Vault-13

SCHWAB STRATEGIC TR SCHA

US SML CAP ETF · ETP · CUSIP 808524607

1,245 institutional holders +73 vs Q3 2025
252,958,529253.0m shares reported held*
$7.2bnreported value*
68 new 471 added 446 reduced 56 sold out net bought ≈ $174.7m (+8.6m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($14.3m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $28.37. Options: 5 managers hold calls ($14.3m notional), 0 hold puts (—).

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

05001k1.5kQ3 22: 871Q4 22: 945Q1 23: 933Q2 23: 962Q3 23: 948Q4 23: 1,062Q1 24: 1,053Q2 24: 1,057Q3 24: 1,074Q4 24: 1,172Q1 25: 1,142Q2 25: 1,143Q3 25: 1,172Q4 25: 1,2451,245Q3 22Q2 23Q1 24Q4 24Q4 25
Numbers
QuarterHolders
Q3 2022871
Q4 2022945
Q1 2023933
Q2 2023962
Q3 2023948
Q4 20231,062
Q1 20241,053
Q2 20241,057
Q3 20241,074
Q4 20241,172
Q1 20251,142
Q2 20251,143
Q3 20251,172
Q4 20251,245

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
1k01kQ1 24: 473 bought or addedQ1 24: 484 cut or sold outQ2 24: 442 bought or addedQ2 24: 476 cut or sold outQ2 24Q3 24: 517 bought or addedQ3 24: 432 cut or sold outQ4 24: 494 bought or addedQ4 24: 504 cut or sold outQ4 24Q1 25: 509 bought or addedQ1 25: 532 cut or sold outQ2 25: 529 bought or addedQ2 25: 508 cut or sold outQ2 25Q3 25: 499 bought or addedQ3 25: 516 cut or sold outQ4 25: 539 bought or addedQ4 25: 502 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 2024473484
Q2 2024442476
Q3 2024517432
Q4 2024494504
Q1 2025509532
Q2 2025529508
Q3 2025499516
Q4 2025539502

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$5m$10m$15mQ1 25 calls: $11.6mQ1 25 puts: $63.3kQ1 25P/C 0.01Q2 25 calls: $14.8mQ2 25 puts: $0Q2 25P/C 0.00Q3 25 calls: $14.4mQ3 25 puts: $0Q3 25P/C 0.00Q4 25 calls: $14.3mQ4 25 puts: $0Q4 25P/C 0.00
Numbers
QuarterCallsPutsP/C
Q1 2025$11.6m$63.3k0.01
Q2 2025$14.8m$00.00
Q3 2025$14.4m$00.00
Q4 2025$14.3m$00.00

Biggest buyers

Corient Private Wealth LP Added +3,735,782+3.7m
RMG Wealth Management LLC Added +3,652,373+3.7m
Creative Planning Added +2,109,254+2.1m
FIDELIS iM, LLC Added +661,509+661.5k
Tidal Investments LLC New +420,894+420.9k
New York Life Investment Management LLC Added +379,639+379.6k
STATE FARM MUTUAL AUTOMOBILE INSURANCE CO Added +307,162+307.2k
NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Added +260,545+260.5k
Baird Financial Group, Inc. Added +259,684+259.7k
MARSHALL WACE, LLP New +257,239+257.2k

Biggest sellers

HighTower Advisors, LLC Reduced -1,160,329-1.2m
JPMORGAN CHASE & CO Reduced -826,703-826.7k
WELLINGTON MANAGEMENT GROUP LLP Sold out -646,019-646.0k
ENVESTNET ASSET MANAGEMENT INC Reduced -590,998-591.0k
Sanctuary Advisors, LLC Reduced -519,446-519.4k
Wealthspire Advisors, LLC Reduced -345,769-345.8k
VSM Wealth Advisory, LLC Reduced -336,439-336.4k
Tower Research Capital LLC (TRC) Reduced -230,258-230.3k
BROWN WEALTH MANAGEMENT, LLC Sold out -216,374-216.4k
FLOW TRADERS U.S. LLC Reduced -194,113-194.1k

Biggest calls

IMC-Chicago, LLC Reduced $6.3m231.2k shares
GROUP ONE TRADING LLC Added $4.2m153.1k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $2.2m76.4k shares
JANE STREET GROUP, LLC New $882.9k31.0k shares
CITADEL ADVISORS LLC Reduced $652.2k22.9k shares

