Vault-13

VANGUARD MUN BD FDS VTEB

TAX EXEMPT BD · ETP · CUSIP 922907746

1,218 institutional holders -8 vs Q1 2025
573,168,361573.2m shares reported held*
$28.2bnreported value*
94 new 507 added 466 reduced 100 sold out net bought ≈ $1.9bn (+38.7m 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 ($16.3m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $49.12. Options: 3 managers hold calls ($6.1m notional), 3 hold puts ($3.1m).

Trends to Q2 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: 1,226Q2 25: 1,2181,218Q3 22Q2 23Q1 24Q4 24Q2 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
Q2 20251,218

Buyers vs sellers

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

Bought or addedCut or sold out
1k01kQ3 23: 500 bought or addedQ3 23: 351 cut or sold outQ4 23: 561 bought or addedQ4 23: 395 cut or sold outQ4 23Q1 24: 572 bought or addedQ1 24: 416 cut or sold outQ2 24: 573 bought or addedQ2 24: 403 cut or sold outQ2 24Q3 24: 632 bought or addedQ3 24: 374 cut or sold outQ4 24: 633 bought or addedQ4 24: 403 cut or sold outQ4 24Q1 25: 602 bought or addedQ1 25: 539 cut or sold outQ2 25: 601 bought or addedQ2 25: 566 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 2023500351
Q4 2023561395
Q1 2024572416
Q2 2024573403
Q3 2024632374
Q4 2024633403
Q1 2025602539
Q2 2025601566

Calls vs puts

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

CallsPuts
$0$10m$20m$30mQ3 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 35.23Q2 25 calls: $6.1mQ2 25 puts: $3.1mQ2 25P/C 0.51
Numbers
QuarterCallsPutsP/C
Q3 2024$2.0m$4.4m2.16
Q4 2024$1.1m$4.2m3.76
Q1 2025$843.5k$29.7m35.23
Q2 2025$6.1m$3.1m0.51

Biggest buyers

JPMORGAN CHASE & CO Added +30,774,028+30.8m
FMR LLC Added +7,215,017+7.2m
ROYAL BANK OF CANADA Added +5,528,456+5.5m
SEI INVESTMENTS CO Added +3,094,388+3.1m
Pathstone Holdings, LLC Added +1,183,813+1.2m
JONES FINANCIAL COMPANIES LLLP Added +852,639+852.6k
RENAISSANCE TECHNOLOGIES LLC Added +775,900+775.9k
EVERGREEN CAPITAL MANAGEMENT LLC New +745,522+745.5k
Creative Planning Added +702,763+702.8k
NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Added +669,274+669.3k

Biggest sellers

CHARLES SCHWAB INVESTMENT MANAGEMENT INC Reduced -6,228,131-6.2m
D. E. Shaw & Co., Inc. Reduced -4,002,200-4.0m
Wealthfront Advisers LLC Reduced -2,003,754-2.0m
UBS Group AG Reduced -1,527,885-1.5m
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced -666,752-666.8k
HighTower Advisors, LLC Reduced -634,399-634.4k
VANGUARD GROUP INC Reduced -611,458-611.5k
BANK OF AMERICA CORP /DE/ Reduced -570,193-570.2k
NORTHERN TRUST CORP Reduced -530,349-530.3k
Crestwood Advisors Group, LLC Reduced -433,393-433.4k

Biggest calls

Centiva Capital, LP New $4.9m100.0k shares
CITADEL ADVISORS LLC Added $887.4k18.1k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $289.3k5.9k shares

