.5M +1.8M shares	$568.2M 10.6M shares
BARCLAYS PLC Institution	+$85.7M +1.6M shares	$261.0M 4.9M shares
S SPX Equities Gestao de Recursos Ltda Institution	+$72.6M +1.4M shares	$79.0M 1.5M shares
BANK OF AMERICA CORP /DE/ Institution	+$69.8M +1.3M shares	$1.5B 28.2M shares

Biggest Sellers

Institution	Net Sold	Current Position
J JANE STREET GROUP, LLC Institution	−$511.8M −9.6M shares	$84.6M 1.6M shares
JPMORGAN CHASE & CO Institution	−$220.4M −4.1M shares	$422.7M 7.9M shares
CITIGROUP INC Institution	−$197.7M −3.7M shares	$227.7M 4.3M shares
B BANCO BILBAO VIZCAYA ARGENTARIA, S.A. RIA/Wealth	−$162.2M −3.0M shares	$84.6M 1.6M shares
C CI Private Wealth, LLC RIA/Wealth	−$129.1M −2.4M shares	$44.0M 823.3K shares
BANK OF NOVA SCOTIA / Institution	−$108.2M −2.0M shares	$11.5M 215.1K shares
BAILARD, INC. RIA/Wealth	−$87.9M −1.6M shares	$13.2M 247.7K shares
R ROYAL BANK OF CANADA Institution	−$82.8M −1.5M shares	$152.7M 2.9M shares
O OLD MISSION CAPITAL LLC Institution	−$73.1M −1.5M shares	Sold Off 0 shares
Invesco Ltd. ETF Provider	−$67.9M −1.3M shares	$43.5M 814.1K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited EEM in Q3 2025

New Positions: 56
New Value: $98.7M
Exited Positions: 63
Exited Value: $184.0M

New Positions

Institution	Position Value
C CAXTON ASSOCIATES LLP Institution	$20.4M 382.9K shares
Y Yeomans Consulting Group, Inc. Institution	$15.7M 292.0K shares
Trium Capital LLP Hedge Fund•Multi-Strategy	$10.2M 190.7K shares
I Investec Asset Management North America, Inc. Long Only Manager	$8.1M 150.9K shares
WESTWOOD HOLDINGS GROUP INC Institution	$7.4M 138.8K shares
P Price Capital Management, Inc. Hedge Fund•Long/Short	$5.1M 94.7K shares
D DARK FOREST CAPITAL MANAGEMENT LP Pension/Endowment	$5.0M 94.5K shares
Ramiah Investment Group RIA/Wealth	$3.5M 66.3K shares
N NDWM LLC Institution	$2.7M 50.9K shares
V Vise Technologies, Inc. Institution	$2.1M 32.7K shares

Exited Positions

Institution	Previous Position
O OLD MISSION CAPITAL LLC Institution	$73.1M 1.5M shares
T Twin Tree Management, LP Hedge Fund•Vol Arbitrage	$17.7M 367.1K shares
Graham Capital Management, L.P. Hedge Fund•Multi-Strategy	$15.4M 318.4K shares
INSPIRE TRUST CO, N.A. Private Equity	$14.0M 290.0K shares
M McMahon Financial Advisors, LLC RIA/Wealth	$11.5M 238.0K shares
R RETIREMENT FINANCIAL SOLUTIONS, LLC RIA/Wealth	$11.4M 236.8K shares
Calamos Advisors LLC Long Only Manager	$10.9M 225.1K shares
B Belvedere Trading LLC Institution	$4.0M 83.4K shares
ARROWSTREET CAPITAL LIMITED PARTNERSHIP Hedge Fund•Quant	$4.0M 82.0K shares
P Parallax Volatility Advisers, LLC Hedge Fund•Vol Arbitrage	$1.7M 35.2K shares

Options Activity

Institutions with the largest Call and Put options positions in EEM as of Q3 2025

