Vault-13

VANGUARD INTL EQUITY INDEX F VGK

FTSE EUROPE ETF · ETP · CUSIP 922042874

856 institutional holders +57 vs Q3 2025
185,156,172185.2m shares reported held*
$15.5bnreported value*
81 new 328 added 222 reduced 56 sold out net sold ≈ $3.3bn (-39.9m 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 ($60.0m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $83.57. Options: 4 managers hold calls ($5.7m notional), 4 hold puts ($3.1m).

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

05001kQ3 22: 534Q4 22: 572Q1 23: 585Q2 23: 597Q3 23: 574Q4 23: 627Q1 24: 634Q2 24: 636Q3 24: 640Q4 24: 637Q1 25: 717Q2 25: 800Q3 25: 799Q4 25: 856856Q3 22Q2 23Q1 24Q4 24Q4 25
Numbers
QuarterHolders
Q3 2022534
Q4 2022572
Q1 2023585
Q2 2023597
Q3 2023574
Q4 2023627
Q1 2024634
Q2 2024636
Q3 2024640
Q4 2024637
Q1 2025717
Q2 2025800
Q3 2025799
Q4 2025856

Buyers vs sellers

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

Bought or addedCut or sold out
5000500Q1 24: 278 bought or addedQ1 24: 269 cut or sold outQ2 24: 282 bought or addedQ2 24: 252 cut or sold outQ2 24Q3 24: 248 bought or addedQ3 24: 284 cut or sold outQ4 24: 239 bought or addedQ4 24: 280 cut or sold outQ4 24Q1 25: 405 bought or addedQ1 25: 217 cut or sold outQ2 25: 446 bought or addedQ2 25: 249 cut or sold outQ2 25Q3 25: 392 bought or addedQ3 25: 258 cut or sold outQ4 25: 409 bought or addedQ4 25: 278 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 2024278269
Q2 2024282252
Q3 2024248284
Q4 2024239280
Q1 2025405217
Q2 2025446249
Q3 2025392258
Q4 2025409278

Calls vs puts

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

CallsPuts
$0$10m$20m$30m$40mQ1 25 calls: $8.6mQ1 25 puts: $18.3mQ1 25P/C 2.13Q2 25 calls: $13.6mQ2 25 puts: $34.9mQ2 25P/C 2.58Q3 25 calls: $6.2mQ3 25 puts: $7.6mQ3 25P/C 1.22Q4 25 calls: $5.7mQ4 25 puts: $3.1mQ4 25P/C 0.55
Numbers
QuarterCallsPutsP/C
Q1 2025$8.6m$18.3m2.13
Q2 2025$13.6m$34.9m2.58
Q3 2025$6.2m$7.6m1.22
Q4 2025$5.7m$3.1m0.55

Biggest buyers

NATIONAL BANK OF CANADA /FI/ Added +365,887+365.9k
VANGUARD GROUP INC Added +349,648+349.6k
Focus Partners Wealth Added +329,966+330.0k
FACTORY MUTUAL INSURANCE CO Added +316,900+316.9k
Elm Partners Management LLC Added +305,451+305.5k
Municipal Employees' Retirement System of Michigan Added +300,845+300.8k
BlackRock, Inc. Added +299,784+299.8k
BANK OF AMERICA CORP /DE/ Added +287,133+287.1k
HSBC HOLDINGS PLC Added +283,214+283.2k
BESSEMER GROUP INC Added +216,833+216.8k

