Vault-13

VANGUARD SCOTTSDALE FDS VCLT

LG-TERM COR BD · ETP · CUSIP 92206C813

364 institutional holders +26 vs Q3 2025
52,693,07252.7m shares reported held*
$4.0bnreported value*
45 new 158 added 93 reduced 40 sold out net bought ≈ $30.4m (+403.5k 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 ($8.4m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $75.95. Options: 2 managers hold calls ($10.5m notional), 2 hold puts ($5.8m).

Trends to Q4 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: 338Q4 25: 364364Q3 22Q2 23Q1 24Q4 24Q4 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
Q4 2025364

Buyers vs sellers

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

Bought or addedCut or sold out
4000400Q1 24: 179 bought or addedQ1 24: 129 cut or sold outQ2 24: 165 bought or addedQ2 24: 133 cut or sold outQ2 24Q3 24: 206 bought or addedQ3 24: 98 cut or sold outQ4 24: 189 bought or addedQ4 24: 136 cut or sold outQ4 24Q1 25: 168 bought or addedQ1 25: 158 cut or sold outQ2 25: 171 bought or addedQ2 25: 156 cut or sold outQ2 25Q3 25: 192 bought or addedQ3 25: 128 cut or sold outQ4 25: 203 bought or addedQ4 25: 133 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 2024179129
Q2 2024165133
Q3 202420698
Q4 2024189136
Q1 2025168158
Q2 2025171156
Q3 2025192128
Q4 2025203133

Calls vs puts

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

CallsPuts
$0$5m$10m$15m$20mQ1 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 0.67Q4 25 calls: $10.5mQ4 25 puts: $5.8mQ4 25P/C 0.55
Numbers
QuarterCallsPutsP/C
Q1 2025$9.3m$4.7m0.51
Q2 2025$9.3m$7.4m0.80
Q3 2025$15.5m$10.3m0.67
Q4 2025$10.5m$5.8m0.55

Biggest buyers

Allianz SE New +2,416,012+2.4m
Jefferies Financial Group Inc. New +542,453+542.5k
Gallagher Fiduciary Advisors, LLC Added +525,553+525.6k
SUSQUEHANNA INTERNATIONAL GROUP, LLP New +286,062+286.1k
STATE STREET CORP New +277,369+277.4k
State of Tennessee, Department of Treasury Added +235,758+235.8k
HighTower Advisors, LLC Added +215,379+215.4k
BARCLAYS PLC Added +211,023+211.0k
CITADEL ADVISORS LLC New +193,734+193.7k
JPMORGAN CHASE & CO Added +184,161+184.2k

