Vault-13

VANGUARD SCOTTSDALE FDS VGSH

SHORT TERM TREAS · ETP · CUSIP 92206C102

1,049 institutional holders +107 vs Q3 2025
294,521,180294.5m shares reported held*
$17.3bnreported value*
105 new 441 added 299 reduced 62 sold out net bought ≈ $839.9m (+14.3m 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 ($31.1m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $58.71. Options: 2 managers hold calls ($804.6k notional), 0 hold puts (—).

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

05001k1.5kQ3 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: 942Q4 25: 1,0491,049Q3 22Q2 23Q1 24Q4 24Q4 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
Q4 20251,049

Buyers vs sellers

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

Bought or addedCut or sold out
1k01kQ1 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 25Q3 25: 515 bought or addedQ3 25: 371 cut or sold outQ4 25: 546 bought or addedQ4 25: 361 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 2024407393
Q2 2024424384
Q3 2024440361
Q4 2024435353
Q1 2025497365
Q2 2025493391
Q3 2025515371
Q4 2025546361

Calls vs puts

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

CallsPuts
$0$250k$500k$750k$1mQ1 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 0.00Q4 25 calls: $804.6kQ4 25 puts: $0Q4 25P/C 0.00
Numbers
QuarterCallsPutsP/C
Q1 2025$363.9k$23.5k0.06
Q2 2025$0$0—
Q3 2025$194.2k$00.00
Q4 2025$804.6k$00.00

Biggest buyers

Corient Private Wealth LP Added +4,169,694+4.2m
Baird Financial Group, Inc. Added +2,260,600+2.3m
New York Life Investment Management LLC Added +1,921,017+1.9m
NewEdge Wealth, LLC Added +1,778,698+1.8m
MORGAN STANLEY Added +1,685,710+1.7m
Focus Partners Wealth Added +1,180,518+1.2m
Cerity Partners LLC Added +869,181+869.2k
Westerkirk Capital Inc. New +868,150+868.1k
LPL Financial LLC Added +782,803+782.8k
NEPC LLC Added +766,581+766.6k

