Vault-13

VANGUARD BD INDEX FDS BIV

INTERMED TERM · ETP · CUSIP 921937819

981 institutional holders +52 vs Q3 2025
222,916,901222.9m shares reported held*
$17.4bnreported value*
69 new 483 added 249 reduced 57 sold out net bought ≈ $729.5m (+9.3m 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 ($17.8m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $77.86. Options: 2 managers hold calls ($654.2k notional), 0 hold puts (—).

Trends to Q4 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: 935Q3 25: 929Q4 25: 981981Q3 22Q2 23Q1 24Q4 24Q4 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
Q3 2025929
Q4 2025981

Buyers vs sellers

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

Bought or addedCut or sold out
1k01kQ1 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 25Q3 25: 517 bought or addedQ3 25: 332 cut or sold outQ4 25: 552 bought or addedQ4 25: 306 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 2024448315
Q2 2024454324
Q3 2024510278
Q4 2024508295
Q1 2025490377
Q2 2025476382
Q3 2025517332
Q4 2025552306

Calls vs puts

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

CallsPuts
$0$250k$500k$750k$1mQ1 25 calls: $658.5kQ1 25 puts: $459.4kQ1 25P/C 0.70Q2 25 calls: $857.6kQ2 25 puts: $672.9kQ2 25P/C 0.78Q3 25 calls: $679.4kQ3 25 puts: $0Q3 25P/C 0.00Q4 25 calls: $654.2kQ4 25 puts: $0Q4 25P/C 0.00
Numbers
QuarterCallsPutsP/C
Q1 2025$658.5k$459.4k0.70
Q2 2025$857.6k$672.9k0.78
Q3 2025$679.4k$00.00
Q4 2025$654.2k$00.00

Biggest buyers

NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Added +1,315,707+1.3m
WELLS FARGO & COMPANY/MN Added +1,249,895+1.2m
SUSQUEHANNA INTERNATIONAL GROUP, LLP New +872,963+873.0k
MORGAN STANLEY Added +790,288+790.3k
GOLDMAN SACHS GROUP INC Added +703,890+703.9k
Baird Financial Group, Inc. Added +696,753+696.8k
Cornerstone Planning Group LLC Added +530,863+530.9k
Creative Planning Added +456,740+456.7k
True Freedom Investing, LLC New +442,935+442.9k
Zhang Financial LLC Added +383,659+383.7k

Biggest sellers

ENVESTNET ASSET MANAGEMENT INC Reduced -2,748,551-2.7m
JPMORGAN CHASE & CO Reduced -864,130-864.1k
WEALTH ENHANCEMENT ADVISORY SERVICES, LLC Reduced -505,565-505.6k
SMI Advisory Services, LLC Sold out -318,471-318.5k
Tandem Financial, LLC Sold out -274,110-274.1k
JANE STREET GROUP, LLC Sold out -253,740-253.7k
Yeomans Consulting Group, Inc. Sold out -243,563-243.6k
Consolidated Portfolio Review Corp Sold out -239,523-239.5k
Beacon Capital Management, Inc. Reduced -203,104-203.1k
Boyd Wealth Management, LLC Reduced -152,137-152.1k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $436.1k5.6k shares
CITADEL ADVISORS LLC Reduced $218.1k2.8k shares

