Vault-13

VANGUARD MUN BD FDS VTEB

TAX EXEMPT BD · ETP · CUSIP 922907746

1,323 institutional holders +84 vs Q3 2025
603,820,498603.8m shares reported held*
$30.3bnreported value*
81 new 614 added 372 reduced 70 sold out net sold ≈ $4.0bn (-79.1m 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 ($40.6m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $50.20. Options: 3 managers hold calls ($45.3m notional), 2 hold puts ($6.6m).

Trends to Q4 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: 1,239Q4 25: 1,3231,323Q3 22Q2 23Q1 24Q4 24Q4 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
Q4 20251,323

Buyers vs sellers

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

Bought or addedCut or sold out
1k01kQ1 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 25Q3 25: 629 bought or addedQ3 25: 504 cut or sold outQ4 25: 695 bought or addedQ4 25: 442 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 2024572416
Q2 2024573403
Q3 2024632374
Q4 2024633403
Q1 2025602539
Q2 2025601566
Q3 2025629504
Q4 2025695442

Calls vs puts

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

CallsPuts
$0$20m$40m$60mQ1 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 0.20Q4 25 calls: $45.3mQ4 25 puts: $6.6mQ4 25P/C 0.15
Numbers
QuarterCallsPutsP/C
Q1 2025$843.5k$29.7m35.23
Q2 2025$6.1m$3.1m0.51
Q3 2025$14.1m$2.8m0.20
Q4 2025$45.3m$6.6m0.15

Biggest buyers

Corient Private Wealth LP Added +6,369,671+6.4m
RAYMOND JAMES FINANCIAL INC Added +2,396,916+2.4m
MORGAN STANLEY Added +2,173,235+2.2m
Wealthfront Advisers LLC Added +1,889,400+1.9m
LPL Financial LLC Added +1,637,385+1.6m
BlackRock, Inc. Added +1,521,606+1.5m
BANK OF AMERICA CORP /DE/ Added +1,339,839+1.3m
JONES FINANCIAL COMPANIES LLLP Added +1,251,278+1.3m
ROYAL BANK OF CANADA Added +1,103,035+1.1m
NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Added +903,850+903.9k

Biggest sellers

JPMORGAN CHASE & CO Reduced -93,628,880-93.6m
WELLINGTON MANAGEMENT GROUP LLP Sold out -6,943,100-6.9m
Sanctuary Advisors, LLC Reduced -2,738,233-2.7m
Creative Planning Reduced -1,068,772-1.1m
CHARLES SCHWAB INVESTMENT MANAGEMENT INC Reduced -1,003,533-1.0m
Garde Capital, Inc. Sold out -853,000-853.0k
Wealthspire Advisors, LLC Reduced -751,283-751.3k
REGIONS FINANCIAL CORP Reduced -503,285-503.3k
Jump Financial, LLC Sold out -500,000-500.0k
RENAISSANCE TECHNOLOGIES LLC Reduced -462,646-462.6k

Biggest calls

Centiva Capital, LP New $41.8m831.4k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $3.0m59.3k shares
CITADEL ADVISORS LLC Reduced $513.0k10.2k shares

