Vault-13

VANGUARD BD INDEX FDS BSV

SHORT TRM BOND · ETP · CUSIP 921937827

1,322 institutional holders +104 vs Q3 2025
420,108,197420.1m shares reported held*
$33.1bnreported value*
97 new 585 added 380 reduced 67 sold out net bought ≈ $1.2bn (+14.7m 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 ($80.1m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $78.80. Options: 1 managers hold calls ($811.7k notional), 0 hold puts (—).

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

05001k1.5kQ3 22: 1,137Q4 22: 1,169Q1 23: 1,140Q2 23: 1,146Q3 23: 1,135Q4 23: 1,212Q1 24: 1,160Q2 24: 1,136Q3 24: 1,147Q4 24: 1,253Q1 25: 1,219Q2 25: 1,233Q3 25: 1,218Q4 25: 1,3221,322Q3 22Q2 23Q1 24Q4 24Q4 25
Numbers
QuarterHolders
Q3 20221,137
Q4 20221,169
Q1 20231,140
Q2 20231,146
Q3 20231,135
Q4 20231,212
Q1 20241,160
Q2 20241,136
Q3 20241,147
Q4 20241,253
Q1 20251,219
Q2 20251,233
Q3 20251,218
Q4 20251,322

Buyers vs sellers

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

Bought or addedCut or sold out
1k01kQ1 24: 531 bought or addedQ1 24: 579 cut or sold outQ2 24: 513 bought or addedQ2 24: 564 cut or sold outQ2 24Q3 24: 539 bought or addedQ3 24: 521 cut or sold outQ4 24: 591 bought or addedQ4 24: 475 cut or sold outQ4 24Q1 25: 593 bought or addedQ1 25: 548 cut or sold outQ2 25: 568 bought or addedQ2 25: 563 cut or sold outQ2 25Q3 25: 620 bought or addedQ3 25: 493 cut or sold outQ4 25: 682 bought or addedQ4 25: 447 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 2024531579
Q2 2024513564
Q3 2024539521
Q4 2024591475
Q1 2025593548
Q2 2025568563
Q3 2025620493
Q4 2025682447

Calls vs puts

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

CallsPuts
$0$250k$500k$750k$1mQ1 25 calls: $0Q1 25 puts: $0Q1 25P/C —Q2 25 calls: $0Q2 25 puts: $0Q2 25P/C —Q3 25 calls: $0Q3 25 puts: $0Q3 25P/C —Q4 25 calls: $811.7kQ4 25 puts: $0Q4 25P/C 0.00
Numbers
QuarterCallsPutsP/C
Q1 2025$0$0—
Q2 2025$0$0—
Q3 2025$0$0—
Q4 2025$811.7k$00.00

Biggest buyers

Creative Planning Added +25,588,041+25.6m
Corient Private Wealth LP Added +5,692,680+5.7m
MERCER GLOBAL ADVISORS INC /ADV Added +3,590,668+3.6m
Empower Advisory Group, LLC Added +1,440,858+1.4m
GOLDMAN SACHS GROUP INC Added +1,327,360+1.3m
Nearwater Capital Markets, Ltd New +800,000+800.0k
BANK OF AMERICA CORP /DE/ Added +601,169+601.2k
NORTHERN TRUST CORP Added +593,220+593.2k
Allworth Financial LP Added +464,718+464.7k
NATIONAL BANK OF CANADA /FI/ Added +389,557+389.6k

Biggest sellers

JPMORGAN CHASE & CO Reduced -17,910,455-17.9m
MORGAN STANLEY Reduced -8,046,456-8.0m
ENVESTNET ASSET MANAGEMENT INC Reduced -3,468,235-3.5m
UNITED CAPITAL FINANCIAL ADVISORS, LLC Reduced -1,135,094-1.1m
WELLS FARGO & COMPANY/MN Reduced -939,878-939.9k
Beacon Capital Management, Inc. Reduced -648,615-648.6k
Focus Partners Advisor Solutions, LLC Reduced -454,485-454.5k
Savant Capital, LLC Reduced -412,307-412.3k
CITIGROUP INC Reduced -374,703-374.7k
RENAISSANCE TECHNOLOGIES LLC Reduced -371,171-371.2k

