Vault-13

SCHWAB STRATEGIC TR SCHD

US DIVIDEND EQ · ETP · CUSIP 808524797

1,805 institutional holders -7 vs Q1 2025
801,778,812801.8m shares reported held*
$21.3bnreported value*
101 new 842 added 641 reduced 115 sold out net sold ≈ $1.0bn (-40.2m 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 ($27.8m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $26.56. Options: 9 managers hold calls ($118.8m notional), 7 hold puts ($71.5m).

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

01k2kQ3 22: 1,166Q4 22: 1,330Q1 23: 1,352Q2 23: 1,386Q3 23: 1,392Q4 23: 1,531Q1 24: 1,570Q2 24: 1,561Q3 24: 1,633Q4 24: 1,808Q1 25: 1,812Q2 25: 1,8051,805Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 20221,166
Q4 20221,330
Q1 20231,352
Q2 20231,386
Q3 20231,392
Q4 20231,531
Q1 20241,570
Q2 20241,561
Q3 20241,633
Q4 20241,808
Q1 20251,812
Q2 20251,805

Buyers vs sellers

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

Bought or addedCut or sold out
2k02kQ3 23: 766 bought or addedQ3 23: 552 cut or sold outQ4 23: 708 bought or addedQ4 23: 644 cut or sold outQ4 23Q1 24: 857 bought or addedQ1 24: 625 cut or sold outQ2 24: 745 bought or addedQ2 24: 659 cut or sold outQ2 24Q3 24: 936 bought or addedQ3 24: 561 cut or sold outQ4 24: 951 bought or addedQ4 24: 615 cut or sold outQ4 24Q1 25: 1,007 bought or addedQ1 25: 685 cut or sold outQ2 25: 943 bought or addedQ2 25: 756 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 2023766552
Q4 2023708644
Q1 2024857625
Q2 2024745659
Q3 2024936561
Q4 2024951615
Q1 20251,007685
Q2 2025943756

Calls vs puts

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

CallsPuts
$0$50m$100m$150m$200mQ3 24 calls: $159.9mQ3 24 puts: $94.0mQ3 24P/C 0.59Q4 24 calls: $130.8mQ4 24 puts: $73.3mQ4 24P/C 0.56Q1 25 calls: $135.8mQ1 25 puts: $61.1mQ1 25P/C 0.45Q2 25 calls: $118.8mQ2 25 puts: $71.5mQ2 25P/C 0.60
Numbers
QuarterCallsPutsP/C
Q3 2024$159.9m$94.0m0.59
Q4 2024$130.8m$73.3m0.56
Q1 2025$135.8m$61.1m0.45
Q2 2025$118.8m$71.5m0.60

Biggest buyers

ROYAL BANK OF CANADA Added +9,022,478+9.0m
OSAIC HOLDINGS, INC. Added +1,217,005+1.2m
DDD Partners, LLC Added +1,164,306+1.2m
ENVESTNET ASSET MANAGEMENT INC Added +1,083,206+1.1m
Coastal Bridge Advisors, LLC New +1,020,323+1.0m
CIBC WORLD MARKET INC. Added +891,723+891.7k
PARK AVENUE SECURITIES LLC New +861,845+861.8k
Keystone Financial Planning, Inc. Added +854,298+854.3k
Fayez Sarofim & Co New +820,000+820.0k
Leo Wealth, LLC Added +799,379+799.4k

Biggest sellers

SUMITOMO LIFE INSURANCE CO Sold out -18,570,000-18.6m
Orgel Wealth Management, LLC Reduced -11,123,627-11.1m
Cresset Asset Management, LLC Reduced -5,176,424-5.2m
BANK OF AMERICA CORP /DE/ Reduced -3,682,812-3.7m
RAYMOND JAMES FINANCIAL INC Reduced -3,671,429-3.7m
AMERIPRISE FINANCIAL INC Reduced -2,751,935-2.8m
Marquette Asset Management, LLC Reduced -1,712,409-1.7m
COMMONWEALTH EQUITY SERVICES, LLC Reduced -1,493,290-1.5m
TWO SIGMA INVESTMENTS, LP Sold out -1,207,941-1.2m
MORGAN STANLEY Reduced -1,134,063-1.1m

