Vault-13

SCHWAB STRATEGIC TR SCHD

US DIVIDEND EQ · ETP · CUSIP 808524797

1,808 institutional holders +3 vs Q2 2025
818,399,857818.4m shares reported held*
$22.4bnreported value*
107 new 762 added 744 reduced 85 sold out net bought ≈ $214.3m (+7.6m 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 ($14.7m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $27.33. Options: 10 managers hold calls ($134.1m notional), 7 hold puts ($69.9m).

Trends to Q3 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: 1,805Q3 25: 1,8081,808Q3 22Q2 23Q1 24Q4 24Q3 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
Q3 20251,808

Buyers vs sellers

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

Bought or addedCut or sold out
2k02kQ4 23: 708 bought or addedQ4 23: 644 cut or sold outQ1 24: 857 bought or addedQ1 24: 625 cut or sold outQ1 24Q2 24: 745 bought or addedQ2 24: 659 cut or sold outQ3 24: 936 bought or addedQ3 24: 561 cut or sold outQ3 24Q4 24: 951 bought or addedQ4 24: 615 cut or sold outQ1 25: 1,007 bought or addedQ1 25: 685 cut or sold outQ1 25Q2 25: 943 bought or addedQ2 25: 756 cut or sold outQ3 25: 869 bought or addedQ3 25: 829 cut or sold outQ3 25
Numbers
QuarterBought or addedCut or sold out
Q4 2023708644
Q1 2024857625
Q2 2024745659
Q3 2024936561
Q4 2024951615
Q1 20251,007685
Q2 2025943756
Q3 2025869829

Calls vs puts

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

CallsPuts
$0$50m$100m$150mQ4 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 0.60Q3 25 calls: $134.1mQ3 25 puts: $69.9mQ3 25P/C 0.52
Numbers
QuarterCallsPutsP/C
Q4 2024$130.8m$73.3m0.56
Q1 2025$135.8m$61.1m0.45
Q2 2025$118.8m$71.5m0.60
Q3 2025$134.1m$69.9m0.52

Biggest buyers

SUMITOMO LIFE INSURANCE CO New +31,050,000+31.1m
Cetera Investment Advisers Added +27,911,798+27.9m
JPMORGAN CHASE & CO Added +4,712,708+4.7m
CIBC WORLD MARKET INC. Added +3,777,339+3.8m
Lido Advisors, LLC New +1,183,407+1.2m
Cerity Partners LLC Added +1,005,469+1.0m
Kestra Advisory Services, LLC Added +770,210+770.2k
RETIREMENT FINANCIAL SOLUTIONS, LLC New +762,364+762.4k
PFG Advisors New +756,647+756.6k
MARSHALL WACE, LLP New +655,778+655.8k

Biggest sellers

ROYAL BANK OF CANADA Reduced -10,496,334-10.5m
AMERIPRISE FINANCIAL INC Reduced -5,489,564-5.5m
RMG Wealth Management LLC Reduced -4,622,777-4.6m
Diversified Enterprises, LLC Reduced -4,222,852-4.2m
LPL Financial LLC Reduced -2,922,645-2.9m
IMA Advisory Services, Inc. Reduced -2,284,538-2.3m
BANK OF AMERICA CORP /DE/ Reduced -2,208,571-2.2m
NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Reduced -1,574,783-1.6m
Charles Schwab Trust Bank Reduced -1,562,608-1.6m
MFA WEALTH ADVISORS, LLC Reduced -1,236,488-1.2m

