Vault-13

VANGUARD BD INDEX FDS BND

TOTAL BND MRKT · ETP · CUSIP 921937835

1,651 institutional holders +30 vs Q1 2025
1,059,123,7091.1bn shares reported held*
$76.5bnreported value*
114 new 727 added 626 reduced 88 sold out net bought ≈ $2.1bn (+32.7m 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 ($84.2m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $72.27. Options: 3 managers hold calls ($5.7m notional), 4 hold puts ($1.5m).

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

01k2kQ3 22: 1,157Q4 22: 1,253Q1 23: 1,267Q2 23: 1,282Q3 23: 1,288Q4 23: 1,456Q1 24: 1,432Q2 24: 1,449Q3 24: 1,470Q4 24: 1,617Q1 25: 1,621Q2 25: 1,6511,651Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 20221,157
Q4 20221,253
Q1 20231,267
Q2 20231,282
Q3 20231,288
Q4 20231,456
Q1 20241,432
Q2 20241,449
Q3 20241,470
Q4 20241,617
Q1 20251,621
Q2 20251,651

Buyers vs sellers

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

Bought or addedCut or sold out
1k01kQ3 23: 707 bought or addedQ3 23: 530 cut or sold outQ4 23: 762 bought or addedQ4 23: 540 cut or sold outQ4 23Q1 24: 785 bought or addedQ1 24: 614 cut or sold outQ2 24: 793 bought or addedQ2 24: 593 cut or sold outQ2 24Q3 24: 858 bought or addedQ3 24: 528 cut or sold outQ4 24: 905 bought or addedQ4 24: 520 cut or sold outQ4 24Q1 25: 850 bought or addedQ1 25: 691 cut or sold outQ2 25: 841 bought or addedQ2 25: 714 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 2023707530
Q4 2023762540
Q1 2024785614
Q2 2024793593
Q3 2024858528
Q4 2024905520
Q1 2025850691
Q2 2025841714

Calls vs puts

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

CallsPuts
$0$10m$20m$30mQ3 24 calls: $28.4mQ3 24 puts: $7.8mQ3 24P/C 0.28Q4 24 calls: $5.2mQ4 24 puts: $759.9kQ4 24P/C 0.15Q1 25 calls: $3.0mQ1 25 puts: $2.5mQ1 25P/C 0.83Q2 25 calls: $5.7mQ2 25 puts: $1.5mQ2 25P/C 0.27
Numbers
QuarterCallsPutsP/C
Q3 2024$28.4m$7.8m0.28
Q4 2024$5.2m$759.9k0.15
Q1 2025$3.0m$2.5m0.83
Q2 2025$5.7m$1.5m0.27

Biggest buyers

JPMORGAN CHASE & CO Added +22,636,769+22.6m
Creative Planning Added +6,332,554+6.3m
ROYAL BANK OF CANADA Added +4,986,925+5.0m
SEI INVESTMENTS CO Added +4,971,692+5.0m
VANGUARD GROUP INC Added +4,407,252+4.4m
NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Added +3,485,369+3.5m
Gallagher Fiduciary Advisors, LLC Added +3,090,274+3.1m
ASSETMARK, INC Added +2,060,045+2.1m
Vestmark Advisory Solutions, Inc. Added +1,687,552+1.7m
GOLDMAN SACHS GROUP INC Added +1,290,402+1.3m

