Vault-13

VANGUARD INDEX FDS VBR

SM CP VAL ETF · ETP · CUSIP 922908611

1,567 institutional holders +34 vs Q1 2025
86,771,07086.8m shares reported held*
$16.9bnreported value*
107 new 516 added 621 reduced 85 sold out net sold ≈ $153.4m (-796.4k 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 ($21.6m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $194.35. Options: 4 managers hold calls ($10.5m notional), 2 hold puts ($604.5k).

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

01k2kQ3 22: 1,090Q4 22: 1,221Q1 23: 1,209Q2 23: 1,239Q3 23: 1,241Q4 23: 1,386Q1 24: 1,379Q2 24: 1,372Q3 24: 1,433Q4 24: 1,594Q1 25: 1,533Q2 25: 1,5671,567Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 20221,090
Q4 20221,221
Q1 20231,209
Q2 20231,239
Q3 20231,241
Q4 20231,386
Q1 20241,379
Q2 20241,372
Q3 20241,433
Q4 20241,594
Q1 20251,533
Q2 20251,567

Buyers vs sellers

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

Bought or addedCut or sold out
1k01kQ3 23: 565 bought or addedQ3 23: 494 cut or sold outQ4 23: 606 bought or addedQ4 23: 527 cut or sold outQ4 23Q1 24: 595 bought or addedQ1 24: 603 cut or sold outQ2 24: 550 bought or addedQ2 24: 602 cut or sold outQ2 24Q3 24: 645 bought or addedQ3 24: 557 cut or sold outQ4 24: 714 bought or addedQ4 24: 511 cut or sold outQ4 24Q1 25: 662 bought or addedQ1 25: 701 cut or sold outQ2 25: 623 bought or addedQ2 25: 706 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 2023565494
Q4 2023606527
Q1 2024595603
Q2 2024550602
Q3 2024645557
Q4 2024714511
Q1 2025662701
Q2 2025623706

Calls vs puts

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

CallsPuts
$0$5m$10m$15mQ3 24 calls: $9.8mQ3 24 puts: $4.5mQ3 24P/C 0.45Q4 24 calls: $10.3mQ4 24 puts: $1.9mQ4 24P/C 0.18Q1 25 calls: $7.2mQ1 25 puts: $1.3mQ1 25P/C 0.18Q2 25 calls: $10.5mQ2 25 puts: $604.5kQ2 25P/C 0.06
Numbers
QuarterCallsPutsP/C
Q3 2024$9.8m$4.5m0.45
Q4 2024$10.3m$1.9m0.18
Q1 2025$7.2m$1.3m0.18
Q2 2025$10.5m$604.5k0.06

Biggest buyers

ROYAL BANK OF CANADA Added +521,643+521.6k
Rockefeller Capital Management L.P. Added +460,542+460.5k
PARK AVENUE SECURITIES LLC New +402,203+402.2k
OSAIC HOLDINGS, INC. Added +326,129+326.1k
WIT, LLC New +250,167+250.2k
ASSETMARK, INC Added +185,712+185.7k
Cetera Investment Advisers Added +162,575+162.6k
WEALTH ENHANCEMENT ADVISORY SERVICES, LLC Added +153,529+153.5k
Merit Financial Group, LLC Added +136,943+136.9k
JMG Financial Group, Ltd. Added +111,962+112.0k