Biggest puts

CITADEL ADVISORS LLC Added $4.4m87.8k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $2.2m43.6k 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 JPMORGAN CHASE & CO 0.35% of their portfolio NEW YORK, NY 104,551,572104.6m $5.3bn $5.3bn 0.35% Reduced -93.6m -93,628,880
2 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 1.17% of their portfolio MILWAUKEE, WI 36,651,50636.7m $1.8bn $1.8bn 1.17% Added +903.9k +903,850
3 MORGAN STANLEY 0.08% of their portfolio NEW YORK, NY 25,172,74325.2m $1.3bn $1.3bn 0.08% Added +2.2m +2,173,235
4 Creative Planning 0.90% of their portfolio OVERLAND PARK, KS 25,032,47525.0m $1.3bn $1.3bn 0.90% Reduced -1.1m -1,068,772
5 RAYMOND JAMES FINANCIAL INC 0.39% of their portfolio ST. PETERSBURG, FL 24,614,19624.6m $1.2bn $1.2bn 0.39% Added +2.4m +2,396,916
6 Wealthfront Advisers LLC 2.71% of their portfolio Palo Alto, CA 24,153,51024.2m $1.2bn $1.2bn 2.71% Added +1.9m +1,889,400
7 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.18% of their portfolio SAN FRANCISCO, CA 22,997,67923.0m $1.2bn $1.2bn 0.18% Reduced -1.0m -1,003,533
8 FMR LLC 0.05% of their portfolio BOSTON, MA 20,493,63120.5m $1.0bn $1.0bn 0.05% Added +165.4k +165,415
9 NORTHERN TRUST CORP 0.10% of their portfolio CHICAGO, IL 15,349,47815.3m $771.9m $771.9m 0.10% Reduced -129.7k -129,707
10 TIAA TRUST, NATIONAL ASSOCIATION 1.68% of their portfolio CHARLOTTE, NC 13,972,31414.0m $702.7m $702.7m 1.68% Reduced -283.2k -283,186
11 SEI INVESTMENTS CO 0.67% of their portfolio OAKS, PA 13,505,35013.5m $679.2m $679.2m 0.67% Reduced -353.7k -353,702
12 WELLS FARGO & COMPANY/MN 0.13% of their portfolio SAN FRANCISCO, CA 13,488,01213.5m $678.3m $678.3m 0.13% Added +492.9k +492,857
13 BANK OF AMERICA CORP /DE/ 0.04% of their portfolio CHARLOTTE, NC 12,056,26512.1m $606.3m $606.3m 0.04% Added +1.3m +1,339,839
14 MERCER GLOBAL ADVISORS INC /ADV 0.78% of their portfolio DENVER, CO 10,228,80510.2m $514.4m $514.4m 0.78% Added +637.4k +637,405
15 LPL Financial LLC 0.13% of their portfolio FORT MILL, SC 9,135,0439.1m $459.4m $459.4m 0.13% Added +1.6m +1,637,385
16 Corient Private Wealth LP 0.28% of their portfolio MIAMI, FL 8,145,7238.1m $409.6m $409.6m 0.28% Added +6.4m +6,369,671
17 JONES FINANCIAL COMPANIES LLLP 0.21% of their portfolio DES PERES, MO 6,954,5997.0m $349.7m $349.7m 0.21% Added +1.3m +1,251,278
18 Betterment LLC 0.64% of their portfolio NEW YORK, NY 6,707,9056.7m $337.3m $337.3m 0.64% Added +134.6k +134,551
19 FRANKLIN RESOURCES INC 0.08% of their portfolio San Mateo, CA 6,272,1156.3m $315.4m $315.4m 0.08% Added +188.3k +188,310
20 CLIFTONLARSONALLEN WEALTH ADVISORS, LLC 4.26% of their portfolio MINNEAPOLIS, MN 5,599,5105.6m $281.6m $281.6m 4.26% Added +232.6k +232,640
21 ENVESTNET ASSET MANAGEMENT INC 0.07% of their portfolio Berwyn, PA 4,656,7114.7m $234.2m $234.2m 0.07% Reduced -3.5k -3,485
22 ASPIRIANT, LLC 6.22% of their portfolio San Francisco, CA 4,304,0514.3m $216.5m $216.5m 6.22% Added +179.8k +179,816
23 VANGUARD GROUP INC 0.00% of their portfolio Valley Forge, PA 4,141,4304.1m $208.3m $208.3m 0.00% Added +397.3k +397,257
24 Cerity Partners LLC 0.30% of their portfolio NEW YORK, NY 4,039,1894.0m $203.1m $203.1m 0.30% Reduced -175.8k -175,795
