Vault-13

VANGUARD INTL EQUITY INDEX F VWO

FTSE EMR MKT ETF · ETP · CUSIP 922042858

2,272 institutional holders +50 vs Q1 2025
1,338,468,3521.3bn shares reported held*
$66.2bnreported value*
134 new 988 added 859 reduced 93 sold out net bought ≈ $2.0bn (+34.6m 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 ($71.6m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $49.49. Options: 7 managers hold calls ($49.6m notional), 5 hold puts ($55.2m).

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

01k2k3kQ3 22: 1,788Q4 22: 1,905Q1 23: 1,919Q2 23: 1,945Q3 23: 1,921Q4 23: 2,057Q1 24: 2,039Q2 24: 2,062Q3 24: 2,095Q4 24: 2,241Q1 25: 2,222Q2 25: 2,2722,272Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 20221,788
Q4 20221,905
Q1 20231,919
Q2 20231,945
Q3 20231,921
Q4 20232,057
Q1 20242,039
Q2 20242,062
Q3 20242,095
Q4 20242,241
Q1 20252,222
Q2 20252,272

Buyers vs sellers

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

Bought or addedCut or sold out
2k02kQ3 23: 949 bought or addedQ3 23: 842 cut or sold outQ4 23: 897 bought or addedQ4 23: 912 cut or sold outQ4 23Q1 24: 959 bought or addedQ1 24: 966 cut or sold outQ2 24: 937 bought or addedQ2 24: 965 cut or sold outQ2 24Q3 24: 1,000 bought or addedQ3 24: 933 cut or sold outQ4 24: 1,113 bought or addedQ4 24: 838 cut or sold outQ4 24Q1 25: 1,101 bought or addedQ1 25: 989 cut or sold outQ2 25: 1,122 bought or addedQ2 25: 952 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 2023949842
Q4 2023897912
Q1 2024959966
Q2 2024937965
Q3 20241,000933
Q4 20241,113838
Q1 20251,101989
Q2 20251,122952

Calls vs puts

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

CallsPuts
$0$50m$100m$150mQ3 24 calls: $65.9mQ3 24 puts: $95.1mQ3 24P/C 1.44Q4 24 calls: $110.0mQ4 24 puts: $54.1mQ4 24P/C 0.49Q1 25 calls: $60.2mQ1 25 puts: $51.4mQ1 25P/C 0.85Q2 25 calls: $49.6mQ2 25 puts: $55.2mQ2 25P/C 1.11
Numbers
QuarterCallsPutsP/C
Q3 2024$65.9m$95.1m1.44
Q4 2024$110.0m$54.1m0.49
Q1 2025$60.2m$51.4m0.85
Q2 2025$49.6m$55.2m1.11

Biggest buyers

ROYAL BANK OF CANADA Added +13,573,543+13.6m
BANK OF AMERICA CORP /DE/ Added +3,796,239+3.8m
Gallagher Fiduciary Advisors, LLC Added +3,235,502+3.2m
VANGUARD GROUP INC Added +3,194,696+3.2m
NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Added +3,096,579+3.1m
Jasper Ridge Partners, L.P. Added +2,891,204+2.9m
Rockefeller Capital Management L.P. Added +2,544,109+2.5m
SCHRODER INVESTMENT MANAGEMENT GROUP Added +2,173,157+2.2m
WIT, LLC Added +2,036,640+2.0m
MORGAN STANLEY Added +1,995,202+2.0m

