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TOPT

iShares Top 20 U.S. Stocks ETF
TOPT

78 hedge funds and large institutions have $134M invested in iShares Top 20 U.S. Stocks ETF in 2025 Q4 according to their latest regulatory filings, with 22 funds opening new positions, 32 increasing their positions, 13 reducing their positions, and 8 closing their positions.

New
Increased
Maintained
Reduced
Closed

700% more call options, than puts

Call options by funds: $1.85M | Put options by funds: $231K

175% more first-time investments, than exits

New positions opened: 22 | Existing positions closed: 8

146% more repeat investments, than reductions

Existing positions increased: 32 | Existing positions reduced: 13

22% more funds holding

Funds holding: 64 → 78 (+14)

21% more capital invested

Capital invested by funds: $111M → $134M (+$22.9M)

4.61% less ownership

Funds ownership: 34.04% → 29.43% (-4.6%)

50% less funds holding in top 10

Funds holding in top 10: 2 → 1 (-1)

Holders
78
Holders Change
+14
Holders Change %
+21.88%
% of All Funds
0.95%
Holding in Top 10
1
Holding in Top 10 Change
-1
Holding in Top 10 Change %
-50%
% of All Funds
0.01%
New
22
Increased
32
Reduced
13
Closed
8
Calls
$1.85M
Puts
$231K
Net Calls
+$1.62M
Net Calls Change
+$202K

Top Buyers

Rank Fund Capital Flow
1
Raymond James Financial
Raymond James Financial
Florida
+$10.8M
2
NA
NewEdge Advisors
Louisiana
+$8.72M
3
LPL Financial
LPL Financial
California
+$5.51M
4
Janney Montgomery Scott
Janney Montgomery Scott
Pennsylvania
+$2.32M
5
GWM
Geneos Wealth Management
Colorado
+$2.16M

Top Sellers

Rank Fund Capital Flow
1
BlackRock
BlackRock
New York
-$2.13M
2
Citadel Advisors
Citadel Advisors
Florida
-$2.07M
3
BAM
Belpointe Asset Management
Nevada
-$1.57M
4
GAG
Goodman Advisory Group
Massachusetts
-$1.1M
5
TRCT
Tower Research Capital (TRC)
New York
-$542K
Name Holding Trade Value Shares
Change 		Change in
Stake
SS
51
Sunbelt Securities
Texas
$235K +$18.5K +596 +9%
FPAS
52
Focus Partners Advisor Solutions
Missouri
$233K -$184K -5,921 -44%
LOWM
53
Laurel Oak Wealth Management
New Jersey
$220K +$219K +7,050 New
VFA
54
Valeo Financial Advisors
Indiana
$214K – – –
FHA
55
Flagship Harbor Advisors
Massachusetts
$176K +$175K +5,644 New
NFSG
56
Newbridge Financial Services Group
Florida
$176K – – –
HI
57
Harbour Investments
Wisconsin
$162K +$161K +5,200 New
PTC
58
Private Trust Company
Ohio
$142K – – –
KFAS
59
Keating Financial Advisory Services
Kansas
$124K +$123K +3,957 New
Simplex Trading
60
Simplex Trading
Illinois
$98.5K +$76.7K +2,475 +364%
Morgan Stanley
61
Morgan Stanley
New York
$34.2K +$23.1K +746 +213%
Bank of Montreal
62
Bank of Montreal
Ontario, Canada
$26.3K – – –
AAG
63
Armstrong Advisory Group
Massachusetts
$26K +$25.8K +832 New
Northwestern Mutual Wealth Management
64
Northwestern Mutual Wealth Management
Wisconsin
$21.3K – – –
Group One Trading
65
Group One Trading
Illinois
$12.5K +$12.4K +400 New
TRCT
66
Tower Research Capital (TRC)
New York
$6.93K -$542K -17,485 -99%
Russell Investments Group
67
Russell Investments Group
United Kingdom
$6.25K +$6.2K +200 New
CWP
68
Concord Wealth Partners
Virginia
$5.46K – – –
FFA
69
Farther Finance Advisors
California
$5.46K +$5.43K +175 New
GFA
70
Godfrey Financial Associates
New York
$5.06K +$5.02K +162 New
Fidelity Investments
71
Fidelity Investments
Massachusetts
$4.68K +$4.65K +150 New
Wells Fargo
72
Wells Fargo
California
$3.38K -$2.14K -69 -39%
US Bancorp
73
US Bancorp
Minnesota
$3.25K +$2.23K +72 +225%
AIC
74
Archer Investment Corporation
Indiana
$1.63K – – –
BNP Paribas Financial Markets
75
BNP Paribas Financial Markets
France
$1.34K +$1.33K +43 New
1 2
3
4

TOPT Hedge Fund Activity: Q4 2025 in Review

78 of the 8,223 institutional investors tracked by Wall St. Rank reported a position in iShares Top 20 U.S. Stocks ETF (TOPT) for Q4 2025, worth a combined $134M — up 21% from $111M a quarter earlier.

Buyers outnumbered sellers: 22 funds opened new TOPT positions and 8 closed out — a net gain of 14 holders — while 32 added to existing stakes and 13 trimmed.

The largest buyer was Raymond James Financial, adding an estimated $10.8M. The largest seller was BlackRock, cutting an estimated $2.13M.

  • 78 institutional investors held iShares Top 20 U.S. Stocks ETF (TOPT) as of Q4 2025, up from 64 in Q3 2025.
  • Funds reported $134M of iShares Top 20 U.S. Stocks ETF stock for Q4 2025, up 21% quarter-over-quarter.
  • 22 funds opened new iShares Top 20 U.S. Stocks ETF positions in Q4 2025 and 8 closed out, a net change of +14 holders.
  • The largest iShares Top 20 U.S. Stocks ETF buyer in Q4 2025 was Raymond James Financial, an estimated $10.8M added.
  • The largest iShares Top 20 U.S. Stocks ETF seller in Q4 2025 was BlackRock, an estimated $2.13M sold.

Based on aggregated 13F filings for Q4 2025.