Vault-13

VANGUARD SCOTTSDALE FDS VGSH

SHORT TERM TREAS · ETP · CUSIP 92206C102

951 institutional holders +13 vs Q1 2025
256,304,539256.3m shares reported held*
$15.1bnreported value*
81 new 412 added 321 reduced 70 sold out net sold ≈ $289.2m (-4.9m 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 ($21.2m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $58.89. Options: 1 managers hold calls ($0 notional), 1 hold puts ($0).

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

05001kQ3 22: 663Q4 22: 736Q1 23: 767Q2 23: 809Q3 23: 814Q4 23: 863Q1 24: 843Q2 24: 853Q3 24: 849Q4 24: 912Q1 25: 938Q2 25: 951951Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 2022663
Q4 2022736
Q1 2023767
Q2 2023809
Q3 2023814
Q4 2023863
Q1 2024843
Q2 2024853
Q3 2024849
Q4 2024912
Q1 2025938
Q2 2025951

Buyers vs sellers

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

Bought or addedCut or sold out
5000500Q3 23: 392 bought or addedQ3 23: 388 cut or sold outQ4 23: 377 bought or addedQ4 23: 399 cut or sold outQ4 23Q1 24: 407 bought or addedQ1 24: 393 cut or sold outQ2 24: 424 bought or addedQ2 24: 384 cut or sold outQ2 24Q3 24: 440 bought or addedQ3 24: 361 cut or sold outQ4 24: 435 bought or addedQ4 24: 353 cut or sold outQ4 24Q1 25: 497 bought or addedQ1 25: 365 cut or sold outQ2 25: 493 bought or addedQ2 25: 391 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 2023392388
Q4 2023377399
Q1 2024407393
Q2 2024424384
Q3 2024440361
Q4 2024435353
Q1 2025497365
Q2 2025493391

Calls vs puts

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

CallsPuts
$0$500k$1m$1.5m$2mQ3 24 calls: $1.3mQ3 24 puts: $1.9mQ3 24P/C 1.52Q4 24 calls: $296.6kQ4 24 puts: $75.6kQ4 24P/C 0.25Q1 25 calls: $363.9kQ1 25 puts: $23.5kQ1 25P/C 0.06Q2 25 calls: $0Q2 25 puts: $0Q2 25P/C —
Numbers
QuarterCallsPutsP/C
Q3 2024$1.3m$1.9m1.52
Q4 2024$296.6k$75.6k0.25
Q1 2025$363.9k$23.5k0.06
Q2 2025$0$0—

Biggest buyers

RWA WEALTH PARTNERS, LLC Added +2,452,449+2.5m
BANK OF AMERICA CORP /DE/ Added +1,827,364+1.8m
ROYAL BANK OF CANADA Added +1,734,536+1.7m
NOMURA ASSET MANAGEMENT CO LTD Added +1,449,600+1.4m
Rockefeller Capital Management L.P. Added +1,064,845+1.1m
BOK Financial Private Wealth, Inc. Added +960,709+960.7k
Baird Financial Group, Inc. Added +898,635+898.6k
CITIGROUP INC Added +850,557+850.6k
ARMSTRONG ADVISORY GROUP, INC Added +838,689+838.7k
WELLS FARGO & COMPANY/MN Added +672,960+673.0k

Biggest sellers

JPMORGAN CHASE & CO Reduced -18,154,689-18.2m
PARTNERS CAPITAL INVESTMENT GROUP, LLP Reduced -1,874,713-1.9m
MORGAN STANLEY Reduced -1,775,262-1.8m
Focus Partners Wealth Reduced -755,990-756.0k
CAPITAL ADVISORS INC/OK Reduced -685,928-685.9k
Penserra Capital Management LLC Reduced -683,234-683.2k
RENAISSANCE TECHNOLOGIES LLC Reduced -617,800-617.8k
ALTFEST L J & CO INC Reduced -541,162-541.2k
BENJAMIN EDWARDS INC Reduced -450,422-450.4k
Spire Wealth Management Reduced -392,252-392.3k