Biggest sellers

JPMORGAN CHASE & CO Reduced -35,239,163-35.2m
MORGAN STANLEY Reduced -2,943,014-2.9m
JANE STREET GROUP, LLC Reduced -1,286,488-1.3m
BANK OF NOVA SCOTIA Reduced -766,500-766.5k
Blue Trust, Inc. Reduced -765,600-765.6k
ROYAL BANK OF CANADA Reduced -505,551-505.6k
ALLIANCEBERNSTEIN L.P. Reduced -435,342-435.3k
Robertson Stephens Wealth Management, LLC Sold out -424,618-424.6k
Qube Research & Technologies Ltd Reduced -335,619-335.6k
CITIGROUP INC Reduced -293,650-293.6k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $3.3m39.1k shares
CITADEL ADVISORS LLC Added $1.1m13.2k shares
JANE STREET GROUP, LLC Added $995.0k11.9k shares
Point72 Asset Management, L.P. New $334.4k4.0k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $2.2m26.9k shares
Point72 Asset Management, L.P. New $443.1k5.3k shares
CITADEL ADVISORS LLC Reduced $284.3k3.4k shares
GROUP ONE TRADING LLC Reduced $167.2k2.0k 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 0.25% of their portfolio NEW YORK, NY 44,594,01144.6m $3.7bn $3.7bn 0.25% Reduced -35.2m -35,239,163
2 MORGAN STANLEY 0.08% of their portfolio NEW YORK, NY 16,250,73116.3m $1.4bn $1.4bn 0.08% Reduced -2.9m -2,943,014
3 GOLDMAN SACHS GROUP INC 0.11% of their portfolio NEW YORK, NY 9,579,7979.6m $801.0m $801.0m 0.11% Reduced -68.8k -68,771
4 Municipal Employees' Retirement System of Michigan 8.64% of their portfolio LANSING, MI 9,136,2969.1m $763.9m $763.9m 8.64% Added +300.8k +300,845
5 MATHER GROUP, LLC. 7.49% of their portfolio CHICAGO, IL 8,695,3268.7m $727.0m $727.0m 7.49% Added +214.5k +214,473
6 Asset Management One Co., Ltd. 1.46% of their portfolio TOKYO, M0 6,294,4686.3m $526.7m $526.7m 1.46% Added +40.7k +40,667
7 Fisher Asset Management, LLC 0.14% of their portfolio PLANO, TX 4,972,2215.0m $415.7m $415.7m 0.14% Reduced -67.8k -67,777
8 VANGUARD GROUP INC 0.01% of their portfolio Valley Forge, PA 4,379,7664.4m $366.2m $366.2m 0.01% Added +349.6k +349,648
9 Blue Trust, Inc. 3.54% of their portfolio BRENTWOOD, TN 3,744,1383.7m $313.0m $313.0m 3.54% Reduced -765.6k -765,600
10 UBS Group AG 0.06% of their portfolio ZURICH, V8 3,519,9453.5m $294.3m $294.3m 0.06% Added +14.2k +14,157
11 BANK OF AMERICA CORP /DE/ 0.02% of their portfolio CHARLOTTE, NC 3,322,7893.3m $277.8m $277.8m 0.02% Added +287.1k +287,133
12 Elm Partners Management LLC 8.33% of their portfolio Philadelphia, PA 2,196,1252.2m $183.6m $183.6m 8.33% Added +305.5k +305,451
13 WELLS FARGO & COMPANY/MN 0.03% of their portfolio SAN FRANCISCO, CA 2,136,5582.1m $178.6m $178.6m 0.03% Added +9.9k +9,865
14 Prime Capital Investment Advisors, LLC 2.08% of their portfolio OVERLAND PARK, KS 2,038,1942.0m $170.4m $170.4m 2.08% Reduced -77.0k -77,008
15 HighTower Advisors, LLC 0.19% of their portfolio CHICAGO, IL 2,037,6302.0m $170.4m $170.4m 0.19% Added +21.7k +21,664
16 BlackRock, Inc. 0.00% of their portfolio New York, NY 2,002,7712.0m $167.5m $167.5m 0.00% Added +299.8k +299,784
17 DEUTSCHE BANK AG\ 0.05% of their portfolio FRANKFURT AM MAIN, 2M 1,993,2472.0m $166.7m $166.7m 0.05% Reduced -7.2k -7,227
18 FACTORY MUTUAL INSURANCE CO 1.47% of their portfolio WALTHAM, MA 1,729,4001.7m $144.6m $144.6m 1.47% Added +316.9k +316,900
19 Willis Johnson & Associates, Inc. 8.72% of their portfolio Houston, TX 1,690,9871.7m $141.4m $141.4m 8.72% Added +66.5k +66,474
