Vault-13

VANGUARD BD INDEX FDS BIV

INTERMED TERM · ETP · CUSIP 921937819

1,016 institutional holders +35 vs Q4 2025
240,150,945240.2m shares reported held*
$18.5bnreported value*
90 new 528 added 255 reduced 57 sold out net bought ≈ $1.2bn (+15.8m 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 ($33.1m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $77.17. Options: 2 managers hold calls ($563.4k notional), 0 hold puts (—).

Trends to Q1 2026

Institutional holders

Managers reporting a position, each quarter

05001k1.5kQ3 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: 981Q1 26: 1,0161,016Q3 22Q3 23Q3 24Q3 25Q1 26
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
Q1 20261,016

Buyers vs sellers

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

Bought or addedCut or sold out
1k01kQ2 24: 454 bought or addedQ2 24: 324 cut or sold outQ3 24: 510 bought or addedQ3 24: 278 cut or sold outQ3 24Q4 24: 508 bought or addedQ4 24: 295 cut or sold outQ1 25: 490 bought or addedQ1 25: 377 cut or sold outQ1 25Q2 25: 476 bought or addedQ2 25: 382 cut or sold outQ3 25: 517 bought or addedQ3 25: 332 cut or sold outQ3 25Q4 25: 552 bought or addedQ4 25: 306 cut or sold outQ1 26: 618 bought or addedQ1 26: 312 cut or sold outQ1 26
Numbers
QuarterBought or addedCut or sold out
Q2 2024454324
Q3 2024510278
Q4 2024508295
Q1 2025490377
Q2 2025476382
Q3 2025517332
Q4 2025552306
Q1 2026618312

Calls vs puts

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

CallsPuts
$0$250k$500k$750k$1mQ2 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 0.00Q1 26 calls: $563.4kQ1 26 puts: $0Q1 26P/C 0.00
Numbers
QuarterCallsPutsP/C
Q2 2025$857.6k$672.9k0.78
Q3 2025$679.4k$00.00
Q4 2025$654.2k$00.00
Q1 2026$563.4k$00.00

Biggest buyers

ENVESTNET ASSET MANAGEMENT INC Added +6,716,649+6.7m
WELLS FARGO & COMPANY/MN Added +2,237,409+2.2m
EP Wealth Advisors, LLC Added +1,604,973+1.6m
FIFTH THIRD BANCORP Added +1,369,725+1.4m
MORGAN STANLEY Added +854,721+854.7k
NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Added +842,348+842.3k
Baird Financial Group, Inc. Added +821,713+821.7k
Rockefeller Capital Management L.P. Added +808,747+808.7k
JONES FINANCIAL COMPANIES LLLP Added +648,675+648.7k
GOLDMAN SACHS GROUP INC Added +643,294+643.3k

Biggest sellers

TIAA TRUST, NATIONAL ASSOCIATION Reduced -2,490,751-2.5m
Envestnet Portfolio Solutions, Inc. Reduced -1,796,360-1.8m
Diana Davis Spencer Foundation Sold out -1,426,000-1.4m
SUSQUEHANNA INTERNATIONAL GROUP, LLP Sold out -872,963-873.0k
WEALTH ENHANCEMENT ADVISORY SERVICES, LLC Reduced -557,301-557.3k
Cooper Financial Group Reduced -490,190-490.2k
Strategic Advocates LLC Reduced -348,615-348.6k
Heartwood Wealth Advisors LLC Reduced -219,886-219.9k
US BANCORP \DE\ Reduced -209,306-209.3k
Penserra Capital Management LLC Sold out -197,810-197.8k