Biggest sellers

New Vernon Capital Holdings II LLC Reduced -8,580,105-8.6m
Alaska Permanent Fund Corp Sold out -5,118,100-5.1m
Betterment LLC Reduced -3,234,942-3.2m
TEACHER RETIREMENT SYSTEM OF TEXAS Sold out -2,358,513-2.4m
GOLDMAN SACHS GROUP INC Reduced -1,962,239-2.0m
Ellevest, Inc. Reduced -1,477,847-1.5m
WealthNavi Inc. Reduced -1,169,682-1.2m
Monashee Investment Management LLC Sold out -1,126,060-1.1m
Millburn Ridgefield LLC /DE/ Reduced -840,124-840.1k
Catalyst Capital Advisors LLC Reduced -840,124-840.1k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $29.1m588.2k shares
CITADEL ADVISORS LLC Reduced $5.6m113.2k shares
BARCLAYS PLC Reduced $5.1m103.2k shares
WELLS FARGO & COMPANY/MN Reduced $4.7m94.2k shares
UBS Group AG New $4.4m89.5k shares
BANK OF AMERICA CORP /DE/ New $509.4k10.3k shares
Twin Tree Management, LP Added $207.7k4.2k shares

Biggest puts

WELLS FARGO & COMPANY/MN Added $38.5m778.9k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $12.9m261.8k shares
CITADEL ADVISORS LLC Added $2.7m53.7k shares
JANE STREET GROUP, LLC Added $1.1m22.3k shares
BANK OF AMERICA CORP /DE/ New $4.9k100 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 BANK OF AMERICA CORP /DE/ 0.45% of their portfolio CHARLOTTE, NC 112,824,327112.8m $5.6bn $5.6bn 0.45% Added +3.8m +3,796,239
2 VANGUARD GROUP INC 0.06% of their portfolio Valley Forge, PA 74,185,53874.2m $3.7bn $3.7bn 0.06% Added +3.2m +3,194,696
3 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 2.58% of their portfolio MILWAUKEE, WI 71,616,77271.6m $3.5bn $3.5bn 2.58% Added +3.1m +3,096,579
4 Betterment LLC 5.54% of their portfolio NEW YORK, NY 52,572,12752.6m $2.6bn $2.6bn 5.54% Reduced -3.2m -3,234,942
5 MORGAN STANLEY 0.16% of their portfolio NEW YORK, NY 49,164,71649.2m $2.4bn $2.4bn 0.16% Added +2.0m +1,995,202
6 Wealthfront Advisers LLC 5.79% of their portfolio Palo Alto, CA 45,479,37245.5m $2.2bn $2.2bn 5.79% Added +59.3k +59,298
7 NORTHERN TRUST CORP 0.30% of their portfolio CHICAGO, IL 44,069,40844.1m $2.2bn $2.2bn 0.30% Added +549.0k +549,043
8 ENVESTNET ASSET MANAGEMENT INC 0.64% of their portfolio Berwyn, PA 44,048,57844.0m $2.2bn $2.2bn 0.64% Added +243.0k +243,030
9 WELLS FARGO & COMPANY/MN 0.47% of their portfolio SAN FRANCISCO, CA 42,922,65442.9m $2.1bn $2.1bn 0.47% Added +209.8k +209,754
10 WIT, LLC 44.70% of their portfolio DISTRICT OF COLUMBIA, DC 36,463,36436.5m $1.8bn $1.8bn 44.70% Added +2.0m +2,036,640
11 Empower Advisory Group, LLC 5.12% of their portfolio Greenwood Village, CO 34,535,10534.5m $1.7bn $1.7bn 5.12% Added +452.1k +452,134
12 ROYAL BANK OF CANADA 0.13% of their portfolio TORONTO, A6 26,756,44426.8m $1.3bn $1.3bn 0.13% Added +13.6m +13,573,543
