Vault-13

VANGUARD INDEX FDS VNQ

REAL ESTATE ETF · ETP · CUSIP 922908553

1,677 institutional holders -42 vs Q1 2025
232,383,093232.4m shares reported held*
$18.9bnreported value*
70 new 661 added 686 reduced 111 sold out net sold ≈ $497.0m (+14.2m 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 ($11.6m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $81.51. Options: 9 managers hold calls ($80.2m notional), 12 hold puts ($127.7m).

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

01k2kQ3 22: 1,513Q4 22: 1,623Q1 23: 1,593Q2 23: 1,558Q3 23: 1,531Q4 23: 1,675Q1 24: 1,636Q2 24: 1,591Q3 24: 1,665Q4 24: 1,745Q1 25: 1,719Q2 25: 1,6771,677Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 20221,513
Q4 20221,623
Q1 20231,593
Q2 20231,558
Q3 20231,531
Q4 20231,675
Q1 20241,636
Q2 20241,591
Q3 20241,665
Q4 20241,745
Q1 20251,719
Q2 20251,677

Buyers vs sellers

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

Bought or addedCut or sold out
1k01kQ3 23: 697 bought or addedQ3 23: 733 cut or sold outQ4 23: 724 bought or addedQ4 23: 770 cut or sold outQ4 23Q1 24: 728 bought or addedQ1 24: 800 cut or sold outQ2 24: 629 bought or addedQ2 24: 807 cut or sold outQ2 24Q3 24: 769 bought or addedQ3 24: 722 cut or sold outQ4 24: 784 bought or addedQ4 24: 717 cut or sold outQ4 24Q1 25: 770 bought or addedQ1 25: 793 cut or sold outQ2 25: 731 bought or addedQ2 25: 797 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 2023697733
Q4 2023724770
Q1 2024728800
Q2 2024629807
Q3 2024769722
Q4 2024784717
Q1 2025770793
Q2 2025731797

Calls vs puts

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

CallsPuts
$0$50m$100m$150mQ3 24 calls: $118.8mQ3 24 puts: $149.1mQ3 24P/C 1.25Q4 24 calls: $122.9mQ4 24 puts: $138.4mQ4 24P/C 1.13Q1 25 calls: $124.8mQ1 25 puts: $114.9mQ1 25P/C 0.92Q2 25 calls: $80.2mQ2 25 puts: $127.7mQ2 25P/C 1.59
Numbers
QuarterCallsPutsP/C
Q3 2024$118.8m$149.1m1.25
Q4 2024$122.9m$138.4m1.13
Q1 2025$124.8m$114.9m0.92
Q2 2025$80.2m$127.7m1.59

Biggest buyers

Proficio Capital Partners LLC New +14,049,783+14.0m
Gallagher Fiduciary Advisors, LLC Added +5,653,040+5.7m
STATE STREET CORP Added +1,402,196+1.4m
ROYAL BANK OF CANADA Added +1,317,091+1.3m
Beacon Capital Management, Inc. Added +941,151+941.2k
Empower Advisory Group, LLC Added +577,515+577.5k
NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Added +570,141+570.1k
Rockefeller Capital Management L.P. Added +473,905+473.9k
LPL Financial LLC Added +362,885+362.9k
CW Advisors, LLC Added +320,399+320.4k

Biggest sellers

MORGAN STANLEY Reduced -2,253,066-2.3m
BNP PARIBAS FINANCIAL MARKETS Reduced -2,206,383-2.2m
D. E. Shaw & Co., Inc. Reduced -881,903-881.9k
GOLDMAN SACHS GROUP INC Reduced -752,746-752.7k
JPMORGAN CHASE & CO Reduced -638,949-638.9k
FINANCIAL COUNSELORS INC Reduced -602,351-602.4k
BANK OF AMERICA CORP /DE/ Reduced -551,217-551.2k
Creative Planning Reduced -535,948-535.9k
Quadrature Capital Ltd Sold out -445,840-445.8k
EXCHANGE TRADED CONCEPTS, LLC Reduced -412,220-412.2k

