Vault-13

VANGUARD INDEX FDS VTI

TOTAL STK MKT · ETP · CUSIP 922908769

3,586 institutional holders +330 vs Q3 2025
523,250,528523.3m shares reported held*
$170.8bnreported value*
115 new 1,475 added 1,232 reduced 68 sold out net bought ≈ $773.1m (+2.2m 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 ($397.7m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $326.36. Options: 6 managers hold calls ($530.6m notional), 8 hold puts ($176.9m).

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

02k4kQ3 22: 2,151Q4 22: 2,307Q1 23: 2,335Q2 23: 2,387Q3 23: 2,411Q4 23: 2,686Q1 24: 2,738Q2 24: 2,784Q3 24: 2,854Q4 24: 3,180Q1 25: 3,163Q2 25: 3,225Q3 25: 3,256Q4 25: 3,5863,586Q3 22Q2 23Q1 24Q4 24Q4 25
Numbers
QuarterHolders
Q3 20222,151
Q4 20222,307
Q1 20232,335
Q2 20232,387
Q3 20232,411
Q4 20232,686
Q1 20242,738
Q2 20242,784
Q3 20242,854
Q4 20243,180
Q1 20253,163
Q2 20253,225
Q3 20253,256
Q4 20253,586

Buyers vs sellers

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

Bought or addedCut or sold out
2k02kQ1 24: 1,337 bought or addedQ1 24: 1,105 cut or sold outQ2 24: 1,263 bought or addedQ2 24: 1,078 cut or sold outQ2 24Q3 24: 1,339 bought or addedQ3 24: 1,113 cut or sold outQ4 24: 1,426 bought or addedQ4 24: 1,111 cut or sold outQ4 24Q1 25: 1,514 bought or addedQ1 25: 1,322 cut or sold outQ2 25: 1,522 bought or addedQ2 25: 1,254 cut or sold outQ2 25Q3 25: 1,535 bought or addedQ3 25: 1,292 cut or sold outQ4 25: 1,590 bought or addedQ4 25: 1,300 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 20241,3371,105
Q2 20241,2631,078
Q3 20241,3391,113
Q4 20241,4261,111
Q1 20251,5141,322
Q2 20251,5221,254
Q3 20251,5351,292
Q4 20251,5901,300

Calls vs puts

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

CallsPuts
$0$200m$400m$600m$800mQ1 25 calls: $309.2mQ1 25 puts: $235.8mQ1 25P/C 0.76Q2 25 calls: $435.7mQ2 25 puts: $668.2mQ2 25P/C 1.53Q3 25 calls: $477.4mQ3 25 puts: $200.4mQ3 25P/C 0.42Q4 25 calls: $530.6mQ4 25 puts: $176.9mQ4 25P/C 0.33
Numbers
QuarterCallsPutsP/C
Q1 2025$309.2m$235.8m0.76
Q2 2025$435.7m$668.2m1.53
Q3 2025$477.4m$200.4m0.42
Q4 2025$530.6m$176.9m0.33

Biggest buyers

VANGUARD GROUP INC Added +2,291,938+2.3m
Corient Private Wealth LP Added +2,167,033+2.2m
Focus Partners Wealth Added +785,256+785.3k
Laird Norton Wetherby Trust Company, LLC Added +585,533+585.5k
BlackRock, Inc. Added +566,436+566.4k
Gallagher Fiduciary Advisors, LLC Added +471,279+471.3k
Constellation Investments, Inc. Added +376,923+376.9k
AQR CAPITAL MANAGEMENT LLC Added +327,757+327.8k
EAGLE CAPITAL MANAGEMENT LLC New +300,316+300.3k
BROWN ADVISORY INC Added +282,160+282.2k

