Vault-13

VANGUARD WHITEHALL FDS VYM

HIGH DIV YLD · ETP · CUSIP 921946406

2,004 institutional holders +163 vs Q3 2025
177,195,422177.2m shares reported held*
$25.1bnreported value*
96 new 810 added 573 reduced 60 sold out net sold ≈ $254.5m (-2.0m 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 ($26.0m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $141.42. Options: 7 managers hold calls ($249.6m notional), 4 hold puts ($24.0m).

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

01k2k3kQ3 22: 1,327Q4 22: 1,470Q1 23: 1,441Q2 23: 1,460Q3 23: 1,450Q4 23: 1,576Q1 24: 1,607Q2 24: 1,595Q3 24: 1,659Q4 24: 1,806Q1 25: 1,806Q2 25: 1,808Q3 25: 1,841Q4 25: 2,0042,004Q3 22Q2 23Q1 24Q4 24Q4 25
Numbers
QuarterHolders
Q3 20221,327
Q4 20221,470
Q1 20231,441
Q2 20231,460
Q3 20231,450
Q4 20231,576
Q1 20241,607
Q2 20241,595
Q3 20241,659
Q4 20241,806
Q1 20251,806
Q2 20251,808
Q3 20251,841
Q4 20252,004

Buyers vs sellers

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

Bought or addedCut or sold out
1k01kQ1 24: 672 bought or addedQ1 24: 723 cut or sold outQ2 24: 701 bought or addedQ2 24: 674 cut or sold outQ2 24Q3 24: 789 bought or addedQ3 24: 592 cut or sold outQ4 24: 774 bought or addedQ4 24: 633 cut or sold outQ4 24Q1 25: 818 bought or addedQ1 25: 749 cut or sold outQ2 25: 867 bought or addedQ2 25: 671 cut or sold outQ2 25Q3 25: 857 bought or addedQ3 25: 669 cut or sold outQ4 25: 906 bought or addedQ4 25: 633 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 2024672723
Q2 2024701674
Q3 2024789592
Q4 2024774633
Q1 2025818749
Q2 2025867671
Q3 2025857669
Q4 2025906633

Calls vs puts

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

CallsPuts
$0$100m$200m$300mQ1 25 calls: $266.9mQ1 25 puts: $40.0mQ1 25P/C 0.15Q2 25 calls: $283.0mQ2 25 puts: $28.7mQ2 25P/C 0.10Q3 25 calls: $289.0mQ3 25 puts: $23.4mQ3 25P/C 0.08Q4 25 calls: $249.6mQ4 25 puts: $24.0mQ4 25P/C 0.10
Numbers
QuarterCallsPutsP/C
Q1 2025$266.9m$40.0m0.15
Q2 2025$283.0m$28.7m0.10
Q3 2025$289.0m$23.4m0.08
Q4 2025$249.6m$24.0m0.10

Biggest buyers

Corient Private Wealth LP Added +765,487+765.5k
BNP PARIBAS FINANCIAL MARKETS Added +696,944+696.9k
BANK OF AMERICA CORP /DE/ Added +627,046+627.0k
LPL Financial LLC Added +345,129+345.1k
Focus Partners Wealth Added +332,031+332.0k
Baird Financial Group, Inc. Added +329,944+329.9k
Auto-Owners Insurance Co Added +311,500+311.5k
RAYMOND JAMES FINANCIAL INC Added +274,754+274.8k
JONES FINANCIAL COMPANIES LLLP Added +251,958+252.0k
WELLS FARGO & COMPANY/MN Added +204,501+204.5k

