Vault-13

VANGUARD SCOTTSDALE FDS VCLT

LG-TERM COR BD · ETP · CUSIP 92206C813

338 institutional holders +10 vs Q2 2025
54,150,71554.2m shares reported held*
$4.2bnreported value*
44 new 148 added 96 reduced 32 sold out net sold ≈ $3.0bn (-97.0m 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 ($4.1m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $77.68. Options: 3 managers hold calls ($15.5m notional), 3 hold puts ($10.3m).

Trends to Q3 2025

Institutional holders

Managers reporting a position, each quarter

0200400Q3 22: 210Q4 22: 225Q1 23: 227Q2 23: 247Q3 23: 244Q4 23: 286Q1 24: 306Q2 24: 310Q3 24: 333Q4 24: 353Q1 25: 343Q2 25: 328Q3 25: 338338Q3 22Q2 23Q1 24Q4 24Q3 25
Numbers
QuarterHolders
Q3 2022210
Q4 2022225
Q1 2023227
Q2 2023247
Q3 2023244
Q4 2023286
Q1 2024306
Q2 2024310
Q3 2024333
Q4 2024353
Q1 2025343
Q2 2025328
Q3 2025338

Buyers vs sellers

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

Bought or addedCut or sold out
4000400Q4 23: 149 bought or addedQ4 23: 121 cut or sold outQ1 24: 179 bought or addedQ1 24: 129 cut or sold outQ1 24Q2 24: 165 bought or addedQ2 24: 133 cut or sold outQ3 24: 206 bought or addedQ3 24: 98 cut or sold outQ3 24Q4 24: 189 bought or addedQ4 24: 136 cut or sold outQ1 25: 168 bought or addedQ1 25: 158 cut or sold outQ1 25Q2 25: 171 bought or addedQ2 25: 156 cut or sold outQ3 25: 192 bought or addedQ3 25: 128 cut or sold outQ3 25
Numbers
QuarterBought or addedCut or sold out
Q4 2023149121
Q1 2024179129
Q2 2024165133
Q3 202420698
Q4 2024189136
Q1 2025168158
Q2 2025171156
Q3 2025192128

Calls vs puts

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

CallsPuts
$0$5m$10m$15m$20mQ4 24 calls: $5.2mQ4 24 puts: $4.1mQ4 24P/C 0.78Q1 25 calls: $9.3mQ1 25 puts: $4.7mQ1 25P/C 0.51Q2 25 calls: $9.3mQ2 25 puts: $7.4mQ2 25P/C 0.80Q3 25 calls: $15.5mQ3 25 puts: $10.3mQ3 25P/C 0.67
Numbers
QuarterCallsPutsP/C
Q4 2024$5.2m$4.1m0.78
Q1 2025$9.3m$4.7m0.51
Q2 2025$9.3m$7.4m0.80
Q3 2025$15.5m$10.3m0.67

Biggest buyers

MORGAN STANLEY Added +3,235,574+3.2m
COUNTRY TRUST BANK New +1,932,495+1.9m
MILLENNIUM MANAGEMENT LLC New +1,212,092+1.2m
Sanctuary Advisors, LLC Added +1,007,321+1.0m
NORTHWESTERN MUTUAL INVESTMENT MANAGEMENT COMPANY, LLC Added +940,100+940.1k
Employees' Retirement Fund of the City of Fort Worth Added +551,700+551.7k
JANE STREET GROUP, LLC Added +378,596+378.6k
BANK OF AMERICA CORP /DE/ Added +339,785+339.8k
GREENLEAF TRUST New +236,753+236.8k
GLOBE LIFE INC. Added +230,000+230.0k