Biggest calls

CITADEL ADVISORS LLC New $811.7k10.3k 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, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 MERCER GLOBAL ADVISORS INC /ADV 4.98% of their portfolio DENVER, CO 41,443,87941.4m $3.3bn $3.3bn 4.98% Added +3.6m +3,590,668
2 JPMORGAN CHASE & CO 0.17% of their portfolio NEW YORK, NY 32,337,63532.3m $2.5bn $2.5bn 0.17% Reduced -17.9m -17,910,455
3 MORGAN STANLEY 0.14% of their portfolio NEW YORK, NY 30,553,57130.6m $2.4bn $2.4bn 0.14% Reduced -8.0m -8,046,456
4 Creative Planning 1.47% of their portfolio OVERLAND PARK, KS 26,106,71526.1m $2.1bn $2.1bn 1.47% Added +25.6m +25,588,041
5 ENVESTNET ASSET MANAGEMENT INC 0.57% of their portfolio Berwyn, PA 24,510,36924.5m $1.9bn $1.9bn 0.57% Reduced -3.5m -3,468,235
6 Empower Advisory Group, LLC 4.46% of their portfolio Greenwood Village, CO 20,972,19821.0m $1.7bn $1.7bn 4.46% Added +1.4m +1,440,858
7 Allworth Financial LP 6.35% of their portfolio FOLSOM, CA 19,624,93819.6m $1.5bn $1.5bn 6.35% Added +464.7k +464,718
8 GOLDMAN SACHS GROUP INC 0.21% of their portfolio NEW YORK, NY 18,536,72518.5m $1.5bn $1.5bn 0.21% Added +1.3m +1,327,360
9 NORTHERN TRUST CORP 0.11% of their portfolio CHICAGO, IL 11,403,36111.4m $898.7m $898.7m 0.11% Added +593.2k +593,220
10 BANK OF AMERICA CORP /DE/ 0.06% of their portfolio CHARLOTTE, NC 9,798,3539.8m $772.2m $772.2m 0.06% Added +601.2k +601,169
11 Truepoint, Inc. 12.38% of their portfolio CINCINNATI, OH 6,979,5567.0m $550.1m $550.1m 12.38% Added +256.9k +256,915
12 LPL Financial LLC 0.15% of their portfolio FORT MILL, SC 6,827,3796.8m $538.1m $538.1m 0.15% Reduced -84.8k -84,817
13 Corient Private Wealth LP 0.35% of their portfolio MIAMI, FL 6,550,1596.6m $515.5m $515.5m 0.35% Added +5.7m +5,692,680
14 CAPTRUST FINANCIAL ADVISORS 0.94% of their portfolio RALEIGH, NC 6,289,6926.3m $495.7m $495.7m 0.94% Added +386.9k +386,860
15 WELLS FARGO & COMPANY/MN 0.09% of their portfolio SAN FRANCISCO, CA 6,018,4306.0m $474.3m $474.3m 0.09% Reduced -939.9k -939,878
16 Envestnet Portfolio Solutions, Inc. 1.23% of their portfolio BERWYN, PA 4,449,4474.4m $350.7m $350.7m 1.23% Added +195.5k +195,541
17 LINCOLN NATIONAL CORP 8.88% of their portfolio RADNOR, PA 3,853,2253.9m $303.7m $303.7m 8.88% Added +148.0k +148,045
18 RAYMOND JAMES FINANCIAL INC 0.09% of their portfolio ST. PETERSBURG, FL 3,641,1923.6m $287.0m $287.0m 0.09% Added +182.7k +182,734
19 UBS Group AG 0.06% of their portfolio ZURICH, V8 3,581,4533.6m $282.3m $282.3m 0.06% Added +54.6k +54,608
20 Cerity Partners LLC 0.38% of their portfolio NEW YORK, NY 3,293,1703.3m $259.5m $259.5m 0.38% Added +386.8k +386,833
21 ROYAL BANK OF CANADA 0.05% of their portfolio TORONTO, A6 3,276,0873.3m $258.2m $258.2m 0.05% Added +189.2k +189,159
22 Sequoia Financial Advisors, LLC 1.29% of their portfolio Akron, OH 2,928,0282.9m $230.8m $230.8m 1.29% Added +186.1k +186,073
23 COMMONWEALTH EQUITY SERVICES, LLC 0.30% of their portfolio WALTHAM, MA 2,896,4332.9m $228.3m $228.3m 0.30% Added +25.6k +25,633
24 UNITED CAPITAL FINANCIAL ADVISORS, LLC 1.32% of their portfolio IRVING, TX 2,769,4912.8m $218.3m $218.3m 1.32% Reduced -1.1m -1,135,094
