iShares MSCI Japan

EWJ • ARCA

iShares MSCI Japan is an exchange-traded fund on ARCA. As of Q3 2025, 624 institutional investors hold shares in this ETF, with total holdings valued at $11.1B. JPMORGAN CHASE & CO is the largest holder with a position valued at $2.1B.

Overview

Overview of institutional ownership in EWJ as of Q3 2025

All Institutions

Institutions: 624
Value Held: $11.1B
Shares Held: 138.8M
Avg Position: $17.8M
Median Position: $754.7K

Hedge Funds

Hedge Funds: 23
Value Held: $222.8M
Shares Held: 2.8M
Avg Position: $9.7M
Median Position: $2.4M

Biggest Investors

Institutions with the largest positions in EWJ as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
JPMORGAN CHASE & CO Institution	Jamie Dimon CEO	$2.1B 0.13% of portfolio	26.1M shares	≤ Q2 2013 Held for 12y 5m+	$1.56T
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$1.6B 0.10% of portfolio	20.2M shares	≤ Q2 2013 Held for 12y 5m+	$1.65T
B BlackRock, Inc. Institution	-	$1.3B 0.02% of portfolio	16.7M shares	≤ Q2 2013 Held for 12y 5m+	$5.67T
GOLDMAN SACHS GROUP INC Institution	David M. Solomon CEO	$583.5M 0.08% of portfolio	7.3M shares	≤ Q2 2013 Held for 12y 5m+	$691.34B
BANK OF AMERICA CORP /DE/ Institution	Brian T. Moynihan CEO	$418.3M 0.03% of portfolio	5.2M shares	≤ Q2 2013 Held for 12y 5m+	$1.33T
ENVESTNET ASSET MANAGEMENT INC Long Only Manager	Christopher Russell Todd CEO	$414.7M 0.12% of portfolio	5.2M shares	≤ Q2 2013 Held for 12y 5m+	$341.99B
First Command Advisory Services, Inc. RIA/Wealth	Mark Duane Steffe CEO	$399.4M 2.92% of portfolio	5.0M shares	Q3 2023 Held for 2y 2m	$13.7B
H HSBC HOLDINGS PLC Institution	-	$231.4M 0.14% of portfolio	2.9M shares	Q1 2012 Held for 13y 8m	$169.01B
T TD ASSET MANAGEMENT INC Institution	-	$213.4M 0.17% of portfolio	2.7M shares	Q1 2018 Held for 7y 8m	$123.47B
F Fisher Asset Management, LLC Institution	-	$207.8M 0.08% of portfolio	2.6M shares	Q2 2017 Held for 8y 5m	$276.29B

Net Capital Flow

Institutional buying and selling activity for EWJ in Q3 2025

Traded: −$384.4M
Buyers: 274
Sellers: 222
Total Bought: +$906.3M
Total Sold: −$1.3B
Avg Position: $16.6M

Biggest Buyers

Institution	Net Bought	Current Position
H HSBC HOLDINGS PLC Institution	+$198.3M +2.5M shares	$231.4M 2.9M shares
J JANE STREET GROUP, LLC Institution	+$89.7M +1.1M shares	$89.7M 1.1M shares
MORGAN STANLEY RIA/Wealth	+$61.9M +771.4K shares	$1.6B 20.2M shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	+$56.5M +703.8K shares	$57.0M 710.6K shares
JPMORGAN CHASE & CO Institution	+$53.1M +662.4K shares	$2.1B 26.1M shares
N NATIONAL BANK OF CANADA /FI/ Institution	+$50.2M +625.3K shares	$50.2M 625.3K shares
VICTORY CAPITAL MANAGEMENT INC Long Only Manager	+$32.4M +404.1K shares	$32.4M 404.1K shares
A Advisor Group Holdings, Inc. Institution	+$31.5M +393.7K shares	$37.7M 471.8K shares
Angeles Investment Advisors, LLC Fund of Funds	+$29.9M +373.0K shares	$29.9M 373.0K shares
D DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main Institution	+$22.1M +275.4K shares	$44.9M 559.8K shares