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $43.5m1.6m shares
Twin Tree Management, LP Added $30.5m1.1m shares
WOLVERINE TRADING, LLC New $18.8m694.6k shares
CAPITAL FUND MANAGEMENT S.A. Added $14.7m537.5k shares
CITADEL ADVISORS LLC Reduced $8.6m316.8k shares
Cubist Systematic Strategies, LLC Added $7.5m275.1k shares
JANE STREET GROUP, LLC Added $7.1m259.0k shares
Squarepoint Ops LLC Reduced $3.4m125.7k shares
Destination Wealth Management Added $2.1k2.0k shares
Wealth Watch Advisors, INC New $353.0k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $33.0m1.2m shares
CITADEL ADVISORS LLC Reduced $13.1m480.5k shares
CAPITAL FUND MANAGEMENT S.A. Added $7.9m291.1k shares
Cubist Systematic Strategies, LLC Added $6.7m246.7k shares
WOLVERINE TRADING, LLC New $4.1m153.1k shares
JANE STREET GROUP, LLC Added $2.8m101.0k shares
Squarepoint Ops LLC Reduced $2.2m81.1k 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, Q3 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Rakuten Investment Management, Inc. 4.01% of their portfolio TOKYO, M0 41,592,03441.6m $1.1bn $1.1bn 4.01% First filing
2 LPL Financial LLC 0.29% of their portfolio FORT MILL, SC 36,293,34836.3m $990.8m $990.8m 0.29% Reduced -2.9m -2,922,645
3 Cetera Investment Advisers 1.11% of their portfolio SCHAUMBURG, IL 35,015,91935.0m $955.9m $955.9m 1.11% Added +27.9m +27,911,798
4 SUMITOMO LIFE INSURANCE CO 26.32% of their portfolio TOKYO, M0 31,050,00031.1m $847.7m $847.7m 26.32% New
5 Wealthspire Advisors, LLC 4.04% of their portfolio NEW YORK, NY 28,281,34228.3m $772.1m $772.1m 4.04% Reduced -701.5k -701,458
6 MORGAN STANLEY 0.05% of their portfolio NEW YORK, NY 27,225,75327.2m $743.3m $743.3m 0.05% Reduced -1.0m -1,001,507
7 BANK OF AMERICA CORP /DE/ 0.05% of their portfolio CHARLOTTE, NC 26,352,03726.4m $719.4m $719.4m 0.05% Reduced -2.2m -2,208,571
8 ENVESTNET ASSET MANAGEMENT INC 0.14% of their portfolio Berwyn, PA 18,025,55718.0m $492.1m $492.1m 0.14% Reduced -1.2m -1,190,327
9 RAYMOND JAMES FINANCIAL INC 0.14% of their portfolio ST. PETERSBURG, FL 16,422,40716.4m $448.3m $448.3m 0.14% Reduced -1.1m -1,105,795
10 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.28% of their portfolio MILWAUKEE, WI 15,552,13515.6m $424.6m $424.6m 0.28% Reduced -1.6m -1,574,783
11 UBS Group AG 0.08% of their portfolio ZURICH, V8 14,522,66014.5m $396.5m $396.5m 0.08% Reduced -1.1m -1,145,704
12 Wealthfront Advisers LLC 0.84% of their portfolio Palo Alto, CA 13,168,86113.2m $359.5m $359.5m 0.84% Reduced -284.7k -284,685
13 COMMONWEALTH EQUITY SERVICES, LLC 0.42% of their portfolio WALTHAM, MA 11,921,13711.9m $325.4m $325.4m 0.42% Reduced -82.0k -81,989
14 OSAIC HOLDINGS, INC. 0.46% of their portfolio SCOTTSDALE, AZ 11,857,87511.9m $327.1m $327.1m 0.46% Added +593.3k +593,265
