ISHARES RUSSELL 2000 ETF

IWM Q1 2026 institutional ownership is a $200.3B book across 2,597 holders. Jane Street Group (market_maker) is the largest holder at $26.7B (107.5M shares, +69.6%, +$11.0B) -- the dominant flow this quarter, but reflective of market-making inventory/hedging, not directional small-cap conviction. Susquehanna International Group (market_maker) is second at $15.4B (62.3M shares, +5.3%, +$768M). Millennium Management is third at $13.1B (52.8M shares, +12.5%, +$1.5B) -- the largest active-manager buyer. Barclays is fourth at $11.7B (47.1M shares). Bank of America is fifth at $10.3B (42.0M shares, -4.9%, -$454M). Morgan Stanley $7.4B (+76.6%, +$3.2B) -- massive increase. Goldman Sachs $7.5B (+49.3%, +$2.5B). Citigroup $8.5B (+30.4%, +$1.6B). Bank of Montreal $4.2B (+50.1%, +$1.6B). Toronto Dominion Bank effectively NEW at $2.7B (10.8M shares vs 185K prior). BNP Paribas $4.4B (+12.7%, +$472M). JPMorgan not in top-20 for IWM. New large position: Bracebridge Capital $1.5B (62K shares). Sellers: Tudor Investment Corp -$1.2B (-23.3%); RBC -$835M (-12.8%); UBS Group -$765M (-14.4%); Nomura -$621M (-37.7%); Wells Fargo -$506M (-8.2%); BoA -$454M (-4.9%); Belvedere Trading -$303M (-18.1%); BlackRock -$227M (-8.1%). The 75.50 whaleScore reflects AUM. Smart-money-signal read: IWM Q1 2026 is dominated by market-maker inventory flows (Jane Street +$11B, Susquehanna +$768M) which are structural, not directional. Among active managers, the net read is mixed: Millennium +$1.5B, Balyasny +$381M, Parallax +$145M, Walleye +$388M, Jain Global +$643M versus Tudor -$1.2B, RBC -$835M, UBS -$765M, Nomura -$621M. The seller cohort (Tudor, RBC, UBS, Nomura) are macro/global managers reducing small-cap exposure, while the buyer cohort (Millennium, Balyasny) are long/short equity managers adding. No clean directional signal for U.S. small-cap from institutional holders this quarter.