Biggest sellers

MORGAN STANLEY Reduced -1,283,773-1.3m
MILLENNIUM MANAGEMENT LLC Sold out -1,212,092-1.2m
Sanctuary Advisors, LLC Reduced -909,685-909.7k
Employees' Retirement Fund of the City of Fort Worth Reduced -506,600-506.6k
JANE STREET GROUP, LLC Reduced -483,215-483.2k
Angeles Investment Advisors, LLC Reduced -388,500-388.5k
Ocean Park Asset Management, LLC Sold out -342,600-342.6k
GREENLEAF TRUST Sold out -236,753-236.8k
Kestra Advisory Services, LLC Reduced -179,245-179.2k
Belpointe Asset Management LLC Reduced -139,882-139.9k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $8.1m106.8k shares
CITADEL ADVISORS LLC Added $2.4m32.0k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $4.4m58.0k shares
CITADEL ADVISORS LLC Reduced $1.4m18.2k 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 MORGAN STANLEY 0.03% of their portfolio NEW YORK, NY 7,276,7657.3m $551.9m $551.9m 0.03% Reduced -1.3m -1,283,773
2 State of Tennessee, Department of Treasury 0.76% of their portfolio NASHVILLE, TN 3,112,0253.1m $237.2m $237.2m 0.76% Added +235.8k +235,758
3 Meiji Yasuda Life Insurance Co 6.23% of their portfolio TOKYO, M0 2,833,0002.8m $214.9m $214.9m 6.23% Unchanged
4 BANK OF AMERICA CORP /DE/ 0.01% of their portfolio CHARLOTTE, NC 2,645,9282.6m $200.7m $200.7m 0.01% Reduced -83.0k -83,015
5 Allianz SE 2.36% of their portfolio Munich, 2M 2,416,0122.4m $183.3m $183.3m 2.36% New
6 COUNTRY TRUST BANK 2.57% of their portfolio Bloomington, IL 1,868,7931.9m $141.7m $141.7m 2.57% Reduced -63.7k -63,702
7 WELLS FARGO & COMPANY/MN 0.03% of their portfolio SAN FRANCISCO, CA 1,719,6611.7m $130.4m $130.4m 0.03% Added +57.5k +57,497
8 Varma Mutual Pension Insurance Co 0.73% of their portfolio Varma, H9 1,600,0001.6m $121.4m $121.4m 0.73% Unchanged
9 NORTHWESTERN MUTUAL INVESTMENT MANAGEMENT COMPANY, LLC 1.12% of their portfolio MILWAUKEE, WI 1,265,8901.3m $96.0m $96.0m 1.12% Added +51.6k +51,600
10 UBS Group AG 0.01% of their portfolio ZURICH, V8 857,697857.7k $65.1m $65.1m 0.01% Added +176.6k +176,563
11 Gallagher Fiduciary Advisors, LLC 2.08% of their portfolio ROLLING MEADOWS, IL 845,731845.7k $64.1m $64.1m 2.08% Added +525.6k +525,553
12 GDS Wealth Management 3.52% of their portfolio FLOWER MOUND, TX 742,405742.4k $56.3m $56.3m 3.52% Added +85.8k +85,826
13 LPL Financial LLC 0.01% of their portfolio FORT MILL, SC 715,502715.5k $54.3m $54.3m 0.01% Added +93.4k +93,379
14 Angeles Investment Advisors, LLC 3.61% of their portfolio SANTA MONICA, CA 712,400712.4k $54.0m $54.0m 3.61% Reduced -388.5k -388,500
15 GLOBE LIFE INC. 13.43% of their portfolio MCKINNEY, TX 704,500704.5k $53.4m $53.4m 13.43% Unchanged
16 ROYAL BANK OF CANADA 0.01% of their portfolio TORONTO, A6 639,631639.6k $48.5m $48.5m 0.01% Added +58.7k +58,725
17 NYL Investors LLC 16.46% of their portfolio NEW YORK, NY 638,807638.8k $48.5m $48.5m 16.46% Added +8.9k +8,879
18 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 632,193632.2k $48.0m $48.0m 0.00% Added +184.2k +184,161
19 Sanctuary Advisors, LLC 0.24% of their portfolio INDIANAPOLIS, IN 572,513572.5k $43.4m $43.4m 0.24% Reduced -909.7k -909,685
20 BlackRock, Inc. 0.00% of their portfolio New York, NY 570,850570.9k $43.3m $43.3m 0.00% Reduced -51.4k -51,353
