Vault-13

VANGUARD INDEX FDS VB

SMALL CP ETF · ETP · CUSIP 922908751

2,375 institutional holders +175 vs Q3 2025
170,450,378170.5m shares reported held*
$40.4bnreported value*
87 new 993 added 741 reduced 72 sold out net sold ≈ $99.6m (+10.8m 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 ($59.1m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $237.19. Options: 4 managers hold calls ($29.1m notional), 4 hold puts ($15.0m).

Trends to Q4 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: 2,200Q4 25: 2,3752,375Q3 22Q2 23Q1 24Q4 24Q4 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
Q4 20252,375

Buyers vs sellers

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

Bought or addedCut or sold out
2k02kQ1 24: 938 bought or addedQ1 24: 755 cut or sold outQ2 24: 842 bought or addedQ2 24: 787 cut or sold outQ2 24Q3 24: 1,009 bought or addedQ3 24: 717 cut or sold outQ4 24: 1,019 bought or addedQ4 24: 752 cut or sold outQ4 24Q1 25: 1,034 bought or addedQ1 25: 908 cut or sold outQ2 25: 996 bought or addedQ2 25: 923 cut or sold outQ2 25Q3 25: 995 bought or addedQ3 25: 901 cut or sold outQ4 25: 1,080 bought or addedQ4 25: 813 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 2024938755
Q2 2024842787
Q3 20241,009717
Q4 20241,019752
Q1 20251,034908
Q2 2025996923
Q3 2025995901
Q4 20251,080813

Calls vs puts

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

CallsPuts
$0$10m$20m$30mQ1 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 0.37Q4 25 calls: $29.1mQ4 25 puts: $15.0mQ4 25P/C 0.52
Numbers
QuarterCallsPutsP/C
Q1 2025$17.2m$11.7m0.68
Q2 2025$17.3m$3.9m0.22
Q3 2025$17.2m$6.4m0.37
Q4 2025$29.1m$15.0m0.52

Biggest buyers

Corient Private Wealth LP Added +11,451,248+11.5m
BlackRock, Inc. Added +336,957+337.0k
TEACHER RETIREMENT SYSTEM OF TEXAS Added +267,816+267.8k
COUNTRY TRUST BANK Added +248,546+248.5k
Thrivent Financial for Lutherans Added +245,905+245.9k
Badgley Phelps Wealth Managers, LLC Added +202,321+202.3k
BURRUS FINANCIAL SERVICES, INC. Added +201,591+201.6k
Creative Planning Added +160,780+160.8k
Mariner, LLC Added +142,357+142.4k
CAPTRUST FINANCIAL ADVISORS Added +130,946+130.9k

