Vault-13

SCHWAB STRATEGIC TR SCHD

US DIVIDEND EQ · ETP · CUSIP 808524797

1,945 institutional holders +137 vs Q3 2025
802,082,512802.1m shares reported held*
$22.0bnreported value*
105 new 735 added 764 reduced 102 sold out net sold ≈ $728.8m (-26.6m 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 ($11.4m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $27.44. Options: 9 managers hold calls ($100.8m notional), 8 hold puts ($120.7m).

Trends to Q4 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: 1,808Q4 25: 1,9451,945Q3 22Q2 23Q1 24Q4 24Q4 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
Q4 20251,945

Buyers vs sellers

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

Bought or addedCut or sold out
2k02kQ1 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 25Q3 25: 869 bought or addedQ3 25: 829 cut or sold outQ4 25: 840 bought or addedQ4 25: 866 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 2024857625
Q2 2024745659
Q3 2024936561
Q4 2024951615
Q1 20251,007685
Q2 2025943756
Q3 2025869829
Q4 2025840866

Calls vs puts

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

CallsPuts
$0$50m$100m$150mQ1 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 0.52Q4 25 calls: $100.8mQ4 25 puts: $120.7mQ4 25P/C 1.20
Numbers
QuarterCallsPutsP/C
Q1 2025$135.8m$61.1m0.45
Q2 2025$118.8m$71.5m0.60
Q3 2025$134.1m$69.9m0.52
Q4 2025$100.8m$120.7m1.20

Biggest buyers

BANK OF AMERICA CORP /DE/ Added +20,593,107+20.6m
Cassaday & Co Wealth Management LLC Added +3,170,728+3.2m
CIBC WORLD MARKET INC. Added +1,694,144+1.7m
UNITED CAPITAL FINANCIAL ADVISORS, LLC Added +1,549,082+1.5m
D. E. Shaw & Co., Inc. Added +1,324,752+1.3m
ARGENT CAPITAL MANAGEMENT LLC New +1,086,931+1.1m
Corient Private Wealth LP Added +829,926+829.9k
Leo Wealth, LLC Added +772,780+772.8k
Merit Financial Group, LLC Added +737,892+737.9k
SUMMIT WEALTH GROUP LLC / CO New +695,654+695.7k

Biggest sellers

Wealthspire Advisors, LLC Reduced -14,745,621-14.7m
LPL Financial LLC Reduced -4,139,914-4.1m
JPMORGAN CHASE & CO Reduced -3,941,165-3.9m
WEALTH ENHANCEMENT ADVISORY SERVICES, LLC Reduced -3,884,043-3.9m
OSAIC HOLDINGS, INC. Reduced -2,659,720-2.7m
COMMONWEALTH EQUITY SERVICES, LLC Reduced -1,912,504-1.9m
ENVESTNET ASSET MANAGEMENT INC Reduced -1,812,868-1.8m
Baird Financial Group, Inc. Reduced -1,729,941-1.7m
Reliant Wealth Planning Sold out -1,664,663-1.7m
ESL Trust Services, LLC Reduced -1,584,468-1.6m