Biggest puts

CITADEL ADVISORS LLC Reduced $2.1m43.1k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $720.7k14.7k shares
Belvedere Trading LLC Unchanged $245.2k5.0k 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, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 JPMORGAN CHASE & CO 0.36% of their portfolio NEW YORK, NY 108,048,493108.0m $5.3bn $5.3bn 0.36% Added +30.8m +30,774,028
2 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 1.26% of their portfolio MILWAUKEE, WI 35,166,65935.2m $1.7bn $1.7bn 1.26% Added +669.3k +669,274
3 Creative Planning 1.12% of their portfolio OVERLAND PARK, KS 26,851,78126.9m $1.3bn $1.3bn 1.12% Added +702.8k +702,763
4 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.21% of their portfolio SAN FRANCISCO, CA 24,661,59224.7m $1.2bn $1.2bn 0.21% Reduced -6.2m -6,228,131
5 MORGAN STANLEY 0.07% of their portfolio NEW YORK, NY 23,314,88723.3m $1.1bn $1.1bn 0.07% Added +312.5k +312,466
6 RAYMOND JAMES FINANCIAL INC 0.37% of their portfolio ST. PETERSBURG, FL 21,831,07621.8m $1.1bn $1.1bn 0.37% Added +141.1k +141,078
7 Wealthfront Advisers LLC 2.64% of their portfolio Palo Alto, CA 20,916,71620.9m $1.0bn $1.0bn 2.64% Reduced -2.0m -2,003,754
8 FMR LLC 0.05% of their portfolio BOSTON, MA 19,795,24819.8m $970.6m $970.6m 0.05% Added +7.2m +7,215,017
9 NORTHERN TRUST CORP 0.10% of their portfolio CHICAGO, IL 15,568,87715.6m $763.3m $763.3m 0.10% Reduced -530.3k -530,349
10 SEI INVESTMENTS CO 0.75% of their portfolio OAKS, PA 13,204,75913.2m $647.4m $647.4m 0.75% Added +3.1m +3,094,388
11 TIAA TRUST, NATIONAL ASSOCIATION 1.59% of their portfolio CHARLOTTE, NC 12,455,75012.5m $610.7m $610.7m 1.59% Added +207.9k +207,882
12 WELLS FARGO & COMPANY/MN 0.13% of their portfolio SAN FRANCISCO, CA 11,763,53811.8m $576.8m $576.8m 0.13% Added +118.5k +118,510
13 BANK OF AMERICA CORP /DE/ 0.04% of their portfolio CHARLOTTE, NC 9,710,5169.7m $476.1m $476.1m 0.04% Reduced -570.2k -570,193
14 ENVESTNET ASSET MANAGEMENT INC 0.13% of their portfolio Berwyn, PA 8,963,1059.0m $439.5m $439.5m 0.13% Added +368.7k +368,696
15 ROYAL BANK OF CANADA 0.03% of their portfolio TORONTO, A6 7,239,3167.2m $354.9m $354.9m 0.03% Added +5.5m +5,528,456
16 FRANKLIN RESOURCES INC 0.09% of their portfolio San Mateo, CA 6,871,2986.9m $336.9m $336.9m 0.09% Reduced -197.4k -197,395
17 LPL Financial LLC 0.10% of their portfolio FORT MILL, SC 6,410,5016.4m $314.3m $314.3m 0.10% Added +453.5k +453,473
18 MERCER GLOBAL ADVISORS INC /ADV 0.70% of their portfolio DENVER, CO 6,404,3606.4m $314.0m $314.0m 0.70% Added +93.3k +93,349
19 CLIFTONLARSONALLEN WEALTH ADVISORS, LLC 4.15% of their portfolio MINNEAPOLIS, MN 5,046,2595.0m $247.4m $247.4m 4.15% Added +415.7k +415,704
20 ASPIRIANT, LLC 7.50% of their portfolio San Francisco, CA 4,813,8064.8m $236.0m $236.0m 7.50% Reduced -421.8k -421,789
21 JONES FINANCIAL COMPANIES LLLP 0.16% of their portfolio DES PERES, MO 4,381,7364.4m $214.7m $214.7m 0.16% Added +852.6k +852,639
22 Cerity Partners LLC 0.36% of their portfolio NEW YORK, NY 4,152,6444.2m $203.6m $203.6m 0.36% Added +42.9k +42,877
23 US BANCORP \DE\ 0.24% of their portfolio MINNEAPOLIS, MN 3,943,0923.9m $193.3m $193.3m 0.24% Added +377.3k +377,275
