Vault-13

VANGUARD INDEX FDS VB

SMALL CP ETF · ETP · CUSIP 922908751

2,200 institutional holders +30 vs Q2 2025
156,397,017156.4m shares reported held*
$39.8bnreported value*
113 new 882 added 836 reduced 65 sold out net sold ≈ $818.8m (-3.6m 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 ($50.6m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $254.44. Options: 3 managers hold calls ($17.2m notional), 6 hold puts ($6.4m).

Trends to Q3 2025

Institutional holders

Managers reporting a position, each quarter

01k2k3kQ3 22: 1,540Q4 22: 1,663Q1 23: 1,647Q2 23: 1,676Q3 23: 1,677Q4 23: 1,879Q1 24: 1,900Q2 24: 1,922Q3 24: 1,978Q4 24: 2,190Q1 25: 2,163Q2 25: 2,170Q3 25: 2,2002,200Q3 22Q2 23Q1 24Q4 24Q3 25
Numbers
QuarterHolders
Q3 20221,540
Q4 20221,663
Q1 20231,647
Q2 20231,676
Q3 20231,677
Q4 20231,879
Q1 20241,900
Q2 20241,922
Q3 20241,978
Q4 20242,190
Q1 20252,163
Q2 20252,170
Q3 20252,200

Buyers vs sellers

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

Bought or addedCut or sold out
2k02kQ4 23: 896 bought or addedQ4 23: 667 cut or sold outQ1 24: 938 bought or addedQ1 24: 755 cut or sold outQ1 24Q2 24: 842 bought or addedQ2 24: 787 cut or sold outQ3 24: 1,009 bought or addedQ3 24: 717 cut or sold outQ3 24Q4 24: 1,019 bought or addedQ4 24: 752 cut or sold outQ1 25: 1,034 bought or addedQ1 25: 908 cut or sold outQ1 25Q2 25: 996 bought or addedQ2 25: 923 cut or sold outQ3 25: 995 bought or addedQ3 25: 901 cut or sold outQ3 25
Numbers
QuarterBought or addedCut or sold out
Q4 2023896667
Q1 2024938755
Q2 2024842787
Q3 20241,009717
Q4 20241,019752
Q1 20251,034908
Q2 2025996923
Q3 2025995901

Calls vs puts

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

CallsPuts
$0$5m$10m$15m$20mQ4 24 calls: $17.8mQ4 24 puts: $12.2mQ4 24P/C 0.68Q1 25 calls: $17.2mQ1 25 puts: $11.7mQ1 25P/C 0.68Q2 25 calls: $17.3mQ2 25 puts: $3.9mQ2 25P/C 0.22Q3 25 calls: $17.2mQ3 25 puts: $6.4mQ3 25P/C 0.37
Numbers
QuarterCallsPutsP/C
Q4 2024$17.8m$12.2m0.68
Q1 2025$17.2m$11.7m0.68
Q2 2025$17.3m$3.9m0.22
Q3 2025$17.2m$6.4m0.37

Biggest buyers

JPMORGAN CHASE & CO Added +1,165,165+1.2m
Focus Partners Wealth Added +947,832+947.8k
GRIMES & Co WEALTH MANAGEMENT, LLC Added +494,886+494.9k
Cetera Investment Advisers Added +449,369+449.4k
MERCER GLOBAL ADVISORS INC /ADV Added +372,519+372.5k
STATE STREET CORP Added +243,938+243.9k
WELLS FARGO & COMPANY/MN Added +242,955+243.0k
VANTAGEPOINT INVESTMENT ADVISERS LLC New +225,590+225.6k
Sanctuary Advisors, LLC Added +141,174+141.2k
NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Added +126,497+126.5k

