Vault-13

VANGUARD INTL EQUITY INDEX F VWO

FTSE EMR MKT ETF · ETP · CUSIP 922042858

2,503 institutional holders +193 vs Q3 2025
1,407,416,8141.4bn shares reported held*
$75.9bnreported value*
108 new 1,203 added 728 reduced 77 sold out net bought ≈ $2.0bn (+37.2m 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 ($87.2m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $53.89. Options: 9 managers hold calls ($53.7m notional), 6 hold puts ($45.9m).

Trends to Q4 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: 2,310Q4 25: 2,5032,503Q3 22Q2 23Q1 24Q4 24Q4 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
Q4 20252,503

Buyers vs sellers

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

Bought or addedCut or sold out
2k02kQ1 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 25Q3 25: 1,177 bought or addedQ3 25: 916 cut or sold outQ4 25: 1,311 bought or addedQ4 25: 805 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 2024959966
Q2 2024937965
Q3 20241,000933
Q4 20241,113838
Q1 20251,101989
Q2 20251,122952
Q3 20251,177916
Q4 20251,311805

Calls vs puts

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

CallsPuts
$0$20m$40m$60m$80mQ1 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 1.48Q4 25 calls: $53.7mQ4 25 puts: $45.9mQ4 25P/C 0.85
Numbers
QuarterCallsPutsP/C
Q1 2025$60.2m$51.4m0.85
Q2 2025$49.6m$55.2m1.11
Q3 2025$40.3m$59.7m1.48
Q4 2025$53.7m$45.9m0.85

Biggest buyers

Corient Private Wealth LP Added +9,303,305+9.3m
OLD MISSION CAPITAL LLC Added +6,756,604+6.8m
VANGUARD GROUP INC Added +4,319,682+4.3m
BlackRock, Inc. Added +4,310,699+4.3m
NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Added +3,390,486+3.4m
BANK OF AMERICA CORP /DE/ Added +3,181,169+3.2m
NORTHERN TRUST CORP Added +2,987,719+3.0m
MORGAN STANLEY Added +2,927,985+2.9m
WIT, LLC Added +2,671,801+2.7m
Betterment LLC Added +1,257,504+1.3m

Biggest sellers

JPMORGAN CHASE & CO Reduced -15,481,643-15.5m
CITIGROUP INC Reduced -4,724,051-4.7m
Wealthspire Advisors, LLC Reduced -4,216,165-4.2m
Cerity Partners OCIO LLC Reduced -1,807,565-1.8m
South Dakota Investment Council Reduced -1,114,079-1.1m
ENVESTNET ASSET MANAGEMENT INC Reduced -931,472-931.5k
Empower Advisory Group, LLC Reduced -881,975-882.0k
Jasper Ridge Partners, L.P. Reduced -853,095-853.1k
TIAA TRUST, NATIONAL ASSOCIATION Reduced -805,028-805.0k
Invesco Ltd. Reduced -795,738-795.7k

Biggest calls

WELLS FARGO & COMPANY/MN Added $16.1m299.6k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $11.7m217.7k shares
BARCLAYS PLC Added $11.3m210.7k shares
Tidal Investments LLC New $5.7m105.1k shares
CITADEL ADVISORS LLC Added $3.0m56.6k shares
Jefferies Financial Group Inc. Added $2.3m42.8k shares
JANE STREET GROUP, LLC Reduced $1.8m33.8k shares
Walleye Trading LLC New $1.1m20.0k shares
CAPITAL FUND MANAGEMENT S.A. Added $655.9k12.2k shares

