Vault-13

VANGUARD MUN BD FDS VTEB

TAX EXEMPT BD · ETP · CUSIP 922907746

1,405 institutional holders +48 vs Q1 2026
606,148,927606.1m shares reported held*
$30.7bnreported value*
109 new 692 added 388 reduced 62 sold out net bought ≈ $2.3bn (+45.7m 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 ($168.4m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $50.63. Options: 2 managers hold calls ($5.2m notional), 2 hold puts ($4.9m).

Trends to Q2 2026

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: 1,323Q1 26: 1,357Q2 26: 1,4051,405Q3 22Q3 23Q3 24Q3 25Q2 26
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
Q1 20261,357
Q2 20261,405

Buyers vs sellers

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

Bought or addedCut or sold out
1k01kQ3 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 25Q1 26: 756 bought or addedQ1 26: 452 cut or sold outQ2 26: 801 bought or addedQ2 26: 450 cut or sold outQ2 26
Numbers
QuarterBought or addedCut or sold out
Q3 2024632374
Q4 2024633403
Q1 2025602539
Q2 2025601566
Q3 2025629504
Q4 2025695442
Q1 2026756452
Q2 2026801450

Calls vs puts

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

CallsPuts
$0$20m$40m$60mQ3 25 calls: $14.1mQ3 25 puts: $2.8mQ3 25P/C 0.20Q4 25 calls: $45.3mQ4 25 puts: $6.6mQ4 25P/C 0.15Q1 26 calls: $11.8mQ1 26 puts: $15.8mQ1 26P/C 1.34Q2 26 calls: $5.2mQ2 26 puts: $4.9mQ2 26P/C 0.93
Numbers
QuarterCallsPutsP/C
Q3 2025$14.1m$2.8m0.20
Q4 2025$45.3m$6.6m0.15
Q1 2026$11.8m$15.8m1.34
Q2 2026$5.2m$4.9m0.93

Biggest buyers

JPMORGAN CHASE & CO Added +10,129,865+10.1m
JANE STREET GROUP, LLC Added +2,718,566+2.7m
RAYMOND JAMES FINANCIAL INC Added +2,533,165+2.5m
JONES FINANCIAL COMPANIES LLLP Added +1,794,956+1.8m
SEI INVESTMENTS CO Added +1,678,352+1.7m
Savant Capital, LLC Added +1,674,893+1.7m
RENAISSANCE TECHNOLOGIES LLC Added +1,333,800+1.3m
BANK OF AMERICA CORP /DE/ Added +1,313,927+1.3m
Integrated Wealth Concepts LLC Added +1,297,654+1.3m
Wealthfront Advisers LLC Added +1,169,660+1.2m

Biggest sellers

CHARLES SCHWAB INVESTMENT MANAGEMENT INC Reduced -1,817,721-1.8m
NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Reduced -349,357-349.4k
L2 Asset Management, LLC Reduced -249,550-249.6k
CITADEL ADVISORS LLC Reduced -219,465-219.5k
Creative Planning Reduced -211,850-211.8k
Mallini Complete Financial Planning LLC Reduced -209,689-209.7k
CX Institutional Reduced -161,091-161.1k
Topsail Wealth Management, LLC Reduced -158,756-158.8k
ANDERSON HOAGLAND & CO Reduced -138,559-138.6k
Independent Advisor Alliance Reduced -129,798-129.8k