Biggest calls

CITADEL ADVISORS LLC Reduced $24.7m277.3k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $21.2m238.5k shares
JANE STREET GROUP, LLC Reduced $11.1m124.5k shares
CAPITAL FUND MANAGEMENT S.A. Reduced $9.0m101.0k shares
PEAK6 LLC Added $8.8m98.8k shares
Walleye Trading LLC Reduced $2.8m31.9k shares
Squarepoint Ops LLC Reduced $1.3m15.0k shares
UBS Group AG Unchanged $948.5k10.7k shares
Cubist Systematic Strategies, LLC New $258.3k2.9k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $42.9m482.0k shares
CITADEL ADVISORS LLC Reduced $31.9m357.8k shares
LANDMARK INVESTMENT PARTNERS, L.P. Added $13.7m154.0k shares
CAPITAL FUND MANAGEMENT S.A. Reduced $12.2m136.8k shares
UBS Group AG New $7.2m80.8k shares
TORNO CAPITAL, LLC New $7.1m80.0k shares
JANE STREET GROUP, LLC Reduced $6.6m74.5k shares
PEAK6 LLC New $4.0m45.2k shares
Squarepoint Ops LLC Reduced $1.4m15.3k shares
Cubist Systematic Strategies, LLC New $489.8k5.5k 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 Empower Advisory Group, LLC 3.85% of their portfolio Greenwood Village, CO 14,436,15414.4m $1.3bn $1.3bn 3.85% Added +577.5k +577,515
2 Proficio Capital Partners LLC 0.96% of their portfolio NEWTON, MA 14,049,78314.0m $15.5m $15.5m 0.96% New
3 Creative Planning 1.04% of their portfolio OVERLAND PARK, KS 13,676,14313.7m $1.2bn $1.2bn 1.04% Reduced -535.9k -535,948
4 BANK OF AMERICA CORP /DE/ 0.07% of their portfolio CHARLOTTE, NC 10,178,00610.2m $906.5m $906.5m 0.07% Reduced -551.2k -551,217
5 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.66% of their portfolio MILWAUKEE, WI 10,113,17810.1m $900.7m $900.7m 0.66% Added +570.1k +570,141
6 MORGAN STANLEY 0.06% of their portfolio NEW YORK, NY 9,713,0839.7m $865.0m $865.0m 0.06% Reduced -2.3m -2,253,066
7 Wealthfront Advisers LLC 2.01% of their portfolio Palo Alto, CA 8,778,1988.8m $781.8m $781.8m 2.01% Added +216.8k +216,763
8 State of New Jersey Common Pension Fund D 2.97% of their portfolio TRENTON, NJ 8,598,8698.6m $765.8m $765.8m 2.97% Unchanged
9 JPMORGAN CHASE & CO 0.05% of their portfolio NEW YORK, NY 8,037,1298.0m $715.8m $715.8m 0.05% Reduced -638.9k -638,949
10 Gallagher Fiduciary Advisors, LLC 0.00% of their portfolio ROLLING MEADOWS, IL 5,717,7255.7m $113.4k $113.4k 0.00% Added +5.7m +5,653,040
11 US BANCORP \DE\ 0.57% of their portfolio MINNEAPOLIS, MN 5,051,9175.1m $449.9m $449.9m 0.57% Added +10.3k +10,274
12 WELLS FARGO & COMPANY/MN 0.09% of their portfolio SAN FRANCISCO, CA 4,350,7064.4m $387.5m $387.5m 0.09% Reduced -186.4k -186,380
13 PRUDENTIAL FINANCIAL INC 0.49% of their portfolio NEWARK, NJ 4,256,1524.3m $379.1m $379.1m 0.49% Added +82.5k +82,520