Biggest sellers

Gallagher Fiduciary Advisors, LLC Reduced -58,976,946-59.0m
PRUDENTIAL PLC Sold out -40,444,804-40.4m
CHARLES SCHWAB INVESTMENT MANAGEMENT INC Sold out -2,274,819-2.3m
CITIGROUP INC Reduced -1,330,980-1.3m
STATE STREET CORP Sold out -1,121,846-1.1m
Ocean Park Asset Management, LLC Reduced -985,100-985.1k
BNP PARIBAS FINANCIAL MARKETS Reduced -803,000-803.0k
Capitolis Liquid Global Markets LLC Sold out -670,500-670.5k
ROYAL BANK OF CANADA Reduced -609,814-609.8k
Angeles Investment Advisors, LLC Reduced -505,100-505.1k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $12.4m160.0k shares
CITADEL ADVISORS LLC Added $2.1m27.3k shares
WOLVERINE TRADING, LLC New $996.1k12.8k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $7.3m93.9k shares
CITADEL ADVISORS LLC Added $2.0m25.8k shares
WOLVERINE TRADING, LLC New $1.0m13.4k 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, Q3 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 MORGAN STANLEY 0.04% of their portfolio NEW YORK, NY 8,560,5388.6m $664.7m $664.7m 0.04% Added +3.2m +3,235,574
2 State of Tennessee, Department of Treasury 0.74% of their portfolio NASHVILLE, TN 2,876,2672.9m $223.3m $223.3m 0.74% Added +48.3k +48,340
3 Meiji Yasuda Life Insurance Co 6.33% of their portfolio TOKYO, M0 2,833,0002.8m $220.0m $220.0m 6.33% Unchanged
4 BANK OF AMERICA CORP /DE/ 0.02% of their portfolio CHARLOTTE, NC 2,728,9432.7m $211.9m $211.9m 0.02% Added +339.8k +339,785
5 Allianz Investment Management U.S. LLC 7.01% of their portfolio Minneapolis, MN 2,416,0122.4m $187.6m $187.6m 7.01% Unchanged
6 COUNTRY TRUST BANK 3.28% of their portfolio Bloomington, IL 1,932,4951.9m $150.1m $150.1m 3.28% New
7 WELLS FARGO & COMPANY/MN 0.03% of their portfolio SAN FRANCISCO, CA 1,662,1641.7m $129.1m $129.1m 0.03% Added +70.3k +70,260
8 Varma Mutual Pension Insurance Co 0.80% of their portfolio Varma, H9 1,600,0001.6m $124.2m $124.2m 0.80% Unchanged
9 Sanctuary Advisors, LLC 0.34% of their portfolio INDIANAPOLIS, IN 1,482,1981.5m $113.4m $113.4m 0.34% Added +1.0m +1,007,321
10 NORTHWESTERN MUTUAL INVESTMENT MANAGEMENT COMPANY, LLC 1.36% of their portfolio MILWAUKEE, WI 1,214,2901.2m $94.3m $94.3m 1.36% Added +940.1k +940,100
11 MILLENNIUM MANAGEMENT LLC 0.07% of their portfolio NEW YORK, NY 1,212,0921.2m $94.1m $94.1m 0.07% New
12 Angeles Investment Advisors, LLC 5.61% of their portfolio SANTA MONICA, CA 1,100,9001.1m $85.5m $85.5m 5.61% Reduced -505.1k -505,100
13 Employees' Retirement Fund of the City of Fort Worth 18.45% of their portfolio FORT WORTH, TX 968,200968.2k $75.2m $75.2m 18.45% Added +551.7k +551,700
14 GLOBE LIFE INC. 13.67% of their portfolio MCKINNEY, TX 704,500704.5k $54.7m $54.7m 13.67% Added +230.0k +230,000
15 UBS Group AG 0.01% of their portfolio ZURICH, V8 681,134681.1k $52.9m $52.9m 0.01% Added +31.3k +31,344
16 GDS Wealth Management 3.37% of their portfolio FLOWER MOUND, TX 656,579656.6k $51.0m $51.0m 3.37% Added +89.4k +89,357
17 NYL Investors LLC 16.07% of their portfolio NEW YORK, NY 629,928629.9k $48.9m $48.9m 16.07% Added +4.3k +4,299
18 JANE STREET GROUP, LLC 0.06% of their portfolio NEW YORK, NY 629,448629.4k $48.9m $48.9m 0.06% Added +378.6k +378,596
19 BlackRock, Inc. 0.00% of their portfolio New York, NY 622,203622.2k $48.3m $48.3m 0.00% Reduced -426 -426