13 Financial Engines Advisors L.L.C. 2.39% of their portfolio SANTA CLARA, CA 24,203,66624.2m $1.2bn $1.2bn 2.39% Reduced -28.2k -28,228
14 Creative Planning 0.80% of their portfolio OVERLAND PARK, KS 18,875,38318.9m $933.6m $933.6m 0.80% Reduced -132.7k -132,718
15 UBS Group AG 0.19% of their portfolio ZURICH, V8 18,562,11318.6m $918.1m $918.1m 0.19% Added +1.1m +1,122,936
16 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 1.42% of their portfolio PLYMOUTH, MN 17,096,84217.1m $855.2m $855.2m 1.42% Added +1.4m +1,399,523
17 LPL Financial LLC 0.26% of their portfolio FORT MILL, SC 16,011,66216.0m $791.9m $791.9m 0.26% Added +1.1m +1,085,309
18 WealthNavi Inc. 7.80% of their portfolio Shinagawa-ku, TOKYO, M0 15,653,25015.7m $774.2m $774.2m 7.80% Reduced -1.2m -1,169,682
19 GOLDMAN SACHS GROUP INC 0.12% of their portfolio NEW YORK, NY 14,613,63114.6m $722.8m $722.8m 0.12% Reduced -2.0m -1,962,239
20 South Dakota Investment Council 13.31% of their portfolio SIOUX FALLS, SD 14,033,30214.0m $694.1m $694.1m 13.31% Added +7.4k +7,389
21 Mariner, LLC 0.94% of their portfolio Overland Park, KS 13,177,45613.2m $651.7m $651.7m 0.94% Added +168.4k +168,413
22 MERCER GLOBAL ADVISORS INC /ADV 1.42% of their portfolio DENVER, CO 12,800,92712.8m $633.1m $633.1m 1.42% Added +1.0m +1,045,218
23 JPMORGAN CHASE & CO 0.04% of their portfolio NEW YORK, NY 12,608,18112.6m $623.6m $623.6m 0.04% Added +175.2k +175,239
24 SEI INVESTMENTS CO 0.65% of their portfolio OAKS, PA 11,359,50611.4m $561.8m $561.8m 0.65% Reduced -321.0k -320,995
25 Bank of New York Mellon Corp 0.10% of their portfolio NEW YORK, NY 10,999,00811.0m $544.0m $544.0m 0.10% Reduced -203.2k -203,184
26 PNC Financial Services Group, Inc. 0.33% of their portfolio Pittsburgh, PA 10,217,59810.2m $505.4m $505.4m 0.33% Reduced -48.2k -48,168
27 TIAA TRUST, NATIONAL ASSOCIATION 1.23% of their portfolio CHARLOTTE, NC 9,530,2449.5m $471.4m $471.4m 1.23% Reduced -503.0k -503,048
28 AMERIPRISE FINANCIAL INC 0.12% of their portfolio MINNEAPOLIS, MN 9,444,7109.4m $466.8m $466.8m 0.12% Added +1.1m +1,136,775
29 Wealthspire Advisors, LLC 2.32% of their portfolio NEW YORK, NY 8,339,2848.3m $412.5m $412.5m 2.32% Added +3.2k +3,180
30 US BANCORP \DE\ 0.47% of their portfolio MINNEAPOLIS, MN 7,488,0727.5m $370.4m $370.4m 0.47% Added +113.5k +113,498
31 COMMONWEALTH EQUITY SERVICES, LLC 0.48% of their portfolio WALTHAM, MA 7,381,4877.4m $365.1m $365.1m 0.48% Reduced -174.7k -174,686
32 Millburn Ridgefield LLC /DE/ 8.06% of their portfolio New York, NY 6,769,0656.8m $334.8m $334.8m 8.06% Reduced -840.1k -840,124
33 Catalyst Capital Advisors LLC 6.76% of their portfolio San Juan, PR 6,769,0656.8m $334.8m $334.8m 6.76% Reduced -840.1k -840,124
34 CITIGROUP INC 0.23% of their portfolio NEW YORK, NY 6,768,1666.8m $334.8m $334.8m 0.23% Reduced -46.6k -46,601
