Vault-13

VANGUARD INDEX FDS VOE

MCAP VL IDXVIP · ETP · CUSIP 922908512

1,204 institutional holders +86 vs Q3 2025
73,289,56773.3m shares reported held*
$12.9bnreported value*
83 new 474 added 355 reduced 52 sold out net bought ≈ $250.2m (+1.4m 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 ($20.2m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $175.37. Options: 2 managers hold calls ($2.8m notional), 0 hold puts (—).

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

05001k1.5kQ3 22: 826Q4 22: 917Q1 23: 908Q2 23: 913Q3 23: 898Q4 23: 975Q1 24: 983Q2 24: 987Q3 24: 1,035Q4 24: 1,115Q1 25: 1,100Q2 25: 1,126Q3 25: 1,118Q4 25: 1,2041,204Q3 22Q2 23Q1 24Q4 24Q4 25
Numbers
QuarterHolders
Q3 2022826
Q4 2022917
Q1 2023908
Q2 2023913
Q3 2023898
Q4 2023975
Q1 2024983
Q2 2024987
Q3 20241,035
Q4 20241,115
Q1 20251,100
Q2 20251,126
Q3 20251,118
Q4 20251,204

Buyers vs sellers

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

Bought or addedCut or sold out
1k01kQ1 24: 438 bought or addedQ1 24: 418 cut or sold outQ2 24: 385 bought or addedQ2 24: 427 cut or sold outQ2 24Q3 24: 449 bought or addedQ3 24: 390 cut or sold outQ4 24: 491 bought or addedQ4 24: 355 cut or sold outQ4 24Q1 25: 490 bought or addedQ1 25: 439 cut or sold outQ2 25: 438 bought or addedQ2 25: 443 cut or sold outQ2 25Q3 25: 494 bought or addedQ3 25: 414 cut or sold outQ4 25: 557 bought or addedQ4 25: 407 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 2024438418
Q2 2024385427
Q3 2024449390
Q4 2024491355
Q1 2025490439
Q2 2025438443
Q3 2025494414
Q4 2025557407

Calls vs puts

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

CallsPuts
$0$2m$4m$6m$8mQ1 25 calls: $6.8mQ1 25 puts: $449.8kQ1 25P/C 0.07Q2 25 calls: $6.4mQ2 25 puts: $1.6mQ2 25P/C 0.25Q3 25 calls: $5.3mQ3 25 puts: $1.3mQ3 25P/C 0.25Q4 25 calls: $2.8mQ4 25 puts: $0Q4 25P/C 0.00
Numbers
QuarterCallsPutsP/C
Q1 2025$6.8m$449.8k0.07
Q2 2025$6.4m$1.6m0.25
Q3 2025$5.3m$1.3m0.25
Q4 2025$2.8m$00.00

Biggest buyers

Corient Private Wealth LP Added +287,732+287.7k
CIBC Private Wealth Group LLC Added +163,771+163.8k
CWM, LLC Added +155,244+155.2k
PICTON MAHONEY ASSET MANAGEMENT Added +140,988+141.0k
TIAA TRUST, NATIONAL ASSOCIATION Added +136,984+137.0k
MONETA GROUP INVESTMENT ADVISORS LLC Added +136,421+136.4k
RAYMOND JAMES FINANCIAL INC Added +136,177+136.2k
JONES FINANCIAL COMPANIES LLLP Added +131,700+131.7k
FMR LLC Added +112,367+112.4k
ASSETMARK, INC Added +109,932+109.9k

Biggest sellers

JPMORGAN CHASE & CO Reduced -343,152-343.2k
OSAIC HOLDINGS, INC. Reduced -296,615-296.6k
Total Wealth Planning, LLC Reduced -163,500-163.5k
Betterment LLC Reduced -95,700-95.7k
ROYAL BANK OF CANADA Reduced -83,189-83.2k
Empowered Funds, LLC Sold out -77,875-77.9k
AMERIPRISE FINANCIAL INC Reduced -61,167-61.2k
Mesirow Financial Investment Management, Inc. Reduced -49,789-49.8k
NATIONAL BANK OF CANADA /FI/ Reduced -45,323-45.3k
Sanctuary Advisors, LLC Reduced -29,977-30.0k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $2.2m12.4k shares
CITADEL ADVISORS LLC Reduced $585.3k3.3k shares

