Vault-13

VANGUARD BD INDEX FDS BND

TOTAL BND MRKT · ETP · CUSIP 921937835

1,664 institutional holders +13 vs Q2 2025
1,227,659,1911.2bn shares reported held*
$90.2bnreported value*
115 new 828 added 517 reduced 86 sold out net bought ≈ $13.0bn (+170.9m 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 ($65.6m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $73.46. Options: 4 managers hold calls ($6.9m notional), 3 hold puts ($1.9m).

Trends to Q3 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: 1,651Q3 25: 1,6641,664Q3 22Q2 23Q1 24Q4 24Q3 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
Q3 20251,664

Buyers vs sellers

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

Bought or addedCut or sold out
1k01kQ4 23: 762 bought or addedQ4 23: 540 cut or sold outQ1 24: 785 bought or addedQ1 24: 614 cut or sold outQ1 24Q2 24: 793 bought or addedQ2 24: 593 cut or sold outQ3 24: 858 bought or addedQ3 24: 528 cut or sold outQ3 24Q4 24: 905 bought or addedQ4 24: 520 cut or sold outQ1 25: 850 bought or addedQ1 25: 691 cut or sold outQ1 25Q2 25: 841 bought or addedQ2 25: 714 cut or sold outQ3 25: 943 bought or addedQ3 25: 603 cut or sold outQ3 25
Numbers
QuarterBought or addedCut or sold out
Q4 2023762540
Q1 2024785614
Q2 2024793593
Q3 2024858528
Q4 2024905520
Q1 2025850691
Q2 2025841714
Q3 2025943603

Calls vs puts

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

CallsPuts
$0$2m$4m$6m$8mQ4 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 0.27Q3 25 calls: $6.9mQ3 25 puts: $1.9mQ3 25P/C 0.28
Numbers
QuarterCallsPutsP/C
Q4 2024$5.2m$759.9k0.15
Q1 2025$3.0m$2.5m0.83
Q2 2025$5.7m$1.5m0.27
Q3 2025$6.9m$1.9m0.28

Biggest buyers

JPMORGAN CHASE & CO Added +136,822,667+136.8m
Creative Planning Added +10,046,828+10.0m
VANGUARD GROUP INC Added +4,719,267+4.7m
BANK OF AMERICA CORP /DE/ Added +4,686,304+4.7m
NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Added +4,214,874+4.2m
MORGAN STANLEY Added +2,141,228+2.1m
Ocean Park Asset Management, LLC New +1,888,600+1.9m
Cetera Investment Advisers Added +1,371,234+1.4m
LPL Financial LLC Added +1,328,204+1.3m
SEI INVESTMENTS CO Added +1,302,130+1.3m

