Vault-13

VANGUARD MUN BD FDS VTEB

TAX EXEMPT BD · ETP · CUSIP 922907746

1,226 institutional holders -4 vs Q4 2024
535,495,452535.5m shares reported held*
$26.6bnreported value*
91 new 511 added 448 reduced 91 sold out net bought ≈ $403.6m (+7.8m 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 ($19.5m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $49.69. Options: 3 managers hold calls ($843.5k notional), 4 hold puts ($29.7m).

Trends to Q1 2025

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: 1,110Q4 24: 1,230Q1 25: 1,2261,226Q3 22Q1 23Q3 23Q1 24Q3 24Q1 25
Numbers
QuarterHolders
Q3 2022764
Q4 2022861
Q1 2023883
Q2 2023898
Q3 2023930
Q4 20231,076
Q1 20241,059
Q2 20241,092
Q3 20241,110
Q4 20241,230
Q1 20251,226

Buyers vs sellers

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

Bought or addedCut or sold out
1k01kQ2 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 24Q4 24: 633 bought or addedQ4 24: 403 cut or sold outQ1 25: 602 bought or addedQ1 25: 539 cut or sold outQ1 25
Numbers
QuarterBought or addedCut or sold out
Q2 2023453362
Q3 2023500351
Q4 2023561395
Q1 2024572416
Q2 2024573403
Q3 2024632374
Q4 2024633403
Q1 2025602539

Calls vs puts

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

CallsPuts
$0$10m$20m$30mQ2 24 calls: $1.1mQ2 24 puts: $1.1mQ2 24P/C 1.03Q3 24 calls: $2.0mQ3 24 puts: $4.4mQ3 24P/C 2.16Q4 24 calls: $1.1mQ4 24 puts: $4.2mQ4 24P/C 3.76Q1 25 calls: $843.5kQ1 25 puts: $29.7mQ1 25P/C 35.23
Numbers
QuarterCallsPutsP/C
Q2 2024$1.1m$1.1m1.03
Q3 2024$2.0m$4.4m2.16
Q4 2024$1.1m$4.2m3.76
Q1 2025$843.5k$29.7m35.23

Biggest buyers

MORGAN STANLEY Added +9,156,432+9.2m
D. E. Shaw & Co., Inc. Added +2,045,800+2.0m
Facet Wealth, Inc. Added +1,741,949+1.7m
Creative Planning Added +1,018,135+1.0m
Garde Capital, Inc. New +950,489+950.5k
RAYMOND JAMES FINANCIAL INC Added +912,969+913.0k
NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Added +857,098+857.1k
Kestra Investment Management, LLC Added +810,112+810.1k
CLIFTONLARSONALLEN WEALTH ADVISORS, LLC Added +792,628+792.6k
SUSQUEHANNA INTERNATIONAL GROUP, LLP New +765,171+765.2k

Biggest sellers

TIAA TRUST, NATIONAL ASSOCIATION Reduced -3,285,272-3.3m
CHARLES SCHWAB INVESTMENT MANAGEMENT INC Reduced -1,786,573-1.8m
ENVESTNET ASSET MANAGEMENT INC Reduced -1,613,124-1.6m
Meeder Advisory Services, Inc. Reduced -1,610,544-1.6m
Wealthfront Advisers LLC Reduced -1,568,227-1.6m
OSAIC HOLDINGS, INC. Reduced -1,443,500-1.4m
JPMORGAN CHASE & CO Reduced -1,421,174-1.4m
FMR LLC Reduced -741,912-741.9k
Koss-Olinger Consulting, LLC Reduced -563,390-563.4k
SAGESPRING WEALTH PARTNERS, LLC Reduced -517,311-517.3k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $535.9k10.8k shares
CITADEL ADVISORS LLC Added $272.9k5.5k shares
Belvedere Trading LLC New $34.7k700 shares

