Vault-13

SCHWAB STRATEGIC TR SCHD

US DIVIDEND EQ · ETP · CUSIP 808524797

2,059 institutional holders +114 vs Q4 2025
821,523,633821.5m shares reported held*
$24.9bnreported value*
204 new 875 added 757 reduced 82 sold out net bought ≈ $350.0m (+20.8m 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 ($21.0m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $30.31. Options: 9 managers hold calls ($109.4m notional), 8 hold puts ($110.9m).

Trends to Q1 2026

Institutional holders

Managers reporting a position, each quarter

01k2k3kQ3 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: 1,945Q1 26: 2,0592,059Q3 22Q3 23Q3 24Q3 25Q1 26
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
Q1 20262,059

Buyers vs sellers

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

Bought or addedCut or sold out
2k02kQ2 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 25Q4 25: 840 bought or addedQ4 25: 866 cut or sold outQ1 26: 1,079 bought or addedQ1 26: 839 cut or sold outQ1 26
Numbers
QuarterBought or addedCut or sold out
Q2 2024745659
Q3 2024936561
Q4 2024951615
Q1 20251,007685
Q2 2025943756
Q3 2025869829
Q4 2025840866
Q1 20261,079839

Calls vs puts

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

CallsPuts
$0$50m$100m$150mQ2 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 1.20Q1 26 calls: $109.4mQ1 26 puts: $110.9mQ1 26P/C 1.01
Numbers
QuarterCallsPutsP/C
Q2 2025$118.8m$71.5m0.60
Q3 2025$134.1m$69.9m0.52
Q4 2025$100.8m$120.7m1.20
Q1 2026$109.4m$110.9m1.01

Biggest buyers

Rakuten Investment Management, Inc. Added +41,592,034+41.6m
SUMITOMO LIFE INSURANCE CO Added +14,400,000+14.4m
Paradiem, LLC New +1,833,707+1.8m
RAYMOND JAMES FINANCIAL INC Added +1,663,039+1.7m
MCF Advisors LLC Added +1,525,348+1.5m
ENVESTNET ASSET MANAGEMENT INC Added +1,099,387+1.1m
Independent Advisor Alliance Added +868,536+868.5k
CITADEL ADVISORS LLC New +836,839+836.8k
Mirae Asset Global Investments Co., Ltd. Added +784,885+784.9k
Integrated Wealth Concepts LLC Added +740,511+740.5k

