Vault-13

VANGUARD INTL EQUITY INDEX F VWO

FTSE EMR MKT ETF · ETP · CUSIP 922042858

2,310 institutional holders +38 vs Q2 2025
1,356,570,6151.4bn shares reported held*
$73.7bnreported value*
126 new 1,051 added 849 reduced 67 sold out net bought ≈ $1.7bn (+27.5m 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 ($78.3m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $54.34. Options: 9 managers hold calls ($40.3m notional), 7 hold puts ($59.7m).

Trends to Q3 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: 2,272Q3 25: 2,3102,310Q3 22Q2 23Q1 24Q4 24Q3 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
Q3 20252,310

Buyers vs sellers

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

Bought or addedCut or sold out
2k02kQ4 23: 897 bought or addedQ4 23: 912 cut or sold outQ1 24: 959 bought or addedQ1 24: 966 cut or sold outQ1 24Q2 24: 937 bought or addedQ2 24: 965 cut or sold outQ3 24: 1,000 bought or addedQ3 24: 933 cut or sold outQ3 24Q4 24: 1,113 bought or addedQ4 24: 838 cut or sold outQ1 25: 1,101 bought or addedQ1 25: 989 cut or sold outQ1 25Q2 25: 1,122 bought or addedQ2 25: 952 cut or sold outQ3 25: 1,177 bought or addedQ3 25: 916 cut or sold outQ3 25
Numbers
QuarterBought or addedCut or sold out
Q4 2023897912
Q1 2024959966
Q2 2024937965
Q3 20241,000933
Q4 20241,113838
Q1 20251,101989
Q2 20251,122952
Q3 20251,177916

Calls vs puts

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

CallsPuts
$0$50m$100m$150mQ4 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 1.11Q3 25 calls: $40.3mQ3 25 puts: $59.7mQ3 25P/C 1.48
Numbers
QuarterCallsPutsP/C
Q4 2024$110.0m$54.1m0.49
Q1 2025$60.2m$51.4m0.85
Q2 2025$49.6m$55.2m1.11
Q3 2025$40.3m$59.7m1.48

Biggest buyers

JPMORGAN CHASE & CO Added +17,419,241+17.4m
NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Added +3,217,413+3.2m
VANGUARD GROUP INC Added +2,868,142+2.9m
MERCER GLOBAL ADVISORS INC /ADV Added +2,503,000+2.5m
VANTAGEPOINT INVESTMENT ADVISERS LLC New +2,360,713+2.4m
SUMITOMO LIFE INSURANCE CO New +2,105,573+2.1m
WELLS FARGO & COMPANY/MN Added +2,063,591+2.1m
CBIZ Investment Advisory Services, LLC Added +1,974,971+2.0m
WIT, LLC Added +1,939,188+1.9m
MORGAN STANLEY Added +1,819,742+1.8m