Biggest puts

CITADEL ADVISORS LLC Added $15.2m305.8k shares
Quaker Wealth Management, LLC First filing $8.8m177.0k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $5.5m111.2k shares
Belvedere Trading LLC New $248.1k5.0k 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, Q1 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 JPMORGAN CHASE & CO 0.29% of their portfolio NEW YORK, NY 77,274,46577.3m $3.8bn $3.8bn 0.29% Reduced -1.4m -1,421,174
2 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 1.40% of their portfolio MILWAUKEE, WI 34,497,38534.5m $1.7bn $1.7bn 1.40% Added +857.1k +857,098
3 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.29% of their portfolio SAN FRANCISCO, CA 30,889,72330.9m $1.5bn $1.5bn 0.29% Reduced -1.8m -1,786,573
4 Creative Planning 1.22% of their portfolio OVERLAND PARK, KS 26,149,01826.1m $1.3bn $1.3bn 1.22% Added +1.0m +1,018,135
5 MORGAN STANLEY 0.08% of their portfolio NEW YORK, NY 23,002,42123.0m $1.1bn $1.1bn 0.08% Added +9.2m +9,156,432
6 Wealthfront Advisers LLC 3.05% of their portfolio Palo Alto, CA 22,920,47022.9m $1.1bn $1.1bn 3.05% Reduced -1.6m -1,568,227
7 RAYMOND JAMES FINANCIAL INC 0.41% of their portfolio ST. PETERSBURG, FL 21,689,99821.7m $1.1bn $1.1bn 0.41% Added +913.0k +912,969
8 NORTHERN TRUST CORP 0.12% of their portfolio CHICAGO, IL 16,099,22616.1m $798.8m $798.8m 0.12% Reduced -1 -1
9 FMR LLC 0.04% of their portfolio BOSTON, MA 12,580,23112.6m $624.2m $624.2m 0.04% Reduced -741.9k -741,912
10 TIAA TRUST, NATIONAL ASSOCIATION 1.90% of their portfolio CHARLOTTE, NC 12,247,86812.2m $607.7m $607.7m 1.90% Reduced -3.3m -3,285,272
11 WELLS FARGO & COMPANY/MN 0.14% of their portfolio SAN FRANCISCO, CA 11,645,02811.6m $577.8m $577.8m 0.14% Reduced -443.3k -443,339
12 BANK OF AMERICA CORP /DE/ 0.05% of their portfolio CHARLOTTE, NC 10,280,70910.3m $510.1m $510.1m 0.05% Added +368.1k +368,075
13 SEI INVESTMENTS CO 0.65% of their portfolio OAKS, PA 10,110,37110.1m $501.7m $501.7m 0.65% Added +573.7k +573,662
14 ENVESTNET ASSET MANAGEMENT INC 0.14% of their portfolio Berwyn, PA 8,594,4098.6m $426.5m $426.5m 0.14% Reduced -1.6m -1,613,124
15 FRANKLIN RESOURCES INC 0.10% of their portfolio San Mateo, CA 7,068,6937.1m $350.7m $350.7m 0.10% Added +326.4k +326,372
16 MERCER GLOBAL ADVISORS INC /ADV 0.72% of their portfolio DENVER, CO 6,311,0116.3m $313.2m $313.2m 0.72% Added +436.7k +436,747
17 LPL Financial LLC 0.12% of their portfolio FORT MILL, SC 5,957,0286.0m $295.6m $295.6m 0.12% Added +545.2k +545,244
18 ASPIRIANT, LLC 9.02% of their portfolio San Francisco, CA 5,235,5955.2m $259.8m $259.8m 9.02% Added +65.2k +65,231
19 UBS Group AG 0.06% of their portfolio ZURICH, V8 5,227,3045.2m $259.4m $259.4m 0.06% Reduced -121.8k -121,845
20 CLIFTONLARSONALLEN WEALTH ADVISORS, LLC 4.29% of their portfolio MINNEAPOLIS, MN 4,630,5554.6m $229.8m $229.8m 4.29% Added +792.6k +792,628
21 D. E. Shaw & Co., Inc. 0.25% of their portfolio New York, NY 4,274,4004.3m $212.1m $212.1m 0.25% Added +2.0m +2,045,800
22 Cerity Partners LLC 0.42% of their portfolio NEW YORK, NY 4,109,7674.1m $203.9m $203.9m 0.42% Added +110.9k +110,937
23 Corient Private Wealth LP 0.32% of their portfolio MIAMI, FL 3,946,1163.9m $195.8m $195.8m 0.32% Added +139.1k +139,131