Biggest calls

CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 shares

Biggest puts

CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 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 JPMORGAN CHASE & CO 0.10% of their portfolio NEW YORK, NY 25,352,00225.4m $1.5bn $1.5bn 0.10% Reduced -18.2m -18,154,689
2 MORGAN STANLEY 0.08% of their portfolio NEW YORK, NY 20,478,67020.5m $1.2bn $1.2bn 0.08% Reduced -1.8m -1,775,262
3 BANK OF AMERICA CORP /DE/ 0.04% of their portfolio CHARLOTTE, NC 8,737,1698.7m $513.6m $513.6m 0.04% Added +1.8m +1,827,364
4 Orgel Wealth Management, LLC 10.34% of their portfolio ALTOONA, WI 7,300,8217.3m $429.1m $429.1m 10.34% Reduced -235.1k -235,091
5 NORTHERN TRUST CORP 0.05% of their portfolio CHICAGO, IL 6,692,6986.7m $393.4m $393.4m 0.05% Added +427.1k +427,068
6 GOLDMAN SACHS GROUP INC 0.06% of their portfolio NEW YORK, NY 5,950,7616.0m $349.8m $349.8m 0.06% Added +391.2k +391,184
7 Baird Financial Group, Inc. 0.59% of their portfolio MILWAUKEE, WI 5,751,5005.8m $338.1m $338.1m 0.59% Added +898.6k +898,635
8 SCS Capital Management LLC 2.79% of their portfolio BOSTON, MA 4,282,9254.3m $251.8m $251.8m 2.79% Reduced -67.5k -67,500
9 STATE STREET CORP 0.01% of their portfolio BOSTON, MA 4,150,0004.2m $243.9m $243.9m 0.01% Reduced -350.0k -350,000
10 NorthRock Partners, LLC 6.29% of their portfolio MINNEAPOLIS, MN 4,103,3194.1m $241.2m $241.2m 6.29% Added +243.4k +243,362
11 ROYAL BANK OF CANADA 0.02% of their portfolio TORONTO, A6 4,077,6244.1m $239.7m $239.7m 0.02% Added +1.7m +1,734,536
12 RWA WEALTH PARTNERS, LLC 2.88% of their portfolio BOSTON, MA 3,913,8883.9m $230.1m $230.1m 2.88% Added +2.5m +2,452,449
13 WELLS FARGO & COMPANY/MN 0.05% of their portfolio SAN FRANCISCO, CA 3,770,7663.8m $221.6m $221.6m 0.05% Added +673.0k +672,960
14 Cerity Partners LLC 0.39% of their portfolio NEW YORK, NY 3,677,9853.7m $216.2m $216.2m 0.39% Added +11.1k +11,101
15 ENVESTNET ASSET MANAGEMENT INC 0.06% of their portfolio Berwyn, PA 3,296,1363.3m $193.7m $193.7m 0.06% Added +304.8k +304,817
16 RAYMOND JAMES FINANCIAL INC 0.06% of their portfolio ST. PETERSBURG, FL 3,180,4103.2m $186.9m $186.9m 0.06% Added +526.7k +526,654
17 M&T Bank Corp 0.64% of their portfolio BUFFALO, NY 3,162,5073.2m $185.9m $185.9m 0.64% Reduced -77.9k -77,940
18 AMERIPRISE FINANCIAL INC 0.04% of their portfolio MINNEAPOLIS, MN 2,656,6542.7m $161.1m $161.1m 0.04% Added +23.8k +23,754
19 PARTNERS CAPITAL INVESTMENT GROUP, LLP 6.17% of their portfolio BOSTON, MA 2,618,8042.6m $153.9m $153.9m 6.17% Reduced -1.9m -1,874,713
20 UBS Group AG 0.03% of their portfolio ZURICH, V8 2,415,7922.4m $142.0m $142.0m 0.03% Added +607.7k +607,671
21 LPL Financial LLC 0.05% of their portfolio FORT MILL, SC 2,328,6632.3m $136.9m $136.9m 0.05% Added +59.4k +59,392
22 Summit Trail Advisors, LLC 2.34% of their portfolio NEW YORK, NY 2,321,0172.3m $136.4m $136.4m 2.34% Reduced -48.7k -48,740
23 Pure Financial Advisors, LLC 2.22% of their portfolio SAN DIEGO, CA 2,147,7132.1m $126.2m $126.2m 2.22% Added +123.5k +123,505
24 Rockefeller Capital Management L.P. 0.14% of their portfolio NEW YORK, NY 2,073,0002.1m $121.9m $121.9m 0.14% Added +1.1m +1,064,845