Biggest sellers

JPMORGAN CHASE & CO Reduced -1,084,179-1.1m
ENVESTNET ASSET MANAGEMENT INC Reduced -1,063,869-1.1m
Focus Partners Wealth Reduced -865,168-865.2k
Wealthspire Advisors, LLC Reduced -395,130-395.1k
CITIGROUP INC Reduced -302,072-302.1k
Pandi, LLC Sold out -232,630-232.6k
Employees Retirement System of Texas Sold out -226,425-226.4k
BESSEMER GROUP INC Reduced -148,191-148.2k
JONES FINANCIAL COMPANIES LLLP Reduced -139,215-139.2k
Sanctuary Advisors, LLC Reduced -115,026-115.0k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $13.6m52.8k shares
Tidal Investments LLC New $5.7m22.1k shares
CITADEL ADVISORS LLC Added $5.3m20.6k shares
JANE STREET GROUP, LLC Added $4.5m17.4k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $7.2m27.9k shares
Tidal Investments LLC New $5.7m22.1k shares
CITADEL ADVISORS LLC Reduced $1.9m7.4k shares
JANE STREET GROUP, LLC New $232.2k900 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/ 0.44% of their portfolio CHARLOTTE, NC 23,429,44723.4m $6.0bn $6.0bn 0.44% Reduced -28.3k -28,252
2 Corient Private Wealth LP 0.19% of their portfolio MIAMI, FL 11,900,40411.9m $289.6m $289.6m 0.19% Added +11.5m +11,451,248
3 MORGAN STANLEY 0.12% of their portfolio NEW YORK, NY 7,864,5437.9m $2.0bn $2.0bn 0.12% Added +85.0k +84,999
4 WELLS FARGO & COMPANY/MN 0.31% of their portfolio SAN FRANCISCO, CA 6,047,5846.0m $1.6bn $1.6bn 0.31% Reduced -63.6k -63,556
5 UBS Group AG 0.20% of their portfolio ZURICH, V8 3,916,0983.9m $1.0bn $1.0bn 0.20% Added +65.7k +65,686
6 LPL Financial LLC 0.28% of their portfolio FORT MILL, SC 3,913,3943.9m $1.0bn $1.0bn 0.28% Reduced -52.7k -52,705
7 ENVESTNET ASSET MANAGEMENT INC 0.25% of their portfolio Berwyn, PA 3,244,9423.2m $837.0m $837.0m 0.25% Reduced -1.1m -1,063,869
8 MERCER GLOBAL ADVISORS INC /ADV 1.26% of their portfolio DENVER, CO 3,195,1433.2m $824.2m $824.2m 1.26% Added +567 +567
9 Align Financial, LLC 1.61% of their portfolio HERMANTOWN, MN 2,780,7012.8m $2.8m $2.8m 1.61% First filing
10 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.45% of their portfolio MILWAUKEE, WI 2,747,9822.7m $708.8m $708.8m 0.45% Added +70.0k +70,024
11 CAPTRUST FINANCIAL ADVISORS 1.30% of their portfolio RALEIGH, NC 2,644,0752.6m $682.0m $682.0m 1.30% Added +130.9k +130,946
12 JONES FINANCIAL COMPANIES LLLP 0.39% of their portfolio DES PERES, MO 2,499,8112.5m $644.8m $644.8m 0.39% Reduced -139.2k -139,215
13 AMERIPRISE FINANCIAL INC 0.14% of their portfolio MINNEAPOLIS, MN 2,398,7542.4m $618.6m $618.6m 0.14% Added +57.0k +57,035
14 RAYMOND JAMES FINANCIAL INC 0.19% of their portfolio ST. PETERSBURG, FL 2,304,6052.3m $594.5m $594.5m 0.19% Added +82.6k +82,577
15 ROYAL BANK OF CANADA 0.10% of their portfolio TORONTO, A6 2,202,9482.2m $568.3m $568.3m 0.10% Reduced -70.9k -70,943
16 Creative Planning 0.39% of their portfolio OVERLAND PARK, KS 2,125,7442.1m $548.3m $548.3m 0.39% Added +160.8k +160,780
17 Mariner, LLC 0.60% of their portfolio Overland Park, KS 1,965,9322.0m $507.1m $507.1m 0.60% Added +142.4k +142,357
18 PNC Financial Services Group, Inc. 0.27% of their portfolio Pittsburgh, PA 1,942,9951.9m $501.2m $501.2m 0.27% Added +1.5k +1,544
19 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.07% of their portfolio SAN FRANCISCO, CA 1,815,0021.8m $468.2m $468.2m 0.07% Reduced -69.7k -69,673
