Data sourced from Dakota Marketplace, the global LP and GP intelligence platform trusted by thousands of investment professionals. Learn More | Book a Demo
Every quarter, institutional investment managers with $100 million or more in 13(f) securities report their holdings to the SEC (SEC Form 13F FAQ). The filings are public but not built for prospecting: each is one firm's list of issuer names, share counts and values, with no asset class tags and no quarter-over-quarter comparison. Finding which RIAs hold a given ETF means pulling filings firm by firm and doing the matching yourself.
Dakota Marketplace does that work for you. Its 13F tab holds 2,621,000+ holdings, including 938,000+ ETF positions, searchable by ticker, asset class and product structure, with Status fields that flag each position as New, Increased, Decreased or Sold-Out versus last quarter.
We used that data to find which international equity ETFs the most RIAs actually own. Developed markets lead: Vanguard FTSE Developed Markets (VEA) is held by 157 RIAs for the quarter ending December 31, 2025, followed by iShares Core MSCI EAFE (IEFA) at 118 and iShares MSCI EAFE (EFA) at 105. Interest in international equity is climbing fast. International developed market ETFs took in a record $124 billion in 2025 (State Street Global Advisors, January 2026), and the MSCI EAFE Index returned roughly 32% against nearly 18% for the S&P 500 (Moneywise, February 2026). Any manager pitching RIAs a reason to add more overseas exposure needs to know what they already hold.
In this article, we’ll rank the 10 emerging markets ETFs held by the most RIAs, show where the dollars concentrate, and break down what a two-fund core means for managers selling emerging markets strategies.
The Top 10 Emerging Market ETFs Held by RIAs
Ranked by the number of distinct RIAs reporting a position in 13F filings for the quarter ending December 31, 2025.
|
Rank
|
Ticker
|
ETF
|
Category
|
RIA holdings
|
|
1
|
VWO
|
Vanguard FTSE Emerging Markets ETF
|
Broad emerging markets
|
119
|
|
2
|
IEMG
|
iShares Core MSCI Emerging Markets ETF
|
Broad emerging markets
|
116
|
|
3
|
SPEM
|
SPDR Portfolio Emerging Markets ETF
|
Broad emerging markets
|
65
|
|
4
|
EEM
|
iShares MSCI Emerging Markets ETF
|
Broad emerging markets
|
63
|
|
5
|
AVEM
|
Avantis Emerging Markets Equity ETF
|
Broad emerging markets (active)
|
62
|
|
6
|
DFEM
|
Dimensional Emerging Markets Core Equity 2 ETF
|
Broad emerging markets (active)
|
47
|
|
7
|
DFAE
|
Dimensional Emerging Core Equity Market ETF
|
Broad emerging markets (active)
|
46
|
|
8
|
SCHE
|
Schwab Emerging Markets Equity ETF
|
Broad emerging markets
|
45
|
|
9
|
EMXC
|
iShares MSCI Emerging Markets ex China ETF
|
Emerging markets ex-China
|
33
|
|
10
|
ESGE
|
iShares ESG Aware MSCI EM ETF
|
Emerging markets ESG
|
28
|
Source: Dakota Marketplace 13F holdings data, quarter ending December 31, 2025.
What the Ranking Shows
1. Two Funds Anchor the Category (VWO and IEMG, 116 to 119 RIAs Each)
VWO and IEMG are held by nearly twice as many RIAs as any other emerging markets ETF. Of the 173 RIAs holding at least one of VWO, IEMG or EEM, 91 hold two or more and 34 hold all three. As in US and international equity, ticker choice looks driven by custodian, model and client account history, not by a view on the index.
In total, 236 RIAs hold at least one emerging markets ETF, fewer than the 281 that hold an international equity ETF.
2. Emerging Markets Sits Beside Developed, Not Instead of It (232 of 236 RIAs)
Almost every RIA with an emerging markets ETF also holds an international equity ETF: 232 of 236. The reverse holds too. Of the 242 RIAs holding a developed markets fund such as VEA or IEFA, 206 (85%) also hold a dedicated emerging markets fund.
Even RIAs that own a total international fund like VXUS, which already includes emerging markets, usually add a separate one. 127 of the 148 RIAs holding a total international ETF also hold a dedicated emerging markets ETF.
3. Some RIAs Are Carving Out China (EMXC at 33 RIAs)
iShares MSCI Emerging Markets ex China (EMXC) makes the top 10 at 33 RIAs. Across all ex-China and ex-state-owned emerging markets funds, 49 RIAs hold at least one, with $264M in holdings.
