---
title: "Royal Bank of Canada's Q4 2025 Filing Uses IVV, SPY, and VOO as a Benchmark Stack"
type: research
slug: royal-bank-of-canada-q4-2025-ivv-spy-voo-benchmark-stack
canonical_url: https://13finsight.com/research/royal-bank-of-canada-q4-2025-29000-positions-owns-itself-and-rival-td
published_at: 2026-03-07T06:30:44.623Z
updated_at: 2026-03-22T10:28:37.322Z
author: Alex Rivera
author_title: Breaking News Editor
author_url: https://13finsight.com/authors/alex-rivera
word_count: 273
locale: en
source: 13F Insight
---

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

> Royal Bank of Canada mixed NVIDIA, Apple, and Microsoft with IVV, SPY, and VOO in Q4 2025, creating a benchmark-wrapper stack inside the top ten.

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 MetricValue 13F AUM$614.7B Largest positionNVDA at 3.33% Top-5 weight15.58% Top-10 weight25.65% Distinctive signalIVV + SPY + VOO 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.

---

Source: 13F Insight — https://13finsight.com/research/royal-bank-of-canada-q4-2025-29000-positions-owns-itself-and-rival-td
Author: Alex Rivera — https://13finsight.com/authors/alex-rivera
Last updated: 2026-03-22T10:28:37.322Z