Vault-13

VANGUARD BD INDEX FDS BIV

INTERMED TERM · ETP · CUSIP 921937819

935 institutional holders +7 vs Q1 2025
193,701,774193.7m shares reported held*
$15.0bnreported value*
65 new 411 added 324 reduced 58 sold out net bought ≈ $490.4m (+6.3m 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 ($15.7m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $77.32. Options: 2 managers hold calls ($857.6k notional), 1 hold puts ($672.9k).

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

05001kQ3 22: 659Q4 22: 690Q1 23: 707Q2 23: 728Q3 23: 727Q4 23: 827Q1 24: 819Q2 24: 832Q3 24: 858Q4 24: 936Q1 25: 928Q2 25: 935935Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 2022659
Q4 2022690
Q1 2023707
Q2 2023728
Q3 2023727
Q4 2023827
Q1 2024819
Q2 2024832
Q3 2024858
Q4 2024936
Q1 2025928
Q2 2025935

Buyers vs sellers

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

Bought or addedCut or sold out
1k01kQ3 23: 377 bought or addedQ3 23: 318 cut or sold outQ4 23: 395 bought or addedQ4 23: 337 cut or sold outQ4 23Q1 24: 448 bought or addedQ1 24: 315 cut or sold outQ2 24: 454 bought or addedQ2 24: 324 cut or sold outQ2 24Q3 24: 510 bought or addedQ3 24: 278 cut or sold outQ4 24: 508 bought or addedQ4 24: 295 cut or sold outQ4 24Q1 25: 490 bought or addedQ1 25: 377 cut or sold outQ2 25: 476 bought or addedQ2 25: 382 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 2023377318
Q4 2023395337
Q1 2024448315
Q2 2024454324
Q3 2024510278
Q4 2024508295
Q1 2025490377
Q2 2025476382

Calls vs puts

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

CallsPuts
$0$2m$4m$6mQ3 24 calls: $313.5kQ3 24 puts: $4.2mQ3 24P/C 13.29Q4 24 calls: $328.8kQ4 24 puts: $0Q4 24P/C 0.00Q1 25 calls: $658.5kQ1 25 puts: $459.4kQ1 25P/C 0.70Q2 25 calls: $857.6kQ2 25 puts: $672.9kQ2 25P/C 0.78
Numbers
QuarterCallsPutsP/C
Q3 2024$313.5k$4.2m13.29
Q4 2024$328.8k$00.00
Q1 2025$658.5k$459.4k0.70
Q2 2025$857.6k$672.9k0.78

Biggest buyers

WELLS FARGO & COMPANY/MN Added +3,603,992+3.6m
ROYAL BANK OF CANADA Added +1,721,254+1.7m
American Trust New +1,061,008+1.1m
GOLDMAN SACHS GROUP INC Added +994,859+994.9k
EP Wealth Advisors, LLC Added +677,443+677.4k
ENVESTNET ASSET MANAGEMENT INC Added +477,188+477.2k
NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Added +461,305+461.3k
TIAA TRUST, NATIONAL ASSOCIATION Added +450,557+450.6k
LPL Financial LLC Added +327,121+327.1k
RAYMOND JAMES FINANCIAL INC Added +322,207+322.2k

