Vault-13

VANGUARD MUN BD FDS VTEB

TAX EXEMPT BD · ETP · CUSIP 922907746

1,110 institutional holders +18 vs Q2 2024
580,454,589580.5m shares reported held*
$29.7bnreported value*
80 new 552 added 315 reduced 59 sold out net bought ≈ $505.8m (+10.1m 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 ($2.8m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $51.18. Options: 2 managers hold calls ($2.0m notional), 2 hold puts ($4.4m).

Trends to Q3 2024

Institutional holders

Managers reporting a position, each quarter

05001k1.5kQ3 22: 764Q4 22: 861Q1 23: 883Q2 23: 898Q3 23: 930Q4 23: 1,076Q1 24: 1,059Q2 24: 1,092Q3 24: 1,1101,110Q3 22Q1 23Q3 23Q1 24Q3 24
Numbers
QuarterHolders
Q3 2022764
Q4 2022861
Q1 2023883
Q2 2023898
Q3 2023930
Q4 20231,076
Q1 20241,059
Q2 20241,092
Q3 20241,110

Buyers vs sellers

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

Bought or addedCut or sold out
1k01kQ4 22: 468 bought or addedQ4 22: 352 cut or sold outQ1 23: 479 bought or addedQ1 23: 320 cut or sold outQ1 23Q2 23: 453 bought or addedQ2 23: 362 cut or sold outQ3 23: 500 bought or addedQ3 23: 351 cut or sold outQ3 23Q4 23: 561 bought or addedQ4 23: 395 cut or sold outQ1 24: 572 bought or addedQ1 24: 416 cut or sold outQ1 24Q2 24: 573 bought or addedQ2 24: 403 cut or sold outQ3 24: 632 bought or addedQ3 24: 374 cut or sold outQ3 24
Numbers
QuarterBought or addedCut or sold out
Q4 2022468352
Q1 2023479320
Q2 2023453362
Q3 2023500351
Q4 2023561395
Q1 2024572416
Q2 2024573403
Q3 2024632374

Calls vs puts

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

CallsPuts
$0$2m$4m$6mQ4 23 calls: $781.1kQ4 23 puts: $2.8mQ4 23P/C 3.54Q1 24 calls: $1.4mQ1 24 puts: $4.4mQ1 24P/C 3.24Q2 24 calls: $1.1mQ2 24 puts: $1.1mQ2 24P/C 1.03Q3 24 calls: $2.0mQ3 24 puts: $4.4mQ3 24P/C 2.16
Numbers
QuarterCallsPutsP/C
Q4 2023$781.1k$2.8m3.54
Q1 2024$1.4m$4.4m3.24
Q2 2024$1.1m$1.1m1.03
Q3 2024$2.0m$4.4m2.16

Biggest buyers

WELLS FARGO & COMPANY/MN Added +4,218,051+4.2m
Wealthfront Advisers LLC Added +1,571,716+1.6m
CHARLES SCHWAB INVESTMENT MANAGEMENT INC Added +1,003,475+1.0m
NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Added +959,101+959.1k
NORTHERN TRUST CORP Added +925,761+925.8k
FRANKLIN RESOURCES INC Added +818,486+818.5k
MORGAN STANLEY Added +755,730+755.7k
Astoria Strategic Wealth, Inc. New +658,205+658.2k
ENVESTNET ASSET MANAGEMENT INC Added +531,305+531.3k
One Wealth Advisors, LLC New +465,601+465.6k

Biggest sellers

FMR LLC Reduced -3,405,459-3.4m
Simplicity Wealth,LLC Sold out -1,413,271-1.4m
Independent Advisor Alliance Sold out -1,081,781-1.1m
JANE STREET GROUP, LLC Reduced -969,106-969.1k
Callan Capital, LLC Reduced -816,355-816.4k
Creative Planning Reduced -637,648-637.6k
FLOW TRADERS U.S. LLC Sold out -623,878-623.9k
TIAA TRUST, NATIONAL ASSOCIATION Reduced -605,490-605.5k
SUSQUEHANNA INTERNATIONAL GROUP, LLP Sold out -558,077-558.1k
UBS Group AG Reduced -513,732-513.7k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $1.4m27.2k shares
CITADEL ADVISORS LLC Added $633.9k12.4k shares

Biggest puts

CITADEL ADVISORS LLC Added $2.8m53.8k shares
OAK HILL WEALTH ADVISORS, LLC New $1.6m31.9k 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 2024

