Vault-13

VANGUARD SCOTTSDALE FDS VGSH

SHORT TERM TREAS · ETP · CUSIP 92206C102

942 institutional holders -9 vs Q2 2025
278,158,959278.2m shares reported held*
$16.4bnreported value*
80 new 435 added 291 reduced 80 sold out net bought ≈ $1.4bn (+23.8m 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 ($21.5m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $58.93. Options: 1 managers hold calls ($194.2k notional), 0 hold puts (—).

Trends to Q3 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: 951Q3 25: 942942Q3 22Q2 23Q1 24Q4 24Q3 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
Q3 2025942

Buyers vs sellers

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

Bought or addedCut or sold out
1k01kQ4 23: 377 bought or addedQ4 23: 399 cut or sold outQ1 24: 407 bought or addedQ1 24: 393 cut or sold outQ1 24Q2 24: 424 bought or addedQ2 24: 384 cut or sold outQ3 24: 440 bought or addedQ3 24: 361 cut or sold outQ3 24Q4 24: 435 bought or addedQ4 24: 353 cut or sold outQ1 25: 497 bought or addedQ1 25: 365 cut or sold outQ1 25Q2 25: 493 bought or addedQ2 25: 391 cut or sold outQ3 25: 515 bought or addedQ3 25: 371 cut or sold outQ3 25
Numbers
QuarterBought or addedCut or sold out
Q4 2023377399
Q1 2024407393
Q2 2024424384
Q3 2024440361
Q4 2024435353
Q1 2025497365
Q2 2025493391
Q3 2025515371

Calls vs puts

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

CallsPuts
$0$100k$200k$300k$400kQ4 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 —Q3 25 calls: $194.2kQ3 25 puts: $0Q3 25P/C 0.00
Numbers
QuarterCallsPutsP/C
Q4 2024$296.6k$75.6k0.25
Q1 2025$363.9k$23.5k0.06
Q2 2025$0$0—
Q3 2025$194.2k$00.00

Biggest buyers

JPMORGAN CHASE & CO Added +25,749,188+25.7m
MORGAN STANLEY Added +1,605,281+1.6m
NORTHERN TRUST CORP Added +1,396,444+1.4m
BANK OF AMERICA CORP /DE/ Added +1,162,540+1.2m
Retirement Planning Group, LLC Added +1,056,439+1.1m
Baird Financial Group, Inc. Added +946,532+946.5k
Penserra Capital Management LLC Added +905,529+905.5k
AMERIPRISE FINANCIAL INC Added +689,177+689.2k
49 WEALTH MANAGEMENT, LLC Added +602,149+602.1k
REGIONS FINANCIAL CORP Added +553,752+553.8k

Biggest sellers

SCS Capital Management LLC Reduced -4,102,480-4.1m
ROYAL BANK OF CANADA Reduced -1,981,075-2.0m
Corient Private Wealth LP Reduced -1,176,896-1.2m
RENAISSANCE TECHNOLOGIES LLC Sold out -1,116,900-1.1m
BOK Financial Private Wealth, Inc. Reduced -1,107,559-1.1m
Rockefeller Capital Management L.P. Reduced -1,056,403-1.1m
NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Reduced -973,570-973.6k
Cetera Investment Advisers Reduced -957,156-957.2k
New York Life Investment Management LLC Reduced -668,261-668.3k
NOMURA ASSET MANAGEMENT CO LTD Reduced -598,600-598.6k