Biggest puts

BARCLAYS PLC Added $23.4m435.2k shares
WELLS FARGO & COMPANY/MN Added $17.9m332.5k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $2.1m39.8k shares
CITADEL ADVISORS LLC Reduced $1.4m26.8k shares
JANE STREET GROUP, LLC Reduced $935.4k17.4k shares
Walleye Trading LLC New $80.6k1.5k 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/ 0.46% of their portfolio CHARLOTTE, NC 117,534,933117.5m $6.3bn $6.3bn 0.46% Added +3.2m +3,181,169
2 VANGUARD GROUP INC 0.06% of their portfolio Valley Forge, PA 81,373,36281.4m $4.4bn $4.4bn 0.06% Added +4.3m +4,319,682
3 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 2.66% of their portfolio MILWAUKEE, WI 78,224,67178.2m $4.2bn $4.2bn 2.66% Added +3.4m +3,390,486
4 MORGAN STANLEY 0.17% of their portfolio NEW YORK, NY 53,912,44353.9m $2.9bn $2.9bn 0.17% Added +2.9m +2,927,985
5 Betterment LLC 5.50% of their portfolio NEW YORK, NY 53,732,80753.7m $2.9bn $2.9bn 5.50% Added +1.3m +1,257,504
6 Wealthfront Advisers LLC 5.70% of their portfolio Palo Alto, CA 47,401,08547.4m $2.5bn $2.5bn 5.70% Added +130.9k +130,947
7 NORTHERN TRUST CORP 0.32% of their portfolio CHICAGO, IL 47,289,06447.3m $2.5bn $2.5bn 0.32% Added +3.0m +2,987,719
8 WELLS FARGO & COMPANY/MN 0.48% of their portfolio SAN FRANCISCO, CA 45,987,62046.0m $2.5bn $2.5bn 0.48% Added +1.0m +1,001,375
9 WIT, LLC 44.26% of their portfolio DISTRICT OF COLUMBIA, DC 41,074,35341.1m $2.2bn $2.2bn 44.26% Added +2.7m +2,671,801
10 ENVESTNET ASSET MANAGEMENT INC 0.57% of their portfolio Berwyn, PA 35,428,21835.4m $1.9bn $1.9bn 0.57% Reduced -931.5k -931,472
11 Empower Advisory Group, LLC 4.95% of their portfolio Greenwood Village, CO 34,070,05234.1m $1.8bn $1.8bn 4.95% Reduced -882.0k -881,975
12 Financial Engines Advisors L.L.C. 2.48% of their portfolio SANTA CLARA, CA 24,367,61924.4m $1.3bn $1.3bn 2.48% Added +278.5k +278,453
13 UBS Group AG 0.21% of their portfolio ZURICH, V8 19,857,04519.9m $1.1bn $1.1bn 0.21% Added +420.2k +420,201
14 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 1.39% of their portfolio PLYMOUTH, MN 18,397,00018.4m $1.0bn $1.0bn 1.39% Added +641.1k +641,113
15 Creative Planning 0.71% of their portfolio OVERLAND PARK, KS 18,380,25918.4m $988.1m $988.1m 0.71% Reduced -224.7k -224,714
16 Corient Private Wealth LP 0.62% of their portfolio MIAMI, FL 17,081,16317.1m $915.4m $915.4m 0.62% Added +9.3m +9,303,305
17 LPL Financial LLC 0.24% of their portfolio FORT MILL, SC 16,478,31016.5m $885.9m $885.9m 0.24% Added +228.3k +228,267
18 WealthNavi Inc. 7.53% of their portfolio Shinagawa-ku, TOKYO, M0 15,857,14515.9m $852.5m $852.5m 7.53% Added +546.7k +546,684
19 MERCER GLOBAL ADVISORS INC /ADV 1.30% of their portfolio DENVER, CO 15,834,56015.8m $851.1m $851.1m 1.30% Added +530.6k +530,633
20 JPMORGAN CHASE & CO 0.05% of their portfolio NEW YORK, NY 14,545,77914.5m $782.0m $782.0m 0.05% Reduced -15.5m -15,481,643
21 GOLDMAN SACHS GROUP INC 0.11% of their portfolio NEW YORK, NY 14,224,63914.2m $764.7m $764.7m 0.11% Reduced -148.5k -148,531
22 ROYAL BANK OF CANADA 0.13% of their portfolio TORONTO, A6 13,605,52613.6m $731.4m $731.4m 0.13% Added +148.4k +148,425
23 Mariner, LLC 0.83% of their portfolio Overland Park, KS 13,043,35413.0m $701.2m $701.2m 0.83% Reduced -73.8k -73,809