Biggest sellers

MORGAN STANLEY Reduced -20,779,986-20.8m
TEXAS TREASURY SAFEKEEPING TRUST CO Reduced -7,598,848-7.6m
RFG Advisory, LLC Reduced -2,121,947-2.1m
AMERIPRISE FINANCIAL INC Reduced -1,343,787-1.3m
JANE STREET GROUP, LLC Sold out -1,129,915-1.1m
BAILARD, INC. Sold out -1,064,649-1.1m
Hirtle & Co., LLC Reduced -882,996-883.0k
Orgel Wealth Management, LLC Reduced -819,487-819.5k
ARMSTRONG ADVISORY GROUP, INC Reduced -592,106-592.1k
Atria Wealth Solutions, Inc. Reduced -482,292-482.3k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $4.8m65.0k shares
CITADEL ADVISORS LLC Added $662.7k9.0k shares
WOLVERINE TRADING, LLC New $264.0k3.6k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $979.3k13.3k shares
CITADEL ADVISORS LLC Added $478.6k6.5k shares
SIMPLEX TRADING, LLC Reduced $57.0k800 shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 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 JPMORGAN CHASE & CO 0.64% of their portfolio NEW YORK, NY 125,870,361125.9m $9.3bn $9.3bn 0.64% Added +22.6m +22,636,769
2 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 6.57% of their portfolio MILWAUKEE, WI 122,402,361122.4m $9.0bn $9.0bn 6.57% Added +3.5m +3,485,369
3 Creative Planning 7.23% of their portfolio OVERLAND PARK, KS 114,896,140114.9m $8.5bn $8.5bn 7.23% Added +6.3m +6,332,554
4 MORGAN STANLEY 0.51% of their portfolio NEW YORK, NY 106,500,742106.5m $7.8bn $7.8bn 0.51% Reduced -20.8m -20,779,986
5 VANGUARD GROUP INC 0.08% of their portfolio Valley Forge, PA 67,194,50367.2m $4.9bn $4.9bn 0.08% Added +4.4m +4,407,252
6 WELLS FARGO & COMPANY/MN 0.41% of their portfolio SAN FRANCISCO, CA 25,247,14525.2m $1.9bn $1.9bn 0.41% Added +553.7k +553,706
7 ENVESTNET ASSET MANAGEMENT INC 0.45% of their portfolio Berwyn, PA 20,910,92720.9m $1.5bn $1.5bn 0.45% Added +659.5k +659,542
8 Allworth Financial LP 7.02% of their portfolio FOLSOM, CA 19,864,98719.9m $1.5bn $1.5bn 7.02% Added +350.0k +350,000
9 BANK OF AMERICA CORP /DE/ 0.11% of their portfolio CHARLOTTE, NC 18,226,39118.2m $1.3bn $1.3bn 0.11% Reduced -148.2k -148,193
10 SAGESPRING WEALTH PARTNERS, LLC 0.42% of their portfolio FRANKLIN, TN 17,496,87617.5m $19.4m $19.4m 0.42% Added +11.4k +11,447
11 LPL Financial LLC 0.40% of their portfolio FORT MILL, SC 16,286,86916.3m $1.2bn $1.2bn 0.40% Added +525.8k +525,788
12 SEI INVESTMENTS CO 1.33% of their portfolio OAKS, PA 15,579,08315.6m $1.1bn $1.1bn 1.33% Added +5.0m +4,971,692
13 GOLDMAN SACHS GROUP INC 0.17% of their portfolio NEW YORK, NY 14,412,26714.4m $1.1bn $1.1bn 0.17% Added +1.3m +1,290,402
14 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.86% of their portfolio Toronto, A6 13,131,33313.1m $966.9m $966.9m 0.86% Added +396.8k +396,767
