iShares MSCI USA Quality Factor

QUAL • BATS

iShares MSCI USA Quality Factor is an exchange-traded fund on BATS. As of Q3 2025, 1,462 institutional investors hold shares in this ETF, with total holdings valued at $45.3B. ENVESTNET ASSET MANAGEMENT INC is the largest holder with a position valued at $5.1B.

Overview

Overview of institutional ownership in QUAL as of Q3 2025

All Institutions

Institutions: 1,462
Value Held: $45.3B
Shares Held: 233.2M
Avg Position: $31.0M
Median Position: $1.5M

Hedge Funds

Hedge Funds: 22
Value Held: $490.2M
Shares Held: 2.5M
Avg Position: $22.3M
Median Position: $872.9K

Biggest Investors

Institutions with the largest positions in QUAL as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
ENVESTNET ASSET MANAGEMENT INC Long Only Manager	Christopher Russell Todd CEO	$5.1B 1.48% of portfolio	26.1M shares	Q3 2015 Held for 10y 2m	$341.99B
L LPL Financial LLC Institution	-	$3.6B 1.06% of portfolio	18.5M shares	Q3 2013 Held for 12y 2m	$340.07B
FMR LLC Institution	-	$3.1B 0.16% of portfolio	15.7M shares	Q4 2016 Held for 8y 11m	$1.92T
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$1.9B 0.11% of portfolio	9.6M shares	Q4 2013 Held for 11y 11m	$1.65T
BANK OF AMERICA CORP /DE/ Institution	Brian T. Moynihan CEO	$1.4B 0.10% of portfolio	7.1M shares	Q4 2013 Held for 11y 11m	$1.33T
PNC FINANCIAL SERVICES GROUP, INC. Institution	William S. Demchak CEO	$1.3B 0.80% of portfolio	6.8M shares	Q1 2016 Held for 9y 8m	$164.83B
JPMORGAN CHASE & CO Institution	Jamie Dimon CEO	$1.2B 0.08% of portfolio	6.4M shares	Q1 2016 Held for 9y 8m	$1.56T
AMERIPRISE FINANCIAL INC Institution	Jim Cracchiolo CEO	$888.3M 0.21% of portfolio	4.6M shares	Q4 2013 Held for 11y 11m	$433.11B
B BlackRock, Inc. Institution	-	$844.2M 0.01% of portfolio	4.3M shares	Q2 2016 Held for 9y 5m	$5.67T
WELLS FARGO & COMPANY/MN Institution	Charles W. Scharf CEO	$836.8M 0.17% of portfolio	4.3M shares	Q3 2015 Held for 10y 2m	$488.50B

Net Capital Flow

Institutional buying and selling activity for QUAL in Q3 2025

Traded: −$2.8B
Buyers: 591
Sellers: 738
Total Bought: +$1.4B
Total Sold: −$4.2B
Avg Position: $29.6M

Biggest Buyers

Institution	Net Bought	Current Position
FMR LLC Institution	+$207.2M +1.1M shares	$3.1B 15.7M shares
TWO SIGMA INVESTMENTS LLC Hedge Fund•Multi-Strategy	+$187.6M +964.5K shares	$375.7M 1.9M shares
COLDSTREAM CAPITAL MANAGEMENT INC RIA/Wealth	+$115.7M +595.0K shares	$203.2M 1.0M shares
THRIVENT FINANCIAL FOR LUTHERANS Insurance Manager	+$64.8M +333.1K shares	$88.4M 454.4K shares
Prosperity Consulting Group, LLC RIA/Wealth	+$41.7M +214.5K shares	$41.7M 214.5K shares
CAISSE DE DEPOT ET PLACEMENT DU QUEBEC Fund of Funds	+$39.8M +204.7K shares	$106.0M 545.2K shares
Modern Wealth Management, LLC RIA/Wealth	+$37.0M +190.5K shares	$99.4M 511.2K shares
Advocacy Wealth Management Services, LLC RIA/Wealth	+$36.7M +188.9K shares	$121.5M 624.7K shares
J Jump Financial, LLC Institution	+$30.6M +157.5K shares	$30.6M 157.5K shares
Unison Advisors LLC RIA/Wealth	+$28.6M +147.2K shares	$71.7M 368.8K shares

Biggest Sellers

Institution	Net Sold	Current Position
ENVESTNET ASSET MANAGEMENT INC Long Only Manager	−$1.2B −6.4M shares	$5.1B 26.1M shares
MML INVESTORS SERVICES, LLC RIA/Wealth	−$186.7M −959.7K shares	$485.2M 2.5M shares
L LPL Financial LLC Institution	−$183.3M −942.2K shares	$3.6B 18.5M shares
WELLS FARGO & COMPANY/MN Institution	−$176.3M −906.5K shares	$836.8M 4.3M shares
Miracle Mile Advisors, LLC RIA/Wealth	−$139.3M −716.0K shares	$84.0M 432.0K shares
JPMORGAN CHASE & CO Institution	−$122.6M −630.4K shares	$1.2B 6.4M shares
MORGAN STANLEY RIA/Wealth	−$105.9M −544.4K shares	$1.9B 9.6M shares
Envestnet Portfolio Solutions, Inc. Long Only Manager	−$95.8M −492.7K shares	$370.6M 1.9M shares
PARK AVENUE SECURITIES LLC RIA/Wealth	−$93.6M −481.2K shares	$385.8M 2.0M shares
AMERIPRISE FINANCIAL INC Institution	−$79.8M −409.8K shares	$888.3M 4.6M shares