25 Smithfield Trust Co 5.68% of their portfolio PITTSBURGH, PA 2,043,4822.0m $120.1m $120.1m 5.68% Reduced -2.3k -2,261
26 Cetera Investment Advisers 0.20% of their portfolio SCHAUMBURG, IL 2,025,1382.0m $119.0m $119.0m 0.20% Added +12.1k +12,136
27 Blue Trust, Inc. 1.32% of their portfolio BRENTWOOD, TN 1,904,5421.9m $111.9m $111.9m 1.32% Reduced -127.5k -127,481
28 HighTower Advisors, LLC 0.14% of their portfolio CHICAGO, IL 1,902,7061.9m $111.8m $111.8m 0.14% Reduced -143.3k -143,283
29 Acropolis Investment Management, LLC 6.07% of their portfolio ST. LOUIS, MO 1,878,9461.9m $110.4m $110.4m 6.07% Added +106.7k +106,707
30 BROWN ADVISORY INC 0.12% of their portfolio BALTIMORE, MD 1,615,0461.6m $94.9m $94.9m 0.12% Added +381.7k +381,678
31 New York Life Investment Management LLC 0.84% of their portfolio New York, NY 1,534,0181.5m $90.2m $90.2m 0.84% Added +92.5k +92,482
32 MAI Capital Management 0.61% of their portfolio INDEPENDENCE, OH 1,503,5311.5m $88.4m $88.4m 0.61% Added +90.6k +90,610
33 Creative Planning 0.07% of their portfolio OVERLAND PARK, KS 1,489,3111.5m $87.5m $87.5m 0.07% Added +76.0k +76,034
34 Corient Private Wealth LP 0.12% of their portfolio MIAMI, FL 1,475,1901.5m $86.7m $86.7m 0.12% Added +358.3k +358,341
35 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.06% of their portfolio MILWAUKEE, WI 1,475,1371.5m $86.7m $86.7m 0.06% Added +29.0k +28,953
36 NOMURA ASSET MANAGEMENT CO LTD 0.23% of their portfolio TOKYO, M0 1,453,0771.5m $85.4m $85.4m 0.23% Added +1.4m +1,449,600
37 TD PRIVATE CLIENT WEALTH LLC 2.04% of their portfolio NEW YORK, NY 1,412,6701.4m $83.0m $83.0m 2.04% Added +66.3k +66,291
38 Valmark Advisers, Inc. 1.04% of their portfolio AKRON, OH 1,273,5851.3m $74.9m $74.9m 1.04% Added +10.2k +10,157
39 Money Design Co.,Ltd. 3.44% of their portfolio TOKYO, M0 1,251,5341.3m $73.6m $73.6m 3.44% Reduced -205.5k -205,516
40 OSAIC HOLDINGS, INC. 0.13% of their portfolio SCOTTSDALE, AZ 1,240,5711.2m $72.9m $72.9m 0.13% Added +31.6k +31,627
41 Advisory Alpha, LLC 2.26% of their portfolio HOLLAND, MI 1,232,8591.2m $72.5m $72.5m 2.26% Reduced -42.9k -42,902
42 NEPC LLC 1.82% of their portfolio Boston, MA 1,226,7181.2m $72.1m $72.1m 1.82% Unchanged
43 First Financial Bankshares Inc 1.60% of their portfolio Abilene, TX 1,217,7081.2m $71.6m $71.6m 1.60% Added +38.9k +38,861
44 COLDSTREAM CAPITAL MANAGEMENT INC 1.16% of their portfolio BELLEVUE, WA 1,205,7631.2m $70.9m $70.9m 1.16% Added +50.1k +50,135
45 Evensky & Katz LLC 4.22% of their portfolio CORAL GABLES, FL 1,175,6491.2m $69.1m $69.1m 4.22% Added +17.8k +17,816
46 BOK Financial Private Wealth, Inc. 4.42% of their portfolio DENVER, CO 1,128,2701.1m $66.3m $66.3m 4.42% Added +960.7k +960,709
47 RENAISSANCE TECHNOLOGIES LLC 0.09% of their portfolio NEW YORK, NY 1,116,9001.1m $65.7m $65.7m 0.09% Reduced -617.8k -617,800
48 TRUIST FINANCIAL CORP 0.10% of their portfolio CHARLOTTE, NC 1,112,1861.1m $65.4m $65.4m 0.10% Added +120.2k +120,222
49 NorthCoast Asset Management LLC 0.27% of their portfolio STAMFORD, CT 1,090,9741.1m $64.1m $64.1m 0.27% Added +73.6k +73,622
50 First Command Advisory Services, Inc. 0.53% of their portfolio FORT WORTH, TX 1,041,6591.0m $61.2m $61.2m 0.53% Added +8.3k +8,314
