Vault-13

VANGUARD MUN BD FDS VTEB

TAX EXEMPT BD · ETP · CUSIP 922907746

1,239 institutional holders +21 vs Q2 2025
679,859,259679.9m shares reported held*
$34.1bnreported value*
88 new 541 added 440 reduced 64 sold out net bought ≈ $5.4bn (+108.7m 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 ($25.8m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $50.11. Options: 3 managers hold calls ($14.1m notional), 2 hold puts ($2.8m).

Trends to Q3 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: 1,218Q3 25: 1,2391,239Q3 22Q2 23Q1 24Q4 24Q3 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
Q3 20251,239

Buyers vs sellers

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

Bought or addedCut or sold out
1k01kQ4 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 25Q2 25: 601 bought or addedQ2 25: 566 cut or sold outQ3 25: 629 bought or addedQ3 25: 504 cut or sold outQ3 25
Numbers
QuarterBought or addedCut or sold out
Q4 2023561395
Q1 2024572416
Q2 2024573403
Q3 2024632374
Q4 2024633403
Q1 2025602539
Q2 2025601566
Q3 2025629504

Calls vs puts

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

CallsPuts
$0$10m$20m$30mQ4 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 0.51Q3 25 calls: $14.1mQ3 25 puts: $2.8mQ3 25P/C 0.20
Numbers
QuarterCallsPutsP/C
Q4 2024$1.1m$4.2m3.76
Q1 2025$843.5k$29.7m35.23
Q2 2025$6.1m$3.1m0.51
Q3 2025$14.1m$2.8m0.20

Biggest buyers

JPMORGAN CHASE & CO Added +90,131,959+90.1m
WELLINGTON MANAGEMENT GROUP LLP New +6,943,100+6.9m
Betterment LLC Added +6,090,513+6.1m
MERCER GLOBAL ADVISORS INC /ADV Added +3,187,040+3.2m
Sanctuary Advisors, LLC Added +2,734,349+2.7m
TIAA TRUST, NATIONAL ASSOCIATION Added +1,799,750+1.8m
JANE STREET GROUP, LLC Added +1,709,247+1.7m
Wealthfront Advisers LLC Added +1,347,394+1.3m
JONES FINANCIAL COMPANIES LLLP Added +1,321,585+1.3m
WELLS FARGO & COMPANY/MN Added +1,231,617+1.2m

Biggest sellers

ROYAL BANK OF CANADA Reduced -4,939,467-4.9m
ENVESTNET ASSET MANAGEMENT INC Reduced -4,302,909-4.3m
Corient Private Wealth LP Reduced -1,914,951-1.9m
Kestra Investment Management, LLC Reduced -833,995-834.0k
FRANKLIN RESOURCES INC Reduced -787,493-787.5k
Avidian Wealth Enterprises, LLC Reduced -752,626-752.6k
Creative Planning Reduced -750,534-750.5k
ASPIRIANT, LLC Reduced -689,571-689.6k
CHARLES SCHWAB INVESTMENT MANAGEMENT INC Reduced -660,380-660.4k
Focus Partners Wealth Reduced -586,499-586.5k