Entry and Exit Activity

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

New Positions: 43
New Value: $61.2M
Exited Positions: 69
Exited Value: $163.9M

New Positions

Institution	Position Value
J Jump Financial, LLC Institution	$30.6M 157.5K shares
Stillwater Wealth Management Group RIA/Wealth	$4.9M 25.0K shares
Mach-1 Financial Group, Inc. RIA/Wealth	$3.7M 19.2K shares
Integrity Advisory Solutions, LLC RIA/Wealth	$3.7M 19.2K shares
A4 Wealth Advisors LLC RIA/Wealth	$3.3M 17.1K shares
P PATTEN & PATTEN INC/TN Institution	$2.1M 11.0K shares
Hansen & Associates Financial Group, Inc. RIA/Wealth	$2.1M 10.7K shares
Portus Wealth Advisors, LLC RIA/Wealth	$1.9M 9.8K shares
I Insight Inv LLC Institution	$1.0M 5.2K shares
Investment Research Partners LLC Hedge Fund•Multi-Strategy	$851.2K 4.3K shares

Exited Positions

Institution	Previous Position
BABSON CAPITAL MANAGEMENT LLC Insurance Manager	$50.4M 275.8K shares
TUDOR INVESTMENT CORP ET AL Hedge Fund•Multi-Strategy	$14.9M 81.6K shares
Duncan Williams Asset Management, LLC RIA/Wealth	$11.1M 60.7K shares
Divergent Planning, LLC RIA/Wealth	$10.7M 58.5K shares
ADAPT WEALTH ADVISORS, LLC RIA/Wealth	$9.8M 53.6K shares
A ASB Consultores, LLC RIA/Wealth	$9.4M 51.2K shares
SSI INVESTMENT MANAGEMENT INC Hedge Fund•Convert Bond Arb	$7.6M 41.8K shares
E Elevation Capital Advisory, LLC RIA/Wealth	$7.1M 38.8K shares
B Brown Financial Advisors RIA/Wealth	$4.0M 21.7K shares
FDx Advisors, Inc. Long Only Manager	$3.6M 19.9K shares

Options Activity

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

Call Positions: 3
Call Value: $4.4M
Put Positions: 3
Put Value: $2.6M

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$2.5M 127.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$1.5M 78.0 contracts
J JANE STREET GROUP, LLC Institution	$369.6K 19.0 contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$2.1M 106.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$486.3K 25.0 contracts
UBS Group AG Institution	$19.5K 1.0 contracts

Most Committed Institutions

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

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
V Valence8 US LP Fund of Funds	Alejandro Goldberg Partner	26.58% $77.6M	398.7K shares	Q4 2023 Held for 1y 11m	$291.7M
Aventus Investment Advisors, Inc. RIA/Wealth	Jeffrey Peter Hare President	20.28% $23.8M	122.2K shares	Q2 2025 Held for 5 months	$117.3M
B Baron Wealth Management LLC RIA/Wealth	Beth Anne Zilka CCO	20.16% $55.2M	284.0K shares	Q4 2022 Held for 2y 11m	$274.0M
L LANDAAS & CO /WI /ADV Institution	-	14.68% $64.1M	329.8K shares	Q1 2023 Held for 2y 8m	$437.1M
L LIFE LINE WEALTH MANAGEMENT LLC RIA/Wealth	Lameck Humble Lukanga CEO	14.51% $47.6M	244.6K shares	Q4 2023 Held for 1y 11m	$328.0M
Orgel Wealth Management, LLC RIA/Wealth	Mark Alan Orgel Chairman	14.05% $584.6M	3.0M shares	Q1 2017 Held for 8y 8m	$4.2B
Schoolcraft Capital LLC Family Office	Oana Nm Bolton COO	13.37% $66.8M	343.6K shares	Q1 2019 Held for 6y 8m	$499.9M
S SNS Financial Group, LLC Institution	-	13.17% $151.4M	778.6K shares	Q4 2018 Held for 6y 11m	$1.1B
B Boulder Wealth Advisors, LLC RIA/Wealth	Michael William Hake Managing Partner	13.16% $28.3M	145.5K shares	Q3 2025 Held for 2 months	$215.1M
HOWARD FINANCIAL SERVICES, LTD. RIA/Wealth	John T Howard Managing Partner	12.02% $98.3M	505.2K shares	Q4 2019 Held for 5y 11m	$817.3M

Hedge Fund Spotlight

Discover hedge funds investing in QUAL

PHILADELPHIA TRUST CO

Hedge Fund • Long/Short

Portfolio ManagerAndrew Larkin Peek

Portfolio Value: $1.4B
Positions: 236
Last Reported: Q3 2025

Sector Allocation

Position in iShares MSCI USA Quality Factor

Market Value: $458.2K
Shares Held: 2.4K
Portfolio Weight: 0.03%
Owned Since: 2021-Q2

Top Holding	Sector	Market Value	Weight
1 Nvidia NVDA	Semiconductors Technology	$199.0M	14.45%
2 Apple AAPL	Consumer Electronics Technology	$67.6M	4.91%
3 Microsoft MSFT	Software - Infrastructure Technology	$65.5M	4.76%