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $38.0m1.4m shares
Twin Tree Management, LP Reduced $14.1m512.3k shares
JANE STREET GROUP, LLC Added $13.5m492.2k shares
CITADEL ADVISORS LLC Added $11.6m423.2k shares
CAPITAL FUND MANAGEMENT S.A. Reduced $10.2m370.2k shares
Point72 Asset Management, L.P. New $7.7m280.0k shares
Squarepoint Ops LLC Added $5.8m210.9k shares
Destination Wealth Management Added $17.9k9.5k shares
Wealth Watch Advisors, INC Unchanged $833.0k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $58.3m2.1m shares
CITADEL ADVISORS LLC Added $26.1m951.9k shares
Point72 Asset Management, L.P. New $12.4m450.3k shares
MILLENNIUM MANAGEMENT LLC New $11.0m400.0k shares
CAPITAL FUND MANAGEMENT S.A. Reduced $6.6m241.0k shares
Balyasny Asset Management L.P. New $2.7m100.0k shares
JANE STREET GROUP, LLC Reduced $2.6m94.3k shares
Squarepoint Ops LLC Reduced $973.8k35.5k 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, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 BANK OF AMERICA CORP /DE/ 0.09% of their portfolio CHARLOTTE, NC 46,945,14446.9m $1.3bn $1.3bn 0.09% Added +20.6m +20,593,107
2 Rakuten Investment Management, Inc. 3.80% of their portfolio TOKYO, M0 41,592,03441.6m $1.1bn $1.1bn 3.80% Unchanged
3 Cetera Investment Advisers 1.04% of their portfolio SCHAUMBURG, IL 34,606,02834.6m $949.2m $949.2m 1.04% Reduced -409.9k -409,891
4 LPL Financial LLC 0.24% of their portfolio FORT MILL, SC 32,153,43432.2m $882.0m $882.0m 0.24% Reduced -4.1m -4,139,914
5 SUMITOMO LIFE INSURANCE CO 23.32% of their portfolio TOKYO, M0 31,050,00031.1m $851.7m $851.7m 23.32% Unchanged
6 MORGAN STANLEY 0.04% of their portfolio NEW YORK, NY 25,858,15725.9m $709.3m $709.3m 0.04% Reduced -1.4m -1,367,596
7 ENVESTNET ASSET MANAGEMENT INC 0.13% of their portfolio Berwyn, PA 16,212,68916.2m $444.7m $444.7m 0.13% Reduced -1.8m -1,812,868
8 RAYMOND JAMES FINANCIAL INC 0.13% of their portfolio ST. PETERSBURG, FL 15,517,04515.5m $425.6m $425.6m 0.13% Reduced -905.4k -905,362
9 UBS Group AG 0.08% of their portfolio ZURICH, V8 14,143,32714.1m $388.0m $388.0m 0.08% Reduced -379.3k -379,333
10 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.24% of their portfolio MILWAUKEE, WI 14,050,36114.1m $385.4m $385.4m 0.24% Reduced -1.5m -1,501,774
11 Wealthspire Advisors, LLC 2.95% of their portfolio NEW YORK, NY 13,535,72113.5m $371.3m $371.3m 2.95% Reduced -14.7m -14,745,621
12 Wealthfront Advisers LLC 0.79% of their portfolio Palo Alto, CA 12,887,45712.9m $353.5m $353.5m 0.79% Reduced -281.4k -281,404
13 WELLS FARGO & COMPANY/MN 0.05% of their portfolio SAN FRANCISCO, CA 10,203,55310.2m $279.9m $279.9m 0.05% Added +552.9k +552,907
14 Avantax Planning Partners, Inc. 7.75% of their portfolio DUBUQUE, IA 10,106,22310.1m $277.2m $277.2m 7.75% Added +366.5k +366,548
15 COMMONWEALTH EQUITY SERVICES, LLC 0.37% of their portfolio WALTHAM, MA 10,008,63310.0m $274.5m $274.5m 0.37% Reduced -1.9m -1,912,504
16 Cassaday & Co Wealth Management LLC 5.34% of their portfolio MCLEAN, VA 9,244,2489.2m $253.6m $253.6m 5.34% Added +3.2m +3,170,728
17 OSAIC HOLDINGS, INC. 0.37% of their portfolio SCOTTSDALE, AZ 9,198,1559.2m $252.3m $252.3m 0.37% Reduced -2.7m -2,659,720
18 AMERIPRISE FINANCIAL INC 0.05% of their portfolio MINNEAPOLIS, MN 8,596,9268.6m $235.9m $235.9m 0.05% Reduced -701.5k -701,450
19 ROYAL BANK OF CANADA 0.04% of their portfolio TORONTO, A6 7,995,0658.0m $219.3m $219.3m 0.04% Added +304.0k +304,047