Biggest puts

None

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 WELLS FARGO & COMPANY/MN 0.39% of their portfolio SAN FRANCISCO, CA 25,526,72025.5m $2.0bn $2.0bn 0.39% Added +1.2m +1,249,895
2 ENVESTNET ASSET MANAGEMENT INC 0.39% of their portfolio Berwyn, PA 16,837,76816.8m $1.3bn $1.3bn 0.39% Reduced -2.7m -2,748,551
3 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.55% of their portfolio MILWAUKEE, WI 11,227,63811.2m $874.4m $874.4m 0.55% Added +1.3m +1,315,707
4 GOLDMAN SACHS GROUP INC 0.11% of their portfolio NEW YORK, NY 9,713,8819.7m $756.5m $756.5m 0.11% Added +703.9k +703,890
5 EP Wealth Advisors, LLC 3.49% of their portfolio TORRANCE, CA 8,635,7928.6m $672.6m $672.6m 3.49% First filing
6 MORGAN STANLEY 0.03% of their portfolio NEW YORK, NY 7,471,5927.5m $581.9m $581.9m 0.03% Added +790.3k +790,288
7 BANK OF AMERICA CORP /DE/ 0.04% of their portfolio CHARLOTTE, NC 6,642,3746.6m $517.3m $517.3m 0.04% Added +296.1k +296,124
8 True Link Financial Advisors, LLC 24.72% of their portfolio SAN FRANCISCO, CA 5,225,5415.2m $407.0m $407.0m 24.72% Added +373.3k +373,290
9 LPL Financial LLC 0.11% of their portfolio FORT MILL, SC 5,155,4995.2m $401.5m $401.5m 0.11% Added +166.3k +166,277
10 Baird Financial Group, Inc. 0.58% of their portfolio MILWAUKEE, WI 4,774,7644.8m $371.9m $371.9m 0.58% Added +696.8k +696,753
11 AMERIPRISE FINANCIAL INC 0.07% of their portfolio MINNEAPOLIS, MN 4,212,0834.2m $328.0m $328.0m 0.07% Added +160.0k +159,965
12 UNITED CAPITAL FINANCIAL ADVISORS, LLC 1.66% of their portfolio IRVING, TX 3,538,1903.5m $275.6m $275.6m 1.66% Added +148.9k +148,851
13 MATHER GROUP, LLC. 2.83% of their portfolio CHICAGO, IL 3,525,0853.5m $274.5m $274.5m 2.83% Added +170.1k +170,062
14 TIAA TRUST, NATIONAL ASSOCIATION 0.47% of their portfolio CHARLOTTE, NC 2,531,8652.5m $197.2m $197.2m 0.47% Added +28.1k +28,072
15 JONES FINANCIAL COMPANIES LLLP 0.12% of their portfolio DES PERES, MO 2,460,5062.5m $191.6m $191.6m 0.12% Added +340.7k +340,685
16 Envestnet Portfolio Solutions, Inc. 0.61% of their portfolio BERWYN, PA 2,246,9912.2m $175.0m $175.0m 0.61% Added +93.8k +93,829
17 RAYMOND JAMES FINANCIAL INC 0.05% of their portfolio ST. PETERSBURG, FL 2,243,5682.2m $174.7m $174.7m 0.05% Added +95.2k +95,213
18 OSAIC HOLDINGS, INC. 0.25% of their portfolio SCOTTSDALE, AZ 2,164,1982.2m $168.6m $168.6m 0.25% Added +62.3k +62,343
19 LINCOLN NATIONAL CORP 4.90% of their portfolio RADNOR, PA 2,151,9852.2m $167.6m $167.6m 4.90% Added +69.5k +69,525
20 ROYAL BANK OF CANADA 0.03% of their portfolio TORONTO, A6 1,930,1521.9m $150.3m $150.3m 0.03% Added +49.1k +49,110
21 Mariner, LLC 0.17% of their portfolio Overland Park, KS 1,878,7181.9m $146.3m $146.3m 0.17% Added +125.2k +125,205
22 UBS Group AG 0.03% of their portfolio ZURICH, V8 1,856,7411.9m $144.6m $144.6m 0.03% Added +109.3k +109,350
23 Retirement Investment Advisors, Inc. 10.77% of their portfolio OKLAHOMA CITY, OK 1,716,7381.7m $133.7m $133.7m 10.77% Added +36.9k +36,946
24 Cetera Investment Advisers 0.13% of their portfolio SCHAUMBURG, IL 1,568,4071.6m $122.1m $122.1m 0.13% Added +80.4k +80,354