Biggest sellers

BANK OF AMERICA CORP /DE/ Reduced -16,082,890-16.1m
Cetera Investment Advisers Reduced -10,421,505-10.4m
Avantax Planning Partners, Inc. Reduced -4,598,666-4.6m
Cerity Partners LLC Reduced -2,930,338-2.9m
WEALTH ENHANCEMENT ADVISORY SERVICES, LLC Reduced -2,712,642-2.7m
CWM, LLC Reduced -1,450,613-1.5m
LPL Financial LLC Reduced -1,291,833-1.3m
Allworth Financial LP Reduced -1,242,485-1.2m
ARGENT CAPITAL MANAGEMENT LLC Sold out -1,086,931-1.1m
JPMORGAN CHASE & CO Reduced -980,262-980.3k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $59.1m1.9m shares
CITADEL ADVISORS LLC Added $18.0m587.1k shares
JANE STREET GROUP, LLC Added $15.7m511.0k shares
Point72 Asset Management, L.P. Reduced $6.2m201.7k shares
Squarepoint Ops LLC Reduced $4.8m156.3k shares
CAPITAL FUND MANAGEMENT S.A. Reduced $4.3m139.0k shares
Walleye Trading LLC New $1.4m45.6k shares
McAdam, LLC New $9251.0k shares
Wealth Watch Advisors, INC Reduced $5082.9k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $73.8m2.4m shares
CITADEL ADVISORS LLC Reduced $19.6m639.6k shares
Point72 Asset Management, L.P. Reduced $7.4m240.9k shares
Squarepoint Ops LLC Added $4.8m156.6k shares
CAPITAL FUND MANAGEMENT S.A. Reduced $3.4m110.3k shares
JANE STREET GROUP, LLC Reduced $1.7m53.8k shares
LPL Financial LLC New $257.7k8.4k shares
Venture Visionary Partners LLC New $30.7k1.0k 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, Q1 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Rakuten Investment Management, Inc. 4.58% of their portfolio TOKYO, M0 83,184,06883.2m $2.3bn $2.3bn 4.58% Added +41.6m +41,592,034
2 SUMITOMO LIFE INSURANCE CO 32.62% of their portfolio TOKYO, M0 45,450,00045.5m $1.4bn $1.4bn 32.62% Added +14.4m +14,400,000
3 BANK OF AMERICA CORP /DE/ 0.07% of their portfolio CHARLOTTE, NC 30,862,25430.9m $946.9m $946.9m 0.07% Reduced -16.1m -16,082,890
4 LPL Financial LLC 0.25% of their portfolio FORT MILL, SC 30,861,60130.9m $946.8m $946.8m 0.25% Reduced -1.3m -1,291,833
5 MORGAN STANLEY 0.05% of their portfolio NEW YORK, NY 26,336,11326.3m $808.0m $808.0m 0.05% Added +478.0k +477,956
6 Cetera Investment Advisers 0.79% of their portfolio SCHAUMBURG, IL 24,184,52324.2m $742.0m $742.0m 0.79% Reduced -10.4m -10,421,505
7 ENVESTNET ASSET MANAGEMENT INC 0.14% of their portfolio Berwyn, PA 17,312,07617.3m $531.1m $531.1m 0.14% Added +1.1m +1,099,387
8 RAYMOND JAMES FINANCIAL INC 0.16% of their portfolio ST. PETERSBURG, FL 17,180,08417.2m $527.1m $527.1m 0.16% Added +1.7m +1,663,039
9 UBS Group AG 0.08% of their portfolio ZURICH, V8 14,633,77114.6m $449.0m $449.0m 0.08% Added +490.4k +490,444
10 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.26% of their portfolio MILWAUKEE, WI 13,734,71413.7m $421.4m $421.4m 0.26% Reduced -315.6k -315,647
11 Wealthspire Advisors, LLC 3.21% of their portfolio NEW YORK, NY 13,311,44613.3m $408.4m $408.4m 3.21% Reduced -224.3k -224,275
12 Wealthfront Advisers LLC 0.86% of their portfolio Palo Alto, CA 12,807,84212.8m $392.9m $392.9m 0.86% Reduced -79.6k -79,615
13 Cassaday & Co Wealth Management LLC 6.25% of their portfolio MCLEAN, VA 9,569,0269.6m $293.6m $293.6m 6.25% Added +324.8k +324,778
14 OSAIC HOLDINGS, INC. 0.43% of their portfolio SCOTTSDALE, AZ 9,553,7289.6m $293.1m $293.1m 0.43% Added +355.6k +355,573
15 COMMONWEALTH EQUITY SERVICES, LLC 0.40% of their portfolio WALTHAM, MA 9,444,4729.4m $289.8m $289.8m 0.40% Reduced -564.2k -564,161
16 WELLS FARGO & COMPANY/MN 0.06% of their portfolio SAN FRANCISCO, CA 9,298,7339.3m $285.3m $285.3m 0.06% Reduced -904.8k -904,820