Biggest calls

CITADEL ADVISORS LLC Added $308.7k4.0k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $254.7k3.3k 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, Q1 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 WELLS FARGO & COMPANY/MN 0.43% of their portfolio SAN FRANCISCO, CA 27,764,12927.8m $2.1bn $2.1bn 0.43% Added +2.2m +2,237,409
2 ENVESTNET ASSET MANAGEMENT INC 0.49% of their portfolio Berwyn, PA 23,554,41723.6m $1.8bn $1.8bn 0.49% Added +6.7m +6,716,649
3 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.57% of their portfolio MILWAUKEE, WI 12,069,98612.1m $931.6m $931.6m 0.57% Added +842.3k +842,348
4 GOLDMAN SACHS GROUP INC 0.11% of their portfolio NEW YORK, NY 10,357,17510.4m $799.4m $799.4m 0.11% Added +643.3k +643,294
5 EP Wealth Advisors, LLC 3.89% of their portfolio TORRANCE, CA 10,240,76510.2m $790.4m $790.4m 3.89% Added +1.6m +1,604,973
6 MORGAN STANLEY 0.04% of their portfolio NEW YORK, NY 8,326,3138.3m $642.6m $642.6m 0.04% Added +854.7k +854,721
7 BANK OF AMERICA CORP /DE/ 0.04% of their portfolio CHARLOTTE, NC 7,183,5057.2m $554.4m $554.4m 0.04% Added +541.1k +541,131
8 Baird Financial Group, Inc. 0.67% of their portfolio MILWAUKEE, WI 5,596,4775.6m $431.9m $431.9m 0.67% Added +821.7k +821,713
9 True Link Financial Advisors, LLC 25.54% of their portfolio SAN FRANCISCO, CA 5,357,7685.4m $413.5m $413.5m 25.54% Added +132.2k +132,227
10 LPL Financial LLC 0.11% of their portfolio FORT MILL, SC 5,283,1525.3m $407.8m $407.8m 0.11% Added +127.7k +127,653
11 AMERIPRISE FINANCIAL INC 0.08% of their portfolio MINNEAPOLIS, MN 4,201,3164.2m $324.3m $324.3m 0.08% Reduced -10.8k -10,767
12 MATHER GROUP, LLC. 2.85% of their portfolio CHICAGO, IL 3,700,4723.7m $285.6m $285.6m 2.85% Added +175.4k +175,387
13 UNITED CAPITAL FINANCIAL ADVISORS, LLC 1.76% of their portfolio IRVING, TX 3,697,1943.7m $285.1m $285.1m 1.76% Added +159.0k +159,004
14 JONES FINANCIAL COMPANIES LLLP 0.11% of their portfolio DES PERES, MO 3,109,1813.1m $238.0m $238.0m 0.11% Added +648.7k +648,675
15 RAYMOND JAMES FINANCIAL INC 0.06% of their portfolio ST. PETERSBURG, FL 2,523,2802.5m $194.7m $194.7m 0.06% Added +279.7k +279,712
16 TIAA-CREF INDIVIDUAL & INSTITUTIONAL SERVICES, LLC 0.68% of their portfolio CHARLOTTE, NC 2,304,9122.3m $177.9m $177.9m 0.68% First filing
17 LINCOLN NATIONAL CORP 4.88% of their portfolio RADNOR, PA 2,185,8932.2m $168.7m $168.7m 4.88% Added +33.9k +33,908
18 ROYAL BANK OF CANADA 0.03% of their portfolio TORONTO, A6 2,086,3832.1m $161.0m $161.0m 0.03% Added +156.2k +156,231
19 OSAIC HOLDINGS, INC. 0.23% of their portfolio SCOTTSDALE, AZ 2,065,5212.1m $159.3m $159.3m 0.23% Reduced -98.7k -98,677
20 Mariner, LLC 0.18% of their portfolio Overland Park, KS 2,000,3602.0m $154.4m $154.4m 0.18% Added +121.6k +121,642
21 Zhang Financial LLC 5.04% of their portfolio PORTAGE, MI 1,890,1461.9m $145.9m $145.9m 5.04% Added +370.0k +369,993
22 Retirement Investment Advisors, Inc. 10.76% of their portfolio OKLAHOMA CITY, OK 1,716,7381.7m $133.7m $133.7m 10.76% Unchanged
23 Cetera Investment Advisers 0.14% of their portfolio SCHAUMBURG, IL 1,704,9461.7m $131.6m $131.6m 0.14% Added +136.5k +136,539