Biggest puts

None

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Holders, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Empower Advisory Group, LLC 2.62% of their portfolio Greenwood Village, CO 34,024,36834.0m $969.0m $969.0m 2.62% Reduced -180.2k -180,162
2 BANK OF AMERICA CORP /DE/ 0.04% of their portfolio CHARLOTTE, NC 17,314,07117.3m $493.1m $493.1m 0.04% Added +33.3k +33,302
3 SEI INVESTMENTS CO 0.41% of their portfolio OAKS, PA 14,759,14114.8m $420.3m $420.3m 0.41% Added +68.3k +68,329
4 Creative Planning 0.14% of their portfolio OVERLAND PARK, KS 6,787,6316.8m $193.3m $193.3m 0.14% Added +2.1m +2,109,254
5 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.10% of their portfolio MILWAUKEE, WI 5,502,0725.5m $156.7m $156.7m 0.10% Added +260.5k +260,545
6 Corient Private Wealth LP 0.06% of their portfolio MIAMI, FL 5,099,6515.1m $84.0m $84.0m 0.06% Added +3.7m +3,735,782
7 RMG Wealth Management LLC 21.10% of their portfolio PLATTEVILLE, WI 5,077,4105.1m $162.9m $162.9m 21.10% Added +3.7m +3,652,373
8 Financial Engines Advisors L.L.C. 0.26% of their portfolio SANTA CLARA, CA 4,841,1264.8m $137.9m $137.9m 0.26% Reduced -155.3k -155,339
9 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.18% of their portfolio PLYMOUTH, MN 4,406,3614.4m $130.9m $130.9m 0.18% Reduced -142.9k -142,921
10 UBS Group AG 0.02% of their portfolio ZURICH, V8 4,023,4434.0m $114.6m $114.6m 0.02% Reduced -73.5k -73,540
11 Advisory Alpha, LLC 3.08% of their portfolio HOLLAND, MI 3,976,3044.0m $113.2m $113.2m 3.08% Reduced -47.4k -47,448
12 Cerity Partners LLC 0.16% of their portfolio NEW YORK, NY 3,757,0823.8m $107.0m $107.0m 0.16% Reduced -19.5k -19,525
13 Mariner, LLC 0.10% of their portfolio Overland Park, KS 2,911,3112.9m $82.9m $82.9m 0.10% Added +67.6k +67,571
14 LPL Financial LLC 0.02% of their portfolio FORT MILL, SC 2,648,6172.6m $75.4m $75.4m 0.02% Added +189.2k +189,200
15 Steele Capital Management, Inc. 2.78% of their portfolio DUBUQUE, IA 2,273,5702.3m $64.8m $64.8m 2.78% Added +15.2k +15,150
16 VANTAGEPOINT INVESTMENT ADVISERS LLC 0.50% of their portfolio WASHINGTON, DC 2,161,3732.2m $61.6m $61.6m 0.50% Added +68.8k +68,752
17 MERCER GLOBAL ADVISORS INC /ADV 0.09% of their portfolio DENVER, CO 2,123,5612.1m $61.1m $61.1m 0.09% Added +62.2k +62,217
18 MONETA GROUP INVESTMENT ADVISORS LLC 0.42% of their portfolio ST LOUIS, MO 1,955,2822.0m $55.7m $55.7m 0.42% Reduced -2.8k -2,846
19 HighTower Advisors, LLC 0.06% of their portfolio CHICAGO, IL 1,844,9071.8m $52.5m $52.5m 0.06% Reduced -1.2m -1,160,329
20 SIMS INVESTMENT MANAGEMENT, LLC 18.43% of their portfolio CINCINNATI, OH 1,831,3591.8m $52.2m $52.2m 18.43% Reduced -26.6k -26,596
21 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 1,752,5301.8m $49.9m $49.9m 0.00% Reduced -172.5k -172,455
22 New York Life Investment Management LLC 0.42% of their portfolio New York, NY 1,730,4081.7m $49.3m $49.3m 0.42% Added +379.6k +379,639
23 Betterment LLC 0.09% of their portfolio NEW YORK, NY 1,696,7511.7m $48.3m $48.3m 0.09% Added +163.6k +163,626
24 93 Financial Group, LLC 20.69% of their portfolio WOBURN, MA 1,668,1601.7m $47.5m $47.5m 20.69% First filing
