ETF Adoption in Institutional Portfolios: Two Years of Steady Expansion
The number of institutional managers filing 13F reports grew 16% between Q4 2023 and Q4 2025. Silver ETF holders nearly doubled. Semiconductor ETF adoption surged 79%. Covered-call funds more than doubled their institutional base. Clean energy ETFs lost a quarter of theirs. Behind the headline growth of passive investing, the 13F data tells a much more specific story — one where certain ETF themes are structurally expanding, and others are quietly being abandoned.
This analysis tracks institutional holder counts for over 50 major ETFs across every quarter from Q4 2023 to Q4 2025, benchmarked against the 16.3% growth in the total 13F reporting universe. Any ETF growing faster than that baseline is gaining real adoption. Anything below it is losing ground.
Setting the baseline: how many managers are reporting?
Before interpreting any ETF holder count growth, you need a baseline. The total number of institutional managers filing 13F reports grew from 7,508 in Q4 2023 to 8,728 in Q4 2025 — a 16.3% increase over two years. That means some of the holder count growth at any given ETF is simply the market getting bigger: more filers, more disclosed positions. Any ETF whose holder count grew by roughly 16% just kept pace. Anything meaningfully above that line represents real adoption growth.
The filer count was essentially flat through the first three quarters of 2024 (7,480–7,509), then jumped to 8,215 in Q4 2024 before plateauing again through mid-2025 and jumping to 8,728 in Q4 2025. This pattern — step functions at year-end — is normal and reflects late filers and newly registered managers. What matters for this analysis: the 16.3% baseline is the number to beat.
Precious metals had the biggest surge — and it wasn't close
The most striking holder count growth between Q4 2023 and Q4 2025 wasn't in equity index funds — it was in precious metals ETFs. And the growth dramatically outpaced the 16.3% baseline.
iShares Silver Trust (SLV) was the single biggest mover in the entire ETF landscape: 770 holders in Q4 2023 to 1,503 in Q4 2025, a 95% increase — nearly six times the baseline rate. Total institutional exposure in SLV nearly quintupled from $2.4 billion to $11.9 billion. SPDR Gold Shares (GLD) went from 2,022 holders to 3,027 (+50%), with institutional AUM jumping from $22.2 billion to $54.2 billion. iShares Gold Trust (IAU) grew from 1,144 to 1,892 holders (+65%), with assets rising from $14.6 billion to $33.8 billion.
These aren't marginal moves. Gold's sustained price appreciation through 2024 and 2025 clearly pulled institutional money in, but the holder count growth — which measures breadth of adoption, not just dollar inflows — suggests this was a genuine expansion of the institutional base using precious metals ETFs as a portfolio building block, not just existing holders adding to positions.
VanEck Gold Miners ETF (GDX) tells the same story from a different angle: 782 to 1,141 holders (+46%), with institutional AUM more than doubling from $6.4 billion to $13.1 billion. Institutions weren't just buying the metal — they were buying the miners too.
Crypto ETFs: from zero to institutional staple
Spot Bitcoin ETFs launched in January 2024, so they have no Q4 2023 baseline. But the speed of institutional adoption is itself the story.
iShares Bitcoin Trust (IBIT) reached 1,632 institutional holders by Q4 2025 — more holders than many well-established sector ETFs like XLP (1,203), XLRE (765), or XBI (812). It accumulated $18.3 billion in institutional assets. Fidelity Wise Origin Bitcoin Fund (FBTC) hit 667 holders with $3.3 billion in institutional exposure. iShares Ethereum Trust (ETHA), which launched later in 2024, already had 499 holders and $3.3 billion in institutional assets by Q4 2025 — more institutional holders in under a year than BITO (190) accumulated in its entire existence.
For context, the older futures-based ProShares Bitcoin Strategy ETF (BITO) was flat at 190 holders throughout the period, essentially abandoned by institutions once spot products became available.