Biggest sellers

JPMORGAN CHASE & CO Reduced -5,182,378-5.2m
MANUFACTURERS LIFE INSURANCE COMPANY, THE Reduced -2,609,152-2.6m
Bell Bank Reduced -613,865-613.9k
WELLINGTON MANAGEMENT GROUP LLP Reduced -560,972-561.0k
Cornerstone Planning Group LLC Reduced -525,378-525.4k
Sanctuary Advisors, LLC Reduced -389,915-389.9k
REGIONS FINANCIAL CORP Reduced -231,479-231.5k
NorthCoast Asset Management LLC Sold out -204,576-204.6k
Mesirow Financial Investment Management, Inc. Reduced -152,187-152.2k
Employees' Retirement Fund of the City of Fort Worth Reduced -150,903-150.9k

Biggest calls

JANE STREET GROUP, LLC Added $155.6m1.1m shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $57.6m401.6k shares
IMC-Chicago, LLC Added $19.4m134.9k shares
CITADEL ADVISORS LLC Reduced $12.3m86.0k shares
Point72 Asset Management, L.P. New $3.3m22.8k shares
Walleye Trading LLC Reduced $1.1m7.6k shares
Twin Tree Management, LP Reduced $229.6k1.6k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $11.8m82.2k shares
CITADEL ADVISORS LLC Added $8.5m59.5k shares
Point72 Asset Management, L.P. New $2.6m17.8k shares
JANE STREET GROUP, LLC Added $1.1m7.5k 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 BANK OF AMERICA CORP /DE/ 0.13% of their portfolio CHARLOTTE, NC 12,528,88012.5m $1.8bn $1.8bn 0.13% Added +627.0k +627,046
2 MORGAN STANLEY 0.09% of their portfolio NEW YORK, NY 10,202,99610.2m $1.5bn $1.5bn 0.09% Added +161.3k +161,311
3 RAYMOND JAMES FINANCIAL INC 0.34% of their portfolio ST. PETERSBURG, FL 7,720,0067.7m $1.1bn $1.1bn 0.34% Added +274.8k +274,754
4 LPL Financial LLC 0.27% of their portfolio FORT MILL, SC 6,820,1196.8m $978.8m $978.8m 0.27% Added +345.1k +345,129
5 WELLS FARGO & COMPANY/MN 0.15% of their portfolio SAN FRANCISCO, CA 5,506,2575.5m $790.3m $790.3m 0.15% Added +204.5k +204,501
6 JPMORGAN CHASE & CO 0.05% of their portfolio NEW YORK, NY 5,363,0025.4m $769.7m $769.7m 0.05% Reduced -5.2m -5,182,378
7 AMERIPRISE FINANCIAL INC 0.14% of their portfolio MINNEAPOLIS, MN 4,187,8414.2m $601.6m $601.6m 0.14% Added +168.6k +168,579
8 Creative Planning 0.37% of their portfolio OVERLAND PARK, KS 3,618,7543.6m $519.4m $519.4m 0.37% Added +43.7k +43,718
9 ENVESTNET ASSET MANAGEMENT INC 0.15% of their portfolio Berwyn, PA 3,450,7623.5m $495.3m $495.3m 0.15% Added +27.6k +27,641
10 Wellspring Financial Advisors, LLC 6.11% of their portfolio CLEVELAND, OH 2,978,5033.0m $77.2m $77.2m 6.11% Added +70.1k +70,074
11 UBS Group AG 0.08% of their portfolio ZURICH, V8 2,878,2532.9m $413.1m $413.1m 0.08% Reduced -33.0k -33,030
12 MERCER GLOBAL ADVISORS INC /ADV 0.57% of their portfolio DENVER, CO 2,751,7272.8m $373.1m $373.1m 0.57% Added +105.5k +105,528