51 Miller Investment Management, LP 6.39% of their portfolio WEST CONSHOHOCKEN, PA 1,034,7431.0m $60.8m $60.8m 6.39% Added +9.7k +9,674
52 Empirical Financial Services, LLC d.b.a. Empirical Wealth Management 1.35% of their portfolio Seattle, WA 1,012,7831.0m $59.5m $59.5m 1.35% Added +32.7k +32,651
53 Chemistry Wealth Management LLC 12.29% of their portfolio NEW YORK, NY 974,643974.6k $57.3m $57.3m 12.29% Added +25.4k +25,352
54 Strata Wealth Advisors, LLC 15.30% of their portfolio DALLAS, TX 944,899944.9k $55.5m $55.5m 15.30% Added +8.9k +8,870
55 CITIGROUP INC 0.04% of their portfolio NEW YORK, NY 927,088927.1k $54.5m $54.5m 0.04% Added +850.6k +850,557
56 Beacon Pointe Advisors, LLC 0.54% of their portfolio NEWPORT BEACH, CA 878,643878.6k $51.6m $51.6m 0.54% Added +323.3k +323,269
57 CAMBRIDGE ASSOCIATES LLC /MA/ /ADV 1.11% of their portfolio BOSTON, MA 867,511867.5k $50.3m $50.3m 1.11% Added +393.0k +392,985
58 Cornerstone Wealth Advisors, Inc. 13.08% of their portfolio EDINA, MN 860,921860.9k $50.6m $50.6m 13.08% Added +16.2k +16,218
59 ARMSTRONG ADVISORY GROUP, INC 3.82% of their portfolio NEEDHAM, MA 858,782858.8k $50.5m $50.5m 3.82% Added +838.7k +838,689
60 Oak Harvest Investment Services 6.28% of their portfolio HOUSTON, TX 852,341852.3k $50.1m $50.1m 6.28% Added +23.7k +23,701
61 AE Wealth Management LLC 0.36% of their portfolio TOPEKA, KS 826,487826.5k $48.6m $48.6m 0.36% Reduced -196.4k -196,428
62 PRESILIUM PRIVATE WEALTH, LLC 9.84% of their portfolio RADNOR, PA 817,809817.8k $48.1m $48.1m 9.84% Added +59.1k +59,098
63 AMI INVESTMENT MANAGEMENT INC 12.19% of their portfolio KENDALLVILLE, IN 803,024803.0k $47.2m $47.2m 12.19% Added +103.9k +103,867
64 INSIGHT 2811, INC. 22.03% of their portfolio CHICAGO, IL 791,493791.5k $46.5m $46.5m 22.03% Added +47.9k +47,925
65 TRUSTMARK BANK TRUST DEPARTMENT 3.19% of their portfolio JACKSON, MS 784,877784.9k $46.1m $46.1m 3.19% Added +9.8k +9,841
66 Federation des caisses Desjardins du Quebec 0.19% of their portfolio LEVIS, A8 754,837754.8k $44.4m $44.4m 0.19% Added +498 +498
67 Falcon Wealth Planning 4.46% of their portfolio Ontario, CA 751,514751.5k $44.2m $44.2m 4.46% Added +29.8k +29,769
68 MAYPORT, LLC 10.53% of their portfolio NEWTON, MA 746,153746.2k $43.9m $43.9m 10.53% Added +37.5k +37,466
69 PATTEN & PATTEN INC/TN 2.83% of their portfolio CHATTANOOGA, TN 743,105743.1k $43.7m $43.7m 2.83% Added +82.7k +82,680
70 Wealth Dimensions Group, Ltd. 9.59% of their portfolio CINCINNATI, OH 740,377740.4k $43.5m $43.5m 9.59% Reduced -8.1k -8,057
71 Foster Group, Inc. 1.47% of their portfolio WEST DES MOINES, IA 732,827732.8k $43.1m $43.1m 1.47% Added +40.6k +40,620
72 1834 INVESTMENT ADVISORS CO 5.29% of their portfolio Milwaukee, WI 710,783710.8k $41.8m $41.8m 5.29% Reduced -25.2k -25,201
73 Portland Global Advisors LLC 4.88% of their portfolio PORTLAND, ME 705,265705.3k $41.5m $41.5m 4.88% Added +39.5k +39,521
74 OLD NATIONAL BANCORP /IN/ 0.73% of their portfolio EVANSVILLE, IN 697,962698.0k $41.0m $41.0m 0.73% Reduced -71.6k -71,570
75 MASECO LLP 1.54% of their portfolio LONDON, X0 690,139690.1k $40.6m $40.6m 1.54% First filing