20 Creative Planning 0.08% of their portfolio OVERLAND PARK, KS 1,381,1821.4m $115.5m $115.5m 0.08% Added +72.7k +72,734
21 LINCOLN NATIONAL CORP 3.27% of their portfolio RADNOR, PA 1,337,1081.3m $111.8m $111.8m 3.27% Added +35.9k +35,852
22 Sumitomo Mitsui DS Asset Management Company, Ltd 0.81% of their portfolio TOKYO, M0 1,237,7351.2m $103.5m $103.5m 0.81% Reduced -30.2k -30,230
23 AMERIPRISE FINANCIAL INC 0.02% of their portfolio MINNEAPOLIS, MN 1,093,1071.1m $91.4m $91.4m 0.02% Reduced -14.7k -14,733
24 ROYAL BANK OF CANADA 0.02% of their portfolio TORONTO, A6 1,087,4131.1m $90.9m $90.9m 0.02% Reduced -505.6k -505,551
25 Stairway Partners, LLC 4.47% of their portfolio MINNEAPOLIS, MN 1,033,1241.0m $86.4m $86.4m 4.47% Reduced -65.5k -65,499
26 RAYMOND JAMES FINANCIAL INC 0.03% of their portfolio ST. PETERSBURG, FL 1,000,0831.0m $83.6m $83.6m 0.03% Added +56.7k +56,655
27 Garde Capital, Inc. 4.93% of their portfolio SEATTLE, WA 994,129994.1k $83.1m $83.1m 4.93% Added +31.7k +31,721
28 Itau Unibanco Holding S.A. 1.97% of their portfolio SAO PAULO, D5 963,000963.0k $80.5m $80.5m 1.97% Added +112.4k +112,434
29 COMERICA BANK 0.30% of their portfolio DALLAS, TX 907,722907.7k $75.9m $75.9m 0.30% Reduced -31.4k -31,395
30 STIFEL FINANCIAL CORP 0.07% of their portfolio ST. LOUIS, MO 887,759887.8k $74.2m $74.2m 0.07% Added +40.7k +40,702
31 LPL Financial LLC 0.02% of their portfolio FORT MILL, SC 884,585884.6k $74.0m $74.0m 0.02% Added +1.1k +1,086
32 GenTrust, LLC 3.20% of their portfolio MIAMI, FL 883,861883.9k $73.9m $73.9m 3.20% Added +67.4k +67,417
33 Smithfield Trust Co 2.87% of their portfolio PITTSBURGH, PA 774,900774.9k $64.8m $64.8m 2.87% Reduced -13.1k -13,059
34 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.04% of their portfolio MILWAUKEE, WI 772,833772.8k $64.6m $64.6m 0.04% Added +31.5k +31,532
35 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 761,613761.6k $63.7m $63.7m 0.00% Reduced -262.8k -262,806
36 VICTORY CAPITAL MANAGEMENT INC 0.04% of their portfolio San Antonio, TX 753,826753.8k $63.0m $63.0m 0.04% Added +210.2k +210,158
37 ALLIANCEBERNSTEIN L.P. 0.02% of their portfolio NASHVILLE, TN 752,739752.7k $62.9m $62.9m 0.02% Reduced -435.3k -435,342
38 ANGELES WEALTH MANAGEMENT, LLC 3.40% of their portfolio SANTA MONICA, CA 737,382737.4k $61.7m $61.7m 3.40% Added +38.7k +38,661
39 Cerity Partners LLC 0.08% of their portfolio NEW YORK, NY 683,175683.2k $57.1m $57.1m 0.08% Added +31.7k +31,664
40 Chan Zuckerberg Initiative, LLC 37.28% of their portfolio Redwood City, CA 664,838664.8k $55.6m $55.6m 37.28% Unchanged
41 BESSEMER GROUP INC 0.08% of their portfolio WOODBRIDGE, NJ 639,136639.1k $53.4m $53.4m 0.08% Added +216.8k +216,833
42 JANUS HENDERSON GROUP PLC 0.02% of their portfolio LONDON, X0 637,849637.8k $53.3m $53.3m 0.02% Reduced -10.1k -10,072
43 Focus Partners Wealth 0.06% of their portfolio ST LOUIS, MO 622,431622.4k $52.0m $52.0m 0.06% Added +330.0k +329,966
44 PRESILIUM PRIVATE WEALTH, LLC 9.19% of their portfolio RADNOR, PA 601,628601.6k $50.3m $50.3m 9.19% Added +15.4k +15,356
45 Haverford Trust Co 0.44% of their portfolio Radnor, PA 585,857585.9k $49.0m $49.0m 0.44% Reduced -31.7k -31,668
46 Efficient Advisors, LLC 2.86% of their portfolio BEAVERTON, OR 585,358585.4k $48.9m $48.9m 2.86% Added +4.4k +4,440