Biggest sellers

BANK OF AMERICA CORP /DE/ Reduced -1,770,647-1.8m
CAPTRUST FINANCIAL ADVISORS Reduced -615,641-615.6k
JONES FINANCIAL COMPANIES LLLP Reduced -248,617-248.6k
University of Maryland Foundation, Inc. Sold out -208,177-208.2k
Center for Financial Planning, Inc. Reduced -185,799-185.8k
Betterment LLC Reduced -152,582-152.6k
Verus Financial Partners, Inc. Reduced -144,367-144.4k
Kaydan Wealth Management, Inc. Sold out -107,129-107.1k
COMMONWEALTH EQUITY SERVICES, LLC Reduced -82,603-82.6k
Sepio Capital, LP Reduced -81,609-81.6k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $8.3m42.7k shares
CITADEL ADVISORS LLC Reduced $1.1m5.8k shares
JANE STREET GROUP, LLC Reduced $741.0k3.8k shares
Belvedere Trading LLC New $292.5k1.5k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $331.5k1.7k shares
CITADEL ADVISORS LLC Reduced $273.0k1.4k 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 BANK OF AMERICA CORP /DE/ 0.24% of their portfolio CHARLOTTE, NC 15,229,66215.2m $3.0bn $3.0bn 0.24% Reduced -1.8m -1,770,647
2 ASSETMARK, INC 2.01% of their portfolio CONCORD, CA 4,360,4774.4m $850.3m $850.3m 2.01% Added +185.7k +185,712
3 MORGAN STANLEY 0.05% of their portfolio NEW YORK, NY 3,865,6233.9m $753.8m $753.8m 0.05% Reduced -67.1k -67,082
4 Betterment LLC 1.33% of their portfolio NEW YORK, NY 3,200,4713.2m $624.1m $624.1m 1.33% Reduced -152.6k -152,582
5 WELLS FARGO & COMPANY/MN 0.08% of their portfolio SAN FRANCISCO, CA 1,809,6161.8m $352.9m $352.9m 0.08% Added +11.6k +11,570
6 ENVESTNET ASSET MANAGEMENT INC 0.10% of their portfolio Berwyn, PA 1,703,1381.7m $332.1m $332.1m 0.10% Reduced -70.4k -70,440
7 UBS Group AG 0.07% of their portfolio ZURICH, V8 1,633,9111.6m $318.6m $318.6m 0.07% Reduced -36.9k -36,940
8 ASPIRIANT, LLC 9.20% of their portfolio San Francisco, CA 1,483,4541.5m $289.3m $289.3m 9.20% Reduced -58.0k -57,978
9 LPL Financial LLC 0.09% of their portfolio FORT MILL, SC 1,436,7931.4m $280.2m $280.2m 0.09% Added +47.0k +46,966
10 SEI INVESTMENTS CO 0.32% of their portfolio OAKS, PA 1,426,8271.4m $278.3m $278.3m 0.32% Added +41.5k +41,495
11 CAPTRUST FINANCIAL ADVISORS 0.49% of their portfolio RALEIGH, NC 1,136,5861.1m $221.6m $221.6m 0.49% Reduced -615.6k -615,641
12 JONES FINANCIAL COMPANIES LLLP 0.16% of their portfolio DES PERES, MO 1,062,9701.1m $208.1m $208.1m 0.16% Reduced -248.6k -248,617
13 ROYAL BANK OF CANADA 0.02% of their portfolio TORONTO, A6 1,007,1301.0m $196.4m $196.4m 0.02% Added +521.6k +521,643
14 RAYMOND JAMES FINANCIAL INC 0.06% of their portfolio ST. PETERSBURG, FL 923,880923.9k $180.2m $180.2m 0.06% Reduced -43.8k -43,819
15 Rockefeller Capital Management L.P. 0.20% of their portfolio NEW YORK, NY 880,906880.9k $171.8m $171.8m 0.20% Added +460.5k +460,542
16 Cetera Investment Advisers 0.29% of their portfolio SCHAUMBURG, IL 880,807880.8k $171.8m $171.8m 0.29% Added +162.6k +162,575
17 MATHER GROUP, LLC. 1.82% of their portfolio CHICAGO, IL 873,500873.5k $170.3m $170.3m 1.82% Reduced -3.1k -3,139
18 HighTower Advisors, LLC 0.20% of their portfolio CHICAGO, IL 821,531821.5k $160.2m $160.2m 0.20% Added +48.5k +48,461
19 OSAIC HOLDINGS, INC. 0.28% of their portfolio SCOTTSDALE, AZ 812,288812.3k $156.3m $156.3m 0.28% Added +326.1k +326,129
20 Allworth Financial LP 0.74% of their portfolio FOLSOM, CA 794,775794.8k $155.0m $155.0m 0.74% Added +49.1k +49,116