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $45.1m1.7m shares
Twin Tree Management, LP Reduced $23.1m872.4k shares
CIBC WORLD MARKET INC. New $18.0m680.0k shares
CAPITAL FUND MANAGEMENT S.A. Added $9.8m371.1k shares
CITADEL ADVISORS LLC Reduced $8.8m331.6k shares
Cubist Systematic Strategies, LLC New $6.7m251.8k shares
Squarepoint Ops LLC Added $4.4m165.8k shares
JANE STREET GROUP, LLC Reduced $2.9m108.2k shares
Destination Wealth Management Unchanged $449300 shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $24.9m938.5k shares
CIBC WORLD MARKET INC. New $18.0m680.0k shares
CITADEL ADVISORS LLC Reduced $13.8m520.5k shares
Cubist Systematic Strategies, LLC New $6.5m244.0k shares
CAPITAL FUND MANAGEMENT S.A. Added $4.6m173.1k shares
Squarepoint Ops LLC Added $3.3m124.1k shares
JANE STREET GROUP, LLC Reduced $516.8k19.5k shares

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, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 LPL Financial LLC 0.35% of their portfolio FORT MILL, SC 39,215,99339.2m $1.0bn $1.0bn 0.35% Added +430.5k +430,511
2 Wealthspire Advisors, LLC 4.32% of their portfolio NEW YORK, NY 28,982,80029.0m $768.0m $768.0m 4.32% Reduced -572.0k -572,036
3 BANK OF AMERICA CORP /DE/ 0.06% of their portfolio CHARLOTTE, NC 28,560,60828.6m $756.9m $756.9m 0.06% Reduced -3.7m -3,682,812
4 AVANTAX ADVISORY SERVICES, INC. 4.14% of their portfolio DALLAS, TX 28,436,92728.4m $753.6m $753.6m 4.14% Added +796.0k +796,001
5 MORGAN STANLEY 0.05% of their portfolio NEW YORK, NY 28,227,26028.2m $748.0m $748.0m 0.05% Reduced -1.1m -1,134,063
6 ENVESTNET ASSET MANAGEMENT INC 0.15% of their portfolio Berwyn, PA 19,215,88419.2m $509.2m $509.2m 0.15% Added +1.1m +1,083,206
7 ROYAL BANK OF CANADA 0.05% of their portfolio TORONTO, A6 18,187,35218.2m $482.0m $482.0m 0.05% Added +9.0m +9,022,478
8 RAYMOND JAMES FINANCIAL INC 0.16% of their portfolio ST. PETERSBURG, FL 17,528,20217.5m $464.5m $464.5m 0.16% Reduced -3.7m -3,671,429
9 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.33% of their portfolio MILWAUKEE, WI 17,126,91817.1m $453.9m $453.9m 0.33% Reduced -636.7k -636,708
10 UBS Group AG 0.09% of their portfolio ZURICH, V8 15,668,36415.7m $415.2m $415.2m 0.09% Added +183.2k +183,170
11 AMERIPRISE FINANCIAL INC 0.10% of their portfolio MINNEAPOLIS, MN 14,787,94014.8m $391.8m $391.8m 0.10% Reduced -2.8m -2,751,935
12 Wealthfront Advisers LLC 0.92% of their portfolio Palo Alto, CA 13,453,54613.5m $356.5m $356.5m 0.92% Reduced -471.0k -471,036
13 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.55% of their portfolio PLYMOUTH, MN 12,067,60712.1m $330.0m $330.0m 0.55% Added +413.0k +412,988
14 COMMONWEALTH EQUITY SERVICES, LLC 0.42% of their portfolio WALTHAM, MA 12,003,12612.0m $318.1m $318.1m 0.42% Reduced -1.5m -1,493,290
