Vault-13

VANGUARD BD INDEX FDS BND

TOTAL BND MRKT · ETP · CUSIP 921937835

1,805 institutional holders +141 vs Q3 2025
1,153,881,9601.2bn shares reported held*
$84.1bnreported value*
109 new 884 added 488 reduced 93 sold out net sold ≈ $6.2bn (-82.6m 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 ($72.1m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $72.92. Options: 2 managers hold calls ($3.1m notional), 3 hold puts ($907.4k).

Trends to Q4 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: 1,664Q4 25: 1,8051,805Q3 22Q2 23Q1 24Q4 24Q4 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
Q4 20251,805

Buyers vs sellers

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

Bought or addedCut or sold out
1k01kQ1 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 25Q3 25: 943 bought or addedQ3 25: 603 cut or sold outQ4 25: 993 bought or addedQ4 25: 581 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 2024785614
Q2 2024793593
Q3 2024858528
Q4 2024905520
Q1 2025850691
Q2 2025841714
Q3 2025943603
Q4 2025993581

Calls vs puts

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

CallsPuts
$0$2m$4m$6m$8mQ1 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 0.28Q4 25 calls: $3.1mQ4 25 puts: $907.4kQ4 25P/C 0.29
Numbers
QuarterCallsPutsP/C
Q1 2025$3.0m$2.5m0.83
Q2 2025$5.7m$1.5m0.27
Q3 2025$6.9m$1.9m0.28
Q4 2025$3.1m$907.4k0.29

Biggest buyers

MORGAN STANLEY Added +16,287,510+16.3m
VANGUARD GROUP INC Added +6,989,480+7.0m
Corient Private Wealth LP Added +5,572,240+5.6m
NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Added +4,285,563+4.3m
Savant Capital, LLC Added +1,173,486+1.2m
B & T Capital Management DBA Alpha Capital Management Added +1,069,933+1.1m
BANK OF AMERICA CORP /DE/ Added +1,039,731+1.0m
SEI INVESTMENTS CO Added +973,898+973.9k
LPL Financial LLC Added +971,603+971.6k
Facet Wealth, Inc. Added +906,255+906.3k