Biggest calls

CITADEL ADVISORS LLC Reduced $2.8m55.9k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $2.4m47.6k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $3.7m72.2k shares
CITADEL ADVISORS LLC Reduced $1.2m23.8k 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 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 JPMORGAN CHASE & CO 0.16% of their portfolio NEW YORK, NY 54,850,51854.9m $2.8bn $2.8bn 0.16% Added +10.1m +10,129,865
2 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 1.03% of their portfolio MILWAUKEE, WI 38,222,19538.2m $1.9bn $1.9bn 1.03% Reduced -349.4k -349,357
3 MORGAN STANLEY 0.07% of their portfolio NEW YORK, NY 27,969,20428.0m $1.4bn $1.4bn 0.07% Added +43.7k +43,664
4 Creative Planning 0.81% of their portfolio OVERLAND PARK, KS 27,320,23827.3m $1.4bn $1.4bn 0.81% Reduced -211.8k -211,850
5 RAYMOND JAMES FINANCIAL INC 0.37% of their portfolio ST. PETERSBURG, FL 26,966,94027.0m $1.4bn $1.4bn 0.37% Added +2.5m +2,533,165
6 Wealthfront Advisers LLC 2.54% of their portfolio Palo Alto, CA 26,083,41926.1m $1.3bn $1.3bn 2.54% Added +1.2m +1,169,660
7 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.15% of their portfolio SAN FRANCISCO, CA 23,006,89323.0m $1.2bn $1.2bn 0.15% Reduced -1.8m -1,817,721
8 FMR LLC 0.05% of their portfolio BOSTON, MA 21,371,89121.4m $1.1bn $1.1bn 0.05% Added +1.1m +1,052,382
9 SEI INVESTMENTS CO 0.71% of their portfolio OAKS, PA 15,843,04115.8m $801.3m $801.3m 0.71% Added +1.7m +1,678,352
10 WELLS FARGO & COMPANY/MN 0.13% of their portfolio SAN FRANCISCO, CA 14,838,72414.8m $750.5m $750.5m 0.13% Added +465.0k +464,987
11 NORTHERN TRUST CORP 0.09% of their portfolio CHICAGO, IL 14,811,34014.8m $749.2m $749.2m 0.09% Added +211.6k +211,579
12 BANK OF AMERICA CORP /DE/ 0.05% of their portfolio CHARLOTTE, NC 13,964,30214.0m $706.3m $706.3m 0.05% Added +1.3m +1,313,927
13 TIAA-CREF INDIVIDUAL & INSTITUTIONAL SERVICES, LLC 2.30% of their portfolio CHARLOTTE, NC 13,190,50813.2m $667.2m $667.2m 2.30% Added +483.6k +483,641
14 MERCER GLOBAL ADVISORS INC /ADV 0.72% of their portfolio DENVER, CO 11,479,86711.5m $580.7m $580.7m 0.72% Added +647.5k +647,491
15 JONES FINANCIAL COMPANIES LLLP 0.22% of their portfolio DES PERES, MO 10,675,38910.7m $539.8m $539.8m 0.22% Added +1.8m +1,794,956
16 LPL Financial LLC 0.12% of their portfolio FORT MILL, SC 10,444,67010.4m $528.3m $528.3m 0.12% Added +806.6k +806,620
17 FRANKLIN RESOURCES INC 0.08% of their portfolio San Mateo, CA 7,174,0487.2m $362.9m $362.9m 0.08% Reduced -49.2k -49,174
18 Betterment LLC 0.60% of their portfolio NEW YORK, NY 7,061,9527.1m $357.2m $357.2m 0.60% Added +131.9k +131,923
19 CLIFTONLARSONALLEN WEALTH ADVISORS, LLC 4.25% of their portfolio MINNEAPOLIS, MN 6,394,2306.4m $323.4m $323.4m 4.25% Added +77.5k +77,516
20 ENVESTNET ASSET MANAGEMENT INC 0.07% of their portfolio Berwyn, PA 5,852,8325.9m $296.0m $296.0m 0.07% Added +450.3k +450,334
21 Mariner, LLC 0.25% of their portfolio Overland Park, KS 4,779,5734.8m $241.8m $241.8m 0.25% Added +512.4k +512,423
22 Corient Private Wealth LP 0.32% of their portfolio MIAMI, FL 4,537,5214.5m $229.5m $229.5m 0.32% Added +54.9k +54,932
23 UBS Group AG 0.04% of their portfolio ZURICH, V8 4,522,1264.5m $228.7m $228.7m 0.04% Added +176.5k +176,473
