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iShares Russell Top 200 ETF
IWL

220 hedge funds and large institutions have $1.43B invested in iShares Russell Top 200 ETF in 2025 Q4 according to their latest regulatory filings, with 32 funds opening new positions, 63 increasing their positions, 78 reducing their positions, and 13 closing their positions.

New
Increased
Maintained
Reduced
Closed

146% more first-time investments, than exits

New positions opened: 32 | Existing positions closed: 13

8% more funds holding

Funds holding: 203 → 220 (+17)

8% more capital invested

Capital invested by funds: $1.32B → $1.43B (+$110M)

0% more funds holding in top 10

Funds holding in top 10: 15 → 15 (0)

0.04% less ownership

Funds ownership: 70.83% → 70.79% (-0.04%)

19% less repeat investments, than reductions

Existing positions increased: 63 | Existing positions reduced: 78

Holders
220
Holders Change
+17
Holders Change %
+8.37%
% of All Funds
2.68%
Holding in Top 10
15
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
0.18%
New
32
Increased
63
Reduced
78
Closed
13
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

1
CB
Commerce Bank
Missouri
+$29.3M
2
AAS
Annex Advisory Services
Wisconsin
+$12.8M
3
Bank of America
Bank of America
North Carolina
+$10.5M
4
Lido Advisors
Lido Advisors
California
+$8.35M
5
Morgan Stanley
Morgan Stanley
New York
+$7.68M

Top Sellers

1
FL
FreeGulliver LLC
Louisiana
-$3.72M
2
WCAMG
Woodard & Company Asset Management Group
North Carolina
-$3.11M
3
Bank of Nova Scotia
Bank of Nova Scotia
Ontario, Canada
-$2.82M
4
Two Sigma Investments
Two Sigma Investments
New York
-$2.64M
5
Susquehanna International Group
Susquehanna International Group
Pennsylvania
-$2.63M
Name Holding Trade Value Shares
Change 		Change in
Stake
MML Investors Services
76
MML Investors Services
Massachusetts
$2.25M +$83.5K +494 +4%
SOS
77
Silver Oak Securities
Tennessee
$2.23M +$765K +4,530 +54%
BF
78
BOK Financial
Oklahoma
$2.23M +$2.2M +13,045 New
BNP Paribas Financial Markets
79
BNP Paribas Financial Markets
France
$2.22M -$2.23M -13,218 -50%
CWAG
80
Compton Wealth Advisory Group
Virginia
$2.2M – – –
Fidelity Investments
81
Fidelity Investments
Massachusetts
$2.18M -$32.4K -192 -1%
Wealth Enhancement Advisory Services
82
Wealth Enhancement Advisory Services
Minnesota
$2.1M -$247K -1,464 -11%
Susquehanna International Group
83
Susquehanna International Group
Pennsylvania
$1.99M -$2.63M -15,566 -57%
Stifel Financial
84
Stifel Financial
Missouri
$1.97M -$36K -213 -2%
AA
85
Armis Advisers
Georgia
$1.94M +$2.04M +12,074 New
WA
86
Win Advisors
Florida
$1.91M -$30.7K -182 -2%
Envestnet Asset Management
87
Envestnet Asset Management
Illinois
$1.88M -$511K -3,026 -22%
FWP
88
Forefront Wealth Partners
Texas
$1.83M +$189K +1,117 +12%
PP
89
Patten & Patten
Tennessee
$1.69M – – –
MI
90
Moneywise Inc
Virginia
$1.44M +$1.42M +8,425 New
AWM
91
Avior Wealth Management
Nebraska
$1.4M -$35.8K -212 -3%
FTS
92
Fifth Third Securities
Ohio
$1.36M -$30.7K -182 -2%
PS
93
Principal Securities
Iowa
$1.35M -$138K -819 -9%
CAM
94
Cozad Asset Management
Illinois
$1.31M +$134K +792 +12%
PAG
95
Private Advisor Group
New Jersey
$1.31M +$68.8K +407 +6%
Carson Wealth (CWM LLC)
96
Carson Wealth (CWM LLC)
Nebraska
$1.23M +$76.5K +453 +7%
PA
97
Procyon Advisors
Connecticut
$1.22M -$5.74K -34 -0.5%
Focus Partners Wealth
98
Focus Partners Wealth
Massachusetts
$1.21M +$228K +1,350 +23%
AAS
99
Asset Allocation Strategies
Michigan
$1.07M -$83.8K -496 -7%
EW
100
Expressive Wealth
Illinois
$1.05M +$1.04M +6,155 New
2 3
4
5 6

IWL Hedge Fund Activity: Q4 2025 in Review

220 of the 8,223 institutional investors tracked by Wall St. Rank reported a position in iShares Russell Top 200 ETF (IWL) for Q4 2025, worth a combined $1.43B — up 8.4% from $1.32B a quarter earlier.

Buyers outnumbered sellers: 32 funds opened new IWL positions and 13 closed out — a net gain of 19 holders — while 63 added to existing stakes and 78 trimmed.

The largest buyer was Commerce Bank, opening a new position worth an estimated $29.3M. The largest seller was FreeGulliver LLC, cutting an estimated $3.72M.

  • 220 institutional investors held iShares Russell Top 200 ETF (IWL) as of Q4 2025, up from 203 in Q3 2025.
  • Funds reported $1.43B of iShares Russell Top 200 ETF stock for Q4 2025, up 8.4% quarter-over-quarter.
  • 32 funds opened new iShares Russell Top 200 ETF positions in Q4 2025 and 13 closed out, a net change of +19 holders.
  • The largest iShares Russell Top 200 ETF buyer in Q4 2025 was Commerce Bank, an estimated $29.3M added.
  • The largest iShares Russell Top 200 ETF seller in Q4 2025 was FreeGulliver LLC, an estimated $3.72M sold.

Based on aggregated 13F filings for Q4 2025.