24 VANGUARD GROUP INC 0.00% of their portfolio Valley Forge, PA 3,770,2153.8m $187.1m $187.1m 0.00% Added +270.1k +270,058
25 US BANCORP \DE\ 0.24% of their portfolio MINNEAPOLIS, MN 3,565,8173.6m $176.9m $176.9m 0.24% Reduced -17.9k -17,884
26 AMERIPRISE FINANCIAL INC 0.05% of their portfolio MINNEAPOLIS, MN 3,532,2523.5m $175.3m $175.3m 0.05% Reduced -80.7k -80,689
27 JONES FINANCIAL COMPANIES LLLP 0.16% of their portfolio DES PERES, MO 3,529,0973.5m $175.0m $175.0m 0.16% Added +86.1k +86,139
28 RWA WEALTH PARTNERS, LLC 2.15% of their portfolio BOSTON, MA 3,432,9723.4m $170.3m $170.3m 2.15% Added +96.5k +96,450
29 Mariner, LLC 0.26% of their portfolio Overland Park, KS 3,142,2423.1m $155.9m $155.9m 0.26% Added +143.9k +143,898
30 HighTower Advisors, LLC 0.20% of their portfolio CHICAGO, IL 2,927,5332.9m $145.3m $145.3m 0.20% Added +150.1k +150,061
31 Orgel Wealth Management, LLC 3.17% of their portfolio ALTOONA, WI 2,456,9072.5m $121.9m $121.9m 3.17% Reduced -93.4k -93,396
32 Members Trust Co 4.19% of their portfolio TAMPA, FL 2,423,5762.4m $120.3m $120.3m 4.19% Reduced -23.4k -23,419
33 PNC Financial Services Group, Inc. 0.06% of their portfolio Pittsburgh, PA 2,409,0462.4m $119.5m $119.5m 0.06% Reduced -127.7k -127,683
34 SCS Capital Management LLC 1.48% of their portfolio BOSTON, MA 2,342,0862.3m $116.2m $116.2m 1.48% Reduced -20.2k -20,207
35 Facet Wealth, Inc. 2.90% of their portfolio WEST PALM BEACH, FL 2,295,9432.3m $112.1m $112.1m 2.90% Added +1.7m +1,741,949
36 Prime Capital Investment Advisors, LLC 1.17% of their portfolio OVERLAND PARK, KS 2,013,3062.0m $99.9m $99.9m 1.17% Added +38.1k +38,101
37 OneDigital Investment Advisors LLC 1.02% of their portfolio OVERLAND PARK, KS 1,727,7121.7m $85.7m $85.7m 1.02% Added +108.9k +108,865
38 ROYAL BANK OF CANADA 0.02% of their portfolio TORONTO, A6 1,710,8601.7m $84.9m $84.9m 0.02% Added +234.2k +234,242
39 GeoWealth Management, LLC 3.40% of their portfolio CHICAGO, IL 1,704,7351.7m $84.6m $84.6m 3.40% Reduced -230.4k -230,437
40 OSAIC HOLDINGS, INC. 0.19% of their portfolio SCOTTSDALE, AZ 1,687,5031.7m $83.7m $83.7m 0.19% Reduced -1.4m -1,443,500
41 Baird Financial Group, Inc. 0.16% of their portfolio MILWAUKEE, WI 1,679,8301.7m $83.4m $83.4m 0.16% Added +2.5k +2,492
42 Sequoia Financial Advisors, LLC 0.62% of their portfolio Akron, OH 1,611,5621.6m $80.0m $80.0m 0.62% Added +75.6k +75,615
43 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.15% of their portfolio PLYMOUTH, MN 1,606,7821.6m $79.7m $79.7m 0.15% Reduced -323.7k -323,735
44 Kestra Investment Management, LLC 1.24% of their portfolio AUSTIN, TX 1,577,1281.6m $72.0m $72.0m 1.24% Added +810.1k +810,112
45 Lutz Financial Services LLC 5.99% of their portfolio OMAHA, NE 1,473,0461.5m $73.1m $73.1m 5.99% Added +72.5k +72,496
46 Bleakley Financial Group, LLC 2.34% of their portfolio PARSIPPANY, NJ 1,466,1001.5m $72.7m $72.7m 2.34% Added +90.6k +90,600
47 Full Sail Capital, LLC 4.57% of their portfolio OKLAHOMA CITY, OK 1,424,9531.4m $70.7m $70.7m 4.57% Added +68.1k +68,149
48 Sanctuary Advisors, LLC 0.49% of their portfolio INDIANAPOLIS, IN 1,390,4231.4m $69.0m $69.0m 0.49% Reduced -43.7k -43,745