15 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.48% of their portfolio PLYMOUTH, MN 11,576,47011.6m $315.8m $315.8m 0.48% Reduced -491.1k -491,137
16 Avantax Planning Partners, Inc. 7.62% of their portfolio DUBUQUE, IA 9,739,6759.7m $265.9m $265.9m 7.62% Added +280.3k +280,277
17 WELLS FARGO & COMPANY/MN 0.05% of their portfolio SAN FRANCISCO, CA 9,650,6469.7m $263.5m $263.5m 0.05% Reduced -489.0k -488,988
18 AMERIPRISE FINANCIAL INC 0.06% of their portfolio MINNEAPOLIS, MN 9,298,3769.3m $254.1m $254.1m 0.06% Reduced -5.5m -5,489,564
19 JPMORGAN CHASE & CO 0.01% of their portfolio NEW YORK, NY 9,233,7029.2m $252.1m $252.1m 0.01% Added +4.7m +4,712,708
20 ROYAL BANK OF CANADA 0.04% of their portfolio TORONTO, A6 7,691,0187.7m $210.0m $210.0m 0.04% Reduced -10.5m -10,496,334
21 Mariner, LLC 0.26% of their portfolio Overland Park, KS 7,253,5487.3m $198.0m $198.0m 0.26% Reduced -582.8k -582,778
22 Cambridge Investment Research Advisors, Inc. 0.52% of their portfolio FAIRFIELD, IA 6,890,8066.9m $188.1m $188.1m 0.52% Added +38.3k +38,268
23 Cerity Partners LLC 0.29% of their portfolio NEW YORK, NY 6,599,9386.6m $180.2m $180.2m 0.29% Added +1.0m +1,005,469
24 Keystone Financial Planning, Inc. 48.80% of their portfolio CLEVELAND, OH 6,150,7546.2m $167.9m $167.9m 48.80% Reduced -191.9k -191,864
25 Cassaday & Co Wealth Management LLC 3.82% of their portfolio MCLEAN, VA 6,073,5206.1m $165.8m $165.8m 3.82% Added +151.0k +150,965
26 MML INVESTORS SERVICES, LLC 0.43% of their portfolio SPRINGFIELD, MA 5,952,2476.0m $162.5m $162.5m 0.43% Reduced -106.4k -106,395
27 HighTower Advisors, LLC 0.18% of their portfolio CHICAGO, IL 5,684,5385.7m $155.2m $155.2m 0.18% Added +33.5k +33,472
28 CWM, LLC 0.44% of their portfolio OMAHA, NE 5,393,4955.4m $147.2m $147.2m 0.44% Reduced -221.4k -221,368
29 CIBC WORLD MARKET INC. 0.30% of their portfolio TORONTO, A6 5,328,6155.3m $145.5m $145.5m 0.30% Added +3.8m +3,777,339
30 HHM Wealth Advisors, LLC 16.07% of their portfolio CHATTANOOGA, TN 5,087,2135.1m $138.9m $138.9m 16.07% Reduced -102.3k -102,314
31 Creative Planning 0.09% of their portfolio OVERLAND PARK, KS 4,401,8954.4m $120.2m $120.2m 0.09% Added +25.2k +25,167
32 Baird Financial Group, Inc. 0.17% of their portfolio MILWAUKEE, WI 3,845,2983.8m $105.0m $105.0m 0.17% Reduced -785.7k -785,654
33 TRUIST FINANCIAL CORP 0.14% of their portfolio CHARLOTTE, NC 3,835,2123.8m $104.7m $104.7m 0.14% Added +73.5k +73,456
34 KEYBANK NATIONAL ASSOCIATION/OH 0.35% of their portfolio BROOKLYN, OH 3,668,7593.7m $100.2m $100.2m 0.35% Reduced -139.5k -139,540
35 Kestra Advisory Services, LLC 0.43% of their portfolio AUSTIN, TX 3,446,1983.4m $94.1m $94.1m 0.43% Added +770.2k +770,210