Biggest sellers

Beacon Capital Management, Inc. Reduced -4,677,402-4.7m
SUSQUEHANNA INTERNATIONAL GROUP, LLP Sold out -812,017-812.0k
CAROLINAS WEALTH CONSULTING LLC Sold out -403,218-403.2k
Geneos Wealth Management Inc. Reduced -348,379-348.4k
FINANCIAL COUNSELORS INC Sold out -322,637-322.6k
Moisand Fitzgerald Tamayo, LLC Reduced -286,307-286.3k
Meeder Advisory Services, Inc. Reduced -243,547-243.5k
OSAIC HOLDINGS, INC. Reduced -225,122-225.1k
Atria Wealth Solutions, Inc. Reduced -213,376-213.4k
TOWNSQUARE CAPITAL LLC Sold out -212,874-212.9k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $603.3k7.8k shares
WOLVERINE TRADING, LLC New $254.4k3.3k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $672.9k8.7k 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 ENVESTNET ASSET MANAGEMENT INC 0.42% of their portfolio Berwyn, PA 18,569,59818.6m $1.4bn $1.4bn 0.42% Added +477.2k +477,188
2 WELLS FARGO & COMPANY/MN 0.27% of their portfolio SAN FRANCISCO, CA 15,858,67215.9m $1.2bn $1.2bn 0.27% Added +3.6m +3,603,992
3 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.51% of their portfolio MILWAUKEE, WI 9,106,8899.1m $704.3m $704.3m 0.51% Added +461.3k +461,305
4 GOLDMAN SACHS GROUP INC 0.11% of their portfolio NEW YORK, NY 8,967,3059.0m $693.5m $693.5m 0.11% Added +994.9k +994,859
5 MORGAN STANLEY 0.03% of their portfolio NEW YORK, NY 6,335,7426.3m $490.0m $490.0m 0.03% Added +79.3k +79,303
6 BANK OF AMERICA CORP /DE/ 0.04% of their portfolio CHARLOTTE, NC 6,332,3226.3m $489.7m $489.7m 0.04% Reduced -158.6k -158,647
7 EP Wealth Advisors, LLC 3.09% of their portfolio TORRANCE, CA 6,071,9636.1m $469.6m $469.6m 3.09% Added +677.4k +677,443
8 LPL Financial LLC 0.12% of their portfolio FORT MILL, SC 4,821,3714.8m $372.9m $372.9m 0.12% Added +327.1k +327,121
9 True Link Financial Advisors, LLC 24.35% of their portfolio SAN FRANCISCO, CA 4,562,4934.6m $352.9m $352.9m 24.35% Added +159.7k +159,670
10 AMERIPRISE FINANCIAL INC 0.08% of their portfolio MINNEAPOLIS, MN 3,977,3004.0m $307.6m $307.6m 0.08% Added +46.4k +46,420
11 ROYAL BANK OF CANADA 0.03% of their portfolio TORONTO, A6 3,630,9243.6m $280.8m $280.8m 0.03% Added +1.7m +1,721,254
12 Baird Financial Group, Inc. 0.48% of their portfolio MILWAUKEE, WI 3,562,4343.6m $275.5m $275.5m 0.48% Added +186.7k +186,697
13 MATHER GROUP, LLC. 2.59% of their portfolio CHICAGO, IL 3,141,3763.1m $243.0m $243.0m 2.59% Added +98.1k +98,133
14 UNITED CAPITAL FINANCIAL ADVISORS, LLC 1.93% of their portfolio IRVING, TX 3,079,2643.1m $238.2m $238.2m 1.93% Added +173.3k +173,299
15 TIAA TRUST, NATIONAL ASSOCIATION 0.48% of their portfolio CHARLOTTE, NC 2,372,4852.4m $183.5m $183.5m 0.48% Added +450.6k +450,557
16 Envestnet Portfolio Solutions, Inc. 0.62% of their portfolio BERWYN, PA 2,190,4642.2m $169.4m $169.4m 0.62% Reduced -148.1k -148,086
17 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.25% of their portfolio PLYMOUTH, MN 1,979,4022.0m $151.9m $151.9m 0.25% Added +217.4k +217,357
18 LINCOLN NATIONAL CORP 4.63% of their portfolio RADNOR, PA 1,975,3442.0m $152.8m $152.8m 4.63% Reduced -43.5k -43,524
19 RAYMOND JAMES FINANCIAL INC 0.05% of their portfolio ST. PETERSBURG, FL 1,923,3041.9m $148.7m $148.7m 0.05% Added +322.2k +322,207
20 OSAIC HOLDINGS, INC. 0.26% of their portfolio SCOTTSDALE, AZ 1,867,1301.9m $144.4m $144.4m 0.26% Reduced -225.1k -225,122