Biggest sellers

JPMORGAN CHASE & CO Reduced -123,063,441-123.1m
Creative Planning Reduced -7,161,766-7.2m
Garde Capital, Inc. Sold out -1,576,373-1.6m
WELLS FARGO & COMPANY/MN Reduced -1,473,851-1.5m
Acropolis Investment Management, LLC Reduced -1,193,560-1.2m
MANUFACTURERS LIFE INSURANCE COMPANY, THE Reduced -704,354-704.4k
CITIGROUP INC Reduced -635,761-635.8k
Wealthspire Advisors, LLC Reduced -624,161-624.2k
RTD Financial Advisors, Inc. Reduced -575,302-575.3k
BURRUS FINANCIAL SERVICES, INC. Reduced -554,918-554.9k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $2.1m28.7k shares
CITADEL ADVISORS LLC Reduced $962.9k13.0k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $577.7k7.8k shares
CITADEL ADVISORS LLC Reduced $237.0k3.2k shares
SIMPLEX TRADING, LLC Reduced $92.7k1.3k 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, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 JPMORGAN CHASE & CO 0.70% of their portfolio NEW YORK, NY 139,629,587139.6m $10.3bn $10.3bn 0.70% Reduced -123.1m -123,063,441
2 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 6.13% of their portfolio MILWAUKEE, WI 130,902,798130.9m $9.7bn $9.7bn 6.13% Added +4.3m +4,285,563
3 MORGAN STANLEY 0.55% of their portfolio NEW YORK, NY 124,929,480124.9m $9.3bn $9.3bn 0.55% Added +16.3m +16,287,510
4 Creative Planning 6.24% of their portfolio OVERLAND PARK, KS 117,781,202117.8m $8.7bn $8.7bn 6.24% Reduced -7.2m -7,161,766
5 VANGUARD GROUP INC 0.08% of their portfolio Valley Forge, PA 78,903,25078.9m $5.8bn $5.8bn 0.08% Added +7.0m +6,989,480
6 WELLS FARGO & COMPANY/MN 0.36% of their portfolio SAN FRANCISCO, CA 24,643,58424.6m $1.8bn $1.8bn 0.36% Reduced -1.5m -1,473,851
7 BANK OF AMERICA CORP /DE/ 0.13% of their portfolio CHARLOTTE, NC 23,952,42624.0m $1.8bn $1.8bn 0.13% Added +1.0m +1,039,731
8 ENVESTNET ASSET MANAGEMENT INC 0.47% of their portfolio Berwyn, PA 21,470,03321.5m $1.6bn $1.6bn 0.47% Reduced -124.6k -124,559
9 Allworth Financial LP 6.47% of their portfolio FOLSOM, CA 21,272,98721.3m $1.6bn $1.6bn 6.47% Added +642.0k +641,984
10 LPL Financial LLC 0.38% of their portfolio FORT MILL, SC 18,586,67618.6m $1.4bn $1.4bn 0.38% Added +971.6k +971,603
11 SEI INVESTMENTS CO 1.31% of their portfolio OAKS, PA 17,855,11117.9m $1.3bn $1.3bn 1.31% Added +973.9k +973,898
12 SAGESPRING WEALTH PARTNERS, LLC 0.34% of their portfolio FRANKLIN, TN 17,484,72817.5m $18.5m $18.5m 0.34% Added +302 +302
13 GOLDMAN SACHS GROUP INC 0.15% of their portfolio NEW YORK, NY 14,258,62414.3m $1.1bn $1.1bn 0.15% Added +20.7k +20,725
14 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.78% of their portfolio Toronto, A6 12,887,73012.9m $954.6m $954.6m 0.78% Reduced -704.4k -704,354
15 Arizona PSPRS Trust 26.74% of their portfolio PHOENIX, AZ 9,807,0099.8m $726.4m $726.4m 26.74% Added +63.8k +63,785
16 MASTERCARD FOUNDATION ASSET MANAGEMENT CORP 1.60% of their portfolio TORONTO, A6 8,862,9058.9m $656.5m $656.5m 1.60% Unchanged
17 BlackRock, Inc. 0.01% of their portfolio New York, NY 8,571,0668.6m $634.9m $634.9m 0.01% Added +375.9k +375,854
18 Corient Private Wealth LP 0.41% of their portfolio MIAMI, FL 8,370,6248.4m $616.7m $616.7m 0.41% Added +5.6m +5,572,240
19 Savant Capital, LLC 3.39% of their portfolio ROCKFORD, IL 8,054,9778.1m $596.6m $596.6m 3.39% Added +1.2m +1,173,486
20 CBIZ Investment Advisory Services, LLC 22.43% of their portfolio INDEPENDENCE, OH 8,006,4938.0m $593.0m $593.0m 22.43% Added +394.3k +394,349
