Vault-13

VANGUARD INDEX FDS VUG

GROWTH ETF · ETP · CUSIP 922908736

2,818 institutional holders +208 vs Q3 2025
269,406,983269.4m shares reported held*
$129.9bnreported value*
106 new 1,056 added 981 reduced 82 sold out net bought ≈ $2.6bn (+5.8m 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 ($325.7m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $482.35. Options: 6 managers hold calls ($228.2m notional), 6 hold puts ($60.7m).

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

01k2k3kQ3 22: 1,558Q4 22: 1,671Q1 23: 1,722Q2 23: 1,828Q3 23: 1,839Q4 23: 2,049Q1 24: 2,099Q2 24: 2,164Q3 24: 2,229Q4 24: 2,508Q1 25: 2,455Q2 25: 2,504Q3 25: 2,610Q4 25: 2,8182,818Q3 22Q2 23Q1 24Q4 24Q4 25
Numbers
QuarterHolders
Q3 20221,558
Q4 20221,671
Q1 20231,722
Q2 20231,828
Q3 20231,839
Q4 20232,049
Q1 20242,099
Q2 20242,164
Q3 20242,229
Q4 20242,508
Q1 20252,455
Q2 20252,504
Q3 20252,610
Q4 20252,818

Buyers vs sellers

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

Bought or addedCut or sold out
2k02kQ1 24: 942 bought or addedQ1 24: 904 cut or sold outQ2 24: 925 bought or addedQ2 24: 865 cut or sold outQ2 24Q3 24: 1,002 bought or addedQ3 24: 868 cut or sold outQ4 24: 1,081 bought or addedQ4 24: 852 cut or sold outQ4 24Q1 25: 1,097 bought or addedQ1 25: 1,048 cut or sold outQ2 25: 1,110 bought or addedQ2 25: 990 cut or sold outQ2 25Q3 25: 1,144 bought or addedQ3 25: 991 cut or sold outQ4 25: 1,162 bought or addedQ4 25: 1,063 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 2024942904
Q2 2024925865
Q3 20241,002868
Q4 20241,081852
Q1 20251,0971,048
Q2 20251,110990
Q3 20251,144991
Q4 20251,1621,063

Calls vs puts

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

CallsPuts
$0$100m$200m$300mQ1 25 calls: $116.2mQ1 25 puts: $111.8mQ1 25P/C 0.96Q2 25 calls: $155.9mQ2 25 puts: $202.5mQ2 25P/C 1.30Q3 25 calls: $162.6mQ3 25 puts: $87.2mQ3 25P/C 0.54Q4 25 calls: $228.2mQ4 25 puts: $60.7mQ4 25P/C 0.27
Numbers
QuarterCallsPutsP/C
Q1 2025$116.2m$111.8m0.96
Q2 2025$155.9m$202.5m1.30
Q3 2025$162.6m$87.2m0.54
Q4 2025$228.2m$60.7m0.27

Biggest buyers

JONES FINANCIAL COMPANIES LLLP Added +4,166,873+4.2m
Corient Private Wealth LP Added +1,593,782+1.6m
BANK OF AMERICA CORP /DE/ Added +789,296+789.3k
RAYMOND JAMES FINANCIAL INC Added +785,519+785.5k
CAHILL FINANCIAL ADVISORS INC Added +299,247+299.2k
Arax Advisory Partners New +250,815+250.8k
Battery Global Advisors, LLC Added +222,207+222.2k
Rockefeller Capital Management L.P. Added +171,125+171.1k
Bleakley Financial Group, LLC Added +151,539+151.5k
WELLINGTON MANAGEMENT GROUP LLP Added +141,411+141.4k