Broad equity index funds: all above baseline, but VOO is pulling away
Vanguard's S&P 500 ETF (VOO) posted the largest percentage gain among the core equity group at 41% — 25 percentage points above baseline. That's somewhat surprising given that SPY is the older, higher-liquidity product. VOO's lower expense ratio and Vanguard's fund structure make it attractive for longer-holding institutional accounts, and its adoption rate suggests a preference shift from SPY for managers who don't need intraday liquidity. SPY still has the most holders in absolute terms (4,559), but the gap is closing: VOO was 1,012 holders behind SPY in Q4 2023, but only 789 behind by Q4 2025.
The outlier in the other direction is IWM (Russell 2000), which grew at exactly the baseline rate — 16%. Small-cap ETF adoption didn't expand at all relative to the market. Whether that reflects reduced institutional appetite for small caps or a preference for direct small-cap stock picking, the data is clear: institutions added broad-market and Nasdaq ETFs at 2–3x the baseline rate, but didn't meaningfully expand their use of the Russell 2000 ETF.
Sector and thematic ETFs: where the real divergence shows
Sector ETFs are where the baseline comparison becomes most revealing. Some sectors saw holder growth well above the 16.3% baseline, others barely kept pace, and a few contracted outright.
The clear winner among sector SPDRs was Communication Services (XLC), up 38% — driven by the Meta, Google, and Netflix rally that made communication services one of the top-performing sectors over the period. Financials (XLF) at +33% aligns with the banking recovery story visible in direct equity ownership data. Utilities (XLU) at +32% is the surprise — utilities were an unlikely growth story until AI-driven data center demand made power generation a hot trade in 2024–2025.
On the other end: Energy (XLE) grew only 3%, and Materials (XLB) was flat — both well below baseline. These sectors actually lost institutional ETF holders in relative terms. Consumer Staples (XLP) at +8% and Healthcare (XLV) at +11% similarly underperformed, suggesting institutions were rotating out of defensive sector ETFs during a period of strong equity market returns.
Thematic ETFs: the widest spread in the data
Thematic and niche ETFs showed the most dramatic divergence. Some themes saw institutional interest double or triple; others collapsed. The spread between winners and losers is far wider than in any other ETF category.
The semiconductor trade was huge. VanEck Semiconductor ETF (SMH) nearly doubled its institutional base — 666 to 1,195 holders (+79%), with institutional AUM growing from $7.2 billion to $16.6 billion. iShares Semiconductor ETF (SOXX) followed at +38%. The AI hardware build-out cycle drove a massive expansion of institutional interest in semiconductor exposure, and many managers clearly chose ETFs as the vehicle.
Cybersecurity quietly became one of the biggest thematic ETF stories. First Trust NASDAQ Cybersecurity ETF (CIBR) grew from 485 to 774 holders (+60%), with institutional AUM more than doubling from $2.8 billion to $5.9 billion. ETFMG Prime Cyber Security ETF (HACK) grew 43%. Cybersecurity is becoming a structural allocation theme for institutional portfolios, not just a trade — the growth was steady quarter over quarter, not concentrated in one spike.
Nuclear energy (URA) outperformed most sector ETFs. Global X Uranium ETF (URA) went from 294 to 480 holders (+63%), with assets doubling from $1.1 billion to $2.2 billion. The AI data center power demand narrative has clearly reached institutional portfolios — and URA is a small enough fund that each quarter's holder additions are meaningful as a percentage.
Income-focused ETFs kept growing. JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) was the fastest-growing established ETF in the entire dataset at +117% (423 to 919 holders), with assets more than tripling from $3.0 billion to $9.9 billion. JEPI grew 37% to 1,366 holders. The covered-call ETF model has clearly found a permanent institutional audience, and JEPQ in particular went from niche product to mainstream allocation in under two years.
Clean energy and lithium ETFs were in outright decline. iShares Global Clean Energy (ICLN) lost 24% of its institutional holders. Invesco Solar ETF (TAN) dropped 21%, with institutional AUM falling from $427 million to $274 million. Global X Lithium & Battery Tech (LIT) contracted 26%. These aren't just underperforming — institutions are actively exiting these positions. The clean energy trade that peaked in 2021 has been unwinding in 13F data for two years now.