35 RAYMOND JAMES FINANCIAL INC 0.11% of their portfolio ST. PETERSBURG, FL 6,523,3406.5m $322.6m $322.6m 0.11% Added +162.8k +162,788
36 Jasper Ridge Partners, L.P. 7.74% of their portfolio MENLO PARK, CA 6,256,9036.3m $309.5m $309.5m 7.74% Added +2.9m +2,891,204
37 Nicholas Hoffman & Company, LLC. 7.86% of their portfolio ATLANTA, GA 6,149,0006.1m $304.1m $304.1m 7.86% Added +1.2m +1,212,236
38 Corient Private Wealth LP 0.39% of their portfolio MIAMI, FL 5,973,3566.0m $293.2m $293.2m 0.39% Reduced -499.7k -499,673
39 EP Wealth Advisors, LLC 1.93% of their portfolio TORRANCE, CA 5,938,6675.9m $293.7m $293.7m 1.93% Added +526.0k +525,971
40 Envestnet Portfolio Solutions, Inc. 0.94% of their portfolio BERWYN, PA 5,144,2395.1m $254.4m $254.4m 0.94% Reduced -619.8k -619,832
41 Baird Financial Group, Inc. 0.44% of their portfolio MILWAUKEE, WI 5,112,5125.1m $252.9m $252.9m 0.44% Added +434.9k +434,937
42 HighTower Advisors, LLC 0.30% of their portfolio CHICAGO, IL 4,865,1244.9m $240.6m $240.6m 0.30% Reduced -174.8k -174,847
43 STIFEL FINANCIAL CORP 0.22% of their portfolio ST. LOUIS, MO 4,557,9254.6m $225.4m $225.4m 0.22% Reduced -15.5k -15,544
44 Rockefeller Capital Management L.P. 0.25% of their portfolio NEW YORK, NY 4,333,2824.3m $214.3m $214.3m 0.25% Added +2.5m +2,544,109
45 Valmark Advisers, Inc. 2.96% of their portfolio AKRON, OH 4,294,1674.3m $212.4m $212.4m 2.96% Reduced -20.1k -20,095
46 SIGNATUREFD, LLC 3.50% of their portfolio ATLANTA, GA 4,141,8884.1m $204.9m $204.9m 3.50% Added +117.2k +117,175
47 RWA WEALTH PARTNERS, LLC 2.40% of their portfolio BOSTON, MA 3,880,4683.9m $191.9m $191.9m 2.40% Added +328.2k +328,216
48 BOKF, NA 3.02% of their portfolio TULSA, OK 3,768,5613.8m $186.4m $186.4m 3.02% Added +652.1k +652,119
49 Elm Partners Management LLC 10.81% of their portfolio Philadelphia, PA 3,764,9893.8m $186.2m $186.2m 10.81% Added +560.2k +560,232
50 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.16% of their portfolio Toronto, A6 3,687,2203.7m $182.4m $182.4m 0.16% Added +174.9k +174,872
51 SCS Capital Management LLC 2.02% of their portfolio BOSTON, MA 3,682,8363.7m $182.2m $182.2m 2.02% Reduced -121.2k -121,244
52 HUNTINGTON NATIONAL BANK 1.14% of their portfolio COLUMBUS, OH 3,515,8963.5m $173.9m $173.9m 1.14% Added +149.5k +149,471
53 Cetera Investment Advisers 0.29% of their portfolio SCHAUMBURG, IL 3,426,7553.4m $169.5m $169.5m 0.29% Added +213.1k +213,095
54 JONES FINANCIAL COMPANIES LLLP 0.13% of their portfolio DES PERES, MO 3,403,1803.4m $168.2m $168.2m 0.13% Added +272.7k +272,686
55 SCHRODER INVESTMENT MANAGEMENT GROUP 0.14% of their portfolio London, X0 3,359,7223.4m $165.9m $165.9m 0.14% Added +2.2m +2,173,157
56 MAI Capital Management 1.15% of their portfolio INDEPENDENCE, OH 3,344,3133.3m $165.4m $165.4m 1.15% Reduced -16.1k -16,147