Biggest sellers

ROYAL BANK OF CANADA Reduced -4,357,152-4.4m
STATE STREET CORP Reduced -3,361,818-3.4m
Gallagher Fiduciary Advisors, LLC Reduced -2,921,953-2.9m
Vestmark Advisory Solutions, Inc. Reduced -1,472,057-1.5m
Corient Private Wealth LP Reduced -987,899-987.9k
Cerity Partners LLC Reduced -799,007-799.0k
PRUDENTIAL FINANCIAL INC Reduced -729,565-729.6k
Gridiron Partners, LLC Reduced -504,103-504.1k
JONES FINANCIAL COMPANIES LLLP Reduced -469,354-469.4k
EXCHANGE TRADED CONCEPTS, LLC Sold out -397,248-397.2k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $4.6m61.8k shares
CITADEL ADVISORS LLC Added $1.2m15.9k shares
JANE STREET GROUP, LLC New $654.5k8.8k shares
WOLVERINE TRADING, LLC Added $439.0k5.9k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $1.1m14.8k shares
SIMPLEX TRADING, LLC Added $483.0k6.5k shares
CITADEL ADVISORS LLC Reduced $364.4k4.9k 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, Q3 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 JPMORGAN CHASE & CO 0.62% of their portfolio NEW YORK, NY 262,693,028262.7m $19.5bn $19.5bn 0.62% Added +136.8m +136,822,667
2 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 6.28% of their portfolio MILWAUKEE, WI 126,617,235126.6m $9.4bn $9.4bn 6.28% Added +4.2m +4,214,874
3 Creative Planning 7.10% of their portfolio OVERLAND PARK, KS 124,942,968124.9m $9.3bn $9.3bn 7.10% Added +10.0m +10,046,828
4 MORGAN STANLEY 0.49% of their portfolio NEW YORK, NY 108,641,970108.6m $8.1bn $8.1bn 0.49% Added +2.1m +2,141,228
5 VANGUARD GROUP INC 0.08% of their portfolio Valley Forge, PA 71,913,77071.9m $5.3bn $5.3bn 0.08% Added +4.7m +4,719,267
6 WELLS FARGO & COMPANY/MN 0.40% of their portfolio SAN FRANCISCO, CA 26,117,43526.1m $1.9bn $1.9bn 0.40% Added +870.3k +870,290
7 BANK OF AMERICA CORP /DE/ 0.13% of their portfolio CHARLOTTE, NC 22,912,69522.9m $1.7bn $1.7bn 0.13% Added +4.7m +4,686,304
8 ENVESTNET ASSET MANAGEMENT INC 0.46% of their portfolio Berwyn, PA 21,594,59221.6m $1.6bn $1.6bn 0.46% Added +683.7k +683,665
9 Allworth Financial LP 6.79% of their portfolio FOLSOM, CA 20,631,00320.6m $1.5bn $1.5bn 6.79% Added +766.0k +766,016
10 LPL Financial LLC 0.38% of their portfolio FORT MILL, SC 17,615,07317.6m $1.3bn $1.3bn 0.38% Added +1.3m +1,328,204
11 SAGESPRING WEALTH PARTNERS, LLC 0.36% of their portfolio FRANKLIN, TN 17,484,42617.5m $18.5m $18.5m 0.36% Reduced -12.4k -12,450
12 SEI INVESTMENTS CO 1.35% of their portfolio OAKS, PA 16,881,21316.9m $1.3bn $1.3bn 1.35% Added +1.3m +1,302,130
13 GOLDMAN SACHS GROUP INC 0.15% of their portfolio NEW YORK, NY 14,237,89914.2m $1.1bn $1.1bn 0.15% Reduced -174.4k -174,368
14 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.83% of their portfolio Toronto, A6 13,592,08413.6m $1.0bn $1.0bn 0.83% Added +460.8k +460,751
15 Arizona PSPRS Trust 24.97% of their portfolio PHOENIX, AZ 9,743,2249.7m $726.1m $726.1m 24.97% Added +156.9k +156,908
16 MASTERCARD FOUNDATION ASSET MANAGEMENT CORP 1.52% of their portfolio TORONTO, A6 8,862,9058.9m $659.1m $659.1m 1.52% Unchanged
17 BlackRock, Inc. 0.01% of their portfolio New York, NY 8,195,2128.2m $609.5m $609.5m 0.01% Reduced -93.3k -93,259
18 CBIZ Investment Advisory Services, LLC 22.17% of their portfolio INDEPENDENCE, OH 7,612,1447.6m $566.1m $566.1m 22.17% Added +626.9k +626,871
19 Cetera Investment Advisers 0.64% of their portfolio SCHAUMBURG, IL 7,407,0187.4m $550.9m $550.9m 0.64% Added +1.4m +1,371,234