17 ROYAL BANK OF CANADA 0.05% of their portfolio TORONTO, A6 8,655,9418.7m $265.6m $265.6m 0.05% Added +660.9k +660,876
18 AMERIPRISE FINANCIAL INC 0.06% of their portfolio MINNEAPOLIS, MN 7,892,8947.9m $242.2m $242.2m 0.06% Reduced -704.0k -704,032
19 Mariner, LLC 0.27% of their portfolio Overland Park, KS 7,606,3197.6m $233.4m $233.4m 0.27% Added +706.9k +706,876
20 Keystone Financial Planning, Inc. 55.43% of their portfolio CLEVELAND, OH 6,763,7076.8m $207.5m $207.5m 55.43% Added +726.0k +725,957
21 Cambridge Investment Research Advisors, Inc. 0.52% of their portfolio FAIRFIELD, IA 6,543,3136.5m $200.7m $200.7m 0.52% Added +173.9k +173,869
22 CIBC WORLD MARKET INC. 0.33% of their portfolio TORONTO, A6 6,157,7676.2m $188.9m $188.9m 0.33% Reduced -865.0k -864,992
23 Avantax Planning Partners, Inc. 4.64% of their portfolio DUBUQUE, IA 5,507,5575.5m $169.0m $169.0m 4.64% Reduced -4.6m -4,598,666
24 MML INVESTORS SERVICES, LLC 0.46% of their portfolio SPRINGFIELD, MA 5,368,5835.4m $164.7m $164.7m 0.46% Reduced -929.7k -929,651
25 HHM Wealth Advisors, LLC 18.25% of their portfolio CHATTANOOGA, TN 5,156,5065.2m $158.2m $158.2m 18.25% Added +138.2k +138,225
26 HighTower Advisors, LLC 0.17% of their portfolio CHICAGO, IL 5,134,6615.1m $157.5m $157.5m 0.17% Reduced -277.1k -277,147
27 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.33% of their portfolio PLYMOUTH, MN 4,979,7855.0m $150.9m $150.9m 0.33% Reduced -2.7m -2,712,642
28 Creative Planning 0.09% of their portfolio OVERLAND PARK, KS 4,398,0384.4m $134.9m $134.9m 0.09% Added +106.5k +106,479
29 JPMORGAN CHASE & CO 0.01% of their portfolio NEW YORK, NY 4,312,2754.3m $131.4m $131.4m 0.01% Reduced -980.3k -980,262
30 CWM, LLC 0.33% of their portfolio OMAHA, NE 4,054,4454.1m $124.4m $124.4m 0.33% Reduced -1.5m -1,450,613
31 JONES FINANCIAL COMPANIES LLLP 0.06% of their portfolio DES PERES, MO 3,854,9963.9m $117.4m $117.4m 0.06% Added +707.6k +707,568
32 KEYBANK NATIONAL ASSOCIATION/OH 0.43% of their portfolio BROOKLYN, OH 3,836,7913.8m $117.7m $117.7m 0.43% Added +280.1k +280,129
33 Kestra Advisory Services, LLC 0.41% of their portfolio AUSTIN, TX 3,523,1273.5m $108.1m $108.1m 0.41% Added +126.9k +126,902
34 TRUIST FINANCIAL CORP 0.13% of their portfolio CHARLOTTE, NC 3,179,2953.2m $97.5m $97.5m 0.13% Reduced -692.3k -692,283
35 Berger Financial Group, Inc 5.15% of their portfolio PLYMOUTH, MN 2,995,1093.0m $91.9m $91.9m 5.15% Reduced -157.7k -157,747
36 Cresset Asset Management, LLC 0.37% of their portfolio Chicago, IL 2,810,1902.8m $86.2m $86.2m 0.37% Added +187.6k +187,580
37 FIFTH THIRD BANCORP 0.15% of their portfolio CINCINNATI, OH 2,740,9182.7m $84.1m $84.1m 0.15% Added +190.7k +190,748
38 Valmark Advisers, Inc. 0.97% of their portfolio AKRON, OH 2,665,6612.7m $81.8m $81.8m 0.97% Added +38.2k +38,194
39 Asset Advisors Investment Management, LLC 7.37% of their portfolio AUGUSTA, GA 2,518,5632.5m $77.3m $77.3m 7.37% Reduced -15.9k -15,928
40 Cerity Partners LLC 0.11% of their portfolio NEW YORK, NY 2,502,4032.5m $76.8m $76.8m 0.11% Reduced -2.9m -2,930,338
41 Bouchey Financial Group, Ltd. 5.35% of their portfolio TROY, NY 2,356,6642.4m $72.9m $72.9m 5.35% Reduced -179.4k -179,398
42 STIFEL FINANCIAL CORP 0.07% of their portfolio ST. LOUIS, MO 2,305,4382.3m $70.7m $70.7m 0.07% Added +56.6k +56,636
43 MAI Capital Management 0.40% of their portfolio INDEPENDENCE, OH 2,304,8552.3m $70.7m $70.7m 0.40% Added +58.5k +58,486
44 MERCER GLOBAL ADVISORS INC /ADV 0.10% of their portfolio DENVER, CO 2,297,1702.3m $70.5m $70.5m 0.10% Added +508.1k +508,108