Biggest sellers

JPMORGAN CHASE & CO Reduced -5,201,410-5.2m
NOVO HOLDINGS A/S Sold out -1,038,550-1.0m
Wealthspire Advisors, LLC Reduced -1,021,823-1.0m
NorthCoast Asset Management LLC Reduced -877,750-877.8k
Betterment LLC Reduced -610,825-610.8k
Tidal Investments LLC Reduced -553,410-553.4k
Provida Pension Fund Administrator Reduced -539,820-539.8k
VestGen Advisors, LLC Reduced -435,207-435.2k
Ballentine Partners, LLC Reduced -422,868-422.9k
CITIGROUP INC Reduced -411,468-411.5k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $321.2m958.0k shares
JANE STREET GROUP, LLC Added $137.3m409.5k shares
CITADEL ADVISORS LLC Reduced $65.4m195.1k shares
Walleye Trading LLC Reduced $3.3m9.7k shares
OLD MISSION CAPITAL LLC Reduced $2.9m115.6k shares
Squarepoint Ops LLC Reduced $536.4k1.6k shares

Biggest puts

CITADEL ADVISORS LLC Added $99.0m295.2k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $50.9m151.8k shares
JANE STREET GROUP, LLC Added $23.3m69.4k shares
FRANKLIN RESOURCES INC Unchanged $1.6m4.9k shares
Walleye Trading LLC Reduced $1.5m4.4k shares
Squarepoint Ops LLC Unchanged $502.9k1.5k shares
VERITY Wealth Advisors New $100.6k300 shares
OLD MISSION CAPITAL LLC Added $21.2k24.4k 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, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 VANGUARD GROUP INC 0.30% of their portfolio Valley Forge, PA 62,622,04962.6m $21.0bn $21.0bn 0.30% Added +2.3m +2,291,938
2 Rakuten Investment Management, Inc. 52.31% of their portfolio TOKYO, M0 47,479,73847.5m $15.5bn $15.5bn 52.31% Unchanged
3 Betterment LLC 16.08% of their portfolio NEW YORK, NY 25,171,57525.2m $8.4bn $8.4bn 16.08% Reduced -610.8k -610,825
4 Wealthfront Advisers LLC 13.51% of their portfolio Palo Alto, CA 18,025,28318.0m $6.0bn $6.0bn 13.51% Added +163.3k +163,272
5 BANK OF AMERICA CORP /DE/ 0.35% of their portfolio CHARLOTTE, NC 14,185,24814.2m $4.8bn $4.8bn 0.35% Added +243.1k +243,136
6 LPL Financial LLC 1.29% of their portfolio FORT MILL, SC 14,079,78014.1m $4.7bn $4.7bn 1.29% Added +277.9k +277,939
7 MORGAN STANLEY 0.28% of their portfolio NEW YORK, NY 13,792,39413.8m $4.6bn $4.6bn 0.28% Reduced -13.2k -13,206
8 WealthNavi Inc. 36.72% of their portfolio Shinagawa-ku, TOKYO, M0 12,394,77912.4m $4.2bn $4.2bn 36.72% Added +32.0k +32,017
9 NORTHERN TRUST CORP 0.42% of their portfolio CHICAGO, IL 9,712,9229.7m $3.3bn $3.3bn 0.42% Added +184.4k +184,429
10 HB Wealth Management, LLC 17.90% of their portfolio Atlanta, GA 8,648,1618.6m $2.8bn $2.8bn 17.90% Added +96.3k +96,255
11 Allworth Financial LP 11.70% of their portfolio FOLSOM, CA 8,495,9878.5m $2.8bn $2.8bn 11.70% Added +32.5k +32,458
12 Align Financial, LLC 3.64% of their portfolio HERMANTOWN, MN 6,271,8416.3m $6.3m $6.3m 3.64% First filing