25 RWA WEALTH PARTNERS, LLC 2.21% of their portfolio BOSTON, MA 4,014,7494.0m $201.9m $201.9m 2.21% Added +174.1k +174,072
26 Mariner, LLC 0.24% of their portfolio Overland Park, KS 3,957,7894.0m $199.0m $199.0m 0.24% Added +415.6k +415,594
27 UBS Group AG 0.04% of their portfolio ZURICH, V8 3,747,3773.7m $188.5m $188.5m 0.04% Added +81.7k +81,659
28 Orgel Wealth Management, LLC 3.95% of their portfolio ALTOONA, WI 3,556,8363.6m $178.9m $178.9m 3.95% Added +357.3k +357,339
29 US BANCORP \DE\ 0.21% of their portfolio MINNEAPOLIS, MN 3,508,8793.5m $176.5m $176.5m 0.21% Reduced -147.4k -147,427
30 ROYAL BANK OF CANADA 0.03% of their portfolio TORONTO, A6 3,402,8843.4m $171.1m $171.1m 0.03% Added +1.1m +1,103,035
31 AMERIPRISE FINANCIAL INC 0.03% of their portfolio MINNEAPOLIS, MN 3,036,6733.0m $152.7m $152.7m 0.03% Reduced -24.4k -24,405
32 PNC Financial Services Group, Inc. 0.07% of their portfolio Pittsburgh, PA 2,560,3512.6m $128.8m $128.8m 0.07% Added +188.8k +188,763
33 HighTower Advisors, LLC 0.14% of their portfolio CHICAGO, IL 2,546,7882.5m $128.1m $128.1m 0.14% Added +91.1k +91,139
34 Members Trust Co 3.88% of their portfolio TAMPA, FL 2,363,6912.4m $118.9m $118.9m 3.88% Added +15.1k +15,082
35 Pathstone Holdings, LLC 0.46% of their portfolio ENGLEWOOD, NJ 2,347,3592.3m $118.0m $118.0m 0.46% Added +2.6k +2,617
36 Facet Wealth, Inc. 1.81% of their portfolio WEST PALM BEACH, FL 2,027,6202.0m $102.5m $102.5m 1.81% Reduced -31.6k -31,594
37 OSAIC HOLDINGS, INC. 0.14% of their portfolio SCOTTSDALE, AZ 1,959,0182.0m $98.5m $98.5m 0.14% Added +19.5k +19,548
38 SCS Capital Management LLC 1.04% of their portfolio BOSTON, MA 1,945,8591.9m $97.9m $97.9m 1.04% Reduced -8.4k -8,395
39 OneDigital Investment Advisors LLC 0.95% of their portfolio OVERLAND PARK, KS 1,930,3271.9m $97.1m $97.1m 0.95% Added +77.0k +76,984
40 Align Financial, LLC 1.11% of their portfolio HERMANTOWN, MN 1,921,0781.9m $1.9m $1.9m 1.11% First filing
41 Prime Capital Investment Advisors, LLC 1.17% of their portfolio OVERLAND PARK, KS 1,911,3731.9m $96.1m $96.1m 1.17% Reduced -24.4k -24,422
42 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.12% of their portfolio PLYMOUTH, MN 1,817,2801.8m $91.7m $91.7m 0.12% Added +59.8k +59,820
43 Baird Financial Group, Inc. 0.14% of their portfolio MILWAUKEE, WI 1,761,4771.8m $88.6m $88.6m 0.14% Added +176.4k +176,385
44 Sequoia Financial Advisors, LLC 0.48% of their portfolio Akron, OH 1,705,5351.7m $85.8m $85.8m 0.48% Added +78.9k +78,915
45 JANE STREET GROUP, LLC 0.10% of their portfolio NEW YORK, NY 1,648,7401.6m $82.9m $82.9m 0.10% Reduced -232.4k -232,432
46 BlackRock, Inc. 0.00% of their portfolio New York, NY 1,530,6331.5m $77.0m $77.0m 0.00% Added +1.5m +1,521,606
47 GeoWealth Management, LLC 2.81% of their portfolio CHICAGO, IL 1,517,4831.5m $76.3m $76.3m 2.81% Reduced -4.2k -4,222
48 Lutz Financial Services LLC 5.09% of their portfolio OMAHA, NE 1,486,7951.5m $74.8m $74.8m 5.09% Added +151.1k +151,071
49 STIFEL FINANCIAL CORP 0.07% of their portfolio ST. LOUIS, MO 1,486,0041.5m $74.7m $74.7m 0.07% Added +88.9k +88,859