45 Golden Reserve Retirement LLC 14.48% of their portfolio DUBLIN, OH 2,287,6542.3m $70.2m $70.2m 14.48% Reduced -111.9k -111,896
46 Charles Schwab Trust Bank 100.00% of their portfolio HENDERSON, NV 2,064,7922.1m $63.3m $63.3m 100.00% Reduced -433.4k -433,439
47 Summit Asset Management, LLC 8.79% of their portfolio MEMPHIS, TN 2,060,4042.1m $63.2m $63.2m 8.79% Added +23.9k +23,863
48 Baird Financial Group, Inc. 0.10% of their portfolio MILWAUKEE, WI 2,019,3522.0m $62.0m $62.0m 0.10% Reduced -96.0k -96,005
49 Focus Financial Network, Inc. 2.18% of their portfolio MINNEAPOLIS, MN 1,983,1742.0m $60.8m $60.8m 2.18% Reduced -200.5k -200,456
50 D.A. DAVIDSON & CO. 0.36% of their portfolio GREAT FALLS, MT 1,957,1562.0m $60.0m $60.0m 0.36% Reduced -274.9k -274,903
51 HOWARD FINANCIAL SERVICES, LTD. 6.72% of their portfolio DALLAS, TX 1,945,2921.9m $59.7m $59.7m 6.72% Reduced -10.2k -10,245
52 HARBOUR INVESTMENTS, INC. 0.91% of their portfolio MADISON, WI 1,925,4731.9m $59.1m $59.1m 0.91% Added +312.4k +312,441
53 Summit Financial Wealth Advisors, LLC 8.36% of their portfolio Lafayette, LA 1,921,7211.9m $59.0m $59.0m 8.36% Reduced -60.3k -60,273
54 UNITED CAPITAL FINANCIAL ADVISORS, LLC 0.36% of their portfolio IRVING, TX 1,912,0471.9m $58.6m $58.6m 0.36% Added +56.3k +56,259
55 CVA Family Office, LLC 6.18% of their portfolio DENVER, CO 1,911,6101.9m $58.6m $58.6m 6.18% Reduced -83.4k -83,395
56 MCF Advisors LLC 2.47% of their portfolio LEXINGTON, KY 1,838,6471.8m $56.4m $56.4m 2.47% Added +1.5m +1,525,348
57 Paradiem, LLC 12.39% of their portfolio COVINGTON, LA 1,833,7071.8m $56.3m $56.3m 12.39% New
58 Allied Investment Advisors, LLC 7.99% of their portfolio BILLINGS, MT 1,816,6251.8m $55.7m $55.7m 7.99% Added +32.8k +32,760
59 BOKF, NA 0.85% of their portfolio TULSA, OK 1,810,6671.8m $55.6m $55.6m 0.85% Added +54.6k +54,554
60 STEPHENS INC /AR/ 0.69% of their portfolio LITTLE ROCK, AR 1,807,7621.8m $55.5m $55.5m 0.69% Added +99.3k +99,254
61 Whelan Financial 16.91% of their portfolio FRESNO, CA 1,775,4621.8m $54.5m $54.5m 16.91% Reduced -4.3k -4,316
62 Beacon Pointe Advisors, LLC 0.29% of their portfolio NEWPORT BEACH, CA 1,761,4601.8m $54.0m $54.0m 0.29% Added +222.6k +222,560
63 Waverly Advisors, LLC 0.40% of their portfolio BIRMINGHAM, AL 1,746,4181.7m $53.6m $53.6m 0.40% Added +71.5k +71,535
64 Gerber Kawasaki Wealth & Investment Management 1.69% of their portfolio SANTA MONICA, CA 1,729,7341.7m $53.1m $53.1m 1.69% Reduced -158.6k -158,640
65 Scott Capital Advisors, LLC 10.71% of their portfolio PORTLAND, OR 1,729,1691.7m $52.8m $52.8m 10.71% Reduced -35.7k -35,681
66 Main Street Financial Solutions, LLC 3.87% of their portfolio NEWTOWN, PA 1,725,6731.7m $52.9m $52.9m 3.87% Added +36.1k +36,078
67 BURKETT FINANCIAL SERVICES, LLC 18.11% of their portfolio ROCK HILL, SC 1,722,9591.7m $52.9m $52.9m 18.11% Reduced -2.9k -2,940
68 Spinnaker Investment Group, LLC 10.72% of their portfolio Newport Beach, CA 1,715,4991.7m $52.6m $52.6m 10.72% Reduced -149.8k -149,766
69 CAPTRUST FINANCIAL ADVISORS 0.09% of their portfolio RALEIGH, NC 1,668,9971.7m $51.2m $51.2m 0.09% Added +52.1k +52,138
70 CHOREO, LLC 0.63% of their portfolio ROCKFORD, IL 1,660,5261.7m $51.0m $51.0m 0.63% Added +281.1k +281,099
71 Sarver Vrooman Wealth Advisors 31.26% of their portfolio KANSAS CITY, MO 1,654,0951.7m $50.7m $50.7m 31.26% Added +1.1k +1,113
72 HB Wealth Management, LLC 0.33% of their portfolio Atlanta, GA 1,643,1561.6m $50.4m $50.4m 0.33% Added +63.8k +63,788