21 JONES FINANCIAL COMPANIES LLLP 0.11% of their portfolio DES PERES, MO 1,861,3381.9m $143.5m $143.5m 0.11% Added +202.4k +202,358
22 Mariner, LLC 0.18% of their portfolio Overland Park, KS 1,653,3311.7m $127.9m $127.9m 0.18% Added +38.8k +38,848
23 Retirement Investment Advisors, Inc. 11.34% of their portfolio OKLAHOMA CITY, OK 1,630,2951.6m $126.1m $126.1m 11.34% Added +69.1k +69,066
24 FMR LLC 0.01% of their portfolio BOSTON, MA 1,515,6011.5m $117.2m $117.2m 0.01% Reduced -85.1k -85,132
25 UBS Group AG 0.02% of their portfolio ZURICH, V8 1,435,5191.4m $111.0m $111.0m 0.02% Reduced -47.9k -47,874
26 Diana Davis Spencer Foundation 37.78% of their portfolio BETHESDA, MD 1,426,0001.4m $110.3m $110.3m 37.78% Unchanged
27 Beacon Capital Management, Inc. 5.36% of their portfolio DAYTON, OH 1,345,5431.3m $104.1m $104.1m 5.36% Reduced -4.7m -4,677,402
28 Bank of New York Mellon Corp 0.02% of their portfolio NEW YORK, NY 1,322,8191.3m $102.3m $102.3m 0.02% Reduced -5.8k -5,830
29 COMERICA BANK 0.40% of their portfolio DALLAS, TX 1,320,8991.3m $102.2m $102.2m 0.40% Added +63.8k +63,838
30 Cetera Investment Advisers 0.17% of their portfolio SCHAUMBURG, IL 1,291,6461.3m $99.9m $99.9m 0.17% Added +106.6k +106,607
31 Efficient Advisors, LLC 5.88% of their portfolio BEAVERTON, OR 1,277,4801.3m $98.8m $98.8m 5.88% Reduced -5.8k -5,822
32 COMMONWEALTH EQUITY SERVICES, LLC 0.11% of their portfolio WALTHAM, MA 1,094,1601.1m $84.6m $84.6m 0.11% Added +140.1k +140,116
33 American Trust 7.73% of their portfolio LEXINGTON, KY 1,061,0081.1m $82.1m $82.1m 7.73% New
34 PEAPACK GLADSTONE FINANCIAL CORP 1.15% of their portfolio BEDMINSTER, NJ 1,051,8671.1m $81.4m $81.4m 1.15% Reduced -3.7k -3,702
35 TRUIST FINANCIAL CORP 0.11% of their portfolio CHARLOTTE, NC 972,752972.8k $75.2m $75.2m 0.11% Added +17.3k +17,307
36 US BANCORP \DE\ 0.09% of their portfolio MINNEAPOLIS, MN 923,744923.7k $71.4m $71.4m 0.09% Added +19.0k +18,985
37 BCM ADVISORS, LLC 14.39% of their portfolio LAFAYETTE, LA 876,595876.6k $67.6m $67.6m 14.39% Added +15.0k +15,002
38 Cambridge Investment Research Advisors, Inc. 0.21% of their portfolio FAIRFIELD, IA 873,950874.0k $67.6m $67.6m 0.21% Reduced -10.0k -10,016
39 Cerity Partners LLC 0.12% of their portfolio NEW YORK, NY 835,852835.9k $64.6m $64.6m 0.12% Added +42.7k +42,736
40 BANK OF MONTREAL /CAN/ 0.03% of their portfolio TORONTO, A6 813,599813.6k $62.9m $62.9m 0.03% Added +3.0k +3,046
41 Zhang Financial LLC 2.87% of their portfolio PORTAGE, MI 804,530804.5k $62.2m $62.2m 2.87% Added +143.9k +143,861
42 WIT, LLC 1.50% of their portfolio DISTRICT OF COLUMBIA, DC 783,879783.9k $60.6m $60.6m 1.50% Reduced -55.7k -55,724
43 VANGUARD GROUP INC 0.00% of their portfolio Valley Forge, PA 772,041772.0k $59.7m $59.7m 0.00% Added +69.3k +69,303
44 Family Investment Center, Inc. 12.26% of their portfolio Saint Joseph, MO 699,924699.9k $54.1m $54.1m 12.26% Added +47.0k +47,023
45 Reliant Wealth Planning 20.53% of their portfolio LOUISVILLE, KY 679,989680.0k $52.6m $52.6m 20.53% Added +5.2k +5,223
46 Cranbrook Wealth Management, LLC 10.80% of their portfolio Bloomfield Hills, MI 654,680654.7k $50.6m $50.6m 10.80% Reduced -1.5k -1,497
47 Creative Planning 0.04% of their portfolio OVERLAND PARK, KS 606,890606.9k $46.9m $46.9m 0.04% Added +104.5k +104,469