Biggest Sellers

Institution	Net Sold	Current Position
BANK OF MONTREAL /CAN/ Institution	−$506.0M −6.3M shares	$114.7M 1.4M shares
T TD ASSET MANAGEMENT INC Institution	−$125.1M −1.6M shares	$213.4M 2.7M shares
ENVESTNET ASSET MANAGEMENT INC Long Only Manager	−$87.5M −1.1M shares	$414.7M 5.2M shares
First Command Advisory Services, Inc. RIA/Wealth	−$85.2M −1.1M shares	$399.4M 5.0M shares
B BlackRock, Inc. Institution	−$66.2M −825.7K shares	$1.3B 16.7M shares
J Johns Hopkins University Institution	−$50.1M −624.1K shares	$11.7M 146.3K shares
$DEUTSCHE BANK AG\ logo$ DEUTSCHE BANK AG\ Institution	−$30.0M −373.5K shares	$117.7M 1.5M shares
I Itau Unibanco Holding S.A. Institution	−$23.0M −286.3K shares	$40.2M 501.3K shares
M MBB PUBLIC MARKETS I LLC Institution	−$22.5M −280.0K shares	$8.4M 104.5K shares
D D. E. Shaw & Co., Inc. Institution	−$21.9M −273.0K shares	$12.3M 153.4K shares

Entry and Exit Activity

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

New Positions: 29
New Value: $54.8M
Exited Positions: 48
Exited Value: $80.7M

New Positions

Institution	Position Value
A Allen Investment Management LLC RIA/Wealth	$12.1M 151.4K shares
E Eisler Capital Management Ltd. Institution	$9.5M 119.0K shares
a16z Perennial Management, L.P. Fund of Funds	$7.8M 119.0K shares
BFSG, LLC RIA/Wealth	$5.7M 71.1K shares
SONA ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	$4.9M 61.5K shares
MERIDIAN MANAGEMENT CO RIA/Wealth	$4.6M 57.1K shares
S Silphium Asset Management Ltd Institution	$3.0M 37.8K shares
S SIG BROKERAGE, LP Institution	$2.0M 25.0K shares
L Laffer Investments RIA/Wealth	$869.3K 10.8K shares
T Tepp RIA, LLC Institution	$668.3K 8.3K shares

Exited Positions

Institution	Previous Position
N Nan Shan Life Insurance Co., Ltd. Institution	$16.8M 224.0K shares
Graham Capital Management, L.P. Hedge Fund•Multi-Strategy	$11.9M 158.2K shares
RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant	$8.0M 106.2K shares
OPPENHEIMER ASSET MANAGEMENT INC. RIA/Wealth	$7.3M 97.1K shares
T Trans-Canada Capital Inc. Institution	$6.7M 89.5K shares
D DRW Securities, LLC Institution	$5.0M 66.6K shares
TWO SIGMA ADVISERS, LLC Hedge Fund•Multi-Strategy	$3.0M 39.6K shares
MOODY LYNN & LIEBERSON, INC. RIA/Wealth	$2.9M 38.5K shares
Marshall Wace LLP Institution	$2.9M 38.5K shares
A ABC ARBITRAGE SA Institution	$2.7M 36.1K shares

Options Activity

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

Call Positions: 17
Call Value: $691.1M
Put Positions: 22
Put Value: $131.0M

Call Positions

Institution	Position Value
UBS Group AG Institution	$397.3M 49.5K contracts
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	$136.4M 17.0K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$95.8M 11.9K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$27.6M 3.4K contracts
GOLDMAN SACHS GROUP INC Institution	$15.9M 2.0K contracts
W WOLVERINE TRADING, LLC Institution	$9.4M 1.2K contracts
Walleye Trading LLC RIA/Wealth	$2.3M 288.0 contracts
J JANE STREET GROUP, LLC Institution	$2.2M 272.0 contracts
C Cubist Systematic Strategies, LLC Institution	$2.0M 244.0 contracts
P PEAK6 LLC Institution	$1.7M 214.0 contracts

