Data sourced from Dakota Marketplace, the global LP and GP intelligence platform trusted by thousands of investment professionals. Learn More | Book a Demo
Outside the S&P 500 core, RIA ETF demand is gathering around four jobs: income, cash management, tax efficiency and lower-cost or systematic versions of familiar exposures. JPMorgan Equity Premium Income (JEPI) sits in 88 RIA portfolios, and no other liquid alternative ETF reaches 30. 191 RIAs hold a T-bill or ultrashort bond ETF, more than the 145 that hold the two largest core bond funds, AGG and BND.
Those figures come from Dakota Marketplace's 13F data, which tracks 938,000+ ETF positions, for the quarter ending December 31, 2025. We set aside the S&P 500 and total market funds that anchor most RIA portfolios and looked at what advisors add around them. Below are eight ETFs drawing RIA interest, what each one does, and why advisors are using it.
8 ETFs Drawing RIA Interest Beyond the Core
Ranked by the number of distinct RIAs reporting a position.
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Ticker
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ETF
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What RIAs Use It For
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RIA Holders
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RSP
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Invesco S&P 500 Equal Weight ETF
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Reducing mega-cap concentration
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116
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IAU
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iShares Gold Trust
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Lower-cost gold exposure
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97
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JEPI
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JPMorgan Equity Premium Income ETF
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Option income
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88
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DFAC
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Dimensional U.S. Core Equity 2 ETF
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Systematic US equity
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85
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VTEB
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Vanguard Tax-Exempt Bond ETF
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Tax-exempt income
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75
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JPST
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JPMorgan Ultra-Short Income ETF
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Cash sleeve
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74
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FBND
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Fidelity Total Bond ETF
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Active core-plus bonds
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46
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BUFR
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FT Vest Laddered Buffer ETF
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Downside protection
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26
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Source: Dakota Marketplace 13F holdings data, quarter ending December 31, 2025.
Why RIAs Are Using Each One
1. Invesco S&P 500 Equal Weight (RSP): 116 RIAs
RSP holds the same 500 stocks as the S&P 500, with each position weighted equally. 116 RIAs hold it, more than hold iShares Russell 1000 Value (IWD, 97) or Schwab U.S. Large-Cap Growth (SCHG, 96).
The reason is concentration. An RIA that owns SPY or IVV and adds RSP alongside it is trimming its weight in the largest names without leaving US large cap. For many advisors, it is the first step away from pure market-cap weighting.
2. iShares Gold Trust (IAU): 97 RIAs
SPDR Gold Shares (GLD) is still the most widely held gold ETF at 162 RIAs, but IAU is where larger tickets go. The average RIA position in IAU is $4.6M, compared with $3.4M in GLD, and IAU holds $446M of RIA money. 77 RIAs hold both.
Gold is the real assets sleeve for most RIAs: 195 of the 225 RIAs holding any real asset ETF own a physical gold fund. Lower-cost gold funds like IAU and SPDR Gold MiniShares (GLDM, $4.5M average position) are where newer, larger allocations tend to land.
3. JPMorgan Equity Premium Income (JEPI): 88 RIAs
JEPI pairs a US stock portfolio with income from writing call options. It reaches 88 RIAs and holds $294M, about 17% of all RIA liquid alternative ETF dollars. No other liquid alternative ETF is held by more than 30 RIAs.
RIAs buy it for income. 99 RIAs hold an option income fund such as JEPI, Global X NASDAQ 100 Covered Call (QYLD) or Amplify CWP Enhanced Dividend Income (DIVO), with $561M combined. For 37 RIAs, JEPI is the only liquid alternative ETF they own, their first step beyond stocks and bonds.
4. Dimensional U.S. Core Equity 2 (DFAC): 85 RIAs
DFAC ranks 10th among smart beta ETFs by holders but first by dollars, with $2.3B of RIA money. The average RIA position is $27.2M, nearly three times the $9.3M average in Vanguard Value (VTV).
RIAs that choose a systematic approach over a plain index commit in size. Across all Dimensional smart beta funds, 138 RIAs hold $7.7B, about 36% of RIA smart beta ETF dollars. The same pattern holds overseas: 101 RIAs hold $1.3B in Avantis and Dimensional emerging markets funds, about 31% of that category.
5. Vanguard Tax-Exempt Bond (VTEB): 75 RIAs
VTEB is the third most widely held bond ETF among RIAs, ahead of every short-term, corporate and international bond fund. 170 RIAs hold at least one municipal bond ETF, with $1.6B combined.