Biggest calls

Brooklands Fund Management Ltd New $194.2k3.3k shares

Biggest puts

None

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 JPMORGAN CHASE & CO 0.10% of their portfolio NEW YORK, NY 51,101,19051.1m $3.0bn $3.0bn 0.10% Added +25.7m +25,749,188
2 MORGAN STANLEY 0.08% of their portfolio NEW YORK, NY 22,083,95122.1m $1.3bn $1.3bn 0.08% Added +1.6m +1,605,281
3 BANK OF AMERICA CORP /DE/ 0.04% of their portfolio CHARLOTTE, NC 9,899,7099.9m $582.6m $582.6m 0.04% Added +1.2m +1,162,540
4 NORTHERN TRUST CORP 0.06% of their portfolio CHICAGO, IL 8,089,1428.1m $476.0m $476.0m 0.06% Added +1.4m +1,396,444
5 Orgel Wealth Management, LLC 10.10% of their portfolio ALTOONA, WI 7,525,3397.5m $442.9m $442.9m 10.10% Added +224.5k +224,518
6 Baird Financial Group, Inc. 0.63% of their portfolio MILWAUKEE, WI 6,698,0326.7m $394.2m $394.2m 0.63% Added +946.5k +946,532
7 GOLDMAN SACHS GROUP INC 0.05% of their portfolio NEW YORK, NY 5,451,7945.5m $320.8m $320.8m 0.05% Reduced -499.0k -498,967
8 STATE STREET CORP 0.01% of their portfolio BOSTON, MA 4,400,0004.4m $258.9m $258.9m 0.01% Added +250.0k +250,000
9 NorthRock Partners, LLC 4.67% of their portfolio MINNEAPOLIS, MN 4,390,5694.4m $258.4m $258.4m 4.67% Added +287.2k +287,250
10 RWA WEALTH PARTNERS, LLC 2.86% of their portfolio BOSTON, MA 4,283,8084.3m $252.1m $252.1m 2.86% Added +369.9k +369,920
11 Cerity Partners LLC 0.38% of their portfolio NEW YORK, NY 3,961,7334.0m $233.1m $233.1m 0.38% Added +283.7k +283,748
12 WELLS FARGO & COMPANY/MN 0.05% of their portfolio SAN FRANCISCO, CA 3,777,3813.8m $222.3m $222.3m 0.05% Added +6.6k +6,615
13 AMERIPRISE FINANCIAL INC 0.05% of their portfolio MINNEAPOLIS, MN 3,345,8313.3m $196.7m $196.7m 0.05% Added +689.2k +689,177
14 ENVESTNET ASSET MANAGEMENT INC 0.06% of their portfolio Berwyn, PA 3,327,5223.3m $195.8m $195.8m 0.06% Added +31.4k +31,386
15 M&T Bank Corp 0.65% of their portfolio BUFFALO, NY 3,304,5163.3m $194.5m $194.5m 0.65% Added +142.0k +142,009
16 RAYMOND JAMES FINANCIAL INC 0.06% of their portfolio ST. PETERSBURG, FL 3,263,9783.3m $192.1m $192.1m 0.06% Added +83.6k +83,568
17 LPL Financial LLC 0.05% of their portfolio FORT MILL, SC 2,717,7982.7m $159.9m $159.9m 0.05% Added +389.1k +389,135
18 PARTNERS CAPITAL INVESTMENT GROUP, LLP 5.78% of their portfolio BOSTON, MA 2,470,8302.5m $145.4m $145.4m 5.78% Reduced -148.0k -147,974
19 Summit Trail Advisors, LLC 1.93% of their portfolio NEW YORK, NY 2,376,3452.4m $139.8m $139.8m 1.93% Added +55.3k +55,328
20 UBS Group AG 0.03% of their portfolio ZURICH, V8 2,348,3462.3m $138.2m $138.2m 0.03% Reduced -67.4k -67,446
21 Pure Financial Advisors, LLC 2.19% of their portfolio SAN DIEGO, CA 2,336,3122.3m $137.5m $137.5m 2.19% Added +188.6k +188,599
22 ROYAL BANK OF CANADA 0.02% of their portfolio TORONTO, A6 2,096,5492.1m $123.4m $123.4m 0.02% Reduced -2.0m -1,981,075
23 Smithfield Trust Co 5.47% of their portfolio PITTSBURGH, PA 2,078,2072.1m $122.3m $122.3m 5.47% Added +34.7k +34,725
24 HighTower Advisors, LLC 0.13% of their portfolio CHICAGO, IL 1,994,1352.0m $117.4m $117.4m 0.13% Added +91.4k +91,429