57 Gallagher Fiduciary Advisors, LLC 0.00% of their portfolio ROLLING MEADOWS, IL 3,304,7503.3m $69.9k $69.9k 0.00% Added +3.2m +3,235,502
58 REGIONS FINANCIAL CORP 1.11% of their portfolio BIRMINGHAM, AL 3,270,4273.3m $161.8m $161.8m 1.11% Added +150.7k +150,652
59 BRIDGES INVESTMENT MANAGEMENT INC 2.16% of their portfolio OMAHA, NE 3,226,1543.2m $159.6m $159.6m 2.16% Added +63.5k +63,497
60 Sand Hill Global Advisors, LLC 5.84% of their portfolio Palo Alto, CA 3,182,8113.2m $157.4m $157.4m 5.84% Reduced -74.7k -74,664
61 Focus Partners Wealth 0.34% of their portfolio ST LOUIS, MO 3,170,7083.2m $156.8m $156.8m 0.34% Added +181.3k +181,264
62 BANK OF MONTREAL /CAN/ 0.08% of their portfolio TORONTO, A6 3,110,1933.1m $153.8m $153.8m 0.08% Added +7.8k +7,791
63 Facet Wealth, Inc. 3.44% of their portfolio WEST PALM BEACH, FL 3,043,9863.0m $151.6m $151.6m 3.44% Added +985.6k +985,600
64 VOYA INVESTMENT MANAGEMENT LLC 0.15% of their portfolio ATLANTA, GA 3,006,4373.0m $148.7m $148.7m 0.15% Added +6.6k +6,621
65 Cerity Partners LLC 0.26% of their portfolio NEW YORK, NY 2,966,8973.0m $146.7m $146.7m 0.26% Reduced -61.4k -61,386
66 JMG Financial Group, Ltd. 4.33% of their portfolio DOWNERS GROVE, IL 2,889,0572.9m $142.9m $142.9m 4.33% Added +13.7k +13,673
67 MML INVESTORS SERVICES, LLC 0.40% of their portfolio SPRINGFIELD, MA 2,788,9232.8m $137.9m $137.9m 0.40% Added +168.9k +168,879
68 CHOREO, LLC 1.90% of their portfolio ROCKFORD, IL 2,757,7802.8m $136.4m $136.4m 1.90% Reduced -102.7k -102,689
69 CIBC Private Wealth Group LLC 0.24% of their portfolio ATLANTA, GA 2,752,2832.8m $136.1m $136.1m 0.24% Reduced -87.5k -87,522
70 Ballentine Partners, LLC 2.04% of their portfolio Waltham, MA 2,732,8372.7m $135.2m $135.2m 2.04% Added +141.4k +141,386
71 CLIFTONLARSONALLEN WEALTH ADVISORS, LLC 2.24% of their portfolio MINNEAPOLIS, MN 2,697,6972.7m $133.4m $133.4m 2.24% Added +171.4k +171,389
72 Wedmont Private Capital 5.52% of their portfolio WEST CHESTER, PA 2,608,0702.6m $129.4m $129.4m 5.52% Added +149.7k +149,662
73 KEYBANK NATIONAL ASSOCIATION/OH 0.48% of their portfolio BROOKLYN, OH 2,591,5432.6m $128.2m $128.2m 0.48% Reduced -30.1k -30,060
74 M&T Bank Corp 0.44% of their portfolio BUFFALO, NY 2,584,0502.6m $127.8m $127.8m 0.44% Reduced -57.8k -57,813
75 ALLIANCEBERNSTEIN L.P. 0.04% of their portfolio NASHVILLE, TN 2,499,1832.5m $123.6m $123.6m 0.04% Added +73.6k +73,604
76 BLB&B Advisors, LLC 5.75% of their portfolio MONTGOMERYVILLE, PA 2,490,4392.5m $123.2m $123.2m 5.75% Added +8.5k +8,535
77 OSAIC HOLDINGS, INC. 0.21% of their portfolio SCOTTSDALE, AZ 2,383,1742.4m $117.9m $117.9m 0.21% Added +260.4k +260,382