20 LPL Financial LLC 0.01% of their portfolio FORT MILL, SC 622,123622.1k $48.3m $48.3m 0.01% Reduced -27.1k -27,083
21 RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio ST. PETERSBURG, FL 600,115600.1k $46.6m $46.6m 0.01% Reduced -94.1k -94,144
22 ROYAL BANK OF CANADA 0.01% of their portfolio TORONTO, A6 580,906580.9k $45.1m $45.1m 0.01% Reduced -609.8k -609,814
23 AMERIPRISE FINANCIAL INC 0.01% of their portfolio MINNEAPOLIS, MN 560,521560.5k $43.5m $43.5m 0.01% Reduced -171.5k -171,495
24 ALLIANCEBERNSTEIN L.P. 0.01% of their portfolio NASHVILLE, TN 550,333550.3k $42.7m $42.7m 0.01% Added +7.9k +7,905
25 Advisory Alpha, LLC 1.13% of their portfolio HOLLAND, MI 520,521520.5k $40.5m $40.5m 1.13% Added +17.0k +16,970
26 Diana Davis Spencer Foundation 12.05% of their portfolio BETHESDA, MD 461,000461.0k $35.8m $35.8m 12.05% Unchanged
27 BENJAMIN EDWARDS INC 0.40% of their portfolio Clayton, MO 458,774458.8k $35.6m $35.6m 0.40% Added +22.4k +22,446
28 Allspring Global Investments Holdings, LLC 0.06% of their portfolio CHARLOTTE, NC 454,806454.8k $35.3m $35.3m 0.06% Reduced -178.8k -178,835
29 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 448,032448.0k $34.8m $34.8m 0.00% Added +228.9k +228,910
30 ALERUS FINANCIAL NA 1.64% of their portfolio GRAND FORKS, ND 414,197414.2k $32.2m $32.2m 1.64% Added +4.7k +4,682
31 ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio Berwyn, PA 391,113391.1k $30.4m $30.4m 0.01% Added +54.1k +54,148
32 Insight Wealth Strategies, LLC 3.58% of their portfolio SAN RAMON, CA 390,926390.9k $30.4m $30.4m 3.58% Added +10.5k +10,531
33 Davidson Capital Management Inc. 6.39% of their portfolio CORPUS CHRISTI, TX 368,470368.5k $28.6m $28.6m 6.39% Added +75.6k +75,589
34 1832 Asset Management L.P. 0.05% of their portfolio TORONTO, A6 349,584349.6k $27.1m $27.1m 0.05% Reduced -8.3k -8,282
35 Ocean Park Asset Management, LLC 1.10% of their portfolio SANTA MONICA, CA 342,600342.6k $26.6m $26.6m 1.10% Reduced -985.1k -985,100
36 FIDUCIENT ADVISORS LLC 3.11% of their portfolio Chicago, IL 342,458342.5k $26.6m $26.6m 3.11% Reduced -126.5k -126,490
37 Mirae Asset Global Investments Co., Ltd. 0.08% of their portfolio SEOUL, M5 339,840339.8k $26.4m $26.4m 0.08% Added +15.5k +15,504
38 Bramshill Investments, LLC 1.72% of their portfolio NAPLES, FL 324,299324.3k $25.2m $25.2m 1.72% Added +10.2k +10,201
39 MML INVESTORS SERVICES, LLC 0.07% of their portfolio SPRINGFIELD, MA 321,070321.1k $24.9m $24.9m 0.07% Reduced -66.1k -66,103
40 Gallagher Fiduciary Advisors, LLC 0.91% of their portfolio ROLLING MEADOWS, IL 320,178320.2k $24.9m $24.9m 0.91% Reduced -59.0m -58,976,946
41 DOW CHEMICAL CO /DE/ 9.38% of their portfolio MIDLAND, MI 315,792315.8k $24.5m $24.5m 9.38% Added +51.6k +51,571
42 EXCHANGE TRADED CONCEPTS, LLC 0.23% of their portfolio Oklahoma City, OK 311,888311.9k $24.2m $24.2m 0.23% Added +99.7k +99,746
43 SWAN Capital LLC 8.26% of their portfolio PENSACOLA, FL 262,264262.3k $20.4m $20.4m 8.26% Added +16.9k +16,887
44 MIdWestOne Financial Group, Inc. 2.32% of their portfolio Iowa City, IA 246,535246.5k $19.1m $19.1m 2.32% Added +26.9k +26,945
45 OSAIC HOLDINGS, INC. 0.03% of their portfolio SCOTTSDALE, AZ 246,019246.0k $18.7m $18.7m 0.03% Reduced -22.8k -22,836