49 Wealthspire Advisors, LLC 0.41% of their portfolio NEW YORK, NY 1,368,3941.4m $67.9m $67.9m 0.41% Added +663.5k +663,517
50 Wedmont Private Capital 3.37% of their portfolio WEST CHESTER, PA 1,365,7451.4m $65.7m $65.7m 3.37% Added +150.1k +150,087
51 Crestwood Advisors Group, LLC 1.24% of their portfolio BOSTON, MA 1,309,6251.3m $65.0m $65.0m 1.24% Added +67.1k +67,055
52 Savant Capital, LLC 0.55% of their portfolio ROCKFORD, IL 1,309,6251.3m $65.0m $65.0m 0.55% Added +63.5k +63,503
53 Topsail Wealth Management, LLC 12.92% of their portfolio CHARLOTTE, NC 1,280,4641.3m $63.5m $63.5m 12.92% Reduced -10.5k -10,463
54 Bank of New York Mellon Corp 0.01% of their portfolio NEW YORK, NY 1,258,4451.3m $62.4m $62.4m 0.01% Added +59.2k +59,188
55 STIFEL FINANCIAL CORP 0.07% of their portfolio ST. LOUIS, MO 1,240,4811.2m $61.6m $61.6m 0.07% Added +12.0k +12,032
56 COMMONWEALTH EQUITY SERVICES, LLC 0.09% of their portfolio WALTHAM, MA 1,230,6051.2m $61.1m $61.1m 0.09% Reduced -7.5k -7,519
57 Ackerman Capital Advisors, LLC 15.32% of their portfolio DALLAS, TX 1,169,2581.2m $58.0m $58.0m 15.32% Reduced -49.5k -49,484
58 BAKER BOYER NATIONAL BANK 21.24% of their portfolio WALLA WALLA, WA 1,160,6261.2m $57.6m $57.6m 21.24% Reduced -101.4k -101,413
59 THOMPSON SIEGEL & WALMSLEY LLC 0.96% of their portfolio RICHMOND, VA 1,139,0161.1m $56.5m $56.5m 0.96% Added +64.8k +64,786
60 Integrated Wealth Concepts LLC 0.64% of their portfolio WALTHAM, MA 1,106,7941.1m $54.9m $54.9m 0.64% Added +161.0k +161,048
61 Avidian Wealth Enterprises, LLC 2.43% of their portfolio Houston, TX 1,098,4961.1m $54.5m $54.5m 2.43% Added +41.7k +41,665
62 West Financial Advisors, LLC 10.24% of their portfolio DES MOINES, IA 1,086,0221.1m $53.9m $53.9m 10.24% Added +83.6k +83,560
63 REGIONS FINANCIAL CORP 0.38% of their portfolio BIRMINGHAM, AL 1,030,4231.0m $51.1m $51.1m 0.38% Added +54.3k +54,341
64 MML INVESTORS SERVICES, LLC 0.17% of their portfolio SPRINGFIELD, MA 1,009,5741.0m $50.1m $50.1m 0.17% Reduced -111.5k -111,513
65 Pathstone Holdings, LLC 0.21% of their portfolio ENGLEWOOD, NJ 983,824983.8k $48.8m $48.8m 0.21% Added +599.5k +599,525
66 GOLDMAN SACHS GROUP INC 0.01% of their portfolio NEW YORK, NY 977,027977.0k $48.5m $48.5m 0.01% Reduced -16.1k -16,082
67 MATHER GROUP, LLC. 0.56% of their portfolio CHICAGO, IL 975,080975.1k $48.4m $48.4m 0.56% Added +12.4k +12,356
68 Waldron Private Wealth LLC 2.28% of their portfolio BRIDGEVILLE, PA 972,983973.0k $48.3m $48.3m 2.28% Reduced -201.7k -201,676
69 Garde Capital, Inc. 2.70% of their portfolio SEATTLE, WA 950,489950.5k $47.2m $47.2m 2.70% New
70 GenTrust, LLC 2.18% of their portfolio MIAMI, FL 916,268916.3k $45.5m $45.5m 2.18% Added +203.9k +203,855
71 Focus Partners Wealth 0.11% of their portfolio ST LOUIS, MO 909,113909.1k $45.1m $45.1m 0.11% Added +447.0k +447,012
72 Beaird Harris Wealth Management, LLC 3.69% of their portfolio DALLAS, TX 876,063876.1k $43.5m $43.5m 3.69% Added +13.8k +13,800
73 Financial Engines Advisors L.L.C. 0.09% of their portfolio SANTA CLARA, CA 830,246830.2k $41.2m $41.2m 0.09% Added +32.3k +32,252
74 Sunflower Bank, N.A. 11.31% of their portfolio DALLAS, TX 812,890812.9k $40.3m $40.3m 11.31% Added +1.0k +1,026