24 SEI INVESTMENTS CO 0.59% of their portfolio OAKS, PA 11,198,19511.2m $602.0m $602.0m 0.59% Reduced -120.2k -120,185
25 Bank of New York Mellon Corp 0.10% of their portfolio NEW YORK, NY 10,751,72310.8m $578.0m $578.0m 0.10% Reduced -156.7k -156,719
26 South Dakota Investment Council 10.98% of their portfolio SIOUX FALLS, SD 10,728,38710.7m $576.8m $576.8m 10.98% Reduced -1.1m -1,114,079
27 PNC Financial Services Group, Inc. 0.30% of their portfolio Pittsburgh, PA 10,231,27510.2m $550.0m $550.0m 0.30% Reduced -53.1k -53,086
28 AMERIPRISE FINANCIAL INC 0.12% of their portfolio MINNEAPOLIS, MN 9,980,35610.0m $533.7m $533.7m 0.12% Added +83.2k +83,174
29 TIAA TRUST, NATIONAL ASSOCIATION 1.08% of their portfolio CHARLOTTE, NC 8,368,1128.4m $449.9m $449.9m 1.08% Reduced -805.0k -805,028
30 US BANCORP \DE\ 0.47% of their portfolio MINNEAPOLIS, MN 7,491,4307.5m $402.7m $402.7m 0.47% Added +30.4k +30,442
31 EP Wealth Advisors, LLC 2.01% of their portfolio TORRANCE, CA 7,186,1687.2m $386.3m $386.3m 2.01% First filing
32 RAYMOND JAMES FINANCIAL INC 0.12% of their portfolio ST. PETERSBURG, FL 6,953,0697.0m $373.8m $373.8m 0.12% Reduced -80.6k -80,562
33 OLD MISSION CAPITAL LLC 14.16% of their portfolio CHICAGO, IL 6,818,7036.8m $366.6m $366.6m 14.16% Added +6.8m +6,756,604
34 COMMONWEALTH EQUITY SERVICES, LLC 0.49% of their portfolio WALTHAM, MA 6,808,7806.8m $366.0m $366.0m 0.49% Reduced -350.3k -350,288
35 Nicholas Hoffman & Company, LLC. 8.24% of their portfolio ATLANTA, GA 6,610,5266.6m $355.4m $355.4m 8.24% Added +15.8k +15,849
36 HighTower Advisors, LLC 0.37% of their portfolio CHICAGO, IL 6,356,1886.4m $341.7m $341.7m 0.37% Added +365.3k +365,261
37 Baird Financial Group, Inc. 0.53% of their portfolio MILWAUKEE, WI 6,355,6116.4m $341.7m $341.7m 0.53% Added +616.9k +616,938
38 Millburn Ridgefield LLC /DE/ 7.96% of their portfolio New York, NY 6,211,5826.2m $333.9m $333.9m 7.96% Unchanged
39 Catalyst Capital Advisors LLC 6.86% of their portfolio San Juan, PR 6,211,5826.2m $333.9m $333.9m 6.86% Unchanged
40 Jasper Ridge Partners, L.P. 6.76% of their portfolio MENLO PARK, CA 5,678,5865.7m $305.3m $305.3m 6.76% Reduced -853.1k -853,095
41 Envestnet Portfolio Solutions, Inc. 0.99% of their portfolio BERWYN, PA 5,269,2725.3m $283.3m $283.3m 0.99% Added +117.8k +117,779
42 Cetera Investment Advisers 0.28% of their portfolio SCHAUMBURG, IL 4,798,0024.8m $257.9m $257.9m 0.28% Added +217.3k +217,252
43 STIFEL FINANCIAL CORP 0.23% of their portfolio ST. LOUIS, MO 4,720,7844.7m $253.8m $253.8m 0.23% Added +267.3k +267,297
44 Wealthspire Advisors, LLC 2.02% of their portfolio NEW YORK, NY 4,710,9134.7m $253.3m $253.3m 2.02% Reduced -4.2m -4,216,165
45 Elm Partners Management LLC 11.28% of their portfolio Philadelphia, PA 4,625,6974.6m $248.7m $248.7m 11.28% Added +525.1k +525,150
46 Valmark Advisers, Inc. 2.98% of their portfolio AKRON, OH 4,495,0554.5m $241.7m $241.7m 2.98% Added +151.2k +151,154
47 BlackRock, Inc. 0.00% of their portfolio New York, NY 4,411,4344.4m $237.2m $237.2m 0.00% Added +4.3m +4,310,699
48 SIGNATUREFD, LLC 3.56% of their portfolio ATLANTA, GA 4,336,1434.3m $233.1m $233.1m 3.56% Added +73.3k +73,328