24 RWA WEALTH PARTNERS, LLC 2.17% of their portfolio BOSTON, MA 4,476,4414.5m $226.4m $226.4m 2.17% Added +225.6k +225,571
25 Cerity Partners LLC 0.27% of their portfolio NEW YORK, NY 4,415,3664.4m $223.3m $223.3m 0.27% Added +13.5k +13,515
26 VANGUARD ADVISERS INC 0.75% of their portfolio Malvern, PA 4,362,4594.4m $220.7m $220.7m 0.75% Added +510.2k +510,250
27 ASPIRIANT, LLC 5.34% of their portfolio San Francisco, CA 4,272,8134.3m $216.1m $216.1m 5.34% Added +38.9k +38,860
28 ROYAL BANK OF CANADA 0.03% of their portfolio TORONTO, A6 3,756,6333.8m $190.0m $190.0m 0.03% Added +445.5k +445,473
29 US BANCORP \DE\ 0.20% of their portfolio MINNEAPOLIS, MN 3,591,5323.6m $181.7m $181.7m 0.20% Added +98.9k +98,920
30 Orgel Wealth Management, LLC 3.43% of their portfolio ALTOONA, WI 3,570,9513.6m $180.6m $180.6m 3.43% Added +105.9k +105,896
31 AMERIPRISE FINANCIAL INC 0.04% of their portfolio MINNEAPOLIS, MN 3,427,9733.4m $173.5m $173.5m 0.04% Added +229.8k +229,841
32 Savant Capital, LLC 0.49% of their portfolio ROCKFORD, IL 3,290,5743.3m $165.3m $165.3m 0.49% Added +1.7m +1,674,893
33 JANE STREET GROUP, LLC 0.09% of their portfolio NEW YORK, NY 2,754,5832.8m $139.3m $139.3m 0.09% Added +2.7m +2,718,566
34 HighTower Advisors, LLC 0.13% of their portfolio CHICAGO, IL 2,708,8842.7m $137.0m $137.0m 0.13% Added +86.6k +86,623
35 Facet Wealth, Inc. 1.88% of their portfolio WEST PALM BEACH, FL 2,590,8042.6m $131.0m $131.0m 1.88% Reduced -48.2k -48,184
36 Integrated Wealth Concepts LLC 0.63% of their portfolio WALTHAM, MA 2,571,3182.6m $130.1m $130.1m 0.63% Added +1.3m +1,297,654
37 Pathstone Holdings, LLC 0.36% of their portfolio ENGLEWOOD, NJ 2,474,9372.5m $125.2m $125.2m 0.36% Added +107.5k +107,463
38 Members Trust Co 3.87% of their portfolio TAMPA, FL 2,454,8012.5m $124.2m $124.2m 3.87% Added +940 +940
39 PNC Financial Services Group, Inc. 0.06% of their portfolio Pittsburgh, PA 2,403,4942.4m $121.6m $121.6m 0.06% Reduced -59.4k -59,372
40 OneDigital Investment Advisors LLC 0.98% of their portfolio OVERLAND PARK, KS 2,289,5622.3m $115.8m $115.8m 0.98% Added +136.0k +136,007
41 OSAIC HOLDINGS, INC. 0.13% of their portfolio SCOTTSDALE, AZ 2,240,2612.2m $113.3m $113.3m 0.13% Added +631.8k +631,755
42 Wedmont Private Capital 2.99% of their portfolio WEST CHESTER, PA 2,167,9582.2m $109.1m $109.1m 2.99% Added +580.2k +580,171
43 Bank of New York Mellon Corp 0.02% of their portfolio NEW YORK, NY 2,105,0922.1m $106.5m $106.5m 0.02% Added +300.2k +300,198
44 Sequoia Financial Advisors, LLC 0.52% of their portfolio Akron, OH 2,073,1272.1m $104.9m $104.9m 0.52% Added +226.8k +226,758
45 Prime Capital Investment Advisors, LLC 0.96% of their portfolio OVERLAND PARK, KS 1,951,5992.0m $98.7m $98.7m 0.96% Added +55.5k +55,466
46 GeoWealth Management, LLC 3.01% of their portfolio CHICAGO, IL 1,891,7551.9m $95.7m $95.7m 3.01% Added +344.7k +344,674
47 SCS Capital Management LLC 0.87% of their portfolio BOSTON, MA 1,829,5971.8m $92.5m $92.5m 0.87% Reduced -100.8k -100,768
48 EP Wealth Advisors, LLC 0.35% of their portfolio TORRANCE, CA 1,826,5881.8m $92.4m $92.4m 0.35% Added +526.7k +526,744
49 RENAISSANCE TECHNOLOGIES LLC 0.12% of their portfolio NEW YORK, NY 1,776,2001.8m $89.8m $89.8m 0.12% Added +1.3m +1,333,800