25 Acropolis Investment Management, LLC 5.80% of their portfolio ST. LOUIS, MO 1,941,0601.9m $114.1m $114.1m 5.80% Added +62.1k +62,114
26 Blue Trust, Inc. 1.27% of their portfolio BRENTWOOD, TN 1,925,3961.9m $113.3m $113.3m 1.27% Added +20.9k +20,854
27 BROWN ADVISORY INC 0.13% of their portfolio BALTIMORE, MD 1,717,6411.7m $101.1m $101.1m 0.13% Added +102.6k +102,595
28 TD PRIVATE CLIENT WEALTH LLC 2.14% of their portfolio NEW YORK, NY 1,615,7661.6m $95.1m $95.1m 2.14% Added +203.1k +203,096
29 MAI Capital Management 0.59% of their portfolio INDEPENDENCE, OH 1,593,4301.6m $93.8m $93.8m 0.59% Added +89.9k +89,899
30 Creative Planning 0.07% of their portfolio OVERLAND PARK, KS 1,592,3971.6m $93.7m $93.7m 0.07% Added +103.1k +103,086
31 OSAIC HOLDINGS, INC. 0.12% of their portfolio SCOTTSDALE, AZ 1,434,6871.4m $84.5m $84.5m 0.12% Added +194.1k +194,116
32 Valmark Advisers, Inc. 1.00% of their portfolio AKRON, OH 1,311,7561.3m $77.2m $77.2m 1.00% Added +38.2k +38,171
33 Advisory Alpha, LLC 2.10% of their portfolio HOLLAND, MI 1,283,8451.3m $75.4m $75.4m 2.10% Added +51.0k +50,986
34 First Financial Bankshares Inc 1.54% of their portfolio Abilene, TX 1,270,7731.3m $74.8m $74.8m 1.54% Added +53.1k +53,065
35 Penserra Capital Management LLC 0.89% of their portfolio ORINDA, CA 1,266,6551.3m $74.5m $74.5m 0.89% Added +905.5k +905,529
36 CAMBRIDGE ASSOCIATES LLC /MA/ /ADV 1.36% of their portfolio BOSTON, MA 1,261,7971.3m $74.2m $74.2m 1.36% Added +394.3k +394,286
37 NEPC LLC 1.90% of their portfolio Boston, MA 1,226,7181.2m $72.2m $72.2m 1.90% Unchanged
38 Evensky & Katz LLC 4.17% of their portfolio CORAL GABLES, FL 1,220,9561.2m $71.9m $71.9m 4.17% Added +45.3k +45,307
39 Beacon Pointe Advisors, LLC 0.61% of their portfolio NEWPORT BEACH, CA 1,218,4581.2m $71.7m $71.7m 0.61% Added +339.8k +339,815
40 Retirement Planning Group, LLC 2.34% of their portfolio LEAWOOD, KS 1,143,2991.1m $67.3m $67.3m 2.34% Added +1.1m +1,056,439
41 TRUIST FINANCIAL CORP 0.09% of their portfolio CHARLOTTE, NC 1,131,0101.1m $66.6m $66.6m 0.09% Added +18.8k +18,824
42 First Command Advisory Services, Inc. 0.47% of their portfolio FORT WORTH, TX 1,099,4621.1m $64.7m $64.7m 0.47% Added +57.8k +57,803
43 COLDSTREAM CAPITAL MANAGEMENT INC 0.87% of their portfolio BELLEVUE, WA 1,095,1841.1m $64.5m $64.5m 0.87% Reduced -110.6k -110,579
44 NorthCoast Asset Management LLC 0.25% of their portfolio STAMFORD, CT 1,069,6721.1m $63.0m $63.0m 0.25% Reduced -21.3k -21,302
45 Cetera Investment Advisers 0.07% of their portfolio SCHAUMBURG, IL 1,067,9821.1m $62.9m $62.9m 0.07% Reduced -957.2k -957,156
46 Miller Investment Management, LP 6.28% of their portfolio WEST CONSHOHOCKEN, PA 1,062,0221.1m $62.5m $62.5m 6.28% Added +27.3k +27,279
47 Empirical Financial Services, LLC d.b.a. Empirical Wealth Management 1.24% of their portfolio Seattle, WA 1,047,6421.0m $61.7m $61.7m 1.24% Added +34.9k +34,859
48 Rockefeller Capital Management L.P. 0.12% of their portfolio NEW YORK, NY 1,016,5971.0m $59.8m $59.8m 0.12% Reduced -1.1m -1,056,403
49 TRUSTMARK BANK TRUST DEPARTMENT 3.86% of their portfolio JACKSON, MS 1,010,3561.0m $59.5m $59.5m 3.86% Added +225.5k +225,479