13 Cetera Investment Advisers 0.41% of their portfolio SCHAUMBURG, IL 2,645,1512.6m $379.6m $379.6m 0.41% Added +157.1k +157,063
14 JONES FINANCIAL COMPANIES LLLP 0.23% of their portfolio DES PERES, MO 2,595,2842.6m $372.5m $372.5m 0.23% Added +252.0k +251,958
15 ROYAL BANK OF CANADA 0.06% of their portfolio TORONTO, A6 2,491,6302.5m $357.6m $357.6m 0.06% Added +4.6k +4,556
16 COMMONWEALTH EQUITY SERVICES, LLC 0.45% of their portfolio WALTHAM, MA 2,374,3742.4m $340.8m $340.8m 0.45% Added +2.0k +2,049
17 VANTAGEPOINT INVESTMENT ADVISERS LLC 2.67% of their portfolio WASHINGTON, DC 2,314,9112.3m $332.2m $332.2m 2.67% Added +68.2k +68,167
18 Janney Montgomery Scott LLC 0.63% of their portfolio PHILADELPHIA, PA 1,913,4391.9m $274.6m $274.6m 0.63% Added +60.9k +60,880
19 GOLDMAN SACHS GROUP INC 0.04% of their portfolio NEW YORK, NY 1,869,9001.9m $268.4m $268.4m 0.04% Reduced -150.0k -149,967
20 SCS Capital Management LLC 2.29% of their portfolio BOSTON, MA 1,505,2501.5m $216.0m $216.0m 2.29% Reduced -6.0k -6,000
21 STIFEL FINANCIAL CORP 0.19% of their portfolio ST. LOUIS, MO 1,466,6681.5m $210.5m $210.5m 0.19% Added +101.5k +101,529
22 OSAIC HOLDINGS, INC. 0.31% of their portfolio SCOTTSDALE, AZ 1,455,0861.5m $208.9m $208.9m 0.31% Added +84.3k +84,346
23 Corient Private Wealth LP 0.14% of their portfolio MIAMI, FL 1,453,4041.5m $208.6m $208.6m 0.14% Added +765.5k +765,487
24 HighTower Advisors, LLC 0.22% of their portfolio CHICAGO, IL 1,420,3551.4m $203.8m $203.8m 0.22% Added +63.6k +63,617
25 Rakuten Investment Management, Inc. 0.67% of their portfolio TOKYO, M0 1,418,5541.4m $199.3m $199.3m 0.67% Unchanged
26 Pathstone Holdings, LLC 0.77% of their portfolio ENGLEWOOD, NJ 1,398,1071.4m $200.3m $200.3m 0.77% Reduced -6.3k -6,319
27 Howard Capital Management, LLC 2.10% of their portfolio Alpharetta, GA 1,132,9571.1m $162.6m $162.6m 2.10% Unchanged
28 Kestra Advisory Services, LLC 0.65% of their portfolio AUSTIN, TX 1,095,8001.1m $157.3m $157.3m 0.65% Added +22.9k +22,917
29 Cambridge Investment Research Advisors, Inc. 0.41% of their portfolio FAIRFIELD, IA 1,090,2301.1m $156.5m $156.5m 0.41% Added +83.2k +83,172
30 Auto-Owners Insurance Co 3.12% of their portfolio LANSING, MI 1,035,7001.0m $148.6m $148.6m 3.12% Added +311.5k +311,500
31 Joel Isaacson & Co., LLC 4.87% of their portfolio NEW YORK, NY 1,027,7961.0m $147.5m $147.5m 4.87% Added +49.9k +49,887
32 TRUIST FINANCIAL CORP 0.18% of their portfolio CHARLOTTE, NC 935,150935.1k $134.2m $134.2m 0.18% Reduced -3.6k -3,596
33 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.02% of their portfolio SAN FRANCISCO, CA 933,014933.0k $133.9m $133.9m 0.02% Added +33.1k +33,116
34 Baird Financial Group, Inc. 0.21% of their portfolio MILWAUKEE, WI 928,873928.9k $133.3m $133.3m 0.21% Added +329.9k +329,944