Biggest sellers

JPMORGAN CHASE & CO Reduced -1,687,489-1.7m
Sanctuary Advisors, LLC Reduced -712,540-712.5k
ENVESTNET ASSET MANAGEMENT INC Reduced -662,910-662.9k
MORGAN STANLEY Reduced -387,829-387.8k
Wealthspire Advisors, LLC Reduced -322,957-323.0k
Financial Engines Advisors L.L.C. Reduced -321,775-321.8k
UBS Group AG Reduced -189,706-189.7k
BlueStem Wealth Partners, LLC Reduced -188,082-188.1k
CAPTRUST FINANCIAL ADVISORS Reduced -156,019-156.0k
Savant Capital, LLC Reduced -147,978-148.0k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $120.5m247.0k shares
CITADEL ADVISORS LLC Added $74.2m152.1k shares
JANE STREET GROUP, LLC Added $25.2m51.7k shares
Tidal Investments LLC New $5.6m11.4k shares
Belvedere Trading LLC Added $2.7m5.6k shares
Cetera Investment Advisers New $11.0k800 shares

Biggest puts

CITADEL ADVISORS LLC Added $25.4m52.1k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $20.7m42.5k shares
JANE STREET GROUP, LLC Reduced $13.0m26.7k shares
Belvedere Trading LLC Reduced $1.4m2.8k shares
WELLS FARGO & COMPANY/MN Unchanged $97.6k200 shares
RAYMOND JAMES FINANCIAL INC Unchanged $44.0k100 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 BANK OF AMERICA CORP /DE/ 1.70% of their portfolio CHARLOTTE, NC 47,877,29447.9m $23.4bn $23.4bn 1.70% Added +789.3k +789,296
2 JONES FINANCIAL COMPANIES LLLP 11.71% of their portfolio DES PERES, MO 39,381,98339.4m $19.2bn $19.2bn 11.71% Added +4.2m +4,166,873
3 MORGAN STANLEY 0.42% of their portfolio NEW YORK, NY 14,385,76114.4m $7.0bn $7.0bn 0.42% Reduced -387.8k -387,829
4 ENVESTNET ASSET MANAGEMENT INC 1.11% of their portfolio Berwyn, PA 7,655,6287.7m $3.7bn $3.7bn 1.11% Reduced -662.9k -662,910
5 Financial Engines Advisors L.L.C. 6.00% of their portfolio SANTA CLARA, CA 6,494,6746.5m $3.2bn $3.2bn 6.00% Reduced -321.8k -321,775
6 UBS Group AG 0.54% of their portfolio ZURICH, V8 5,614,5625.6m $2.7bn $2.7bn 0.54% Reduced -189.7k -189,706
7 LPL Financial LLC 0.73% of their portfolio FORT MILL, SC 5,490,8985.5m $2.7bn $2.7bn 0.73% Added +24.1k +24,146
8 WELLS FARGO & COMPANY/MN 0.41% of their portfolio SAN FRANCISCO, CA 4,323,2034.3m $2.1bn $2.1bn 0.41% Added +110.5k +110,503
9 AMERIPRISE FINANCIAL INC 0.43% of their portfolio MINNEAPOLIS, MN 3,886,3183.9m $1.9bn $1.9bn 0.43% Added +18.2k +18,225
10 TIAA TRUST, NATIONAL ASSOCIATION 4.21% of their portfolio CHARLOTTE, NC 3,601,6073.6m $1.8bn $1.8bn 4.21% Added +89.8k +89,760
11 EP Wealth Advisors, LLC 8.78% of their portfolio TORRANCE, CA 3,464,2303.5m $1.7bn $1.7bn 8.78% First filing
12 RAYMOND JAMES FINANCIAL INC 0.51% of their portfolio ST. PETERSBURG, FL 3,328,6393.3m $1.6bn $1.6bn 0.51% Added +785.5k +785,519
13 Corient Private Wealth LP 0.94% of their portfolio MIAMI, FL 2,999,2793.0m $1.4bn $1.4bn 0.94% Added +1.6m +1,593,782
