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TOPT

iShares Top 20 U.S. Stocks ETF
TOPT

64 hedge funds and large institutions have $111M invested in iShares Top 20 U.S. Stocks ETF in 2025 Q3 according to their latest regulatory filings, with 21 funds opening new positions, 25 increasing their positions, 13 reducing their positions, and 4 closing their positions.

New
Increased
Maintained
Reduced
Closed

425% more first-time investments, than exits

New positions opened: 21 | Existing positions closed: 4

215% more call options, than puts

Call options by funds: $2.07M | Put options by funds: $658K

92% more repeat investments, than reductions

Existing positions increased: 25 | Existing positions reduced: 13

82% more capital invested

Capital invested by funds: $61.2M → $111M (+$50.2M)

36% more funds holding

Funds holding: 47 → 64 (+17)

8.58% more ownership

Funds ownership: 25.46% → 34.04% (+8.6%)

Holders
64
Holders Change
+17
Holders Change %
+36.17%
% of All Funds
0.84%
Holding in Top 10
2
Holding in Top 10 Change
+2
Holding in Top 10 Change %
% of All Funds
0.03%
New
21
Increased
25
Reduced
13
Closed
4
Calls
$2.07M
Puts
$658K
Net Calls
+$1.42M
Net Calls Change
+$95K

Top Buyers

Rank Fund Capital Flow
1
GAG
Goodman Advisory Group
Massachusetts
+$12.3M
2
Envestnet Asset Management
Envestnet Asset Management
Illinois
+$7.31M
3
LPL Financial
LPL Financial
California
+$6.02M
4
KIM
Kestra Investment Management
Texas
+$2.43M
5
Cetera Investment Advisers
Cetera Investment Advisers
Illinois
+$2.05M

Top Sellers

Rank Fund Capital Flow
1
HighTower Advisors
HighTower Advisors
Illinois
-$5.34M
2
Citadel Advisors
Citadel Advisors
Florida
-$1.89M
3
TRCT
Tower Research Capital (TRC)
New York
-$1.78M
4
Jane Street
Jane Street
New York
-$1.11M
5
BlackRock
BlackRock
New York
-$977K
Name Holding Trade Value Shares
Change 		Change in
Stake
LPL Financial
1
LPL Financial
California
$15.6M +$6.02M +209,218 +69%
BlackRock
2
BlackRock
New York
$15.3M -$977K -33,976 -6%
GAG
3
Goodman Advisory Group
Massachusetts
$13M +$12.3M +425,986 New
TC
4
Touchstone Capital
Pennsylvania
$10.9M +$10.3M +357,153 New
Envestnet Asset Management
5
Envestnet Asset Management
Illinois
$7.74M +$7.31M +254,179 New
HighTower Advisors
6
HighTower Advisors
Illinois
$4.64M -$5.34M -185,749 -55%
Goldman Sachs
7
Goldman Sachs
New York
$3.43M -$235K -8,177 -7%
Cetera Investment Advisers
8
Cetera Investment Advisers
Illinois
$2.77M +$2.05M +71,371 +367%
KIM
9
Kestra Investment Management
Texas
$2.58M +$2.43M +84,586 New
IFG
10
Independent Financial Group
California
$2.39M +$28.2K +980 +1%
Citadel Advisors
11
Citadel Advisors
Florida
$2.04M -$1.89M -65,622 -50%
HI
12
Horizon Investments
North Carolina
$1.93M +$1.82M +63,405 New
CCFM
13
Clear Creek Financial Management
Washington
$1.92M -$22.5K -783 -1%
Susquehanna International Group
14
Susquehanna International Group
Pennsylvania
$1.84M +$1.08M +37,718 +165%
FFS
15
Founders Financial Securities
Maryland
$1.82M +$1.72M +59,650 New
Commonwealth Equity Services
16
Commonwealth Equity Services
Massachusetts
$1.8M +$926K +32,196 +119%
SPIA
17
Steward Partners Investment Advisory
New York
$1.69M +$112K +3,882 +8%
BAM
18
Belpointe Asset Management
Nevada
$1.57M +$1.48M +51,580 New
OC
19
Oppenheimer & Co
New York
$1.54M -$18.1K -628 -1%
RAG
20
RIA Advisory Group
Iowa
$1.47M -$14.1K -489 -1%
KAS
21
Kestra Advisory Services
Texas
$1.33M +$212K +7,362 +20%
PFS
22
Prospera Financial Services
Texas
$1.29M +$626K +21,769 +106%
KWS
23
Keystone Wealth Services
California
$1.25M +$911K +31,675 +334%
CPC
24
Consolidated Planning Corp
Georgia
$1.07M -$295K -10,270 -23%
PAG
25
Private Advisor Group
New Jersey
$892K +$443K +15,387 +111%
1
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TOPT Hedge Fund Activity: Q3 2025 in Review

64 of the 7,621 institutional investors tracked by Wall St. Rank reported a position in iShares Top 20 U.S. Stocks ETF (TOPT) for Q3 2025, worth a combined $111M — up 82% from $61.2M a quarter earlier.

Buyers outnumbered sellers: 21 funds opened new TOPT positions and 4 closed out — a net gain of 17 holders — while 25 added to existing stakes and 13 trimmed.

The largest buyer was Goodman Advisory Group, opening a new position worth an estimated $12.3M. The largest seller was HighTower Advisors, cutting an estimated $5.34M.

  • 64 institutional investors held iShares Top 20 U.S. Stocks ETF (TOPT) as of Q3 2025, up from 47 in Q2 2025.
  • Funds reported $111M of iShares Top 20 U.S. Stocks ETF stock for Q3 2025, up 82% quarter-over-quarter.
  • 21 funds opened new iShares Top 20 U.S. Stocks ETF positions in Q3 2025 and 4 closed out, a net change of +17 holders.
  • The largest iShares Top 20 U.S. Stocks ETF buyer in Q3 2025 was Goodman Advisory Group, an estimated $12.3M added.
  • The largest iShares Top 20 U.S. Stocks ETF seller in Q3 2025 was HighTower Advisors, an estimated $5.34M sold.

Based on aggregated 13F filings for Q3 2025.