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iShares US Broker-Dealers & Securities Exchanges ETF
IAI

184 hedge funds and large institutions have $978M invested in iShares US Broker-Dealers & Securities Exchanges ETF in 2025 Q3 according to their latest regulatory filings, with 29 funds opening new positions, 59 increasing their positions, 57 reducing their positions, and 26 closing their positions.

New
Increased
Maintained
Reduced
Closed

12% more first-time investments, than exits

New positions opened: 29 | Existing positions closed: 26

8% more capital invested

Capital invested by funds: $907M → $978M (+$71.4M)

1% more funds holding

Funds holding: 182 → 184 (+2)

4% more repeat investments, than reductions

Existing positions increased: 59 | Existing positions reduced: 57

0% more funds holding in top 10

Funds holding in top 10: 4 → 4 (0)

3.42% less ownership

Funds ownership: 65.57% → 62.15% (-3.4%)

74% less call options, than puts

Call options by funds: $1.57M | Put options by funds: $6.11M

Holders
184
Holders Change
+2
Holders Change %
+1.1%
% of All Funds
2.41%
Holding in Top 10
4
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
0.05%
New
29
Increased
59
Reduced
57
Closed
26
Calls
$1.57M
Puts
$6.11M
Net Calls
-$4.53M
Net Calls Change
+$13M

Top Buyers

Rank Fund Capital Flow
1
QC
Quadrature Capital
United Kingdom
+$9.9M
2
LPL Financial
LPL Financial
California
+$9.58M
3
Wells Fargo
Wells Fargo
California
+$9.46M
4
Two Sigma Investments
Two Sigma Investments
New York
+$8.13M
5
PG
Prostatis Group
Maryland
+$6.83M

Top Sellers

Rank Fund Capital Flow
1
Osaic Holdings
Osaic Holdings
Arizona
-$17.9M
2
Envestnet Asset Management
Envestnet Asset Management
Illinois
-$15.2M
3
PFM
Potomac Fund Management
Florida
-$10.2M
4
Morgan Stanley
Morgan Stanley
New York
-$7.41M
5
Citadel Advisors
Citadel Advisors
Florida
-$4.65M
Name Holding Trade Value Shares
Change 		Change in
Stake
ACA
176
Aptus Capital Advisors
Alabama
$3.89K – – –
SAM
177
Smartleaf Asset Management
Massachusetts
$2.85K +$2.79K +16 New
MEG
178
Millstone Evans Group
Colorado
$2.48K – – –
CJ
179
Caitlin John
Michigan
$2.3K +$2.26K +13 New
Bank of Montreal
180
Bank of Montreal
Ontario, Canada
$2.12K – – –
VNA
181
Valley National Advisers
Pennsylvania
$2K +$2.44K +14 New
FM
182
Family Management
New York
$1.77K – – –
DWM
183
Darwin Wealth Management
Florida
$1.59K – – –
CIAS
184
Capital Investment Advisory Services
North Carolina
$1.06K – – –
HNB
185
Huntington National Bank
Ohio
$354 – – –
PFM
186
Potomac Fund Management
Florida
– -$10.2M -60,114 Closed
Citadel Advisors
187
Citadel Advisors
Florida
– -$4.65M -26,693 Closed
CCMG
188
Clark Capital Management Group
Pennsylvania
– -$3.44M -20,313 Closed
CAG
189
Csenge Advisory Group
Florida
– -$1.56M -10,119 Closed
CFIM
190
Client First Investment Management
Wisconsin
– -$791K -4,677 Closed
Wolverine Trading
191
Wolverine Trading
Illinois
– -$705K -4,052 Closed
Walleye Capital
192
Walleye Capital
New York
– -$665K -3,934 Closed
PAS
193
Park Avenue Securities
New York
– -$632K -3,735 Closed
QAM
194
Q3 Asset Management
Michigan
– -$553K -3,252 Closed
BCM
195
Barometer Capital Management
Ontario, Canada
– -$524K -3,100 Closed
SPC
196
Sigma Planning Corp
Michigan
– -$387K -2,291 Closed
Envestnet Portfolio Solutions
197
Envestnet Portfolio Solutions
Illinois
– -$374K -2,213 Closed
CIBC World Market
198
CIBC World Market
Ontario, Canada
– -$374K -2,209 Closed
SB
199
Strategic Blueprint
Georgia
– -$256K -1,513 Closed
KF
200
KKM Financial
Illinois
– -$250K -1,479 Closed
5 6 7
8
9

IAI Hedge Fund Activity: Q3 2025 in Review

184 of the 7,620 institutional investors tracked by Wall St. Rank reported a position in iShares US Broker-Dealers & Securities Exchanges ETF (IAI) for Q3 2025, worth a combined $978M — up 7.9% from $907M a quarter earlier.

Buyers outnumbered sellers: 29 funds opened new IAI positions and 26 closed out — a net gain of 3 holders — while 59 added to existing stakes and 57 trimmed.

The largest buyer was Quadrature Capital, opening a new position worth an estimated $9.9M. The largest seller was Osaic Holdings, cutting an estimated $17.9M.

  • 184 institutional investors held iShares US Broker-Dealers & Securities Exchanges ETF (IAI) as of Q3 2025, up from 182 in Q2 2025.
  • Funds reported $978M of iShares US Broker-Dealers & Securities Exchanges ETF stock for Q3 2025, up 7.9% quarter-over-quarter.
  • 29 funds opened new iShares US Broker-Dealers & Securities Exchanges ETF positions in Q3 2025 and 26 closed out, a net change of +3 holders.
  • The largest iShares US Broker-Dealers & Securities Exchanges ETF buyer in Q3 2025 was Quadrature Capital, an estimated $9.9M added.
  • The largest iShares US Broker-Dealers & Securities Exchanges ETF seller in Q3 2025 was Osaic Holdings, an estimated $17.9M sold.

Based on aggregated 13F filings for Q3 2025.