15 OSAIC HOLDINGS, INC. 0.53% of their portfolio SCOTTSDALE, AZ 11,264,61011.3m $298.7m $298.7m 0.53% Added +1.2m +1,217,005
16 WELLS FARGO & COMPANY/MN 0.06% of their portfolio SAN FRANCISCO, CA 10,139,63410.1m $268.7m $268.7m 0.06% Added +179.4k +179,402
17 Avantax Planning Partners, Inc. 7.95% of their portfolio DUBUQUE, IA 9,459,3989.5m $250.7m $250.7m 7.95% Reduced -175.4k -175,375
18 Mariner, LLC 0.30% of their portfolio Overland Park, KS 7,836,3267.8m $207.7m $207.7m 0.30% Reduced -399.3k -399,333
19 Cetera Investment Advisers 0.32% of their portfolio SCHAUMBURG, IL 7,104,1217.1m $188.3m $188.3m 0.32% Added +285.6k +285,560
20 Cambridge Investment Research Advisors, Inc. 0.55% of their portfolio FAIRFIELD, IA 6,852,5386.9m $181.6m $181.6m 0.55% Added +84.2k +84,206
21 Keystone Financial Planning, Inc. 50.81% of their portfolio CLEVELAND, OH 6,342,6186.3m $168.1m $168.1m 50.81% Added +854.3k +854,298
22 MML INVESTORS SERVICES, LLC 0.46% of their portfolio SPRINGFIELD, MA 6,058,6426.1m $160.6m $160.6m 0.46% Added +185.6k +185,649
23 Cassaday & Co Wealth Management LLC 3.93% of their portfolio MCLEAN, VA 5,922,5555.9m $156.9m $156.9m 3.93% Added +5.3k +5,252
24 HighTower Advisors, LLC 0.19% of their portfolio CHICAGO, IL 5,651,0665.7m $149.8m $149.8m 0.19% Reduced -17.9k -17,946
25 CWM, LLC 0.52% of their portfolio OMAHA, NE 5,614,8635.6m $148.8m $148.8m 0.52% Reduced -35.9k -35,912
26 Cerity Partners LLC 0.26% of their portfolio NEW YORK, NY 5,594,4695.6m $148.3m $148.3m 0.26% Reduced -26.1k -26,104
27 HHM Wealth Advisors, LLC 16.35% of their portfolio CHATTANOOGA, TN 5,189,5275.2m $137.5m $137.5m 16.35% Added +214.2k +214,249
28 RMG Wealth Management LLC 20.39% of their portfolio PLATTEVILLE, WI 4,904,6084.9m $132.6m $132.6m 20.39% First filing
29 Baird Financial Group, Inc. 0.22% of their portfolio MILWAUKEE, WI 4,630,9524.6m $122.7m $122.7m 0.22% Added +242.5k +242,479
30 Diversified Enterprises, LLC 9.02% of their portfolio Wilmington, DE 4,560,8794.6m $120.9m $120.9m 9.02% Added +356.4k +356,425
31 JPMORGAN CHASE & CO 0.01% of their portfolio NEW YORK, NY 4,520,9944.5m $119.8m $119.8m 0.01% Reduced -1.0m -1,045,708
32 Creative Planning 0.10% of their portfolio OVERLAND PARK, KS 4,376,7284.4m $116.0m $116.0m 0.10% Reduced -107.3k -107,254
33 Cullen/Frost Bankers, Inc. 1.32% of their portfolio San Antonio, TX 3,987,9514.0m $105.7m $105.7m 1.32% Reduced -102.8k -102,786
34 KEYBANK NATIONAL ASSOCIATION/OH 0.38% of their portfolio BROOKLYN, OH 3,808,2993.8m $100.9m $100.9m 0.38% Added +9.2k +9,198
35 TRUIST FINANCIAL CORP 0.15% of their portfolio CHARLOTTE, NC 3,761,7563.8m $99.7m $99.7m 0.15% Added +189.4k +189,435