50 Baird Financial Group, Inc. 0.12% of their portfolio MILWAUKEE, WI 1,732,1001.7m $87.6m $87.6m 0.12% Added +24.3k +24,304
51 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.14% of their portfolio PLYMOUTH, MN 1,664,7091.7m $82.3m $82.3m 0.14% Added +372.8k +372,753
52 Lutz Financial Services LLC 5.13% of their portfolio OMAHA, NE 1,663,9161.7m $84.2m $84.2m 5.13% Added +94.3k +94,253
53 STIFEL FINANCIAL CORP 0.07% of their portfolio ST. LOUIS, MO 1,653,6141.7m $83.6m $83.6m 0.07% Added +98.4k +98,437
54 MBB PUBLIC MARKETS I LLC 8.82% of their portfolio CHICAGO, IL 1,614,4051.6m $81.7m $81.7m 8.82% Added +895.9k +895,872
55 Composition Wealth, LLC 0.95% of their portfolio LOS ANGELES, CA 1,594,6431.6m $80.7m $80.7m 0.95% Added +229.0k +229,033
56 TIAA Wealth Investment Management LLC 0.53% of their portfolio New York, NY 1,560,2401.6m $78.9m $78.9m 0.53% Added +283.2k +283,168
57 Sanctuary Advisors, LLC 0.33% of their portfolio INDIANAPOLIS, IN 1,414,3561.4m $71.5m $71.5m 0.33% Added +52.9k +52,889
58 Bleakley Financial Group, LLC 0.88% of their portfolio PARSIPPANY, NJ 1,372,3651.4m $69.4m $69.4m 0.88% Added +57.6k +57,608
59 Alvarez & Marsal Private Wealth Partners, LLC 9.14% of their portfolio WEST PALM BEACH, FL 1,371,4331.4m $69.4m $69.4m 9.14% Reduced -57.1k -57,085
60 Forum Financial Management, LP 0.85% of their portfolio LOMBARD, IL 1,306,7941.3m $66.1m $66.1m 0.85% Reduced -13.1k -13,063
61 Cetera Investment Advisers 0.06% of their portfolio SCHAUMBURG, IL 1,273,9131.3m $64.4m $64.4m 0.06% Added +122.3k +122,308
62 Logan Stone Capital, LLC 13.55% of their portfolio CHICAGO, IL 1,267,1761.3m $64.1m $64.1m 13.55% Added +914.8k +914,808
63 BAKER BOYER NATIONAL BANK 16.60% of their portfolio WALLA WALLA, WA 1,194,9651.2m $60.4m $60.4m 16.60% Added +22.8k +22,763
64 GenTrust, LLC 2.24% of their portfolio MIAMI, FL 1,153,4071.2m $58.3m $58.3m 2.24% Added +107.8k +107,786
65 Kestra Investment Management, LLC 1.12% of their portfolio AUSTIN, TX 1,144,8881.1m $57.9m $57.9m 1.12% Added +46.1k +46,147
66 West Financial Advisors, LLC 8.53% of their portfolio DES MOINES, IA 1,110,6011.1m $56.2m $56.2m 8.53% Added +15.8k +15,756
67 Focus Partners Wealth 0.06% of their portfolio ST LOUIS, MO 1,095,1471.1m $55.4m $55.4m 0.06% Reduced -4.0k -3,957
68 Beacon Pointe Advisors, LLC 0.25% of their portfolio NEWPORT BEACH, CA 1,057,6301.1m $53.5m $53.5m 0.25% Added +68.1k +68,128
69 MATHER GROUP, LLC. 0.46% of their portfolio CHICAGO, IL 1,042,0711.0m $52.7m $52.7m 0.46% Added +49.5k +49,494
70 MML INVESTORS SERVICES, LLC 0.10% of their portfolio SPRINGFIELD, MA 1,007,7301.0m $51.0m $51.0m 0.10% Added +183.6k +183,573
71 NewEdge Advisors, LLC 0.15% of their portfolio NEW ORLEANS, LA 966,651966.7k $48.9m $48.9m 0.15% Added +71.0k +71,025
72 THOMPSON SIEGEL & WALMSLEY LLC 0.88% of their portfolio RICHMOND, VA 962,019962.0k $48.7m $48.7m 0.88% Reduced -11.2k -11,245
73 Ackerman Capital Advisors, LLC 9.70% of their portfolio DALLAS, TX 950,473950.5k $48.1m $48.1m 9.70% Reduced -6.5k -6,538
74 Topsail Wealth Management, LLC 6.08% of their portfolio CHARLOTTE, NC 942,001942.0k $47.6m $47.6m 6.08% Reduced -158.8k -158,756