25 Zhang Financial LLC 4.41% of their portfolio PORTAGE, MI 1,520,1531.5m $118.4m $118.4m 4.41% Added +383.7k +383,659
26 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.16% of their portfolio PLYMOUTH, MN 1,497,0101.5m $116.8m $116.8m 0.16% Reduced -505.6k -505,565
27 Diana Davis Spencer Foundation 37.48% of their portfolio BETHESDA, MD 1,426,0001.4m $111.1m $111.1m 37.48% Unchanged
28 Bank of New York Mellon Corp 0.02% of their portfolio NEW YORK, NY 1,398,3371.4m $108.9m $108.9m 0.02% Added +72.2k +72,156
29 FMR LLC 0.01% of their portfolio BOSTON, MA 1,395,2441.4m $108.7m $108.7m 0.01% Reduced -54.5k -54,526
30 Efficient Advisors, LLC 6.24% of their portfolio BEAVERTON, OR 1,371,9911.4m $106.9m $106.9m 6.24% Added +7.1k +7,060
31 COMERICA BANK 0.42% of their portfolio DALLAS, TX 1,364,6101.4m $106.3m $106.3m 0.42% Added +34.0k +33,975
32 BCM ADVISORS, LLC 19.65% of their portfolio LAFAYETTE, LA 1,317,7981.3m $102.6m $102.6m 19.65% Added +1.3k +1,283
33 PEAPACK GLADSTONE FINANCIAL CORP 1.20% of their portfolio BEDMINSTER, NJ 1,224,4961.2m $95.4m $95.4m 1.20% Added +109.3k +109,287
34 TRUIST FINANCIAL CORP 0.13% of their portfolio CHARLOTTE, NC 1,224,1301.2m $95.3m $95.3m 0.13% Added +195.7k +195,675
35 COMMONWEALTH EQUITY SERVICES, LLC 0.12% of their portfolio WALTHAM, MA 1,187,0801.2m $92.4m $92.4m 0.12% Added +47.9k +47,880
36 American Trust 7.53% of their portfolio LEXINGTON, KY 1,147,6911.1m $89.6m $89.6m 7.53% Reduced -1.0k -1,004
37 Cerity Partners LLC 0.13% of their portfolio NEW YORK, NY 1,112,8511.1m $86.7m $86.7m 0.13% Added +202.5k +202,499
38 Creative Planning 0.06% of their portfolio OVERLAND PARK, KS 1,051,4341.1m $81.9m $81.9m 0.06% Added +456.7k +456,740
39 Family Investment Center, Inc. 14.87% of their portfolio Saint Joseph, MO 945,773945.8k $73.7m $73.7m 14.87% Added +67.9k +67,870
40 Cambridge Investment Research Advisors, Inc. 0.19% of their portfolio FAIRFIELD, IA 934,719934.7k $72.8m $72.8m 0.19% Added +54.5k +54,474
41 US BANCORP \DE\ 0.08% of their portfolio MINNEAPOLIS, MN 913,353913.4k $71.1m $71.1m 0.08% Added +36.1k +36,120
42 BANK OF MONTREAL /CAN/ 0.03% of their portfolio TORONTO, A6 901,810901.8k $70.2m $70.2m 0.03% Added +25.3k +25,312
43 VANGUARD GROUP INC 0.00% of their portfolio Valley Forge, PA 882,475882.5k $68.7m $68.7m 0.00% Added +85.2k +85,197
44 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.09% of their portfolio BALA CYNWYD, PA 872,963873.0k $68.0m $68.0m 0.09% New
45 Beacon Capital Management, Inc. 3.38% of their portfolio DAYTON, OH 811,309811.3k $63.2m $63.2m 3.38% Reduced -203.1k -203,104
46 WIT, LLC 1.22% of their portfolio DISTRICT OF COLUMBIA, DC 783,879783.9k $61.0m $61.0m 1.22% Unchanged
47 Cranbrook Wealth Management, LLC 10.99% of their portfolio Bloomfield Hills, MI 715,982716.0k $55.8m $55.8m 10.99% Added +14.3k +14,290
48 Sage Financial Management Group, Inc. 15.29% of their portfolio MCLEAN, VA 642,653642.7k $50.0m $50.0m 15.29% Added +23.0k +22,971
49 World Investment Advisors 0.82% of their portfolio LINCROFT, NJ 642,062642.1k $50.0m $50.0m 0.82% Added +65.7k +65,703
50 Private Advisor Group, LLC 0.24% of their portfolio MORRISTOWN, NJ 641,526641.5k $50.0m $50.0m 0.24% Added +214.2k +214,158