25 CoreCap Advisors, LLC 1.58% of their portfolio SOUTHFIELD, MI 1,587,3311.6m $45.2m $45.2m 1.58% Added +107.7k +107,667
26 Golden Reserve Retirement LLC 8.28% of their portfolio DUBLIN, OH 1,574,2021.6m $44.8m $44.8m 8.28% Added +239.4k +239,408
27 OSAIC HOLDINGS, INC. 0.07% of their portfolio SCOTTSDALE, AZ 1,571,7131.6m $44.8m $44.8m 0.07% Added +120.4k +120,434
28 GOLDMAN SACHS GROUP INC 0.01% of their portfolio NEW YORK, NY 1,565,7261.6m $44.6m $44.6m 0.01% Added +65.3k +65,320
29 Savant Capital, LLC 0.25% of their portfolio ROCKFORD, IL 1,516,7001.5m $43.2m $43.2m 0.25% Reduced -101.7k -101,672
30 Gemmer Asset Management LLC 3.31% of their portfolio WALNUT CREEK, CA 1,511,5411.5m $43.0m $43.0m 3.31% Added +191.7k +191,700
31 JONES FINANCIAL COMPANIES LLLP 0.03% of their portfolio DES PERES, MO 1,471,7391.5m $41.9m $41.9m 0.03% Added +141.4k +141,388
32 Focus Partners Wealth 0.05% of their portfolio ST LOUIS, MO 1,412,0431.4m $40.2m $40.2m 0.05% Added +120.0k +119,952
33 Kohmann Bosshard Financial Services, LLC 3.46% of their portfolio FAIRLAWN, OH 1,358,1961.4m $38.7m $38.7m 3.46% Added +43.4k +43,355
34 Mokosak Advisory Group, LLC 8.70% of their portfolio URBANDALE, IA 1,217,7961.2m $34.7m $34.7m 8.70% Added +30.1k +30,140
35 RAINEY & RANDALL WEALTH ADVISORS INC. 5.53% of their portfolio Celebration, FL 1,189,8181.2m $33.9m $33.9m 5.53% Reduced -16.7k -16,740
36 Cetera Investment Advisers 0.04% of their portfolio SCHAUMBURG, IL 1,183,3391.2m $33.7m $33.7m 0.04% Added +45.6k +45,562
37 KLINGENSTEIN FIELDS & CO LP 1.18% of their portfolio NEW YORK, NY 1,105,9811.1m $31.5m $31.5m 1.18% Reduced -13.6k -13,590
38 CAPTRUST FINANCIAL ADVISORS 0.06% of their portfolio RALEIGH, NC 1,084,0091.1m $30.9m $30.9m 0.06% Added +100.7k +100,746
39 BlueSky Wealth Advisors, LLC 3.75% of their portfolio New Bern, NC 997,412997.4k $28.4m $28.4m 3.75% Added +12.6k +12,579
40 WELLS FARGO & COMPANY/MN 0.01% of their portfolio SAN FRANCISCO, CA 984,253984.3k $28.0m $28.0m 0.01% Added +148.3k +148,305
41 Noble Family Wealth, LLC 5.88% of their portfolio Clearwater, FL 979,845979.8k $27.9m $27.9m 5.88% Added +3.4k +3,409
42 Kestra Advisory Services, LLC 0.11% of their portfolio AUSTIN, TX 971,658971.7k $27.7m $27.7m 0.11% Added +102.7k +102,693
43 ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio Berwyn, PA 960,590960.6k $27.4m $27.4m 0.01% Reduced -591.0k -590,998
44 ForthRight Wealth Management, LLC 7.79% of their portfolio ALPHARETTA, GA 951,024951.0k $27.1m $27.1m 7.79% Added +9.6k +9,567
45 TruNorth Capital Management, LLC 5.04% of their portfolio KALAMAZOO, MI 931,742931.7k $26.5m $26.5m 5.04% Added +13.5k +13,539
46 Summit Financial Strategies, Inc. 2.14% of their portfolio Columbus, OH 912,824912.8k $26.0m $26.0m 2.14% Reduced -86.0k -85,974
47 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 865,931865.9k $24.7m $24.7m 0.00% Reduced -826.7k -826,703
48 Dynamic Advisor Solutions LLC 0.79% of their portfolio PHOENIX, AZ 865,516865.5k $24.6m $24.6m 0.79% Reduced -96.6k -96,626
49 Beacon Pointe Advisors, LLC 0.17% of their portfolio NEWPORT BEACH, CA 853,528853.5k $24.3m $24.3m 0.17% Added +25.6k +25,576
50 Legacy Wealth Management, LLC 1.39% of their portfolio MEMPHIS, TN 846,199846.2k $24.1m $24.1m 1.39% Reduced -44.5k -44,489