50 Chemistry Wealth Management LLC 11.37% of their portfolio NEW YORK, NY 1,001,5051.0m $58.9m $58.9m 11.37% Added +26.9k +26,862
51 MAYPORT, LLC 12.02% of their portfolio NEWTON, MA 943,038943.0k $55.5m $55.5m 12.02% Added +196.9k +196,885
52 REGIONS FINANCIAL CORP 0.19% of their portfolio BIRMINGHAM, AL 939,638939.6k $59.8m $59.8m 0.19% Added +553.8k +553,752
53 Cornerstone Wealth Advisors, Inc. 12.81% of their portfolio EDINA, MN 899,185899.2k $52.9m $52.9m 12.81% Added +38.3k +38,264
54 PRESILIUM PRIVATE WEALTH, LLC 10.00% of their portfolio RADNOR, PA 894,469894.5k $52.6m $52.6m 10.00% Added +76.7k +76,660
55 Strata Wealth Advisors, LLC 13.81% of their portfolio DALLAS, TX 888,930888.9k $52.3m $52.3m 13.81% Reduced -56.0k -55,969
56 Oak Harvest Investment Services 6.04% of their portfolio HOUSTON, TX 879,579879.6k $51.8m $51.8m 6.04% Added +27.2k +27,238
57 CITIGROUP INC 0.04% of their portfolio NEW YORK, NY 871,626871.6k $51.3m $51.3m 0.04% Reduced -55.5k -55,462
58 AE Wealth Management LLC 0.33% of their portfolio TOPEKA, KS 869,346869.3k $51.2m $51.2m 0.33% Added +42.9k +42,859
59 New York Life Investment Management LLC 0.45% of their portfolio New York, NY 865,757865.8k $50.9m $50.9m 0.45% Reduced -668.3k -668,261
60 MERCER GLOBAL ADVISORS INC /ADV 0.08% of their portfolio DENVER, CO 858,447858.4k $50.5m $50.5m 0.08% Added +219.9k +219,913
61 NOMURA ASSET MANAGEMENT CO LTD 0.13% of their portfolio TOKYO, M0 854,477854.5k $50.3m $50.3m 0.13% Reduced -598.6k -598,600
62 Elm Partners Management LLC 2.48% of their portfolio Philadelphia, PA 840,034840.0k $49.4m $49.4m 2.48% Added +469.6k +469,566
63 AMI INVESTMENT MANAGEMENT INC 11.19% of their portfolio KENDALLVILLE, IN 819,368819.4k $48.2m $48.2m 11.19% Added +16.3k +16,344
64 Falcon Wealth Planning 4.32% of their portfolio Ontario, CA 815,781815.8k $48.0m $48.0m 4.32% Added +64.3k +64,267
65 INSIGHT 2811, INC. 21.26% of their portfolio CHICAGO, IL 810,718810.7k $47.7m $47.7m 21.26% Added +19.2k +19,225
66 PATTEN & PATTEN INC/TN 2.79% of their portfolio CHATTANOOGA, TN 807,675807.7k $47.5m $47.5m 2.79% Added +64.6k +64,570
67 Wealth Dimensions Group, Ltd. 9.29% of their portfolio CINCINNATI, OH 767,539767.5k $45.2m $45.2m 9.29% Added +27.2k +27,162
68 Foster Group, Inc. 1.40% of their portfolio WEST DES MOINES, IA 758,061758.1k $44.6m $44.6m 1.40% Added +25.2k +25,234
69 Portland Global Advisors LLC 4.92% of their portfolio PORTLAND, ME 748,400748.4k $44.0m $44.0m 4.92% Added +43.1k +43,135
70 Federation des caisses Desjardins du Quebec 0.17% of their portfolio LEVIS, A8 745,094745.1k $43.8m $43.8m 0.17% Reduced -9.7k -9,743
71 49 WEALTH MANAGEMENT, LLC 4.08% of their portfolio AUSTIN, TX 734,575734.6k $43.2m $43.2m 4.08% Added +602.1k +602,149
72 1834 INVESTMENT ADVISORS CO 5.13% of their portfolio Milwaukee, WI 710,683710.7k $41.8m $41.8m 5.13% Reduced -100 -100
73 Mariner, LLC 0.05% of their portfolio Overland Park, KS 700,760700.8k $41.2m $41.2m 0.05% Added +36.7k +36,687
74 Alta Advisers Ltd 11.59% of their portfolio LONDON, X0 663,026663.0k $37.9m $37.9m 11.59% Added +264.4k +264,373
75 American Money Management, LLC 6.19% of their portfolio Rancho Santa Fe, CA 629,869629.9k $37.1m $37.1m 6.19% Added +20.3k +20,337