50 Bank of New York Mellon Corp 0.01% of their portfolio NEW YORK, NY 1,485,7771.5m $74.7m $74.7m 0.01% Added +132.7k +132,711
51 Savant Capital, LLC 0.42% of their portfolio ROCKFORD, IL 1,469,4181.5m $73.9m $73.9m 0.42% Reduced -91.6k -91,606
52 Sanctuary Advisors, LLC 0.39% of their portfolio INDIANAPOLIS, IN 1,432,2851.4m $72.0m $72.0m 0.39% Reduced -2.7m -2,738,233
53 Wedmont Private Capital 2.32% of their portfolio WEST CHESTER, PA 1,322,3001.3m $66.8m $66.8m 2.32% Added +118.3k +118,277
54 Forum Financial Management, LP 0.85% of their portfolio LOMBARD, IL 1,301,1711.3m $65.4m $65.4m 0.85% Reduced -21.1k -21,060
55 Bleakley Financial Group, LLC 1.02% of their portfolio PARSIPPANY, NJ 1,167,6281.2m $58.7m $58.7m 1.02% Added +65.2k +65,163
56 BAKER BOYER NATIONAL BANK 17.65% of their portfolio WALLA WALLA, WA 1,162,7711.2m $58.5m $58.5m 17.65% Added +3.6k +3,557
57 Topsail Wealth Management, LLC 8.15% of their portfolio CHARLOTTE, NC 1,105,9801.1m $55.6m $55.6m 8.15% Added +11.1k +11,107
58 Focus Partners Wealth 0.06% of their portfolio ST LOUIS, MO 1,093,9311.1m $55.0m $55.0m 0.06% Added +555.8k +555,828
59 West Financial Advisors, LLC 9.11% of their portfolio DES MOINES, IA 1,074,0391.1m $54.0m $54.0m 9.11% Reduced -61.7k -61,706
60 Cetera Investment Advisers 0.06% of their portfolio SCHAUMBURG, IL 1,037,5721.0m $52.2m $52.2m 0.06% Added +205.3k +205,315
61 Fort Point Capital Partners LLC 6.34% of their portfolio San Francisco, CA 1,035,6481.0m $52.4m $52.4m 6.34% Added +363.5k +363,519
62 COMMONWEALTH EQUITY SERVICES, LLC 0.07% of their portfolio WALTHAM, MA 991,532991.5k $49.9m $49.9m 0.07% Added +43.0k +43,008
63 Ackerman Capital Advisors, LLC 9.90% of their portfolio DALLAS, TX 980,932980.9k $49.3m $49.3m 9.90% Reduced -7.4k -7,418
64 MML INVESTORS SERVICES, LLC 0.12% of their portfolio SPRINGFIELD, MA 977,185977.2k $49.1m $49.1m 0.12% Added +98.6k +98,572
65 THOMPSON SIEGEL & WALMSLEY LLC 0.82% of their portfolio RICHMOND, VA 970,527970.5k $48.8m $48.8m 0.82% Reduced -1.4k -1,404
66 Integrated Wealth Concepts LLC 0.57% of their portfolio WALTHAM, MA 957,875957.9k $48.2m $48.2m 0.57% Reduced -108.2k -108,191
67 MATHER GROUP, LLC. 0.49% of their portfolio CHICAGO, IL 942,979943.0k $47.4m $47.4m 0.49% Added +50.3k +50,260
68 Texas Capital Bank Wealth Management Services Inc 2.69% of their portfolio Dallas, TX 928,015928.0k $46.7m $46.7m 2.69% Added +683.1k +683,125
69 GenTrust, LLC 1.96% of their portfolio MIAMI, FL 901,670901.7k $45.3m $45.3m 1.96% Reduced -85.7k -85,749
70 EP Wealth Advisors, LLC 0.24% of their portfolio TORRANCE, CA 900,006900.0k $45.3m $45.3m 0.24% First filing
71 Beaird Harris Wealth Management, LLC 3.11% of their portfolio DALLAS, TX 898,253898.3k $45.2m $45.2m 3.11% Reduced -28.0k -28,030
72 Foster Group, Inc. 1.36% of their portfolio WEST DES MOINES, IA 892,531892.5k $44.9m $44.9m 1.36% Reduced -9.4k -9,434
73 NewEdge Advisors, LLC 0.16% of their portfolio NEW ORLEANS, LA 874,717874.7k $44.0m $44.0m 0.16% Added +100.0k +99,962
74 Sunflower Bank, N.A. 11.08% of their portfolio DALLAS, TX 874,166874.2k $44.0m $44.0m 11.08% Reduced -23.2k -23,195
75 Beacon Pointe Advisors, LLC 0.30% of their portfolio NEWPORT BEACH, CA 847,429847.4k $42.6m $42.6m 0.30% Added +67.5k +67,480