24 UBS Group AG 0.04% of their portfolio ZURICH, V8 3,699,4193.7m $181.4m $181.4m 0.04% Reduced -1.5m -1,527,885
25 Corient Private Wealth LP 0.24% of their portfolio MIAMI, FL 3,691,0033.7m $181.0m $181.0m 0.24% Reduced -255.1k -255,113
26 RWA WEALTH PARTNERS, LLC 2.23% of their portfolio BOSTON, MA 3,638,0353.6m $178.4m $178.4m 2.23% Added +205.1k +205,063
27 Mariner, LLC 0.23% of their portfolio Overland Park, KS 3,258,4393.3m $159.8m $159.8m 0.23% Added +116.2k +116,197
28 AMERIPRISE FINANCIAL INC 0.04% of their portfolio MINNEAPOLIS, MN 3,216,4393.2m $157.7m $157.7m 0.04% Reduced -315.8k -315,813
29 VANGUARD GROUP INC 0.00% of their portfolio Valley Forge, PA 3,158,7573.2m $154.9m $154.9m 0.00% Reduced -611.5k -611,458
30 Orgel Wealth Management, LLC 3.46% of their portfolio ALTOONA, WI 2,926,8452.9m $143.5m $143.5m 3.46% Added +469.9k +469,938
31 PNC Financial Services Group, Inc. 0.08% of their portfolio Pittsburgh, PA 2,374,3902.4m $116.4m $116.4m 0.08% Reduced -34.7k -34,656
32 Members Trust Co 3.97% of their portfolio TAMPA, FL 2,351,6842.4m $115.3m $115.3m 3.97% Reduced -71.9k -71,892
33 HighTower Advisors, LLC 0.14% of their portfolio CHICAGO, IL 2,293,1342.3m $112.4m $112.4m 0.14% Reduced -634.4k -634,399
34 Pathstone Holdings, LLC 0.42% of their portfolio ENGLEWOOD, NJ 2,167,6372.2m $106.3m $106.3m 0.42% Added +1.2m +1,183,813
35 Facet Wealth, Inc. 2.30% of their portfolio WEST PALM BEACH, FL 2,076,3522.1m $101.1m $101.1m 2.30% Reduced -219.6k -219,591
36 SCS Capital Management LLC 1.11% of their portfolio BOSTON, MA 2,039,2012.0m $100.0m $100.0m 1.11% Reduced -302.9k -302,885
37 Prime Capital Investment Advisors, LLC 1.29% of their portfolio OVERLAND PARK, KS 1,984,6442.0m $97.3m $97.3m 1.29% Reduced -28.7k -28,662
38 OneDigital Investment Advisors LLC 1.01% of their portfolio OVERLAND PARK, KS 1,864,2101.9m $91.4m $91.4m 1.01% Added +136.5k +136,498
39 OSAIC HOLDINGS, INC. 0.16% of their portfolio SCOTTSDALE, AZ 1,782,8251.8m $87.4m $87.4m 0.16% Added +95.3k +95,322
40 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.14% of their portfolio PLYMOUTH, MN 1,722,1141.7m $84.3m $84.3m 0.14% Added +115.3k +115,332
41 Kestra Investment Management, LLC 1.29% of their portfolio AUSTIN, TX 1,693,9671.7m $83.5m $83.5m 1.29% Added +116.8k +116,839
42 Wealthspire Advisors, LLC 0.46% of their portfolio NEW YORK, NY 1,683,6701.7m $82.6m $82.6m 0.46% Added +315.3k +315,276
43 Sequoia Financial Advisors, LLC 0.55% of their portfolio Akron, OH 1,628,6471.6m $79.9m $79.9m 0.55% Added +17.1k +17,085
44 GeoWealth Management, LLC 3.05% of their portfolio CHICAGO, IL 1,594,8271.6m $78.2m $78.2m 3.05% Reduced -109.9k -109,908
45 Baird Financial Group, Inc. 0.13% of their portfolio MILWAUKEE, WI 1,567,3461.6m $76.8m $76.8m 0.13% Reduced -112.5k -112,484
46 Savant Capital, LLC 0.53% of their portfolio ROCKFORD, IL 1,516,0641.5m $74.3m $74.3m 0.53% Added +206.4k +206,439
47 Sanctuary Advisors, LLC 0.44% of their portfolio INDIANAPOLIS, IN 1,436,1691.4m $70.4m $70.4m 0.44% Added +45.7k +45,746
48 Full Sail Capital, LLC 3.80% of their portfolio OKLAHOMA CITY, OK 1,341,7141.3m $65.8m $65.8m 3.80% Reduced -83.2k -83,239