51 STIFEL FINANCIAL CORP 0.04% of their portfolio ST. LOUIS, MO 634,422634.4k $49.4m $49.4m 0.04% Added +35.2k +35,153
52 Discipline Wealth Solutions, LLC 9.10% of their portfolio GREENVILLE, SC 630,329630.3k $49.1m $49.1m 9.10% Added +70.4k +70,446
53 MML INVESTORS SERVICES, LLC 0.12% of their portfolio SPRINGFIELD, MA 610,578610.6k $47.6m $47.6m 0.12% Added +55.0k +55,020
54 Verus Financial Partners, Inc. 4.30% of their portfolio RICHMOND, VA 599,613599.6k $46.7m $46.7m 4.30% Added +26.9k +26,942
55 Cannon Financial Strategists, Inc. 6.47% of their portfolio ATHENS, GA 597,218597.2k $46.5m $46.5m 6.47% Added +21.9k +21,855
56 Francis Financial, Inc. 9.08% of their portfolio NEW YORK, NY 595,914595.9k $46.4m $46.4m 9.08% Reduced -12.3k -12,348
57 Reliant Wealth Planning 14.42% of their portfolio LOUISVILLE, KY 592,660592.7k $46.2m $46.2m 14.42% Added +4.4k +4,390
58 Janney Montgomery Scott LLC 0.10% of their portfolio PHILADELPHIA, PA 580,180580.2k $45.2m $45.2m 0.10% Added +32.7k +32,686
59 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 574,658574.7k $44.8m $44.8m 0.00% Reduced -864.1k -864,130
60 MFA WEALTH ADVISORS, LLC 9.43% of their portfolio PITTSBURGH, PA 572,740572.7k $44.6m $44.6m 9.43% Added +19.1k +19,132
61 Scott Capital Advisors, LLC 9.57% of their portfolio PORTLAND, OR 554,762554.8k $43.2m $43.2m 9.57% Added +26.4k +26,425
62 STEPHENS INC /AR/ 0.53% of their portfolio LITTLE ROCK, AR 548,733548.7k $42.7m $42.7m 0.53% Added +78.5k +78,546
63 Cornerstone Planning Group LLC 6.44% of their portfolio FAIRFIELD, NJ 530,941530.9k $41.3m $41.3m 6.44% Added +530.9k +530,863
64 Cooper Financial Group 4.35% of their portfolio IRVINE, CA 524,705524.7k $40.9m $40.9m 4.35% Added +35.5k +35,494
65 Badgley Phelps Wealth Managers, LLC 0.73% of their portfolio SEATTLE, WA 513,513513.5k $40.0m $40.0m 0.73% Reduced -23.9k -23,892
66 PINKERTON WEALTH, LLC 4.03% of their portfolio COEUR D ALENE, ID 504,497504.5k $39.3m $39.3m 4.03% Added +7.8k +7,827
67 Farther Finance Advisors, LLC 0.42% of their portfolio SAN FRANCISCO, CA 499,196499.2k $38.9m $38.9m 0.42% Added +56.1k +56,125
68 HighTower Advisors, LLC 0.04% of their portfolio CHICAGO, IL 491,376491.4k $38.3m $38.3m 0.04% Reduced -11.8k -11,765
69 Franklin, Parlapiano, Turner & Welch, LLC 9.35% of their portfolio HOUSTON, TX 484,016484.0k $37.6m $37.6m 9.35% Reduced -8.6k -8,620
70 CARY STREET PARTNERS FINANCIAL LLC 0.85% of their portfolio RICHMOND, VA 482,329482.3k $34.5m $34.5m 0.85% Reduced -10.4k -10,383
71 PNC Financial Services Group, Inc. 0.02% of their portfolio Pittsburgh, PA 470,024470.0k $36.6m $36.6m 0.02% Added +32.6k +32,603
72 BetterWealth, LLC 8.26% of their portfolio SAN JOSE, CA 464,919464.9k $36.2m $36.2m 8.26% Added +24.5k +24,530
73 Midwest Trust Co 0.45% of their portfolio Overland Park, KS 461,461461.5k $35.9m $35.9m 0.45% Added +123.6k +123,566
74 Farmers & Merchants Trust Co of Chambersburg PA 9.95% of their portfolio CHAMBERSBURG, PA 456,340456.3k $35.5m $35.5m 9.95% Added +6.2k +6,211
75 Modera Wealth Management, LLC 0.41% of their portfolio WESTWOOD, NJ 451,853451.9k $35.2m $35.2m 0.41% Reduced -9.9k -9,945