75 JFS WEALTH ADVISORS, LLC 2.68% of their portfolio HERMITAGE, PA 797,763797.8k $39.6m $39.6m 2.68% Added +14.3k +14,280
76 EP Wealth Advisors, LLC 0.31% of their portfolio TORRANCE, CA 778,873778.9k $38.6m $38.6m 0.31% Reduced -27.5k -27,501
77 Willow Creek Wealth Management Inc. 3.75% of their portfolio Sebastopol, CA 775,141775.1k $38.5m $38.5m 3.75% Added +21.2k +21,154
78 Foster Group, Inc. 1.44% of their portfolio WEST DES MOINES, IA 775,053775.1k $38.5m $38.5m 1.44% Reduced -11.2k -11,156
79 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.06% of their portfolio BALA CYNWYD, PA 765,171765.2k $38.0m $38.0m 0.06% New
80 M&T Bank Corp 0.14% of their portfolio BUFFALO, NY 761,250761.2k $37.8m $37.8m 0.14% Reduced -275 -275
81 BSW Wealth Partners 5.66% of their portfolio BOULDER, CO 751,673751.7k $37.3m $37.3m 5.66% Reduced -7.1k -7,092
82 Heritage Investment Group, Inc. 6.83% of their portfolio POMPANO BEACH, FL 732,243732.2k $36.3m $36.3m 6.83% Reduced -5.8k -5,840
83 HBK Sorce Advisory LLC 1.05% of their portfolio ERIE, PA 723,668723.7k $35.9m $35.9m 1.05% Added +45.9k +45,883
84 TRUIST FINANCIAL CORP 0.06% of their portfolio CHARLOTTE, NC 705,065705.1k $35.0m $35.0m 0.06% Reduced -133.0k -132,983
85 Modera Wealth Management, LLC 0.46% of their portfolio WESTWOOD, NJ 682,255682.3k $33.9m $33.9m 0.46% Added +4.9k +4,916
86 Waverly Advisors, LLC 0.41% of their portfolio BIRMINGHAM, AL 671,465671.5k $33.3m $33.3m 0.41% Reduced -2.5k -2,531
87 Bedel Financial Consulting, Inc. 4.63% of their portfolio INDIANAPOLIS, IN 658,251658.3k $32.2m $32.2m 4.63% Added +18.7k +18,686
88 Allworth Financial LP 0.18% of their portfolio FOLSOM, CA 657,146657.1k $32.0m $32.0m 0.18% Added +7.7k +7,712
89 Passive Capital Management, LLC. 10.23% of their portfolio BALTIMORE, MD 650,855650.9k $32.3m $32.3m 10.23% Reduced -4.0k -4,014
90 Allen Investment Management, LLC 0.37% of their portfolio NEW YORK, NY 639,311639.3k $31.7m $31.7m 0.37% Unchanged
91 One Capital Management, LLC 1.05% of their portfolio WESTLAKE VILLAGE, CA 624,098624.1k $31.0m $31.0m 1.05% Added +2.3k +2,324
92 Fort Point Capital Partners LLC 3.26% of their portfolio San Francisco, CA 587,796587.8k $29.2m $29.2m 3.26% Added +97.0k +96,967
93 Cetera Investment Advisers 0.06% of their portfolio SCHAUMBURG, IL 579,726579.7k $28.8m $28.8m 0.06% Reduced -441.7k -441,691
94 Pinnacle Financial Partners Inc 0.58% of their portfolio Nashville, TN 579,569579.6k $29.0m $29.0m 0.58% Added +14.7k +14,745
95 Astoria Strategic Wealth, Inc. 8.45% of their portfolio NEW BRAUNFELS, TX 579,006579.0k $28.7m $28.7m 8.45% Added +2.2k +2,210
96 CX Institutional 1.08% of their portfolio AUBURN, IN 577,148577.1k $28.6m $28.6m 1.08% Added +113.5k +113,472
97 BROWN ADVISORY INC 0.04% of their portfolio BALTIMORE, MD 576,478576.5k $28.6m $28.6m 0.04% Added +38.7k +38,733
98 NICOLET ADVISORY SERVICES, LLC 2.68% of their portfolio GREEN BAY, WI 557,911557.9k $27.1m $27.1m 2.68% Added +19.5k +19,509
99 Callan Capital, LLC 2.02% of their portfolio LA JOLLA, CA 550,027550.0k $27.3m $27.3m 2.02% Reduced -170.6k -170,563
100 One Wealth Advisors, LLC 4.07% of their portfolio SAN FRANCISCO, CA 549,496549.5k $27.3m $27.3m 4.07% Added +7.6k +7,599