#ManagerLocationShares Value% of their portfolioChangeShares change
1 JPMORGAN CHASE & CO 0.31% of their portfolio NEW YORK, NY 149,347,202149.3m $7.6bn $7.6bn 0.31% Reduced -141.1k -141,054
2 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 1.48% of their portfolio MILWAUKEE, WI 32,666,39532.7m $1.7bn $1.7bn 1.48% Added +959.1k +959,101
3 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.31% of their portfolio SAN FRANCISCO, CA 31,559,69431.6m $1.6bn $1.6bn 0.31% Added +1.0m +1,003,475
4 Wealthfront Advisers LLC 4.96% of their portfolio Palo Alto, CA 31,548,82231.5m $1.6bn $1.6bn 4.96% Added +1.6m +1,571,716
5 Creative Planning 1.26% of their portfolio OVERLAND PARK, KS 24,963,38625.0m $1.3bn $1.3bn 1.26% Reduced -637.6k -637,648
6 RAYMOND JAMES & ASSOCIATES 0.56% of their portfolio ST PETERSBURG, FL 17,969,38118.0m $918.6m $918.6m 0.56% Added +76.0k +75,969
7 NORTHERN TRUST CORP 0.13% of their portfolio CHICAGO, IL 15,482,29515.5m $791.5m $791.5m 0.13% Added +925.8k +925,761
8 FMR LLC 0.04% of their portfolio BOSTON, MA 13,765,11313.8m $703.7m $703.7m 0.04% Reduced -3.4m -3,405,459
9 TIAA TRUST, NATIONAL ASSOCIATION 2.02% of their portfolio CHARLOTTE, NC 13,224,92113.2m $676.1m $676.1m 2.02% Reduced -605.5k -605,490
10 MORGAN STANLEY 0.05% of their portfolio NEW YORK, NY 13,007,57713.0m $664.9m $664.9m 0.05% Added +755.7k +755,730
11 WELLS FARGO & COMPANY/MN 0.15% of their portfolio SAN FRANCISCO, CA 11,886,75011.9m $607.7m $607.7m 0.15% Added +4.2m +4,218,051
12 ENVESTNET ASSET MANAGEMENT INC 0.16% of their portfolio Berwyn, PA 9,904,0939.9m $506.3m $506.3m 0.16% Added +531.3k +531,305
13 SEI INVESTMENTS CO 0.65% of their portfolio OAKS, PA 9,789,9349.8m $500.5m $500.5m 0.65% Reduced -451.5k -451,458
14 BANK OF AMERICA CORP /DE/ 0.04% of their portfolio CHARLOTTE, NC 9,104,4219.1m $465.4m $465.4m 0.04% Reduced -271.4k -271,419
15 MERCER GLOBAL ADVISORS INC /ADV 0.71% of their portfolio DENVER, CO 5,959,2056.0m $304.7m $304.7m 0.71% Added +320.0k +319,977
16 UBS Group AG 0.08% of their portfolio ZURICH, V8 5,666,3615.7m $289.7m $289.7m 0.08% Reduced -513.7k -513,732
17 FRANKLIN RESOURCES INC 0.08% of their portfolio San Mateo, CA 5,322,2155.3m $269.4m $269.4m 0.08% Added +818.5k +818,486
18 ASPIRIANT, LLC 10.08% of their portfolio San Francisco, CA 5,193,8245.2m $265.5m $265.5m 10.08% Reduced -27.3k -27,257
19 LPL Financial LLC 0.11% of their portfolio FORT MILL, SC 4,990,0705.0m $255.1m $255.1m 0.11% Added +433.7k +433,676
20 Corient Private Wealth LP 0.33% of their portfolio MIAMI, FL 4,133,8114.1m $211.3m $211.3m 0.33% Added +127.9k +127,921
21 AMERIPRISE FINANCIAL INC 0.05% of their portfolio MINNEAPOLIS, MN 3,830,5903.8m $195.6m $195.6m 0.05% Added +145.2k +145,206
22 CLIFTONLARSONALLEN WEALTH ADVISORS, LLC 4.26% of their portfolio MINNEAPOLIS, MN 3,618,6183.6m $185.0m $185.0m 4.26% Added +265.3k +265,307
23 US BANCORP \DE\ 0.22% of their portfolio MINNEAPOLIS, MN 3,416,2273.4m $174.6m $174.6m 0.22% Added +41.4k +41,437
24 RWA WEALTH PARTNERS, LLC 2.09% of their portfolio BOSTON, MA 3,275,8163.3m $167.5m $167.5m 2.09% Added +90.2k +90,216