14 GOLDMAN SACHS GROUP INC 0.06% of their portfolio NEW YORK, NY 3,943,4573.9m $351.2m $351.2m 0.06% Reduced -752.7k -752,746
15 Financial Engines Advisors L.L.C. 0.58% of their portfolio SANTA CLARA, CA 3,285,3913.3m $292.6m $292.6m 0.58% Added +23.8k +23,782
16 ROYAL BANK OF CANADA 0.02% of their portfolio TORONTO, A6 2,809,9202.8m $250.3m $250.3m 0.02% Added +1.3m +1,317,091
17 Bank of New York Mellon Corp 0.05% of their portfolio NEW YORK, NY 2,772,1002.8m $246.9m $246.9m 0.05% Added +8.1k +8,142
18 ENVESTNET ASSET MANAGEMENT INC 0.06% of their portfolio Berwyn, PA 2,302,4722.3m $205.0m $205.0m 0.06% Reduced -388.4k -388,398
19 State of Tennessee, Department of Treasury 0.67% of their portfolio NASHVILLE, TN 2,111,1852.1m $188.0m $188.0m 0.67% Added +58.3k +58,287
20 LPL Financial LLC 0.06% of their portfolio FORT MILL, SC 2,095,5642.1m $186.6m $186.6m 0.06% Added +362.9k +362,885
21 Mariner, LLC 0.26% of their portfolio Overland Park, KS 1,986,2642.0m $176.9m $176.9m 0.26% Reduced -21.5k -21,492
22 Pure Financial Advisors, LLC 2.94% of their portfolio SAN DIEGO, CA 1,876,3501.9m $167.1m $167.1m 2.94% Added +50.4k +50,377
23 UBS Group AG 0.03% of their portfolio ZURICH, V8 1,782,1351.8m $158.7m $158.7m 0.03% Added +157.6k +157,632
24 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.13% of their portfolio Toronto, A6 1,606,5651.6m $143.1m $143.1m 0.13% Added +136.0k +136,014
25 STATE STREET CORP 0.01% of their portfolio BOSTON, MA 1,592,9051.6m $141.9m $141.9m 0.01% Added +1.4m +1,402,196
26 FIFTH THIRD BANCORP 0.48% of their portfolio CINCINNATI, OH 1,563,7021.6m $139.3m $139.3m 0.48% Reduced -154.3k -154,322
27 Ballentine Partners, LLC 1.85% of their portfolio Waltham, MA 1,378,7361.4m $122.8m $122.8m 1.85% Added +76.9k +76,937
28 RAYMOND JAMES FINANCIAL INC 0.04% of their portfolio ST. PETERSBURG, FL 1,356,7411.4m $120.8m $120.8m 0.04% Added +4.4k +4,438
29 VISTA CAPITAL PARTNERS, INC. 12.36% of their portfolio PORTLAND, OR 1,267,3941.3m $112.9m $112.9m 12.36% Reduced -17.0k -17,038
30 Gibson Capital, LLC 21.71% of their portfolio WEXFORD, PA 1,234,6771.2m $110.0m $110.0m 21.71% Added +5.0k +4,994
31 Cetera Investment Advisers 0.18% of their portfolio SCHAUMBURG, IL 1,208,8031.2m $107.7m $107.7m 0.18% Reduced -63.1k -63,130
32 PNC Financial Services Group, Inc. 0.07% of their portfolio Pittsburgh, PA 1,205,3501.2m $107.3m $107.3m 0.07% Reduced -15.4k -15,397
33 Millburn Ridgefield LLC /DE/ 2.52% of their portfolio New York, NY 1,174,3631.2m $104.6m $104.6m 2.52% Reduced -26.8k -26,845
34 Catalyst Capital Advisors LLC 2.11% of their portfolio San Juan, PR 1,174,3631.2m $104.6m $104.6m 2.11% Reduced -26.8k -26,845
35 Corient Private Wealth LP 0.13% of their portfolio MIAMI, FL 1,110,3141.1m $98.9m $98.9m 0.13% Reduced -15.4k -15,450