Biggest calls

ROBINSON CAPITAL MANAGEMENT, LLC New $11.5m230.0k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $1.7m34.8k shares
CITADEL ADVISORS LLC Reduced $836.2k16.7k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $2.4m47.0k shares
CITADEL ADVISORS LLC Reduced $450.6k9.0k 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, Q3 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 JPMORGAN CHASE & CO 0.32% of their portfolio NEW YORK, NY 198,180,452198.2m $9.9bn $9.9bn 0.32% Added +90.1m +90,131,959
2 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 1.19% of their portfolio MILWAUKEE, WI 35,747,65635.7m $1.8bn $1.8bn 1.19% Added +581.0k +580,997
3 Creative Planning 1.00% of their portfolio OVERLAND PARK, KS 26,101,24726.1m $1.3bn $1.3bn 1.00% Reduced -750.5k -750,534
4 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.19% of their portfolio SAN FRANCISCO, CA 24,001,21224.0m $1.2bn $1.2bn 0.19% Reduced -660.4k -660,380
5 MORGAN STANLEY 0.07% of their portfolio NEW YORK, NY 22,999,50823.0m $1.2bn $1.2bn 0.07% Reduced -315.4k -315,379
6 Wealthfront Advisers LLC 2.62% of their portfolio Palo Alto, CA 22,264,11022.3m $1.1bn $1.1bn 2.62% Added +1.3m +1,347,394
7 RAYMOND JAMES FINANCIAL INC 0.36% of their portfolio ST. PETERSBURG, FL 22,217,28022.2m $1.1bn $1.1bn 0.36% Added +386.2k +386,204
8 FMR LLC 0.05% of their portfolio BOSTON, MA 20,328,21620.3m $1.0bn $1.0bn 0.05% Added +533.0k +532,968
9 NORTHERN TRUST CORP 0.10% of their portfolio CHICAGO, IL 15,479,18515.5m $775.0m $775.0m 0.10% Reduced -89.7k -89,692
10 TIAA TRUST, NATIONAL ASSOCIATION 1.73% of their portfolio CHARLOTTE, NC 14,255,50014.3m $713.8m $713.8m 1.73% Added +1.8m +1,799,750
11 SEI INVESTMENTS CO 0.75% of their portfolio OAKS, PA 13,859,05213.9m $693.9m $693.9m 0.75% Added +654.3k +654,293
12 WELLS FARGO & COMPANY/MN 0.13% of their portfolio SAN FRANCISCO, CA 12,995,15513.0m $650.7m $650.7m 0.13% Added +1.2m +1,231,617
13 BANK OF AMERICA CORP /DE/ 0.04% of their portfolio CHARLOTTE, NC 10,716,42610.7m $536.6m $536.6m 0.04% Added +1.0m +1,005,910
14 MERCER GLOBAL ADVISORS INC /ADV 0.80% of their portfolio DENVER, CO 9,591,4009.6m $480.2m $480.2m 0.80% Added +3.2m +3,187,040
15 LPL Financial LLC 0.11% of their portfolio FORT MILL, SC 7,497,6587.5m $375.4m $375.4m 0.11% Added +1.1m +1,087,157
16 WELLINGTON MANAGEMENT GROUP LLP 0.06% of their portfolio Boston, MA 6,943,1006.9m $347.6m $347.6m 0.06% New
17 Betterment LLC 0.65% of their portfolio NEW YORK, NY 6,573,3546.6m $329.1m $329.1m 0.65% Added +6.1m +6,090,513
18 FRANKLIN RESOURCES INC 0.08% of their portfolio San Mateo, CA 6,083,8056.1m $304.6m $304.6m 0.08% Reduced -787.5k -787,493
19 JONES FINANCIAL COMPANIES LLLP 0.19% of their portfolio DES PERES, MO 5,703,3215.7m $285.2m $285.2m 0.19% Added +1.3m +1,321,585
20 CLIFTONLARSONALLEN WEALTH ADVISORS, LLC 4.24% of their portfolio MINNEAPOLIS, MN 5,366,8705.4m $268.7m $268.7m 4.24% Added +320.6k +320,611
21 ENVESTNET ASSET MANAGEMENT INC 0.07% of their portfolio Berwyn, PA 4,660,1964.7m $233.3m $233.3m 0.07% Reduced -4.3m -4,302,909
22 Cerity Partners LLC 0.34% of their portfolio NEW YORK, NY 4,214,9844.2m $211.0m $211.0m 0.34% Added +62.3k +62,340