25 Cerity Partners LLC 0.37% of their portfolio NEW YORK, NY 3,235,9373.2m $165.4m $165.4m 0.37% Added +73.9k +73,945
26 JONES FINANCIAL COMPANIES LLLP 0.15% of their portfolio DES PERES, MO 2,872,2872.9m $146.9m $146.9m 0.15% Added +340.2k +340,216
27 Mariner, LLC 0.23% of their portfolio Overland Park, KS 2,524,8122.5m $129.1m $129.1m 0.23% Added +133.0k +133,024
28 Orgel Wealth Management, LLC 3.18% of their portfolio ALTOONA, WI 2,488,1192.5m $127.2m $127.2m 3.18% Added +394.9k +394,907
29 SCS Capital Management LLC 2.56% of their portfolio BOSTON, MA 2,486,8682.5m $127.1m $127.1m 2.56% Reduced -75.7k -75,672
30 VANGUARD GROUP INC 0.00% of their portfolio Valley Forge, PA 2,455,5702.5m $125.5m $125.5m 0.00% Added +444.9k +444,870
31 Members Trust Co 4.04% of their portfolio TAMPA, FL 2,436,7732.4m $124.6m $124.6m 4.04% Reduced -69.8k -69,755
32 PNC Financial Services Group, Inc. 0.08% of their portfolio Pittsburgh, PA 2,382,9652.4m $121.8m $121.8m 0.08% Added +21.2k +21,169
33 OSAIC HOLDINGS, INC. 0.26% of their portfolio SCOTTSDALE, AZ 2,234,6402.2m $114.2m $114.2m 0.26% Added +99.6k +99,562
34 Raymond James Financial Services Advisors, Inc. 0.15% of their portfolio ST. PETERSBURG, FL 2,160,3852.2m $110.4m $110.4m 0.15% Added +146.1k +146,061
35 HighTower Advisors, LLC 0.14% of their portfolio CHICAGO, IL 1,959,9862.0m $100.2m $100.2m 0.14% Added +118.4k +118,433
36 Prime Capital Investment Advisors, LLC 1.37% of their portfolio OVERLAND PARK, KS 1,874,9561.9m $95.8m $95.8m 1.37% Added +39.0k +38,961
37 GeoWealth Management, LLC 3.17% of their portfolio CHICAGO, IL 1,754,9471.8m $89.7m $89.7m 3.17% Added +119.3k +119,315
38 Baird Financial Group, Inc. 0.17% of their portfolio MILWAUKEE, WI 1,681,3511.7m $86.0m $86.0m 0.17% Added +163.4k +163,373
39 ROYAL BANK OF CANADA 0.02% of their portfolio TORONTO, A6 1,559,8481.6m $79.7m $79.7m 0.02% Added +322.3k +322,337
40 Sequoia Financial Advisors, LLC 0.84% of their portfolio Akron, OH 1,524,5431.5m $77.9m $77.9m 0.84% Added +411 +411
41 Meeder Advisory Services, Inc. 5.01% of their portfolio DUBLIN, OH 1,514,5121.5m $77.4m $77.4m 5.01% Added +83.8k +83,764
42 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.17% of their portfolio PLYMOUTH, MN 1,506,0861.5m $77.0m $77.0m 0.17% Reduced -9.6k -9,604
43 Bleakley Financial Group, LLC 2.25% of their portfolio PARSIPPANY, NJ 1,445,3441.4m $73.9m $73.9m 2.25% Added +31.2k +31,187
44 OneDigital Investment Advisors LLC 0.82% of their portfolio OVERLAND PARK, KS 1,398,9891.4m $71.5m $71.5m 0.82% Reduced -40.1k -40,101
45 Sanctuary Advisors, LLC 0.44% of their portfolio INDIANAPOLIS, IN 1,364,4761.4m $69.1m $69.1m 0.44% Reduced -62.9k -62,856
46 Lutz Financial Services LLC 5.56% of their portfolio OMAHA, NE 1,340,1051.3m $68.5m $68.5m 5.56% Added +57.5k +57,546
47 Morningstar Investment Services LLC 0.70% of their portfolio CHICAGO, IL 1,332,4701.3m $68.2m $68.2m 0.70% Added +33.3k +33,325
48 STIFEL FINANCIAL CORP 0.07% of their portfolio ST. LOUIS, MO 1,286,8711.3m $65.8m $65.8m 0.07% Added +76.5k +76,549
49 Full Sail Capital, LLC 4.07% of their portfolio OKLAHOMA CITY, OK 1,243,1491.2m $63.5m $63.5m 4.07% Added +89.6k +89,647