20 Bank of New York Mellon Corp 0.08% of their portfolio NEW YORK, NY 1,735,2681.7m $447.6m $447.6m 0.08% Reduced -58.3k -58,326
21 GOLDMAN SACHS GROUP INC 0.06% of their portfolio NEW YORK, NY 1,685,4861.7m $434.8m $434.8m 0.06% Added +1.1k +1,080
22 Wealthfront Advisers LLC 0.90% of their portfolio Palo Alto, CA 1,567,9751.6m $404.5m $404.5m 0.90% Added +70.3k +70,349
23 CIBC Private Wealth Group LLC 0.61% of their portfolio ATLANTA, GA 1,397,0421.4m $360.4m $360.4m 0.61% Added +127.7k +127,698
24 STIFEL FINANCIAL CORP 0.27% of their portfolio ST. LOUIS, MO 1,179,6161.2m $304.3m $304.3m 0.27% Added +30.9k +30,883
25 Cetera Investment Advisers 0.33% of their portfolio SCHAUMBURG, IL 1,168,3001.2m $301.4m $301.4m 0.33% Added +61.5k +61,529
26 WELLINGTON MANAGEMENT GROUP LLP 0.05% of their portfolio Boston, MA 1,155,9671.2m $298.2m $298.2m 0.05% Added +27.0k +26,980
27 FMR LLC 0.02% of their portfolio BOSTON, MA 1,150,0351.2m $296.7m $296.7m 0.02% Added +3.3k +3,267
28 JPMORGAN CHASE & CO 0.02% of their portfolio NEW YORK, NY 1,144,0371.1m $295.1m $295.1m 0.02% Reduced -1.1m -1,084,179
29 MISSION WEALTH MANAGEMENT, LP 5.91% of their portfolio Santa Barbara, CA 1,123,6631.1m $289.8m $289.8m 5.91% Added +7.1k +7,065
30 GRIMES & Co WEALTH MANAGEMENT, LLC 6.84% of their portfolio WESTBOROUGH, MA 1,109,5871.1m $286.2m $286.2m 6.84% Added +31.3k +31,278
31 COMMONWEALTH EQUITY SERVICES, LLC 0.34% of their portfolio WALTHAM, MA 996,236996.2k $257.0m $257.0m 0.34% Reduced -53.9k -53,942
32 HighTower Advisors, LLC 0.27% of their portfolio CHICAGO, IL 951,243951.2k $245.4m $245.4m 0.27% Added +12.2k +12,184
33 TIAA TRUST, NATIONAL ASSOCIATION 0.55% of their portfolio CHARLOTTE, NC 896,364896.4k $231.2m $231.2m 0.55% Reduced -37.6k -37,628
34 GLENMEDE TRUST CO NA 1.09% of their portfolio PHILADELPHIA, PA 890,268890.3k $229.6m $229.6m 1.09% First filing
35 BANK OF MONTREAL /CAN/ 0.09% of their portfolio TORONTO, A6 834,564834.6k $215.3m $215.3m 0.09% Added +99.7k +99,689
36 OSAIC HOLDINGS, INC. 0.31% of their portfolio SCOTTSDALE, AZ 823,383823.4k $212.6m $212.6m 0.31% Reduced -8.3k -8,291
37 Baird Financial Group, Inc. 0.31% of their portfolio MILWAUKEE, WI 778,593778.6k $200.8m $200.8m 0.31% Added +27.5k +27,498
38 Cerity Partners LLC 0.29% of their portfolio NEW YORK, NY 770,780770.8k $198.8m $198.8m 0.29% Added +120.0k +119,995
39 Badgley Phelps Wealth Managers, LLC 3.62% of their portfolio SEATTLE, WA 765,825765.8k $197.5m $197.5m 3.62% Added +202.3k +202,321
40 Nicholas Hoffman & Company, LLC. 4.47% of their portfolio ATLANTA, GA 748,000748.0k $192.9m $192.9m 4.47% Added +3.8k +3,769
41 VANGUARD GROUP INC 0.00% of their portfolio Valley Forge, PA 643,588643.6k $166.0m $166.0m 0.00% Added +27.4k +27,360
42 DAVIS R M INC 2.62% of their portfolio PORTLAND, ME 589,056589.1k $151.9m $151.9m 2.62% Added +69.0k +69,017
43 Cullen/Frost Bankers, Inc. 1.61% of their portfolio San Antonio, TX 567,959568.0k $146.5m $146.5m 1.61% Added +11.0k +11,028
44 TEACHER RETIREMENT SYSTEM OF TEXAS 0.51% of their portfolio AUSTIN, TX 567,165567.2k $146.3m $146.3m 0.51% Added +267.8k +267,816
45 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 553,389553.4k $142.7m $142.7m 0.00% Reduced -74.2k -74,218
46 Clearstead Advisors, LLC 1.78% of their portfolio CLEVELAND, OH 546,407546.4k $140.9m $140.9m 1.78% Added +5.2k +5,218