46 Cambridge Investment Research Advisors, Inc. 0.05% of their portfolio FAIRFIELD, IA 240,894240.9k $18.7m $18.7m 0.05% Added +128.4k +128,394
47 GREENLEAF TRUST 0.17% of their portfolio KALAMAZOO, MI 236,753236.8k $18.4m $18.4m 0.17% New
48 CASTLEARK MANAGEMENT LLC 0.51% of their portfolio CHICAGO, IL 236,450236.4k $18.4m $18.4m 0.51% Unchanged
49 CWM, LLC 0.05% of their portfolio OMAHA, NE 211,783211.8k $16.4m $16.4m 0.05% Added +210.8k +210,823
50 Berkeley Capital Partners, LLC 3.85% of their portfolio Milton, GA 209,632209.6k $16.3m $16.3m 3.85% Added +6.8k +6,790
51 Cetera Investment Advisers 0.02% of their portfolio SCHAUMBURG, IL 193,857193.9k $15.1m $15.1m 0.02% Added +39.3k +39,338
52 UNITED SERVICES AUTOMOBILE ASSOCIATION 1.05% of their portfolio SAN ANTONIO, TX 192,843192.8k $15.0m $15.0m 1.05% Added +3.5k +3,493
53 TRUIST FINANCIAL CORP 0.02% of their portfolio CHARLOTTE, NC 187,060187.1k $14.5m $14.5m 0.02% Added +681 +681
54 Kestra Advisory Services, LLC 0.07% of their portfolio AUSTIN, TX 185,815185.8k $14.4m $14.4m 0.07% Added +178.7k +178,668
55 Belpointe Asset Management LLC 0.55% of their portfolio RENO, NV 185,127185.1k $14.4m $14.4m 0.55% Added +39.1k +39,122
56 NewEdge Wealth, LLC 0.20% of their portfolio STAMFORD, CT 183,217183.2k $14.0m $14.0m 0.20% Reduced -4.0k -3,955
57 PNC Financial Services Group, Inc. 0.01% of their portfolio Pittsburgh, PA 177,281177.3k $13.8m $13.8m 0.01% Added +13.9k +13,889
58 AMG National Trust Bank 0.33% of their portfolio GREENWOOD VILLAGE, CO 175,586175.6k $13.6m $13.6m 0.33% Reduced -5.2k -5,219
59 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 164,809164.8k $12.8m $12.8m 0.00% Added +69.2k +69,232
60 NewEdge Advisors, LLC 0.06% of their portfolio NEW ORLEANS, LA 164,500164.5k $12.8m $12.8m 0.06% Reduced -22.0k -21,973
61 NISA INVESTMENT ADVISORS, LLC 0.05% of their portfolio ST. LOUIS, MO 163,942163.9k $12.7m $12.7m 0.05% Reduced -19.7k -19,658
62 GUGGENHEIM CAPITAL LLC 0.09% of their portfolio CHICAGO, IL 149,555149.6k $11.6m $11.6m 0.09% Added +28.5k +28,507
63 Northeast Financial Group, Inc. 2.85% of their portfolio Allentown, PA 147,325147.3k $11.4m $11.4m 2.85% Added +8.3k +8,260
64 Providence First Trust Co 3.97% of their portfolio SCOTTSDALE, AZ 147,291147.3k $11.4m $11.4m 3.97% Added +651 +651
65 LeConte Wealth Management, LLC 6.87% of their portfolio Maryville, TN 132,437132.4k $10.3m $10.3m 6.87% Added +56.4k +56,441
66 Revisor Wealth Management LLC 3.36% of their portfolio AKRON, OH 125,873125.9k $9.7m $9.7m 3.36% Added +6.4k +6,356
67 Janney Montgomery Scott LLC 0.02% of their portfolio PHILADELPHIA, PA 125,215125.2k $9.7m $9.7m 0.02% Added +728 +728
68 Prospect Financial Services LLC 5.40% of their portfolio MELVILLE, NY 120,944120.9k $9.4m $9.4m 5.40% Added +974 +974
69 HighTower Advisors, LLC 0.01% of their portfolio CHICAGO, IL 119,074119.1k $9.2m $9.2m 0.01% Added +81.6k +81,568
70 Lighthouse Financial LLC 5.81% of their portfolio LARGO, FL 113,342113.3k $8.8m $8.8m 5.81% Reduced -17.4k -17,356
71 Marmo Financial Group, LLC 3.92% of their portfolio Johnson City, TN 104,237104.2k $8.1m $8.1m 3.92% Reduced -23.7k -23,674
72 BNP PARIBAS FINANCIAL MARKETS 0.01% of their portfolio PARIS, I0 99,72399.7k $7.7m $7.7m 0.01% Reduced -803.0k -803,000