76 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.01% of their portfolio SAN FRANCISCO, CA 675,278675.3k $39.7m $39.7m 0.01% Reduced -104.7k -104,724
77 Mariner, LLC 0.06% of their portfolio Overland Park, KS 664,073664.1k $39.0m $39.0m 0.06% Reduced -21.0k -21,014
78 Vernal Point Advisors, LLC 22.74% of their portfolio San Francisco, CA 663,193663.2k $39.0m $39.0m 22.74% Reduced -17.2k -17,235
79 Merit Financial Group, LLC 0.43% of their portfolio ALPHARETTA, GA 658,087658.1k $38.7m $38.7m 0.43% Reduced -28.0k -27,993
80 MERCER GLOBAL ADVISORS INC /ADV 0.08% of their portfolio DENVER, CO 638,534638.5k $37.5m $37.5m 0.08% Reduced -369.9k -369,937
81 Talon Private Wealth, LLC 5.15% of their portfolio THE VILLAGES, FL 636,098636.1k $37.4m $37.4m 5.15% Reduced -106.4k -106,428
82 Johns Hopkins University 1.92% of their portfolio BALTIMORE, MD 616,877616.9k $36.3m $36.3m 1.92% Unchanged
83 American Money Management, LLC 6.33% of their portfolio Rancho Santa Fe, CA 609,532609.5k $35.8m $35.8m 6.33% Added +43.8k +43,769
84 VANGUARD GROUP INC 0.00% of their portfolio Valley Forge, PA 586,684586.7k $34.5m $34.5m 0.00% Added +64.2k +64,225
85 Venturi Wealth Management, LLC 1.62% of their portfolio AUSTIN, TX 557,492557.5k $32.8m $32.8m 1.62% Added +551.3k +551,338
86 GOULD ASSET MANAGEMENT LLC /CA/ 6.38% of their portfolio CLAREMONT, CA 553,843553.8k $32.6m $32.6m 6.38% Added +40.6k +40,552
87 Carnegie Investment Counsel 0.63% of their portfolio PEPPER PIKE, OH 533,659533.7k $31.4m $31.4m 0.63% Added +14.3k +14,350
88 Brookstone Capital Management 0.40% of their portfolio WHEATON, IL 524,445524.4k $30.8m $30.8m 0.40% Added +14.1k +14,116
89 Facet Wealth, Inc. 0.70% of their portfolio WEST PALM BEACH, FL 522,527522.5k $30.6m $30.6m 0.70% Added +26.1k +26,136
90 Opus Capital Group, LLC 3.66% of their portfolio CINCINNATI, OH 519,889519.9k $30.6m $30.6m 3.66% Reduced -44.4k -44,354
91 MainStreet Investment Advisors LLC 4.18% of their portfolio CHICAGO, IL 514,496514.5k $30.2m $30.2m 4.18% Added +68.2k +68,183
92 MassMutual Private Wealth & Trust, FSB 0.80% of their portfolio Windsor, CT 513,904513.9k $30.2m $30.2m 0.80% Added +66.6k +66,586
93 SCOPUS ASSET MANAGEMENT, L.P. 0.81% of their portfolio NEW YORK, NY 512,714512.7k $30.1m $30.1m 0.81% Reduced -9.8k -9,786
94 Arista Wealth Management, LLC 4.14% of their portfolio Las Vegas, NV 509,015509.0k $29.9m $29.9m 4.14% Added +15.8k +15,840
95 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.05% of their portfolio PLYMOUTH, MN 508,478508.5k $29.7m $29.7m 0.05% Reduced -50.4k -50,350
96 Alaethes Wealth, LLC 8.86% of their portfolio GLENBROOK, NV 504,563504.6k $29.7m $29.7m 8.86% New
97 Bleakley Financial Group, LLC 0.75% of their portfolio PARSIPPANY, NJ 501,003501.0k $29.4m $29.4m 0.75% Added +45.2k +45,164
98 FRANKLIN RESOURCES INC 0.01% of their portfolio San Mateo, CA 489,057489.1k $28.7m $28.7m 0.01% Added +32.5k +32,523
99 Winch Advisory Services, LLC 6.96% of their portfolio Appleton, WI 485,033485.0k $28.5m $28.5m 6.96% Added +1.3k +1,284
100 Pacific Sage Partners, LLC 5.57% of their portfolio EDMONDS, WA 477,030477.0k $28.0m $28.0m 5.57% Reduced -308.9k -308,935