25 Bank of New York Mellon Corp 0.04% of their portfolio NEW YORK, NY 2,760,8872.8m $217.6m $217.6m 0.04% Added +140.2k +140,244
26 True Link Financial Advisors, LLC 11.44% of their portfolio SAN FRANCISCO, CA 2,389,5662.4m $188.3m $188.3m 11.44% Added +150.9k +150,940
27 MetLife Investment Management, LLC 0.89% of their portfolio Whippany, NJ 2,336,0002.3m $184.1m $184.1m 0.89% Added +22.8k +22,800
28 Cetera Investment Advisers 0.20% of their portfolio SCHAUMBURG, IL 2,327,3662.3m $183.4m $183.4m 0.20% Added +79.2k +79,160
29 Focus Partners Wealth 0.19% of their portfolio ST LOUIS, MO 2,067,4002.1m $162.9m $162.9m 0.19% Added +146.9k +146,879
30 TRUIST FINANCIAL CORP 0.22% of their portfolio CHARLOTTE, NC 2,066,9092.1m $162.9m $162.9m 0.22% Added +241.1k +241,055
31 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.03% of their portfolio SAN FRANCISCO, CA 2,051,8362.1m $161.7m $161.7m 0.03% Added +67.9k +67,852
32 OSAIC HOLDINGS, INC. 0.19% of their portfolio SCOTTSDALE, AZ 1,674,7251.7m $132.0m $132.0m 0.19% Added +18.7k +18,676
33 Apella Capital, LLC 2.59% of their portfolio WEST HARTFORD, CT 1,661,5741.7m $130.9m $130.9m 2.59% Added +148.9k +148,884
34 Valmark Advisers, Inc. 1.49% of their portfolio AKRON, OH 1,534,9091.5m $121.0m $121.0m 1.49% Added +73.3k +73,334
35 JONES FINANCIAL COMPANIES LLLP 0.07% of their portfolio DES PERES, MO 1,528,9531.5m $120.5m $120.5m 0.07% Added +152.3k +152,282
36 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.08% of their portfolio MILWAUKEE, WI 1,509,7571.5m $119.0m $119.0m 0.08% Added +97.6k +97,551
37 Purpose Unlimited Inc. 5.08% of their portfolio TORONTO, A6 1,410,0941.4m $111.1m $111.1m 5.08% First filing
38 Cambridge Investment Research Advisors, Inc. 0.27% of their portfolio FAIRFIELD, IA 1,304,6091.3m $102.8m $102.8m 0.27% Reduced -10.1k -10,127
39 Smithfield Trust Co 4.42% of their portfolio PITTSBURGH, PA 1,268,2691.3m $99.9m $99.9m 4.42% Reduced -10.9k -10,857
40 AMERIPRISE FINANCIAL INC 0.02% of their portfolio MINNEAPOLIS, MN 1,180,3611.2m $92.9m $92.9m 0.02% Added +51.6k +51,616
41 Beacon Pointe Advisors, LLC 0.65% of their portfolio NEWPORT BEACH, CA 1,175,6101.2m $92.6m $92.6m 0.65% Added +69.7k +69,729
42 DAVENPORT & Co LLC 0.50% of their portfolio RICHMOND, VA 1,159,6051.2m $91.4m $91.4m 0.50% Added +55.6k +55,628
43 &PARTNERS 0.47% of their portfolio NASHVILLE, TN 1,150,9881.2m $90.7m $90.7m 0.47% Added +205.7k +205,683
44 WIT, LLC 1.77% of their portfolio DISTRICT OF COLUMBIA, DC 1,122,1621.1m $88.4m $88.4m 1.77% Unchanged
45 RS CRUM INC. 17.62% of their portfolio Newport Beach, CA 1,119,0331.1m $88.2m $88.2m 17.62% Added +72.1k +72,114
46 World Investment Advisors 1.42% of their portfolio LINCROFT, NJ 1,098,9091.1m $86.6m $86.6m 1.42% Added +133.0k +132,983
47 PEAPACK GLADSTONE FINANCIAL CORP 1.02% of their portfolio BEDMINSTER, NJ 1,031,2471.0m $81.3m $81.3m 1.02% Reduced -374 -374
48 EXCHANGE TRADED CONCEPTS, LLC 0.67% of their portfolio Oklahoma City, OK 1,014,4491.0m $79.9m $79.9m 0.67% Added +132.2k +132,226
49 Freestone Capital Holdings, LLC 2.34% of their portfolio Seattle, WA 1,001,8541.0m $79.0m $79.0m 2.34% Added +60.5k +60,455