21 Pure Financial Advisors, LLC 8.70% of their portfolio SAN DIEGO, CA 7,953,6078.0m $589.1m $589.1m 8.70% Added +676.8k +676,764
22 RAYMOND JAMES FINANCIAL INC 0.18% of their portfolio ST. PETERSBURG, FL 7,735,1087.7m $572.9m $572.9m 0.18% Added +865.2k +865,224
23 Cetera Investment Advisers 0.62% of their portfolio SCHAUMBURG, IL 7,691,5857.7m $569.7m $569.7m 0.62% Added +284.6k +284,567
24 Facet Wealth, Inc. 8.72% of their portfolio WEST PALM BEACH, FL 6,636,7496.6m $492.8m $492.8m 8.72% Added +906.3k +906,255
25 UBS Group AG 0.09% of their portfolio ZURICH, V8 6,215,9166.2m $460.4m $460.4m 0.09% Added +143.5k +143,454
26 AMERIPRISE FINANCIAL INC 0.10% of their portfolio MINNEAPOLIS, MN 5,959,7976.0m $441.2m $441.2m 0.10% Added +478.3k +478,266
27 ROYAL BANK OF CANADA 0.07% of their portfolio TORONTO, A6 5,450,9735.5m $403.8m $403.8m 0.07% Added +254.3k +254,313
28 STATE STREET CORP 0.01% of their portfolio BOSTON, MA 5,193,0645.2m $384.7m $384.7m 0.01% Added +797.6k +797,558
29 Bank of New York Mellon Corp 0.07% of their portfolio NEW YORK, NY 5,171,1215.2m $383.0m $383.0m 0.07% Added +31.2k +31,185
30 ASSETMARK, INC 0.70% of their portfolio CONCORD, CA 4,636,8734.6m $343.5m $343.5m 0.70% Added +114.2k +114,204
31 HighTower Advisors, LLC 0.33% of their portfolio CHICAGO, IL 4,071,2804.1m $301.6m $301.6m 0.33% Added +80.8k +80,843
32 M&T Bank Corp 0.91% of their portfolio BUFFALO, NY 3,837,2823.8m $284.2m $284.2m 0.91% Added +28.3k +28,286
33 PNC Financial Services Group, Inc. 0.15% of their portfolio Pittsburgh, PA 3,737,3603.7m $276.8m $276.8m 0.15% Added +125.8k +125,798
34 FRANKLIN RESOURCES INC 0.07% of their portfolio San Mateo, CA 3,631,5423.6m $269.0m $269.0m 0.07% Added +78.8k +78,750
35 JONES FINANCIAL COMPANIES LLLP 0.16% of their portfolio DES PERES, MO 3,580,4073.6m $265.2m $265.2m 0.16% Added +204.1k +204,114
36 Composition Wealth, LLC 3.22% of their portfolio LOS ANGELES, CA 3,032,2823.0m $224.6m $224.6m 3.22% Reduced -352.5k -352,467
37 Retirement Systems of Alabama 0.72% of their portfolio MONTGOMERY, AL 3,001,7613.0m $222.3m $222.3m 0.72% Reduced -15.6k -15,577
38 MML INVESTORS SERVICES, LLC 0.50% of their portfolio SPRINGFIELD, MA 2,784,6322.8m $206.3m $206.3m 0.50% Added +267.6k +267,609
39 TRUIST FINANCIAL CORP 0.28% of their portfolio CHARLOTTE, NC 2,783,0452.8m $206.1m $206.1m 0.28% Added +51.4k +51,386
40 First Financial Bankshares Inc 3.94% of their portfolio Abilene, TX 2,645,2552.6m $195.9m $195.9m 3.94% Added +42.1k +42,063
41 Alesco Advisors, LLC, An ESL Co 4.87% of their portfolio Pittsford, NY 2,544,1182.5m $188.4m $188.4m 4.87% Added +278.5k +278,528
42 Stairway Partners, LLC 9.59% of their portfolio MINNEAPOLIS, MN 2,499,9112.5m $185.2m $185.2m 9.59% Added +348.8k +348,816
43 Cambridge Investment Research Advisors, Inc. 0.49% of their portfolio FAIRFIELD, IA 2,484,2852.5m $184.0m $184.0m 0.49% Added +94.5k +94,521
44 RiverFront Investment Group, LLC 2.90% of their portfolio RICHMOND, VA 2,376,7132.4m $176.0m $176.0m 2.90% Reduced -7.8k -7,846
45 TIAA TRUST, NATIONAL ASSOCIATION 0.41% of their portfolio CHARLOTTE, NC 2,318,3062.3m $171.7m $171.7m 0.41% Reduced -187.7k -187,651
46 Foster Group, Inc. 5.18% of their portfolio WEST DES MOINES, IA 2,312,6152.3m $171.3m $171.3m 5.18% Added +97.8k +97,790
47 CHOREO, LLC 2.04% of their portfolio ROCKFORD, IL 2,158,3952.2m $160.3m $160.3m 2.04% Added +316.0k +316,001