36 CITIGROUP INC 0.07% of their portfolio NEW YORK, NY 1,064,0811.1m $94.8m $94.8m 0.07% Added +184.5k +184,461
37 BNP PARIBAS FINANCIAL MARKETS 0.07% of their portfolio PARIS, I0 1,046,0981.0m $93.2m $93.2m 0.07% Reduced -2.2m -2,206,383
38 Beacon Capital Management, Inc. 4.59% of their portfolio DAYTON, OH 1,001,1701.0m $89.2m $89.2m 4.59% Added +941.2k +941,151
39 Rockefeller Capital Management L.P. 0.10% of their portfolio NEW YORK, NY 963,496963.5k $86.6m $86.6m 0.10% Added +473.9k +473,905
40 AVANTAX ADVISORY SERVICES, INC. 0.46% of their portfolio DALLAS, TX 936,792936.8k $83.4m $83.4m 0.46% Added +22.4k +22,450
41 Glenmede Investment Management, LP 0.39% of their portfolio PHILADELPHIA, PA 875,642875.6k $78.0m $78.0m 0.39% First filing
42 Sand Hill Global Advisors, LLC 2.83% of their portfolio Palo Alto, CA 856,608856.6k $76.3m $76.3m 2.83% Added +12.2k +12,224
43 HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.15% of their portfolio TORONTO, A6 850,000850.0k $75.7m $75.7m 0.15% Unchanged
44 Vanderbilt University 14.13% of their portfolio NASHVILLE, TN 840,610840.6k $74.9m $74.9m 14.13% Added +8.3k +8,350
45 Pathstone Holdings, LLC 0.26% of their portfolio ENGLEWOOD, NJ 838,866838.9k $64.9m $64.9m 0.26% Added +157.8k +157,808
46 ASSETMARK, INC 0.18% of their portfolio CONCORD, CA 832,470832.5k $74.1m $74.1m 0.18% Added +40.9k +40,935
47 Seven Post Investment Office LP 27.69% of their portfolio San Francisco, CA 825,347825.3k $73.5m $73.5m 27.69% Added +7.6k +7,647
48 UNITED CAPITAL FINANCIAL ADVISORS, LLC 0.57% of their portfolio IRVING, TX 789,646789.6k $70.3m $70.3m 0.57% Reduced -73.8k -73,773
49 COMMONWEALTH EQUITY SERVICES, LLC 0.09% of their portfolio WALTHAM, MA 747,315747.3k $66.6m $66.6m 0.09% Added +17.5k +17,484
50 HighTower Advisors, LLC 0.08% of their portfolio CHICAGO, IL 732,489732.5k $65.2m $65.2m 0.08% Reduced -9.8k -9,831
51 Caisse de depot et placement du Quebec 0.13% of their portfolio Montreal, A8 680,300680.3k $60.6m $60.6m 0.13% Reduced -164.8k -164,800
52 AMERIPRISE FINANCIAL INC 0.01% of their portfolio MINNEAPOLIS, MN 658,175658.2k $58.7m $58.7m 0.01% Reduced -98.3k -98,300
53 STIFEL FINANCIAL CORP 0.06% of their portfolio ST. LOUIS, MO 657,771657.8k $58.6m $58.6m 0.06% Added +619 +619
54 1832 Asset Management L.P. 0.10% of their portfolio TORONTO, A6 629,800629.8k $56.1m $56.1m 0.10% Added +36.9k +36,922
55 Cerity Partners LLC 0.10% of their portfolio NEW YORK, NY 604,725604.7k $53.9m $53.9m 0.10% Reduced -259.0k -259,023
56 Midwest Trust Co 0.74% of their portfolio Overland Park, KS 596,696596.7k $53.1m $53.1m 0.74% First filing
57 D. E. Shaw & Co., Inc. 0.05% of their portfolio New York, NY 583,837583.8k $52.0m $52.0m 0.05% Reduced -881.9k -881,903