50 D.A. DAVIDSON & CO. 0.48% of their portfolio GREAT FALLS, MT 998,970999.0k $78.7m $78.7m 0.48% Added +43.4k +43,386
51 Janney Montgomery Scott LLC 0.17% of their portfolio PHILADELPHIA, PA 944,250944.2k $74.4m $74.4m 0.17% Added +30.0k +29,966
52 Martel Wealth Advisors LLC 11.90% of their portfolio VANCOUVER, WA 884,339884.3k $69.7m $69.7m 11.90% Added +44.4k +44,415
53 FIFTH THIRD BANCORP 0.22% of their portfolio CINCINNATI, OH 880,727880.7k $69.4m $69.4m 0.22% Added +17.2k +17,237
54 MML INVESTORS SERVICES, LLC 0.17% of their portfolio SPRINGFIELD, MA 869,338869.3k $68.5m $68.5m 0.17% Added +60.2k +60,206
55 STIFEL FINANCIAL CORP 0.06% of their portfolio ST. LOUIS, MO 851,331851.3k $67.1m $67.1m 0.06% Added +29.8k +29,781
56 HighTower Advisors, LLC 0.07% of their portfolio CHICAGO, IL 845,410845.4k $66.6m $66.6m 0.07% Reduced -30.5k -30,541
57 National Philanthropic Trust 0.64% of their portfolio Jenkintown, PA 823,682823.7k $64.9m $64.9m 0.64% Added +89.6k +89,590
58 Windward Private Wealth Management Inc. 22.45% of their portfolio OVERLAND PARK, KS 822,376822.4k $64.8m $64.8m 22.45% Added +20.7k +20,723
59 Integris Wealth Management, LLC 14.63% of their portfolio Monterey, CA 815,955816.0k $64.3m $64.3m 14.63% Added +46.6k +46,612
60 FIRST MERCHANTS CORP 2.36% of their portfolio Muncie, IN 809,313809.3k $63.8m $63.8m 2.36% Added +30.8k +30,804
61 VANGUARD GROUP INC 0.00% of their portfolio Valley Forge, PA 804,823804.8k $63.4m $63.4m 0.00% Added +74.6k +74,591
62 Nearwater Capital Markets, Ltd 1.08% of their portfolio NEW YORK, NY 800,000800.0k $63.0m $63.0m 1.08% New
63 Charter Oak Capital Management, LLC 4.70% of their portfolio PORTSMOUTH, NH 782,173782.2k $61.6m $61.6m 4.70% Reduced -175.0k -174,952
64 Efficient Advisors, LLC 3.55% of their portfolio BEAVERTON, OR 770,620770.6k $60.7m $60.7m 3.55% Reduced -71.4k -71,402
65 Petersen Hastings Wealth Advisors Inc. 5.68% of their portfolio KENNEWICK, WA 749,957750.0k $59.1m $59.1m 5.68% First filing
66 Gemmer Asset Management LLC 4.52% of their portfolio WALNUT CREEK, CA 745,271745.3k $58.7m $58.7m 4.52% Added +27.6k +27,620
67 COMERICA BANK 0.23% of their portfolio DALLAS, TX 737,194737.2k $58.1m $58.1m 0.23% Reduced -45.8k -45,795
68 US BANCORP \DE\ 0.07% of their portfolio MINNEAPOLIS, MN 735,600735.6k $58.0m $58.0m 0.07% Reduced -2.5k -2,524
69 Prime Capital Investment Advisors, LLC 0.69% of their portfolio OVERLAND PARK, KS 722,408722.4k $56.9m $56.9m 0.69% Reduced -27.4k -27,448
70 Capital Analysts, LLC 1.56% of their portfolio FORT WASHINGTON, PA 713,555713.6k $56.2m $56.2m 1.56% Added +120.1k +120,062
71 TD Capital Management LLC 4.95% of their portfolio MEMPHIS, TN 707,934707.9k $55.8m $55.8m 4.95% Added +3.0k +3,004
72 Composition Wealth, LLC 0.77% of their portfolio LOS ANGELES, CA 678,547678.5k $53.5m $53.5m 0.77% Added +93.1k +93,119
73 Trajan Wealth LLC 2.04% of their portfolio SCOTTSDALE, AZ 622,791622.8k $49.1m $49.1m 2.04% Added +94.8k +94,754
74 Symmetry Partners, LLC 2.90% of their portfolio GLASTONBURY, CT 621,906621.9k $49.0m $49.0m 2.90% Added +285.8k +285,804
