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iShares MSCI USA Quality Factor ETF
QUAL

1,468 hedge funds and large institutions have $42.8B invested in iShares MSCI USA Quality Factor ETF in 2025 Q1 according to their latest regulatory filings, with 97 funds opening new positions, 701 increasing their positions, 469 reducing their positions, and 86 closing their positions.

New
Increased
Maintained
Reduced
Closed

251% more call options, than puts

Call options by funds: $3.9M | Put options by funds: $1.11M

49% more repeat investments, than reductions

Existing positions increased: 701 | Existing positions reduced: 469

13% more first-time investments, than exits

New positions opened: 97 | Existing positions closed: 86

0.45% more ownership

Funds ownership: 88.01% → 88.46% (+0.45%)

2% less capital invested

Capital invested by funds: $43.8B → $42.8B (-$931M)

1% less funds holding

Funds holding: 1,487 → 1,468 (-19)

4% less funds holding in top 10

Funds holding in top 10: 259 → 248 (-11)

Holders
1,468
Holders Change
-19
Holders Change %
-1.28%
% of All Funds
19.68%
Holding in Top 10
248
Holding in Top 10 Change
-11
Holding in Top 10 Change %
-4.25%
% of All Funds
3.33%
New
97
Increased
701
Reduced
469
Closed
86
Calls
$3.9M
Puts
$1.11M
Net Calls
+$2.79M
Net Calls Change
-$45K

Top Buyers

Rank Fund Capital Flow
1
Envestnet Asset Management
Envestnet Asset Management
Illinois
+$485M
2
BNP Paribas Financial Markets
BNP Paribas Financial Markets
France
+$484M
3
LPL Financial
LPL Financial
California
+$236M
4
Focus Partners Wealth
Focus Partners Wealth
Massachusetts
+$231M
5
OWM
Orgel Wealth Management
Wisconsin
+$108M

Top Sellers

Rank Fund Capital Flow
1
Caisse de Depot et Placement du Quebec (CDPQ)
Caisse de Depot et Placement du Quebec (CDPQ)
Quebec, Canada
-$349M
2
HI
Horizon Investments
North Carolina
-$193M
3
Bank of New York Mellon
Bank of New York Mellon
New York
-$137M
4
Envestnet Portfolio Solutions
Envestnet Portfolio Solutions
Illinois
-$119M
5
Fidelity Investments
Fidelity Investments
Massachusetts
-$113M
Name Holding Trade Value Shares
Change 		Change in
Stake
SPIA
101
Steward Partners Investment Advisory
New York
$50.7M -$2.29M -12,770 -4%
AAS
102
Ameritas Advisory Services
Nebraska
$50.6M -$3.47M -19,370 -6%
GA
103
Goldstein Advisors
Wisconsin
$50.4M +$49.1K +274 +0.1%
BWM
104
Baron Wealth Management
Michigan
$50.3M -$1.68M -9,393 -3%
Baird Financial Group
105
Baird Financial Group
Wisconsin
$49.4M -$754K -4,213 -1%
B
106
Barings
North Carolina
$49.1M +$10.1M +56,323 +24%
CW
107
CreativeOne Wealth
Kansas
$47.7M +$3.82M +21,361 +8%
GT
108
Glenmede Trust
Pennsylvania
$47.4M +$3.75M +20,928 +8%
PWMAG
109
Pinnacle Wealth Management Advisory Group
New Jersey
$46.5M +$1.54M +8,611 +3%
FWIA
110
Fort Washington Investment Advisors
Ohio
$46M -$1.5M -8,372 -3%
EB
111
Eastern Bank
Massachusetts
$45.4M +$4.33M +24,171 +10%
SA
112
Scarborough Advisors
Maryland
$45.3M +$6.25M +34,888 +15%
SWA
113
Strategies Wealth Advisors
Michigan
$45M +$2.27M +12,659 +5%
AWM
114
Apollon Wealth Management
South Carolina
$44.4M +$10.7M +59,902 +30%
FFA
115
Farther Finance Advisors
California
$44.2M +$14.5M +81,084 +46%
AAS
116
Avantax Advisory Services
Texas
$43.3M +$5.6M +31,292 +14%
Susquehanna International Group
117
Susquehanna International Group
Pennsylvania
$43M +$45M +251,392 New
MPW
118
MA Private Wealth
California
$42.8M +$785K +4,385 +2%
OCBCO
119
Oversea-Chinese Banking Corp (OCBC)
Singapore
$42.7M -$773K -4,319 -2%
AG
120
Ascent Group
Virginia
$42.4M +$28.6M +159,508 +180%
CCA
121
Catalyst Capital Advisors
New York
$41.7M +$2.34M +13,082 +6%
MRC
122
Millburn Ridgefield Corp
New York
$41.7M +$2.34M +13,082 +6%
LWA
123
Lineweaver Wealth Advisors
Ohio
$41.4M +$1.47M +8,184 +3%
Jones Financial Companies
124
Jones Financial Companies
Missouri
$40.8M +$10.5M +58,758 +32%
IWA
125
Icon Wealth Advisors
Texas
$40.6M +$8.76M +48,911 +26%
3 4
5
6 7

QUAL Hedge Fund Activity: Q1 2025 in Review

1,468 of the 7,458 institutional investors tracked by Wall St. Rank reported a position in iShares MSCI USA Quality Factor ETF (QUAL) for Q1 2025, worth a combined $42.8B — down 2.1% from $43.8B a quarter earlier.

Buyers outnumbered sellers: 97 funds opened new QUAL positions and 86 closed out — a net gain of 11 holders — while 701 added to existing stakes and 469 trimmed.

The largest buyer was Envestnet Asset Management, adding an estimated $485M. The largest seller was Caisse de Depot et Placement du Quebec (CDPQ), exiting entirely with an estimated $349M sold.

  • 1,468 institutional investors held iShares MSCI USA Quality Factor ETF (QUAL) as of Q1 2025, down from 1,487 in Q4 2024.
  • Funds reported $42.8B of iShares MSCI USA Quality Factor ETF stock for Q1 2025, down 2.1% quarter-over-quarter.
  • 97 funds opened new iShares MSCI USA Quality Factor ETF positions in Q1 2025 and 86 closed out, a net change of +11 holders.
  • The largest iShares MSCI USA Quality Factor ETF buyer in Q1 2025 was Envestnet Asset Management, an estimated $485M added.
  • The largest iShares MSCI USA Quality Factor ETF seller in Q1 2025 was Caisse de Depot et Placement du Quebec (CDPQ), an estimated $349M sold.

Based on aggregated 13F filings for Q1 2025.