20 Pure Financial Advisors, LLC 8.62% of their portfolio SAN DIEGO, CA 7,276,8437.3m $541.2m $541.2m 8.62% Added +523.4k +523,377
21 Savant Capital, LLC 3.11% of their portfolio ROCKFORD, IL 6,881,4916.9m $511.8m $511.8m 3.11% Added +842.4k +842,392
22 RAYMOND JAMES FINANCIAL INC 0.16% of their portfolio ST. PETERSBURG, FL 6,869,8846.9m $510.9m $510.9m 0.16% Added +371.3k +371,288
23 UBS Group AG 0.09% of their portfolio ZURICH, V8 6,072,4626.1m $451.6m $451.6m 0.09% Added +315.4k +315,405
24 Facet Wealth, Inc. 8.82% of their portfolio WEST PALM BEACH, FL 5,730,4945.7m $426.2m $426.2m 8.82% Added +293.3k +293,268
25 AMERIPRISE FINANCIAL INC 0.09% of their portfolio MINNEAPOLIS, MN 5,481,5315.5m $407.2m $407.2m 0.09% Added +59.0k +58,970
26 ROYAL BANK OF CANADA 0.07% of their portfolio TORONTO, A6 5,196,6605.2m $386.5m $386.5m 0.07% Reduced -4.4m -4,357,152
27 Bank of New York Mellon Corp 0.07% of their portfolio NEW YORK, NY 5,139,9365.1m $382.3m $382.3m 0.07% Reduced -38.6k -38,600
28 ASSETMARK, INC 0.72% of their portfolio CONCORD, CA 4,522,6694.5m $336.4m $336.4m 0.72% Added +362.3k +362,268
29 STATE STREET CORP 0.01% of their portfolio BOSTON, MA 4,395,5064.4m $326.9m $326.9m 0.01% Reduced -3.4m -3,361,818
30 HighTower Advisors, LLC 0.34% of their portfolio CHICAGO, IL 3,990,4374.0m $296.8m $296.8m 0.34% Added +227.7k +227,732
31 M&T Bank Corp 0.95% of their portfolio BUFFALO, NY 3,808,9963.8m $283.3m $283.3m 0.95% Added +341.9k +341,940
32 PNC Financial Services Group, Inc. 0.16% of their portfolio Pittsburgh, PA 3,611,5623.6m $268.6m $268.6m 0.16% Added +129.3k +129,347
33 FRANKLIN RESOURCES INC 0.07% of their portfolio San Mateo, CA 3,552,7923.6m $264.2m $264.2m 0.07% Reduced -126.6k -126,618
34 Composition Wealth, LLC 3.77% of their portfolio LOS ANGELES, CA 3,384,7493.4m $251.7m $251.7m 3.77% Added +393.4k +393,368
35 JONES FINANCIAL COMPANIES LLLP 0.17% of their portfolio DES PERES, MO 3,376,2933.4m $250.6m $250.6m 0.17% Reduced -469.4k -469,354
36 Retirement Systems of Alabama 0.75% of their portfolio MONTGOMERY, AL 3,017,3383.0m $224.4m $224.4m 0.75% Reduced -18.5k -18,484
37 Corient Private Wealth LP 0.33% of their portfolio MIAMI, FL 2,798,3842.8m $208.1m $208.1m 0.33% Reduced -987.9k -987,899
38 TRUIST FINANCIAL CORP 0.28% of their portfolio CHARLOTTE, NC 2,731,6592.7m $203.2m $203.2m 0.28% Added +27.4k +27,355
39 First Financial Bankshares Inc 3.98% of their portfolio Abilene, TX 2,603,1922.6m $193.6m $193.6m 3.98% Added +71.9k +71,943
40 MML INVESTORS SERVICES, LLC 0.50% of their portfolio SPRINGFIELD, MA 2,517,0232.5m $187.2m $187.2m 0.50% Added +399.9k +399,859
41 TIAA TRUST, NATIONAL ASSOCIATION 0.45% of their portfolio CHARLOTTE, NC 2,505,9572.5m $186.4m $186.4m 0.45% Added +35.9k +35,900
42 Cambridge Investment Research Advisors, Inc. 0.49% of their portfolio FAIRFIELD, IA 2,389,7642.4m $177.7m $177.7m 0.49% Reduced -12.5k -12,516
43 RiverFront Investment Group, LLC 3.11% of their portfolio RICHMOND, VA 2,384,5592.4m $177.3m $177.3m 3.11% Added +38.3k +38,307
44 Alesco Advisors, LLC, An ESL Co 4.56% of their portfolio Pittsford, NY 2,265,5902.3m $168.5m $168.5m 4.56% Added +294.2k +294,238
45 Acropolis Investment Management, LLC 8.36% of their portfolio ST. LOUIS, MO 2,233,4482.2m $164.4m $164.4m 8.36% Added +83.3k +83,304
46 Foster Group, Inc. 5.17% of their portfolio WEST DES MOINES, IA 2,214,8252.2m $164.7m $164.7m 5.17% Added +88.1k +88,108