ARK Innovation (ARKK) also continued its institutional exodus, down 7% to 623 holders — and that understates the decline, since the 16.3% baseline means ARKK effectively lost about 20% of its holder base relative to the market. SPDR S&P Oil & Gas Exploration (XOP) shed 19% of holders, consistent with the broader energy sector disinterest.
Fixed-income ETFs: bond funds barely kept up
Only Vanguard Total Bond Market ETF (BND) meaningfully outpaced the baseline at +22%. iShares Core U.S. Aggregate Bond ETF (AGG) grew 17% — essentially at baseline. iShares 20+ Year Treasury (TLT) grew only 3%, and iShares Investment Grade Corporate (LQD) just 2% — both significantly below the baseline, meaning they effectively lost institutional holders in relative terms. iShares High Yield (HYG) at +7% was similarly weak.
The bond ETF story is the mirror image of the equity and thematic ETF story. In a period where equities returned 40%+ and gold surged, institutions didn't expand their use of fixed-income ETFs. Duration-sensitive products (TLT, LQD) were particularly disfavored, consistent with a period of elevated rate uncertainty and sticky long-end yields.
International ETFs: quiet, steady growth
International equity ETFs don't generate headlines, but they tell a consistent story of steady institutional adoption above the baseline.
- iShares Core MSCI EAFE (IEFA) — 1,743 → 2,300 holders (+32%)
- iShares MSCI EAFE (EFA) — 1,866 → 2,184 holders (+17%)
- Vanguard FTSE Emerging Markets (VWO) — 2,047 → 2,455 holders (+20%)
- iShares MSCI Emerging Markets (EEM) — 1,314 → 1,507 holders (+15%)
The same Vanguard vs. iShares pattern visible in domestic equity shows up internationally: IEFA (+32%) is outpacing the older EFA (+17%), and VWO (+20%) is slightly ahead of EEM (+15%). Lower-cost products are steadily winning the institutional allocation, even if the absolute holder counts are smaller than domestic equity ETFs.
The broader picture
With the 16.3% baseline in hand, the ETF landscape splits into four tiers:
- Structural breakouts (50%+ growth): Precious metals (SLV, IAU, GLD, GDX), semiconductors (SMH), cybersecurity (CIBR), uranium (URA), and income-focused products (JEPQ). These themes saw genuine institutional adoption expansion — the kind of growth that's 3–6x the baseline and clearly represents new allocators entering, not just existing holders upsizing.
- Strong organic growth (25–45%): Core equity (VOO, QQQ, VTI), communication services (XLC), financials (XLF), utilities (XLU). All meaningfully above baseline, reflecting both ETF-ification of institutional portfolios and sector-specific tailwinds.
- Baseline or below (0–20%): SPY, IWM, most bond ETFs, healthcare (XLV), consumer staples (XLP), energy (XLE). These ETFs didn't lose holders outright but failed to keep pace with the expanding reporting universe — meaning they effectively shrank as a share of the institutional ETF landscape.
- Outright decliners: Clean energy (ICLN, TAN), lithium (LIT), oil & gas exploration (XOP), airlines (JETS), and innovation (ARKK). These themes have been losing institutional holders for two years. The 2021 retail-driven thematic boom has fully reversed in institutional ownership data.
The total institutional 13F market grew from $47.7 trillion in Q4 2023 to $67.5 trillion by Q4 2025, partly reflecting price appreciation and partly an expanding reporting universe. ETF holder counts for the top-performing categories grew 3–6x faster than the overall manager count, confirming that institutional ETF adoption is a real structural trend — not just an artifact of more managers filing. The story isn't just that institutions are using more ETFs. It's that they're using more ETFs in specific areas — precious metals, semiconductors, cybersecurity, nuclear power, and income generation — while quietly letting go of clean energy, oil & gas, and long-duration bonds.
All ownership data referenced here is drawn from Q4 2025 13F filings, comparing institutional positions as of December 31, 2025 against December 31, 2023. Holder counts and history for all ETFs mentioned are available on FilingFrog through individual security pages and the quarterly changes dataset. The manager screener can filter by specific ETF holdings to find which institutions hold any ticker mentioned above.
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