36 Focus Financial Network, Inc. 3.11% of their portfolio MINNEAPOLIS, MN 3,198,0483.2m $87.3m $87.3m 3.11% Reduced -33.6k -33,586
37 Bouchey Financial Group, Ltd. 6.51% of their portfolio TROY, NY 3,095,8743.1m $84.5m $84.5m 6.51% Added +49.6k +49,551
38 Berger Financial Group, Inc 5.00% of their portfolio PLYMOUTH, MN 3,057,2113.1m $83.5m $83.5m 5.00% Added +31.8k +31,798
39 Cullen/Frost Bankers, Inc. 0.95% of their portfolio San Antonio, TX 2,982,9983.0m $81.4m $81.4m 0.95% Reduced -1.0m -1,004,953
40 JONES FINANCIAL COMPANIES LLLP 0.05% of their portfolio DES PERES, MO 2,882,5602.9m $78.4m $78.4m 0.05% Added +343.0k +343,006
41 Valmark Advisers, Inc. 0.99% of their portfolio AKRON, OH 2,798,6482.8m $76.4m $76.4m 0.99% Added +70.8k +70,757
42 FIFTH THIRD BANCORP 0.24% of their portfolio CINCINNATI, OH 2,761,0272.8m $75.4m $75.4m 0.24% Reduced -227.9k -227,929
43 Asset Advisors Investment Management, LLC 6.83% of their portfolio AUGUSTA, GA 2,642,8222.6m $72.1m $72.1m 6.83% Reduced -79.6k -79,563
44 Cresset Asset Management, LLC 0.30% of their portfolio Chicago, IL 2,470,9672.5m $67.5m $67.5m 0.30% Added +65.1k +65,109
45 LVW Advisors, LLC 6.67% of their portfolio PITTSFORD, NY 2,358,9362.4m $64.4m $64.4m 6.67% Reduced -964.1k -964,122
46 Allworth Financial LP 0.27% of their portfolio FOLSOM, CA 2,271,8492.3m $62.0m $62.0m 0.27% Added +90.0k +90,043
47 Mirae Asset Global Investments Co., Ltd. 0.19% of their portfolio SEOUL, M5 2,227,4612.2m $60.8m $60.8m 0.19% Reduced -894.7k -894,660
48 STIFEL FINANCIAL CORP 0.06% of their portfolio ST. LOUIS, MO 2,221,4622.2m $60.6m $60.6m 0.06% Reduced -21.6k -21,640
49 MAI Capital Management 0.37% of their portfolio INDEPENDENCE, OH 2,192,1812.2m $59.8m $59.8m 0.37% Added +14.8k +14,821
50 D.A. DAVIDSON & CO. 0.38% of their portfolio GREAT FALLS, MT 2,187,5502.2m $59.7m $59.7m 0.38% Added +74.7k +74,663
51 CVA Family Office, LLC 7.62% of their portfolio DENVER, CO 2,168,3562.2m $59.2m $59.2m 7.62% Reduced -146.8k -146,795
52 Steward Partners Investment Advisory, LLC 0.32% of their portfolio STAMFORD, CT 2,035,6812.0m $55.6m $55.6m 0.32% Reduced -12.1k -12,124
53 Charles Schwab Trust Bank 100.00% of their portfolio HENDERSON, NV 2,017,7592.0m $55.1m $55.1m 100.00% Reduced -1.6m -1,562,608
54 Summit Financial Wealth Advisors, LLC 8.58% of their portfolio Lafayette, LA 2,011,4052.0m $55.4m $55.4m 8.58% Added +9.5k +9,524
55 HOWARD FINANCIAL SERVICES, LTD. 6.65% of their portfolio DALLAS, TX 1,990,2492.0m $54.3m $54.3m 6.65% Reduced -41.8k -41,824
56 Summit Asset Management, LLC 8.31% of their portfolio MEMPHIS, TN 1,979,0392.0m $54.0m $54.0m 8.31% Added +5.1k +5,138