14 FMR LLC 0.06% of their portfolio BOSTON, MA 2,589,1102.6m $1.3bn $1.3bn 0.06% Reduced -32.3k -32,333
15 Mill Creek Capital Advisors, LLC 24.67% of their portfolio Conshohocken, PA 2,481,9302.5m $1.2bn $1.2bn 24.67% Reduced -43.8k -43,760
16 PNC Financial Services Group, Inc. 0.61% of their portfolio Pittsburgh, PA 2,286,5432.3m $1.1bn $1.1bn 0.61% Reduced -41.9k -41,880
17 RWA WEALTH PARTNERS, LLC 11.95% of their portfolio BOSTON, MA 2,240,5802.2m $1.1bn $1.1bn 11.95% Added +79.5k +79,472
18 ROYAL BANK OF CANADA 0.19% of their portfolio TORONTO, A6 2,187,6482.2m $1.1bn $1.1bn 0.19% Added +13.8k +13,815
19 Cetera Investment Advisers 1.13% of their portfolio SCHAUMBURG, IL 2,124,0592.1m $1.0bn $1.0bn 1.13% Added +48.5k +48,510
20 Bank of New York Mellon Corp 0.16% of their portfolio NEW YORK, NY 1,913,7131.9m $933.6m $933.6m 0.16% Reduced -17.6k -17,642
21 Mariner, LLC 1.06% of their portfolio Overland Park, KS 1,832,3601.8m $893.9m $893.9m 1.06% Added +43.3k +43,348
22 JPMORGAN CHASE & CO 0.06% of their portfolio NEW YORK, NY 1,792,9311.8m $874.7m $874.7m 0.06% Reduced -1.7m -1,687,489
23 D.A. DAVIDSON & CO. 5.30% of their portfolio GREAT FALLS, MT 1,773,3691.8m $865.2m $865.2m 5.30% Reduced -604 -604
24 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.54% of their portfolio MILWAUKEE, WI 1,751,6241.8m $854.5m $854.5m 0.54% Reduced -24.5k -24,482
25 COMMONWEALTH EQUITY SERVICES, LLC 1.07% of their portfolio WALTHAM, MA 1,651,5301.7m $805.7m $805.7m 1.07% Reduced -60.3k -60,285
26 Balentine LLC 29.44% of their portfolio ATLANTA, GA 1,590,6721.6m $776.0m $776.0m 29.44% Added +76.2k +76,192
27 HighTower Advisors, LLC 0.84% of their portfolio CHICAGO, IL 1,576,7961.6m $769.3m $769.3m 0.84% Reduced -19.9k -19,881
28 Provida Pension Fund Administrator 13.10% of their portfolio LAS CONDES, SANTIAGO, F3 1,552,1931.6m $757.3m $757.3m 13.10% Added +50.8k +50,790
29 SEI INVESTMENTS CO 0.70% of their portfolio OAKS, PA 1,456,4211.5m $710.5m $710.5m 0.70% Reduced -8.5k -8,470
30 MONETA GROUP INVESTMENT ADVISORS LLC 5.06% of their portfolio ST LOUIS, MO 1,370,9511.4m $668.8m $668.8m 5.06% Reduced -1.7k -1,744
31 CAPTRUST FINANCIAL ADVISORS 1.22% of their portfolio RALEIGH, NC 1,310,5721.3m $639.4m $639.4m 1.22% Reduced -156.0k -156,019
32 Performance Wealth Partners, LLC 16.92% of their portfolio HINSDALE, IL 1,279,5171.3m $624.2m $624.2m 16.92% Reduced -11.1k -11,149
33 Modera Wealth Management, LLC 6.75% of their portfolio WESTWOOD, NJ 1,196,7881.2m $583.9m $583.9m 6.75% Reduced -22.1k -22,066
34 GOLDMAN SACHS GROUP INC 0.08% of their portfolio NEW YORK, NY 1,180,1631.2m $575.8m $575.8m 0.08% Added +11.7k +11,681