15 Arizona PSPRS Trust 23.45% of their portfolio PHOENIX, AZ 9,586,3169.6m $705.8m $705.8m 23.45% Added +93.6k +93,557
16 ROYAL BANK OF CANADA 0.07% of their portfolio TORONTO, A6 9,553,8129.6m $703.4m $703.4m 0.07% Added +5.0m +4,986,925
17 MASTERCARD FOUNDATION ASSET MANAGEMENT CORP 1.46% of their portfolio TORONTO, A6 8,862,9058.9m $652.6m $652.6m 1.46% Unchanged
18 BlackRock, Inc. 0.01% of their portfolio New York, NY 8,288,4718.3m $610.3m $610.3m 0.01% Added +271.9k +271,893
19 STATE STREET CORP 0.02% of their portfolio BOSTON, MA 7,757,3247.8m $571.2m $571.2m 0.02% Added +759.3k +759,261
20 CBIZ Investment Advisory Services, LLC 22.78% of their portfolio INDEPENDENCE, OH 6,985,2737.0m $514.3m $514.3m 22.78% Added +251.1k +251,114
21 Pure Financial Advisors, LLC 8.75% of their portfolio SAN DIEGO, CA 6,753,4666.8m $497.3m $497.3m 8.75% Added +374.1k +374,090
22 RAYMOND JAMES FINANCIAL INC 0.16% of their portfolio ST. PETERSBURG, FL 6,498,5966.5m $478.5m $478.5m 0.16% Added +150.2k +150,224
23 Savant Capital, LLC 3.20% of their portfolio ROCKFORD, IL 6,039,0996.0m $444.7m $444.7m 3.20% Added +883.1k +883,060
24 Cetera Investment Advisers 0.75% of their portfolio SCHAUMBURG, IL 6,035,7846.0m $444.4m $444.4m 0.75% Added +119.8k +119,763
25 UBS Group AG 0.09% of their portfolio ZURICH, V8 5,757,0575.8m $423.9m $423.9m 0.09% Added +20.6k +20,640
26 Facet Wealth, Inc. 9.04% of their portfolio WEST PALM BEACH, FL 5,437,2265.4m $398.0m $398.0m 9.04% Added +495.2k +495,175
27 AMERIPRISE FINANCIAL INC 0.10% of their portfolio MINNEAPOLIS, MN 5,422,5615.4m $398.3m $398.3m 0.10% Reduced -1.3m -1,343,787
28 Bank of New York Mellon Corp 0.07% of their portfolio NEW YORK, NY 5,178,5365.2m $381.3m $381.3m 0.07% Reduced -195.1k -195,136
29 ASSETMARK, INC 0.72% of their portfolio CONCORD, CA 4,160,4014.2m $306.3m $306.3m 0.72% Added +2.1m +2,060,045
30 JONES FINANCIAL COMPANIES LLLP 0.21% of their portfolio DES PERES, MO 3,845,6473.8m $282.1m $282.1m 0.21% Added +499.2k +499,193
31 Corient Private Wealth LP 0.36% of their portfolio MIAMI, FL 3,786,2833.8m $269.6m $269.6m 0.36% Added +428.0k +427,952
32 HighTower Advisors, LLC 0.35% of their portfolio CHICAGO, IL 3,762,7053.8m $277.0m $277.0m 0.35% Added +25.7k +25,703
33 FRANKLIN RESOURCES INC 0.07% of their portfolio San Mateo, CA 3,679,4103.7m $270.9m $270.9m 0.07% Added +313.7k +313,702
34 PNC Financial Services Group, Inc. 0.17% of their portfolio Pittsburgh, PA 3,482,2153.5m $256.4m $256.4m 0.17% Added +60.7k +60,653
35 M&T Bank Corp 0.88% of their portfolio BUFFALO, NY 3,467,0563.5m $255.3m $255.3m 0.88% Added +71.1k +71,125
36 Vestmark Advisory Solutions, Inc. 3.31% of their portfolio Wakefield, MA 3,109,6363.1m $229.0m $229.0m 3.31% Added +1.7m +1,687,552