21 ALLIANCEBERNSTEIN L.P. 0.01% of their portfolio NASHVILLE, TN 560,087560.1k $42.5m $42.5m 0.01% Added +9.8k +9,754
22 Jefferies Financial Group Inc. 0.34% of their portfolio NEW YORK, NY 542,453542.5k $41.1m $41.1m 0.34% New
23 Advisory Alpha, LLC 1.11% of their portfolio HOLLAND, MI 537,679537.7k $40.8m $40.8m 1.11% Added +17.2k +17,158
24 Allspring Global Investments Holdings, LLC 0.07% of their portfolio CHARLOTTE, NC 532,106532.1k $40.4m $40.4m 0.07% Added +77.3k +77,300
25 AMERIPRISE FINANCIAL INC 0.01% of their portfolio MINNEAPOLIS, MN 529,970530.0k $40.2m $40.2m 0.01% Reduced -30.6k -30,551
26 BENJAMIN EDWARDS INC 0.39% of their portfolio Clayton, MO 466,404466.4k $35.4m $35.4m 0.39% Added +7.6k +7,630
27 Employees' Retirement Fund of the City of Fort Worth 15.67% of their portfolio FORT WORTH, TX 461,600461.6k $35.0m $35.0m 15.67% Reduced -506.6k -506,600
28 RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio ST. PETERSBURG, FL 461,597461.6k $35.0m $35.0m 0.01% Reduced -138.5k -138,518
29 Diana Davis Spencer Foundation 11.80% of their portfolio BETHESDA, MD 461,000461.0k $35.0m $35.0m 11.80% Unchanged
30 ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio Berwyn, PA 451,623451.6k $34.3m $34.3m 0.01% Added +60.5k +60,510
31 Davidson Capital Management Inc. 6.94% of their portfolio CORPUS CHRISTI, TX 422,785422.8k $32.1m $32.1m 6.94% Added +54.3k +54,315
32 Insight Wealth Strategies, LLC 3.47% of their portfolio SAN RAMON, CA 398,650398.6k $30.2m $30.2m 3.47% Added +7.7k +7,724
33 ALERUS FINANCIAL NA 1.45% of their portfolio GRAND FORKS, ND 391,270391.3k $29.7m $29.7m 1.45% Reduced -22.9k -22,927
34 1832 Asset Management L.P. 0.03% of their portfolio TORONTO, A6 360,123360.1k $27.3m $27.3m 0.03% Added +10.5k +10,539
35 FIDUCIENT ADVISORS LLC 3.32% of their portfolio Chicago, IL 353,323353.3k $26.8m $26.8m 3.32% Added +10.9k +10,865
36 MML INVESTORS SERVICES, LLC 0.06% of their portfolio SPRINGFIELD, MA 344,801344.8k $26.2m $26.2m 0.06% Added +23.7k +23,731
37 DOW CHEMICAL CO /DE/ 12.53% of their portfolio MIDLAND, MI 338,746338.7k $25.7m $25.7m 12.53% Added +23.0k +22,954
38 HighTower Advisors, LLC 0.03% of their portfolio CHICAGO, IL 334,453334.5k $25.4m $25.4m 0.03% Added +215.4k +215,379
39 Bramshill Investments, LLC 1.39% of their portfolio NAPLES, FL 323,392323.4k $24.5m $24.5m 1.39% Reduced -907 -907
40 Mirae Asset Global Investments Co., Ltd. 0.07% of their portfolio SEOUL, M5 317,160317.2k $24.1m $24.1m 0.07% Reduced -22.7k -22,680
41 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.03% of their portfolio BALA CYNWYD, PA 286,062286.1k $21.7m $21.7m 0.03% New
42 SWAN Capital LLC 8.32% of their portfolio PENSACOLA, FL 282,137282.1k $21.4m $21.4m 8.32% Added +19.9k +19,873
43 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 277,369277.4k $21.0m $21.0m 0.00% New
44 Cambridge Investment Research Advisors, Inc. 0.05% of their portfolio FAIRFIELD, IA 245,117245.1k $18.6m $18.6m 0.05% Added +4.2k +4,223
45 CASTLEARK MANAGEMENT LLC 0.53% of their portfolio CHICAGO, IL 236,450236.4k $17.9m $17.9m 0.53% Unchanged
46 OSAIC HOLDINGS, INC. 0.03% of their portfolio SCOTTSDALE, AZ 235,577235.6k $17.9m $17.9m 0.03% Reduced -10.4k -10,442