13 Wellspring Financial Advisors, LLC 4.88% of their portfolio CLEVELAND, OH 6,172,0546.2m $61.7m $61.7m 4.88% Reduced -1.3k -1,290
14 Creative Planning 1.46% of their portfolio OVERLAND PARK, KS 6,067,0106.1m $2.0bn $2.0bn 1.46% Reduced -137.3k -137,259
15 ENVESTNET ASSET MANAGEMENT INC 0.57% of their portfolio Berwyn, PA 5,749,0985.7m $1.9bn $1.9bn 0.57% Reduced -50.9k -50,888
16 Ballentine Partners, LLC 26.65% of their portfolio Waltham, MA 5,658,8565.7m $1.9bn $1.9bn 26.65% Reduced -422.9k -422,868
17 WELLS FARGO & COMPANY/MN 0.37% of their portfolio SAN FRANCISCO, CA 5,644,7915.6m $1.9bn $1.9bn 0.37% Added +2.4k +2,398
18 JPMORGAN CHASE & CO 0.11% of their portfolio NEW YORK, NY 4,863,6544.9m $1.6bn $1.6bn 0.11% Reduced -5.2m -5,201,410
19 Forvis Mazars Wealth Advisors, LLC 30.72% of their portfolio Springfield, MO 4,852,4374.9m $1.6bn $1.6bn 30.72% Added +142.1k +142,074
20 UBS Group AG 0.27% of their portfolio ZURICH, V8 4,065,7484.1m $1.4bn $1.4bn 0.27% Reduced -24.2k -24,198
21 Corient Private Wealth LP 0.86% of their portfolio MIAMI, FL 3,896,1973.9m $1.3bn $1.3bn 0.86% Added +2.2m +2,167,033
22 Sequoia Financial Advisors, LLC 6.97% of their portfolio Akron, OH 3,715,4823.7m $1.2bn $1.2bn 6.97% Added +68.1k +68,138
23 NISSAY ASSET MANAGEMENT CORP /JAPAN 6.39% of their portfolio Tokyo, M0 3,663,0053.7m $1.2bn $1.2bn 6.39% Unchanged
24 Cetera Investment Advisers 1.19% of their portfolio SCHAUMBURG, IL 3,252,2503.3m $1.1bn $1.1bn 1.19% Added +23.3k +23,277
25 ROYAL BANK OF CANADA 0.18% of their portfolio TORONTO, A6 3,055,1433.1m $1.0bn $1.0bn 0.18% Added +95.8k +95,777
26 RAYMOND JAMES FINANCIAL INC 0.31% of their portfolio ST. PETERSBURG, FL 3,013,0923.0m $1.0bn $1.0bn 0.31% Added +163.4k +163,384
27 National Mutual Insurance Federation of Agricultural Cooperatives 6.61% of their portfolio TOKYO, JAPAN, M0 2,686,8002.7m $900.8m $900.8m 6.61% Unchanged
28 OSAIC HOLDINGS, INC. 1.29% of their portfolio SCOTTSDALE, AZ 2,633,4432.6m $883.1m $883.1m 1.29% Reduced -106.9k -106,933
29 Focus Partners Wealth 0.97% of their portfolio ST LOUIS, MO 2,549,5852.5m $854.8m $854.8m 0.97% Added +785.3k +785,256
30 SCS Capital Management LLC 9.02% of their portfolio BOSTON, MA 2,539,5322.5m $851.4m $851.4m 9.02% Reduced -25.6k -25,646
31 Savant Capital, LLC 4.62% of their portfolio ROCKFORD, IL 2,421,7822.4m $812.0m $812.0m 4.62% Added +77.8k +77,849
32 GOLDMAN SACHS GROUP INC 0.11% of their portfolio NEW YORK, NY 2,378,6792.4m $797.5m $797.5m 0.11% Reduced -4.2k -4,219
33 PNC Financial Services Group, Inc. 0.43% of their portfolio Pittsburgh, PA 2,356,1862.4m $790.0m $790.0m 0.43% Reduced -102.8k -102,822
34 COMMONWEALTH EQUITY SERVICES, LLC 1.04% of their portfolio WALTHAM, MA 2,320,3042.3m $777.9m $777.9m 1.04% Reduced -231.0k -231,019