24 UBS Group AG 0.02% of their portfolio ZURICH, V8 1,701,1951.7m $131.3m $131.3m 0.02% Reduced -155.5k -155,546
25 Bank of New York Mellon Corp 0.02% of their portfolio NEW YORK, NY 1,500,5721.5m $115.8m $115.8m 0.02% Added +102.2k +102,235
26 FIFTH THIRD BANCORP 0.21% of their portfolio CINCINNATI, OH 1,496,8621.5m $115.5m $115.5m 0.21% Added +1.4m +1,369,725
27 FMR LLC 0.01% of their portfolio BOSTON, MA 1,434,6601.4m $110.7m $110.7m 0.01% Added +39.4k +39,416
28 Efficient Advisors, LLC 7.75% of their portfolio BEAVERTON, OR 1,414,4101.4m $109.2m $109.2m 7.75% Added +42.4k +42,419
29 BCM ADVISORS, LLC 19.10% of their portfolio LAFAYETTE, LA 1,264,3921.3m $96.8m $96.8m 19.10% Reduced -53.4k -53,406
30 PEAPACK GLADSTONE FINANCIAL CORP 1.24% of their portfolio BEDMINSTER, NJ 1,253,1831.3m $96.7m $96.7m 1.24% Added +28.7k +28,687
31 American Trust 8.46% of their portfolio LEXINGTON, KY 1,240,3931.2m $95.7m $95.7m 8.46% Added +92.7k +92,702
32 COMMONWEALTH EQUITY SERVICES, LLC 0.13% of their portfolio WALTHAM, MA 1,232,9521.2m $95.2m $95.2m 0.13% Added +45.9k +45,872
33 Cerity Partners LLC 0.13% of their portfolio NEW YORK, NY 1,208,6821.2m $93.3m $93.3m 0.13% Added +95.8k +95,831
34 TRUIST FINANCIAL CORP 0.13% of their portfolio CHARLOTTE, NC 1,208,3911.2m $93.3m $93.3m 0.13% Reduced -15.7k -15,739
35 Creative Planning 0.06% of their portfolio OVERLAND PARK, KS 1,128,4251.1m $87.1m $87.1m 0.06% Added +77.0k +76,991
36 Rockefeller Capital Management L.P. 0.15% of their portfolio NEW YORK, NY 1,087,4101.1m $83.9m $83.9m 0.15% Added +808.7k +808,747
37 Cambridge Investment Research Advisors, Inc. 0.21% of their portfolio FAIRFIELD, IA 1,050,4011.1m $81.1m $81.1m 0.21% Added +115.7k +115,682
38 Family Investment Center, Inc. 14.36% of their portfolio Saint Joseph, MO 966,958967.0k $74.6m $74.6m 14.36% Added +21.2k +21,185
39 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 952,304952.3k $73.3m $73.3m 0.00% Added +377.6k +377,646
40 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.16% of their portfolio PLYMOUTH, MN 939,709939.7k $72.4m $72.4m 0.16% Reduced -557.3k -557,301
41 BANK OF MONTREAL /CAN/ 0.03% of their portfolio TORONTO, A6 883,809883.8k $68.2m $68.2m 0.03% Reduced -18.0k -18,001
42 VANGUARD ADVISERS INC 0.27% of their portfolio Malvern, PA 880,949880.9k $68.0m $68.0m 0.27% First filing
43 WIT, LLC 1.25% of their portfolio DISTRICT OF COLUMBIA, DC 861,173861.2k $66.5m $66.5m 1.25% Added +77.3k +77,294
44 World Investment Advisors 0.98% of their portfolio LINCROFT, NJ 789,396789.4k $60.9m $60.9m 0.98% Added +147.3k +147,334
45 Private Advisor Group, LLC 0.28% of their portfolio MORRISTOWN, NJ 770,358770.4k $59.5m $59.5m 0.28% Added +128.8k +128,832
46 Discipline Wealth Solutions, LLC 5.92% of their portfolio GREENVILLE, SC 728,902728.9k $56.3m $56.3m 5.92% Added +98.6k +98,573
47 Cranbrook Wealth Management, LLC 11.28% of their portfolio Bloomfield Hills, MI 718,274718.3k $55.4m $55.4m 11.28% Added +2.3k +2,292
48 US BANCORP \DE\ 0.07% of their portfolio MINNEAPOLIS, MN 704,047704.0k $54.3m $54.3m 0.07% Reduced -209.3k -209,306
49 49 WEALTH MANAGEMENT, LLC 3.98% of their portfolio AUSTIN, TX 688,532688.5k $53.1m $53.1m 3.98% Added +367.0k +366,967