47 BARCLAYS PLC 0.01% of their portfolio LONDON, X0 220,670220.7k $16.7m $16.7m 0.01% Added +211.0k +211,023
48 CWM, LLC 0.05% of their portfolio OMAHA, NE 220,350220.3k $16.7m $16.7m 0.05% Added +8.6k +8,567
49 Berkeley Capital Partners, LLC 3.80% of their portfolio Milton, GA 212,919212.9k $16.1m $16.1m 3.80% Added +3.3k +3,287
50 MIdWestOne Financial Group, Inc. 1.75% of their portfolio Iowa City, IA 208,197208.2k $15.8m $15.8m 1.75% Reduced -38.3k -38,338
51 Cetera Investment Advisers 0.02% of their portfolio SCHAUMBURG, IL 208,100208.1k $15.8m $15.8m 0.02% Added +14.2k +14,243
52 CITADEL ADVISORS LLC 0.01% of their portfolio MIAMI, FL 193,734193.7k $14.7m $14.7m 0.01% New
53 UNITED SERVICES AUTOMOBILE ASSOCIATION 0.92% of their portfolio SAN ANTONIO, TX 190,699190.7k $14.5m $14.5m 0.92% Reduced -2.1k -2,144
54 BARINGS LLC 0.27% of their portfolio CHARLOTTE, NC 190,000190.0k $14.4m $14.4m 0.27% Added +100.1k +100,060
55 TRUIST FINANCIAL CORP 0.02% of their portfolio CHARLOTTE, NC 186,485186.5k $14.1m $14.1m 0.02% Reduced -575 -575
56 EXCHANGE TRADED CONCEPTS, LLC 0.11% of their portfolio Oklahoma City, OK 181,763181.8k $13.8m $13.8m 0.11% Reduced -130.1k -130,125
57 NewEdge Wealth, LLC 0.15% of their portfolio STAMFORD, CT 178,533178.5k $13.5m $13.5m 0.15% Reduced -4.7k -4,684
58 SEI INVESTMENTS CO 0.01% of their portfolio OAKS, PA 176,902176.9k $13.4m $13.4m 0.01% Added +103.6k +103,620
59 PNC Financial Services Group, Inc. 0.01% of their portfolio Pittsburgh, PA 172,001172.0k $13.0m $13.0m 0.01% Reduced -5.3k -5,280
60 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 169,932169.9k $12.9m $12.9m 0.00% Added +5.1k +5,123
61 AMG National Trust Bank 0.30% of their portfolio GREENWOOD VILLAGE, CO 167,622167.6k $12.7m $12.7m 0.30% Reduced -8.0k -7,964
62 NISA INVESTMENT ADVISORS, LLC 0.04% of their portfolio ST. LOUIS, MO 166,602166.6k $12.6m $12.6m 0.04% Added +2.7k +2,660
63 Destiny Wealth Partners, LLC 1.44% of their portfolio TAVARES, FL 163,615163.6k $12.6m $12.6m 1.44% New
64 Northeast Financial Group, Inc. 3.01% of their portfolio Allentown, PA 157,938157.9k $12.0m $12.0m 3.01% Added +10.6k +10,613
65 GUGGENHEIM CAPITAL LLC 0.09% of their portfolio CHICAGO, IL 154,216154.2k $11.7m $11.7m 0.09% Added +4.7k +4,661
66 JANE STREET GROUP, LLC 0.01% of their portfolio NEW YORK, NY 146,233146.2k $11.1m $11.1m 0.01% Reduced -483.2k -483,215
67 Estate Counselors, LLC 0.90% of their portfolio Thiensville, WI 141,405141.4k $10.7m $10.7m 0.90% New
68 Providence First Trust Co 3.70% of their portfolio SCOTTSDALE, AZ 140,821140.8k $10.7m $10.7m 3.70% Reduced -6.5k -6,470
69 Janney Montgomery Scott LLC 0.02% of their portfolio PHILADELPHIA, PA 138,815138.8k $10.5m $10.5m 0.02% Added +13.6k +13,600
70 Revisor Wealth Management LLC 2.78% of their portfolio AKRON, OH 135,381135.4k $10.4m $10.4m 2.78% Added +9.5k +9,508
71 Passumpsic Savings Bank 5.56% of their portfolio ST. JOHNSBURY, VT 133,951134.0k $10.2m $10.2m 5.56% First filing
72 Prospect Financial Services LLC 5.66% of their portfolio MELVILLE, NY 129,864129.9k $9.9m $9.9m 5.66% Added +8.9k +8,920
73 Cordoba Advisory Partners LLC 2.36% of their portfolio NEW YORK, NY 125,903125.9k $9.5m $9.5m 2.36% First filing