35 PNC Financial Services Group, Inc. 0.07% of their portfolio Pittsburgh, PA 909,000909.0k $130.5m $130.5m 0.07% Added +17.6k +17,565
36 Wharton Business Group, LLC 4.87% of their portfolio MALVERN, PA 892,467892.5k $128.1m $128.1m 4.87% Added +256 +256
37 D.A. DAVIDSON & CO. 0.73% of their portfolio GREAT FALLS, MT 829,110829.1k $119.0m $119.0m 0.73% Added +68.0k +67,954
38 CAPTRUST FINANCIAL ADVISORS 0.22% of their portfolio RALEIGH, NC 820,249820.2k $117.7m $117.7m 0.22% Added +22.2k +22,237
39 Florida Trust Wealth Management Co 3.13% of their portfolio SANIBEL, FL 790,209790.2k $113.4m $113.4m 3.13% Reduced -18.5k -18,475
40 Cerity Partners LLC 0.16% of their portfolio NEW YORK, NY 761,565761.6k $109.3m $109.3m 0.16% Added +201.5k +201,547
41 Martel Wealth Advisors LLC 17.79% of their portfolio VANCOUVER, WA 726,001726.0k $104.2m $104.2m 17.79% Added +17.5k +17,498
42 Allworth Financial LP 0.43% of their portfolio FOLSOM, CA 725,844725.8k $104.2m $104.2m 0.43% Reduced -3.4k -3,387
43 BANK OF MONTREAL /CAN/ 0.04% of their portfolio TORONTO, A6 708,721708.7k $101.7m $101.7m 0.04% Added +63.9k +63,918
44 One Day In July LLC 8.30% of their portfolio BURLINGTON, VT 704,387704.4k $101.1m $101.1m 8.30% Added +20.1k +20,077
45 BNP PARIBAS FINANCIAL MARKETS 0.06% of their portfolio PARIS, I0 700,928700.9k $100.6m $100.6m 0.06% Added +696.9k +696,944
46 ASSETMARK, INC 0.20% of their portfolio CONCORD, CA 698,050698.0k $100.2m $100.2m 0.20% Added +126.5k +126,550
47 Equitable Holdings, Inc. 0.64% of their portfolio NEW YORK, NY 653,253653.3k $93.8m $93.8m 0.64% Added +32.3k +32,299
48 HCR Wealth Advisors 9.13% of their portfolio LOS ANGELES, CA 642,119642.1k $92.2m $92.2m 9.13% Added +4.2k +4,156
49 Stratos Wealth Partners, LTD. 1.04% of their portfolio BEACHWOOD, OH 639,184639.2k $91.7m $91.7m 1.04% Reduced -7.4k -7,413
50 MML INVESTORS SERVICES, LLC 0.22% of their portfolio SPRINGFIELD, MA 627,137627.1k $90.0m $90.0m 0.22% Added +46.9k +46,941
51 SBI Securities Co., Ltd. 2.15% of their portfolio TOKYO, M0 582,800582.8k $83.6m $83.6m 2.15% Reduced -6.8k -6,798
52 Mariner, LLC 0.10% of their portfolio Overland Park, KS 569,968570.0k $81.8m $81.8m 0.10% Added +14.1k +14,130
53 MARINO, STRAM & ASSOCIATES LLC 14.26% of their portfolio BRAINTREE, MA 549,805549.8k $78.9m $78.9m 14.26% Added +6.1k +6,103
54 PINNACLE ASSOCIATES LTD 1.00% of their portfolio NEW YORK, NY 543,929543.9k $78.1m $78.1m 1.00% Added +6.2k +6,203
55 Focus Partners Wealth 0.09% of their portfolio ST LOUIS, MO 521,283521.3k $74.8m $74.8m 0.09% Added +332.0k +332,031
56 INSPIRION WEALTH ADVISORS, LLC 8.81% of their portfolio LIBERTYVILLE, IL 501,324501.3k $72.0m $72.0m 8.81% Added +70.0k +70,018
