iShares MSCI USA Min Vol Factor

USMV • BATS

iShares MSCI USA Min Vol Factor is an exchange-traded fund on BATS. As of Q3 2025, 1,277 institutional investors hold shares in this ETF, with total holdings valued at $17.0B. MORGAN STANLEY is the largest holder with a position valued at $1.4B.

Overview

Overview of institutional ownership in USMV as of Q3 2025

All Institutions

Institutions: 1,277
Value Held: $17.0B
Shares Held: 179.1M
Avg Position: $13.3M
Median Position: $847.3K

Hedge Funds

Hedge Funds: 17
Value Held: $768.8M
Shares Held: 8.1M
Avg Position: $45.2M
Median Position: $2.2M

Biggest Investors

Institutions with the largest positions in USMV as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$1.4B 0.09% of portfolio	14.8M shares	≤ Q2 2013 Held for 12y 5m+	$1.65T
BANK OF AMERICA CORP /DE/ Institution	Brian T. Moynihan CEO	$1.3B 0.10% of portfolio	13.8M shares	≤ Q2 2013 Held for 12y 5m+	$1.33T
RAYMOND JAMES FINANCIAL INC RIA/Wealth	Steven Robert Marcus CEO	$1.3B 0.41% of portfolio	13.5M shares	Q4 2024 Held for 11 months	$310.43B
FMR LLC Institution	-	$969.6M 0.05% of portfolio	10.2M shares	Q1 2014 Held for 11y 8m	$1.92T
WEALTH ENHANCEMENT ADVISORY SERVICES, LLC RIA/Wealth	James Loren Cahn Chairman	$650.7M 0.99% of portfolio	6.8M shares	Q1 2019 Held for 6y 8m	$65.5B
L LPL Financial LLC Institution	-	$622.9M 0.18% of portfolio	6.5M shares	≤ Q2 2013 Held for 12y 5m+	$340.07B
PNC FINANCIAL SERVICES GROUP, INC. Institution	William S. Demchak CEO	$487.1M 0.30% of portfolio	5.1M shares	Q1 2014 Held for 11y 8m	$164.83B
B BlackRock, Inc. Institution	-	$448.5M 0.01% of portfolio	4.7M shares	Q1 2015 Held for 10y 8m	$5.67T
ENVESTNET ASSET MANAGEMENT INC Long Only Manager	Christopher Russell Todd CEO	$357.9M 0.10% of portfolio	3.8M shares	≤ Q2 2013 Held for 12y 5m+	$341.99B
Millburn Ridgefield Corp Hedge Fund•Quant Macro	Barry Alan Goodman CEO	$357.1M 8.52% of portfolio	3.8M shares	Q3 2023 Held for 2y 2m	$4.2B

Net Capital Flow

Institutional buying and selling activity for USMV in Q3 2025

Net Flow: −$205.9M
Buyers: 420
Sellers: 615
Total Bought: +$736.4M
Total Sold: −$942.3M
Avg Position: $13.2M

Biggest Buyers

Institution	Net Bought	Current Position
MORGAN STANLEY RIA/Wealth	+$212.9M +2.2M shares	$1.4B 14.8M shares
TWO SIGMA INVESTMENTS LLC Hedge Fund•Multi-Strategy	+$53.8M +565.2K shares	$260.1M 2.7M shares
BARCLAYS PLC Institution	+$33.5M +352.4K shares	$47.6M 500.3K shares
R Russell Investments Group, Ltd. RIA/Wealth	+$32.8M +344.5K shares	$85.5M 898.9K shares
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$29.2M +306.6K shares	$29.2M 306.6K shares
L LPL Financial LLC Institution	+$22.2M +233.3K shares	$622.9M 6.5M shares
RAYMOND JAMES FINANCIAL INC RIA/Wealth	+$19.6M +206.1K shares	$1.3B 13.5M shares
C Catalyst Capital Advisors LLC Institution	+$18.1M +190.6K shares	$357.1M 3.8M shares
Millburn Ridgefield Corp Hedge Fund•Quant Macro	+$18.1M +190.6K shares	$357.1M 3.8M shares
B BlackRock, Inc. Institution	+$15.5M +163.2K shares	$448.5M 4.7M shares

Biggest Sellers

Institution	Net Sold	Current Position
CAISSE DE DEPOT ET PLACEMENT DU QUEBEC Fund of Funds	−$122.5M −1.3M shares	Sold Off 0 shares
ENVESTNET ASSET MANAGEMENT INC Long Only Manager	−$88.0M −924.8K shares	$357.9M 3.8M shares
Bank of New York Mellon Corp Institution	−$65.4M −687.7K shares	$49.5M 520.2K shares
FMR LLC Institution	−$37.3M −392.1K shares	$969.6M 10.2M shares
PNC FINANCIAL SERVICES GROUP, INC. Institution	−$32.4M −340.2K shares	$487.1M 5.1M shares
AMERIPRISE FINANCIAL INC Institution	−$28.8M −301.8K shares	$247.1M 2.6M shares
Wright Fund Managment, LLC Long Only Manager	−$26.8M −285.9K shares	Sold Off 0 shares
Portfolio Design Labs, LLC RIA/Wealth	−$23.4M −246.0K shares	$11.7M 123.3K shares
B Berkshire Money Management, Inc. Institution	−$20.1M −211.2K shares	$5.7M 59.4K shares
H HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND Institution	−$19.0M −200.0K shares	$11.2M 118.0K shares