75 Arbor Investment Advisors, LLC 6.37% of their portfolio WINSTON SALEM, NC 614,693614.7k $48.4m $48.4m 6.37% Added +7.3k +7,296
76 Betterment LLC 0.09% of their portfolio NEW YORK, NY 614,397614.4k $48.4m $48.4m 0.09% Added +14.0k +14,008
77 Vestmark Advisory Solutions, Inc. 0.65% of their portfolio Wakefield, MA 613,389613.4k $48.3m $48.3m 0.65% Added +271.2k +271,161
78 International City Management Association Retirement Corp 23.99% of their portfolio WASHINGTON, DC 599,500599.5k $47.2m $47.2m 23.99% Unchanged
79 Penserra Capital Management LLC 0.55% of their portfolio ORINDA, CA 589,892589.9k $46.5m $46.5m 0.55% Reduced -122.9k -122,882
80 Annandale Capital, LLC 6.91% of their portfolio DALLAS, TX 538,557538.6k $42.4m $42.4m 6.91% Reduced -120 -120
81 Savant Capital, LLC 0.24% of their portfolio ROCKFORD, IL 534,617534.6k $42.1m $42.1m 0.24% Reduced -412.3k -412,307
82 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.06% of their portfolio PLYMOUTH, MN 529,102529.1k $41.7m $41.7m 0.06% Reduced -9.1k -9,061
83 PRESILIUM PRIVATE WEALTH, LLC 7.55% of their portfolio RADNOR, PA 524,344524.3k $41.3m $41.3m 7.55% Added +31.5k +31,510
84 NATIONAL BANK OF CANADA /FI/ 0.04% of their portfolio MONTREAL, A8 520,590520.6k $41.0m $41.0m 0.04% Added +389.6k +389,557
85 TOBIAS FINANCIAL ADVISORS, INC. 5.63% of their portfolio Plantation, FL 505,694505.7k $39.9m $39.9m 5.63% Added +17.2k +17,210
86 Old Peak Finance LLC 23.43% of their portfolio CHAPEL HILL, NC 481,638481.6k $38.0m $38.0m 23.43% First filing
87 Farther Finance Advisors, LLC 0.40% of their portfolio SAN FRANCISCO, CA 478,796478.8k $37.7m $37.7m 0.40% Added +85.5k +85,517
88 Human Investing LLC 5.22% of their portfolio LAKE OSWEGO, OR 469,069469.1k $37.0m $37.0m 5.22% Added +23.0k +23,009
89 Clark Asset Management, LLC 3.83% of their portfolio STRATHAM, NH 468,403468.4k $36.9m $36.9m 3.83% Added +58.5k +58,476
90 Greystone Financial Group, LLC 5.73% of their portfolio BLOOMFIELD HILLS, MI 466,086466.1k $36.7m $36.7m 5.73% Added +7.4k +7,434
91 Partners in Financial Planning 6.21% of their portfolio SALEM, VA 465,429465.4k $36.7m $36.7m 6.21% Added +8.3k +8,265
92 Baird Financial Group, Inc. 0.06% of their portfolio MILWAUKEE, WI 454,111454.1k $35.8m $35.8m 0.06% Added +52.6k +52,631
93 Cullen/Frost Bankers, Inc. 0.39% of their portfolio San Antonio, TX 447,395447.4k $35.3m $35.3m 0.39% Added +46.3k +46,273
94 Wealthquest Corp 2.60% of their portfolio CINCINNATI, OH 436,928436.9k $34.4m $34.4m 2.60% Added +20.3k +20,254
95 NewEdge Advisors, LLC 0.12% of their portfolio NEW ORLEANS, LA 436,259436.3k $34.4m $34.4m 0.12% Added +63.4k +63,424
96 CreativeOne Wealth, LLC 0.81% of their portfolio OVERLAND PARK, KS 424,649424.6k $33.5m $33.5m 0.81% Added +23.4k +23,443
97 BARR E S & CO 1.74% of their portfolio LEXINGTON, KY 424,475424.5k $33.5m $33.5m 1.74% Reduced -32.0k -32,030
98 Mariner, LLC 0.04% of their portfolio Overland Park, KS 423,628423.6k $33.4m $33.4m 0.04% Added +21.3k +21,275
99 Ancora Advisors LLC 0.67% of their portfolio Cleveland, OH 413,303413.3k $32.6m $32.6m 0.67% Added +22.1k +22,078
100 PDS Planning, Inc 2.16% of their portfolio DUBLIN, OH 410,522410.5k $32.4m $32.4m 2.16% Reduced -8.4k -8,352