35 AMERIPRISE FINANCIAL INC 0.17% of their portfolio MINNEAPOLIS, MN 2,184,8782.2m $733.8m $733.8m 0.17% Reduced -53.0k -53,012
36 HighTower Advisors, LLC 0.80% of their portfolio CHICAGO, IL 2,184,3912.2m $732.4m $732.4m 0.80% Added +1.8k +1,799
37 BROWN ADVISORY INC 1.02% of their portfolio BALTIMORE, MD 2,171,3542.2m $728.0m $728.0m 1.02% Added +282.2k +282,160
38 Facet Wealth, Inc. 13.14% of their portfolio WEST PALM BEACH, FL 2,164,4512.2m $742.6m $742.6m 13.14% Added +188.6k +188,623
39 SBI Okasan Asset Management Co.Ltd. 39.40% of their portfolio TOKYO, M0 2,113,6402.1m $715.2m $715.2m 39.40% First filing
40 Cambridge Investment Research Advisors, Inc. 1.84% of their portfolio FAIRFIELD, IA 2,079,8492.1m $697.3m $697.3m 1.84% Reduced -27.0k -27,022
41 US BANCORP \DE\ 0.82% of their portfolio MINNEAPOLIS, MN 2,079,5742.1m $697.2m $697.2m 0.82% Reduced -19.2k -19,203
42 Bank of New York Mellon Corp 0.12% of their portfolio NEW YORK, NY 2,067,9202.1m $693.3m $693.3m 0.12% Reduced -42.9k -42,860
43 MERCER GLOBAL ADVISORS INC /ADV 1.05% of their portfolio DENVER, CO 2,052,5152.1m $687.9m $687.9m 1.05% Added +55.4k +55,419
44 Cerity Partners LLC 0.92% of their portfolio NEW YORK, NY 1,876,0081.9m $629.0m $629.0m 0.92% Added +165.1k +165,135
45 Mariner, LLC 0.71% of their portfolio Overland Park, KS 1,788,0551.8m $599.6m $599.6m 0.71% Reduced -9.8k -9,817
46 CAMBRIDGE ASSOCIATES LLC /MA/ /ADV 9.47% of their portfolio BOSTON, MA 1,726,0161.7m $578.7m $578.7m 9.47% Added +31.2k +31,197
47 Summit Financial, LLC 8.18% of their portfolio PARSIPPANY, NJ 1,661,2371.7m $557.0m $557.0m 8.18% Added +18.4k +18,370
48 Empower Advisory Group, LLC 1.50% of their portfolio Greenwood Village, CO 1,656,5741.7m $555.4m $555.4m 1.50% Added +94.8k +94,754
49 State of Tennessee, Department of Treasury 1.72% of their portfolio NASHVILLE, TN 1,582,5211.6m $539.0m $539.0m 1.72% Added +10.1k +10,072
50 PATRIOT INVESTMENT MANAGEMENT GROUP, INC. 31.23% of their portfolio KNOXVILLE, TN 1,469,1021.5m $492.5m $492.5m 31.23% Added +6.3k +6,343
51 RITHOLTZ WEALTH MANAGEMENT 8.77% of their portfolio NEW YORK, NY 1,433,7101.4m $480.7m $480.7m 8.77% Added +59.4k +59,358
52 Provida Pension Fund Administrator 8.29% of their portfolio LAS CONDES, SANTIAGO, F3 1,429,6681.4m $479.3m $479.3m 8.29% Reduced -539.8k -539,820
53 FMR LLC 0.02% of their portfolio BOSTON, MA 1,362,3171.4m $456.7m $456.7m 0.02% Added +66.6k +66,599
54 Foster Group, Inc. 13.62% of their portfolio WEST DES MOINES, IA 1,343,2961.3m $450.4m $450.4m 13.62% Added +13.2k +13,248
55 AQR CAPITAL MANAGEMENT LLC 0.22% of their portfolio Greenwich, CT 1,226,4031.2m $411.2m $411.2m 0.22% Added +327.8k +327,757
56 Moss Adams Wealth Advisors LLC 29.69% of their portfolio SEATTLE, WA 1,221,4791.2m $409.5m $409.5m 29.69% Added +171.2k +171,156