73 One Wealth Map LLC 3.99% of their portfolio LAS VEGAS, NV 97,59597.6k $7.5m $7.5m 3.99% Reduced -1.6k -1,612
74 San Luis Wealth Advisors LLC 1.34% of their portfolio SAN LUIS OBISPO, CA 95,68295.7k $7.4m $7.4m 1.34% Reduced -73.7k -73,666
75 Sellwood Investment Partners LLC 2.94% of their portfolio PORTLAND, OR 95,26295.3k $7.4m $7.4m 2.94% Added +3.7k +3,656
76 Sagace Wealth Management LLC 5.03% of their portfolio ST. PETERSBURG, FL 95,03795.0k $7.4m $7.4m 5.03% Added +52.1k +52,064
77 HRT FINANCIAL LP 0.03% of their portfolio NEW YORK, NY 91,87391.9k $7.1m $7.1m 0.03% Added +79.0k +79,044
78 MONETA GROUP INVESTMENT ADVISORS LLC 0.06% of their portfolio ST LOUIS, MO 91,16091.2k $7.1m $7.1m 0.06% New
79 WEBSTERROGERS FINANCIAL ADVISORS, LLC 2.12% of their portfolio FLORENCE, SC 91,07091.1k $7.1m $7.1m 2.12% Added +3.4k +3,440
80 BARINGS LLC 0.13% of their portfolio CHARLOTTE, NC 89,94089.9k $7.0m $7.0m 0.13% Added +54.1k +54,084
81 Rakuten Investment Management, Inc. 0.02% of their portfolio TOKYO, M0 87,04587.0k $6.8m $6.8m 0.02% First filing
82 Antonelli Financial Advisors, LLC 4.41% of their portfolio GROSSE POINTE, MI 83,53783.5k $6.5m $6.5m 4.41% Added +10.6k +10,594
83 Advisors Preferred, LLC 0.94% of their portfolio ROCKVILLE, MD 81,97182.0k $6.4m $6.4m 0.94% New
84 Silphium Asset Management Ltd 1.84% of their portfolio London, X0 80,00080.0k $6.2m $6.2m 1.84% New
85 Marex Group Ltd 0.08% of their portfolio London, X0 80,00080.0k $6.2m $6.2m 0.08% New
86 JONES FINANCIAL COMPANIES LLLP 0.00% of their portfolio DES PERES, MO 78,04878.0k $6.0m $6.0m 0.00% Added +23.8k +23,812
87 Marion Wealth Management 1.41% of their portfolio MONROEVILLE, PA 76,48076.5k $5.9m $5.9m 1.41% Added +1.2k +1,194
88 SUMITOMO MITSUI FINANCIAL GROUP, INC. 0.10% of their portfolio TOKYO, M0 76,20476.2k $5.9m $5.9m 0.10% Reduced -5.5k -5,489
89 RiverFront Investment Group, LLC 0.10% of their portfolio RICHMOND, VA 73,97374.0k $5.7m $5.7m 0.10% Added +9.1k +9,134
90 SEI INVESTMENTS CO 0.01% of their portfolio OAKS, PA 73,28273.3k $5.7m $5.7m 0.01% Reduced -73.3k -73,292
91 Econ Financial Services Corp 2.81% of their portfolio HARRISBURG, PA 72,49672.5k $5.6m $5.6m 2.81% Added +513 +513
92 White Lighthouse Investment Management Inc. 0.82% of their portfolio BEDFORD, MA 69,58069.6k $5.4m $5.4m 0.82% Reduced -8.9k -8,922
93 Refined Wealth Management 3.38% of their portfolio SALT LAKE CITY, UT 67,69967.7k $5.3m $5.3m 3.38% Added +2.0k +2,030
94 NewSquare Capital LLC 0.35% of their portfolio NEWTOWN SQUARE, PA 66,36866.4k $5.2m $5.2m 0.35% Added +6.8k +6,771
95 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 64,41264.4k $5.0m $5.0m 0.00% Reduced -573 -573
96 COMMONWEALTH EQUITY SERVICES, LLC 0.01% of their portfolio WALTHAM, MA 62,68862.7k $4.9m $4.9m 0.01% Reduced -14.5k -14,529
97 FINANCIAL ADVISORY PARTNERS, LLC 1.33% of their portfolio WINTER PARK, FL 58,85458.9k $4.6m $4.6m 1.33% Reduced -25.8k -25,751
98 Atria Investments, Inc 0.05% of their portfolio Charlotte, NC 56,07256.1k $4.4m $4.4m 0.05% Added +18.3k +18,267
99 VICTORY FINANCIAL GROUP, LLC 0.60% of their portfolio AUSTIN, TX 55,95256.0k $4.3m $4.3m 0.60% Reduced -2.0k -2,046
100 4Thought Financial Group Inc. 2.13% of their portfolio SYOSSET, NY 54,24654.2k $4.2m $4.2m 2.13% Added +1.5k +1,534