74 LeConte Wealth Management, LLC 6.14% of their portfolio Maryville, TN 123,882123.9k $9.4m $9.4m 6.14% Reduced -8.6k -8,555
75 NewEdge Advisors, LLC 0.03% of their portfolio NEW ORLEANS, LA 119,597119.6k $9.1m $9.1m 0.03% Reduced -44.9k -44,903
76 J.E. Simmons & Co., P.C. 5.82% of their portfolio DALLAS, TX 118,434118.4k $9.0m $9.0m 5.82% First filing
77 Lighthouse Financial LLC 5.41% of their portfolio LARGO, FL 109,129109.1k $8.3m $8.3m 5.41% Reduced -4.2k -4,213
78 Marmo Financial Group, LLC 3.81% of their portfolio Johnson City, TN 106,169106.2k $8.1m $8.1m 3.81% Added +1.9k +1,932
79 One Wealth Map LLC 4.03% of their portfolio LAS VEGAS, NV 104,594104.6k $7.9m $7.9m 4.03% Added +7.0k +6,999
80 Sellwood Investment Partners LLC 2.99% of their portfolio PORTLAND, OR 101,046101.0k $7.7m $7.7m 2.99% Added +5.8k +5,784
81 COMMONWEALTH EQUITY SERVICES, LLC 0.01% of their portfolio WALTHAM, MA 99,04299.0k $7.5m $7.5m 0.01% Added +36.4k +36,354
82 WEBSTERROGERS FINANCIAL ADVISORS, LLC 2.17% of their portfolio FLORENCE, SC 98,56398.6k $7.5m $7.5m 2.17% Added +7.5k +7,493
83 San Luis Wealth Advisors LLC 1.25% of their portfolio SAN LUIS OBISPO, CA 98,29598.3k $7.5m $7.5m 1.25% Added +2.6k +2,613
84 HRT FINANCIAL LP 0.03% of their portfolio NEW YORK, NY 96,60496.6k $7.3m $7.3m 0.03% Added +4.7k +4,731
85 Sagace Wealth Management LLC 4.96% of their portfolio ST. PETERSBURG, FL 96,23696.2k $7.3m $7.3m 4.96% Added +1.2k +1,199
86 MONETA GROUP INVESTMENT ADVISORS LLC 0.05% of their portfolio ST LOUIS, MO 95,39195.4k $7.2m $7.2m 0.05% Added +4.2k +4,231
87 JONES FINANCIAL COMPANIES LLLP 0.00% of their portfolio DES PERES, MO 93,83693.8k $7.1m $7.1m 0.00% Added +15.8k +15,788
88 Antonelli Financial Advisors, LLC 4.59% of their portfolio GROSSE POINTE, MI 92,05692.1k $7.0m $7.0m 4.59% Added +8.5k +8,519
89 Concurrent Investment Advisors, LLC 0.08% of their portfolio Tampa, FL 88,15388.2k $6.7m $6.7m 0.08% New
90 Rakuten Investment Management, Inc. 0.02% of their portfolio TOKYO, M0 87,04587.0k $6.8m $6.8m 0.02% Unchanged
91 RiverFront Investment Group, LLC 0.10% of their portfolio RICHMOND, VA 83,48983.5k $6.3m $6.3m 0.10% Added +9.5k +9,516
92 RHL GROUP, LLC 4.96% of their portfolio HOLLY, MI 81,33581.3k $6.2m $6.2m 4.96% First filing
93 SUMITOMO MITSUI FINANCIAL GROUP, INC. 0.11% of their portfolio TOKYO, M0 79,78879.8k $6.1m $6.1m 0.11% Added +3.6k +3,584
94 Marion Wealth Management 1.35% of their portfolio MONROEVILLE, PA 79,27879.3k $6.1m $6.1m 1.35% Added +2.8k +2,798
95 VICTORY FINANCIAL GROUP, LLC 0.71% of their portfolio AUSTIN, TX 74,57074.6k $5.7m $5.7m 0.71% Added +18.6k +18,618
96 Thrivent Financial for Lutherans 0.01% of their portfolio Minneapolis, MN 68,46668.5k $5.2m $5.2m 0.01% New
97 Refined Wealth Management 3.41% of their portfolio SALT LAKE CITY, UT 66,75466.8k $5.1m $5.1m 3.41% Reduced -945 -945
98 Purpose Unlimited Inc. 0.22% of their portfolio TORONTO, A6 64,73064.7k $4.9m $4.9m 0.22% First filing
99 FINANCIAL ADVISORY PARTNERS, LLC 1.35% of their portfolio WINTER PARK, FL 63,21463.2k $4.8m $4.8m 1.35% Added +4.4k +4,360
100 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 63,11163.1k $4.8m $4.8m 0.00% Reduced -1.3k -1,301