36 Charles Schwab Trust Bank 100.00% of their portfolio HENDERSON, NV 3,580,3673.6m $94.9m $94.9m 100.00% Added +693.8k +693,829
37 LVW Advisors, LLC 9.86% of their portfolio PITTSFORD, NY 3,323,0583.3m $88.1m $88.1m 9.86% Reduced -215.7k -215,652
38 Focus Financial Network, Inc. 3.38% of their portfolio MINNEAPOLIS, MN 3,231,6343.2m $85.6m $85.6m 3.38% Reduced -30.9k -30,899
39 Mirae Asset Global Investments Co., Ltd. 0.29% of their portfolio SEOUL, M5 3,122,1213.1m $82.7m $82.7m 0.29% Added +426.3k +426,330
40 Bouchey Financial Group, Ltd. 6.71% of their portfolio TROY, NY 3,046,3233.0m $80.7m $80.7m 6.71% Added +53.2k +53,223
41 Berger Financial Group, Inc 5.20% of their portfolio PLYMOUTH, MN 3,025,4133.0m $80.2m $80.2m 5.20% Added +98.1k +98,063
42 FIFTH THIRD BANCORP 0.27% of their portfolio CINCINNATI, OH 2,988,9563.0m $79.2m $79.2m 0.27% Reduced -140.5k -140,531
43 IMA Advisory Services, Inc. 8.26% of their portfolio DENVER, CO 2,908,9292.9m $77.1m $77.1m 8.26% Added +27.7k +27,687
44 Valmark Advisers, Inc. 1.01% of their portfolio AKRON, OH 2,727,8912.7m $72.3m $72.3m 1.01% Added +6.7k +6,662
45 Asset Advisors Investment Management, LLC 7.13% of their portfolio AUGUSTA, GA 2,722,3852.7m $72.1m $72.1m 7.13% Reduced -46.7k -46,681
46 Kestra Advisory Services, LLC 0.35% of their portfolio AUSTIN, TX 2,675,9882.7m $70.9m $70.9m 0.35% Reduced -596.6k -596,569
47 JONES FINANCIAL COMPANIES LLLP 0.05% of their portfolio DES PERES, MO 2,539,5542.5m $67.0m $67.0m 0.05% Added +456.9k +456,860
48 Cresset Asset Management, LLC 0.32% of their portfolio Chicago, IL 2,405,8582.4m $63.8m $63.8m 0.32% Reduced -5.2m -5,176,424
49 Aptus Capital Advisors, LLC 0.61% of their portfolio FAIRHOPE, AL 2,345,4292.3m $62.2m $62.2m 0.61% Reduced -661 -661
50 CVA Family Office, LLC 8.62% of their portfolio DENVER, CO 2,315,1512.3m $61.4m $61.4m 8.62% Reduced -130.8k -130,762
51 CGC Financial Services, LLC 20.18% of their portfolio LAKE OSWEGO, OR 2,255,2382.3m $59.8m $59.8m 20.18% Added +1.5k +1,543
52 STIFEL FINANCIAL CORP 0.06% of their portfolio ST. LOUIS, MO 2,243,1022.2m $59.4m $59.4m 0.06% Added +35.2k +35,157
53 Allworth Financial LP 0.28% of their portfolio FOLSOM, CA 2,181,8062.2m $57.8m $57.8m 0.28% Added +41.1k +41,063
54 MAI Capital Management 0.40% of their portfolio INDEPENDENCE, OH 2,177,3602.2m $57.7m $57.7m 0.40% Added +34.1k +34,104
55 D.A. DAVIDSON & CO. 0.39% of their portfolio GREAT FALLS, MT 2,112,8872.1m $56.0m $56.0m 0.39% Added +285.0k +285,040
56 Steward Partners Investment Advisory, LLC 0.42% of their portfolio STAMFORD, CT 2,047,8052.0m $54.3m $54.3m 0.42% Reduced -27.6k -27,570
57 HOWARD FINANCIAL SERVICES, LTD. 7.08% of their portfolio DALLAS, TX 2,032,0732.0m $53.8m $53.8m 7.08% Reduced -41.0k -41,027