49 Wedmont Private Capital 2.77% of their portfolio WEST CHESTER, PA 1,327,6871.3m $65.0m $65.0m 2.77% Reduced -38.1k -38,058
50 STIFEL FINANCIAL CORP 0.06% of their portfolio ST. LOUIS, MO 1,307,0931.3m $64.1m $64.1m 0.06% Added +66.6k +66,612
51 Bank of New York Mellon Corp 0.01% of their portfolio NEW YORK, NY 1,284,6441.3m $63.0m $63.0m 0.01% Added +26.2k +26,199
52 Topsail Wealth Management, LLC 11.38% of their portfolio CHARLOTTE, NC 1,269,6111.3m $62.2m $62.2m 11.38% Reduced -10.9k -10,853
53 Lutz Financial Services LLC 4.79% of their portfolio OMAHA, NE 1,259,2301.3m $61.7m $61.7m 4.79% Reduced -213.8k -213,816
54 BAKER BOYER NATIONAL BANK 21.16% of their portfolio WALLA WALLA, WA 1,251,5081.3m $61.4m $61.4m 21.16% Added +90.9k +90,882
55 Integrated Wealth Concepts LLC 0.59% of their portfolio WALTHAM, MA 1,202,7281.2m $59.0m $59.0m 0.59% Added +95.9k +95,934
56 Bleakley Financial Group, LLC 1.44% of their portfolio PARSIPPANY, NJ 1,157,8071.2m $56.8m $56.8m 1.44% Reduced -308.3k -308,293
57 West Financial Advisors, LLC 9.71% of their portfolio DES MOINES, IA 1,137,7021.1m $55.8m $55.8m 9.71% Added +51.7k +51,680
58 Focus Partners Wealth 0.12% of their portfolio ST LOUIS, MO 1,124,6021.1m $55.1m $55.1m 0.12% Added +215.5k +215,489
59 GenTrust, LLC 2.49% of their portfolio MIAMI, FL 1,075,6271.1m $52.7m $52.7m 2.49% Added +159.4k +159,359
60 Avidian Wealth Enterprises, LLC 2.13% of their portfolio Houston, TX 1,066,3331.1m $52.3m $52.3m 2.13% Reduced -32.2k -32,163
61 RENAISSANCE TECHNOLOGIES LLC 0.07% of their portfolio NEW YORK, NY 1,050,8001.1m $51.5m $51.5m 0.07% Added +775.9k +775,900
62 REGIONS FINANCIAL CORP 0.35% of their portfolio BIRMINGHAM, AL 1,037,5581.0m $50.9m $50.9m 0.35% Added +7.1k +7,135
63 Ackerman Capital Advisors, LLC 11.63% of their portfolio DALLAS, TX 1,021,1721.0m $50.1m $50.1m 11.63% Reduced -148.1k -148,086
64 THOMPSON SIEGEL & WALMSLEY LLC 0.84% of their portfolio RICHMOND, VA 1,016,1081.0m $49.8m $49.8m 0.84% Reduced -122.9k -122,908
65 COMMONWEALTH EQUITY SERVICES, LLC 0.06% of their portfolio WALTHAM, MA 970,763970.8k $47.6m $47.6m 0.06% Reduced -259.8k -259,842
66 GOLDMAN SACHS GROUP INC 0.01% of their portfolio NEW YORK, NY 970,692970.7k $47.6m $47.6m 0.01% Reduced -6.3k -6,335
67 Foster Group, Inc. 1.53% of their portfolio WEST DES MOINES, IA 911,526911.5k $44.7m $44.7m 1.53% Added +136.5k +136,473
68 Garde Capital, Inc. 2.34% of their portfolio SEATTLE, WA 891,404891.4k $43.7m $43.7m 2.34% Reduced -59.1k -59,085
69 Crestwood Advisors Group, LLC 0.77% of their portfolio BOSTON, MA 876,232876.2k $43.0m $43.0m 0.77% Reduced -433.4k -433,393
70 Beaird Harris Wealth Management, LLC 3.29% of their portfolio DALLAS, TX 867,590867.6k $42.5m $42.5m 3.29% Reduced -8.5k -8,473
71 MATHER GROUP, LLC. 0.45% of their portfolio CHICAGO, IL 865,400865.4k $42.4m $42.4m 0.45% Reduced -109.7k -109,680
72 Waldron Private Wealth LLC 1.84% of their portfolio BRIDGEVILLE, PA 859,205859.2k $42.1m $42.1m 1.84% Reduced -113.8k -113,778
73 Sunflower Bank, N.A. 10.61% of their portfolio DALLAS, TX 855,462855.5k $41.9m $41.9m 10.61% Added +42.6k +42,572
74 One Capital Management, LLC 1.45% of their portfolio WESTLAKE VILLAGE, CA 852,185852.2k $41.8m $41.8m 1.45% Added +228.1k +228,087