Biggest puts

None

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 MORGAN STANLEY 0.05% of their portfolio NEW YORK, NY 4,750,5494.8m $842.6m $842.6m 0.05% Reduced -5.0k -4,980
2 ASSETMARK, INC 1.64% of their portfolio CONCORD, CA 4,524,7774.5m $802.6m $802.6m 1.64% Added +109.9k +109,932
3 Betterment LLC 1.33% of their portfolio NEW YORK, NY 3,924,6103.9m $696.1m $696.1m 1.33% Reduced -95.7k -95,700
4 EP Wealth Advisors, LLC 3.60% of their portfolio TORRANCE, CA 3,906,0963.9m $692.8m $692.8m 3.60% First filing
5 BANK OF AMERICA CORP /DE/ 0.04% of their portfolio CHARLOTTE, NC 3,122,0503.1m $553.8m $553.8m 0.04% Added +84.8k +84,792
6 WELLS FARGO & COMPANY/MN 0.09% of their portfolio SAN FRANCISCO, CA 2,704,4042.7m $479.7m $479.7m 0.09% Added +65.4k +65,370
7 JONES FINANCIAL COMPANIES LLLP 0.28% of their portfolio DES PERES, MO 2,627,1022.6m $466.0m $466.0m 0.28% Added +131.7k +131,700
8 ROYAL BANK OF CANADA 0.08% of their portfolio TORONTO, A6 2,549,2062.5m $452.2m $452.2m 0.08% Reduced -83.2k -83,189
9 TIAA TRUST, NATIONAL ASSOCIATION 0.74% of their portfolio CHARLOTTE, NC 1,735,1881.7m $307.8m $307.8m 0.74% Added +137.0k +136,984
10 PNC Financial Services Group, Inc. 0.14% of their portfolio Pittsburgh, PA 1,468,3701.5m $260.4m $260.4m 0.14% Added +7.5k +7,461
11 UBS Group AG 0.05% of their portfolio ZURICH, V8 1,392,2231.4m $246.9m $246.9m 0.05% Reduced -6.9k -6,912
12 ENVESTNET ASSET MANAGEMENT INC 0.06% of their portfolio Berwyn, PA 1,134,6921.1m $201.3m $201.3m 0.06% Reduced -27.8k -27,771
13 STEPHENS GROUP ASSET MANAGEMENT, LLC 13.08% of their portfolio LITTLE ROCK, AR 1,104,0201.1m $195.8m $195.8m 13.08% Added +7.8k +7,764
14 LPL Financial LLC 0.05% of their portfolio FORT MILL, SC 1,075,2431.1m $190.7m $190.7m 0.05% Reduced -197 -197
15 FMR LLC 0.01% of their portfolio BOSTON, MA 1,038,3441.0m $184.2m $184.2m 0.01% Added +112.4k +112,367
16 MONETA GROUP INVESTMENT ADVISORS LLC 1.37% of their portfolio ST LOUIS, MO 1,022,9551.0m $181.4m $181.4m 1.37% Added +136.4k +136,421
17 AMERIPRISE FINANCIAL INC 0.04% of their portfolio MINNEAPOLIS, MN 991,660991.7k $175.9m $175.9m 0.04% Reduced -61.2k -61,167
18 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.11% of their portfolio MILWAUKEE, WI 979,350979.4k $173.7m $173.7m 0.11% Added +72.5k +72,508
19 Orgel Wealth Management, LLC 3.32% of their portfolio ALTOONA, WI 847,200847.2k $150.3m $150.3m 3.32% Added +27.4k +27,405
20 RAYMOND JAMES FINANCIAL INC 0.04% of their portfolio ST. PETERSBURG, FL 790,818790.8k $140.3m $140.3m 0.04% Added +136.2k +136,177
21 Wellspring Financial Advisors, LLC 0.09% of their portfolio CLEVELAND, OH 784,889784.9k $1.1m $1.1m 0.09% Reduced -1.3k -1,285
22 STIFEL FINANCIAL CORP 0.11% of their portfolio ST. LOUIS, MO 708,046708.0k $125.6m $125.6m 0.11% Added +36.9k +36,946
23 Focus Partners Wealth 0.14% of their portfolio ST LOUIS, MO 677,184677.2k $119.5m $119.5m 0.14% Reduced -5.0k -5,011
24 VANTAGEPOINT INVESTMENT ADVISERS LLC 0.89% of their portfolio WASHINGTON, DC 623,341623.3k $110.6m $110.6m 0.89% Added +23.1k +23,088