50 BAKER BOYER NATIONAL BANK 21.15% of their portfolio WALLA WALLA, WA 1,232,6541.2m $63.0m $63.0m 21.15% Reduced -19.9k -19,934
51 Ackerman Capital Advisors, LLC 16.06% of their portfolio DALLAS, TX 1,216,7201.2m $62.2m $62.2m 16.06% Reduced -8.5k -8,543
52 Crestwood Advisors Group, LLC 1.16% of their portfolio BOSTON, MA 1,192,1481.2m $60.9m $60.9m 1.16% Added +14.3k +14,323
53 COMMONWEALTH EQUITY SERVICES, LLC 0.09% of their portfolio WALTHAM, MA 1,187,8481.2m $60.7m $60.7m 0.09% Added +23.5k +23,486
54 Waldron Private Wealth LLC 2.46% of their portfolio BRIDGEVILLE, PA 1,161,0411.2m $59.4m $59.4m 2.46% Added +4.9k +4,921
55 Bank of New York Mellon Corp 0.01% of their portfolio NEW YORK, NY 1,117,6261.1m $57.1m $57.1m 0.01% Added +129.7k +129,675
56 Savant Capital, LLC 0.47% of their portfolio ROCKFORD, IL 1,108,6841.1m $56.7m $56.7m 0.47% Added +46.1k +46,067
57 Wedmont Private Capital 3.08% of their portfolio WEST CHESTER, PA 1,061,6581.1m $54.0m $54.0m 3.08% Added +153.1k +153,051
58 Avidian Wealth Enterprises, LLC 2.44% of their portfolio Houston, TX 1,052,7001.1m $53.8m $53.8m 2.44% Added +44.8k +44,813
59 MML INVESTORS SERVICES, LLC 0.20% of their portfolio SPRINGFIELD, MA 1,049,2051.0m $53.6m $53.6m 0.20% Added +49.5k +49,468
60 Cetera Investment Advisers 0.12% of their portfolio SCHAUMBURG, IL 1,048,2651.0m $53.6m $53.6m 0.12% Reduced -57.2k -57,165
61 REGIONS FINANCIAL CORP 0.38% of their portfolio BIRMINGHAM, AL 1,025,4671.0m $52.4m $52.4m 0.38% Reduced -214 -214
62 THOMPSON SIEGEL & WALMSLEY LLC 0.77% of their portfolio RICHMOND, VA 999,371999.4k $51.1m $51.1m 0.77% Added +38.1k +38,136
63 West Financial Advisors, LLC 9.54% of their portfolio DES MOINES, IA 967,428967.4k $49.5m $49.5m 9.54% Added +38.7k +38,699
64 Beaird Harris Wealth Management, LLC 4.24% of their portfolio DALLAS, TX 949,499949.5k $48.5m $48.5m 4.24% Added +56.5k +56,472
65 MATHER GROUP, LLC. 0.62% of their portfolio CHICAGO, IL 939,326939.3k $48.0m $48.0m 0.62% Added +25.7k +25,698
66 a16z Perennial Management, L.P. 2.75% of their portfolio MENLO PARK, CA 871,366871.4k $44.5m $44.5m 2.75% Unchanged
67 RENAISSANCE TECHNOLOGIES LLC 0.07% of their portfolio NEW YORK, NY 869,300869.3k $44.4m $44.4m 0.07% Added +271.6k +271,646
68 GOLDMAN SACHS GROUP INC 0.01% of their portfolio NEW YORK, NY 869,207869.2k $44.4m $44.4m 0.01% Added +25.9k +25,851
69 Sunflower Bank, N.A. 11.58% of their portfolio DALLAS, TX 826,578826.6k $42.3m $42.3m 11.58% Added +56.2k +56,165
70 Foster Group, Inc. 1.58% of their portfolio WEST DES MOINES, IA 825,956826.0k $42.2m $42.2m 1.58% Reduced -28.9k -28,918
71 Callan Capital, LLC 2.93% of their portfolio LA JOLLA, CA 820,309820.3k $41.9m $41.9m 2.93% Reduced -816.4k -816,355
72 Financial Engines Advisors L.L.C. 0.09% of their portfolio SANTA CLARA, CA 809,282809.3k $41.4m $41.4m 0.09% Added +101.9k +101,947
73 Integrated Wealth Concepts LLC 0.50% of their portfolio WALTHAM, MA 802,124802.1k $41.0m $41.0m 0.50% Added +41.6k +41,585
74 JFS WEALTH ADVISORS, LLC 2.73% of their portfolio HERMITAGE, PA 796,682796.7k $40.7m $40.7m 2.73% Added +157.6k +157,556