23 Sanctuary Advisors, LLC 0.63% of their portfolio INDIANAPOLIS, IN 4,170,5184.2m $206.7m $206.7m 0.63% Added +2.7m +2,734,349
24 ASPIRIANT, LLC 6.31% of their portfolio San Francisco, CA 4,124,2354.1m $206.5m $206.5m 6.31% Reduced -689.6k -689,571
25 RWA WEALTH PARTNERS, LLC 2.18% of their portfolio BOSTON, MA 3,840,6773.8m $192.3m $192.3m 2.18% Added +202.6k +202,642
26 VANGUARD GROUP INC 0.00% of their portfolio Valley Forge, PA 3,744,1733.7m $187.5m $187.5m 0.00% Added +585.4k +585,416
27 UBS Group AG 0.04% of their portfolio ZURICH, V8 3,665,7183.7m $183.5m $183.5m 0.04% Reduced -33.7k -33,701
28 US BANCORP \DE\ 0.22% of their portfolio MINNEAPOLIS, MN 3,656,3063.7m $183.1m $183.1m 0.22% Reduced -286.8k -286,786
29 Mariner, LLC 0.23% of their portfolio Overland Park, KS 3,542,1953.5m $177.4m $177.4m 0.23% Added +283.8k +283,756
30 Orgel Wealth Management, LLC 3.65% of their portfolio ALTOONA, WI 3,199,4973.2m $160.2m $160.2m 3.65% Added +272.7k +272,652
31 AMERIPRISE FINANCIAL INC 0.04% of their portfolio MINNEAPOLIS, MN 3,061,0783.1m $153.3m $153.3m 0.04% Reduced -155.4k -155,361
32 HighTower Advisors, LLC 0.14% of their portfolio CHICAGO, IL 2,455,6492.5m $123.0m $123.0m 0.14% Added +162.5k +162,515
33 PNC Financial Services Group, Inc. 0.07% of their portfolio Pittsburgh, PA 2,371,5882.4m $118.7m $118.7m 0.07% Reduced -2.8k -2,802
34 Members Trust Co 3.87% of their portfolio TAMPA, FL 2,348,6092.3m $117.6m $117.6m 3.87% Reduced -3.1k -3,075
35 Pathstone Holdings, LLC 0.45% of their portfolio ENGLEWOOD, NJ 2,344,7422.3m $117.4m $117.4m 0.45% Added +177.1k +177,105
36 ROYAL BANK OF CANADA 0.02% of their portfolio TORONTO, A6 2,299,8492.3m $115.2m $115.2m 0.02% Reduced -4.9m -4,939,467
37 Facet Wealth, Inc. 2.13% of their portfolio WEST PALM BEACH, FL 2,059,2142.1m $103.1m $103.1m 2.13% Reduced -17.1k -17,138
38 SCS Capital Management LLC 1.07% of their portfolio BOSTON, MA 1,954,2542.0m $97.8m $97.8m 1.07% Reduced -84.9k -84,947
39 OSAIC HOLDINGS, INC. 0.13% of their portfolio SCOTTSDALE, AZ 1,939,4701.9m $96.2m $96.2m 0.13% Added +156.6k +156,645
40 Prime Capital Investment Advisors, LLC 1.22% of their portfolio OVERLAND PARK, KS 1,935,7951.9m $96.9m $96.9m 1.22% Reduced -48.8k -48,849
41 JANE STREET GROUP, LLC 0.11% of their portfolio NEW YORK, NY 1,881,1721.9m $94.2m $94.2m 0.11% Added +1.7m +1,709,247
42 OneDigital Investment Advisors LLC 0.95% of their portfolio OVERLAND PARK, KS 1,853,3431.9m $92.8m $92.8m 0.95% Reduced -10.9k -10,867
43 Corient Private Wealth LP 0.14% of their portfolio MIAMI, FL 1,776,0521.8m $88.9m $88.9m 0.14% Reduced -1.9m -1,914,951
44 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.13% of their portfolio PLYMOUTH, MN 1,757,4601.8m $88.0m $88.0m 0.13% Added +35.3k +35,346
45 Sequoia Financial Advisors, LLC 0.50% of their portfolio Akron, OH 1,626,6201.6m $81.4m $81.4m 0.50% Reduced -2.0k -2,027
46 Baird Financial Group, Inc. 0.13% of their portfolio MILWAUKEE, WI 1,585,0921.6m $79.4m $79.4m 0.13% Added +17.7k +17,746
47 Savant Capital, LLC 0.47% of their portfolio ROCKFORD, IL 1,561,0241.6m $78.2m $78.2m 0.47% Added +45.0k +44,960
48 GeoWealth Management, LLC 2.78% of their portfolio CHICAGO, IL 1,521,7051.5m $76.2m $76.2m 2.78% Reduced -73.1k -73,122