Biggest sellers

ROYAL BANK OF CANADA Reduced -13,299,343-13.3m
ENVESTNET ASSET MANAGEMENT INC Reduced -7,688,888-7.7m
Gallagher Fiduciary Advisors, LLC Sold out -3,304,750-3.3m
South Dakota Investment Council Reduced -2,190,836-2.2m
VOYA INVESTMENT MANAGEMENT LLC Reduced -1,655,515-1.7m
Rockefeller Capital Management L.P. Reduced -1,566,838-1.6m
Empowered Funds, LLC Reduced -1,342,995-1.3m
VICTORY CAPITAL MANAGEMENT INC Reduced -847,056-847.1k
TECTONIC ADVISORS LLC Reduced -797,478-797.5k
BNP PARIBAS FINANCIAL MARKETS Reduced -735,837-735.8k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $11.6m213.4k shares
WELLS FARGO & COMPANY/MN Added $8.4m155.7k shares
BARCLAYS PLC Added $8.3m153.5k shares
UBS Group AG Reduced $4.6m85.2k shares
JANE STREET GROUP, LLC New $2.7m49.5k shares
CITADEL ADVISORS LLC Reduced $2.6m47.2k shares
Jefferies Financial Group Inc. New $1.4m26.2k shares
CAPITAL FUND MANAGEMENT S.A. New $644.7k11.9k shares
Twin Tree Management, LP Reduced $75.9k1.4k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $19.9m367.6k shares
BARCLAYS PLC New $15.1m277.8k shares
BANK OF AMERICA CORP /DE/ Added $10.1m186.4k shares
WELLS FARGO & COMPANY/MN Reduced $6.4m117.9k shares
CITADEL ADVISORS LLC Added $4.8m88.9k shares
JANE STREET GROUP, LLC Added $2.6m48.8k shares
CAPITAL FUND MANAGEMENT S.A. New $742.3k13.7k 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 BANK OF AMERICA CORP /DE/ 0.46% of their portfolio CHARLOTTE, NC 114,353,764114.4m $6.2bn $6.2bn 0.46% Added +1.5m +1,529,437
2 VANGUARD GROUP INC 0.06% of their portfolio Valley Forge, PA 77,053,68077.1m $4.2bn $4.2bn 0.06% Added +2.9m +2,868,142
3 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 2.70% of their portfolio MILWAUKEE, WI 74,834,18574.8m $4.1bn $4.1bn 2.70% Added +3.2m +3,217,413
4 Betterment LLC 5.62% of their portfolio NEW YORK, NY 52,475,30352.5m $2.8bn $2.8bn 5.62% Reduced -96.8k -96,824
5 MORGAN STANLEY 0.17% of their portfolio NEW YORK, NY 50,984,45851.0m $2.8bn $2.8bn 0.17% Added +1.8m +1,819,742
6 Wealthfront Advisers LLC 6.01% of their portfolio Palo Alto, CA 47,270,13847.3m $2.6bn $2.6bn 6.01% Added +1.8m +1,790,766
7 WELLS FARGO & COMPANY/MN 0.50% of their portfolio SAN FRANCISCO, CA 44,986,24545.0m $2.4bn $2.4bn 0.50% Added +2.1m +2,063,591
8 NORTHERN TRUST CORP 0.31% of their portfolio CHICAGO, IL 44,301,34544.3m $2.4bn $2.4bn 0.31% Added +231.9k +231,937
9 WIT, LLC 47.13% of their portfolio DISTRICT OF COLUMBIA, DC 38,402,55238.4m $2.1bn $2.1bn 47.13% Added +1.9m +1,939,188
10 ENVESTNET ASSET MANAGEMENT INC 0.57% of their portfolio Berwyn, PA 36,359,69036.4m $2.0bn $2.0bn 0.57% Reduced -7.7m -7,688,888
11 Empower Advisory Group, LLC 5.25% of their portfolio Greenwood Village, CO 34,952,02735.0m $1.9bn $1.9bn 5.25% Added +416.9k +416,922