76 VANGUARD GROUP INC 0.00% of their portfolio Valley Forge, PA 628,040628.0k $37.0m $37.0m 0.00% Added +41.4k +41,356
77 OLD NATIONAL BANCORP /IN/ 0.63% of their portfolio EVANSVILLE, IN 627,317627.3k $36.9m $36.9m 0.63% Reduced -70.6k -70,645
78 Johns Hopkins University 2.02% of their portfolio BALTIMORE, MD 616,877616.9k $36.3m $36.3m 2.02% Unchanged
79 GOULD ASSET MANAGEMENT LLC /CA/ 6.25% of their portfolio CLAREMONT, CA 571,558571.6k $33.6m $33.6m 6.25% Added +17.7k +17,715
80 Arista Wealth Management, LLC 4.00% of their portfolio Las Vegas, NV 546,639546.6k $32.2m $32.2m 4.00% Added +37.6k +37,624
81 Opus Capital Group, LLC 3.61% of their portfolio CINCINNATI, OH 546,534546.5k $32.2m $32.2m 3.61% Added +26.6k +26,645
82 Five Oceans Advisors 11.82% of their portfolio SANTA MONICA, CA 546,103546.1k $32.1m $32.1m 11.82% Added +91.0k +91,002
83 Vernal Point Advisors, LLC 13.82% of their portfolio San Francisco, CA 544,563544.6k $32.0m $32.0m 13.82% Reduced -118.6k -118,630
84 Carnegie Investment Counsel 0.60% of their portfolio PEPPER PIKE, OH 539,055539.1k $31.7m $31.7m 0.60% Added +5.4k +5,396
85 ARMSTRONG ADVISORY GROUP, INC 2.24% of their portfolio NEEDHAM, MA 538,794538.8k $31.7m $31.7m 2.24% Reduced -320.0k -319,988
86 MASECO LLP 1.53% of their portfolio LONDON, X0 537,211537.2k $31.6m $31.6m 1.53% Reduced -152.9k -152,928
87 MainStreet Investment Advisors LLC 4.22% of their portfolio CHICAGO, IL 533,738533.7k $31.4m $31.4m 4.22% Added +19.2k +19,242
88 Brookstone Capital Management 0.37% of their portfolio WHEATON, IL 532,301532.3k $31.3m $31.3m 0.37% Added +7.9k +7,856
89 MassMutual Private Wealth & Trust, FSB 0.80% of their portfolio Windsor, CT 531,957532.0k $31.3m $31.3m 0.80% Added +18.1k +18,053
90 Pacific Sage Partners, LLC 5.22% of their portfolio EDMONDS, WA 529,421529.4k $31.2m $31.2m 5.22% Added +52.4k +52,391
91 Facet Wealth, Inc. 0.64% of their portfolio WEST PALM BEACH, FL 529,073529.1k $31.1m $31.1m 0.64% Added +6.5k +6,546
92 FRANKLIN RESOURCES INC 0.01% of their portfolio San Mateo, CA 524,754524.8k $30.9m $30.9m 0.01% Added +35.7k +35,697
93 Bleakley Financial Group, LLC 0.71% of their portfolio PARSIPPANY, NJ 518,021518.0k $30.5m $30.5m 0.71% Added +17.0k +17,018
94 SCOPUS ASSET MANAGEMENT, L.P. 0.72% of their portfolio NEW YORK, NY 512,714512.7k $30.2m $30.2m 0.72% Unchanged
95 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.02% of their portfolio MILWAUKEE, WI 501,567501.6k $29.5m $29.5m 0.02% Reduced -973.6k -973,570
96 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio SAN FRANCISCO, CA 491,020491.0k $28.9m $28.9m 0.00% Reduced -184.3k -184,258
97 Haverford Trust Co 0.26% of their portfolio Radnor, PA 489,480489.5k $28.8m $28.8m 0.26% Added +37.4k +37,430
98 Winch Advisory Services, LLC 6.43% of their portfolio Appleton, WI 485,897485.9k $28.6m $28.6m 6.43% Added +864 +864
99 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.04% of their portfolio PLYMOUTH, MN 482,038482.0k $28.3m $28.3m 0.04% Reduced -26.4k -26,440
100 Cordant, Inc. 12.72% of their portfolio PORTLAND, OR 478,702478.7k $28.2m $28.2m 12.72% Added +19.0k +18,993