57 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.10% of their portfolio PLYMOUTH, MN 493,191493.2k $72.4m $72.4m 0.10% Added +3.6k +3,577
58 Steward Partners Investment Advisory, LLC 0.38% of their portfolio STAMFORD, CT 480,281480.3k $68.9m $68.9m 0.38% Added +5.2k +5,156
59 White Lighthouse Investment Management Inc. 9.45% of their portfolio BEDFORD, MA 471,838471.8k $67.7m $67.7m 9.45% Added +8.9k +8,910
60 Arlington Trust Co LLC 6.36% of their portfolio BIRMINGHAM, AL 434,636434.6k $62.4m $62.4m 6.36% Reduced -5.6k -5,572
61 AQR CAPITAL MANAGEMENT LLC 0.03% of their portfolio Greenwich, CT 417,062417.1k $59.9m $59.9m 0.03% Added +15.5k +15,486
62 Mesirow Financial Investment Management, Inc. 1.17% of their portfolio CHICAGO, IL 396,265396.3k $56.9m $56.9m 1.17% Reduced -152.2k -152,187
63 Smithfield Trust Co 2.48% of their portfolio PITTSBURGH, PA 390,509390.5k $56.0m $56.0m 2.48% Reduced -4.7k -4,711
64 Private Advisor Group, LLC 0.25% of their portfolio MORRISTOWN, NJ 376,884376.9k $54.1m $54.1m 0.25% Reduced -7.1k -7,068
65 HANCOCK WHITNEY CORP 0.96% of their portfolio GULFPORT, MS 371,228371.2k $53.3m $53.3m 0.96% Added +2.0k +2,030
66 Cornerstone Advisory, LLC 4.73% of their portfolio HUNT VALLEY, MD 345,556345.6k $49.6m $49.6m 4.73% Reduced -1.1k -1,138
67 Waverly Advisors, LLC 0.40% of their portfolio BIRMINGHAM, AL 342,801342.8k $49.2m $49.2m 0.40% Reduced -3.8k -3,783
68 Operose Advisors LLC 11.39% of their portfolio MILWAUKEE, WI 340,681340.7k $48.9m $48.9m 11.39% Reduced -10.1k -10,104
69 Waldron Private Wealth LLC 1.91% of their portfolio BRIDGEVILLE, PA 337,278337.3k $48.4m $48.4m 1.91% Reduced -7.7k -7,670
70 UNITED SERVICES AUTOMOBILE ASSOCIATION 3.05% of their portfolio SAN ANTONIO, TX 336,132336.1k $48.2m $48.2m 3.05% Added +123.3k +123,278
71 NewEdge Advisors, LLC 0.17% of their portfolio NEW ORLEANS, LA 331,827331.8k $47.6m $47.6m 0.17% Added +4.3k +4,311
72 MONETA GROUP INVESTMENT ADVISORS LLC 0.36% of their portfolio ST LOUIS, MO 327,388327.4k $47.0m $47.0m 0.36% Added +26.2k +26,249
73 MBM WEALTH CONSULTANTS, LLC 11.16% of their portfolio CHESTERFIELD, MO 326,990327.0k $46.9m $46.9m 11.16% Reduced -376 -376
74 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.03% of their portfolio MILWAUKEE, WI 323,090323.1k $46.4m $46.4m 0.03% Added +18.1k +18,084
75 Wealthcare Advisory Partners LLC 0.90% of their portfolio WEST CHESTER, PA 319,399319.4k $45.8m $45.8m 0.90% Added +196.6k +196,560
76 Baltimore-Washington Financial Advisors, Inc. 1.90% of their portfolio Columbia, MD 318,956319.0k $45.8m $45.8m 1.90% Reduced -11.3k -11,296
77 Zhang Financial LLC 1.68% of their portfolio PORTAGE, MI 314,048314.0k $45.1m $45.1m 1.68% Reduced -2.9k -2,940