Biggest sellers

JONES FINANCIAL COMPANIES LLLP Reduced -4,325,503-4.3m
ROYAL BANK OF CANADA Reduced -2,347,065-2.3m
ENVESTNET ASSET MANAGEMENT INC Reduced -867,245-867.2k
BANK OF AMERICA CORP /DE/ Reduced -795,301-795.3k
UBS Group AG Reduced -248,084-248.1k
Rockefeller Capital Management L.P. Reduced -183,167-183.2k
Gibraltar Capital Management, Inc. Reduced -161,161-161.2k
WELLINGTON MANAGEMENT GROUP LLP Reduced -133,128-133.1k
CHARLES SCHWAB INVESTMENT MANAGEMENT INC Reduced -132,724-132.7k
NATIXIS ADVISORS, LLC Reduced -122,539-122.5k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $10.1m39.8k shares
JANE STREET GROUP, LLC Reduced $4.4m17.2k shares
CITADEL ADVISORS LLC Added $2.7m10.7k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $3.2m12.4k shares
CITADEL ADVISORS LLC Added $2.6m10.2k shares
BANK OF AMERICA CORP /DE/ New $254.3k1.0k shares
Smith & Howard Wealth Management, LLC New $204.0k800 shares
Garde Capital, Inc. New $178.0k700 shares
HighTower Advisors, LLC New $8.7k1.0k 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, Q3 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 BANK OF AMERICA CORP /DE/ 0.45% of their portfolio CHARLOTTE, NC 23,457,69923.5m $6.0bn $6.0bn 0.45% Reduced -795.3k -795,301
2 MORGAN STANLEY 0.12% of their portfolio NEW YORK, NY 7,779,5447.8m $2.0bn $2.0bn 0.12% Added +34.6k +34,622
3 WELLS FARGO & COMPANY/MN 0.32% of their portfolio SAN FRANCISCO, CA 6,111,1406.1m $1.6bn $1.6bn 0.32% Added +243.0k +242,955
4 ENVESTNET ASSET MANAGEMENT INC 0.32% of their portfolio Berwyn, PA 4,308,8114.3m $1.1bn $1.1bn 0.32% Reduced -867.2k -867,245
5 LPL Financial LLC 0.29% of their portfolio FORT MILL, SC 3,966,0994.0m $1.0bn $1.0bn 0.29% Added +41.0k +40,988
6 UBS Group AG 0.19% of their portfolio ZURICH, V8 3,850,4123.9m $979.1m $979.1m 0.19% Reduced -248.1k -248,084
7 MERCER GLOBAL ADVISORS INC /ADV 1.36% of their portfolio DENVER, CO 3,194,5763.2m $812.3m $812.3m 1.36% Added +372.5k +372,519
8 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.45% of their portfolio MILWAUKEE, WI 2,677,9582.7m $681.0m $681.0m 0.45% Added +126.5k +126,497
9 JONES FINANCIAL COMPANIES LLLP 0.46% of their portfolio DES PERES, MO 2,639,0262.6m $672.5m $672.5m 0.46% Reduced -4.3m -4,325,503
10 CAPTRUST FINANCIAL ADVISORS 1.30% of their portfolio RALEIGH, NC 2,513,1292.5m $639.0m $639.0m 1.30% Added +124.7k +124,673
11 AMERIPRISE FINANCIAL INC 0.14% of their portfolio MINNEAPOLIS, MN 2,341,7192.3m $595.3m $595.3m 0.14% Reduced -974 -974
12 ROYAL BANK OF CANADA 0.10% of their portfolio TORONTO, A6 2,273,8912.3m $578.2m $578.2m 0.10% Reduced -2.3m -2,347,065
13 JPMORGAN CHASE & CO 0.02% of their portfolio NEW YORK, NY 2,228,2162.2m $566.6m $566.6m 0.02% Added +1.2m +1,165,165