Single-country bets point the same way. 37 RIAs hold an India ETF, compared with 25 that hold a China ETF.
Want to see which RIAs in your territory hold these funds? Book a demo of Dakota Marketplace.
Breadth vs. Dollars: Where RIA Assets Concentrate
The ETFs held by the most RIAs are not always the ones holding the most RIA money. RIAs reported $4.3B in emerging markets ETF holdings for the quarter ending December 31, 2025, and the top 10 funds account for $3.8B of it, about 87%.
|
Ticker
|
ETF
|
RIA holding
|
RIA holdings
|
|
IEMG
|
iShares Core MSCI Emerging Markets ETF
|
116
|
$1.1B
|
|
VWO
|
Vanguard FTSE Emerging Markets ETF
|
119
|
$795M
|
|
AVEM
|
Avantis Emerging Markets Equity ETF
|
62
|
$596M
|
|
DFEM
|
Dimensional Emerging Markets Core Equity 2 ETF
|
47
|
$340M
|
|
SPEM
|
SPDR Portfolio Emerging Markets ETF
|
65
|
$318M
|
|
DFAE
|
Dimensional Emerging Core Equity Market ETF
|
46
|
$282M
|
IEMG and VWO together hold about $1.9B, roughly 43% of all RIA emerging markets ETF dollars. IEMG has three fewer holders than VWO but about $280M more in holdings. EEM ranks fourth by holders but holds just $143M, consistent with smaller, legacy positions.
Systematic funds take a bigger share here than in any category we’ve covered. Avantis Emerging Markets Equity (AVEM) ranks third by dollars, with seven RIA positions over $25M each totaling $361M. Across all Avantis and Dimensional emerging markets funds, 101 RIAs hold $1.3B, about 31% of the category. In international developed equity, those two firms hold closer to 18%.
Source: Dakota Marketplace 13F holdings data, quarter ending December 31, 2025.
What This Means for Investment Firms Pitching RIAs
Most RIAs already own emerging markets through a passive core fund, and they hold it alongside developed markets. The question for a manager is not whether an RIA has the allocation, but what fills it.
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Pitch against the core, not instead of it. An RIA holding VWO or IEMG is unlikely to sell it. Show how your strategy fits beside a passive emerging markets position: a different country mix, small cap exposure, or an active return driver the index does not offer.
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Compete for the sleeve, not a new allocation. With 85% of developed markets holders already owning a dedicated emerging markets fund, the conversation is about replacing or adding to an existing position, not opening a new one.
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Use China exposure to segment your list. An RIA holding EMXC or an India fund has taken a view on China. That is a natural opening for ex-China, India or country-specific strategies, and a signal to lead differently with a broad emerging markets product.
-
Find the conviction buyers. 101 RIAs hold $1.3B in Avantis and Dimensional emerging markets funds. They have already chosen a systematic approach over a plain index, which makes them the first call for factor, quant and active emerging markets managers.
Turn 13F Holdings Into a Prospect List
Every number in this post came from the 13F tab in Dakota Marketplace. Members filter 2,621,000+ holdings by account name, investment strategy, ticker, asset class, sub-asset class, product structure, fund balance range and filing period, and switch between a By Investor and a By Fund view.
Seven new fields make the data faster to act on:
- Quarter-over-quarter change on any holding: Previous No. of Shares, Previous Quarter Value and Status (New, Increased, Decreased, Equal Shares or Sold-Out) show who is adding or trimming a position, with no filing to open and no math to do.
- ETF exposure on every account: ETF AUM, ETF AUM %, Active ETF AUM and Passive ETF AUM answer "does this RIA use ETFs, and how much?" right on the account page.
That gives investment firms three ways to build a sharper list:
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Find who holds a competitor's fund. Search a ticker and pull every firm reporting it.
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Spot momentum. Filter by Status to see which RIAs bought or added to a position last quarter, and which sold out.
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Target real holdings, not stated mandates. An RIA that leans active in its ETF book is a very different conversation than one that runs almost entirely passive.
Members can now build and save their own 13F lists with Create a List and My Lists, then export any list to Excel to share or print.
Find the RIAs Behind the Holdings
Dakota Marketplace tracks 8,700+ RIAs and 48,300+ RIA contacts, with 13F holdings attached to each firm profile. Filter by ETF ticker or asset class held, by RIA AUM, by metro area, or by decision-maker title such as CIO or portfolio manager.
Book a demo of Dakota Marketplace to know what an RIA already owns before you pitch what it should add.