78 M&T Bank Corp 0.14% of their portfolio BUFFALO, NY 311,151311.2k $44.7m $44.7m 0.14% Added +12.5k +12,473
79 Round Rock Advisors LLC 6.64% of their portfolio WILTON, CT 307,633307.6k $44.2m $44.2m 6.64% Added +4.6k +4,596
80 Pinnacle Wealth Management Advisory Group, LLC 3.01% of their portfolio RED BANK, NJ 304,969305.0k $43.8m $43.8m 3.01% Added +3.5k +3,545
81 Twele Capital Management, Inc. 7.66% of their portfolio MINNETONKA, MN 298,771298.8k $42.9m $42.9m 7.66% Added +2.2k +2,198
82 DAVENPORT & Co LLC 0.23% of their portfolio RICHMOND, VA 297,403297.4k $42.7m $42.7m 0.23% Added +27.7k +27,700
83 FMR LLC 0.00% of their portfolio BOSTON, MA 295,710295.7k $42.4m $42.4m 0.00% Added +31.6k +31,593
84 Apella Capital, LLC 0.82% of their portfolio WEST HARTFORD, CT 289,443289.4k $41.5m $41.5m 0.82% Added +8.9k +8,864
85 RWA WEALTH PARTNERS, LLC 0.45% of their portfolio BOSTON, MA 289,191289.2k $41.5m $41.5m 0.45% Added +202.0k +202,003
86 SEI INVESTMENTS CO 0.04% of their portfolio OAKS, PA 280,996281.0k $40.3m $40.3m 0.04% Added +11.0k +11,047
87 KEYBANK NATIONAL ASSOCIATION/OH 0.14% of their portfolio BROOKLYN, OH 279,427279.4k $40.1m $40.1m 0.14% Added +26.1k +26,117
88 Merit Financial Group, LLC 0.32% of their portfolio ALPHARETTA, GA 278,479278.5k $40.0m $40.0m 0.32% Added +6.8k +6,776
89 ACT WEALTH MANAGEMENT, LLC 12.71% of their portfolio PLANO, TX 270,704270.7k $38.9m $38.9m 12.71% Added +6.5k +6,495
90 Heartwood Wealth Advisors LLC 3.54% of their portfolio RICHMOND, VA 267,804267.8k $38.4m $38.4m 3.54% Added +3.2k +3,186
91 Lido Advisors, LLC 0.15% of their portfolio Los Angeles, CA 260,827260.8k $36.9m $36.9m 0.15% Added +30.8k +30,837
92 NEW ENGLAND ASSET MANAGEMENT INC 4.71% of their portfolio FARMINGTON, CT 250,940250.9k $36.0m $36.0m 4.71% Unchanged
93 Crews Bank & Trust 5.09% of their portfolio PORT CHARLOTTE, FL 248,065248.1k $35.6m $35.6m 5.09% Added +8.1k +8,069
94 Human Investing LLC 5.00% of their portfolio LAKE OSWEGO, OR 246,463246.5k $35.4m $35.4m 5.00% Added +187 +187
95 Valmark Advisers, Inc. 0.43% of their portfolio AKRON, OH 244,332244.3k $35.1m $35.1m 0.43% Added +38.7k +38,726
96 Sanctuary Advisors, LLC 0.19% of their portfolio INDIANAPOLIS, IN 243,840243.8k $35.0m $35.0m 0.19% Reduced -389.9k -389,915
97 Focus Financial Network, Inc. 1.16% of their portfolio MINNEAPOLIS, MN 232,245232.2k $33.3m $33.3m 1.16% Added +16.6k +16,630
98 Conservest Capital Advisors, Inc. 2.98% of their portfolio WYNNEWOOD, PA 230,157230.2k $33.0m $33.0m 2.98% Added +1.1k +1,082
99 Beacon Pointe Advisors, LLC 0.23% of their portfolio NEWPORT BEACH, CA 229,437229.4k $32.9m $32.9m 0.23% Added +2.4k +2,366
100 Forum Private Client Group LLC 10.85% of their portfolio FISHERS, IN 221,838221.8k $31.8m $31.8m 10.85% Added +11.2k +11,190