58 Summit Financial Wealth Advisors, LLC 9.52% of their portfolio Lafayette, LA 2,001,8812.0m $53.0m $53.0m 9.52% Added +133.3k +133,282
59 Summit Asset Management, LLC 8.52% of their portfolio MEMPHIS, TN 1,973,9012.0m $52.3m $52.3m 8.52% Added +13.6k +13,565
60 Gerber Kawasaki Wealth & Investment Management 1.96% of their portfolio SANTA MONICA, CA 1,915,5541.9m $50.8m $50.8m 1.96% Reduced -10.6k -10,587
61 HARBOUR INVESTMENTS, INC. 1.28% of their portfolio MADISON, WI 1,903,5351.9m $50.4m $50.4m 1.28% Reduced -493.9k -493,942
62 Equitable Holdings, Inc. 0.42% of their portfolio NEW YORK, NY 1,901,5601.9m $50.4m $50.4m 0.42% Added +172.3k +172,280
63 CAPTRUST FINANCIAL ADVISORS 0.11% of their portfolio RALEIGH, NC 1,869,9951.9m $49.6m $49.6m 0.11% Added +625.3k +625,251
64 Private Advisor Group, LLC 0.26% of their portfolio MORRISTOWN, NJ 1,830,4121.8m $48.5m $48.5m 0.26% Added +66.8k +66,844
65 Main Street Financial Solutions, LLC 3.51% of their portfolio NEWTOWN, PA 1,825,8231.8m $48.4m $48.4m 3.51% Added +112.2k +112,239
66 Scott Capital Advisors, LLC 13.44% of their portfolio PORTLAND, OR 1,817,9921.8m $49.6m $49.6m 13.44% Added +88.4k +88,368
67 VICTORY FINANCIAL GROUP, LLC 7.64% of their portfolio AUSTIN, TX 1,816,3411.8m $48.1m $48.1m 7.64% Reduced -22.5k -22,451
68 ESL Trust Services, LLC 9.79% of their portfolio ROCHESTER, NY 1,808,3221.8m $47.9m $47.9m 9.79% Added +47.7k +47,706
69 Whelan Financial 16.67% of their portfolio FRESNO, CA 1,739,2131.7m $46.1m $46.1m 16.67% Added +51.9k +51,860
70 BOKF, NA 0.74% of their portfolio TULSA, OK 1,713,0401.7m $45.4m $45.4m 0.74% Added +107.0k +106,977
71 Golden Reserve Retirement LLC 14.19% of their portfolio DUBLIN, OH 1,669,4631.7m $44.2m $44.2m 14.19% Added +161.3k +161,335
72 Reliant Wealth Planning 17.07% of their portfolio LOUISVILLE, KY 1,650,3841.7m $43.7m $43.7m 17.07% Added +70.1k +70,061
73 Sarver Vrooman Wealth Advisors 29.00% of their portfolio KANSAS CITY, MO 1,646,7111.6m $43.6m $43.6m 29.00% Added +2.9k +2,906
74 BURKETT FINANCIAL SERVICES, LLC 15.64% of their portfolio ROCK HILL, SC 1,639,3701.6m $43.4m $43.4m 15.64% Added +59.2k +59,201
75 MERCER GLOBAL ADVISORS INC /ADV 0.10% of their portfolio DENVER, CO 1,636,8921.6m $43.4m $43.4m 0.10% Added +150.9k +150,876
76 Allied Investment Advisors, LLC 7.56% of their portfolio BILLINGS, MT 1,632,5901.6m $43.3m $43.3m 7.56% Added +101.3k +101,274
77 Richardson Capital Management LLC 22.55% of their portfolio MENOMONEE FALLS, WI 1,622,8401.6m $43.0m $43.0m 22.55% Added +186.9k +186,892
78 Spinnaker Investment Group, LLC 10.06% of their portfolio Newport Beach, CA 1,615,9701.6m $42.8m $42.8m 10.06% Reduced -121.4k -121,411