57 Golden Reserve Retirement LLC 13.91% of their portfolio DUBLIN, OH 1,963,2802.0m $53.6m $53.6m 13.91% Added +293.8k +293,817
58 VICTORY FINANCIAL GROUP, LLC 7.27% of their portfolio AUSTIN, TX 1,934,8091.9m $52.8m $52.8m 7.27% Added +118.5k +118,468
59 HARBOUR INVESTMENTS, INC. 1.19% of their portfolio MADISON, WI 1,916,9261.9m $52.3m $52.3m 1.19% Added +13.4k +13,391
60 Gerber Kawasaki Wealth & Investment Management 1.78% of their portfolio SANTA MONICA, CA 1,903,6781.9m $52.0m $52.0m 1.78% Reduced -11.9k -11,876
61 Main Street Financial Solutions, LLC 3.30% of their portfolio NEWTOWN, PA 1,884,7351.9m $51.5m $51.5m 3.30% Added +58.9k +58,912
62 Scott Capital Advisors, LLC 11.59% of their portfolio PORTLAND, OR 1,883,4131.9m $51.2m $51.2m 11.59% Added +65.4k +65,421
63 Spinnaker Investment Group, LLC 9.46% of their portfolio Newport Beach, CA 1,843,3881.8m $50.3m $50.3m 9.46% Added +227.4k +227,418
64 Private Advisor Group, LLC 0.25% of their portfolio MORRISTOWN, NJ 1,832,1431.8m $50.0m $50.0m 0.25% Added +1.7k +1,731
65 Whelan Financial 15.30% of their portfolio FRESNO, CA 1,768,2471.8m $48.3m $48.3m 15.30% Added +29.0k +29,034
66 BOKF, NA 0.71% of their portfolio TULSA, OK 1,729,2881.7m $47.2m $47.2m 0.71% Added +16.2k +16,248
67 Allied Investment Advisors, LLC 7.42% of their portfolio BILLINGS, MT 1,708,2611.7m $46.6m $46.6m 7.42% Added +75.7k +75,671
68 CAPTRUST FINANCIAL ADVISORS 0.09% of their portfolio RALEIGH, NC 1,699,3841.7m $46.4m $46.4m 0.09% Reduced -170.6k -170,611
69 BURKETT FINANCIAL SERVICES, LLC 15.70% of their portfolio ROCK HILL, SC 1,668,6851.7m $45.6m $45.6m 15.70% Added +29.3k +29,315
70 Beacon Pointe Advisors, LLC 0.39% of their portfolio NEWPORT BEACH, CA 1,668,2201.7m $45.5m $45.5m 0.39% Added +298.5k +298,453
71 Waverly Advisors, LLC 0.45% of their portfolio BIRMINGHAM, AL 1,667,7851.7m $45.5m $45.5m 0.45% Added +85.5k +85,460
72 Reliant Wealth Planning 14.73% of their portfolio LOUISVILLE, KY 1,664,6631.7m $45.4m $45.4m 14.73% Added +14.3k +14,279
73 ESL Trust Services, LLC 8.83% of their portfolio ROCHESTER, NY 1,648,5811.6m $45.0m $45.0m 8.83% Reduced -159.7k -159,741
74 Sarver Vrooman Wealth Advisors 28.84% of their portfolio KANSAS CITY, MO 1,643,7831.6m $44.9m $44.9m 28.84% Reduced -2.9k -2,928
75 CGC Financial Services, LLC 12.01% of their portfolio LAKE OSWEGO, OR 1,594,7211.6m $43.5m $43.5m 12.01% Reduced -660.5k -660,517
76 Northwest Quadrant Wealth Management, LLC 9.18% of their portfolio BEND, OR 1,591,3111.6m $43.4m $43.4m 9.18% Added +66.1k +66,143
77 SECURIAN ASSET MANAGEMENT, INC 1.14% of their portfolio ST PAUL, MN 1,581,0001.6m $43.2m $43.2m 1.14% Unchanged
78 MERCER GLOBAL ADVISORS INC /ADV 0.07% of their portfolio DENVER, CO 1,572,3491.6m $42.9m $42.9m 0.07% Reduced -64.5k -64,543