25 Mariner, LLC 0.13% of their portfolio Overland Park, KS 621,313621.3k $110.2m $110.2m 0.13% Added +38.7k +38,698
26 SYM FINANCIAL Corp 10.19% of their portfolio WINONA LAKE, IN 559,120559.1k $99.2m $99.2m 10.19% Added +11.6k +11,612
27 Corient Private Wealth LP 0.06% of their portfolio MIAMI, FL 550,410550.4k $95.3m $95.3m 0.06% Added +287.7k +287,732
28 PICTON MAHONEY ASSET MANAGEMENT 1.06% of their portfolio Toronto, A6 547,312547.3k $97.1m $97.1m 1.06% Added +141.0k +140,988
29 Waverly Advisors, LLC 0.78% of their portfolio BIRMINGHAM, AL 542,484542.5k $96.2m $96.2m 0.78% Reduced -28.5k -28,463
30 Avior Wealth Management, LLC 2.99% of their portfolio OMAHA, NE 540,826540.8k $95.9m $95.9m 2.99% Added +3.3k +3,268
31 Rockefeller Capital Management L.P. 0.16% of their portfolio NEW YORK, NY 514,064514.1k $91.2m $91.2m 0.16% Reduced -4.7k -4,668
32 US BANCORP \DE\ 0.10% of their portfolio MINNEAPOLIS, MN 490,834490.8k $87.1m $87.1m 0.10% Added +27.1k +27,122
33 Creative Planning 0.06% of their portfolio OVERLAND PARK, KS 434,362434.4k $77.0m $77.0m 0.06% Reduced -1.2k -1,250
34 COMMONWEALTH EQUITY SERVICES, LLC 0.10% of their portfolio WALTHAM, MA 428,227428.2k $76.0m $76.0m 0.10% Reduced -15.9k -15,912
35 Cetera Investment Advisers 0.08% of their portfolio SCHAUMBURG, IL 418,098418.1k $74.2m $74.2m 0.08% Added +23.2k +23,188
36 OSAIC HOLDINGS, INC. 0.11% of their portfolio SCOTTSDALE, AZ 405,710405.7k $72.0m $72.0m 0.11% Reduced -296.6k -296,615
37 TRUIST FINANCIAL CORP 0.09% of their portfolio CHARLOTTE, NC 386,527386.5k $68.6m $68.6m 0.09% Added +6.4k +6,426
38 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 382,402382.4k $67.8m $67.8m 0.00% Reduced -343.2k -343,152
39 Rodgers & Associates, LTD 6.82% of their portfolio Lancaster, PA 379,805379.8k $67.4m $67.4m 6.82% Added +11.8k +11,808
40 McAdam, LLC 2.82% of their portfolio Philadelphia, PA 347,264347.3k $61.6m $61.6m 2.82% Added +18.7k +18,710
41 HighTower Advisors, LLC 0.06% of their portfolio CHICAGO, IL 329,122329.1k $58.4m $58.4m 0.06% Added +6.1k +6,062
42 Berman McAleer LLC 7.28% of their portfolio TIMONIUM, MD 300,489300.5k $53.3m $53.3m 7.28% Added +6.0k +5,982
43 Krilogy Financial LLC 1.88% of their portfolio ST. LOUIS, MO 297,606297.6k $55.1m $55.1m 1.88% Added +8.5k +8,458
44 Private Advisor Group, LLC 0.25% of their portfolio MORRISTOWN, NJ 294,418294.4k $52.2m $52.2m 0.25% Added +8.5k +8,546
45 CWM, LLC 0.13% of their portfolio OMAHA, NE 272,291272.3k $48.3m $48.3m 0.13% Added +155.2k +155,244
46 INSPIRION WEALTH ADVISORS, LLC 5.88% of their portfolio LIBERTYVILLE, IL 270,583270.6k $48.0m $48.0m 5.88% Reduced -3.9k -3,858
47 Equitable Holdings, Inc. 0.32% of their portfolio NEW YORK, NY 266,450266.4k $47.3m $47.3m 0.32% Reduced -16.6k -16,585
48 Trust Co 4.31% of their portfolio MANHATTAN, KS 259,101259.1k $46.0m $46.0m 4.31% Added +4.5k +4,487
49 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.06% of their portfolio PLYMOUTH, MN 245,109245.1k $44.7m $44.7m 0.06% Added +3.7k +3,744
50 MML INVESTORS SERVICES, LLC 0.10% of their portfolio SPRINGFIELD, MA 242,520242.5k $43.0m $43.0m 0.10% Added +11.4k +11,448