20 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.29% of their portfolio PLYMOUTH, MN 7,692,4277.7m $216.1m $216.1m 0.29% Reduced -3.9m -3,884,043
21 CIBC WORLD MARKET INC. 0.34% of their portfolio TORONTO, A6 7,022,7597.0m $192.6m $192.6m 0.34% Added +1.7m +1,694,144
22 Mariner, LLC 0.23% of their portfolio Overland Park, KS 6,899,4436.9m $189.3m $189.3m 0.23% Reduced -354.1k -354,105
23 Cambridge Investment Research Advisors, Inc. 0.46% of their portfolio FAIRFIELD, IA 6,369,4446.4m $174.7m $174.7m 0.46% Reduced -521.4k -521,362
24 MML INVESTORS SERVICES, LLC 0.42% of their portfolio SPRINGFIELD, MA 6,298,2346.3m $172.8m $172.8m 0.42% Added +346.0k +345,987
25 Keystone Financial Planning, Inc. 48.03% of their portfolio CLEVELAND, OH 6,037,7506.0m $165.6m $165.6m 48.03% Reduced -113.0k -113,004
26 CWM, LLC 0.41% of their portfolio OMAHA, NE 5,505,0585.5m $151.0m $151.0m 0.41% Added +111.6k +111,563
27 Cerity Partners LLC 0.22% of their portfolio NEW YORK, NY 5,432,7415.4m $149.0m $149.0m 0.22% Reduced -1.2m -1,167,197
28 HighTower Advisors, LLC 0.16% of their portfolio CHICAGO, IL 5,411,8085.4m $148.4m $148.4m 0.16% Reduced -272.7k -272,730
29 JPMORGAN CHASE & CO 0.01% of their portfolio NEW YORK, NY 5,292,5375.3m $145.2m $145.2m 0.01% Reduced -3.9m -3,941,165
30 HHM Wealth Advisors, LLC 16.24% of their portfolio CHATTANOOGA, TN 5,018,2815.0m $137.7m $137.7m 16.24% Reduced -68.9k -68,932
31 Creative Planning 0.08% of their portfolio OVERLAND PARK, KS 4,291,5594.3m $117.7m $117.7m 0.08% Reduced -110.3k -110,336
32 TRUIST FINANCIAL CORP 0.14% of their portfolio CHARLOTTE, NC 3,871,5783.9m $106.2m $106.2m 0.14% Added +36.4k +36,366
33 KEYBANK NATIONAL ASSOCIATION/OH 0.35% of their portfolio BROOKLYN, OH 3,556,6623.6m $97.6m $97.6m 0.35% Reduced -112.1k -112,097
34 Kestra Advisory Services, LLC 0.38% of their portfolio AUSTIN, TX 3,396,2253.4m $93.2m $93.2m 0.38% Reduced -50.0k -49,973
35 Berger Financial Group, Inc 5.02% of their portfolio PLYMOUTH, MN 3,152,8563.2m $86.5m $86.5m 5.02% Added +95.6k +95,645
36 JONES FINANCIAL COMPANIES LLLP 0.05% of their portfolio DES PERES, MO 3,147,4283.1m $86.3m $86.3m 0.05% Added +264.9k +264,868
37 Allworth Financial LP 0.31% of their portfolio FOLSOM, CA 2,737,7822.7m $75.1m $75.1m 0.31% Added +465.9k +465,933
38 Valmark Advisers, Inc. 0.89% of their portfolio AKRON, OH 2,627,4672.6m $72.1m $72.1m 0.89% Reduced -171.2k -171,181
39 Cresset Asset Management, LLC 0.31% of their portfolio Chicago, IL 2,622,6102.6m $71.9m $71.9m 0.31% Added +151.6k +151,643
40 FIFTH THIRD BANCORP 0.22% of their portfolio CINCINNATI, OH 2,550,1702.6m $70.0m $70.0m 0.22% Reduced -210.9k -210,857
41 Bouchey Financial Group, Ltd. 5.22% of their portfolio TROY, NY 2,536,0622.5m $69.6m $69.6m 5.22% Reduced -559.8k -559,812
42 Asset Advisors Investment Management, LLC 6.41% of their portfolio AUGUSTA, GA 2,534,4912.5m $69.5m $69.5m 6.41% Reduced -108.3k -108,331
43 Charles Schwab Trust Bank 100.00% of their portfolio HENDERSON, NV 2,498,2312.5m $68.5m $68.5m 100.00% Added +480.5k +480,472
44 Golden Reserve Retirement LLC 12.15% of their portfolio DUBLIN, OH 2,399,5502.4m $65.8m $65.8m 12.15% Added +436.3k +436,270
45 STIFEL FINANCIAL CORP 0.06% of their portfolio ST. LOUIS, MO 2,248,8022.2m $61.7m $61.7m 0.06% Added +27.3k +27,340
46 MAI Capital Management 0.36% of their portfolio INDEPENDENCE, OH 2,246,3692.2m $61.6m $61.6m 0.36% Added +54.2k +54,188