Biggest sellers

JPMORGAN CHASE & CO Reduced -6,829,229-6.8m
Summit Trail Advisors, LLC Reduced -2,123,621-2.1m
Acropolis Investment Management, LLC Reduced -1,070,122-1.1m
NorthCoast Asset Management LLC Reduced -935,745-935.7k
REGIONS FINANCIAL CORP Reduced -558,701-558.7k
RWA WEALTH PARTNERS, LLC Reduced -482,154-482.2k
Blue Trust, Inc. Reduced -424,546-424.5k
Rockefeller Capital Management L.P. Reduced -408,250-408.2k
OBSIDIAN CIO, LLC Sold out -360,936-360.9k
TrueWealth Financial Partners Sold out -238,797-238.8k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP New $464.0k7.9k shares
CITADEL ADVISORS LLC New $340.6k5.8k 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, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 JPMORGAN CHASE & CO 0.18% of their portfolio NEW YORK, NY 44,271,96144.3m $2.6bn $2.6bn 0.18% Reduced -6.8m -6,829,229
2 MORGAN STANLEY 0.08% of their portfolio NEW YORK, NY 23,769,66123.8m $1.4bn $1.4bn 0.08% Added +1.7m +1,685,710
3 BANK OF AMERICA CORP /DE/ 0.04% of their portfolio CHARLOTTE, NC 10,404,90910.4m $611.1m $611.1m 0.04% Added +505.2k +505,200
4 Baird Financial Group, Inc. 0.82% of their portfolio MILWAUKEE, WI 8,958,6329.0m $526.1m $526.1m 0.82% Added +2.3m +2,260,600
5 NORTHERN TRUST CORP 0.06% of their portfolio CHICAGO, IL 8,425,3758.4m $494.8m $494.8m 0.06% Added +336.2k +336,233
6 Orgel Wealth Management, LLC 10.47% of their portfolio ALTOONA, WI 8,078,8178.1m $474.5m $474.5m 10.47% Added +553.5k +553,478
7 GOLDMAN SACHS GROUP INC 0.05% of their portfolio NEW YORK, NY 5,467,9325.5m $321.1m $321.1m 0.05% Added +16.1k +16,138
8 Cerity Partners LLC 0.41% of their portfolio NEW YORK, NY 4,830,9144.8m $283.7m $283.7m 0.41% Added +869.2k +869,181
9 NorthRock Partners, LLC 4.70% of their portfolio MINNEAPOLIS, MN 4,732,1474.7m $277.9m $277.9m 4.70% Added +341.6k +341,578
10 Corient Private Wealth LP 0.18% of their portfolio MIAMI, FL 4,467,9884.5m $262.4m $262.4m 0.18% Added +4.2m +4,169,694
11 STATE STREET CORP 0.01% of their portfolio BOSTON, MA 4,400,0004.4m $258.4m $258.4m 0.01% Unchanged
12 RWA WEALTH PARTNERS, LLC 2.44% of their portfolio BOSTON, MA 3,801,6543.8m $223.3m $223.3m 2.44% Reduced -482.2k -482,154
13 WELLS FARGO & COMPANY/MN 0.04% of their portfolio SAN FRANCISCO, CA 3,756,6573.8m $220.6m $220.6m 0.04% Reduced -20.7k -20,724
14 LPL Financial LLC 0.06% of their portfolio FORT MILL, SC 3,500,6013.5m $205.6m $205.6m 0.06% Added +782.8k +782,803
15 AMERIPRISE FINANCIAL INC 0.05% of their portfolio MINNEAPOLIS, MN 3,426,5363.4m $201.2m $201.2m 0.05% Added +80.7k +80,705
16 RAYMOND JAMES FINANCIAL INC 0.06% of their portfolio ST. PETERSBURG, FL 3,422,4353.4m $201.0m $201.0m 0.06% Added +158.5k +158,457
17 M&T Bank Corp 0.64% of their portfolio BUFFALO, NY 3,389,8763.4m $199.1m $199.1m 0.64% Added +85.4k +85,360
18 ENVESTNET ASSET MANAGEMENT INC 0.06% of their portfolio Berwyn, PA 3,246,3793.2m $190.7m $190.7m 0.06% Reduced -81.1k -81,143
19 PARTNERS CAPITAL INVESTMENT GROUP, LLP 6.35% of their portfolio BOSTON, MA 2,899,9292.9m $170.3m $170.3m 6.35% Added +429.1k +429,099
20 New York Life Investment Management LLC 1.41% of their portfolio New York, NY 2,786,7742.8m $163.7m $163.7m 1.41% Added +1.9m +1,921,017
21 Pure Financial Advisors, LLC 2.21% of their portfolio SAN DIEGO, CA 2,553,1032.6m $149.9m $149.9m 2.21% Added +216.8k +216,791