Put Positions

Institution	Position Value
E Eisler Capital Management Ltd. Institution	$48.1M 6.0K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$44.8M 5.6K contracts
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	$16.0M 2.0K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$6.5M 811.0 contracts
P Parallax Volatility Advisers, LLC Hedge Fund•Vol Arbitrage	$3.4M 420.0 contracts
J JANE STREET GROUP, LLC Institution	$2.6M 318.0 contracts
C Cubist Systematic Strategies, LLC Institution	$2.3M 281.0 contracts
GOLDMAN SACHS GROUP INC Institution	$2.2M 278.0 contracts
W WOLVERINE TRADING, LLC Institution	$2.0M 254.0 contracts
CAPITAL FUND MANAGEMENT S.A. Hedge Fund•Quant Macro	$1.1M 141.0 contracts

Most Committed Institutions

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

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
K Kemnay Advisory Services Inc. Institution	-	10.49% $69.7M	869.5K shares	Q1 2024 Held for 1y 8m	$665.1M
Board of Trustees of The Leland Stanford Junior University Family Office	Anthony Stanley Waskiewicz Managing Partner	9.16% $77.9M	971.3K shares	Q1 2023 Held for 2y 8m	$850.7M
METLIFE INC Institution	Michel A. Khalaf CEO	7.42% $825.9K	10.3K shares	Q3 2018 Held for 7y 2m	$11.1M
Advisor Resource Council RIA/Wealth	Sarah Lynn Pais CEO	5.93% $4.4M	54.7K shares	Q2 2023 Held for 2y 5m	$74.1M
G Granite Bay Wealth Management, LLC RIA/Wealth	Paul Stephen Stanley Member	4.31% $16.6M	206.4K shares	Q1 2024 Held for 1y 8m	$383.8M
Barry Investment Advisors, LLC RIA/Wealth	Kathy Ann Alves President	3.76% $16.3M	203.5K shares	Q2 2023 Held for 2y 5m	$434.7M
RED CEDAR INVESTMENT MANAGEMENT, LLC Long Only Manager	John Laughlin Cassady CEO	3.71% $31.3M	390.8K shares	Q1 2023 Held for 2y 8m	$844.7M
Palisades Hudson Asset Management, L.P. RIA/Wealth	Eric Anthony Meermann President	3.60% $9.5M	118.2K shares	≤ Q2 2013 Held for 12y 5m+	$263.8M
1607 Capital Partners, LLC Hedge Fund•Sector	James Edward Mallory Managing Partner	3.47% $46.0M	573.4K shares	≤ Q2 2013 Held for 12y 5m+	$1.3B
F FPC INVESTMENT ADVISORY, INC. RIA/Wealth	Bijan Golkar President	3.20% $5.3M	66.5K shares	Q1 2024 Held for 1y 8m	$166.7M

Hedge Fund Spotlight

Discover hedge funds investing in EWJ

SSI INVESTMENT MANAGEMENT INC

Hedge Fund • Convert Bond Arb

Portfolio ManagerSyed Fazal Mehdi

Portfolio Value: $289.0M
Positions: 68
Last Reported: Q3 2025

Sector Allocation

Position in iShares MSCI Japan

Market Value: $4.6M
Shares Held: 57.1K
Portfolio Weight: 1.59%
Owned Since: 2024-Q3

Top Holding	Sector	Market Value	Weight
1 iShares Core S&P 500 ETF IVV	ETF ETF	$66.3M	22.94%
2 iShares iBoxx $ Investment Grade Corporate Bond LQD	ETF ETF	$15.7M	5.43%
3 BTSGU BrightSpring Health Services BTSGU	Medical - Healthcare Information Services Healthcare	$15.2M	5.25%

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