57 IEQ CAPITAL, LLC 1.20% of their portfolio Foster City, CA 1,197,6641.2m $401.5m $401.5m 1.20% Added +109.2k +109,235
58 Truepoint, Inc. 8.99% of their portfolio CINCINNATI, OH 1,192,0781.2m $399.7m $399.7m 8.99% Reduced -16.8k -16,803
59 Sageworth Trust Co 16.53% of their portfolio LANCASTER, PA 1,151,0301.2m $385.9m $385.9m 16.53% Reduced -16.3k -16,258
60 Private Advisor Group, LLC 1.80% of their portfolio MORRISTOWN, NJ 1,139,7961.1m $382.1m $382.1m 1.80% Reduced -20.4k -20,444
61 Symetra Investment Management Co 67.15% of their portfolio Farmington, CT 1,138,0501.1m $381.6m $381.6m 67.15% Reduced -16.0k -16,045
62 Prime Capital Investment Advisors, LLC 4.55% of their portfolio OVERLAND PARK, KS 1,113,7961.1m $373.4m $373.4m 4.55% Reduced -66.7k -66,734
63 VISTA CAPITAL PARTNERS, INC. 36.69% of their portfolio PORTLAND, OR 1,108,7371.1m $371.7m $371.7m 36.69% Reduced -2.0k -2,045
64 WEALTHCARE CAPITAL MANAGEMENT LLC 36.44% of their portfolio RICHMOND, VA 1,094,7681.1m $367.0m $367.0m 36.44% Reduced -44.0k -43,994
65 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.50% of their portfolio PLYMOUTH, MN 1,082,5041.1m $369.4m $369.4m 0.50% Added +4.3k +4,271
66 Rockefeller Capital Management L.P. 0.64% of their portfolio NEW YORK, NY 1,068,3111.1m $358.2m $358.2m 0.64% Added +112.7k +112,734
67 Plancorp, LLC 10.43% of their portfolio SAINT LOUIS, MO 1,029,4801.0m $345.2m $345.2m 10.43% Added +95.1k +95,126
68 ASSETMARK, INC 0.70% of their portfolio CONCORD, CA 1,020,3161.0m $342.1m $342.1m 0.70% Reduced -9.2k -9,171
69 Elm Partners Management LLC 15.15% of their portfolio Philadelphia, PA 996,018996.0k $333.9m $333.9m 15.15% Added +54.8k +54,790
70 Wealthspire Advisors, LLC 2.64% of their portfolio NEW YORK, NY 987,621987.6k $331.1m $331.1m 2.64% Reduced -1.0m -1,021,823
71 BlackRock, Inc. 0.01% of their portfolio New York, NY 977,006977.0k $327.6m $327.6m 0.01% Added +566.4k +566,436
72 Capstone Financial Advisors, Inc. 17.11% of their portfolio DOWNERS GROVE, IL 957,838957.8k $321.1m $321.1m 17.11% Added +12.8k +12,842
73 BANK OF MONTREAL /CAN/ 0.13% of their portfolio TORONTO, A6 943,855943.9k $316.4m $316.4m 0.13% Added +10.8k +10,757
74 Caprock Group, LLC 6.33% of their portfolio BOISE, ID 894,507894.5k $299.9m $299.9m 6.33% Added +15.0k +14,955
75 Baird Financial Group, Inc. 0.46% of their portfolio MILWAUKEE, WI 876,258876.3k $293.8m $293.8m 0.46% Added +68.0k +68,019
76 Gibson Capital, LLC 52.94% of their portfolio WEXFORD, PA 860,884860.9k $288.6m $288.6m 52.94% Reduced -13.7k -13,742
77 LINCOLN NATIONAL CORP 8.04% of their portfolio RADNOR, PA 820,567820.6k $275.1m $275.1m 8.04% Reduced -1.4k -1,425
78 Cresset Asset Management, LLC 1.17% of their portfolio Chicago, IL 819,717819.7k $274.8m $274.8m 1.17% Added +12.4k +12,398