76 LVW Advisors, LLC 3.55% of their portfolio PITTSFORD, NY 449,171449.2k $35.0m $35.0m 3.55% Added +21.1k +21,084
77 True Freedom Investing, LLC 2.35% of their portfolio COEUR D'ALENE, ID 442,935442.9k $34.5m $34.5m 2.35% New
78 Avior Wealth Management, LLC 1.02% of their portfolio OMAHA, NE 421,555421.6k $32.8m $32.8m 1.02% Added +18.7k +18,688
79 Gordian Advisors LLC 21.37% of their portfolio TUCSON, AZ 414,180414.2k $32.3m $32.3m 21.37% Added +17.1k +17,065
80 &PARTNERS 0.17% of their portfolio NASHVILLE, TN 413,795413.8k $32.3m $32.3m 0.17% Added +77.5k +77,460
81 CAPTRUST FINANCIAL ADVISORS 0.06% of their portfolio RALEIGH, NC 398,073398.1k $31.0m $31.0m 0.06% Added +32.2k +32,209
82 Wealthfront Advisers LLC 0.07% of their portfolio Palo Alto, CA 393,184393.2k $30.6m $30.6m 0.07% Added +43.6k +43,564
83 Geneos Wealth Management Inc. 0.74% of their portfolio ENGLEWOOD, CO 388,839388.8k $30.3m $30.3m 0.74% Added +19.0k +19,026
84 Seneschal Advisors, LLC 22.28% of their portfolio TACOMA, WA 388,447388.4k $30.3m $30.3m 22.28% Reduced -3.2k -3,152
85 BRIGHTON SECURITIES CORP. 14.82% of their portfolio ROCHESTER, NY 385,669385.7k $30.0m $30.0m 14.82% Added +10.0k +10,044
86 Thrivent Financial for Lutherans 0.05% of their portfolio Minneapolis, MN 382,378382.4k $29.8m $29.8m 0.05% Added +134.9k +134,931
87 Everhart Financial Group, Inc. 2.75% of their portfolio Dublin, OH 381,643381.6k $29.7m $29.7m 2.75% Reduced -26.1k -26,067
88 Greystone Financial Group, LLC 4.61% of their portfolio BLOOMFIELD HILLS, MI 379,021379.0k $29.5m $29.5m 4.61% Added +5.3k +5,279
89 Rosenberg Matthew Hamilton 6.01% of their portfolio GRAND JUNCTION, CO 372,367372.4k $29.0m $29.0m 6.01% Reduced -1.7k -1,715
90 Strategic Advocates LLC 7.26% of their portfolio SACRAMENTO, CA 363,382363.4k $28.4m $28.4m 7.26% Reduced -481 -481
91 Corient Private Wealth LP 0.02% of their portfolio MIAMI, FL 362,697362.7k $28.3m $28.3m 0.02% Added +197.5k +197,490
92 ACORN CREEK CAPITAL LLC 10.04% of their portfolio FORT COLLINS, CO 358,527358.5k $27.9m $27.9m 10.04% Added +15.2k +15,225
93 Roundview Capital LLC 1.71% of their portfolio PRINCETON, NJ 356,496356.5k $27.8m $27.8m 1.71% Added +18.9k +18,934
94 Ballentine Capital Advisors, Inc 11.58% of their portfolio GREENVILLE, SC 353,098353.1k $27.5m $27.5m 11.58% Added +15.0k +15,029
95 FPC INVESTMENT ADVISORY, INC. 15.02% of their portfolio PETALUMA, CA 351,929351.9k $27.4m $27.4m 15.02% Added +26.0k +25,975
96 Wescott Financial Advisory Group, LLC 2.36% of their portfolio Philadelphia, PA 347,522347.5k $27.1m $27.1m 2.36% Added +14.2k +14,169
97 Compass Planning Associates Inc 18.47% of their portfolio GREENFIELD, MA 342,455342.5k $26.7m $26.7m 18.47% Added +172.0k +172,008
98 SEEDS INVESTOR LLC 5.01% of their portfolio NEW YORK, NY 335,872335.9k $26.2m $26.2m 5.01% Added +40.6k +40,563
99 Kropog Financial Group, LLC 20.21% of their portfolio MANDEVILLE, LA 334,999335.0k $26.1m $26.1m 20.21% Added +26.8k +26,844
100 LODESTAR PRIVATE ASSET MANAGEMENT LLC 2.60% of their portfolio ALAMO, CA 333,210333.2k $26.0m $26.0m 2.60% Added +37.2k +37,231