49 Full Sail Capital, LLC 3.97% of their portfolio OKLAHOMA CITY, OK 1,438,7511.4m $72.0m $72.0m 3.97% Added +97.0k +97,037
50 Wealthspire Advisors, LLC 0.38% of their portfolio NEW YORK, NY 1,438,7421.4m $72.0m $72.0m 0.38% Reduced -244.9k -244,928
51 STIFEL FINANCIAL CORP 0.06% of their portfolio ST. LOUIS, MO 1,397,1451.4m $70.0m $70.0m 0.06% Added +90.1k +90,052
52 Bank of New York Mellon Corp 0.01% of their portfolio NEW YORK, NY 1,353,0661.4m $67.7m $67.7m 0.01% Added +68.4k +68,422
53 Lutz Financial Services LLC 4.84% of their portfolio OMAHA, NE 1,335,7241.3m $66.9m $66.9m 4.84% Added +76.5k +76,494
54 Forum Financial Management, LP 0.91% of their portfolio LOMBARD, IL 1,322,2311.3m $66.2m $66.2m 0.91% Added +1.1m +1,137,416
55 Wedmont Private Capital 2.24% of their portfolio WEST CHESTER, PA 1,204,0231.2m $60.3m $60.3m 2.24% Reduced -123.7k -123,664
56 BAKER BOYER NATIONAL BANK 19.28% of their portfolio WALLA WALLA, WA 1,159,2141.2m $58.0m $58.0m 19.28% Reduced -92.3k -92,294
57 West Financial Advisors, LLC 9.40% of their portfolio DES MOINES, IA 1,135,7451.1m $56.9m $56.9m 9.40% Reduced -2.0k -1,957
58 Bleakley Financial Group, LLC 1.28% of their portfolio PARSIPPANY, NJ 1,102,4651.1m $55.2m $55.2m 1.28% Reduced -55.3k -55,342
59 Topsail Wealth Management, LLC 9.28% of their portfolio CHARLOTTE, NC 1,094,8731.1m $54.8m $54.8m 9.28% Reduced -174.7k -174,738
60 Integrated Wealth Concepts LLC 0.48% of their portfolio WALTHAM, MA 1,066,0661.1m $53.4m $53.4m 0.48% Reduced -136.7k -136,662
61 Ackerman Capital Advisors, LLC 10.36% of their portfolio DALLAS, TX 988,350988.4k $49.5m $49.5m 10.36% Reduced -32.8k -32,822
62 GenTrust, LLC 2.25% of their portfolio MIAMI, FL 987,419987.4k $49.4m $49.4m 2.25% Reduced -88.2k -88,208
63 THOMPSON SIEGEL & WALMSLEY LLC 0.79% of their portfolio RICHMOND, VA 971,931971.9k $48.7m $48.7m 0.79% Reduced -44.2k -44,177
64 COMMONWEALTH EQUITY SERVICES, LLC 0.06% of their portfolio WALTHAM, MA 948,524948.5k $47.5m $47.5m 0.06% Reduced -22.2k -22,239
65 Beaird Harris Wealth Management, LLC 3.29% of their portfolio DALLAS, TX 926,283926.3k $46.4m $46.4m 3.29% Added +58.7k +58,693
66 Foster Group, Inc. 1.42% of their portfolio WEST DES MOINES, IA 901,965902.0k $45.2m $45.2m 1.42% Reduced -9.6k -9,561
67 Sunflower Bank, N.A. 10.93% of their portfolio DALLAS, TX 897,361897.4k $44.9m $44.9m 10.93% Added +41.9k +41,899
68 MATHER GROUP, LLC. 0.45% of their portfolio CHICAGO, IL 892,719892.7k $44.7m $44.7m 0.45% Added +27.3k +27,319
69 MML INVESTORS SERVICES, LLC 0.12% of their portfolio SPRINGFIELD, MA 878,613878.6k $44.0m $44.0m 0.12% Added +34.5k +34,505
70 Kestra Investment Management, LLC 1.16% of their portfolio AUSTIN, TX 859,972860.0k $43.1m $43.1m 1.16% Reduced -834.0k -833,995
71 New York Life Investment Management LLC 0.38% of their portfolio New York, NY 856,096856.1k $42.9m $42.9m 0.38% Added +112.0k +112,023
72 Garde Capital, Inc. 2.15% of their portfolio SEATTLE, WA 853,000853.0k $42.7m $42.7m 2.15% Reduced -38.4k -38,404
73 Financial Engines Advisors L.L.C. 0.08% of their portfolio SANTA CLARA, CA 845,518845.5k $42.3m $42.3m 0.08% Added +55.0k +54,957
74 REGIONS FINANCIAL CORP 0.14% of their portfolio BIRMINGHAM, AL 839,180839.2k $42.0m $42.0m 0.14% Reduced -198.4k -198,378