Call Positions: 62
Call Value: $13.5B
Put Positions: 66
Put Value: $14.1B

Call Positions

Institution	Position Value
UBS Group AG Institution	$2.5B 460.2K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$1.5B 281.8K contracts
GOLDMAN SACHS GROUP INC Institution	$1.2B 223.7K contracts
L LMR Partners LLP Institution	$1.1B 200.0K contracts
B Brevan Howard Capital Management LP Institution	$1.1B 199.5K contracts
J JANE STREET GROUP, LLC Institution	$765.1M 143.3K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$652.5M 122.2K contracts
BANK OF AMERICA CORP /DE/ Institution	$648.8M 121.5K contracts
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	$609.5M 114.1K contracts
BARCLAYS PLC Institution	$548.6M 102.7K contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$1.7B 312.5K contracts
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	$1.5B 277.8K contracts
UBS Group AG Institution	$1.3B 238.9K contracts
GOLDMAN SACHS GROUP INC Institution	$1.1B 209.8K contracts
CITIGROUP INC Institution	$1.0B 191.3K contracts
S Squarepoint Ops LLC Hedge Fund•Quant	$940.0M 176.0K contracts
A Allianz Asset Management AG Institution	$929.6M 174.1K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$820.0M 153.6K contracts
Jain Global LLC Hedge Fund•Multi-Strategy	$629.2M 117.8K contracts
J JANE STREET GROUP, LLC Institution	$570.8M 106.9K contracts

Most Committed Institutions

Institutions with EEM as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
Board of Trustees of The Leland Stanford Junior University Family Office	Anthony Stanley Waskiewicz Managing Partner	22.24% $189.2M	3.5M shares	Q3 2021 Held for 4y 3m	$850.7M
USA Financial Portformulas Corp Long Only Manager	Michael David Walters CEO	12.02% $67.6M	1.3M shares	Q2 2025 Held for 6 months	$562.9M
A Absolute Gestao de Investimentos Ltda. Institution	-	11.89% $89.7M	1.7M shares	Q2 2025 Held for 6 months	$754.7M
T TOTAL INVESTMENT MANAGEMENT INC Institution	-	10.76% $82.8M	1.6M shares	Q1 2023 Held for 2y 9m	$769.3M
P POM Investment Strategies, LLC Institution	-	7.91% $14.3M	267.0K shares	Q2 2025 Held for 6 months	$180.3M
VISTA FINANCE, LLC RIA/Wealth	Lincoln Andrew Sorensen Managing Partner	6.84% $10.3M	192.7K shares	Q1 2024 Held for 1y 9m	$150.4M
S SPX Equities Gestao de Recursos Ltda Institution	-	6.63% $79.0M	1.5M shares	Q2 2025 Held for 6 months	$1.2B
Connective Portfolio Management, LLC RIA/Wealth	Rudolf Millisits CEO	6.21% $3.5M	66.1K shares	Q4 2024 Held for 1 year	$56.6M
Israel Discount Bank of New York RIA/Wealth	Scott Allen Hayes President	6.09% $2.1M	38.5K shares	Q3 2021 Held for 4y 3m	$33.8M
Tandem Wealth Advisors LLC RIA/Wealth	Chester Angus Schaal Managing Partner	6.08% $12.8M	239.3K shares	Q4 2022 Held for 3 years	$210.3M

Hedge Fund Spotlight

Discover hedge funds investing in EEM

Cinctive Capital Management LP

Hedge Fund • Multi-Strategy

Portfolio ManagerLawrence Joseph Sapanski

Portfolio Value: $2.0B
Positions: 376
Last Reported: Q3 2025

Sector Allocation

Position in iShares MSCI Emerging Markets

Market Value: $1.0M
Shares Held: 18.7K
Portfolio Weight: 0.05%
Owned Since: 2025-Q3

Top Holding	Sector	Market Value	Weight
1 Vistra VST	Independent Power Producers Utilities	$38.5M	1.92%
2 CyberArk Software CYBR	Software - Infrastructure Technology	$31.9M	1.59%
3 Ross Stores ROST	Apparel - Retail Consumer Cyclical	$31.5M	1.57%