37 Gallagher Fiduciary Advisors, LLC 0.01% of their portfolio ROLLING MEADOWS, IL 3,093,9603.1m $286.0k $286.0k 0.01% Added +3.1m +3,090,274
38 Retirement Systems of Alabama 0.80% of their portfolio MONTGOMERY, AL 3,035,8223.0m $223.5m $223.5m 0.80% Added +279.0k +279,046
39 Composition Wealth, LLC 3.70% of their portfolio LOS ANGELES, CA 2,991,3813.0m $220.3m $220.3m 3.70% Reduced -4.5k -4,454
40 TRUIST FINANCIAL CORP 0.29% of their portfolio CHARLOTTE, NC 2,704,3042.7m $199.1m $199.1m 0.29% Added +1.2m +1,249,619
41 First Financial Bankshares Inc 4.17% of their portfolio Abilene, TX 2,531,2492.5m $186.4m $186.4m 4.17% Added +73.1k +73,091
42 TIAA TRUST, NATIONAL ASSOCIATION 0.47% of their portfolio CHARLOTTE, NC 2,470,0572.5m $181.9m $181.9m 0.47% Added +170.4k +170,421
43 Cambridge Investment Research Advisors, Inc. 0.54% of their portfolio FAIRFIELD, IA 2,402,2802.4m $176.9m $176.9m 0.54% Reduced -374.0k -373,959
44 RiverFront Investment Group, LLC 3.37% of their portfolio RICHMOND, VA 2,346,2522.3m $172.8m $172.8m 3.37% Reduced -23.1k -23,095
45 Acropolis Investment Management, LLC 8.70% of their portfolio ST. LOUIS, MO 2,150,1442.2m $158.3m $158.3m 8.70% Added +54.4k +54,410
46 Foster Group, Inc. 5.36% of their portfolio WEST DES MOINES, IA 2,126,7172.1m $156.6m $156.6m 5.36% Added +25.4k +25,353
47 PRUDENTIAL FINANCIAL INC 0.20% of their portfolio NEWARK, NJ 2,124,6772.1m $154.0m $154.0m 0.20% Reduced -131.5k -131,473
48 MML INVESTORS SERVICES, LLC 0.45% of their portfolio SPRINGFIELD, MA 2,117,1642.1m $155.9m $155.9m 0.45% Added +356.4k +356,415
49 Stairway Partners, LLC 8.78% of their portfolio MINNEAPOLIS, MN 2,102,8852.1m $154.8m $154.8m 8.78% Added +59.7k +59,681
50 Global Endowment Management, LP 19.91% of their portfolio CHARLOTTE, NC 2,031,7882.0m $149.6m $149.6m 19.91% Added +3.8k +3,838
51 Alesco Advisors, LLC, An ESL Co 4.17% of their portfolio Pittsford, NY 1,971,3522.0m $145.2m $145.2m 4.17% Added +110.5k +110,540
52 MCMORGAN & CO LLC 20.25% of their portfolio SAN FRANCISCO, CA 1,865,4601.9m $137.4m $137.4m 20.25% Added +10.1k +10,067
53 COMMONWEALTH EQUITY SERVICES, LLC 0.18% of their portfolio WALTHAM, MA 1,858,6421.9m $136.9m $136.9m 0.18% Added +158.3k +158,347
54 Betterment LLC 0.29% of their portfolio NEW YORK, NY 1,854,8361.9m $136.6m $136.6m 0.29% Added +146.8k +146,769
55 OAKWORTH CAPITAL, INC. 8.69% of their portfolio BIRMINGHAM, AL 1,831,0101.8m $134.8m $134.8m 8.69% Added +90.4k +90,436
56 Voya Financial Advisors, Inc. 13.39% of their portfolio WINDSOR, CT 1,809,3161.8m $132.7m $132.7m 13.39% Added +75.9k +75,881
57 Alaska Permanent Capital Management, LLC 10.32% of their portfolio ANCHORAGE, AK 1,808,8151.8m $133.1m $133.1m 10.32% Reduced -630 -630