79 Wealthcare Advisory Partners LLC 0.89% of their portfolio WEST CHESTER, PA 1,563,9921.6m $42.7m $42.7m 0.89% Added +84.8k +84,781
80 Equitable Holdings, Inc. 0.31% of their portfolio NEW YORK, NY 1,543,2501.5m $42.1m $42.1m 0.31% Reduced -358.3k -358,310
81 Focus Partners Wealth 0.07% of their portfolio ST LOUIS, MO 1,523,1811.5m $41.6m $41.6m 0.07% Added +11.3k +11,258
82 Apexium Financial, LP 2.02% of their portfolio Dallas, TX 1,520,1651.5m $41.5m $41.5m 2.02% Added +63.1k +63,056
83 HB Wealth Management, LLC 0.28% of their portfolio Atlanta, GA 1,497,1611.5m $40.9m $40.9m 0.28% Added +57.2k +57,181
84 PINNACLE ASSOCIATES LTD 0.53% of their portfolio NEW YORK, NY 1,475,9861.5m $40.3m $40.3m 0.53% Reduced -51.8k -51,757
85 Leelyn Smith, LLC 6.04% of their portfolio GENEVA, IL 1,468,8321.5m $40.1m $40.1m 6.04% Added +45.3k +45,292
86 Cedar Wealth Management, LLC 12.09% of their portfolio LA JOLLA, CA 1,445,6561.4m $39.5m $39.5m 12.09% Added +160.2k +160,249
87 American Financial Advisors, LLC 4.91% of their portfolio Marietta, GA 1,396,9571.4m $38.1m $38.1m 4.91% Added +312.6k +312,597
88 Aptus Capital Advisors, LLC 0.34% of their portfolio FAIRHOPE, AL 1,380,2711.4m $37.7m $37.7m 0.34% Reduced -965.2k -965,158
89 Noble Family Wealth, LLC 8.24% of their portfolio Clearwater, FL 1,369,1901.4m $37.4m $37.4m 8.24% Added +80.3k +80,325
90 PLANNING DIRECTIONS INC 19.40% of their portfolio GLEN MILLS, PA 1,361,7561.4m $37.2m $37.2m 19.40% Added +54.5k +54,458
91 CHOREO, LLC 0.48% of their portfolio ROCKFORD, IL 1,360,1071.4m $37.2m $37.2m 0.48% Added +31.7k +31,737
92 Focus Partners Advisor Solutions, LLC 0.41% of their portfolio SAINT LOUIS, MO 1,329,4611.3m $36.2m $36.2m 0.41% Added +48.7k +48,719
93 STEPHENS INC /AR/ 0.46% of their portfolio LITTLE ROCK, AR 1,325,1101.3m $36.2m $36.2m 0.46% Added +6.5k +6,477
94 Sanctuary Advisors, LLC 0.11% of their portfolio INDIANAPOLIS, IN 1,280,5941.3m $35.5m $35.5m 0.11% Added +477.2k +477,209
95 ForthRight Wealth Management, LLC 9.99% of their portfolio ALPHARETTA, GA 1,258,9871.3m $34.4m $34.4m 9.99% Added +53.5k +53,471
96 LODESTAR PRIVATE ASSET MANAGEMENT LLC 3.50% of their portfolio ALAMO, CA 1,228,1111.2m $33.5m $33.5m 3.50% Added +53.9k +53,862
97 CRA Financial Services, LLC 4.52% of their portfolio NORTHFIELD, NJ 1,209,4731.2m $33.0m $33.0m 4.52% Added +10.5k +10,496
98 BLAIR WILLIAM & CO/IL 0.09% of their portfolio CHICAGO, IL 1,208,8611.2m $33.0m $33.0m 0.09% Reduced -274.5k -274,500
99 VAUGHAN DAVID INVESTMENTS LLC/IL 0.71% of their portfolio PEORIA, IL 1,205,0701.2m $32.9m $32.9m 0.71% Added +3.5k +3,518
100 Janney Montgomery Scott LLC 0.08% of their portfolio PHILADELPHIA, PA 1,203,1881.2m $32.8m $32.8m 0.08% Added +62.9k +62,892