75 BSW Wealth Partners 5.99% of their portfolio BOULDER, CO 781,161781.2k $39.9m $39.9m 5.99% Added +27.7k +27,740
76 EP Wealth Advisors, LLC 0.34% of their portfolio TORRANCE, CA 772,084772.1k $39.5m $39.5m 0.34% Added +46.5k +46,464
77 Wealthspire Advisors, LLC 0.39% of their portfolio NEW YORK, NY 747,600747.6k $38.2m $38.2m 0.39% Added +109.8k +109,850
78 Heritage Investment Group, Inc. 7.16% of their portfolio POMPANO BEACH, FL 736,477736.5k $37.6m $37.6m 7.16% Reduced -10.1k -10,060
79 Rockwood Wealth Management, LLC 4.04% of their portfolio New Hope, PA 717,613717.6k $36.7m $36.7m 4.04% Added +76.4k +76,379
80 Merriman Wealth Management, LLC 1.47% of their portfolio SEATTLE, WA 707,814707.8k $36.2m $36.2m 1.47% Reduced -35.8k -35,750
81 Kestra Investment Management, LLC 1.55% of their portfolio AUSTIN, TX 704,788704.8k $36.0m $36.0m 1.55% Added +214.6k +214,638
82 GenTrust, LLC 1.76% of their portfolio MIAMI, FL 703,646703.6k $36.0m $36.0m 1.76% Added +103.3k +103,265
83 M&T Bank Corp 0.12% of their portfolio BUFFALO, NY 702,823702.8k $35.9m $35.9m 0.12% Added +5.7k +5,740
84 One Capital Management, LLC 1.14% of their portfolio WESTLAKE VILLAGE, CA 700,691700.7k $35.8m $35.8m 1.14% Reduced -24.9k -24,896
85 Passive Capital Management, LLC. 12.16% of their portfolio BALTIMORE, MD 681,452681.5k $34.8m $34.8m 12.16% Reduced -288 -288
86 Koss-Olinger Consulting, LLC 2.98% of their portfolio GAINESVILLE, FL 671,536671.5k $34.3m $34.3m 2.98% Reduced -5.9k -5,878
87 Willow Creek Wealth Management Inc. 3.56% of their portfolio Sebastopol, CA 661,827661.8k $33.8m $33.8m 3.56% Added +616 +616
88 Astoria Strategic Wealth, Inc. 9.86% of their portfolio NEW BRAUNFELS, TX 658,205658.2k $33.6m $33.6m 9.86% New
89 Modera Wealth Management, LLC 0.43% of their portfolio WESTWOOD, NJ 654,775654.8k $33.5m $33.5m 0.43% Reduced -7.7k -7,737
90 Allen Investment Management, LLC 0.39% of their portfolio NEW YORK, NY 639,311639.3k $32.7m $32.7m 0.39% Reduced -36.2k -36,215
91 Bedel Financial Consulting, Inc. 4.49% of their portfolio INDIANAPOLIS, IN 621,954622.0k $31.8m $31.8m 4.49% Added +3.6k +3,648
92 CWM, LLC 0.13% of their portfolio OMAHA, NE 598,378598.4k $30.6m $30.6m 0.13% Reduced -97.1k -97,111
93 TRUIST FINANCIAL CORP 0.05% of their portfolio CHARLOTTE, NC 587,881587.9k $30.1m $30.1m 0.05% Added +33.3k +33,315
94 Allworth Financial LP 0.18% of their portfolio FOLSOM, CA 562,737562.7k $28.8m $28.8m 0.18% Added +46.2k +46,155
95 NICOLET ADVISORY SERVICES, LLC 2.65% of their portfolio GREEN BAY, WI 549,568549.6k $28.0m $28.0m 2.65% Added +17.7k +17,696
96 Pinnacle Financial Partners Inc 0.56% of their portfolio Nashville, TN 547,897547.9k $28.0m $28.0m 0.56% Added +18.1k +18,094
97 Beacon Pointe Advisors, LLC 0.31% of their portfolio NEWPORT BEACH, CA 517,764517.8k $26.5m $26.5m 0.31% Reduced -9.5k -9,507
98 Bragg Financial Advisors, Inc 1.08% of their portfolio CHARLOTTE, NC 513,030513.0k $26.2m $26.2m 1.08% Added +26.7k +26,686
99 Salomon & Ludwin, LLC 2.60% of their portfolio RICHMOND, VA 500,350500.4k $25.6m $25.6m 2.60% Added +53.0k +52,981
100 BANK OF HAWAII 1.06% of their portfolio HONOLULU, HI 496,230496.2k $25.4m $25.4m 1.06% Added +18.2k +18,179