47 D.A. DAVIDSON & CO. 0.38% of their portfolio GREAT FALLS, MT 2,232,0592.2m $61.2m $61.2m 0.38% Added +44.5k +44,509
48 LVW Advisors, LLC 6.20% of their portfolio PITTSFORD, NY 2,228,9672.2m $61.1m $61.1m 6.20% Reduced -130.0k -129,969
49 Focus Financial Network, Inc. 2.09% of their portfolio MINNEAPOLIS, MN 2,183,6302.2m $59.9m $59.9m 2.09% Reduced -1.0m -1,014,418
50 Baird Financial Group, Inc. 0.09% of their portfolio MILWAUKEE, WI 2,115,3572.1m $58.0m $58.0m 0.09% Reduced -1.7m -1,729,941
51 Summit Asset Management, LLC 7.90% of their portfolio MEMPHIS, TN 2,036,5412.0m $55.9m $55.9m 7.90% Added +57.5k +57,502
52 CVA Family Office, LLC 6.29% of their portfolio DENVER, CO 1,995,0052.0m $54.7m $54.7m 6.29% Reduced -173.4k -173,351
53 Summit Financial Wealth Advisors, LLC 7.78% of their portfolio Lafayette, LA 1,981,9942.0m $54.4m $54.4m 7.78% Reduced -29.4k -29,411
54 HOWARD FINANCIAL SERVICES, LTD. 6.27% of their portfolio DALLAS, TX 1,955,5372.0m $53.6m $53.6m 6.27% Reduced -34.7k -34,712
55 Gerber Kawasaki Wealth & Investment Management 1.81% of their portfolio SANTA MONICA, CA 1,888,3741.9m $51.8m $51.8m 1.81% Reduced -15.3k -15,304
56 Spinnaker Investment Group, LLC 9.28% of their portfolio Newport Beach, CA 1,865,2651.9m $51.2m $51.2m 9.28% Added +21.9k +21,877
57 UNITED CAPITAL FINANCIAL ADVISORS, LLC 0.31% of their portfolio IRVING, TX 1,855,7881.9m $50.9m $50.9m 0.31% Added +1.5m +1,549,082
58 Cullen/Frost Bankers, Inc. 0.56% of their portfolio San Antonio, TX 1,847,2161.8m $50.7m $50.7m 0.56% Reduced -1.1m -1,135,782
59 MERCER GLOBAL ADVISORS INC /ADV 0.08% of their portfolio DENVER, CO 1,789,0621.8m $50.3m $50.3m 0.08% Added +216.7k +216,713
60 Allied Investment Advisors, LLC 7.56% of their portfolio BILLINGS, MT 1,783,8651.8m $48.9m $48.9m 7.56% Added +75.6k +75,604
61 Whelan Financial 15.25% of their portfolio FRESNO, CA 1,779,7781.8m $48.8m $48.8m 15.25% Added +11.5k +11,531
62 Scott Capital Advisors, LLC 10.72% of their portfolio PORTLAND, OR 1,764,8501.8m $48.4m $48.4m 10.72% Reduced -118.6k -118,563
63 BOKF, NA 0.74% of their portfolio TULSA, OK 1,756,1131.8m $48.2m $48.2m 0.74% Added +26.8k +26,825
64 BURKETT FINANCIAL SERVICES, LLC 16.16% of their portfolio ROCK HILL, SC 1,725,8991.7m $47.3m $47.3m 16.16% Added +57.2k +57,214
65 STEPHENS INC /AR/ 0.58% of their portfolio LITTLE ROCK, AR 1,708,5081.7m $46.9m $46.9m 0.58% Added +383.4k +383,398
66 VICTORY FINANCIAL GROUP, LLC 5.86% of their portfolio AUSTIN, TX 1,699,1541.7m $46.6m $46.6m 5.86% Reduced -235.7k -235,655
67 Main Street Financial Solutions, LLC 3.47% of their portfolio NEWTOWN, PA 1,689,5951.7m $46.3m $46.3m 3.47% Reduced -195.1k -195,140
68 Waverly Advisors, LLC 0.37% of their portfolio BIRMINGHAM, AL 1,674,8831.7m $45.9m $45.9m 0.37% Added +7.1k +7,098
69 Corient Private Wealth LP 0.03% of their portfolio MIAMI, FL 1,657,4101.7m $45.5m $45.5m 0.03% Added +829.9k +829,926
70 Sarver Vrooman Wealth Advisors 28.82% of their portfolio KANSAS CITY, MO 1,652,9821.7m $45.3m $45.3m 28.82% Added +9.2k +9,199
71 CGC Financial Services, LLC 11.93% of their portfolio LAKE OSWEGO, OR 1,624,9231.6m $44.6m $44.6m 11.93% Added +30.2k +30,202
72 CAPTRUST FINANCIAL ADVISORS 0.08% of their portfolio RALEIGH, NC 1,616,8591.6m $44.4m $44.4m 0.08% Reduced -82.5k -82,525
73 Northwest Quadrant Wealth Management, LLC 9.16% of their portfolio BEND, OR 1,614,1851.6m $44.3m $44.3m 9.16% Added +22.9k +22,874