79 Pathstone Holdings, LLC 1.04% of their portfolio ENGLEWOOD, NJ 807,309807.3k $270.7m $270.7m 1.04% Added +23.6k +23,557
80 OXFORD FINANCIAL GROUP, LTD. LLC 14.67% of their portfolio INDIANAPOLIS, IN 795,893795.9k $266.8m $266.8m 14.67% Reduced -62.8k -62,766
81 Norinchukin Bank, The 3.09% of their portfolio TOKYO, M0 790,500790.5k $265.0m $265.0m 3.09% Added +103.0k +103,000
82 CAPTRUST FINANCIAL ADVISORS 0.50% of their portfolio RALEIGH, NC 789,011789.0k $264.5m $264.5m 0.50% Added +89.9k +89,947
83 First Business Financial Services, Inc. 24.29% of their portfolio MADISON, WI 788,902788.9k $264.5m $264.5m 24.29% Reduced -18.2k -18,227
84 Quantinno Capital Management LP 0.52% of their portfolio NEW YORK, NY 777,828777.8k $260.8m $260.8m 0.52% Added +119.6k +119,591
85 Verus Financial Partners, Inc. 24.04% of their portfolio RICHMOND, VA 763,829763.8k $261.3m $261.3m 24.04% Reduced -228 -228
86 Hardy Reed LLC 18.25% of their portfolio TUPELO, MS 763,393763.4k $255.9m $255.9m 18.25% Added +3.3k +3,318
87 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.16% of their portfolio MILWAUKEE, WI 761,488761.5k $255.3m $255.3m 0.16% Reduced -96.6k -96,626
88 TIAA TRUST, NATIONAL ASSOCIATION 0.60% of their portfolio CHARLOTTE, NC 752,040752.0k $252.1m $252.1m 0.60% Reduced -43.8k -43,774
89 REBALANCE, LLC 14.63% of their portfolio PALO ALTO, CA 746,351746.4k $250.2m $250.2m 14.63% Reduced -6.2k -6,208
90 Beacon Pointe Advisors, LLC 1.75% of their portfolio NEWPORT BEACH, CA 742,991743.0k $249.1m $249.1m 1.75% Added +243.2k +243,167
91 STIFEL FINANCIAL CORP 0.22% of their portfolio ST. LOUIS, MO 734,559734.6k $246.3m $246.3m 0.22% Added +11.5k +11,498
92 West Virginia University Foundation, Inc 46.29% of their portfolio MORGANTOWN, WV 728,924728.9k $244.4m $244.4m 46.29% Added +259.3k +259,323
93 TRUIST FINANCIAL CORP 0.32% of their portfolio CHARLOTTE, NC 725,519725.5k $243.2m $243.2m 0.32% Reduced -24.0k -24,017
94 N.E.W. Advisory Services LLC 17.87% of their portfolio DE PERE, WI 720,637720.6k $241.6m $241.6m 17.87% Added +50.1k +50,118
95 Laird Norton Wetherby Trust Company, LLC 5.02% of their portfolio Seattle, WA 720,206720.2k $241.5m $241.5m 5.02% Added +585.5k +585,533
96 Vestmark Advisory Solutions, Inc. 3.24% of their portfolio Wakefield, MA 715,133715.1k $239.8m $239.8m 3.24% Added +41.6k +41,619
97 Orion Porfolio Solutions, LLC 1.70% of their portfolio OMAHA, NE 691,631691.6k $231.9m $231.9m 1.70% Added +9.6k +9,567
98 Apella Capital, LLC 4.56% of their portfolio WEST HARTFORD, CT 688,831688.8k $230.9m $230.9m 4.56% Added +223.8k +223,762
99 STEPHENS INC /AR/ 2.81% of their portfolio LITTLE ROCK, AR 673,618673.6k $225.8m $225.8m 2.81% Reduced -25.9k -25,852
100 Trilogy Capital Inc. 10.05% of their portfolio IRVINE, CA 670,274670.3k $224.7m $224.7m 10.05% Added +17.4k +17,398