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 international equity ETFs held by the most RIAs, show where the dollars concentrate, and break down what a developed-markets core means for managers selling international strategies.
The Top 10 International Equity 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
|
VEA
|
Vanguard FTSE Developed Markets ETF
|
Developed markets
|
157
|
|
2
|
IEFA
|
iShares Core MSCI EAFE ETF
|
Developed markets
|
118
|
|
3
|
EFA
|
iShares MSCI EAFE ETF
|
Developed markets
|
105
|
|
4
|
SCHF
|
Schwab International Equity ETF
|
Developed markets
|
92
|
|
5
|
VXUS
|
Vanguard Total International Stock ETF
|
Total international
|
88
|
|
6
|
SPDW
|
SPDR Portfolio Developed World ex-US ETF
|
Developed markets
|
66
|
|
7
|
VEU
|
Vanguard FTSE All-World ex-US ETF
|
Total international
|
62
|
|
8
|
EFV
|
iShares MSCI EAFE Value ETF
|
Developed markets value
|
59
|
|
9
|
IXUS
|
iShares Core MSCI Total International Stock ETF
|
Total international
|
53
|
|
10
|
AVDE
|
Avantis International Equity ETF
|
Developed markets (active)
|
50
|
Source: Dakota Marketplace 13F holdings data, quarter ending December 31, 2025.
What the Ranking Shows
1. Developed Markets Is the Default Core (4 Funds, 92 to 157 RIAs Each)
The top four slots all go to broad developed markets index funds: VEA, IEFA, EFA and SCHF. Of the 207 RIAs holding at least one of VEA, IEFA or EFA, 119 hold two or more and 54 hold all three. As in US large cap, ticker choice looks driven by custodian, model and client account history, not by a view on the index.
In total, 281 RIAs hold at least one international equity ETF, and 242 of them hold a developed markets fund. For most RIAs, that fund is where international exposure starts.
2. Total International Funds Add a Layer, They Don’t Replace One (VXUS, VEU, IXUS)
Three total international funds make the top 10: Vanguard Total International Stock (VXUS, 88 RIAs), Vanguard FTSE All-World ex-US (VEU, 62) and iShares Core MSCI Total International Stock (IXUS, 53). These funds hold developed and emerging markets in one wrapper.
Few RIAs use them as their only international fund. Of the 148 RIAs holding a total international ETF, 135 also hold a developed markets fund. Only 13 rely on a total international fund alone.
3. Value Leads Growth Overseas (EFV at 59 RIAs)
iShares MSCI EAFE Value (EFV) is the only style fund in the top 10. Its growth counterpart, iShares MSCI EAFE Growth (EFG), just misses at 48 RIAs.
The pattern holds across the category. 124 RIAs hold at least one international value ETF, compared with 82 that hold an international growth ETF, and 66 hold both. In US large cap, the two sides are nearly even: 224 RIAs hold a growth ETF and 214 hold a value ETF. RIAs that tilt overseas tilt toward value.
Beyond the top 10, RIAs fill in with more targeted exposure. 92 RIAs hold an international small or SMID cap ETF, 89 hold a Europe fund, 64 hold a currency-hedged fund and 38 hold a Japan fund.
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 $10.7B in international equity ETF holdings for the quarter ending December 31, 2025, and the top 10 funds account for $6.2B of it.
|
Ticker
|
ETF
|
RIA holding
|
RIA holdings
|
|
VEA
|
Vanguard FTSE Developed Markets ETF
|
157
|
$1.6B
|
|
IEFA
|
iShares Core MSCI EAFE ETF
|
118
|
$1.6B
|
|
AVDE
|
Avantis International Equity ETF
|
50
|
$732M
|
|
SPDW
|
SPDR Portfolio Developed World ex-US ETF
|
66
|
$607M
|
|
DFIC
|
Dimensional International Core Equity 2 ETF
|
36
|
$587M
|
|
SCHF
|
Schwab International Equity ETF
|
92
|
$399M
|
VEA and IEFA together hold about $3.2B, roughly 30% of all RIA international equity ETF dollars. EFA has the third most holders but only $351M in holdings, consistent with smaller, legacy positions spread across many firms.
At the other end, systematic funds draw large tickets from fewer RIAs. Avantis International Equity (AVDE) ranks 10th by holders but third by dollars. Five of its RIA positions are over $50M each and total $388M. Dimensional International Core Equity 2 (DFIC) holds $587M across just 36 RIAs. Across all Avantis and Dimensional international funds, 93 RIAs hold $2.0B, nearly a fifth of the category.
Source: Dakota Marketplace 13F holdings data, quarter ending December 31, 2025.
What This Means for Investment Firms Pitching RIAs
If the core of an RIA’s international sleeve is a passive developed markets fund, every other international product competes for the space around it. That changes how managers should position.
-
Pitch against the core, not instead of it. An RIA holding VEA or IEFA is unlikely to swap it out. Show how your strategy fits beside a passive developed markets position: a different factor profile, small cap or regional exposure, or an active return driver the index does not offer.
-
Lead with value. International value ETFs reach 124 RIAs, compared with 82 for growth. Value, dividend and quality strategies start with a built-in audience overseas.
-
Read total international holdings as an emerging markets signal. An RIA holding VXUS or VEU already owns emerging markets through a passive fund. That is a natural opening for a dedicated or active emerging markets strategy.
-
Find the conviction buyers. The AVDE and DFIC positions show that a small group of RIAs writes large tickets to systematic international strategies. Those firms are a better first target for factor and quant managers than the broad index base.
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:
-
Find who holds a competitor's fund. Search a ticker and pull every firm reporting it.
-
Spot momentum. Filter by Status to see which RIAs bought or added to a position last quarter, and which sold out.
-
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.