58 First Command Advisory Services, Inc. 0.45% of their portfolio FORT WORTH, TX 580,867580.9k $51.7m $51.7m 0.45% Added +14.4k +14,375
59 REBALANCE, LLC 3.44% of their portfolio PALO ALTO, CA 568,828568.8k $50.7m $50.7m 3.44% Reduced -280.9k -280,859
60 Efficient Advisors, LLC 2.93% of their portfolio BEAVERTON, OR 551,718551.7k $49.1m $49.1m 2.93% Added +29.0k +28,958
61 CITIZENS FINANCIAL GROUP INC/RI 0.73% of their portfolio PROVIDENCE, RI 507,095507.1k $45.2m $45.2m 0.73% Reduced -25.1k -25,107
62 Passive Capital Management, LLC. 13.95% of their portfolio BALTIMORE, MD 499,595499.6k $44.8m $44.8m 13.95% Reduced -10.6k -10,602
63 Wealthspire Advisors, LLC 0.25% of their portfolio NEW YORK, NY 494,688494.7k $44.1m $44.1m 0.25% Reduced -23.5k -23,474
64 OSAIC HOLDINGS, INC. 0.07% of their portfolio SCOTTSDALE, AZ 461,883461.9k $41.2m $41.2m 0.07% Added +54.4k +54,442
65 Capital Investment Advisors, LLC 0.73% of their portfolio ATLANTA, GA 461,305461.3k $41.5m $41.5m 0.73% Added +30.8k +30,755
66 MONETA GROUP INVESTMENT ADVISORS LLC 0.47% of their portfolio ST LOUIS, MO 446,208446.2k $39.7m $39.7m 0.47% Reduced -15.9k -15,878
67 Glenview Trust Co 0.68% of their portfolio Louisville, KY 443,775443.8k $39.5m $39.5m 0.68% Added +87.0k +87,003
68 SCS Capital Management LLC 0.43% of their portfolio BOSTON, MA 439,840439.8k $39.2m $39.2m 0.43% Added +7.9k +7,932
69 OSBORNE PARTNERS CAPITAL MANAGEMENT, LLC 2.05% of their portfolio SAN FRANCISCO, CA 432,617432.6k $38.5m $38.5m 2.05% Added +19.4k +19,409
70 PEAPACK GLADSTONE FINANCIAL CORP 0.54% of their portfolio BEDMINSTER, NJ 425,913425.9k $37.9m $37.9m 0.54% Reduced -20.5k -20,472
71 M&T Bank Corp 0.12% of their portfolio BUFFALO, NY 401,571401.6k $35.8m $35.8m 0.12% Reduced -23.2k -23,185
72 Sequoia Financial Advisors, LLC 0.24% of their portfolio Akron, OH 392,598392.6k $35.0m $35.0m 0.24% Reduced -16.8k -16,849
73 Empirical Financial Services, LLC d.b.a. Empirical Wealth Management 0.78% of their portfolio Seattle, WA 387,069387.1k $34.5m $34.5m 0.78% Added +5.7k +5,734
74 MERCER GLOBAL ADVISORS INC /ADV 0.08% of their portfolio DENVER, CO 383,482383.5k $34.2m $34.2m 0.08% Added +99.2k +99,235
75 Chandler Asset Management, Inc. 6.01% of their portfolio SAN DIEGO, CA 379,853379.9k $33.8m $33.8m 6.01% Added +1.6k +1,555
76 CW Advisors, LLC 0.33% of their portfolio BOSTON, MA 377,695377.7k $33.6m $33.6m 0.33% Added +320.4k +320,399
77 Prime Capital Investment Advisors, LLC 0.44% of their portfolio OVERLAND PARK, KS 369,145369.1k $32.9m $32.9m 0.44% Reduced -40.2k -40,164
78 EVERGREEN CAPITAL MANAGEMENT LLC 0.97% of their portfolio Bellevue, WA 360,192360.2k $32.1m $32.1m 0.97% Added +30.2k +30,192