49 RWA WEALTH PARTNERS, LLC 2.46% of their portfolio BOSTON, MA 4,184,9434.2m $225.0m $225.0m 2.46% Added +133.7k +133,722
50 JONES FINANCIAL COMPANIES LLLP 0.14% of their portfolio DES PERES, MO 4,156,7604.2m $223.5m $223.5m 0.14% Added +494.5k +494,475
51 SCHRODER INVESTMENT MANAGEMENT GROUP 0.16% of their portfolio London, X0 3,834,4943.8m $206.3m $206.3m 0.16% Reduced -469.6k -469,580
52 Facet Wealth, Inc. 3.69% of their portfolio WEST PALM BEACH, FL 3,599,3523.6m $208.3m $208.3m 3.69% Added +386.2k +386,153
53 Cerity Partners LLC 0.28% of their portfolio NEW YORK, NY 3,599,0613.6m $193.5m $193.5m 0.28% Added +340.2k +340,165
54 MAI Capital Management 1.11% of their portfolio INDEPENDENCE, OH 3,577,4723.6m $192.3m $192.3m 1.11% Added +103.8k +103,835
55 SCS Capital Management LLC 2.04% of their portfolio BOSTON, MA 3,572,8973.6m $192.1m $192.1m 2.04% Reduced -92.2k -92,158
56 Focus Partners Wealth 0.21% of their portfolio ST LOUIS, MO 3,512,6253.5m $188.4m $188.4m 0.21% Added +249.1k +249,057
57 REGIONS FINANCIAL CORP 1.17% of their portfolio BIRMINGHAM, AL 3,386,9923.4m $182.1m $182.1m 1.17% Added +32.9k +32,893
58 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.15% of their portfolio Toronto, A6 3,375,4503.4m $181.6m $181.6m 0.15% Reduced -64.5k -64,505
59 BRIDGES INVESTMENT MANAGEMENT INC 2.28% of their portfolio OMAHA, NE 3,337,1493.3m $179.4m $179.4m 2.28% Added +104.7k +104,745
60 BANK OF MONTREAL /CAN/ 0.07% of their portfolio TORONTO, A6 3,316,7043.3m $178.3m $178.3m 0.07% Added +175.6k +175,620
61 BOKF, NA 2.70% of their portfolio TULSA, OK 3,280,8503.3m $176.4m $176.4m 2.70% Reduced -425.1k -425,069
62 CAMBRIDGE ASSOCIATES LLC /MA/ /ADV 2.87% of their portfolio BOSTON, MA 3,264,8593.3m $175.5m $175.5m 2.87% Added +62.8k +62,773
63 Rockefeller Capital Management L.P. 0.30% of their portfolio NEW YORK, NY 3,150,5963.2m $169.4m $169.4m 0.30% Added +384.2k +384,152
64 Sand Hill Global Advisors, LLC 5.88% of their portfolio Palo Alto, CA 3,134,9533.1m $168.5m $168.5m 5.88% Reduced -8.9k -8,855
65 MML INVESTORS SERVICES, LLC 0.40% of their portfolio SPRINGFIELD, MA 3,077,0513.1m $165.4m $165.4m 0.40% Added +272.1k +272,091
66 Wedmont Private Capital 5.81% of their portfolio WEST CHESTER, PA 3,027,3103.0m $167.3m $167.3m 5.81% Added +206.8k +206,770
67 NEPC LLC 3.46% of their portfolio Boston, MA 3,017,4153.0m $162.2m $162.2m 3.46% Added +1.0m +1,020,768
68 HUNTINGTON NATIONAL BANK 0.97% of their portfolio COLUMBUS, OH 2,993,0813.0m $160.9m $160.9m 0.97% Added +2.1k +2,089
69 CHOREO, LLC 2.00% of their portfolio ROCKFORD, IL 2,920,4722.9m $157.2m $157.2m 2.00% Added +173.6k +173,558
70 CIBC Private Wealth Group LLC 0.26% of their portfolio ATLANTA, GA 2,897,2482.9m $155.8m $155.8m 0.26% Added +159.9k +159,887
71 JMG Financial Group, Ltd. 4.35% of their portfolio DOWNERS GROVE, IL 2,882,2792.9m $155.0m $155.0m 4.35% Reduced -1.4k -1,385
72 CLIFTONLARSONALLEN WEALTH ADVISORS, LLC 2.33% of their portfolio MINNEAPOLIS, MN 2,871,2652.9m $154.4m $154.4m 2.33% Added +97.4k +97,447
73 Ballentine Partners, LLC 2.11% of their portfolio Waltham, MA 2,796,8852.8m $150.4m $150.4m 2.11% Reduced -52.8k -52,794
74 OSAIC HOLDINGS, INC. 0.22% of their portfolio SCOTTSDALE, AZ 2,755,9282.8m $148.2m $148.2m 0.22% Added +27.0k +27,028