47 COUNTRY TRUST BANK 2.41% of their portfolio Bloomington, IL 515,265515.3k $132.9m $132.9m 2.41% Added +248.5k +248,546
48 MONETA GROUP INVESTMENT ADVISORS LLC 0.99% of their portfolio ST LOUIS, MO 506,835506.8k $130.7m $130.7m 0.99% Added +11.5k +11,503
49 1832 Asset Management L.P. 0.16% of their portfolio TORONTO, A6 498,180498.2k $128.5m $128.5m 0.16% Added +1.4k +1,370
50 Pathstone Holdings, LLC 0.49% of their portfolio ENGLEWOOD, NJ 493,412493.4k $127.3m $127.3m 0.49% Reduced -2.5k -2,464
51 PINNACLE ASSOCIATES LTD 1.50% of their portfolio NEW YORK, NY 452,974453.0k $116.8m $116.8m 1.50% Added +1.2k +1,166
52 Rockefeller Capital Management L.P. 0.21% of their portfolio NEW YORK, NY 442,942442.9k $114.3m $114.3m 0.21% Added +58.8k +58,771
53 MML INVESTORS SERVICES, LLC 0.28% of their portfolio SPRINGFIELD, MA 440,701440.7k $113.7m $113.7m 0.28% Added +45.2k +45,221
54 Thrivent Financial for Lutherans 0.20% of their portfolio Minneapolis, MN 437,146437.1k $113.3m $113.3m 0.20% Added +245.9k +245,905
55 Fusion Family Wealth, LLC 8.40% of their portfolio WOODBURY, NY 429,752429.8k $110.9m $110.9m 8.40% Added +15.9k +15,934
56 Efficient Advisors, LLC 6.31% of their portfolio BEAVERTON, OR 418,748418.7k $108.0m $108.0m 6.31% Reduced -21.4k -21,448
57 NATIXIS ADVISORS, LLC 0.15% of their portfolio Boston, MA 414,563414.6k $106.9m $106.9m 0.15% Reduced -25.3k -25,283
58 TRUIST FINANCIAL CORP 0.14% of their portfolio CHARLOTTE, NC 413,837413.8k $106.7m $106.7m 0.14% Reduced -38.7k -38,707
59 PEAPACK GLADSTONE FINANCIAL CORP 1.32% of their portfolio BEDMINSTER, NJ 407,296407.3k $105.1m $105.1m 1.32% Added +14.8k +14,827
60 Wealthspire Advisors, LLC 0.82% of their portfolio NEW YORK, NY 398,598398.6k $102.8m $102.8m 0.82% Reduced -395.1k -395,130
61 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.15% of their portfolio PLYMOUTH, MN 398,194398.2k $107.3m $107.3m 0.15% Added +8.0k +8,040
62 Cambridge Investment Research Advisors, Inc. 0.27% of their portfolio FAIRFIELD, IA 396,925396.9k $102.4m $102.4m 0.27% Added +52.5k +52,454
63 Equitable Holdings, Inc. 0.68% of their portfolio NEW YORK, NY 387,308387.3k $99.9m $99.9m 0.68% Added +16.1k +16,092
64 Baker Avenue Asset Management, LP 2.30% of their portfolio SAN FRANCISCO, CA 386,637386.6k $99.7m $99.7m 2.30% Added +4.3k +4,330
65 INVICTUS PRIVATE WEALTH, LLC 5.77% of their portfolio Denver, CO 369,406369.4k $95.3m $95.3m 5.77% Added +9.6k +9,594
66 Provida Pension Fund Administrator 1.65% of their portfolio LAS CONDES, SANTIAGO, F3 369,393369.4k $95.3m $95.3m 1.65% Added +68.5k +68,545
67 Private Advisor Group, LLC 0.44% of their portfolio MORRISTOWN, NJ 365,511365.5k $94.3m $94.3m 0.44% Added +11.5k +11,460
68 COMERICA BANK 0.37% of their portfolio DALLAS, TX 358,110358.1k $92.4m $92.4m 0.37% Added +995 +995
69 BlackRock, Inc. 0.00% of their portfolio New York, NY 355,506355.5k $91.7m $91.7m 0.00% Added +337.0k +336,957
70 Heartwood Wealth Advisors LLC 8.39% of their portfolio RICHMOND, VA 352,930352.9k $91.0m $91.0m 8.39% Added +3.9k +3,851
71 Karpus Management, Inc. 2.65% of their portfolio Pittsford, NY 334,706334.7k $86.3m $86.3m 2.65% Added +4.8k +4,823
72 Millburn Ridgefield LLC /DE/ 1.99% of their portfolio New York, NY 323,914323.9k $83.6m $83.6m 1.99% Reduced -17.4k -17,438