47 OSAIC HOLDINGS, INC. 0.23% of their portfolio SCOTTSDALE, AZ 2,170,3122.2m $160.8m $160.8m 0.23% Added +420.9k +420,870
48 Stairway Partners, LLC 8.50% of their portfolio MINNEAPOLIS, MN 2,151,0952.2m $160.0m $160.0m 8.50% Added +48.2k +48,210
49 Global Endowment Management, LP 18.04% of their portfolio CHARLOTTE, NC 1,936,7951.9m $144.0m $144.0m 18.04% Reduced -95.0k -94,993
50 Voya Financial Advisors, Inc. 13.89% of their portfolio WINDSOR, CT 1,935,8481.9m $144.0m $144.0m 13.89% Added +126.5k +126,532
51 MCMORGAN & CO LLC 22.05% of their portfolio SAN FRANCISCO, CA 1,925,9281.9m $143.2m $143.2m 22.05% Added +60.5k +60,468
52 OAKWORTH CAPITAL, INC. 8.22% of their portfolio BIRMINGHAM, AL 1,913,2681.9m $142.3m $142.3m 8.22% Added +82.3k +82,258
53 Ocean Park Asset Management, LLC 5.79% of their portfolio SANTA MONICA, CA 1,888,6001.9m $140.5m $140.5m 5.79% New
54 Alaska Permanent Capital Management, LLC 10.18% of their portfolio ANCHORAGE, AK 1,860,7431.9m $138.3m $138.3m 10.18% Added +51.9k +51,928
55 CHOREO, LLC 1.79% of their portfolio ROCKFORD, IL 1,842,3941.8m $137.0m $137.0m 1.79% Added +363.2k +363,164
56 Betterment LLC 0.27% of their portfolio NEW YORK, NY 1,836,8981.8m $136.6m $136.6m 0.27% Reduced -17.9k -17,938
57 RITHOLTZ WEALTH MANAGEMENT 2.50% of their portfolio NEW YORK, NY 1,732,2191.7m $128.8m $128.8m 2.50% Added +74.8k +74,817
58 Capstone Financial Advisors, Inc. 6.96% of their portfolio DOWNERS GROVE, IL 1,725,9711.7m $128.4m $128.4m 6.96% Added +32.1k +32,058
59 PATRIOT INVESTMENT MANAGEMENT GROUP, INC. 8.27% of their portfolio KNOXVILLE, TN 1,705,2201.7m $126.8m $126.8m 8.27% Added +63.4k +63,435
60 Chandler Asset Management, Inc. 20.58% of their portfolio SAN DIEGO, CA 1,686,6921.7m $125.4m $125.4m 20.58% Added +91.0k +91,000
61 Wealthfront Advisers LLC 0.29% of their portfolio Palo Alto, CA 1,668,5301.7m $124.1m $124.1m 0.29% Added +146.0k +146,011
62 COMMONWEALTH EQUITY SERVICES, LLC 0.16% of their portfolio WALTHAM, MA 1,668,2621.7m $124.1m $124.1m 0.16% Reduced -190.4k -190,380
63 Verus Financial Partners, Inc. 11.74% of their portfolio RICHMOND, VA 1,641,6801.6m $122.1m $122.1m 11.74% Added +53.3k +53,276
64 Vestmark Advisory Solutions, Inc. 2.32% of their portfolio Wakefield, MA 1,637,5791.6m $121.8m $121.8m 2.32% Reduced -1.5m -1,472,057
65 Diana Davis Spencer Foundation 40.24% of their portfolio BETHESDA, MD 1,608,1001.6m $119.6m $119.6m 40.24% Unchanged
66 Apella Capital, LLC 2.68% of their portfolio WEST HARTFORD, CT 1,607,2761.6m $120.5m $120.5m 2.68% Added +72.8k +72,770
67 Bricktown Capital, LLC 19.61% of their portfolio DETROIT, MI 1,600,2341.6m $119.0m $119.0m 19.61% Added +337.4k +337,381
68 Mariner, LLC 0.15% of their portfolio Overland Park, KS 1,600,0591.6m $119.0m $119.0m 0.15% Added +29.4k +29,373
69 Garde Capital, Inc. 5.89% of their portfolio SEATTLE, WA 1,576,3731.6m $117.2m $117.2m 5.89% Added +74.0k +74,045
70 Bogart Wealth, LLC 4.69% of their portfolio MCLEAN, VA 1,554,9101.6m $115.6m $115.6m 4.69% Added +45.9k +45,937
71 Stratos Wealth Partners, LTD. 1.33% of their portfolio BEACHWOOD, OH 1,513,7411.5m $112.6m $112.6m 1.33% Added +59.0k +58,975
72 Efficient Advisors, LLC 6.32% of their portfolio BEAVERTON, OR 1,507,0231.5m $112.1m $112.1m 6.32% Added +48.3k +48,329
73 Orgel Wealth Management, LLC 2.53% of their portfolio ALTOONA, WI 1,491,6771.5m $110.9m $110.9m 2.53% Added +25.4k +25,370