12 JPMORGAN CHASE & CO 0.05% of their portfolio NEW YORK, NY 30,027,42230.0m $1.6bn $1.6bn 0.05% Added +17.4m +17,419,241
13 Financial Engines Advisors L.L.C. 2.49% of their portfolio SANTA CLARA, CA 24,089,16624.1m $1.3bn $1.3bn 2.49% Reduced -114.5k -114,500
14 UBS Group AG 0.21% of their portfolio ZURICH, V8 19,436,84419.4m $1.1bn $1.1bn 0.21% Added +874.7k +874,731
15 Creative Planning 0.77% of their portfolio OVERLAND PARK, KS 18,604,97318.6m $1.0bn $1.0bn 0.77% Reduced -270.4k -270,410
16 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 1.47% of their portfolio PLYMOUTH, MN 17,755,88717.8m $970.9m $970.9m 1.47% Added +659.0k +659,045
17 LPL Financial LLC 0.26% of their portfolio FORT MILL, SC 16,250,04316.3m $880.4m $880.4m 0.26% Added +238.4k +238,381
18 WealthNavi Inc. 7.69% of their portfolio Shinagawa-ku, TOKYO, M0 15,310,46115.3m $829.5m $829.5m 7.69% Reduced -342.8k -342,789
19 MERCER GLOBAL ADVISORS INC /ADV 1.38% of their portfolio DENVER, CO 15,303,92715.3m $829.2m $829.2m 1.38% Added +2.5m +2,503,000
20 GOLDMAN SACHS GROUP INC 0.11% of their portfolio NEW YORK, NY 14,373,17014.4m $778.7m $778.7m 0.11% Reduced -240.5k -240,461
21 ROYAL BANK OF CANADA 0.13% of their portfolio TORONTO, A6 13,457,10113.5m $729.1m $729.1m 0.13% Reduced -13.3m -13,299,343
22 Mariner, LLC 0.92% of their portfolio Overland Park, KS 13,117,16313.1m $710.6m $710.6m 0.92% Reduced -60.3k -60,293
23 South Dakota Investment Council 12.47% of their portfolio SIOUX FALLS, SD 11,842,46611.8m $641.6m $641.6m 12.47% Reduced -2.2m -2,190,836
24 SEI INVESTMENTS CO 0.66% of their portfolio OAKS, PA 11,318,38011.3m $613.2m $613.2m 0.66% Reduced -41.1k -41,126
25 Bank of New York Mellon Corp 0.11% of their portfolio NEW YORK, NY 10,908,44210.9m $591.0m $591.0m 0.11% Reduced -90.6k -90,566
26 PNC Financial Services Group, Inc. 0.34% of their portfolio Pittsburgh, PA 10,284,36110.3m $557.2m $557.2m 0.34% Added +66.8k +66,763
27 AMERIPRISE FINANCIAL INC 0.12% of their portfolio MINNEAPOLIS, MN 9,897,1829.9m $537.2m $537.2m 0.12% Added +452.5k +452,472
28 TIAA TRUST, NATIONAL ASSOCIATION 1.21% of their portfolio CHARLOTTE, NC 9,173,1409.2m $497.0m $497.0m 1.21% Reduced -357.1k -357,104
29 Wealthspire Advisors, LLC 2.53% of their portfolio NEW YORK, NY 8,927,0788.9m $483.7m $483.7m 2.53% Added +587.8k +587,794
30 Corient Private Wealth LP 0.66% of their portfolio MIAMI, FL 7,777,8587.8m $421.4m $421.4m 0.66% Added +1.8m +1,804,502
31 US BANCORP \DE\ 0.48% of their portfolio MINNEAPOLIS, MN 7,460,9887.5m $404.2m $404.2m 0.48% Reduced -27.1k -27,084
32 COMMONWEALTH EQUITY SERVICES, LLC 0.50% of their portfolio WALTHAM, MA 7,159,0687.2m $387.9m $387.9m 0.50% Reduced -222.4k -222,419
33 RAYMOND JAMES FINANCIAL INC 0.12% of their portfolio ST. PETERSBURG, FL 7,033,6317.0m $381.1m $381.1m 0.12% Added +510.3k +510,291