73 Catalyst Capital Advisors LLC 1.72% of their portfolio San Juan, PR 323,914323.9k $83.6m $83.6m 1.72% Reduced -17.4k -17,438
74 M&T Bank Corp 0.26% of their portfolio BUFFALO, NY 313,812313.8k $80.9m $80.9m 0.26% Reduced -954 -954
75 COLDSTREAM CAPITAL MANAGEMENT INC 1.04% of their portfolio BELLEVUE, WA 313,309313.3k $80.8m $80.8m 1.04% Added +2.0k +2,046
76 FIFTH THIRD BANCORP 0.25% of their portfolio CINCINNATI, OH 309,381309.4k $79.8m $79.8m 0.25% Reduced -551 -551
77 LINCOLN NATIONAL CORP 2.27% of their portfolio RADNOR, PA 301,691301.7k $77.8m $77.8m 2.27% Added +9.1k +9,128
78 JANUS HENDERSON GROUP PLC 0.03% of their portfolio LONDON, X0 300,051300.1k $77.4m $77.4m 0.03% Reduced -26.0k -26,026
79 TRUSTMARK BANK TRUST DEPARTMENT 4.83% of their portfolio JACKSON, MS 296,726296.7k $76.5m $76.5m 4.83% Added +604 +604
80 ASSETMARK, INC 0.15% of their portfolio CONCORD, CA 292,043292.0k $75.3m $75.3m 0.15% Added +8.5k +8,503
81 BURRUS FINANCIAL SERVICES, INC. 14.12% of their portfolio SALT LAKE CITY, UT 287,513287.5k $24.8m $24.8m 14.12% Added +201.6k +201,591
82 Merit Financial Group, LLC 0.59% of their portfolio ALPHARETTA, GA 286,260286.3k $73.8m $73.8m 0.59% Added +27.7k +27,673
83 Auto-Owners Insurance Co 1.53% of their portfolio LANSING, MI 281,628281.6k $72.6m $72.6m 1.53% Added +32.6k +32,600
84 PARK AVENUE SECURITIES LLC 0.61% of their portfolio NEW YORK, NY 278,965279.0k $72.0m $72.0m 0.61% Added +1.2k +1,217
85 Gibraltar Capital Management, Inc. 12.23% of their portfolio TULSA, OK 278,719278.7k $71.9m $71.9m 12.23% Reduced -532 -532
86 WIT, LLC 1.37% of their portfolio DISTRICT OF COLUMBIA, DC 264,352264.4k $68.2m $68.2m 1.37% Added +3.8k +3,797
87 US BANCORP \DE\ 0.08% of their portfolio MINNEAPOLIS, MN 263,672263.7k $68.0m $68.0m 0.08% Reduced -14.7k -14,704
88 VISTA CAPITAL PARTNERS, INC. 6.70% of their portfolio PORTLAND, OR 263,086263.1k $67.9m $67.9m 6.70% Reduced -2.1k -2,122
89 PITTENGER & ANDERSON INC 2.60% of their portfolio LINCOLN, NE 261,700261.7k $67.5m $67.5m 2.60% Added +6.1k +6,139
90 Chandler Asset Management, Inc. 10.63% of their portfolio SAN DIEGO, CA 260,330260.3k $67.2m $67.2m 10.63% Added +11.7k +11,655
91 Focus Partners Wealth 0.08% of their portfolio ST LOUIS, MO 260,127260.1k $67.1m $67.1m 0.08% Reduced -865.2k -865,168
92 Center for Financial Planning, Inc. 6.85% of their portfolio SOUTHFIED, MI 255,199255.2k $65.8m $65.8m 6.85% Added +1.5k +1,508
93 Smithfield Trust Co 2.90% of their portfolio PITTSBURGH, PA 254,416254.4k $65.7m $65.7m 2.90% Reduced -2.7k -2,670
94 CX Institutional 1.80% of their portfolio AUBURN, IN 233,647233.6k $60.3m $60.3m 1.80% Reduced -4.3k -4,279
95 Betterment LLC 0.11% of their portfolio NEW YORK, NY 229,220229.2k $59.1m $59.1m 0.11% Reduced -5.5k -5,467
96 VANTAGEPOINT INVESTMENT ADVISERS LLC 0.44% of their portfolio WASHINGTON, DC 213,898213.9k $55.2m $55.2m 0.44% Reduced -11.7k -11,692
97 CENTRAL TRUST Co 1.06% of their portfolio JEFFERSON CITY, MO 210,293210.3k $54.2m $54.2m 1.06% Added +12.6k +12,640
98 Kestra Advisory Services, LLC 0.22% of their portfolio AUSTIN, TX 210,019210.0k $54.2m $54.2m 0.22% Added +8.1k +8,138
99 MAI Capital Management 0.30% of their portfolio INDEPENDENCE, OH 204,235204.2k $52.7m $52.7m 0.30% Added +7.5k +7,470
100 Joel Isaacson & Co., LLC 1.72% of their portfolio NEW YORK, NY 202,242202.2k $52.2m $52.2m 1.72% Added +13.0k +12,996