74 HARBOUR INVESTMENTS, INC. 0.90% of their portfolio MADISON, WI 1,613,0321.6m $44.2m $44.2m 0.90% Reduced -303.9k -303,894
75 Keudell/Morrison Wealth Management 9.20% of their portfolio Salem, OR 1,595,8181.6m $43.8m $43.8m 9.20% First filing
76 SECURIAN ASSET MANAGEMENT, INC 1.64% of their portfolio ST PAUL, MN 1,581,0001.6m $43.4m $43.4m 1.64% Unchanged
77 HB Wealth Management, LLC 0.28% of their portfolio Atlanta, GA 1,579,3681.6m $43.3m $43.3m 0.28% Added +82.2k +82,207
78 D. E. Shaw & Co., Inc. 0.03% of their portfolio New York, NY 1,579,1091.6m $43.3m $43.3m 0.03% Added +1.3m +1,324,752
79 Merit Financial Group, LLC 0.35% of their portfolio ALPHARETTA, GA 1,568,3991.6m $43.0m $43.0m 0.35% Added +737.9k +737,892
80 Focus Partners Wealth 0.05% of their portfolio ST LOUIS, MO 1,568,1811.6m $43.0m $43.0m 0.05% Added +45.0k +45,000
81 Steward Partners Investment Advisory, LLC 0.23% of their portfolio STAMFORD, CT 1,561,1481.6m $42.8m $42.8m 0.23% Reduced -474.5k -474,533
82 Leelyn Smith, LLC 6.12% of their portfolio GENEVA, IL 1,543,2391.5m $42.3m $42.3m 6.12% Added +74.4k +74,407
83 Beacon Pointe Advisors, LLC 0.30% of their portfolio NEWPORT BEACH, CA 1,538,9001.5m $42.2m $42.2m 0.30% Reduced -129.3k -129,320
84 Private Advisor Group, LLC 0.20% of their portfolio MORRISTOWN, NJ 1,533,9881.5m $42.1m $42.1m 0.20% Reduced -298.2k -298,155
85 Evergreen Advisors, LLC 10.15% of their portfolio CHATTANOOGA, TN 1,517,6781.5m $41.6m $41.6m 10.15% First filing
86 PINNACLE ASSOCIATES LTD 0.51% of their portfolio NEW YORK, NY 1,455,0611.5m $39.9m $39.9m 0.51% Reduced -20.9k -20,925
87 Cedar Wealth Management, LLC 11.86% of their portfolio LA JOLLA, CA 1,445,1981.4m $39.6m $39.6m 11.86% Reduced -458 -458
88 Noble Family Wealth, LLC 8.26% of their portfolio Clearwater, FL 1,427,6911.4m $39.2m $39.2m 8.26% Added +58.5k +58,501
89 American Financial Advisors, LLC 5.00% of their portfolio Marietta, GA 1,412,0381.4m $38.7m $38.7m 5.00% Added +15.1k +15,081
90 CHOREO, LLC 0.49% of their portfolio ROCKFORD, IL 1,379,4271.4m $38.1m $38.1m 0.49% Added +19.3k +19,320
91 Aptus Capital Advisors, LLC 0.32% of their portfolio FAIRHOPE, AL 1,356,9381.4m $37.2m $37.2m 0.32% Reduced -23.3k -23,333
92 Thrivent Financial for Lutherans 0.07% of their portfolio Minneapolis, MN 1,349,0311.3m $37.4m $37.4m 0.07% Added +442.2k +442,198
93 PLANNING DIRECTIONS INC 18.59% of their portfolio GLEN MILLS, PA 1,344,6601.3m $36.9m $36.9m 18.59% Reduced -17.1k -17,096
94 Janney Montgomery Scott LLC 0.08% of their portfolio PHILADELPHIA, PA 1,313,5681.3m $36.0m $36.0m 0.08% Added +110.4k +110,380
95 Focus Partners Advisor Solutions, LLC 0.44% of their portfolio SAINT LOUIS, MO 1,307,8831.3m $35.9m $35.9m 0.44% Reduced -21.6k -21,578
96 Curran Financial Partners, LLC 6.76% of their portfolio DANIEL ISLAND, SC 1,297,3791.3m $35.6m $35.6m 6.76% Added +100.0k +99,987
97 ForthRight Wealth Management, LLC 9.95% of their portfolio ALPHARETTA, GA 1,262,3141.3m $34.6m $34.6m 9.95% Added +3.3k +3,327
98 VAUGHAN DAVID INVESTMENTS LLC/IL 0.72% of their portfolio PEORIA, IL 1,210,2191.2m $33.2m $33.2m 0.72% Added +5.1k +5,149
99 Lido Advisors, LLC 0.13% of their portfolio Los Angeles, CA 1,200,1421.2m $32.8m $32.8m 0.13% Added +16.7k +16,735
100 CRA Financial Services, LLC 4.22% of their portfolio NORTHFIELD, NJ 1,175,0741.2m $32.2m $32.2m 4.22% Reduced -34.4k -34,399