79 Garde Capital, Inc. 1.65% of their portfolio SEATTLE, WA 345,582345.6k $30.8m $30.8m 1.65% Reduced -10.2k -10,151
80 Falcon Wealth Planning 3.05% of their portfolio Ontario, CA 338,312338.3k $30.1m $30.1m 3.05% Added +21.4k +21,401
81 Focus Partners Wealth 0.07% of their portfolio ST LOUIS, MO 338,150338.1k $30.1m $30.1m 0.07% Added +16.7k +16,707
82 Comprehensive Financial Management LLC 0.82% of their portfolio Los Gatos, CA 328,338328.3k $29.2m $29.2m 0.82% Unchanged
83 Conservest Capital Advisors, Inc. 2.87% of their portfolio WYNNEWOOD, PA 325,849325.8k $29.0m $29.0m 2.87% Added +63.1k +63,065
84 KWMG, LLC 2.72% of their portfolio OVERLAND PARK, KS 325,786325.8k $29.0m $29.0m 2.72% Reduced -22.5k -22,478
85 Baird Financial Group, Inc. 0.05% of their portfolio MILWAUKEE, WI 323,666323.7k $28.8m $28.8m 0.05% Reduced -9.2k -9,201
86 BECKER CAPITAL MANAGEMENT INC 0.87% of their portfolio Portland, OR 315,178315.2k $28.1m $28.1m 0.87% Added +1.8k +1,847
87 PRINCIPAL FINANCIAL GROUP INC 0.01% of their portfolio DES MOINES, IA 308,678308.7k $27.5m $27.5m 0.01% Added +59.8k +59,810
88 MassMutual Private Wealth & Trust, FSB 0.73% of their portfolio Windsor, CT 305,984306.0k $27.3m $27.3m 0.73% Added +9.6k +9,649
89 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.04% of their portfolio PLYMOUTH, MN 293,565293.6k $26.4m $26.4m 0.04% Reduced -22.6k -22,604
90 COMERICA BANK 0.10% of their portfolio DALLAS, TX 286,220286.2k $25.5m $25.5m 0.10% Added +92.5k +92,482
91 HHM Wealth Advisors, LLC 3.02% of their portfolio CHATTANOOGA, TN 285,678285.7k $25.4m $25.4m 3.02% Added +6.1k +6,083
92 PGIM Custom Harvest LLC 0.51% of their portfolio NEWARK, NJ 275,976276.0k $24.6m $24.6m 0.51% Added +23.9k +23,893
93 EXCHANGE TRADED CONCEPTS, LLC 0.30% of their portfolio Oklahoma City, OK 267,431267.4k $23.8m $23.8m 0.30% Reduced -412.2k -412,220
94 CAPTRUST FINANCIAL ADVISORS 0.05% of their portfolio RALEIGH, NC 266,231266.2k $23.7m $23.7m 0.05% Added +8.5k +8,536
95 FMR LLC 0.00% of their portfolio BOSTON, MA 263,403263.4k $23.5m $23.5m 0.00% Reduced -38.8k -38,785
96 SUMITOMO LIFE INSURANCE CO 1.57% of their portfolio TOKYO, M0 260,707260.7k $23.2m $23.2m 1.57% New
97 FOSTER & MOTLEY INC 1.33% of their portfolio CINCINNATI, OH 258,238258.2k $23.0m $23.0m 1.33% Reduced -1.5k -1,497
98 Whelan Financial 8.20% of their portfolio FRESNO, CA 254,697254.7k $22.7m $22.7m 8.20% Added +2.1k +2,131
99 CYPRESS FINANCIAL PLANNING LLC 7.33% of their portfolio HADDON HEIGHTS, NJ 250,590250.6k $22.3m $22.3m 7.33% Added +10.9k +10,874
100 COMMUNITY TRUST & INVESTMENT CO 1.29% of their portfolio LEXINGTON, KY 250,429250.4k $22.3m $22.3m 1.29% Reduced -270 -270