58 OSAIC HOLDINGS, INC. 0.23% of their portfolio SCOTTSDALE, AZ 1,749,4421.7m $128.8m $128.8m 0.23% Reduced -275.0k -275,023
59 Capstone Financial Advisors, Inc. 7.23% of their portfolio DOWNERS GROVE, IL 1,693,9131.7m $124.7m $124.7m 7.23% Added +7.3k +7,258
60 RITHOLTZ WEALTH MANAGEMENT 2.69% of their portfolio NEW YORK, NY 1,657,4021.7m $122.0m $122.0m 2.69% Added +243.5k +243,520
61 PATRIOT INVESTMENT MANAGEMENT GROUP, INC. 8.37% of their portfolio KNOXVILLE, TN 1,641,7851.6m $120.9m $120.9m 8.37% Added +33.7k +33,676
62 Cerity Partners LLC 0.22% of their portfolio NEW YORK, NY 1,637,2621.6m $120.6m $120.6m 0.22% Reduced -46.1k -46,073
63 Diana Davis Spencer Foundation 40.56% of their portfolio BETHESDA, MD 1,608,1001.6m $118.4m $118.4m 40.56% Unchanged
64 Chandler Asset Management, Inc. 20.87% of their portfolio SAN DIEGO, CA 1,595,6921.6m $117.5m $117.5m 20.87% Added +48.8k +48,800
65 Verus Financial Partners, Inc. 11.83% of their portfolio RICHMOND, VA 1,588,4041.6m $116.1m $116.1m 11.83% Added +50.3k +50,347
66 Mariner, LLC 0.17% of their portfolio Overland Park, KS 1,570,6861.6m $115.6m $115.6m 0.17% Reduced -121 -121
67 Apella Capital, LLC 3.03% of their portfolio WEST HARTFORD, CT 1,534,5061.5m $111.8m $111.8m 3.03% Added +34.7k +34,670
68 Wealthfront Advisers LLC 0.29% of their portfolio Palo Alto, CA 1,522,5191.5m $112.1m $112.1m 0.29% Added +542.6k +542,600
69 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.18% of their portfolio PLYMOUTH, MN 1,513,3801.5m $110.6m $110.6m 0.18% Added +11.6k +11,644
70 Bogart Wealth, LLC 4.75% of their portfolio MCLEAN, VA 1,508,9731.5m $111.1m $111.1m 4.75% Added +37.2k +37,215
71 Garde Capital, Inc. 5.92% of their portfolio SEATTLE, WA 1,502,3281.5m $110.6m $110.6m 5.92% Reduced -64.9k -64,948
72 CHOREO, LLC 1.52% of their portfolio ROCKFORD, IL 1,479,2301.5m $108.9m $108.9m 1.52% Added +526.3k +526,253
73 Envestnet Portfolio Solutions, Inc. 0.40% of their portfolio BERWYN, PA 1,470,5371.5m $108.3m $108.3m 0.40% Reduced -209.4k -209,394
74 Orgel Wealth Management, LLC 2.60% of their portfolio ALTOONA, WI 1,466,3071.5m $108.0m $108.0m 2.60% Reduced -819.5k -819,487
75 Efficient Advisors, LLC 6.40% of their portfolio BEAVERTON, OR 1,458,6941.5m $107.4m $107.4m 6.40% Added +54.6k +54,559
76 Stratos Wealth Partners, LTD. 1.45% of their portfolio BEACHWOOD, OH 1,454,7661.5m $107.1m $107.1m 1.45% Added +97.3k +97,300
77 AMG National Trust Bank 2.70% of their portfolio GREENWOOD VILLAGE, CO 1,394,8251.4m $102.7m $102.7m 2.70% Added +20.2k +20,224
78 Wealthspire Advisors, LLC 0.56% of their portfolio NEW YORK, NY 1,349,3901.3m $99.4m $99.4m 0.56% Reduced -87.6k -87,608
