Royal Bank of Canada's Q4 2025 Filing Uses IVV, SPY, and VOO as a Benchmark Stack

Royal Bank of Canada did something structurally useful in Q4 2025: it put IVV, SPY, and VOO right into the top ten alongside NVIDIA, Apple, and Microsoft. That creates a benchmark-wrapper stack rather than a pure stock-selection headline. The top ten total 25.65%, which keeps the filing broad while making the benchmark architecture unusually visible.

TL;DR

• 13F AUM: $614.7B.
• Largest position: NVDA at 3.33%.
• Top-5 concentration: 15.58%.
• Top-10 concentration: 25.65%.
• Main read: The filing is broad, but the benchmark wrappers are impossible to ignore.
• Read with: our wrapper-vs-direct guide and our benchmark ETF explainer.

Filing Snapshot

Why Three Benchmark Wrappers in the Top Ten Matter

Seeing one broad-market ETF in the top ten is not unusual. Seeing three is a structural clue. It tells you the filing is using wrappers intentionally, not incidentally. That changes how you should read the single-name positions around them. NVIDIA, Apple, and Microsoft matter, but they sit inside a visibly benchmarked frame.

That is why this filing is better understood as a broad benchmark architecture with selective leadership lines, rather than as a concentrated stock picker.

Questions Investors Search For

What does it mean when IVV, SPY, and VOO all appear near the top?

It usually means the manager is using multiple broad-market wrappers as part of the portfolio's core structure.

Is Royal Bank of Canada a stock picker here?

Not primarily. The filing looks more like benchmark architecture plus selective leadership exposures.

What is the main takeaway?

Benchmark wrappers can be the most important signal in a broad institutional filing.