34 CITIGROUP INC 0.25% of their portfolio NEW YORK, NY 6,719,3266.7m $364.1m $364.1m 0.25% Reduced -48.8k -48,840
35 Nicholas Hoffman & Company, LLC. 8.65% of their portfolio ATLANTA, GA 6,594,6776.6m $357.3m $357.3m 8.65% Added +445.7k +445,677
36 Jasper Ridge Partners, L.P. 7.97% of their portfolio MENLO PARK, CA 6,531,6816.5m $353.9m $353.9m 7.97% Added +274.8k +274,778
37 Millburn Ridgefield LLC /DE/ 8.03% of their portfolio New York, NY 6,211,5826.2m $336.5m $336.5m 8.03% Reduced -557.5k -557,483
38 Catalyst Capital Advisors LLC 6.79% of their portfolio San Juan, PR 6,211,5826.2m $336.5m $336.5m 6.79% Reduced -557.5k -557,483
39 HighTower Advisors, LLC 0.37% of their portfolio CHICAGO, IL 5,990,9276.0m $324.6m $324.6m 0.37% Added +1.1m +1,125,803
40 Baird Financial Group, Inc. 0.50% of their portfolio MILWAUKEE, WI 5,738,6735.7m $310.9m $310.9m 0.50% Added +626.2k +626,161
41 Envestnet Portfolio Solutions, Inc. 1.03% of their portfolio BERWYN, PA 5,151,4935.2m $279.1m $279.1m 1.03% Added +7.3k +7,254
42 Cetera Investment Advisers 0.29% of their portfolio SCHAUMBURG, IL 4,580,7504.6m $248.2m $248.2m 0.29% Added +1.2m +1,153,995
43 STIFEL FINANCIAL CORP 0.22% of their portfolio ST. LOUIS, MO 4,453,4874.5m $241.3m $241.3m 0.22% Reduced -104.4k -104,438
44 Valmark Advisers, Inc. 3.04% of their portfolio AKRON, OH 4,343,9014.3m $235.4m $235.4m 3.04% Added +49.7k +49,734
45 SCHRODER INVESTMENT MANAGEMENT GROUP 0.18% of their portfolio London, X0 4,304,0744.3m $232.2m $232.2m 0.18% Added +944.4k +944,352
46 SIGNATUREFD, LLC 3.64% of their portfolio ATLANTA, GA 4,262,8154.3m $231.0m $231.0m 3.64% Added +120.9k +120,927
47 Elm Partners Management LLC 11.16% of their portfolio Philadelphia, PA 4,100,5474.1m $222.2m $222.2m 11.16% Added +335.6k +335,558
48 RWA WEALTH PARTNERS, LLC 2.49% of their portfolio BOSTON, MA 4,051,2214.1m $219.5m $219.5m 2.49% Added +170.8k +170,753
49 BOKF, NA 3.02% of their portfolio TULSA, OK 3,705,9193.7m $200.8m $200.8m 3.02% Reduced -62.6k -62,642
50 SCS Capital Management LLC 2.16% of their portfolio BOSTON, MA 3,665,0553.7m $198.6m $198.6m 2.16% Reduced -17.8k -17,781
51 JONES FINANCIAL COMPANIES LLLP 0.13% of their portfolio DES PERES, MO 3,662,2853.7m $197.4m $197.4m 0.13% Added +259.1k +259,105
52 MAI Capital Management 1.18% of their portfolio INDEPENDENCE, OH 3,473,6373.5m $188.2m $188.2m 1.18% Added +129.3k +129,324
53 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.15% of their portfolio Toronto, A6 3,439,9553.4m $186.4m $186.4m 0.15% Reduced -247.3k -247,265
54 REGIONS FINANCIAL CORP 0.59% of their portfolio BIRMINGHAM, AL 3,354,0993.4m $181.7m $181.7m 0.59% Added +83.7k +83,672
55 Focus Partners Wealth 0.29% of their portfolio ST LOUIS, MO 3,263,5683.3m $176.9m $176.9m 0.29% Added +92.9k +92,860
