SCHEDULE: PNC Financial Discloses 12.22% Stake in Avantis ETF

The PNC Financial Services Group, Inc. has reported a beneficial ownership of 12.22% in Avantis US Large Cap Value ETF as of September 30, 2025.

Summary

• The PNC Financial Services Group, Inc. (PNC) beneficially owns an aggregate of 13,974,424 shares of Avantis US Large Cap Value ETF.
• This ownership represents 12.22% of the class of securities.
• PNC holds sole voting power over 5,094,741 shares and shared voting power over 8,860,854 shares.
• PNC holds sole dispositive power over 13,870,321 shares and shared dispositive power over 104,103 shares.
• The shares are held in a fiduciary capacity for clients through various PNC subsidiaries, including PNC Bank, National Association (5,083,084 shares), PNC Delaware Trust Company (9,474 shares), PNC Ohio Trust Company (12,884 shares), and PNC Wealth Management LLC (8,868,982 shares).

Sentiment

Score: 5

Explanation: The filing is a routine beneficial ownership disclosure (Schedule 13G) and does not contain information that would typically indicate positive or negative sentiment regarding the issuer or the reporting entity beyond the factual ownership stake.

Future Outlook

This filing does not contain any forward-looking statements or guidance.

Management Comments

• The securities referred to were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities.

Industry Context

This Schedule 13G filing is a routine disclosure by a large financial institution, The PNC Financial Services Group, Inc., indicating its beneficial ownership in an Exchange-Traded Fund (ETF). Such filings are common for banks and asset managers that hold significant stakes in public companies or funds on behalf of their clients in a fiduciary capacity, rather than for activist investment purposes. It reflects the scale of PNC's asset management and trust services.

Stakeholder Impact

• Shareholders of Avantis US Large Cap Value ETF gain transparency regarding a significant institutional holder's stake, confirming a large portion is held in a fiduciary capacity for clients.
• Clients of PNC Financial Services Group, Inc. are indirectly represented by these holdings within the ETF.

Key Dates

Keywords

PNC Financial Services Group, Avantis US Large Cap Value ETF, Beneficial Ownership, Schedule 13G, ETF, Financial Services, Investment Management, Fiduciary Holdings