14 RAYMOND JAMES FINANCIAL INC 0.18% of their portfolio ST. PETERSBURG, FL 2,222,0282.2m $565.0m $565.0m 0.18% Added +8.4k +8,387
15 Creative Planning 0.38% of their portfolio OVERLAND PARK, KS 1,964,9642.0m $499.7m $499.7m 0.38% Reduced -476 -476
16 PNC Financial Services Group, Inc. 0.30% of their portfolio Pittsburgh, PA 1,941,4511.9m $493.7m $493.7m 0.30% Added +24.4k +24,391
17 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.08% of their portfolio SAN FRANCISCO, CA 1,884,6751.9m $479.2m $479.2m 0.08% Reduced -132.7k -132,724
18 Mariner, LLC 0.60% of their portfolio Overland Park, KS 1,823,5751.8m $463.7m $463.7m 0.60% Added +114.0k +114,046
19 Bank of New York Mellon Corp 0.08% of their portfolio NEW YORK, NY 1,793,5941.8m $456.1m $456.1m 0.08% Reduced -26.9k -26,922
20 GOLDMAN SACHS GROUP INC 0.06% of their portfolio NEW YORK, NY 1,684,4061.7m $428.3m $428.3m 0.06% Reduced -26.7k -26,740
21 Wealthfront Advisers LLC 0.89% of their portfolio Palo Alto, CA 1,497,6261.5m $380.8m $380.8m 0.89% Added +29.8k +29,771
22 CIBC Private Wealth Group LLC 0.55% of their portfolio ATLANTA, GA 1,269,3441.3m $322.8m $322.8m 0.55% Added +88.9k +88,864
23 STIFEL FINANCIAL CORP 0.27% of their portfolio ST. LOUIS, MO 1,148,7331.1m $292.1m $292.1m 0.27% Added +34.4k +34,352
24 FMR LLC 0.02% of their portfolio BOSTON, MA 1,146,7681.1m $291.6m $291.6m 0.02% Reduced -5.2k -5,185
25 WELLINGTON MANAGEMENT GROUP LLP 0.05% of their portfolio Boston, MA 1,128,9871.1m $287.1m $287.1m 0.05% Reduced -133.1k -133,128
26 Focus Partners Wealth 0.46% of their portfolio ST LOUIS, MO 1,125,2951.1m $286.2m $286.2m 0.46% Added +947.8k +947,832
27 MISSION WEALTH MANAGEMENT, LP 5.81% of their portfolio Santa Barbara, CA 1,116,5981.1m $283.9m $283.9m 5.81% Added +35.3k +35,271
28 Cetera Investment Advisers 0.33% of their portfolio SCHAUMBURG, IL 1,106,7711.1m $281.4m $281.4m 0.33% Added +449.4k +449,369
29 GRIMES & Co WEALTH MANAGEMENT, LLC 6.77% of their portfolio WESTBOROUGH, MA 1,078,3091.1m $274.2m $274.2m 6.77% Added +494.9k +494,886
30 COMMONWEALTH EQUITY SERVICES, LLC 0.35% of their portfolio WALTHAM, MA 1,050,1781.1m $267.0m $267.0m 0.35% Reduced -49.0k -49,013
31 HighTower Advisors, LLC 0.27% of their portfolio CHICAGO, IL 939,059939.1k $238.8m $238.8m 0.27% Added +79.6k +79,567
32 TIAA TRUST, NATIONAL ASSOCIATION 0.58% of their portfolio CHARLOTTE, NC 933,992934.0k $237.5m $237.5m 0.58% Reduced -8.2k -8,239
33 Glenmede Investment Management, LP 1.10% of their portfolio PHILADELPHIA, PA 892,178892.2k $226.9m $226.9m 1.10% Added +33.9k +33,863
34 OSAIC HOLDINGS, INC. 0.30% of their portfolio SCOTTSDALE, AZ 831,674831.7k $211.1m $211.1m 0.30% Added +92.3k +92,283