22 UBS Group AG 0.03% of their portfolio ZURICH, V8 2,515,3632.5m $147.7m $147.7m 0.03% Added +167.0k +167,017
23 ROYAL BANK OF CANADA 0.02% of their portfolio TORONTO, A6 2,253,5712.3m $132.4m $132.4m 0.02% Added +157.0k +157,022
24 Smithfield Trust Co 5.26% of their portfolio PITTSBURGH, PA 2,026,9192.0m $119.0m $119.0m 5.26% Reduced -51.3k -51,288
25 NEPC LLC 2.49% of their portfolio Boston, MA 1,993,2992.0m $117.1m $117.1m 2.49% Added +766.6k +766,581
26 NewEdge Wealth, LLC 1.31% of their portfolio STAMFORD, CT 1,974,5662.0m $116.0m $116.0m 1.31% Added +1.8m +1,778,698
27 Penserra Capital Management LLC 1.33% of their portfolio ORINDA, CA 1,912,2991.9m $112.3m $112.3m 1.33% Added +645.6k +645,644
28 HighTower Advisors, LLC 0.12% of their portfolio CHICAGO, IL 1,910,6631.9m $112.2m $112.2m 0.12% Reduced -83.5k -83,472
29 TD PRIVATE CLIENT WEALTH LLC 2.24% of their portfolio NEW YORK, NY 1,792,6081.8m $105.3m $105.3m 2.24% Added +176.8k +176,842
30 MAI Capital Management 0.60% of their portfolio INDEPENDENCE, OH 1,765,5731.8m $103.7m $103.7m 0.60% Added +172.1k +172,143
31 BROWN ADVISORY INC 0.14% of their portfolio BALTIMORE, MD 1,714,4171.7m $100.7m $100.7m 0.14% Reduced -3.2k -3,224
32 Blue Trust, Inc. 1.00% of their portfolio BRENTWOOD, TN 1,500,8501.5m $88.1m $88.1m 1.00% Reduced -424.5k -424,546
33 Miller Investment Management, LP 8.51% of their portfolio WEST CONSHOHOCKEN, PA 1,483,3901.5m $87.1m $87.1m 8.51% Added +421.4k +421,368
34 Creative Planning 0.06% of their portfolio OVERLAND PARK, KS 1,470,0741.5m $86.3m $86.3m 0.06% Reduced -122.3k -122,323
35 OSAIC HOLDINGS, INC. 0.13% of their portfolio SCOTTSDALE, AZ 1,465,7711.5m $86.1m $86.1m 0.13% Added +31.1k +31,084
36 COLDSTREAM CAPITAL MANAGEMENT INC 1.06% of their portfolio BELLEVUE, WA 1,400,0311.4m $82.2m $82.2m 1.06% Added +304.8k +304,847
37 Focus Partners Wealth 0.09% of their portfolio ST LOUIS, MO 1,372,8461.4m $80.6m $80.6m 0.09% Added +1.2m +1,180,518
38 Valmark Advisers, Inc. 0.98% of their portfolio AKRON, OH 1,348,2511.3m $79.2m $79.2m 0.98% Added +36.5k +36,495
39 Elm Partners Management LLC 3.54% of their portfolio Philadelphia, PA 1,328,7091.3m $78.0m $78.0m 3.54% Added +488.7k +488,675
40 Beacon Pointe Advisors, LLC 0.54% of their portfolio NEWPORT BEACH, CA 1,305,1991.3m $76.7m $76.7m 0.54% Added +86.7k +86,741
41 First Financial Bankshares Inc 1.54% of their portfolio Abilene, TX 1,302,5381.3m $76.5m $76.5m 1.54% Added +31.8k +31,765
42 Advisory Alpha, LLC 2.08% of their portfolio HOLLAND, MI 1,301,3621.3m $76.4m $76.4m 2.08% Added +17.5k +17,517
43 Evensky & Katz LLC 4.20% of their portfolio CORAL GABLES, FL 1,266,1691.3m $74.4m $74.4m 4.20% Added +45.2k +45,213
44 CAMBRIDGE ASSOCIATES LLC /MA/ /ADV 1.16% of their portfolio BOSTON, MA 1,202,0931.2m $70.6m $70.6m 1.16% Reduced -59.7k -59,704
45 Retirement Planning Group, LLC 2.32% of their portfolio LEAWOOD, KS 1,201,8921.2m $70.6m $70.6m 2.32% Added +58.6k +58,593
46 First Command Advisory Services, Inc. 0.46% of their portfolio FORT WORTH, TX 1,125,9041.1m $66.1m $66.1m 0.46% Added +26.4k +26,442
47 TRUIST FINANCIAL CORP 0.09% of their portfolio CHARLOTTE, NC 1,108,6721.1m $65.1m $65.1m 0.09% Reduced -22.3k -22,338