78 CAMBRIDGE ASSOCIATES LLC /MA/ /ADV 2.51% of their portfolio BOSTON, MA 2,298,7082.3m $113.8m $113.8m 2.51% Added +16.3k +16,293
79 NEPC LLC 2.80% of their portfolio Boston, MA 2,234,6552.2m $110.5m $110.5m 2.80% Added +121.3k +121,280
80 LINCOLN NATIONAL CORP 3.22% of their portfolio RADNOR, PA 2,144,5272.1m $106.1m $106.1m 3.22% Added +169.8k +169,796
81 Badgley Phelps Wealth Managers, LLC 2.29% of their portfolio SEATTLE, WA 2,093,7162.1m $103.6m $103.6m 2.29% Reduced -8.6k -8,646
82 Fusion Family Wealth, LLC 8.73% of their portfolio WOODBURY, NY 2,087,3302.1m $103.2m $103.2m 8.73% Reduced -84.1k -84,129
83 Pure Financial Advisors, LLC 1.82% of their portfolio SAN DIEGO, CA 2,086,2252.1m $103.2m $103.2m 1.82% Added +72.8k +72,772
84 VICTORY CAPITAL MANAGEMENT INC 0.06% of their portfolio San Antonio, TX 1,939,9121.9m $95.9m $95.9m 0.06% Reduced -294.1k -294,107
85 Pathstone Holdings, LLC 0.37% of their portfolio ENGLEWOOD, NJ 1,933,5061.9m $94.3m $94.3m 0.37% Added +108.0k +108,033
86 Steele Capital Management, Inc. 4.49% of their portfolio DUBUQUE, IA 1,891,8391.9m $93.6m $93.6m 4.49% Added +22.5k +22,513
87 Cerity Partners OCIO LLC 5.17% of their portfolio New York, NY 1,884,4531.9m $93.2m $93.2m 5.17% Reduced -106.1k -106,127
88 Bridgewater Associates, LP 0.37% of their portfolio Westport, CT 1,836,4601.8m $90.8m $90.8m 0.37% Reduced -336.8k -336,753
89 TRUIST FINANCIAL CORP 0.13% of their portfolio CHARLOTTE, NC 1,808,2091.8m $89.4m $89.4m 0.13% Reduced -70.7k -70,657
90 FMR LLC 0.00% of their portfolio BOSTON, MA 1,768,1471.8m $87.5m $87.5m 0.00% Reduced -5.5k -5,483
91 Money Design Co.,Ltd. 4.06% of their portfolio TOKYO, M0 1,757,2121.8m $86.9m $86.9m 4.06% Added +41.5k +41,483
92 MATHER GROUP, LLC. 0.92% of their portfolio CHICAGO, IL 1,746,2131.7m $86.4m $86.4m 0.92% Reduced -63.5k -63,484
93 Modera Wealth Management, LLC 1.07% of their portfolio WESTWOOD, NJ 1,745,6961.7m $86.3m $86.3m 1.07% Reduced -31.2k -31,202
94 Janney Montgomery Scott LLC 0.22% of their portfolio PHILADELPHIA, PA 1,708,1511.7m $84.5m $84.5m 0.22% Added +216.2k +216,233
95 FIFTH THIRD BANCORP 0.29% of their portfolio CINCINNATI, OH 1,680,5761.7m $83.1m $83.1m 0.29% Added +78.6k +78,596
96 D.A. DAVIDSON & CO. 0.58% of their portfolio GREAT FALLS, MT 1,676,5351.7m $82.9m $82.9m 0.58% Added +45.4k +45,416
97 FARMERS & MERCHANTS INVESTMENTS INC 2.39% of their portfolio LINCOLN, NE 1,658,3741.7m $82.0m $82.0m 2.39% Added +57.0k +56,990
98 Willis Johnson & Associates, Inc. 5.48% of their portfolio Houston, TX 1,630,9271.6m $80.7m $80.7m 5.48% Added +92.6k +92,634
99 COUNTRY TRUST BANK 1.75% of their portfolio Bloomington, IL 1,581,2921.6m $78.2m $78.2m 1.75% Added +84.6k +84,558
100 COMERICA BANK 0.30% of their portfolio DALLAS, TX 1,567,3971.6m $77.5m $77.5m 0.30% Added +462.8k +462,782