50 Verus Financial Partners, Inc. 4.66% of their portfolio RICHMOND, VA 671,968672.0k $52.0m $52.0m 4.66% Added +72.4k +72,355
51 Sage Financial Management Group, Inc. 15.91% of their portfolio MCLEAN, VA 670,494670.5k $51.7m $51.7m 15.91% Added +27.8k +27,841
52 Cannon Financial Strategists, Inc. 6.67% of their portfolio ATHENS, GA 657,468657.5k $50.7m $50.7m 6.67% Added +60.2k +60,250
53 Scott Capital Advisors, LLC 10.03% of their portfolio PORTLAND, OR 640,986641.0k $49.5m $49.5m 10.03% Added +86.2k +86,224
54 Janney Montgomery Scott LLC 0.12% of their portfolio PHILADELPHIA, PA 627,777627.8k $48.5m $48.5m 0.12% Added +47.6k +47,597
55 Beacon Capital Management, Inc. 2.70% of their portfolio DAYTON, OH 621,147621.1k $47.9m $47.9m 2.70% Reduced -190.2k -190,162
56 MFA WEALTH ADVISORS, LLC 9.34% of their portfolio PITTSBURGH, PA 614,849614.8k $47.5m $47.5m 9.34% Added +42.1k +42,109
57 Reliant Wealth Planning 14.26% of their portfolio LOUISVILLE, KY 611,089611.1k $47.2m $47.2m 14.26% Added +18.4k +18,429
58 STEPHENS INC /AR/ 0.59% of their portfolio LITTLE ROCK, AR 609,591609.6k $47.0m $47.0m 0.59% Added +60.9k +60,858
59 Francis Financial, Inc. 8.69% of their portfolio NEW YORK, NY 606,080606.1k $46.8m $46.8m 8.69% Added +10.2k +10,166
60 Cornerstone Planning Group LLC 5.99% of their portfolio FAIRFIELD, NJ 585,094585.1k $44.9m $44.9m 5.99% Added +54.2k +54,153
61 MML INVESTORS SERVICES, LLC 0.12% of their portfolio SPRINGFIELD, MA 570,080570.1k $44.0m $44.0m 0.12% Reduced -40.5k -40,498
62 STIFEL FINANCIAL CORP 0.04% of their portfolio ST. LOUIS, MO 541,004541.0k $41.8m $41.8m 0.04% Reduced -93.4k -93,418
63 Badgley Phelps Wealth Managers, LLC 0.79% of their portfolio SEATTLE, WA 514,947514.9k $39.7m $39.7m 0.79% Added +1.4k +1,434
64 BANK HAPOALIM BM 6.07% of their portfolio TEL AVIV, L3 514,490514.5k $39.6m $39.6m 6.07% New
65 True Freedom Investing, LLC 3.02% of their portfolio COEUR D'ALENE, ID 509,371509.4k $39.3m $39.3m 3.02% Added +66.4k +66,436
66 PNC Financial Services Group, Inc. 0.02% of their portfolio Pittsburgh, PA 501,073501.1k $38.7m $38.7m 0.02% Added +31.0k +31,049
67 Franklin, Parlapiano, Turner & Welch, LLC 9.08% of their portfolio HOUSTON, TX 492,744492.7k $38.1m $38.1m 9.08% Added +8.7k +8,728
68 Farmers & Merchants Trust Co of Chambersburg PA 10.34% of their portfolio CHAMBERSBURG, PA 492,315492.3k $38.0m $38.0m 10.34% Added +36.0k +35,975
69 PINKERTON WEALTH, LLC 3.46% of their portfolio COEUR D ALENE, ID 488,685488.7k $38.1m $38.1m 3.46% Reduced -15.8k -15,812
70 CARY STREET PARTNERS FINANCIAL LLC 0.86% of their portfolio RICHMOND, VA 486,860486.9k $34.5m $34.5m 0.86% Added +4.5k +4,531
71 BetterWealth, LLC 7.30% of their portfolio SAN JOSE, CA 481,986482.0k $37.2m $37.2m 7.30% Added +17.1k +17,067
72 CITIZENS FINANCIAL GROUP INC/RI 0.52% of their portfolio PROVIDENCE, RI 481,189481.2k $37.1m $37.1m 0.52% Added +462.8k +462,848
73 Farther Finance Advisors, LLC 0.35% of their portfolio SAN FRANCISCO, CA 478,577478.6k $36.8m $36.8m 0.35% Reduced -20.6k -20,619
74 HighTower Advisors, LLC 0.04% of their portfolio CHICAGO, IL 470,504470.5k $36.3m $36.3m 0.04% Reduced -20.9k -20,872