51 FIDELIS iM, LLC 9.10% of their portfolio MEDFORD, OR 822,969823.0k $23.4m $23.4m 9.10% Added +661.5k +661,509
52 Joule Financial, LLC 6.85% of their portfolio Lexington, KY 802,607802.6k $22.9m $22.9m 6.85% Reduced -24.8k -24,833
53 Charles Schwab Trust Co 1.47% of their portfolio HENDERSON, NV 782,784782.8k $22.3m $22.3m 1.47% Added +36.8k +36,767
54 Chicago Partners Investment Group LLC 0.58% of their portfolio CHICAGO, IL 764,320764.3k $23.3m $23.3m 0.58% Added +70.8k +70,849
55 CLIFTONLARSONALLEN WEALTH ADVISORS, LLC 0.33% of their portfolio MINNEAPOLIS, MN 762,910762.9k $21.7m $21.7m 0.33% Reduced -64.8k -64,757
56 JOHNSON INVESTMENT COUNSEL INC 0.18% of their portfolio Cincinnati, OH 761,887761.9k $21.7m $21.7m 0.18% Added +56.9k +56,874
57 White & Co Financial Planning Inc 15.69% of their portfolio SUNNYSIDE, WA 736,798736.8k $21.0m $21.0m 15.69% Reduced -326 -326
58 RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio ST. PETERSBURG, FL 728,641728.6k $20.8m $20.8m 0.01% Added +10.7k +10,656
59 Visionary Wealth Advisors 0.93% of their portfolio O'FALLON, IL 724,003724.0k $20.6m $20.6m 0.93% Added +12.9k +12,867
60 OLD NATIONAL BANCORP /IN/ 0.34% of their portfolio EVANSVILLE, IN 717,991718.0k $20.4m $20.4m 0.34% Added +16.2k +16,193
61 Cambridge Investment Research Advisors, Inc. 0.05% of their portfolio FAIRFIELD, IA 717,410717.4k $20.4m $20.4m 0.05% Added +91.7k +91,724
62 EXCHANGE TRADED CONCEPTS, LLC 0.17% of their portfolio Oklahoma City, OK 717,103717.1k $20.4m $20.4m 0.17% Added +66.2k +66,194
63 Strategic Financial Planning, Inc. 11.41% of their portfolio PLANO, TX 704,165704.2k $20.1m $20.1m 11.41% Reduced -37.5k -37,546
64 Ascension Capital Advisors, Inc. 6.84% of their portfolio Houston, TX 700,423700.4k $19.9m $19.9m 6.84% Added +83.0k +83,008
65 SAGE FINANCIAL GROUP INC 1.31% of their portfolio W. CONSHOHOCKEN, PA 694,510694.5k $19.8m $19.8m 1.31% Reduced -3.5k -3,457
66 Waterford Advisors, LLC 7.51% of their portfolio ORCHARD PARK, NY 674,601674.6k $19.2m $19.2m 7.51% Reduced -10.3k -10,342
67 Merit Financial Group, LLC 0.15% of their portfolio ALPHARETTA, GA 636,337636.3k $18.1m $18.1m 0.15% Added +200.1k +200,050
68 Bangor Savings Bank 1.42% of their portfolio BANGOR, ME 619,041619.0k $17.6m $17.6m 1.42% Reduced -3.1k -3,102
69 Clearwater Capital Advisors, LLC 1.45% of their portfolio HOFFMAN ESTATES, IL 612,302612.3k $17.4m $17.4m 1.45% Added +4.1k +4,104
70 STATE FARM MUTUAL AUTOMOBILE INSURANCE CO 0.01% of their portfolio BLOOMINGTON, IL 597,919597.9k $17.0m $17.0m 0.01% Added +307.2k +307,162
71 ZynergyRetirementPlanningLLC 10.24% of their portfolio RED BANK, NJ 582,311582.3k $16.6m $16.6m 10.24% Added +10.4k +10,442
72 SUMMIT WEALTH & RETIREMENT PLANNING, INC. 3.89% of their portfolio EAGLE, ID 580,460580.5k $16.5m $16.5m 3.89% Added +3.1k +3,065
73 Main Street Financial Solutions, LLC 1.22% of their portfolio NEWTOWN, PA 571,325571.3k $16.3m $16.3m 1.22% Reduced -32.0k -32,034
74 Modern Wealth Management, LLC 0.29% of their portfolio KANSAS CITY, MO 561,987562.0k $16.0m $16.0m 0.29% Reduced -7.1k -7,135
75 Matrix Trust Co 2.59% of their portfolio DENVER, CO 549,934549.9k $15.7m $15.7m 2.59% Added +8.0k +8,028