56 Cerity Partners LLC 0.29% of their portfolio NEW YORK, NY 3,258,8963.3m $176.6m $176.6m 0.29% Added +292.0k +291,999
57 BRIDGES INVESTMENT MANAGEMENT INC 2.24% of their portfolio OMAHA, NE 3,232,4043.2m $175.1m $175.1m 2.24% Added +6.2k +6,250
58 Facet Wealth, Inc. 3.60% of their portfolio WEST PALM BEACH, FL 3,213,1993.2m $174.1m $174.1m 3.60% Added +169.2k +169,213
59 CAMBRIDGE ASSOCIATES LLC /MA/ /ADV 3.18% of their portfolio BOSTON, MA 3,202,0863.2m $173.5m $173.5m 3.18% Added +903.4k +903,378
60 Sand Hill Global Advisors, LLC 6.00% of their portfolio Palo Alto, CA 3,143,8083.1m $170.3m $170.3m 6.00% Reduced -39.0k -39,003
61 BANK OF MONTREAL /CAN/ 0.07% of their portfolio TORONTO, A6 3,141,0843.1m $170.2m $170.2m 0.07% Added +30.9k +30,891
62 HUNTINGTON NATIONAL BANK 0.99% of their portfolio COLUMBUS, OH 2,990,9923.0m $162.1m $162.1m 0.99% Reduced -524.9k -524,904
63 JMG Financial Group, Ltd. 4.45% of their portfolio DOWNERS GROVE, IL 2,883,6642.9m $156.2m $156.2m 4.45% Reduced -5.4k -5,393
64 Ballentine Partners, LLC 2.14% of their portfolio Waltham, MA 2,849,6792.8m $154.4m $154.4m 2.14% Added +116.8k +116,842
65 Wedmont Private Capital 5.73% of their portfolio WEST CHESTER, PA 2,820,5402.8m $154.2m $154.2m 5.73% Added +212.5k +212,470
66 MML INVESTORS SERVICES, LLC 0.41% of their portfolio SPRINGFIELD, MA 2,804,9602.8m $152.0m $152.0m 0.41% Added +16.0k +16,037
67 CLIFTONLARSONALLEN WEALTH ADVISORS, LLC 2.37% of their portfolio MINNEAPOLIS, MN 2,773,8182.8m $150.3m $150.3m 2.37% Added +76.1k +76,121
68 Rockefeller Capital Management L.P. 0.29% of their portfolio NEW YORK, NY 2,766,4442.8m $149.9m $149.9m 0.29% Reduced -1.6m -1,566,838
69 CHOREO, LLC 1.94% of their portfolio ROCKFORD, IL 2,746,9142.7m $148.8m $148.8m 1.94% Reduced -10.9k -10,866
70 CIBC Private Wealth Group LLC 0.25% of their portfolio ATLANTA, GA 2,737,3612.7m $148.3m $148.3m 0.25% Reduced -14.9k -14,922
71 OSAIC HOLDINGS, INC. 0.20% of their portfolio SCOTTSDALE, AZ 2,728,9002.7m $145.6m $145.6m 0.20% Added +345.7k +345,726
72 BLB&B Advisors, LLC 6.02% of their portfolio MONTGOMERYVILLE, PA 2,571,9302.6m $139.3m $139.3m 6.02% Added +81.5k +81,491
73 KEYBANK NATIONAL ASSOCIATION/OH 0.49% of their portfolio BROOKLYN, OH 2,559,3552.6m $138.7m $138.7m 0.49% Reduced -32.2k -32,188
74 M&T Bank Corp 0.46% of their portfolio BUFFALO, NY 2,511,0782.5m $136.1m $136.1m 0.46% Reduced -73.0k -72,972
75 Bridgewater Associates, LP 0.53% of their portfolio Westport, CT 2,475,6092.5m $134.1m $134.1m 0.53% Added +639.1k +639,149
76 VANTAGEPOINT INVESTMENT ADVISERS LLC 1.04% of their portfolio WASHINGTON, DC 2,360,7132.4m $127.9m $127.9m 1.04% New
77 SOFI WEALTH, LLC 6.60% of their portfolio SAN FRANCISCO, CA 2,260,8182.3m $122.5m $122.5m 6.60% Added +1.1m +1,099,444