75 MML INVESTORS SERVICES, LLC 0.12% of their portfolio SPRINGFIELD, MA 844,108844.1k $41.4m $41.4m 0.12% Reduced -165.5k -165,466
76 Heritage Investment Group, Inc. 6.89% of their portfolio POMPANO BEACH, FL 814,860814.9k $40.0m $40.0m 6.89% Added +82.6k +82,617
77 JFS WEALTH ADVISORS, LLC 2.54% of their portfolio HERMITAGE, PA 814,027814.0k $39.9m $39.9m 2.54% Added +16.3k +16,264
78 Financial Engines Advisors L.L.C. 0.08% of their portfolio SANTA CLARA, CA 790,561790.6k $38.8m $38.8m 0.08% Reduced -39.7k -39,685
79 EP Wealth Advisors, LLC 0.25% of their portfolio TORRANCE, CA 790,174790.2k $38.7m $38.7m 0.25% Added +11.3k +11,301
80 M&T Bank Corp 0.13% of their portfolio BUFFALO, NY 764,792764.8k $37.5m $37.5m 0.13% Added +3.5k +3,542
81 HBK Sorce Advisory LLC 1.00% of their portfolio ERIE, PA 754,721754.7k $37.0m $37.0m 1.00% Added +31.1k +31,053
82 EVERGREEN CAPITAL MANAGEMENT LLC 1.10% of their portfolio Bellevue, WA 745,522745.5k $36.6m $36.6m 1.10% New
83 New York Life Investment Management LLC 0.34% of their portfolio New York, NY 744,073744.1k $36.5m $36.5m 0.34% Added +300.9k +300,904
84 Allworth Financial LP 0.17% of their portfolio FOLSOM, CA 702,670702.7k $34.5m $34.5m 0.17% Added +45.5k +45,524
85 TRUIST FINANCIAL CORP 0.05% of their portfolio CHARLOTTE, NC 699,132699.1k $34.3m $34.3m 0.05% Reduced -5.9k -5,933
86 Willow Creek Wealth Management Inc. 2.98% of their portfolio Sebastopol, CA 675,264675.3k $33.1m $33.1m 2.98% Reduced -99.9k -99,877
87 Bedel Financial Consulting, Inc. 4.33% of their portfolio INDIANAPOLIS, IN 646,226646.2k $31.7m $31.7m 4.33% Reduced -12.0k -12,025
88 Passive Capital Management, LLC. 9.84% of their portfolio BALTIMORE, MD 646,210646.2k $31.6m $31.6m 9.84% Reduced -4.6k -4,645
89 BSW Wealth Partners 4.33% of their portfolio BOULDER, CO 644,765644.8k $31.6m $31.6m 4.33% Reduced -106.9k -106,908
90 Cetera Investment Advisers 0.05% of their portfolio SCHAUMBURG, IL 640,928640.9k $31.4m $31.4m 0.05% Added +61.2k +61,202
91 Modera Wealth Management, LLC 0.39% of their portfolio WESTWOOD, NJ 640,069640.1k $31.4m $31.4m 0.39% Reduced -42.2k -42,186
92 Allen Investment Management, LLC 0.34% of their portfolio NEW YORK, NY 630,033630.0k $30.9m $30.9m 0.34% Reduced -9.3k -9,278
93 Waverly Advisors, LLC 0.34% of their portfolio BIRMINGHAM, AL 624,180624.2k $30.6m $30.6m 0.34% Reduced -47.3k -47,285
94 Gleason Group, Inc. 3.30% of their portfolio PROSPECT, KY 620,673620.7k $30.4m $30.4m 3.30% Added +536.1k +536,112
95 Astoria Strategic Wealth, Inc. 7.62% of their portfolio NEW BRAUNFELS, TX 575,009575.0k $28.2m $28.2m 7.62% Reduced -4.0k -3,997
96 Global Strategic Investment Solutions, LLC 2.99% of their portfolio Scottsdale, AZ 571,274571.3k $28.0m $28.0m 2.99% Added +491.3k +491,333
97 BANK OF HAWAII 1.43% of their portfolio HONOLULU, HI 553,372553.4k $27.1m $27.1m 1.43% Added +78.6k +78,626
98 Resonant Capital Advisors, LLC 1.72% of their portfolio Madison, WI 549,677549.7k $27.0m $27.0m 1.72% Added +35.6k +35,565
99 MANNING & NAPIER ADVISORS LLC 0.32% of their portfolio Fairport, NY 546,981547.0k $26.8m $26.8m 0.32% Added +43 +43
100 Salomon & Ludwin, LLC 2.65% of their portfolio RICHMOND, VA 546,685546.7k $26.8m $26.8m 2.65% Added +10.6k +10,589