48 OSAIC HOLDINGS, INC. 0.23% of their portfolio SCOTTSDALE, AZ 2,153,3692.2m $159.5m $159.5m 0.23% Reduced -16.9k -16,943
49 OAKWORTH CAPITAL, INC. 8.40% of their portfolio BIRMINGHAM, AL 2,077,8282.1m $153.9m $153.9m 8.40% Added +164.6k +164,560
50 Align Financial, LLC 1.20% of their portfolio HERMANTOWN, MN 2,070,8652.1m $2.1m $2.1m 1.20% First filing
51 Voya Financial Advisors, Inc. 14.42% of their portfolio WINDSOR, CT 2,020,7002.0m $150.1m $150.1m 14.42% Added +84.9k +84,852
52 MCMORGAN & CO LLC 24.13% of their portfolio SAN FRANCISCO, CA 1,966,3772.0m $145.6m $145.6m 24.13% Added +40.4k +40,449
53 RITHOLTZ WEALTH MANAGEMENT 2.58% of their portfolio NEW YORK, NY 1,905,2071.9m $141.1m $141.1m 2.58% Added +173.0k +172,988
54 Global Endowment Management, LP 17.38% of their portfolio CHARLOTTE, NC 1,879,5321.9m $139.2m $139.2m 17.38% Reduced -57.3k -57,263
55 Alaska Permanent Capital Management, LLC 10.54% of their portfolio ANCHORAGE, AK 1,877,8461.9m $139.1m $139.1m 10.54% Added +17.1k +17,103
56 Vestmark Advisory Solutions, Inc. 1.79% of their portfolio Wakefield, MA 1,787,0671.8m $132.4m $132.4m 1.79% Added +149.5k +149,488
57 PATRIOT INVESTMENT MANAGEMENT GROUP, INC. 8.36% of their portfolio KNOXVILLE, TN 1,781,1091.8m $131.9m $131.9m 8.36% Added +75.9k +75,889
58 Capstone Financial Advisors, Inc. 6.97% of their portfolio DOWNERS GROVE, IL 1,765,9701.8m $130.8m $130.8m 6.97% Added +40.0k +39,999
59 Wealthfront Advisers LLC 0.29% of their portfolio Palo Alto, CA 1,753,6581.8m $129.9m $129.9m 0.29% Added +85.1k +85,128
60 Beacon Pointe Advisors, LLC 0.90% of their portfolio NEWPORT BEACH, CA 1,727,3801.7m $127.9m $127.9m 0.90% Added +376.5k +376,503
61 Betterment LLC 0.24% of their portfolio NEW YORK, NY 1,718,1051.7m $127.3m $127.3m 0.24% Reduced -118.8k -118,793
62 Verus Financial Partners, Inc. 11.71% of their portfolio RICHMOND, VA 1,711,8861.7m $127.3m $127.3m 11.71% Added +70.2k +70,206
63 COMMONWEALTH EQUITY SERVICES, LLC 0.17% of their portfolio WALTHAM, MA 1,688,9261.7m $125.1m $125.1m 0.17% Added +20.7k +20,664
64 Mariner, LLC 0.15% of their portfolio Overland Park, KS 1,684,0741.7m $124.7m $124.7m 0.15% Added +84.0k +84,015
65 Chandler Asset Management, Inc. 19.72% of their portfolio SAN DIEGO, CA 1,682,0871.7m $124.6m $124.6m 19.72% Reduced -4.6k -4,605
66 Apella Capital, LLC 2.42% of their portfolio WEST HARTFORD, CT 1,653,7881.7m $122.5m $122.5m 2.42% Added +46.5k +46,512
67 Bogart Wealth, LLC 4.80% of their portfolio MCLEAN, VA 1,612,9511.6m $119.5m $119.5m 4.80% Added +58.0k +58,041
68 Diana Davis Spencer Foundation 40.20% of their portfolio BETHESDA, MD 1,608,1001.6m $119.1m $119.1m 40.20% Unchanged
69 Stratos Wealth Partners, LTD. 1.31% of their portfolio BEACHWOOD, OH 1,566,6781.6m $116.0m $116.0m 1.31% Added +52.9k +52,937
70 Orgel Wealth Management, LLC 2.56% of their portfolio ALTOONA, WI 1,565,4161.6m $116.0m $116.0m 2.56% Added +73.7k +73,739
71 GenTrust, LLC 5.01% of their portfolio MIAMI, FL 1,562,1581.6m $115.7m $115.7m 5.01% Added +159.9k +159,860
72 Envestnet Portfolio Solutions, Inc. 0.39% of their portfolio BERWYN, PA 1,515,5881.5m $112.3m $112.3m 0.39% Added +82.1k +82,056
73 Efficient Advisors, LLC 6.54% of their portfolio BEAVERTON, OR 1,511,6941.5m $112.0m $112.0m 6.54% Added +4.7k +4,671