21 TIAA TRUST, NATIONAL ASSOCIATION 0.40% of their portfolio CHARLOTTE, NC 782,506782.5k $152.6m $152.6m 0.40% Added +7.5k +7,508
22 PNC Financial Services Group, Inc. 0.10% of their portfolio Pittsburgh, PA 780,538780.5k $152.2m $152.2m 0.10% Reduced -17.6k -17,573
23 CHOREO, LLC 2.13% of their portfolio ROCKFORD, IL 777,889777.9k $152.4m $152.4m 2.13% Reduced -14.4k -14,357
24 JPMORGAN CHASE & CO 0.01% of their portfolio NEW YORK, NY 747,328747.3k $145.7m $145.7m 0.01% Added +98.3k +98,344
25 AMERIPRISE FINANCIAL INC 0.04% of their portfolio MINNEAPOLIS, MN 739,019739.0k $144.6m $144.6m 0.04% Reduced -40.5k -40,495
26 Focus Partners Wealth 0.30% of their portfolio ST LOUIS, MO 700,565700.6k $136.7m $136.7m 0.30% Added +32.9k +32,856
27 COMMONWEALTH EQUITY SERVICES, LLC 0.17% of their portfolio WALTHAM, MA 665,646665.6k $129.8m $129.8m 0.17% Reduced -82.6k -82,603
28 Efficient Advisors, LLC 7.09% of their portfolio BEAVERTON, OR 610,689610.7k $119.1m $119.1m 7.09% Added +42.8k +42,794
29 Mill Creek Capital Advisors, LLC 2.09% of their portfolio Conshohocken, PA 483,605483.6k $94.3m $94.3m 2.09% Reduced -7.5k -7,537
30 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.16% of their portfolio PLYMOUTH, MN 480,301480.3k $96.9m $96.9m 0.16% Added +153.5k +153,529
31 RWA WEALTH PARTNERS, LLC 1.14% of their portfolio BOSTON, MA 467,411467.4k $91.1m $91.1m 1.14% Added +34.7k +34,733
32 STEPHENS GROUP ASSET MANAGEMENT, LLC 6.37% of their portfolio LITTLE ROCK, AR 453,785453.8k $88.5m $88.5m 6.37% Added +49.8k +49,790
33 Mariner, LLC 0.13% of their portfolio Overland Park, KS 452,257452.3k $88.2m $88.2m 0.13% Added +16.9k +16,924
34 MONETA GROUP INVESTMENT ADVISORS LLC 1.02% of their portfolio ST LOUIS, MO 437,040437.0k $85.2m $85.2m 1.02% Added +45.3k +45,327
35 PARK AVENUE SECURITIES LLC 0.72% of their portfolio NEW YORK, NY 402,203402.2k $78.4m $78.4m 0.72% New
36 JMG Financial Group, Ltd. 2.35% of their portfolio DOWNERS GROVE, IL 397,979398.0k $77.6m $77.6m 2.35% Added +112.0k +111,962
37 Retirement Systems of Alabama 0.27% of their portfolio MONTGOMERY, AL 382,480382.5k $74.6m $74.6m 0.27% Unchanged
38 BANK OF MONTREAL /CAN/ 0.04% of their portfolio TORONTO, A6 381,568381.6k $74.4m $74.4m 0.04% Reduced -29.6k -29,638
39 Retirement Investment Advisors, Inc. 6.66% of their portfolio OKLAHOMA CITY, OK 379,601379.6k $74.0m $74.0m 6.66% Added +25.5k +25,499
40 UNITED CAPITAL FINANCIAL ADVISORS, LLC 0.59% of their portfolio IRVING, TX 372,856372.9k $72.7m $72.7m 0.59% Reduced -29.9k -29,925
41 Modera Wealth Management, LLC 0.87% of their portfolio WESTWOOD, NJ 362,293362.3k $70.7m $70.7m 0.87% Added +11.4k +11,393
42 Wealthspire Advisors, LLC 0.39% of their portfolio NEW YORK, NY 357,106357.1k $69.6m $69.6m 0.39% Added +2.8k +2,842
43 GOLDMAN SACHS GROUP INC 0.01% of their portfolio NEW YORK, NY 357,098357.1k $69.6m $69.6m 0.01% Added +29.6k +29,597
44 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.05% of their portfolio MILWAUKEE, WI 354,686354.7k $69.2m $69.2m 0.05% Added +18.3k +18,315
45 SOA Wealth Advisors, LLC. 1.17% of their portfolio NEW YORK, NY 354,002354.0k $6.2m $6.2m 1.17% Reduced -28.5k -28,519
46 STIFEL FINANCIAL CORP 0.06% of their portfolio ST. LOUIS, MO 331,832331.8k $64.7m $64.7m 0.06% Added +9.2k +9,228