48 Empirical Financial Services, LLC d.b.a. Empirical Wealth Management 1.17% of their portfolio Seattle, WA 1,106,7471.1m $65.0m $65.0m 1.17% Added +59.1k +59,105
49 MAYPORT, LLC 12.93% of their portfolio NEWTON, MA 1,093,0321.1m $64.2m $64.2m 12.93% Added +150.0k +149,994
50 TRUSTMARK BANK TRUST DEPARTMENT 4.00% of their portfolio JACKSON, MS 1,078,6541.1m $63.3m $63.3m 4.00% Added +68.3k +68,298
51 NOMURA ASSET MANAGEMENT CO LTD 0.15% of their portfolio TOKYO, M0 1,040,2771.0m $61.1m $61.1m 0.15% Added +185.8k +185,800
52 Chemistry Wealth Management LLC 11.34% of their portfolio NEW YORK, NY 1,031,7841.0m $60.6m $60.6m 11.34% Added +30.3k +30,279
53 Oak Harvest Investment Services 6.11% of their portfolio HOUSTON, TX 953,522953.5k $56.0m $56.0m 6.11% Added +73.9k +73,943
54 Cornerstone Wealth Advisors, Inc. 12.97% of their portfolio EDINA, MN 949,820949.8k $55.8m $55.8m 12.97% Added +50.6k +50,635
55 PRESILIUM PRIVATE WEALTH, LLC 10.18% of their portfolio RADNOR, PA 949,152949.2k $55.7m $55.7m 10.18% Added +54.7k +54,683
56 Cetera Investment Advisers 0.06% of their portfolio SCHAUMBURG, IL 933,172933.2k $54.8m $54.8m 0.06% Reduced -134.8k -134,810
57 AE Wealth Management LLC 0.31% of their portfolio TOPEKA, KS 924,555924.6k $54.3m $54.3m 0.31% Added +55.2k +55,209
58 49 WEALTH MANAGEMENT, LLC 4.42% of their portfolio AUSTIN, TX 923,848923.8k $54.3m $54.3m 4.42% Added +189.3k +189,273
59 Strata Wealth Advisors, LLC 14.79% of their portfolio DALLAS, TX 905,348905.3k $53.2m $53.2m 14.79% Added +16.4k +16,418
60 CITIGROUP INC 0.04% of their portfolio NEW YORK, NY 884,954885.0k $52.0m $52.0m 0.04% Added +13.3k +13,328
61 Falcon Wealth Planning 4.31% of their portfolio Ontario, CA 871,553871.6k $51.2m $51.2m 4.31% Added +55.8k +55,772
62 Acropolis Investment Management, LLC 2.30% of their portfolio ST. LOUIS, MO 870,938870.9k $51.2m $51.2m 2.30% Reduced -1.1m -1,070,122
63 Westerkirk Capital Inc. 4.97% of their portfolio VICTORIA, A1 868,150868.1k $51.0m $51.0m 4.97% New
64 INSIGHT 2811, INC. 21.36% of their portfolio CHICAGO, IL 823,748823.7k $48.4m $48.4m 21.36% Added +13.0k +13,030
65 PATTEN & PATTEN INC/TN 2.81% of their portfolio CHATTANOOGA, TN 816,217816.2k $47.9m $47.9m 2.81% Added +8.5k +8,542
66 Foster Group, Inc. 1.45% of their portfolio WEST DES MOINES, IA 814,899814.9k $47.9m $47.9m 1.45% Added +56.8k +56,838
67 Portland Global Advisors LLC 5.13% of their portfolio PORTLAND, ME 814,006814.0k $47.8m $47.8m 5.13% Added +65.6k +65,606
68 Wealth Dimensions Group, Ltd. 9.39% of their portfolio CINCINNATI, OH 806,019806.0k $47.3m $47.3m 9.39% Added +38.5k +38,480
69 MERCER GLOBAL ADVISORS INC /ADV 0.07% of their portfolio DENVER, CO 804,412804.4k $47.2m $47.2m 0.07% Reduced -54.0k -54,035
70 Federation des caisses Desjardins du Quebec 0.16% of their portfolio LEVIS, A8 731,527731.5k $43.0m $43.0m 0.16% Reduced -13.6k -13,567
71 VANGUARD GROUP INC 0.00% of their portfolio Valley Forge, PA 688,684688.7k $40.4m $40.4m 0.00% Added +60.6k +60,644
72 1834 INVESTMENT ADVISORS CO 5.03% of their portfolio Milwaukee, WI 682,464682.5k $40.1m $40.1m 5.03% Reduced -28.2k -28,219
73 Mariner, LLC 0.05% of their portfolio Overland Park, KS 678,569678.6k $39.9m $39.9m 0.05% Reduced -22.2k -22,191