51 1832 Asset Management L.P. 0.05% of their portfolio TORONTO, A6 239,879239.9k $42.5m $42.5m 0.05% Reduced -5.8k -5,847
52 Marotta Asset Management 7.35% of their portfolio CHARLOTTESVILLE, VA 223,866223.9k $39.7m $39.7m 7.35% Added +587 +587
53 KWMG, LLC 3.11% of their portfolio OVERLAND PARK, KS 203,452203.5k $36.1m $36.1m 3.11% Added +6.3k +6,327
54 BENJAMIN EDWARDS INC 0.39% of their portfolio Clayton, MO 199,974200.0k $35.5m $35.5m 0.39% Added +10.6k +10,641
55 NewEdge Advisors, LLC 0.13% of their portfolio NEW ORLEANS, LA 196,890196.9k $34.9m $34.9m 0.13% Added +3.0k +3,036
56 CIBC Private Wealth Group LLC 0.06% of their portfolio ATLANTA, GA 193,521193.5k $34.3m $34.3m 0.06% Added +163.8k +163,771
57 CARY STREET PARTNERS FINANCIAL LLC 0.69% of their portfolio RICHMOND, VA 181,794181.8k $28.0m $28.0m 0.69% Reduced -11.4k -11,353
58 Shakespeare Wealth Management, LLC 7.01% of their portfolio Pewaukee, WI 178,829178.8k $31.7m $31.7m 7.01% Added +2.6k +2,597
59 Wilmington Savings Fund Society, FSB 0.74% of their portfolio WILMINGTON, DE 177,651177.7k $31.5m $31.5m 0.74% Added +10.5k +10,545
60 Bragg Financial Advisors, Inc 1.02% of their portfolio CHARLOTTE, NC 175,901175.9k $31.2m $31.2m 1.02% Added +6.2k +6,188
61 WoodTrust Financial Corp 3.59% of their portfolio WISCONSIN RAPIDS, WI 173,410173.4k $30.8m $30.8m 3.59% Added +208 +208
62 CONDOR CAPITAL MANAGEMENT 2.49% of their portfolio MARTINSVILLE, NJ 173,073173.1k $30.7m $30.7m 2.49% Reduced -2.7k -2,701
63 Summit Financial, LLC 0.44% of their portfolio PARSIPPANY, NJ 168,721168.7k $29.9m $29.9m 0.44% Added +2.9k +2,883
64 BNP PARIBAS FINANCIAL MARKETS 0.02% of their portfolio PARIS, I0 164,783164.8k $29.2m $29.2m 0.02% Added +12.9k +12,907
65 Avion Wealth 6.06% of their portfolio THE WOODLANDS, TX 162,867162.9k $28.9m $28.9m 6.06% Reduced -4.5k -4,529
66 BHK Investment Advisors, LLC 9.20% of their portfolio BIRMINGHAM, AL 157,777157.8k $28.0m $28.0m 9.20% Added +17.7k +17,736
67 Falcon Wealth Planning 2.34% of their portfolio Ontario, CA 156,945156.9k $27.8m $27.8m 2.34% Added +5.2k +5,232
68 BANK OF MONTREAL /CAN/ 0.01% of their portfolio TORONTO, A6 149,533149.5k $26.5m $26.5m 0.01% Added +15.0k +14,958
69 Kestra Advisory Services, LLC 0.11% of their portfolio AUSTIN, TX 147,047147.0k $26.1m $26.1m 0.11% Reduced -9.5k -9,477
70 DIVERSIFIED MANAGEMENT INC 6.05% of their portfolio MILWAUKEE, WI 146,071146.1k $25.9m $25.9m 6.05% First filing
71 PRESILIUM PRIVATE WEALTH, LLC 4.72% of their portfolio RADNOR, PA 145,699145.7k $25.8m $25.8m 4.72% Added +3.9k +3,900
72 BLAIR WILLIAM & CO/IL 0.07% of their portfolio CHICAGO, IL 140,164140.2k $24.9m $24.9m 0.07% Added +2.2k +2,213
73 World Investment Advisors 0.39% of their portfolio LINCROFT, NJ 134,737134.7k $23.9m $23.9m 0.39% Added +13.6k +13,576
74 Diesslin Group, Inc. 9.25% of their portfolio FORT WORTH, TX 131,297131.3k $23.3m $23.3m 9.25% First filing
75 Grove Street Fiduciary, LLC 9.71% of their portfolio PETERBOROUGH, NH 131,018131.0k $23.2m $23.2m 9.71% Reduced -1.1k -1,135