47 Rodgers & Associates, LTD 6.79% of their portfolio Lancaster, PA 316,993317.0k $61.8m $61.8m 6.79% Added +13.9k +13,899
48 1832 Asset Management L.P. 0.11% of their portfolio TORONTO, A6 315,854315.9k $61.6m $61.6m 0.11% Added +16.6k +16,578
49 Bragg Financial Advisors, Inc 2.14% of their portfolio CHARLOTTE, NC 306,523306.5k $59.8m $59.8m 2.14% Added +15.5k +15,530
50 Mokosak Advisory Group, LLC 16.82% of their portfolio URBANDALE, IA 305,009305.0k $59.5m $59.5m 16.82% Added +7.6k +7,610
51 Creative Planning 0.05% of their portfolio OVERLAND PARK, KS 297,801297.8k $58.1m $58.1m 0.05% Reduced -22.2k -22,231
52 Mason Investment Advisory Services, Inc. 2.99% of their portfolio RESTON, VA 281,121281.1k $54.8m $54.8m 2.99% Reduced -1.8k -1,798
53 Cresset Asset Management, LLC 0.28% of their portfolio Chicago, IL 280,451280.5k $54.9m $54.9m 0.28% Reduced -28.2k -28,169
54 Financial Advisory Corp 8.25% of their portfolio Grand Rapids, MI 275,782275.8k $53.8m $53.8m 8.25% Added +7.2k +7,187
55 EXENCIAL WEALTH ADVISORS, LLC 1.88% of their portfolio OKLAHOMA CITY, OK 273,786273.8k $53.4m $53.4m 1.88% Added +11.0k +10,970
56 STEPHENS INC /AR/ 0.72% of their portfolio LITTLE ROCK, AR 270,049270.0k $52.7m $52.7m 0.72% Added +4.5k +4,490
57 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.01% of their portfolio SAN FRANCISCO, CA 268,007268.0k $52.3m $52.3m 0.01% Reduced -566 -566
58 Savant Capital, LLC 0.37% of their portfolio ROCKFORD, IL 264,513264.5k $51.6m $51.6m 0.37% Added +3.0k +3,006
59 Cerity Partners LLC 0.09% of their portfolio NEW YORK, NY 253,816253.8k $49.5m $49.5m 0.09% Added +12.3k +12,257
60 WIT, LLC 1.21% of their portfolio DISTRICT OF COLUMBIA, DC 250,167250.2k $48.8m $48.8m 1.21% New
61 BAILARD, INC. 1.12% of their portfolio Foster City, CA 246,697246.7k $48.1m $48.1m 1.12% Added +907 +907
62 MML INVESTORS SERVICES, LLC 0.14% of their portfolio SPRINGFIELD, MA 245,196245.2k $47.8m $47.8m 0.14% Added +2.2k +2,247
63 THOMPSON SIEGEL & WALMSLEY LLC 0.79% of their portfolio RICHMOND, VA 238,826238.8k $46.6m $46.6m 0.79% Added +333 +333
64 Zhang Financial LLC 2.13% of their portfolio PORTAGE, MI 236,780236.8k $46.2m $46.2m 2.13% Reduced -8.3k -8,253
65 INSPIRION WEALTH ADVISORS, LLC 5.99% of their portfolio LIBERTYVILLE, IL 231,924231.9k $45.2m $45.2m 5.99% Reduced -2.7k -2,709
66 Abacus Planning Group, Inc. 5.97% of their portfolio COLUMBIA, SC 205,765205.8k $40.1m $40.1m 5.97% Reduced -11.4k -11,442
67 Foster Group, Inc. 1.36% of their portfolio WEST DES MOINES, IA 203,956204.0k $39.8m $39.8m 1.36% Reduced -1.3k -1,323
68 TRUIST FINANCIAL CORP 0.06% of their portfolio CHARLOTTE, NC 203,501203.5k $39.7m $39.7m 0.06% Reduced -18.3k -18,324
69 Summit Financial, LLC 0.90% of their portfolio PARSIPPANY, NJ 203,262203.3k $39.8m $39.8m 0.90% Added +11.9k +11,888
70 Corient Private Wealth LP 0.05% of their portfolio MIAMI, FL 198,986199.0k $38.8m $38.8m 0.05% Reduced -22.0k -21,977
71 25 LLC 13.71% of their portfolio ST. LOUIS, MO 191,385191.4k $37.3m $37.3m 13.71% Added +7.0k +6,985
72 Equitable Holdings, Inc. 0.30% of their portfolio NEW YORK, NY 188,102188.1k $36.7m $36.7m 0.30% Added +4.2k +4,200
73 Comprehensive Financial Management LLC 1.01% of their portfolio Los Gatos, CA 184,376184.4k $36.1m $36.1m 1.01% Unchanged