76 Financial Engines Advisors L.L.C. 0.08% of their portfolio SANTA CLARA, CA 844,399844.4k $42.5m $42.5m 0.08% Reduced -1.1k -1,119
77 Crestwood Advisors Group, LLC 0.70% of their portfolio BOSTON, MA 840,380840.4k $42.3m $42.3m 0.70% Added +14.5k +14,485
78 Heritage Investment Group, Inc. 6.41% of their portfolio POMPANO BEACH, FL 837,021837.0k $42.1m $42.1m 6.41% Added +19.4k +19,381
79 One Capital Management, LLC 1.23% of their portfolio WESTLAKE VILLAGE, CA 809,643809.6k $40.7m $40.7m 1.23% Added +36.0k +36,033
80 Allworth Financial LP 0.17% of their portfolio FOLSOM, CA 806,676806.7k $40.6m $40.6m 0.17% Added +59.8k +59,792
81 M&T Bank Corp 0.13% of their portfolio BUFFALO, NY 793,591793.6k $39.9m $39.9m 0.13% Added +6.3k +6,342
82 Kestra Investment Management, LLC 0.98% of their portfolio AUSTIN, TX 793,054793.1k $39.9m $39.9m 0.98% Reduced -66.9k -66,918
83 GOLDMAN SACHS GROUP INC 0.01% of their portfolio NEW YORK, NY 789,995790.0k $39.7m $39.7m 0.01% Added +166.0k +165,960
84 JFS WEALTH ADVISORS, LLC 2.24% of their portfolio HERMITAGE, PA 789,163789.2k $39.7m $39.7m 2.24% Added +18.1k +18,091
85 TRUIST FINANCIAL CORP 0.05% of their portfolio CHARLOTTE, NC 761,194761.2k $38.3m $38.3m 0.05% Reduced -23.6k -23,643
86 EVERGREEN CAPITAL MANAGEMENT LLC 0.84% of their portfolio Bellevue, WA 745,618745.6k $37.5m $37.5m 0.84% Added +96 +96
87 Waldron Private Wealth LLC 1.44% of their portfolio BRIDGEVILLE, PA 724,138724.1k $36.4m $36.4m 1.44% Reduced -11.0k -10,953
88 Resonant Capital Advisors, LLC 1.93% of their portfolio Madison, WI 699,992700.0k $35.2m $35.2m 1.93% Added +42.1k +42,122
89 NICOLET ADVISORY SERVICES, LLC 2.37% of their portfolio GREEN BAY, WI 695,282695.3k $35.2m $35.2m 2.37% Added +133.9k +133,935
90 Global Strategic Investment Solutions, LLC 3.40% of their portfolio Scottsdale, AZ 692,090692.1k $34.8m $34.8m 3.40% Added +93.4k +93,438
91 Bedel Financial Consulting, Inc. 3.74% of their portfolio INDIANAPOLIS, IN 691,896691.9k $34.8m $34.8m 3.74% Added +30.6k +30,628
92 Wealthspire Advisors, LLC 0.28% of their portfolio NEW YORK, NY 687,459687.5k $34.6m $34.6m 0.28% Reduced -751.3k -751,283
93 Allen Investment Management, LLC 0.38% of their portfolio NEW YORK, NY 673,326673.3k $33.9m $33.9m 0.38% Added +50.4k +50,416
94 HBK Sorce Advisory LLC 0.77% of their portfolio ERIE, PA 662,875662.9k $33.6m $33.6m 0.77% Reduced -23.4k -23,441
95 Modera Wealth Management, LLC 0.37% of their portfolio WESTWOOD, NJ 641,037641.0k $32.2m $32.2m 0.37% Added +467 +467
96 AlphaCore Capital LLC 0.72% of their portfolio LA JOLLA, CA 636,970637.0k $32.0m $32.0m 0.72% Reduced -37.4k -37,429
97 Envestnet Portfolio Solutions, Inc. 0.11% of their portfolio BERWYN, PA 636,598636.6k $32.0m $32.0m 0.11% Added +18.7k +18,709
98 BIP Wealth, LLC 1.13% of their portfolio ATLANTA, GA 636,346636.3k $32.0m $32.0m 1.13% Added +69.8k +69,800
99 Gleason Group, Inc. 3.10% of their portfolio PROSPECT, KY 629,379629.4k $31.7m $31.7m 3.10% Added +3.5k +3,465
100 Astoria Strategic Wealth, Inc. 7.90% of their portfolio NEW BRAUNFELS, TX 624,010624.0k $31.4m $31.4m 7.90% Reduced -14.6k -14,595