35 VANTAGEPOINT INVESTMENT ADVISERS LLC 4.27% of their portfolio WASHINGTON, DC 1,087,8931.1m $530.7m $530.7m 4.27% Added +13.2k +13,243
36 TRUIST FINANCIAL CORP 0.70% of their portfolio CHARLOTTE, NC 1,078,0001.1m $525.9m $525.9m 0.70% Added +22.7k +22,728
37 Wellspring Financial Advisors, LLC 0.93% of their portfolio CLEVELAND, OH 1,038,5201.0m $11.8m $11.8m 0.93% Added +3.2k +3,186
38 OSAIC HOLDINGS, INC. 0.73% of their portfolio SCOTTSDALE, AZ 1,028,5681.0m $502.2m $502.2m 0.73% Added +21.1k +21,056
39 SIGNATURE ESTATE & INVESTMENT ADVISORS LLC 10.08% of their portfolio LOS ANGELES, CA 1,025,8721.0m $500.5m $500.5m 10.08% Added +7.4k +7,410
40 CHOREO, LLC 6.37% of their portfolio ROCKFORD, IL 1,016,0841.0m $499.6m $499.6m 6.37% Reduced -1.9k -1,872
41 MISSION WEALTH MANAGEMENT, LP 9.75% of their portfolio Santa Barbara, CA 981,225981.2k $478.7m $478.7m 9.75% Reduced -41.7k -41,691
42 CITIGROUP INC 0.31% of their portfolio NEW YORK, NY 934,721934.7k $456.0m $456.0m 0.31% Added +56.7k +56,703
43 Align Financial, LLC 0.51% of their portfolio HERMANTOWN, MN 877,660877.7k $877.7k $877.7k 0.51% First filing
44 CBIZ Investment Advisory Services, LLC 15.27% of their portfolio INDEPENDENCE, OH 827,704827.7k $403.8m $403.8m 15.27% Added +48 +48
45 Merit Financial Group, LLC 3.20% of their portfolio ALPHARETTA, GA 817,895817.9k $399.0m $399.0m 3.20% Added +7.0k +7,018
46 TWO SIGMA INVESTMENTS, LP 0.59% of their portfolio NEW YORK, NY 816,840816.8k $398.5m $398.5m 0.59% Reduced -49.3k -49,260
47 Equitable Holdings, Inc. 2.64% of their portfolio NEW YORK, NY 792,014792.0k $386.4m $386.4m 2.64% Reduced -73.1k -73,122
48 NATIXIS ADVISORS, LLC 0.23% of their portfolio Boston, MA 777,791777.8k $162.7m $162.7m 0.23% Added +25.1k +25,132
49 MML INVESTORS SERVICES, LLC 0.92% of their portfolio SPRINGFIELD, MA 773,761773.8k $377.5m $377.5m 0.92% Added +36.3k +36,314
50 STIFEL FINANCIAL CORP 0.33% of their portfolio ST. LOUIS, MO 741,333741.3k $361.7m $361.7m 0.33% Reduced -5.5k -5,505
51 Waverly Advisors, LLC 2.91% of their portfolio BIRMINGHAM, AL 736,666736.7k $359.4m $359.4m 2.91% Added +3.4k +3,430
52 Focus Partners Wealth 0.39% of their portfolio ST LOUIS, MO 706,264706.3k $340.7m $340.7m 0.39% Added +135.8k +135,824
53 Sanctuary Advisors, LLC 1.84% of their portfolio INDIANAPOLIS, IN 691,736691.7k $337.5m $337.5m 1.84% Reduced -712.5k -712,540
54 LINCOLN NATIONAL CORP 9.50% of their portfolio RADNOR, PA 666,181666.2k $325.0m $325.0m 9.50% Reduced -8.0k -7,970
55 CWM, LLC 0.85% of their portfolio OMAHA, NE 643,577643.6k $314.0m $314.0m 0.85% Added +124.6k +124,594
56 COLDSTREAM CAPITAL MANAGEMENT INC 3.93% of their portfolio BELLEVUE, WA 625,220625.2k $305.0m $305.0m 3.93% Reduced -19.3k -19,339