74 Opal Wealth Advisors, LLC 9.95% of their portfolio JERICHO, NY 184,022184.0k $35.9m $35.9m 9.95% Added +11.1k +11,130
75 MERCER GLOBAL ADVISORS INC /ADV 0.08% of their portfolio DENVER, CO 176,390176.4k $34.4m $34.4m 0.08% Reduced -52.6k -52,569
76 Cambridge Investment Research Advisors, Inc. 0.10% of their portfolio FAIRFIELD, IA 173,386173.4k $33.8m $33.8m 0.10% Reduced -12.0k -12,011
77 Strategies Wealth Advisors, LLC 3.64% of their portfolio GRAND RAPIDS, MI 171,025171.0k $33.4m $33.4m 3.64% Added +124 +124
78 Merit Financial Group, LLC 0.37% of their portfolio ALPHARETTA, GA 169,586169.6k $33.1m $33.1m 0.37% Added +136.9k +136,943
79 Waldron Private Wealth LLC 1.43% of their portfolio BRIDGEVILLE, PA 167,804167.8k $32.9m $32.9m 1.43% Reduced -409 -409
80 Pathstone Holdings, LLC 0.12% of their portfolio ENGLEWOOD, NJ 162,441162.4k $30.2m $30.2m 0.12% Added +73.9k +73,922
81 Sanctuary Advisors, LLC 0.18% of their portfolio INDIANAPOLIS, IN 149,591149.6k $29.2m $29.2m 0.18% Reduced -3.2k -3,233
82 Asset Management Group, Inc. 5.08% of their portfolio STAMFORD, CT 149,397149.4k $29.1m $29.1m 5.08% Reduced -1.3k -1,292
83 Verus Financial Partners, Inc. 3.04% of their portfolio RICHMOND, VA 148,415148.4k $29.9m $29.9m 3.04% Reduced -144.4k -144,367
84 US BANCORP \DE\ 0.04% of their portfolio MINNEAPOLIS, MN 147,872147.9k $28.9m $28.9m 0.04% Added +1.9k +1,869
85 NewEdge Advisors, LLC 0.14% of their portfolio NEW ORLEANS, LA 142,693142.7k $27.8m $27.8m 0.14% Added +790 +790
86 COMERICA BANK 0.11% of their portfolio DALLAS, TX 141,141141.1k $27.5m $27.5m 0.11% Added +606 +606
87 Focus Partners Advisor Solutions, LLC 0.36% of their portfolio SAINT LOUIS, MO 139,592139.6k $27.2m $27.2m 0.36% Reduced -953 -953
88 Baird Financial Group, Inc. 0.05% of their portfolio MILWAUKEE, WI 137,603137.6k $26.8m $26.8m 0.05% Reduced -2.7k -2,743
89 Northwest Quadrant Wealth Management, LLC 5.88% of their portfolio BEND, OR 135,194135.2k $26.4m $26.4m 5.88% Added +559 +559
90 Wealth Architects, LLC 2.66% of their portfolio MOUNTAIN VIEW, CA 134,344134.3k $26.2m $26.2m 2.66% Added +6.8k +6,792
91 Marotta Asset Management 5.20% of their portfolio CHARLOTTESVILLE, VA 133,063133.1k $25.9m $25.9m 5.20% Reduced -3.9k -3,944
92 Empirical Financial Services, LLC d.b.a. Empirical Wealth Management 0.59% of their portfolio Seattle, WA 132,699132.7k $25.9m $25.9m 0.59% Added +9.5k +9,475
93 FMR LLC 0.00% of their portfolio BOSTON, MA 132,031132.0k $25.7m $25.7m 0.00% Reduced -33.1k -33,056
94 McAdam, LLC 1.37% of their portfolio Philadelphia, PA 128,647128.6k $25.1m $25.1m 1.37% Added +1.7k +1,709
95 Private Advisor Group, LLC 0.13% of their portfolio MORRISTOWN, NJ 126,038126.0k $24.6m $24.6m 0.13% Reduced -136 -136
96 Brickley Wealth Management 4.74% of their portfolio SAN MATEO, CA 124,223124.2k $24.2m $24.2m 4.74% Added +564 +564
97 Kestra Advisory Services, LLC 0.11% of their portfolio AUSTIN, TX 120,548120.5k $23.5m $23.5m 0.11% Added +9.1k +9,116
98 Silver Coast Investments LLC 8.35% of their portfolio SAN DIEGO, X1 117,826117.8k $23.0m $23.0m 8.35% Added +49.9k +49,933
99 BHK Investment Advisors, LLC 8.97% of their portfolio BIRMINGHAM, AL 117,444117.4k $22.9m $22.9m 8.97% Added +2.0k +2,003
100 Pasadena Private Wealth, LLC 3.92% of their portfolio PASADENA, CA 117,238117.2k $22.9m $22.9m 3.92% Reduced -7.2k -7,204