75 Texas Capital Bank Wealth Management Services Inc 2.52% of their portfolio Dallas, TX 931,751931.8k $47.1m $47.1m 2.52% Added +18.5k +18,511
76 M&T Bank Corp 0.14% of their portfolio BUFFALO, NY 926,398926.4k $46.9m $46.9m 0.14% Added +129.7k +129,690
77 Garde Capital, Inc. 2.05% of their portfolio SEATTLE, WA 905,827905.8k $45.8m $45.8m 2.05% New
78 Fort Point Capital Partners LLC 4.75% of their portfolio San Francisco, CA 878,929878.9k $44.5m $44.5m 4.75% Added +127.7k +127,695
79 Beaird Harris Wealth Management, LLC 2.77% of their portfolio DALLAS, TX 875,617875.6k $44.3m $44.3m 2.77% Reduced -18.6k -18,582
80 Foster Group, Inc. 1.17% of their portfolio WEST DES MOINES, IA 873,883873.9k $44.2m $44.2m 1.17% Reduced -11.8k -11,804
81 Heritage Investment Group, Inc. 5.89% of their portfolio POMPANO BEACH, FL 867,367867.4k $43.9m $43.9m 5.89% Reduced -897 -897
82 Allworth Financial LP 0.19% of their portfolio FOLSOM, CA 867,210867.2k $43.9m $43.9m 0.19% Reduced -2.2k -2,191
83 Financial Engines Advisors L.L.C. 0.08% of their portfolio SANTA CLARA, CA 859,684859.7k $43.5m $43.5m 0.08% Added +17.1k +17,112
84 New York Life Investment Management LLC 0.30% of their portfolio New York, NY 858,958859.0k $43.4m $43.4m 0.30% Added +350.1k +350,104
85 Global Strategic Investment Solutions, LLC 3.87% of their portfolio Scottsdale, AZ 854,509854.5k $43.2m $43.2m 3.87% Added +83.6k +83,592
86 One Capital Management, LLC 1.17% of their portfolio WESTLAKE VILLAGE, CA 845,847845.8k $42.2m $42.2m 1.17% Unchanged
87 Sunflower Bank, N.A. 10.16% of their portfolio DALLAS, TX 840,472840.5k $42.5m $42.5m 10.16% Reduced -55.8k -55,768
88 OLD NATIONAL BANCORP /IN/ 0.84% of their portfolio EVANSVILLE, IN 837,585837.6k $42.4m $42.4m 0.84% Added +103.6k +103,641
89 TRUIST FINANCIAL CORP 0.05% of their portfolio CHARLOTTE, NC 831,195831.2k $42.0m $42.0m 0.05% Reduced -34.8k -34,838
90 JFS WEALTH ADVISORS, LLC 2.08% of their portfolio HERMITAGE, PA 823,707823.7k $41.7m $41.7m 2.08% Added +12.5k +12,503
91 Avidian Wealth Enterprises, LLC 1.12% of their portfolio Houston, TX 800,354800.4k $40.5m $40.5m 1.12% Added +94.6k +94,644
92 NICOLET BANKSHARES INC 1.27% of their portfolio GREEN BAY, WI 789,092789.1k $39.9m $39.9m 1.27% Reduced -12.6k -12,556
93 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 775,081775.1k $39.2m $39.2m 0.00% Added +142.4k +142,362
94 Lexington Hill Partners, LLC 18.90% of their portfolio DALLAS, TX 770,612770.6k $39.0m $39.0m 18.90% Added +49.6k +49,553
95 EVERGREEN CAPITAL MANAGEMENT LLC 0.66% of their portfolio Bellevue, WA 745,522745.5k $37.7m $37.7m 0.66% Unchanged
96 BSW Wealth Partners 4.15% of their portfolio BOULDER, CO 737,502737.5k $37.3m $37.3m 4.15% Added +108.0k +107,965
97 COMMONWEALTH EQUITY SERVICES, LLC 0.05% of their portfolio WALTHAM, MA 732,688732.7k $37.1m $37.1m 0.05% Reduced -45.1k -45,133
98 Cambridge Investment Research Advisors, Inc. 0.04% of their portfolio FAIRFIELD, IA 728,130728.1k $36.8m $36.8m 0.04% Added +400.7k +400,682
99 BIP Wealth, LLC 1.01% of their portfolio ATLANTA, GA 704,661704.7k $35.6m $35.6m 1.01% New
100 Bragg Financial Advisors, Inc 0.95% of their portfolio CHARLOTTE, NC 704,588704.6k $35.6m $35.6m 0.95% Added +51.9k +51,897