48 Sage Financial Management Group, Inc. 16.06% of their portfolio MCLEAN, VA 600,438600.4k $46.4m $46.4m 16.06% Reduced -73.7k -73,741
49 Francis Financial, Inc. 10.43% of their portfolio NEW YORK, NY 583,192583.2k $45.1m $45.1m 10.43% Added +8.5k +8,500
50 World Investment Advisors 0.98% of their portfolio LINCROFT, NJ 558,349558.3k $43.2m $43.2m 0.98% Added +22.9k +22,856
51 Verus Financial Partners, Inc. 4.36% of their portfolio RICHMOND, VA 558,110558.1k $42.8m $42.8m 4.36% Added +15.2k +15,174
52 MML INVESTORS SERVICES, LLC 0.12% of their portfolio SPRINGFIELD, MA 555,064555.1k $42.9m $42.9m 0.12% Reduced -58.0k -58,023
53 Badgley Phelps Wealth Managers, LLC 0.94% of their portfolio SEATTLE, WA 548,651548.7k $42.4m $42.4m 0.94% Added +2.8k +2,767
54 Discipline Wealth Solutions, LLC 16.05% of their portfolio GREENVILLE, SC 541,909541.9k $41.9m $41.9m 16.05% Added +39.4k +39,352
55 MFA WEALTH ADVISORS, LLC 9.76% of their portfolio PITTSBURGH, PA 537,925537.9k $41.6m $41.6m 9.76% Reduced -25.1k -25,116
56 Janney Montgomery Scott LLC 0.11% of their portfolio PHILADELPHIA, PA 530,319530.3k $41.0m $41.0m 0.11% Added +60.7k +60,659
57 CARY STREET PARTNERS FINANCIAL LLC 1.05% of their portfolio RICHMOND, VA 523,825523.8k $37.5m $37.5m 1.05% Added +15.0k +15,020
58 Cannon Financial Strategists, Inc. 6.39% of their portfolio ATHENS, GA 523,393523.4k $40.5m $40.5m 6.39% Added +61.7k +61,680
59 HighTower Advisors, LLC 0.05% of their portfolio CHICAGO, IL 523,311523.3k $40.5m $40.5m 0.05% Added +5.7k +5,734
60 Farther Finance Advisors, LLC 0.81% of their portfolio SAN FRANCISCO, CA 519,845519.8k $40.2m $40.2m 0.81% Reduced -6.9k -6,938
61 Cornerstone Planning Group LLC 8.08% of their portfolio FAIRFIELD, NJ 511,320511.3k $39.6m $39.6m 8.08% Added +35.0k +34,964
62 Franklin, Parlapiano, Turner & Welch, LLC 9.79% of their portfolio HOUSTON, TX 484,551484.6k $37.5m $37.5m 9.79% Added +2.3k +2,294
63 Willow Creek Wealth Management Inc. 3.33% of their portfolio Sebastopol, CA 479,154479.2k $37.1m $37.1m 3.33% Added +984 +984
64 Cooper Financial Group 4.34% of their portfolio IRVINE, CA 476,676476.7k $36.9m $36.9m 4.34% Added +38.1k +38,128
65 Penserra Capital Management LLC 0.51% of their portfolio ORINDA, CA 473,571473.6k $36.6m $36.6m 0.51% Added +286.2k +286,201
66 Modera Wealth Management, LLC 0.45% of their portfolio WESTWOOD, NJ 465,099465.1k $36.0m $36.0m 0.45% Reduced -9.6k -9,567
67 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 448,709448.7k $34.7m $34.7m 0.00% Added +21.9k +21,898
68 STIFEL FINANCIAL CORP 0.03% of their portfolio ST. LOUIS, MO 447,990448.0k $34.6m $34.6m 0.03% Added +3.2k +3,154
69 Greystone Financial Group, LLC 5.68% of their portfolio BLOOMFIELD HILLS, MI 445,701445.7k $34.5m $34.5m 5.68% Added +138.7k +138,719
70 Burt Wealth Advisors 7.87% of their portfolio North Bethesda, MD 444,925444.9k $34.4m $34.4m 7.87% Added +14.0k +13,997
71 PNC Financial Services Group, Inc. 0.02% of their portfolio Pittsburgh, PA 439,152439.2k $34.0m $34.0m 0.02% Reduced -4.4k -4,377
72 Seneschal Advisors, LLC 26.59% of their portfolio TACOMA, WA 435,913435.9k $33.7m $33.7m 26.59% Added +11.2k +11,159
73 BetterWealth, LLC 8.45% of their portfolio SAN JOSE, CA 426,604426.6k $33.0m $33.0m 8.45% Added +21.2k +21,166
74 PINKERTON WEALTH, LLC 3.90% of their portfolio COEUR D ALENE, ID 423,078423.1k $32.7m $32.7m 3.90% Added +42.5k +42,450