74 Ocean Park Asset Management, LLC 5.24% of their portfolio SANTA MONICA, CA 1,506,9001.5m $111.6m $111.6m 5.24% Reduced -381.7k -381,700
75 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.15% of their portfolio PLYMOUTH, MN 1,441,3481.4m $106.9m $106.9m 0.15% Added +19.4k +19,357
76 AMG National Trust Bank 2.50% of their portfolio GREENWOOD VILLAGE, CO 1,433,8401.4m $106.2m $106.2m 2.50% Added +7.0k +6,980
77 Trajan Wealth LLC 4.39% of their portfolio SCOTTSDALE, AZ 1,422,4621.4m $105.4m $105.4m 4.39% Added +216.0k +215,982
78 CoreCap Advisors, LLC 3.63% of their portfolio SOUTHFIELD, MI 1,404,5561.4m $104.0m $104.0m 3.63% Added +74.7k +74,746
79 Lutz Financial Services LLC 6.87% of their portfolio OMAHA, NE 1,362,9441.4m $101.0m $101.0m 6.87% Added +98.3k +98,264
80 Prime Capital Investment Advisors, LLC 1.19% of their portfolio OVERLAND PARK, KS 1,324,1961.3m $98.1m $98.1m 1.19% Added +38.3k +38,306
81 Bryn Mawr Trust Advisors, LLC 4.63% of their portfolio PHILADELPHIA, PA 1,299,0131.3m $96.2m $96.2m 4.63% Added +40.9k +40,945
82 Pathstone Holdings, LLC 0.37% of their portfolio ENGLEWOOD, NJ 1,296,8251.3m $96.1m $96.1m 0.37% Reduced -8.8k -8,798
83 Kestra Advisory Services, LLC 0.39% of their portfolio AUSTIN, TX 1,282,2321.3m $95.0m $95.0m 0.39% Added +44.0k +43,964
84 Baker Avenue Asset Management, LP 2.19% of their portfolio SAN FRANCISCO, CA 1,281,7261.3m $94.9m $94.9m 2.19% Added +73.1k +73,093
85 ALPS ADVISORS INC 0.55% of their portfolio Denver, CO 1,277,0791.3m $94.6m $94.6m 0.55% Added +62.3k +62,320
86 PRUDENTIAL FINANCIAL INC 0.11% of their portfolio NEWARK, NJ 1,261,9871.3m $93.5m $93.5m 0.11% Reduced -133.1k -133,125
87 ARMSTRONG ADVISORY GROUP, INC 6.31% of their portfolio NEEDHAM, MA 1,259,5611.3m $93.3m $93.3m 6.31% Added +46.3k +46,340
88 Bricktown Capital, LLC 14.55% of their portfolio DETROIT, MI 1,167,0751.2m $86.4m $86.4m 14.55% Reduced -433.2k -433,159
89 MERCER GLOBAL ADVISORS INC /ADV 0.13% of their portfolio DENVER, CO 1,166,3301.2m $86.4m $86.4m 0.13% Added +59.4k +59,429
90 Integrated Wealth Concepts LLC 1.02% of their portfolio WALTHAM, MA 1,154,0631.2m $85.5m $85.5m 1.02% Added +26.5k +26,540
91 Alaska Wealth Advisors, LLC 10.69% of their portfolio ANCHORAGE, AK 1,132,9931.1m $83.9m $83.9m 10.69% Added +42.0k +42,010
92 Financial Advisors Network, Inc. 11.20% of their portfolio TUSTIN, CA 1,103,5791.1m $81.7m $81.7m 11.20% Added +25.9k +25,906
93 NewEdge Advisors, LLC 0.29% of their portfolio NEW ORLEANS, LA 1,088,0681.1m $80.6m $80.6m 0.29% Added +66.0k +65,961
94 B & T Capital Management DBA Alpha Capital Management 11.35% of their portfolio AUSTIN, TX 1,087,2551.1m $80.5m $80.5m 11.35% Added +1.1m +1,069,933
95 AllGen Financial Advisors, Inc. 19.08% of their portfolio ORLANDO, FL 1,085,9101.1m $80.4m $80.4m 19.08% Added +66.8k +66,820
96 Focus Partners Wealth 0.09% of their portfolio ST LOUIS, MO 1,050,6291.1m $77.8m $77.8m 0.09% Added +64.3k +64,257
97 Acropolis Investment Management, LLC 3.47% of their portfolio ST. LOUIS, MO 1,039,8881.0m $77.0m $77.0m 3.47% Reduced -1.2m -1,193,560
98 Financial Engines Advisors L.L.C. 0.15% of their portfolio SANTA CLARA, CA 1,036,1061.0m $76.7m $76.7m 0.15% Added +3.5k +3,462
99 Apriem Advisors 7.03% of their portfolio IRVINE, CA 1,033,4711.0m $76.5m $76.5m 7.03% Added +19.6k +19,551
100 Pacific Capital Wealth Advisors, Inc. 13.10% of their portfolio CORONA, CA 1,031,9131.0m $76.4m $76.4m 13.10% Added +19.6k +19,592