79 Beacon Pointe Advisors, LLC 0.99% of their portfolio NEWPORT BEACH, CA 1,285,9491.3m $94.7m $94.7m 0.99% Added +42.5k +42,467
80 Prime Capital Investment Advisors, LLC 1.25% of their portfolio OVERLAND PARK, KS 1,274,5411.3m $93.8m $93.8m 1.25% Reduced -110.0k -109,989
81 Bricktown Capital, LLC 16.84% of their portfolio DETROIT, MI 1,262,8531.3m $93.0m $93.0m 16.84% Reduced -57.7k -57,708
82 CoreCap Advisors, LLC 3.71% of their portfolio SOUTHFIELD, MI 1,251,4361.3m $92.1m $92.1m 3.71% Added +391.1k +391,079
83 Bryn Mawr Trust Advisors, LLC 4.96% of their portfolio PHILADELPHIA, PA 1,231,3601.2m $90.7m $90.7m 4.96% Added +57.2k +57,245
84 ALPS ADVISORS INC 0.51% of their portfolio Denver, CO 1,207,1341.2m $88.9m $88.9m 0.51% Reduced -43.6k -43,575
85 GenTrust, LLC 4.18% of their portfolio MIAMI, FL 1,205,6771.2m $88.8m $88.8m 4.18% Reduced -7.8k -7,783
86 Pathstone Holdings, LLC 0.35% of their portfolio ENGLEWOOD, NJ 1,203,0501.2m $88.6m $88.6m 0.35% Reduced -11.0k -11,008
87 ARMSTRONG ADVISORY GROUP, INC 6.66% of their portfolio NEEDHAM, MA 1,195,0581.2m $88.0m $88.0m 6.66% Reduced -592.1k -592,106
88 Lutz Financial Services LLC 6.79% of their portfolio OMAHA, NE 1,188,2841.2m $87.5m $87.5m 6.79% Added +35.1k +35,123
89 Baker Avenue Asset Management, LP 2.47% of their portfolio SAN FRANCISCO, CA 1,176,6831.2m $86.6m $86.6m 2.47% Added +27.2k +27,156
90 MERCER GLOBAL ADVISORS INC /ADV 0.19% of their portfolio DENVER, CO 1,120,7511.1m $82.5m $82.5m 0.19% Added +584.4k +584,376
91 Integrated Wealth Concepts LLC 0.80% of their portfolio WALTHAM, MA 1,085,9281.1m $80.0m $80.0m 0.80% Added +128.7k +128,694
92 Financial Advisors Network, Inc. 12.00% of their portfolio TUSTIN, CA 1,079,7791.1m $79.5m $79.5m 12.00% Reduced -49.8k -49,844
93 COMERICA BANK 0.30% of their portfolio DALLAS, TX 1,051,7021.1m $77.4m $77.4m 0.30% Reduced -54.6k -54,616
94 NewEdge Advisors, LLC 0.40% of their portfolio NEW ORLEANS, LA 1,047,6771.0m $77.1m $77.1m 0.40% Added +46.3k +46,273
95 RATIONAL ADVISORS, INC. 7.53% of their portfolio San Juan, PR 1,032,4031.0m $76.0m $76.0m 7.53% Reduced -41.6k -41,618
96 BURRUS FINANCIAL SERVICES, INC. 35.78% of their portfolio SALT LAKE CITY, UT 1,015,6131.0m $74.8m $74.8m 35.78% Added +5.5k +5,460
97 Focus Partners Wealth 0.16% of their portfolio ST LOUIS, MO 995,261995.3k $73.3m $73.3m 0.16% Added +11.0k +10,988
98 CW Advisors, LLC 0.70% of their portfolio BOSTON, MA 984,103984.1k $72.5m $72.5m 0.70% Added +942.0k +941,998
99 RFG Advisory, LLC 1.69% of their portfolio BIRMINGHAM, AL 978,037978.0k $72.0m $72.0m 1.69% Reduced -2.1m -2,121,947
100 Alaska Wealth Advisors, LLC 10.07% of their portfolio ANCHORAGE, AK 954,373954.4k $70.3m $70.3m 10.07% Reduced -64.5k -64,550