47 HSBC HOLDINGS PLC 0.01% of their portfolio LONDON, X0 539,914539.9k $45.1m $45.1m 0.01% Added +283.2k +283,214
48 PEAPACK GLADSTONE FINANCIAL CORP 0.55% of their portfolio BEDMINSTER, NJ 520,528520.5k $43.5m $43.5m 0.55% Reduced -3.3k -3,336
49 Impact Partnership Wealth, LLC 5.32% of their portfolio MARIETTA, GA 496,393496.4k $41.5m $41.5m 5.32% Reduced -250.2k -250,194
50 OSBORNE PARTNERS CAPITAL MANAGEMENT, LLC 2.10% of their portfolio SAN FRANCISCO, CA 488,540488.5k $40.8m $40.8m 2.10% Reduced -11.5k -11,518
51 Ballentine Partners, LLC 0.55% of their portfolio Waltham, MA 471,846471.8k $39.5m $39.5m 0.55% Reduced -39.4k -39,409
52 ATLAS CAPITAL ADVISORS INC. 4.31% of their portfolio JACKSON, WY 463,140463.1k $38.7m $38.7m 4.31% First filing
53 NATIONAL BANK OF CANADA /FI/ 0.04% of their portfolio MONTREAL, A8 462,951463.0k $38.7m $38.7m 0.04% Added +365.9k +365,887
54 Banco Santander, S.A. 0.28% of their portfolio Madrid, U3 448,484448.5k $37.5m $37.5m 0.28% Added +38.7k +38,665
55 Accredited Investors Inc. 1.95% of their portfolio EDINA, MN 438,075438.1k $36.6m $36.6m 1.95% Added +9.2k +9,175
56 Mirae Asset Global Investments Co., Ltd. 0.09% of their portfolio SEOUL, M5 397,699397.7k $33.3m $33.3m 0.09% Reduced -35.1k -35,082
57 Tanager Wealth Management LLP 3.16% of their portfolio Goring On Thames, X0 378,303378.3k $31.6m $31.6m 3.16% Reduced -1.1k -1,087
58 Corient Private Wealth LP 0.02% of their portfolio MIAMI, FL 376,723376.7k $30.7m $30.7m 0.02% Added +199.1k +199,101
59 Allspring Global Investments Holdings, LLC 0.05% of their portfolio CHARLOTTE, NC 375,298375.3k $31.4m $31.4m 0.05% Reduced -3.9k -3,900
60 Allianz Asset Management GmbH 0.04% of their portfolio MUNICH, 2M 370,000370.0k $30.9m $30.9m 0.04% Added +124.2k +124,200
61 Galilei Investment Office LLP 13.55% of their portfolio LONDON, X0 348,881348.9k $28.7m $28.7m 13.55% Added +1.1k +1,050
62 BANCO BILBAO VIZCAYA ARGENTARIA, S.A. 0.20% of their portfolio Madrid, U3 347,600347.6k $29.2m $29.2m 0.20% Reduced -8.2k -8,196
63 CITIGROUP INC 0.02% of their portfolio NEW YORK, NY 339,664339.7k $28.4m $28.4m 0.02% Reduced -293.6k -293,650
64 LIFE LINE WEALTH MANAGEMENT LLC 7.95% of their portfolio Beverly Hills, CA 322,069322.1k $26.9m $26.9m 7.95% Reduced -6.7k -6,668
65 Janney Montgomery Scott LLC 0.06% of their portfolio PHILADELPHIA, PA 311,082311.1k $26.0m $26.0m 0.06% Reduced -19.3k -19,259
66 Penserra Capital Management LLC 0.31% of their portfolio ORINDA, CA 311,054311.1k $26.0m $26.0m 0.31% Reduced -203.1k -203,055
67 COMMONWEALTH EQUITY SERVICES, LLC 0.03% of their portfolio WALTHAM, MA 305,153305.2k $25.5m $25.5m 0.03% Reduced -178.8k -178,815
68 Equitable Holdings, Inc. 0.17% of their portfolio NEW YORK, NY 303,462303.5k $25.4m $25.4m 0.17% Added +357 +357
69 BTG Pactual Asset Management US LLC 2.61% of their portfolio NEW YORK, NY 303,249303.2k $23.5m $23.5m 2.61% Reduced -1.5k -1,483
70 ARMSTRONG ADVISORY GROUP, INC 1.60% of their portfolio NEEDHAM, MA 282,855282.9k $23.6m $23.6m 1.60% Added +10.0k +10,009
71 COOPER/HAIMS ADVISORS, LLC 10.68% of their portfolio VICTOR, NY 280,924280.9k $23.5m $23.5m 10.68% Added +8.1k +8,106
72 Karpus Management, Inc. 0.71% of their portfolio Pittsford, NY 275,400275.4k $23.0m $23.0m 0.71% Added +2.5k +2,476