Entry and Exit Activity

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

New Positions: 43
New Value: $137.3M
Exited Positions: 73
Exited Value: $222.9M

New Positions

Institution	Position Value
Junto Capital Management LP Hedge Fund•Long/Short	$85.1M 894.5K shares
Hansen & Associates Financial Group, Inc. RIA/Wealth	$20.7M 21.9K shares
ALTFEST L J & CO INC RIA/Wealth	$6.0M 62.9K shares
LITTLEJOHN FINANCIAL SERVICES, INC. RIA/Wealth	$5.1M 53.9K shares
Forefront Wealth Partners, LLC RIA/Wealth	$4.3M 45.6K shares
Berman McAleer LLC RIA/Wealth	$2.7M 28.8K shares
CHILTON INVESTMENT CO LLC Hedge Fund•Long/Short	$2.0M 21.5K shares
KW WEALTH MANAGEMENT LLC RIA/Wealth	$1.3M 13.4K shares
I Insight Inv LLC Institution	$1.1M 11.4K shares
Oregon Pacific Wealth Management, LLC RIA/Wealth	$1.0M 11.0K shares

Exited Positions

Institution	Previous Position
CAISSE DE DEPOT ET PLACEMENT DU QUEBEC Fund of Funds	$122.5M 1.3M shares
Wright Fund Managment, LLC Long Only Manager	$26.8M 285.9K shares
CONSOLIDATED PLANNING CORP RIA/Wealth	$7.0M 74.6K shares
CAPSTONE INVESTMENT ADVISORS, LLC Hedge Fund•Multi-Strategy	$6.7M 70.9K shares
CAMBRIDGE ASSOCIATES LLC /MA/ /ADV Fund of Funds	$6.2M 65.9K shares
L Laurel Wealth Advisors LLC RIA/Wealth	$5.4M 57.7K shares
PFG Financial Advisors RIA/Wealth	$4.4M 46.5K shares
S Squarepoint Ops LLC Hedge Fund•Quant	$3.8M 40.6K shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	$3.8M 40.3K shares
SRS Capital Advisors, Inc. RIA/Wealth	$3.5M 36.9K shares

Options Activity

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

Call Positions: 5
Call Value: $3.0M
Put Positions: 4
Put Value: $9.1M

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$1.8M 190.0 contracts
J JANE STREET GROUP, LLC Institution	$475.7K 50.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$371.0K 39.0 contracts
W WOLVERINE TRADING, LLC Institution	$303.1K 32.0 contracts
S SYM FINANCIAL CORPORATION RIA/Wealth	$9.5K 1.0 contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$7.2M 756.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$1.3M 141.0 contracts
C Cubist Systematic Strategies, LLC Institution	$523.3K 55.0 contracts
J JANE STREET GROUP, LLC Institution	- - contracts

Most Committed Institutions

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

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
Financial Advisors, LLC RIA/Wealth	Michael Paull Kumph Managing Partner	18.32% $103.4M	1.1M shares	Q4 2018 Held for 6y 11m	$564.3M
Sovereign Investment Advisors, LLC RIA/Wealth	Todd Coleman Early CIO	11.68% $42.8M	450.1K shares	Q4 2019 Held for 5y 11m	$366.5M
Cassia Capital Partners, LLC RIA/Wealth	James R Helvey CIO	11.29% $20.7M	217.2K shares	Q4 2020 Held for 4y 11m	$183.1M
L Legacy Advisory Services, LLC RIA/Wealth	Adam Varrenti CIO	9.24% $12.3M	128.8K shares	Q4 2023 Held for 1y 11m	$132.6M
Fortune Financial Advisors, LLC RIA/Wealth	Yves M Balcer Founder	9.13% $12.1M	127.5K shares	Q2 2023 Held for 2y 5m	$132.9M
Hansen & Associates Financial Group, Inc. RIA/Wealth	Mark Steven Hansen President	8.67% $20.7M	21.9K shares	Q3 2025 Held for 2 months	$238.8M
Millburn Ridgefield Corp Hedge Fund•Quant Macro	Barry Alan Goodman CEO	8.52% $357.1M	3.8M shares	Q3 2023 Held for 2y 2m	$4.2B
Adaptive Financial Consulting, LLC RIA/Wealth	Jonathan Ian Grundman CIO	8.21% $20.5M	215.9K shares	Q4 2019 Held for 5y 11m	$250.1M
Lowe fs, LLC RIA/Wealth	Harold Alan Lowe President	7.58% $20.7M	217.3K shares	Q4 2014 Held for 10y 11m	$272.6M
D Darrow Company, Inc. Institution	-	7.58% $16.3M	172.4K shares	Q4 2021 Held for 3y 11m	$215.5M

Hedge Fund Spotlight

Discover hedge funds investing in USMV

RENAISSANCE TECHNOLOGIES LLC

Hedge Fund • Quant

Portfolio ManagerDavid Allen Lippe

Portfolio Value: $75.8B
Positions: 3,419
Last Reported: Q3 2025

Sector Allocation

Position in iShares MSCI USA Min Vol Factor

Market Value: $2.2M
Shares Held: 23.1K
Portfolio Weight: 0.00%
Owned Since: 2025-Q1

Top Holding	Sector	Market Value	Weight
1 Palantir Technologies Inc. PLTR	Software - Infrastructure Technology	$1.6B	2.06%
2 Nvidia NVDA	Semiconductors Technology	$1.1B	1.39%
3 Roblox RBLX	Electronic Gaming & Multimedia Technology	$953.5M	1.26%