76 Beacon Pointe Advisors, LLC 0.16% of their portfolio NEWPORT BEACH, CA 130,792130.8k $23.2m $23.2m 0.16% Added +3.5k +3,458
77 NATIXIS ADVISORS, LLC 0.03% of their portfolio Boston, MA 126,770126.8k $22.5m $22.5m 0.03% Added +15.1k +15,131
78 AIRE ADVISORS, LLC 4.11% of their portfolio BEVERLY HILLS, CA 126,763126.8k $22.5m $22.5m 4.11% Added +981 +981
79 &PARTNERS 0.12% of their portfolio NASHVILLE, TN 125,826125.8k $22.3m $22.3m 0.12% Added +8.2k +8,219
80 CAPTRUST FINANCIAL ADVISORS 0.04% of their portfolio RALEIGH, NC 123,187123.2k $21.8m $21.8m 0.04% Added +2.8k +2,823
81 STEPHENS INC /AR/ 0.26% of their portfolio LITTLE ROCK, AR 116,248116.2k $20.6m $20.6m 0.26% Added +2.4k +2,395
82 ARVEST INVESTMENTS, INC. 2.76% of their portfolio LOWELL, AR 110,629110.6k $19.6m $19.6m 2.76% Added +2.1k +2,095
83 FIRST AMERICAN TRUST, FSB 1.33% of their portfolio SANTA ANA, CA 109,235109.2k $19.4m $19.4m 1.33% Reduced -2.7k -2,690
84 MERCER GLOBAL ADVISORS INC /ADV 0.03% of their portfolio DENVER, CO 106,315106.3k $18.9m $18.9m 0.03% Added +2.1k +2,108
85 Baird Financial Group, Inc. 0.03% of their portfolio MILWAUKEE, WI 106,000106.0k $18.8m $18.8m 0.03% Reduced -2.0k -2,033
86 Cambridge Investment Research Advisors, Inc. 0.05% of their portfolio FAIRFIELD, IA 105,338105.3k $18.7m $18.7m 0.05% Reduced -2.5k -2,511
87 Bryn Mawr Trust Advisors, LLC 0.89% of their portfolio PHILADELPHIA, PA 104,659104.7k $18.6m $18.6m 0.89% Added +9.6k +9,647
88 Praetorian Wealth Management, Inc. 3.68% of their portfolio CARMEL, CA 104,448104.4k $18.5m $18.5m 3.68% Reduced -123 -123
89 SAGE FINANCIAL GROUP INC 1.22% of their portfolio W. CONSHOHOCKEN, PA 103,863103.9k $18.4m $18.4m 1.22% Added +362 +362
90 Ledyard National Bank 1.57% of their portfolio HANOVER, NH 102,721102.7k $18.2m $18.2m 1.57% Reduced -1.6k -1,629
91 Advisory Alpha, LLC 0.49% of their portfolio HOLLAND, MI 102,199102.2k $18.1m $18.1m 0.49% Added +1.0k +1,012
92 Cresset Asset Management, LLC 0.08% of their portfolio Chicago, IL 101,554101.6k $18.0m $18.0m 0.08% Added +74.4k +74,394
93 OLIO Financial Planning 4.86% of their portfolio MCLEAN, VA 97,60297.6k $17.3m $17.3m 4.86% Added +3.7k +3,700
94 Strategic Investment Advisors / MI 1.49% of their portfolio FARMINGTON HILLS, MI 96,80696.8k $17.2m $17.2m 1.49% Added +12.7k +12,677
95 Mesirow Financial Investment Management, Inc. 0.35% of their portfolio CHICAGO, IL 96,71096.7k $17.2m $17.2m 0.35% Reduced -49.8k -49,789
96 Asset Management Group, Inc. 2.76% of their portfolio STAMFORD, CT 96,28996.3k $17.1m $17.1m 2.76% Added +618 +618
97 Roberts Financial Services LLC 5.34% of their portfolio MARQUETTE, MI 95,89895.9k $17.0m $17.0m 5.34% Added +2.6k +2,602
98 PEAPACK GLADSTONE FINANCIAL CORP 0.21% of their portfolio BEDMINSTER, NJ 92,65292.7k $16.4m $16.4m 0.21% Reduced -3.9k -3,852
99 Legacies Wealth LLC 9.26% of their portfolio MINNETONKA, MN 92,38692.4k $16.4m $16.4m 9.26% Added +4.4k +4,445
100 ProVise Management Group, LLC 1.15% of their portfolio CLEARWATER, FL 91,06891.1k $16.2m $16.2m 1.15% Added +3.6k +3,631