73 WealthBridge Investment Counsel Inc. 6.71% of their portfolio CALGARY, A0 267,301267.3k $22.3m $22.3m 6.71% Added +121.1k +121,088
74 Madison Asset Management, LLC 0.26% of their portfolio MADISON, WI 266,160266.2k $22.3m $22.3m 0.26% Reduced -3.8k -3,758
75 Obsido Oy 13.10% of their portfolio TAMPERE, H9 255,094255.1k $21.3m $21.3m 13.10% Added +11.7k +11,695
76 SCOTIA CAPITAL INC. 0.09% of their portfolio TORONTO, A6 254,826254.8k $21.3m $21.3m 0.09% Added +15.6k +15,562
77 FPC INVESTMENT ADVISORY, INC. 11.60% of their portfolio PETALUMA, CA 253,215253.2k $21.2m $21.2m 11.60% Added +6.2k +6,207
78 NOMURA ASSET MANAGEMENT CO LTD 0.05% of their portfolio TOKYO, M0 251,800251.8k $21.1m $21.1m 0.05% Added +79.2k +79,200
79 COURIER CAPITAL LLC 1.16% of their portfolio BUFFALO, NY 247,289247.3k $20.7m $20.7m 1.16% Reduced -1.3k -1,312
80 AlTi Global, Inc. 0.44% of their portfolio NEW YORK, NY 243,938243.9k $20.4m $20.4m 0.44% Added +5.7k +5,700
81 Journey Advisory Group, LLC 1.66% of their portfolio COVINGTON, KY 236,812236.8k $19.8m $19.8m 1.66% Added +35.6k +35,611
82 AGF MANAGEMENT LTD 0.09% of their portfolio TORONTO, A6 236,487236.5k $19.8m $19.8m 0.09% Reduced -1.7k -1,657
83 HENGEHOLD CAPITAL MANAGEMENT LLC 1.67% of their portfolio CINCINNATI, OH 236,430236.4k $19.8m $19.8m 1.67% Added +173 +173
84 ANDERSON HOAGLAND & CO 1.68% of their portfolio ST LOUIS, MO 234,213234.2k $19.6m $19.6m 1.68% Unchanged
85 BNP PARIBAS FINANCIAL MARKETS 0.01% of their portfolio PARIS, I0 231,370231.4k $19.3m $19.3m 0.01% Added +111.5k +111,463
86 BFI Infinity Ltd. 12.01% of their portfolio ZURICH, V8 230,553230.6k $19.3m $19.3m 12.01% Added +11.1k +11,060
87 Zeit Capital LLC 11.41% of their portfolio GREENWOOD VILLAGE, CO 202,134202.1k $16.9m $16.9m 11.41% Reduced -1.8k -1,836
88 JANE STREET GROUP, LLC 0.02% of their portfolio NEW YORK, NY 193,361193.4k $16.2m $16.2m 0.02% Reduced -1.3m -1,286,488
89 BigSur Wealth Management LLC 3.91% of their portfolio MIAMI, FL 193,010193.0k $16.1m $16.1m 3.91% Unchanged
90 Greenline Partners, LLC 1.84% of their portfolio NEW YORK, NY 191,979192.0k $16.1m $16.1m 1.84% Unchanged
91 Leo Wealth, LLC 1.15% of their portfolio HURST, TX 190,115190.1k $15.9m $15.9m 1.15% Added +74.0k +74,026
92 NISA INVESTMENT ADVISORS, LLC 0.05% of their portfolio ST. LOUIS, MO 190,000190.0k $15.9m $15.9m 0.05% Unchanged
93 MRA Advisory Group 6.66% of their portfolio PARSIPPANY, NJ 189,711189.7k $15.9m $15.9m 6.66% Added +11.5k +11,486
94 Baird Financial Group, Inc. 0.02% of their portfolio MILWAUKEE, WI 186,164186.2k $15.6m $15.6m 0.02% Added +824 +824
95 OSAIC HOLDINGS, INC. 0.02% of their portfolio SCOTTSDALE, AZ 184,198184.2k $15.4m $15.4m 0.02% Reduced -13.1k -13,064
96 Walkner Condon Financial Advisors LLC 2.13% of their portfolio MADISON, WI 183,462183.5k $15.3m $15.3m 2.13% Added +3.6k +3,555
97 PNC Financial Services Group, Inc. 0.01% of their portfolio Pittsburgh, PA 182,904182.9k $15.3m $15.3m 0.01% Added +15.8k +15,815
98 CASTLEKEEP INVESTMENT ADVISORS LLC 6.89% of their portfolio WESTPORT, CT 181,972182.0k $15.2m $15.2m 6.89% Reduced -131 -131
99 Vident Advisory, LLC 0.14% of their portfolio Alpharetta, GA 181,597181.6k $15.2m $15.2m 0.14% Reduced -9.0k -8,987
100 Stelac Advisory Services LLC 5.37% of their portfolio NEW YORK, NY 181,521181.5k $15.2m $15.2m 5.37% Reduced -20.3k -20,330