57 Baird Financial Group, Inc. 0.48% of their portfolio MILWAUKEE, WI 625,110625.1k $305.0m $305.0m 0.48% Added +35.2k +35,172
58 Cullen/Frost Bankers, Inc. 3.28% of their portfolio San Antonio, TX 610,480610.5k $297.8m $297.8m 3.28% Added +33.0k +32,974
59 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.40% of their portfolio PLYMOUTH, MN 608,419608.4k $298.3m $298.3m 0.40% Added +14.5k +14,506
60 Wealthspire Advisors, LLC 2.33% of their portfolio NEW YORK, NY 599,927599.9k $292.7m $292.7m 2.33% Reduced -323.0k -322,957
61 Rockefeller Capital Management L.P. 0.52% of their portfolio NEW YORK, NY 592,916592.9k $289.3m $289.3m 0.52% Added +171.1k +171,125
62 Waldron Private Wealth LLC 11.41% of their portfolio BRIDGEVILLE, PA 591,692591.7k $288.7m $288.7m 11.41% Added +21.4k +21,409
63 Bell Bank 12.31% of their portfolio FARGO, ND 590,640590.6k $288.1m $288.1m 12.31% Added +22.3k +22,343
64 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.04% of their portfolio SAN FRANCISCO, CA 588,771588.8k $287.2m $287.2m 0.04% Reduced -21.1k -21,061
65 Kestra Advisory Services, LLC 1.16% of their portfolio AUSTIN, TX 574,349574.3k $280.2m $280.2m 1.16% Added +69.2k +69,158
66 Cerity Partners LLC 0.40% of their portfolio NEW YORK, NY 556,035556.0k $271.3m $271.3m 0.40% Reduced -16.5k -16,517
67 UNITED CAPITAL FINANCIAL ADVISORS, LLC 1.60% of their portfolio IRVING, TX 542,351542.4k $264.6m $264.6m 1.60% Added +8.9k +8,853
68 ALLIANCEBERNSTEIN L.P. 0.08% of their portfolio NASHVILLE, TN 536,198536.2k $261.6m $261.6m 0.08% Reduced -13.6k -13,600
69 Retirement Investment Advisors, Inc. 20.71% of their portfolio OKLAHOMA CITY, OK 526,861526.9k $257.0m $257.0m 20.71% Reduced -1.7k -1,669
70 Beacon Pointe Advisors, LLC 1.79% of their portfolio NEWPORT BEACH, CA 522,057522.1k $254.7m $254.7m 1.79% Added +48.8k +48,761
71 Cambridge Investment Research Advisors, Inc. 0.66% of their portfolio FAIRFIELD, IA 512,844512.8k $250.2m $250.2m 0.66% Added +12.2k +12,205
72 ASSETMARK, INC 0.51% of their portfolio CONCORD, CA 509,821509.8k $248.7m $248.7m 0.51% Added +15.3k +15,254
73 MATHER GROUP, LLC. 2.45% of their portfolio CHICAGO, IL 487,825487.8k $238.0m $238.0m 2.45% Reduced -1.0k -1,040
74 Private Advisor Group, LLC 1.07% of their portfolio MORRISTOWN, NJ 464,381464.4k $226.6m $226.6m 1.07% Added +21.9k +21,905
75 CAHILL FINANCIAL ADVISORS INC 8.96% of their portfolio EDINA, MN 455,261455.3k $82.0m $82.0m 8.96% Added +299.2k +299,247
76 Garde Capital, Inc. 13.03% of their portfolio SEATTLE, WA 450,769450.8k $219.9m $219.9m 13.03% Reduced -3.6k -3,586
77 Avior Wealth Management, LLC 6.80% of their portfolio OMAHA, NE 447,284447.3k $218.2m $218.2m 6.80% Added +6.6k +6,620
78 INVICTUS PRIVATE WEALTH, LLC 12.38% of their portfolio Denver, CO 419,131419.1k $204.5m $204.5m 12.38% Added +5.6k +5,641
