ISHARES RUSSELL 1000 VALUE E

IWD (iShares Russell 1000 Value ETF) Q1 2026: 1,846 holders, $55.5B in institutional value. Bank of America $9.9B (46.1M shares, -8.5% trim, -$1.13B) is the largest seller this quarter, cutting a historically large position by the equivalent of Franklin's entire IWD stake. Morgan Stanley $9.0B (42.2M shares, +1.7%, +$679.9M) is the largest buyer, absorbing roughly 60% of BofA's sold shares. Goldman Sachs $2.5B (11.6M shares, +0.5%, +$54.4M). FMR/Fidelity $2.0B (9.3M shares, +2.0%, +$173.6M). JPMorgan $1.8B (8.6M shares, -1.5%, -$135.5M). Financial Engines $1.7B (8.0M shares, -1.5%, -$57.2M). UBS Group $1.5B (7.2M shares, -0.05%, +$17.1M). Envestnet $1.5B (6.9M shares, -7.6%, -$157.5M). Baird Financial $1.3B (6.0M shares, +1.0%, +$57.5M). Raymond James $1.2B (5.5M shares, +0.8%, +$46.4M). Northern Trust $1.1B (5.2M shares, +1.3%, +$65.3M). Wells Fargo $1.1B (5.0M shares, -8.0%, -$168.6M). LPL Financial $915M (4.3M shares, -0.03%). Prudential $798M (3.7M shares, +1.9%, +$72.9M). M&T Bank $757M (3.5M shares, -2.3%, -$38.7M). Pinnacle Financial $694M (3.3M shares, -0.3%, +$7M). Jones Financial (Raymond James affiliate) $555M (2.6M shares, +3.2x, +$237.8M from 1.5M prior). Franklin Resources $505M (2.4M shares, +5.8x, +$418.9M from 0.4M prior). RBC $474M (2.2M shares, -1.4%, -$60.5M). New positions: none in top-20. Sellers: BofA -$1.13B (classic), Wells Fargo -$169M, Envestnet -$158M, JPMorgan -$136M, Financial Engines -$57M, Ameriprise -$39M, M&T -$39M, RBC -$61M. Buyers: Morgan Stanley +$680M, Franklin +$419M (from tiny base), Jones Financial +$238M, FMR +$174M (index/smart-beta overlap), Prudential +$73M, Northern Trust +$65M, Goldman +$54M, Baird +$58M, Raymond James +$46M, Deutsche Bank not in top-20. SMART-MONEY READ: Q1 2026 IWD shows a notable ACTIVE-MANAGER DIVORCE. BofA's $1.13B trim is large in absolute terms but historically consistent with their IWD lifecycle cycle (peaks and trims). The Jericho: Morgan Stanley +$680M at the same time, Franklin +$419M from near-zero, Jones Financial +$238M from a small base. These are not passive flows -- they represent analytical weight being put on large-cap value names as a group. This is consistent with a VALUE TACTICAL ROTATION away from growth (IWF/IWB bias). Net read: bearish on large-cap value as a broad category -- BofA's trim is the single largest IWD holder reducing at scale, and the buy-cohort (Morgan Stanley +680M + Franklin +419M + Jones +238M = $1.3B) does not offset the breadth of BofA's reduction.