78 Pure Financial Advisors, LLC 1.89% of their portfolio SAN DIEGO, CA 2,191,5502.2m $118.7m $118.7m 1.89% Added +105.3k +105,325
79 LINCOLN NATIONAL CORP 3.37% of their portfolio RADNOR, PA 2,182,8932.2m $118.3m $118.3m 3.37% Added +38.4k +38,366
80 SUMITOMO LIFE INSURANCE CO 3.54% of their portfolio TOKYO, M0 2,105,5732.1m $114.1m $114.1m 3.54% New
81 Fusion Family Wealth, LLC 8.47% of their portfolio WOODBURY, NY 2,087,2142.1m $113.1m $113.1m 8.47% Reduced -116 -116
82 Badgley Phelps Wealth Managers, LLC 2.37% of their portfolio SEATTLE, WA 2,076,7322.1m $112.5m $112.5m 2.37% Reduced -17.0k -16,984
83 NEPC LLC 2.85% of their portfolio Boston, MA 1,996,6472.0m $108.2m $108.2m 2.85% Reduced -238.0k -238,008
84 CBIZ Investment Advisory Services, LLC 4.20% of their portfolio INDEPENDENCE, OH 1,978,1632.0m $107.2m $107.2m 4.20% Added +2.0m +1,974,971
85 Cerity Partners OCIO LLC 5.29% of their portfolio New York, NY 1,913,1631.9m $103.7m $103.7m 5.29% Added +28.7k +28,710
86 Pathstone Holdings, LLC 0.39% of their portfolio ENGLEWOOD, NJ 1,887,5711.9m $102.3m $102.3m 0.39% Reduced -45.9k -45,935
87 ALLIANCEBERNSTEIN L.P. 0.03% of their portfolio NASHVILLE, TN 1,823,0181.8m $98.8m $98.8m 0.03% Reduced -676.2k -676,165
88 FMR LLC 0.01% of their portfolio BOSTON, MA 1,803,1281.8m $97.7m $97.7m 0.01% Added +35.0k +34,981
89 D.A. DAVIDSON & CO. 0.62% of their portfolio GREAT FALLS, MT 1,802,2001.8m $97.6m $97.6m 0.62% Added +125.7k +125,665
90 Steele Capital Management, Inc. 4.32% of their portfolio DUBUQUE, IA 1,799,8271.8m $97.5m $97.5m 4.32% Reduced -92.0k -92,012
91 Janney Montgomery Scott LLC 0.23% of their portfolio PHILADELPHIA, PA 1,753,7021.8m $95.0m $95.0m 0.23% Added +45.6k +45,551
92 MATHER GROUP, LLC. 0.95% of their portfolio CHICAGO, IL 1,737,7501.7m $94.2m $94.2m 0.95% Reduced -8.5k -8,463
93 FIFTH THIRD BANCORP 0.30% of their portfolio CINCINNATI, OH 1,718,0901.7m $93.1m $93.1m 0.30% Added +37.5k +37,514
94 Modera Wealth Management, LLC 1.07% of their portfolio WESTWOOD, NJ 1,710,2871.7m $92.7m $92.7m 1.07% Reduced -35.4k -35,409
95 Willis Johnson & Associates, Inc. 5.72% of their portfolio Houston, TX 1,703,9601.7m $92.3m $92.3m 5.72% Added +73.0k +73,033
96 Apella Capital, LLC 2.03% of their portfolio WEST HARTFORD, CT 1,671,4501.7m $91.1m $91.1m 2.03% Added +297.5k +297,470
97 Summit Trail Advisors, LLC 1.22% of their portfolio NEW YORK, NY 1,626,1471.6m $88.1m $88.1m 1.22% Added +102.3k +102,317
98 BESSEMER GROUP INC 0.13% of their portfolio WOODBRIDGE, NJ 1,612,0621.6m $87.3m $87.3m 0.13% Added +49.5k +49,480
99 TRUIST FINANCIAL CORP 0.12% of their portfolio CHARLOTTE, NC 1,576,8241.6m $85.4m $85.4m 0.12% Reduced -231.4k -231,385
100 FARMERS & MERCHANTS INVESTMENTS INC 2.35% of their portfolio LINCOLN, NE 1,532,6551.5m $83.0m $83.0m 2.35% Reduced -125.7k -125,719