75 Everhart Financial Group, Inc. 3.74% of their portfolio Dublin, OH 418,808418.8k $32.4m $32.4m 3.74% Reduced -62.8k -62,769
76 Farmers & Merchants Trust Co of Chambersburg PA 10.12% of their portfolio CHAMBERSBURG, PA 418,329418.3k $32.4m $32.4m 10.12% Added +61.8k +61,769
77 LVW Advisors, LLC 3.40% of their portfolio PITTSFORD, NY 392,430392.4k $30.4m $30.4m 3.40% Added +15.9k +15,875
78 Gordian Advisors LLC 21.56% of their portfolio TUCSON, AZ 389,565389.6k $30.1m $30.1m 21.56% Added +9.0k +8,981
79 Avior Wealth Management, LLC 1.04% of their portfolio OMAHA, NE 389,373389.4k $30.1m $30.1m 1.04% Added +1.5k +1,470
80 BRIGHTON SECURITIES CORP. 16.11% of their portfolio ROCHESTER, NY 381,089381.1k $29.5m $29.5m 16.11% Reduced -146.3k -146,308
81 Rosenberg Matthew Hamilton 6.75% of their portfolio GRAND JUNCTION, CO 375,078375.1k $29.0m $29.0m 6.75% Reduced -27.4k -27,435
82 Private Advisor Group, LLC 0.15% of their portfolio MORRISTOWN, NJ 363,125363.1k $28.1m $28.1m 0.15% Added +17.6k +17,631
83 Geneos Wealth Management Inc. 0.68% of their portfolio ENGLEWOOD, CO 360,206360.2k $27.9m $27.9m 0.68% Reduced -348.4k -348,379
84 Wealthfront Advisers LLC 0.07% of their portfolio Palo Alto, CA 355,667355.7k $27.5m $27.5m 0.07% Reduced -63.3k -63,280
85 CAPTRUST FINANCIAL ADVISORS 0.06% of their portfolio RALEIGH, NC 355,394355.4k $27.5m $27.5m 0.06% Added +292.1k +292,126
86 Roundview Capital LLC 1.82% of their portfolio PRINCETON, NJ 351,692351.7k $27.2m $27.2m 1.82% Added +6.1k +6,067
87 Strategic Advocates LLC 7.95% of their portfolio SACRAMENTO, CA 346,170346.2k $26.8m $26.8m 7.95% Added +635 +635
88 Midwest Trust Co 0.36% of their portfolio Overland Park, KS 339,264339.3k $26.2m $26.2m 0.36% First filing
89 Ballentine Capital Advisors, Inc 11.98% of their portfolio GREENVILLE, SC 326,792326.8k $25.3m $25.3m 11.98% Reduced -792 -792
90 Scott Capital Advisors, LLC 6.75% of their portfolio PORTLAND, OR 324,630324.6k $24.9m $24.9m 6.75% Added +7.3k +7,271
91 FIRST NATIONAL BANK & TRUST CO OF NEWTOWN 5.02% of their portfolio NEWTOWN, PA 324,141324.1k $25.1m $25.1m 5.02% Added +567 +567
92 ACORN CREEK CAPITAL LLC 10.35% of their portfolio FORT COLLINS, CO 322,252322.3k $24.9m $24.9m 10.35% Added +32.6k +32,620
93 STEPHENS INC /AR/ 0.34% of their portfolio LITTLE ROCK, AR 318,561318.6k $24.6m $24.6m 0.34% Added +87.9k +87,883
94 SMI Advisory Services, LLC 4.64% of their portfolio COLUMBUS, IN 314,776314.8k $24.0m $24.0m 4.64% Added +10.4k +10,366
95 Windward Private Wealth Management Inc. 8.71% of their portfolio OVERLAND PARK, KS 312,463312.5k $24.2m $24.2m 8.71% Added +10.2k +10,221
96 FPC INVESTMENT ADVISORY, INC. 14.75% of their portfolio PETALUMA, CA 306,303306.3k $23.6m $23.6m 14.75% Added +25.6k +25,564
97 Wescott Financial Advisory Group, LLC 2.21% of their portfolio Philadelphia, PA 299,186299.2k $23.1m $23.1m 2.21% Added +16.8k +16,773
98 Financial Engines Advisors L.L.C. 0.05% of their portfolio SANTA CLARA, CA 297,459297.5k $23.0m $23.0m 0.05% Reduced -104.7k -104,738
99 Rockefeller Capital Management L.P. 0.03% of their portfolio NEW YORK, NY 285,616285.6k $22.1m $22.1m 0.03% Added +146.3k +146,300
100 Schiavi & Co LLC 7.40% of their portfolio WILMINGTON, DE 282,139282.1k $21.8m $21.8m 7.40% Added +835 +835