75 LVW Advisors, LLC 3.50% of their portfolio PITTSFORD, NY 465,127465.1k $35.9m $35.9m 3.50% Added +16.0k +15,956
76 &PARTNERS 0.17% of their portfolio NASHVILLE, TN 457,524457.5k $35.4m $35.4m 0.17% Added +43.7k +43,729
77 Envestnet Portfolio Solutions, Inc. 0.19% of their portfolio BERWYN, PA 450,631450.6k $34.8m $34.8m 0.19% Reduced -1.8m -1,796,360
78 Geneos Wealth Management Inc. 0.78% of their portfolio ENGLEWOOD, CO 435,277435.3k $33.6m $33.6m 0.78% Added +46.4k +46,438
79 BRIGHTON SECURITIES CORP. 16.17% of their portfolio ROCHESTER, NY 434,815434.8k $33.6m $33.6m 16.17% Added +49.1k +49,146
80 Avior Wealth Management, LLC 0.95% of their portfolio OMAHA, NE 434,553434.6k $33.5m $33.5m 0.95% Added +13.0k +12,998
81 SOUTHERN MICHIGAN BANK & TRUST 12.85% of their portfolio COLDWATER, MI 433,773433.8k $33.5m $33.5m 12.85% First filing
82 Gordian Advisors LLC 21.96% of their portfolio TUCSON, AZ 427,134427.1k $33.0m $33.0m 21.96% Added +13.0k +12,954
83 Midwest Trust Co 0.41% of their portfolio Overland Park, KS 424,297424.3k $32.7m $32.7m 0.41% Reduced -37.2k -37,164
84 Wealthfront Advisers LLC 0.07% of their portfolio Palo Alto, CA 422,176422.2k $32.6m $32.6m 0.07% Added +29.0k +28,992
85 Modera Wealth Management, LLC 0.39% of their portfolio WESTWOOD, NJ 418,748418.7k $32.3m $32.3m 0.39% Reduced -33.1k -33,105
86 Thrivent Financial for Lutherans 0.06% of their portfolio Minneapolis, MN 400,062400.1k $30.9m $30.9m 0.06% Added +17.7k +17,684
87 CAPTRUST FINANCIAL ADVISORS 0.05% of their portfolio RALEIGH, NC 399,186399.2k $30.8m $30.8m 0.05% Added +1.1k +1,113
88 Seneschal Advisors, LLC 22.74% of their portfolio TACOMA, WA 396,820396.8k $30.6m $30.6m 22.74% Added +8.4k +8,373
89 Wescott Financial Advisory Group, LLC 2.64% of their portfolio Philadelphia, PA 390,234390.2k $30.1m $30.1m 2.64% Added +42.7k +42,712
90 Grey Fox Wealth Advisors, LLC 5.80% of their portfolio ROCKLAND, DE 389,586389.6k $30.1m $30.1m 5.80% Added +106.8k +106,754
91 FPC INVESTMENT ADVISORY, INC. 14.99% of their portfolio PETALUMA, CA 388,406388.4k $30.1m $30.1m 14.99% Added +36.5k +36,477
92 ACORN CREEK CAPITAL LLC 10.34% of their portfolio FORT COLLINS, CO 375,206375.2k $29.0m $29.0m 10.34% Added +16.7k +16,679
93 Roundview Capital LLC 1.79% of their portfolio PRINCETON, NJ 373,251373.3k $28.8m $28.8m 1.79% Added +16.8k +16,755
94 Rosenberg Matthew Hamilton 5.86% of their portfolio GRAND JUNCTION, CO 370,556370.6k $28.6m $28.6m 5.86% Reduced -1.8k -1,811
95 Everhart Financial Group, Inc. 2.42% of their portfolio Dublin, OH 368,287368.3k $28.4m $28.4m 2.42% Reduced -13.4k -13,356
96 Ballentine Capital Advisors, Inc 11.66% of their portfolio GREENVILLE, SC 364,956365.0k $28.2m $28.2m 11.66% Added +11.9k +11,858
97 Compass Planning Associates Inc 17.85% of their portfolio GREENFIELD, MA 361,597361.6k $27.9m $27.9m 17.85% Added +19.1k +19,142
98 LODESTAR PRIVATE ASSET MANAGEMENT LLC 2.74% of their portfolio ALAMO, CA 359,497359.5k $27.7m $27.7m 2.74% Added +26.3k +26,287
99 HOGE FINANCIAL SERVICES, LLC 14.71% of their portfolio CANONSBURG, PA 356,107356.1k $27.5m $27.5m 14.71% Added +70.8k +70,839
100 Schiavi & Co LLC 7.97% of their portfolio WILMINGTON, DE 347,734347.7k $26.8m $26.8m 7.97% Added +45.9k +45,919