73 Northwest Quadrant Wealth Management, LLC 10.48% of their portfolio BEND, OR 1,642,8861.6m $50.4m $50.4m 10.48% Added +28.7k +28,701
74 Focus Partners Wealth 0.06% of their portfolio ST LOUIS, MO 1,641,8711.6m $50.4m $50.4m 0.06% Added +73.7k +73,690
75 Mirae Asset Global Investments Co., Ltd. 0.14% of their portfolio SEOUL, M5 1,631,8441.6m $50.1m $50.1m 0.14% Added +784.9k +784,885
76 CGC Financial Services, LLC 14.33% of their portfolio LAKE OSWEGO, OR 1,616,2961.6m $49.6m $49.6m 14.33% Reduced -8.6k -8,627
77 Steward Partners Investment Advisory, LLC 0.25% of their portfolio STAMFORD, CT 1,601,5721.6m $49.1m $49.1m 0.25% Added +40.4k +40,424
78 Cullen/Frost Bankers, Inc. 0.55% of their portfolio San Antonio, TX 1,587,1281.6m $48.7m $48.7m 0.55% Reduced -260.1k -260,088
79 Leelyn Smith, LLC 6.83% of their portfolio GENEVA, IL 1,586,9581.6m $48.7m $48.7m 6.83% Added +43.7k +43,719
80 SECURIAN ASSET MANAGEMENT, INC 1.92% of their portfolio ST PAUL, MN 1,581,0001.6m $48.5m $48.5m 1.92% Unchanged
81 Evergreen Advisors, LLC 11.18% of their portfolio CHATTANOOGA, TN 1,551,0801.6m $47.6m $47.6m 11.18% Added +33.4k +33,402
82 Merit Financial Group, LLC 0.35% of their portfolio ALPHARETTA, GA 1,535,1041.5m $47.1m $47.1m 0.35% Reduced -33.3k -33,295
83 Keudell/Morrison Wealth Management 9.60% of their portfolio Salem, OR 1,530,6341.5m $47.0m $47.0m 9.60% Reduced -65.2k -65,184
84 VICTORY FINANCIAL GROUP, LLC 5.76% of their portfolio AUSTIN, TX 1,526,9501.5m $46.8m $46.8m 5.76% Reduced -172.2k -172,204
85 Noble Family Wealth, LLC 9.53% of their portfolio Clearwater, FL 1,505,0551.5m $46.2m $46.2m 9.53% Added +77.4k +77,364
86 Allworth Financial LP 0.19% of their portfolio FOLSOM, CA 1,495,2971.5m $45.9m $45.9m 0.19% Reduced -1.2m -1,242,485
87 PINNACLE ASSOCIATES LTD 0.58% of their portfolio NEW YORK, NY 1,469,6891.5m $45.1m $45.1m 0.58% Added +14.6k +14,628
88 Cedar Wealth Management, LLC 12.84% of their portfolio LA JOLLA, CA 1,437,7611.4m $44.1m $44.1m 12.84% Reduced -7.4k -7,437
89 Private Advisor Group, LLC 0.21% of their portfolio MORRISTOWN, NJ 1,430,7981.4m $43.9m $43.9m 0.21% Reduced -103.2k -103,190
90 Janney Montgomery Scott LLC 0.11% of their portfolio PHILADELPHIA, PA 1,406,7181.4m $43.2m $43.2m 0.11% Added +93.2k +93,150
91 American Financial Advisors, LLC 5.63% of their portfolio Marietta, GA 1,375,1541.4m $42.2m $42.2m 5.63% Reduced -36.9k -36,884
92 Curran Financial Partners, LLC 7.53% of their portfolio DANIEL ISLAND, SC 1,371,2461.4m $42.1m $42.1m 7.53% Added +73.9k +73,867
93 LVW Advisors, LLC 4.03% of their portfolio PITTSFORD, NY 1,348,2551.3m $41.4m $41.4m 4.03% Reduced -880.7k -880,712
94 Farther Finance Advisors, LLC 0.39% of their portfolio SAN FRANCISCO, CA 1,343,7311.3m $41.0m $41.0m 0.39% Added +306.8k +306,835
95 Aptus Capital Advisors, LLC 0.34% of their portfolio FAIRHOPE, AL 1,319,7001.3m $40.5m $40.5m 0.34% Reduced -37.2k -37,238
96 ForthRight Wealth Management, LLC 11.23% of their portfolio ALPHARETTA, GA 1,290,1431.3m $39.6m $39.6m 11.23% Added +27.8k +27,829
97 Thrivent Financial for Lutherans 0.07% of their portfolio Minneapolis, MN 1,265,8631.3m $38.9m $38.9m 0.07% Reduced -83.2k -83,168
98 Equitable Holdings, Inc. 0.22% of their portfolio NEW YORK, NY 1,263,5371.3m $34.7m $34.7m 0.22% Added +124.0k +123,987
99 Focus Partners Advisor Solutions, LLC 0.38% of their portfolio SAINT LOUIS, MO 1,234,5451.2m $37.9m $37.9m 0.38% Reduced -73.3k -73,338
100 CRA Financial Services, LLC 4.73% of their portfolio NORTHFIELD, NJ 1,188,4171.2m $36.5m $36.5m 4.73% Added +13.3k +13,343