79 Waverly Advisors, LLC 0.46% of their portfolio BIRMINGHAM, AL 1,582,3251.6m $41.9m $41.9m 0.46% Reduced -11.7k -11,731
80 SECURIAN ASSET MANAGEMENT, INC 1.19% of their portfolio ST PAUL, MN 1,581,0001.6m $41.9m $41.9m 1.19% Unchanged
81 CIBC WORLD MARKET INC. 0.09% of their portfolio TORONTO, A6 1,551,2761.6m $41.1m $41.1m 0.09% Added +891.7k +891,723
82 PINNACLE ASSOCIATES LTD 0.59% of their portfolio NEW YORK, NY 1,527,7431.5m $40.5m $40.5m 0.59% Reduced -40.6k -40,631
83 Northwest Quadrant Wealth Management, LLC 9.01% of their portfolio BEND, OR 1,525,1681.5m $40.4m $40.4m 9.01% Added +27.5k +27,459
84 Walker Financial Services, Inc. 18.34% of their portfolio BOWLING GREEN, KY 1,522,8591.5m $40.4m $40.4m 18.34% Added +114.5k +114,481
85 Focus Partners Wealth 0.09% of their portfolio ST LOUIS, MO 1,511,9231.5m $40.1m $40.1m 0.09% Added +25.5k +25,465
86 BLAIR WILLIAM & CO/IL 0.11% of their portfolio CHICAGO, IL 1,483,3611.5m $39.3m $39.3m 0.11% Reduced -23.8k -23,796
87 Wealthcare Advisory Partners LLC 0.89% of their portfolio WEST CHESTER, PA 1,479,2111.5m $39.2m $39.2m 0.89% Added +11.1k +11,131
88 Apexium Financial, LP 2.05% of their portfolio Dallas, TX 1,457,1091.5m $38.6m $38.6m 2.05% Added +100.1k +100,139
89 Evergreen Advisors, LLC 10.14% of their portfolio CHATTANOOGA, TN 1,444,3891.4m $38.3m $38.3m 10.14% Added +4.1k +4,122
90 HB Wealth Management, LLC 0.31% of their portfolio Atlanta, GA 1,439,9801.4m $38.2m $38.2m 0.31% Reduced -84.1k -84,123
91 Leelyn Smith, LLC 6.19% of their portfolio GENEVA, IL 1,423,5401.4m $37.7m $37.7m 6.19% Added +68.5k +68,509
92 Sunburst Financial Group, LLC 8.21% of their portfolio VESTAVIA HILLS, AL 1,383,0741.4m $36.7m $36.7m 8.21% Added +43.0k +42,964
93 Beacon Pointe Advisors, LLC 0.38% of their portfolio NEWPORT BEACH, CA 1,369,7671.4m $36.3m $36.3m 0.38% Added +61.7k +61,697
94 CHOREO, LLC 0.49% of their portfolio ROCKFORD, IL 1,328,3701.3m $35.2m $35.2m 0.49% Added +257.6k +257,583
95 STEPHENS INC /AR/ 0.48% of their portfolio LITTLE ROCK, AR 1,318,6331.3m $34.9m $34.9m 0.48% Added +328.4k +328,371
96 Wealthspire Retirement, LLC 2.31% of their portfolio ALISO VIEJO, CA 1,317,4101.3m $34.9m $34.9m 2.31% Reduced -14.4k -14,398
97 PLANNING DIRECTIONS INC 19.50% of their portfolio GLEN MILLS, PA 1,307,2981.3m $34.6m $34.6m 19.50% Added +27.2k +27,216
98 Noble Family Wealth, LLC 8.35% of their portfolio Clearwater, FL 1,288,8651.3m $34.2m $34.2m 8.35% Added +18.9k +18,886
99 Cedar Wealth Management, LLC 11.54% of their portfolio LA JOLLA, CA 1,285,4071.3m $34.1m $34.1m 11.54% Added +18.9k +18,876
100 Focus Partners Advisor Solutions, LLC 0.45% of their portfolio SAINT LOUIS, MO 1,280,7421.3m $33.9m $33.9m 0.45% Reduced -177.6k -177,603