35 Wealthspire Advisors, LLC 1.06% of their portfolio NEW YORK, NY 793,728793.7k $201.8m $201.8m 1.06% Reduced -7.5k -7,532
36 Baird Financial Group, Inc. 0.31% of their portfolio MILWAUKEE, WI 751,095751.1k $191.0m $191.0m 0.31% Reduced -24.6k -24,579
37 Nicholas Hoffman & Company, LLC. 4.58% of their portfolio ATLANTA, GA 744,231744.2k $189.2m $189.2m 4.58% Added +44.8k +44,827
38 BANK OF MONTREAL /CAN/ 0.08% of their portfolio TORONTO, A6 734,875734.9k $186.9m $186.9m 0.08% Added +69.0k +68,977
39 Cerity Partners LLC 0.27% of their portfolio NEW YORK, NY 650,785650.8k $165.5m $165.5m 0.27% Added +22.2k +22,223
40 STATE STREET CORP 0.01% of their portfolio BOSTON, MA 627,607627.6k $160.1m $160.1m 0.01% Added +243.9k +243,938
41 VANGUARD GROUP INC 0.00% of their portfolio Valley Forge, PA 616,228616.2k $156.7m $156.7m 0.00% Added +4.2k +4,194
42 Badgley Phelps Wealth Managers, LLC 3.02% of their portfolio SEATTLE, WA 563,504563.5k $143.7m $143.7m 3.02% Added +5.6k +5,574
43 Cullen/Frost Bankers, Inc. 1.65% of their portfolio San Antonio, TX 556,931556.9k $141.6m $141.6m 1.65% Added +10.8k +10,827
44 Clearstead Advisors, LLC 2.00% of their portfolio CLEVELAND, OH 541,189541.2k $137.6m $137.6m 2.00% Added +7.0k +6,951
45 DAVIS R M INC 2.31% of their portfolio PORTLAND, ME 520,039520.0k $132.2m $132.2m 2.31% Added +4.7k +4,721
46 1832 Asset Management L.P. 0.21% of their portfolio TORONTO, A6 496,810496.8k $126.3m $126.3m 0.21% Reduced -121.5k -121,525
47 Pathstone Holdings, LLC 0.48% of their portfolio ENGLEWOOD, NJ 495,876495.9k $126.1m $126.1m 0.48% Reduced -90.2k -90,206
48 MONETA GROUP INVESTMENT ADVISORS LLC 1.00% of their portfolio ST LOUIS, MO 495,332495.3k $126.0m $126.0m 1.00% Added +17.6k +17,576
49 TRUIST FINANCIAL CORP 0.16% of their portfolio CHARLOTTE, NC 452,544452.5k $115.1m $115.1m 0.16% Added +3.0k +2,951
50 PINNACLE ASSOCIATES LTD 1.52% of their portfolio NEW YORK, NY 451,808451.8k $114.9m $114.9m 1.52% Added +10.4k +10,421
51 Corient Private Wealth LP 0.18% of their portfolio MIAMI, FL 449,156449.2k $113.9m $113.9m 0.18% Reduced -28.5k -28,452
52 Efficient Advisors, LLC 6.31% of their portfolio BEAVERTON, OR 440,196440.2k $111.9m $111.9m 6.31% Added +6.1k +6,123
53 NATIXIS ADVISORS, LLC 0.16% of their portfolio Boston, MA 439,846439.8k $111.8m $111.8m 0.16% Reduced -122.5k -122,539
54 Fusion Family Wealth, LLC 7.88% of their portfolio WOODBURY, NY 413,818413.8k $105.2m $105.2m 7.88% Added +1.4k +1,362
55 MML INVESTORS SERVICES, LLC 0.27% of their portfolio SPRINGFIELD, MA 395,480395.5k $100.6m $100.6m 0.27% Reduced -909 -909
56 PEAPACK GLADSTONE FINANCIAL CORP 1.30% of their portfolio BEDMINSTER, NJ 392,469392.5k $99.8m $99.8m 1.30% Added +6.9k +6,922