79 Truepoint, Inc. 4.54% of their portfolio CINCINNATI, OH 413,468413.5k $201.7m $201.7m 4.54% Reduced -7.0k -7,004
80 Brookstone Capital Management 2.28% of their portfolio WHEATON, IL 409,394409.4k $199.7m $199.7m 2.28% Added +7.8k +7,818
81 WOODMONT INVESTMENT COUNSEL LLC 12.42% of their portfolio NASHVILLE, TN 406,187406.2k $198.2m $198.2m 12.42% Added +13.3k +13,260
82 NewEdge Advisors, LLC 0.72% of their portfolio NEW ORLEANS, LA 405,902405.9k $198.0m $198.0m 0.72% Added +3.9k +3,934
83 Creative Planning 0.13% of their portfolio OVERLAND PARK, KS 379,265379.3k $185.0m $185.0m 0.13% Added +68.9k +68,857
84 BOK Financial Private Wealth, Inc. 10.72% of their portfolio DENVER, CO 359,171359.2k $175.2m $175.2m 10.72% Reduced -34.1k -34,064
85 Japan Science & Technology Agency 3.15% of their portfolio TOKYO, M0 350,953351.0k $171.2m $171.2m 3.15% Unchanged
86 BANK OF HAWAII 8.37% of their portfolio HONOLULU, HI 347,034347.0k $169.3m $169.3m 8.37% Added +6.3k +6,260
87 MOSAIC FAMILY WEALTH PARTNERS, LLC 17.66% of their portfolio ST. LOUIS, MO 329,844329.8k $160.9m $160.9m 17.66% Added +2.7k +2,653
88 BESSEMER GROUP INC 0.25% of their portfolio WOODBRIDGE, NJ 327,710327.7k $159.9m $159.9m 0.25% Added +82.2k +82,237
89 Cornerstone Management, Inc. 25.55% of their portfolio DULUTH, GA 321,170321.2k $156.7m $156.7m 25.55% Reduced -9.4k -9,437
90 Rezny Wealth Management, Inc. 31.56% of their portfolio Fort Myers, FL 320,962321.0k $156.6m $156.6m 31.56% Added +4.2k +4,236
91 SIMON QUICK ADVISORS, LLC 6.82% of their portfolio MORRISTOWN, NJ 320,457320.5k $156.3m $156.3m 6.82% Added +35.8k +35,819
92 STEPHENS GROUP ASSET MANAGEMENT, LLC 10.35% of their portfolio LITTLE ROCK, AR 317,708317.7k $155.0m $155.0m 10.35% Added +1.5k +1,473
93 Orion Porfolio Solutions, LLC 1.13% of their portfolio OMAHA, NE 316,871316.9k $154.6m $154.6m 1.13% Added +28.4k +28,428
94 Betterment LLC 0.29% of their portfolio NEW YORK, NY 314,854314.9k $153.6m $153.6m 0.29% Added +8.9k +8,948
95 Sequoia Financial Advisors, LLC 0.84% of their portfolio Akron, OH 309,261309.3k $150.9m $150.9m 0.84% Added +41.5k +41,472
96 MERCER GLOBAL ADVISORS INC /ADV 0.23% of their portfolio DENVER, CO 308,007308.0k $149.8m $149.8m 0.23% Reduced -26.2k -26,156
97 &PARTNERS 0.77% of their portfolio NASHVILLE, TN 300,632300.6k $146.7m $146.7m 0.77% Added +63.7k +63,662
98 Howard Capital Management, LLC 1.87% of their portfolio Alpharetta, GA 296,447296.4k $144.6m $144.6m 1.87% Reduced -697 -697
99 US BANCORP \DE\ 0.17% of their portfolio MINNEAPOLIS, MN 292,462292.5k $142.7m $142.7m 0.17% Reduced -9.0k -9,003
100 Venturi Wealth Management, LLC 6.27% of their portfolio AUSTIN, TX 289,434289.4k $141.2m $141.2m 6.27% Reduced -724 -724