74 American Money Management, LLC 6.21% of their portfolio Rancho Santa Fe, CA 673,039673.0k $39.5m $39.5m 6.21% Added +43.2k +43,170
75 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.02% of their portfolio MILWAUKEE, WI 622,017622.0k $36.5m $36.5m 0.02% Added +120.5k +120,450
76 AMI INVESTMENT MANAGEMENT INC 8.18% of their portfolio KENDALLVILLE, IN 619,811619.8k $36.4m $36.4m 8.18% Reduced -199.6k -199,557
77 Johns Hopkins University 2.64% of their portfolio BALTIMORE, MD 616,877616.9k $36.2m $36.2m 2.64% Unchanged
78 OLD NATIONAL BANCORP /IN/ 0.60% of their portfolio EVANSVILLE, IN 613,330613.3k $36.0m $36.0m 0.60% Reduced -14.0k -13,987
79 Beacon Bank & Trust 7.25% of their portfolio Boston, MA 608,591608.6k $35.7m $35.7m 7.25% New
80 Rockefeller Capital Management L.P. 0.06% of their portfolio NEW YORK, NY 608,347608.3k $35.7m $35.7m 0.06% Reduced -408.2k -408,250
81 GOULD ASSET MANAGEMENT LLC /CA/ 6.17% of their portfolio CLAREMONT, CA 593,060593.1k $34.8m $34.8m 6.17% Added +21.5k +21,502
82 Pacific Sage Partners, LLC 5.43% of their portfolio EDMONDS, WA 582,356582.4k $34.2m $34.2m 5.43% Added +52.9k +52,935
83 Arista Wealth Management, LLC 4.19% of their portfolio Las Vegas, NV 579,828579.8k $34.1m $34.1m 4.19% Added +33.2k +33,189
84 Opus Capital Group, LLC 3.67% of their portfolio CINCINNATI, OH 577,371577.4k $33.9m $33.9m 3.67% Added +30.8k +30,837
85 Facet Wealth, Inc. 0.58% of their portfolio WEST PALM BEACH, FL 557,891557.9k $32.8m $32.8m 0.58% Added +28.8k +28,818
86 Five Oceans Advisors 11.47% of their portfolio SANTA MONICA, CA 552,655552.7k $32.5m $32.5m 11.47% Added +6.6k +6,552
87 FRANKLIN RESOURCES INC 0.01% of their portfolio San Mateo, CA 541,627541.6k $31.8m $31.8m 0.01% Added +16.9k +16,873
88 Carnegie Investment Counsel 0.59% of their portfolio PEPPER PIKE, OH 540,332540.3k $31.7m $31.7m 0.59% Added +1.3k +1,277
89 ARMSTRONG ADVISORY GROUP, INC 2.14% of their portfolio NEEDHAM, MA 538,099538.1k $31.6m $31.6m 2.14% Reduced -695 -695
90 Strategic Financial Services, Inc. 1.45% of their portfolio UTICA, NY 533,529533.5k $31.3m $31.3m 1.45% New
91 Haverford Trust Co 0.28% of their portfolio Radnor, PA 529,358529.4k $31.1m $31.1m 0.28% Added +39.9k +39,878
92 Bleakley Financial Group, LLC 0.53% of their portfolio PARSIPPANY, NJ 523,769523.8k $30.8m $30.8m 0.53% Added +5.7k +5,748
93 Brookstone Capital Management 0.35% of their portfolio WHEATON, IL 523,056523.1k $30.7m $30.7m 0.35% Reduced -9.2k -9,245
94 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio SAN FRANCISCO, CA 514,578514.6k $30.2m $30.2m 0.00% Added +23.6k +23,558
95 SCOPUS ASSET MANAGEMENT, L.P. 0.84% of their portfolio NEW YORK, NY 512,714512.7k $30.1m $30.1m 0.84% Unchanged
96 MassMutual Private Wealth & Trust, FSB 0.76% of their portfolio Windsor, CT 505,116505.1k $29.7m $29.7m 0.76% Reduced -26.8k -26,841
97 MainStreet Investment Advisors LLC 4.26% of their portfolio CHICAGO, IL 504,878504.9k $29.7m $29.7m 4.26% Reduced -28.9k -28,860
98 Level Financial Advisors 7.78% of their portfolio EAST AMHERST, NY 500,842500.8k $29.4m $29.4m 7.78% Added +54.5k +54,517
99 Winch Advisory Services, LLC 6.48% of their portfolio Appleton, WI 498,840498.8k $29.3m $29.3m 6.48% Added +12.9k +12,943
100 STEPHENS INC /AR/ 0.36% of their portfolio LITTLE ROCK, AR 495,967496.0k $29.1m $29.1m 0.36% Added +33.2k +33,230