57 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.15% of their portfolio PLYMOUTH, MN 390,154390.2k $99.8m $99.8m 0.15% Added +5.4k +5,436
58 Rockefeller Capital Management L.P. 0.19% of their portfolio NEW YORK, NY 384,171384.2k $97.7m $97.7m 0.19% Reduced -183.2k -183,167
59 Baker Avenue Asset Management, LP 2.33% of their portfolio SAN FRANCISCO, CA 382,307382.3k $97.2m $97.2m 2.33% Added +751 +751
60 Equitable Holdings, Inc. 0.69% of their portfolio NEW YORK, NY 371,216371.2k $94.4m $94.4m 0.69% Added +18.1k +18,147
61 INVICTUS PRIVATE WEALTH, LLC 5.73% of their portfolio Denver, CO 359,812359.8k $91.5m $91.5m 5.73% Added +11.0k +11,046
62 COMERICA BANK 0.34% of their portfolio DALLAS, TX 357,115357.1k $90.8m $90.8m 0.34% Added +40.4k +40,390
63 Private Advisor Group, LLC 0.44% of their portfolio MORRISTOWN, NJ 354,051354.1k $90.0m $90.0m 0.44% Reduced -2.6k -2,649
64 Heartwood Wealth Advisors LLC 8.28% of their portfolio RICHMOND, VA 349,079349.1k $88.8m $88.8m 8.28% Added +3.1k +3,112
65 Cambridge Investment Research Advisors, Inc. 0.24% of their portfolio FAIRFIELD, IA 344,471344.5k $87.6m $87.6m 0.24% Added +17.2k +17,194
66 Millburn Ridgefield LLC /DE/ 2.07% of their portfolio New York, NY 341,352341.4k $86.8m $86.8m 2.07% Unchanged
67 Catalyst Capital Advisors LLC 1.75% of their portfolio San Juan, PR 341,352341.4k $86.8m $86.8m 1.75% Unchanged
68 Karpus Management, Inc. 2.66% of their portfolio Pittsford, NY 329,883329.9k $83.9m $83.9m 2.66% Added +4.9k +4,905
69 JANUS HENDERSON GROUP PLC 0.04% of their portfolio LONDON, X0 326,077326.1k $82.9m $82.9m 0.04% Reduced -6.8k -6,819
70 CITIGROUP INC 0.06% of their portfolio NEW YORK, NY 324,199324.2k $82.4m $82.4m 0.06% Reduced -807 -807
71 M&T Bank Corp 0.27% of their portfolio BUFFALO, NY 314,766314.8k $80.0m $80.0m 0.27% Added +2.8k +2,840
72 COLDSTREAM CAPITAL MANAGEMENT INC 1.07% of their portfolio BELLEVUE, WA 311,263311.3k $79.2m $79.2m 1.07% Added +102.6k +102,620
73 FIFTH THIRD BANCORP 0.25% of their portfolio CINCINNATI, OH 309,932309.9k $78.8m $78.8m 0.25% Added +1.1k +1,142
74 Provida Pension Fund Administrator 1.33% of their portfolio LAS CONDES, SANTIAGO, F3 300,848300.8k $76.5m $76.5m 1.33% Reduced -89.0k -89,050
75 TEACHER RETIREMENT SYSTEM OF TEXAS 0.31% of their portfolio AUSTIN, TX 299,349299.3k $76.1m $76.1m 0.31% Unchanged
76 TRUSTMARK BANK TRUST DEPARTMENT 4.89% of their portfolio JACKSON, MS 296,122296.1k $75.3m $75.3m 4.89% Reduced -40.6k -40,603
77 LINCOLN NATIONAL CORP 2.12% of their portfolio RADNOR, PA 292,563292.6k $74.4m $74.4m 2.12% Added +501 +501
78 ASSETMARK, INC 0.15% of their portfolio CONCORD, CA 283,540283.5k $72.1m $72.1m 0.15% Reduced -37.4k -37,424