76 RKL Wealth Management LLC 1.25% of their portfolio LANCASTER, PA 534,449534.4k $15.2m $15.2m 1.25% Reduced -4.6k -4,608
77 Empirical Financial Services, LLC d.b.a. Empirical Wealth Management 0.26% of their portfolio Seattle, WA 513,395513.4k $14.6m $14.6m 0.26% Added +51.5k +51,455
78 Prime Capital Investment Advisors, LLC 0.17% of their portfolio OVERLAND PARK, KS 498,581498.6k $14.2m $14.2m 0.17% Reduced -22.7k -22,727
79 St. Louis Trust Co 1.61% of their portfolio SAINT LOUIS, MO 493,923493.9k $14.1m $14.1m 1.61% Reduced -3.9k -3,901
80 Seneca Financial Advisors LLC 4.12% of their portfolio ROCHESTER, NY 475,187475.2k $13.5m $13.5m 4.12% Added +38.6k +38,590
81 IMA Advisory Services, Inc. 1.28% of their portfolio DENVER, CO 469,627469.6k $13.4m $13.4m 1.28% Added +5.3k +5,298
82 MAI Capital Management 0.07% of their portfolio INDEPENDENCE, OH 454,010454.0k $12.9m $12.9m 0.07% Added +20.4k +20,367
83 NORTH STAR ASSET MANAGEMENT INC 0.52% of their portfolio NEENAH, WI 451,992452.0k $12.9m $12.9m 0.52% Added +2.0k +1,976
84 Lido Advisors, LLC 0.05% of their portfolio Los Angeles, CA 450,761450.8k $12.8m $12.8m 0.05% Added +5.0k +5,014
85 HHM Wealth Advisors, LLC 1.50% of their portfolio CHATTANOOGA, TN 445,699445.7k $12.7m $12.7m 1.50% Added +32.0k +32,040
86 APPLETON PARTNERS INC/MA 0.82% of their portfolio BOSTON, MA 438,247438.2k $12.5m $12.5m 0.82% Reduced -3.3k -3,296
87 Waverly Advisors, LLC 0.10% of their portfolio BIRMINGHAM, AL 436,454436.5k $12.4m $12.4m 0.10% Reduced -84.0k -84,000
88 MML INVESTORS SERVICES, LLC 0.03% of their portfolio SPRINGFIELD, MA 434,554434.6k $12.4m $12.4m 0.03% Reduced -1.7k -1,713
89 St. Johns Investment Management Company, LLC 5.15% of their portfolio JACKSONVILLE, FL 433,344433.3k $12.3m $12.3m 5.15% Added +1.3k +1,301
90 Focus Financial Network, Inc. 0.42% of their portfolio MINNEAPOLIS, MN 427,775427.8k $12.2m $12.2m 0.42% Reduced -5.1k -5,121
91 Tidal Investments LLC 0.05% of their portfolio Milwaukee, WI 420,894420.9k $12.0m $12.0m 0.05% New
92 US BANCORP \DE\ 0.01% of their portfolio MINNEAPOLIS, MN 420,148420.1k $12.0m $12.0m 0.01% Added +1.8k +1,773
93 Christensen, King & Associates Investment Services, Inc. 5.07% of their portfolio RICHLAND, WA 417,570417.6k $11.9m $11.9m 5.07% Added +470 +470
94 Lutz Financial Services LLC 0.79% of their portfolio OMAHA, NE 408,365408.4k $11.6m $11.6m 0.79% Reduced -4.5k -4,482
95 Tiller Private Wealth, Inc. 4.08% of their portfolio BETHLEHEM, PA 403,024403.0k $11.5m $11.5m 4.08% Reduced -33.1k -33,080
96 COMMONWEALTH EQUITY SERVICES, LLC 0.02% of their portfolio WALTHAM, MA 402,624402.6k $11.5m $11.5m 0.02% Reduced -56.4k -56,373
97 Tradition Wealth Management, LLC 0.81% of their portfolio EDINA, MN 397,930397.9k $11.3m $11.3m 0.81% Reduced -5.1k -5,121
98 OneDigital Investment Advisors LLC 0.11% of their portfolio OVERLAND PARK, KS 393,300393.3k $11.2m $11.2m 0.11% Reduced -10.1k -10,083
99 American Financial Advisors, LLC 1.44% of their portfolio Marietta, GA 392,503392.5k $11.2m $11.2m 1.44% Added +20.5k +20,495
100 Essex LLC 1.97% of their portfolio DEER PARK, IL 390,033390.0k $11.1m $11.1m 1.97% Added +5.7k +5,740