75 Cetera Investment Advisers 0.05% of their portfolio SCHAUMBURG, IL 832,257832.3k $41.7m $41.7m 0.05% Added +191.3k +191,329
76 Crestwood Advisors Group, LLC 0.70% of their portfolio BOSTON, MA 825,895825.9k $41.4m $41.4m 0.70% Reduced -50.3k -50,337
77 Heritage Investment Group, Inc. 6.56% of their portfolio POMPANO BEACH, FL 817,640817.6k $40.9m $40.9m 6.56% Added +2.8k +2,780
78 M&T Bank Corp 0.13% of their portfolio BUFFALO, NY 787,249787.2k $39.4m $39.4m 0.13% Added +22.5k +22,457
79 TRUIST FINANCIAL CORP 0.05% of their portfolio CHARLOTTE, NC 784,837784.8k $39.3m $39.3m 0.05% Added +85.7k +85,705
80 Beacon Pointe Advisors, LLC 0.33% of their portfolio NEWPORT BEACH, CA 779,949779.9k $39.1m $39.1m 0.33% Added +265.0k +264,954
81 NewEdge Advisors, LLC 0.18% of their portfolio NEW ORLEANS, LA 774,755774.8k $38.8m $38.8m 0.18% Added +287.5k +287,498
82 One Capital Management, LLC 1.24% of their portfolio WESTLAKE VILLAGE, CA 773,610773.6k $38.7m $38.7m 1.24% Reduced -78.6k -78,575
83 JFS WEALTH ADVISORS, LLC 2.26% of their portfolio HERMITAGE, PA 771,072771.1k $38.6m $38.6m 2.26% Reduced -43.0k -42,955
84 Allworth Financial LP 0.17% of their portfolio FOLSOM, CA 746,884746.9k $37.4m $37.4m 0.17% Added +44.2k +44,214
85 EVERGREEN CAPITAL MANAGEMENT LLC 0.89% of their portfolio Bellevue, WA 745,522745.5k $37.3m $37.3m 0.89% Unchanged
86 Waldron Private Wealth LLC 1.49% of their portfolio BRIDGEVILLE, PA 735,091735.1k $36.8m $36.8m 1.49% Reduced -124.1k -124,114
87 HBK Sorce Advisory LLC 0.87% of their portfolio ERIE, PA 686,316686.3k $34.6m $34.6m 0.87% Reduced -68.4k -68,405
88 Willow Creek Wealth Management Inc. 2.80% of their portfolio Sebastopol, CA 679,977680.0k $34.0m $34.0m 2.80% Added +4.7k +4,713
89 AlphaCore Capital LLC 1.14% of their portfolio LA JOLLA, CA 674,399674.4k $33.8m $33.8m 1.14% Added +146.7k +146,714
90 RENAISSANCE TECHNOLOGIES LLC 0.04% of their portfolio NEW YORK, NY 673,900673.9k $33.7m $33.7m 0.04% Reduced -376.9k -376,900
91 Fort Point Capital Partners LLC 4.27% of their portfolio San Francisco, CA 672,129672.1k $33.7m $33.7m 4.27% Added +139.7k +139,659
92 Bedel Financial Consulting, Inc. 4.23% of their portfolio INDIANAPOLIS, IN 661,268661.3k $33.1m $33.1m 4.23% Added +15.0k +15,042
93 Resonant Capital Advisors, LLC 1.92% of their portfolio Madison, WI 657,870657.9k $32.9m $32.9m 1.92% Added +108.2k +108,193
94 BSW Wealth Partners 4.00% of their portfolio BOULDER, CO 641,405641.4k $32.1m $32.1m 4.00% Reduced -3.4k -3,360
95 Modera Wealth Management, LLC 0.37% of their portfolio WESTWOOD, NJ 640,570640.6k $32.1m $32.1m 0.37% Added +501 +501
96 Astoria Strategic Wealth, Inc. 8.08% of their portfolio NEW BRAUNFELS, TX 638,605638.6k $32.0m $32.0m 8.08% Added +63.6k +63,596
97 Gleason Group, Inc. 3.15% of their portfolio PROSPECT, KY 625,914625.9k $31.3m $31.3m 3.15% Added +5.2k +5,241
98 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 624,035624.0k $31.2m $31.2m 0.00% Reduced -346.7k -346,657
99 Allen Investment Management, LLC 0.35% of their portfolio NEW YORK, NY 622,910622.9k $31.2m $31.2m 0.35% Reduced -7.1k -7,123
100 Envestnet Portfolio Solutions, Inc. 0.11% of their portfolio BERWYN, PA 617,889617.9k $30.9m $30.9m 0.11% Added +544.9k +544,946