79 Sanctuary Advisors, LLC 0.20% of their portfolio INDIANAPOLIS, IN 279,932279.9k $66.9m $66.9m 0.20% Added +141.2k +141,174
80 Gibraltar Capital Management, Inc. 12.74% of their portfolio TULSA, OK 279,251279.3k $71.0m $71.0m 12.74% Reduced -161.2k -161,161
81 US BANCORP \DE\ 0.08% of their portfolio MINNEAPOLIS, MN 278,376278.4k $70.8m $70.8m 0.08% Reduced -1.5k -1,518
82 PARK AVENUE SECURITIES LLC 0.55% of their portfolio NEW YORK, NY 277,748277.7k $70.6m $70.6m 0.55% Added +10.1k +10,119
83 COUNTRY TRUST BANK 1.48% of their portfolio Bloomington, IL 266,719266.7k $67.8m $67.8m 1.48% Added +58.7k +58,655
84 VISTA CAPITAL PARTNERS, INC. 6.86% of their portfolio PORTLAND, OR 265,208265.2k $67.4m $67.4m 6.86% Reduced -422 -422
85 WIT, LLC 1.50% of their portfolio DISTRICT OF COLUMBIA, DC 260,555260.6k $66.3m $66.3m 1.50% Added +15.7k +15,700
86 Merit Financial Group, LLC 0.60% of their portfolio ALPHARETTA, GA 258,587258.6k $65.8m $65.8m 0.60% Added +45.3k +45,273
87 Smithfield Trust Co 2.93% of their portfolio PITTSBURGH, PA 257,086257.1k $65.5m $65.5m 2.93% Reduced -1.7k -1,711
88 PITTENGER & ANDERSON INC 2.38% of their portfolio LINCOLN, NE 255,561255.6k $65.0m $65.0m 2.38% Added +4.3k +4,301
89 Center for Financial Planning, Inc. 6.90% of their portfolio SOUTHFIED, MI 253,691253.7k $64.5m $64.5m 6.90% Reduced -8.8k -8,787
90 Auto-Owners Insurance Co 1.63% of their portfolio LANSING, MI 249,028249.0k $63.3m $63.3m 1.63% Unchanged
91 Chandler Asset Management, Inc. 10.38% of their portfolio SAN DIEGO, CA 248,675248.7k $63.2m $63.2m 10.38% Reduced -19.6k -19,610
92 BESSEMER GROUP INC 0.09% of their portfolio WOODBRIDGE, NJ 242,349242.3k $61.6m $61.6m 0.09% Reduced -4.2k -4,238
93 CX Institutional 1.84% of their portfolio AUBURN, IN 237,926237.9k $60.5m $60.5m 1.84% Added +30.7k +30,734
94 Betterment LLC 0.12% of their portfolio NEW YORK, NY 234,687234.7k $59.7m $59.7m 0.12% Reduced -9.5k -9,473
95 Pandi, LLC 7.85% of their portfolio KANSAS CITY, MO 232,630232.6k $59.2m $59.2m 7.85% Unchanged
96 Employees Retirement System of Texas 0.46% of their portfolio AUSTIN, TX 226,425226.4k $57.6m $57.6m 0.46% Unchanged
97 VANTAGEPOINT INVESTMENT ADVISERS LLC 0.47% of their portfolio WASHINGTON, DC 225,590225.6k $57.4m $57.4m 0.47% New
98 First Command Advisory Services, Inc. 0.38% of their portfolio FORT WORTH, TX 207,231207.2k $52.7m $52.7m 0.38% Reduced -12.0k -12,040
99 Kestra Advisory Services, LLC 0.24% of their portfolio AUSTIN, TX 201,881201.9k $51.3m $51.3m 0.24% Reduced -4.5k -4,505
100 Ellenbecker Investment Group 7.47% of their portfolio WAUKESHA, WI 198,973199.0k $50.6m $50.6m 7.47% Reduced -1.5k -1,454