75 BLB&B Advisors, LLC 5.94% of their portfolio MONTGOMERYVILLE, PA 2,642,2812.6m $142.0m $142.0m 5.94% Added +70.4k +70,351
76 Bridgewater Associates, LP 0.51% of their portfolio Westport, CT 2,605,1362.6m $140.1m $140.1m 0.51% Added +129.5k +129,527
77 KEYBANK NATIONAL ASSOCIATION/OH 0.50% of their portfolio BROOKLYN, OH 2,581,0412.6m $138.8m $138.8m 0.50% Added +21.7k +21,686
78 SOFI WEALTH, LLC 6.88% of their portfolio SAN FRANCISCO, CA 2,565,8832.6m $137.9m $137.9m 6.88% Added +305.1k +305,065
79 M&T Bank Corp 0.43% of their portfolio BUFFALO, NY 2,504,0682.5m $134.6m $134.6m 0.43% Reduced -7.0k -7,010
80 Badgley Phelps Wealth Managers, LLC 2.38% of their portfolio SEATTLE, WA 2,416,4392.4m $129.9m $129.9m 2.38% Added +339.7k +339,707
81 Pure Financial Advisors, LLC 1.84% of their portfolio SAN DIEGO, CA 2,319,4942.3m $124.7m $124.7m 1.84% Added +127.9k +127,944
82 VANTAGEPOINT INVESTMENT ADVISERS LLC 0.98% of their portfolio WASHINGTON, DC 2,260,0912.3m $121.5m $121.5m 0.98% Reduced -100.6k -100,622
83 LINCOLN NATIONAL CORP 3.48% of their portfolio RADNOR, PA 2,214,4222.2m $119.0m $119.0m 3.48% Added +31.5k +31,529
84 Johnson Financial Group, LLC 7.33% of their portfolio Denver, CO 2,201,8232.2m $118.4m $118.4m 7.33% Added +736.9k +736,899
85 Fusion Family Wealth, LLC 8.35% of their portfolio WOODBURY, NY 2,049,2742.0m $110.2m $110.2m 8.35% Reduced -37.9k -37,940
86 ALLIANCEBERNSTEIN L.P. 0.03% of their portfolio NASHVILLE, TN 2,046,8642.0m $110.0m $110.0m 0.03% Added +223.8k +223,846
87 NATIONAL BANK OF CANADA /FI/ 0.11% of their portfolio MONTREAL, A8 2,018,3552.0m $108.5m $108.5m 0.11% Added +1.0m +1,047,295
88 SUMITOMO LIFE INSURANCE CO 2.95% of their portfolio TOKYO, M0 2,005,5832.0m $107.8m $107.8m 2.95% Reduced -100.0k -99,990
89 CITIGROUP INC 0.07% of their portfolio NEW YORK, NY 1,995,2752.0m $107.3m $107.3m 0.07% Reduced -4.7m -4,724,051
90 CBIZ Investment Advisory Services, LLC 4.02% of their portfolio INDEPENDENCE, OH 1,978,2092.0m $106.3m $106.3m 4.02% Added +46 +46
91 COUNTRY TRUST BANK 1.89% of their portfolio Bloomington, IL 1,939,8701.9m $104.3m $104.3m 1.89% Added +486.0k +486,011
92 Pathstone Holdings, LLC 0.40% of their portfolio ENGLEWOOD, NJ 1,917,6451.9m $103.1m $103.1m 0.40% Added +30.1k +30,074
93 Apella Capital, LLC 2.00% of their portfolio WEST HARTFORD, CT 1,883,1281.9m $101.2m $101.2m 2.00% Added +211.7k +211,678
94 D.A. DAVIDSON & CO. 0.62% of their portfolio GREAT FALLS, MT 1,880,6131.9m $101.1m $101.1m 0.62% Added +78.4k +78,413
95 Steele Capital Management, Inc. 4.27% of their portfolio DUBUQUE, IA 1,851,8291.9m $99.6m $99.6m 4.27% Added +52.0k +52,002
96 FMR LLC 0.01% of their portfolio BOSTON, MA 1,826,5491.8m $98.2m $98.2m 0.01% Added +23.4k +23,421
97 Auto-Owners Insurance Co 2.03% of their portfolio LANSING, MI 1,794,7161.8m $96.5m $96.5m 2.03% Added +484.0k +484,000
98 Willis Johnson & Associates, Inc. 5.94% of their portfolio Houston, TX 1,790,3931.8m $96.3m $96.3m 5.94% Added +86.4k +86,433
99 MATHER GROUP, LLC. 0.98% of their portfolio CHICAGO, IL 1,769,1741.8m $95.1m $95.1m 0.98% Added +31.4k +31,424
100 FIFTH THIRD BANCORP 0.30% of their portfolio CINCINNATI, OH 1,753,7161.8m $94.3m $94.3m 0.30% Added +35.6k +35,626