74 Envestnet Portfolio Solutions, Inc. 0.39% of their portfolio BERWYN, PA 1,433,5321.4m $106.6m $106.6m 0.39% Reduced -37.0k -37,005
75 AMG National Trust Bank 2.59% of their portfolio GREENWOOD VILLAGE, CO 1,426,8601.4m $106.1m $106.1m 2.59% Added +32.0k +32,035
76 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.16% of their portfolio PLYMOUTH, MN 1,421,9911.4m $105.6m $105.6m 0.16% Reduced -91.4k -91,389
77 GenTrust, LLC 4.74% of their portfolio MIAMI, FL 1,402,2981.4m $104.3m $104.3m 4.74% Added +196.6k +196,621
78 PRUDENTIAL FINANCIAL INC 0.12% of their portfolio NEWARK, NJ 1,395,1121.4m $103.8m $103.8m 0.12% Reduced -729.6k -729,565
79 Wealthspire Advisors, LLC 0.53% of their portfolio NEW YORK, NY 1,351,6761.4m $100.5m $100.5m 0.53% Added +2.3k +2,286
80 Beacon Pointe Advisors, LLC 0.85% of their portfolio NEWPORT BEACH, CA 1,350,8771.4m $100.5m $100.5m 0.85% Added +64.9k +64,928
81 CoreCap Advisors, LLC 3.60% of their portfolio SOUTHFIELD, MI 1,329,8101.3m $98.9m $98.9m 3.60% Added +78.4k +78,374
82 Pathstone Holdings, LLC 0.37% of their portfolio ENGLEWOOD, NJ 1,305,6231.3m $97.1m $97.1m 0.37% Added +102.6k +102,573
83 Prime Capital Investment Advisors, LLC 1.20% of their portfolio OVERLAND PARK, KS 1,285,8901.3m $95.6m $95.6m 1.20% Added +11.3k +11,349
84 Lutz Financial Services LLC 6.81% of their portfolio OMAHA, NE 1,264,6801.3m $94.1m $94.1m 6.81% Added +76.4k +76,396
85 Bryn Mawr Trust Advisors, LLC 4.64% of their portfolio PHILADELPHIA, PA 1,258,0681.3m $93.6m $93.6m 4.64% Added +26.7k +26,708
86 Kestra Advisory Services, LLC 0.42% of their portfolio AUSTIN, TX 1,238,2681.2m $92.1m $92.1m 0.42% Added +900.4k +900,376
87 ALPS ADVISORS INC 0.50% of their portfolio Denver, CO 1,214,7591.2m $90.3m $90.3m 0.50% Added +7.6k +7,625
88 ARMSTRONG ADVISORY GROUP, INC 6.36% of their portfolio NEEDHAM, MA 1,213,2211.2m $90.2m $90.2m 6.36% Added +18.2k +18,163
89 Baker Avenue Asset Management, LP 2.15% of their portfolio SAN FRANCISCO, CA 1,208,6331.2m $89.9m $89.9m 2.15% Added +31.9k +31,950
90 Trajan Wealth LLC 3.87% of their portfolio SCOTTSDALE, AZ 1,206,4801.2m $89.7m $89.7m 3.87% Added +256.2k +256,206
91 CITIGROUP INC 0.06% of their portfolio NEW YORK, NY 1,132,0311.1m $84.2m $84.2m 0.06% Added +525.4k +525,390
92 Integrated Wealth Concepts LLC 0.75% of their portfolio WALTHAM, MA 1,127,5231.1m $83.9m $83.9m 0.75% Added +41.6k +41,595
93 MERCER GLOBAL ADVISORS INC /ADV 0.14% of their portfolio DENVER, CO 1,106,9011.1m $82.3m $82.3m 0.14% Reduced -13.8k -13,850
94 Alaska Wealth Advisors, LLC 10.61% of their portfolio ANCHORAGE, AK 1,090,9831.1m $81.1m $81.1m 10.61% Added +136.6k +136,610
95 Financial Advisors Network, Inc. 11.35% of their portfolio TUSTIN, CA 1,077,6731.1m $80.1m $80.1m 11.35% Reduced -2.1k -2,106
96 Merit Financial Group, LLC 0.71% of their portfolio ALPHARETTA, GA 1,036,6091.0m $77.1m $77.1m 0.71% Added +125.7k +125,736
97 Financial Engines Advisors L.L.C. 0.15% of their portfolio SANTA CLARA, CA 1,032,6441.0m $76.8m $76.8m 0.15% Added +96.6k +96,561
98 NewEdge Advisors, LLC 0.35% of their portfolio NEW ORLEANS, LA 1,022,1071.0m $76.0m $76.0m 0.35% Reduced -25.6k -25,570
99 RATIONAL ADVISORS, INC. 7.55% of their portfolio San Juan, PR 1,020,6151.0m $75.9m $75.9m 7.55% Reduced -11.8k -11,788
100 BURRUS FINANCIAL SERVICES, INC. 34.78% of their portfolio SALT LAKE CITY, UT 1,019,2891.0m $75.8m $75.8m 34.78% Added +3.7k +3,676