The draw is taxes. For RIAs serving high-net-worth clients in high brackets, the after-tax yield on munis often beats taxable bonds, which makes tax-exempt exposure a standard building block rather than a niche allocation.
6. JPMorgan Ultra-Short Income (JPST): 74 RIAs
JPST is an actively managed ultrashort bond fund. With SPDR Bloomberg 1-3 Month T-Bill (BIL, 64 RIAs) and iShares 0-3 Month Treasury (SGOV, 62), it puts three of the seven most widely held bond ETFs at the very short end of the curve.
These funds work as the portfolio's cash sleeve. RIAs use them to hold client cash at a market yield inside the same account as the rest of the book, rather than in a money market fund or bank sweep. 191 RIAs hold at least one T-bill or ultrashort ETF.
7. Fidelity Total Bond (FBND): 46 RIAs
FBND is an actively managed core-plus bond fund. It holds $665M of RIA money from 46 firms, more than Vanguard Total Bond Market (BND) holds from 86.
Active fixed income draws large tickets from a few dozen firms each. BlackRock Flexible Income (BINC) holds $479M from 43 RIAs, PIMCO Multisector Bond (PYLD) $389M from 42, and JPMorgan Core Plus Bond (JCPB) $345M from 28. RIAs keep a passive core and pay for active management beside it.
8. FT Vest Laddered Buffer (BUFR): 26 RIAs
Buffer ETFs limit losses over a set period in exchange for a cap on gains. Most launch monthly, so one strategy can carry 12 tickers. BUFR ladders those monthly series inside a single fund, which helps explain why it ranks second among liquid alternative ETFs.
RIAs that use buffers tend to use many. 65 RIAs hold at least one buffer ETF, spread across 134 different funds with $900M combined. 23 hold six or more, and one RIA holds 76.
Early Signals to Watch
A few smaller categories show RIAs taking targeted views, even if the positions are still modest.
- Defense and technology themes. 70 RIAs hold an aerospace and defense ETF, led by iShares US Aerospace & Defense (ITA, 52 RIAs), with $215M combined. 46 hold a cybersecurity ETF, 41 hold an AI or robotics ETF, and 87 hold a semiconductor ETF such as VanEck Semiconductor (SMH) on top of broad technology exposure.
- Carving out China. iShares MSCI Emerging Markets ex China (EMXC) is held by 33 RIAs, and 49 hold an ex-China or ex-state-owned emerging markets fund, with $264M combined. 37 RIAs hold an India ETF, compared with 25 that hold a China ETF.
- Private credit in an ETF wrapper. In the most recent 13F filings, nine of the 10 largest RIA private credit ETF holders own BondBloxx Private Credit CLO (PCMM), led by Gradient Investments at $26.2M. Most RIA positions are under $1M, which suggests advisors are still testing the category.
Source: Dakota Marketplace 13F holdings data, quarter ending December 31, 2025; private credit figures from the most recent filings.
What This Means for Investment Firms Pitching RIAs
Each of these ETFs fills a defined job in the portfolio. That tells a manager which conversation to have before the first call.
Pitch beside the core, not against it. An RIA holding IVV, AGG or GLD is unlikely to sell it. The openings are in the sleeves around the core: equal weight, active bonds, lower-cost gold and systematic equity.
Lead with the problem the RIA is already solving. Holders of JEPI and buffer ETFs want income and a smoother ride. Holders of JPST, SGOV and BIL are managing cash. Holders of VTEB are managing taxes. Frame your strategy around that job.
Find the conviction buyers. The RIAs writing large tickets to DFAC, FBND and BINC have shown they will pay for a process beyond the index. They are a better first call for active and systematic managers than the broad index base.
Treat first steps as openings. The 37 RIAs holding JEPI as their only liquid alternative and the RIAs testing PCMM in small sizes have moved past stocks and bonds. They are natural prospects for long/short, private credit and other diversifying strategies.
Data Note
Figures reflect RIA-filed 13F holdings for the quarter ending December 31, 2025. 13F filings cover managers with $100M or more in 13(f) securities and only exchange-listed securities, so interval funds, non-traded BDCs, mutual funds and private funds do not appear. Holder counts show breadth of adoption in a single quarter, not quarterly flows.
Find the RIAs Behind the Holdings
Dakota Marketplace tracks 8,700+ RIAs and 48,300+ RIA contacts, with 13F holdings attached to every firm profile. Filter by ETF ticker, asset class, position Status (New, Increased, Decreased or Sold-Out), RIA AUM and metro area to find advisors already using the strategies above. Know what an RIA owns before you pitch what it should add.
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