Vanguard Tax-Exempt Bond Index Fund

VTEB • ARCA

Vanguard Tax-Exempt Bond Index Fund is an exchange-traded fund on ARCA. As of Q3 2025, 1,145 institutional investors hold shares in this ETF, with total holdings valued at $28.0B. JPMORGAN CHASE & CO is the largest holder with a position valued at $5.0B.

Overview

Overview of institutional ownership in VTEB as of Q3 2025

All Institutions

Institutions: 1,145
Value Held: $28.0B
Shares Held: 559.5M
Avg Position: $24.5M
Median Position: $1.3M

Hedge Funds

Hedge Funds: 12
Value Held: $119.9M
Shares Held: 2.4M
Avg Position: $10.0M
Median Position: $5.5M

Biggest Investors

Institutions with the largest positions in VTEB as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
JPMORGAN CHASE & CO Institution	Jamie Dimon CEO	$5.0B 0.32% of portfolio	99.1M shares	Q2 2023 Held for 2y 5m	$1.56T
N NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Institution	-	$1.8B 1.19% of portfolio	35.7M shares	Q4 2022 Held for 2y 11m	$149.83B
Creative Planning RIA/Wealth	Peter Alex Mallouk CEO	$1.3B 1.00% of portfolio	26.1M shares	Q4 2022 Held for 2y 11m	$130.86B
SCHWAB CHARLES INVESTMENT MANAGEMENT INC Long Only Manager	Omar Aguilar Chavez CEO	$1.2B 0.19% of portfolio	24.0M shares	Q2 2024 Held for 1y 5m	$620.51B
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$1.2B 0.07% of portfolio	23.0M shares	Q4 2022 Held for 2y 11m	$1.65T
Wealthfront Advisers LLC RIA/Wealth	Andrew Samuel Rachleff CEO	$1.1B 2.62% of portfolio	22.3M shares	Q4 2022 Held for 2y 11m	$42.6B
RAYMOND JAMES FINANCIAL INC RIA/Wealth	Steven Robert Marcus CEO	$1.1B 0.36% of portfolio	22.2M shares	Q4 2024 Held for 11 months	$310.43B
FMR LLC Institution	-	$1.0B 0.05% of portfolio	20.3M shares	Q4 2022 Held for 2y 11m	$1.92T
NORTHERN TRUST CORP Institution	Michael G. O'Grady CEO	$775.0M 0.10% of portfolio	15.5M shares	Q4 2022 Held for 2y 11m	$782.01B
T TIAA TRUST, NATIONAL ASSOCIATION Institution	-	$713.8M 1.73% of portfolio	14.3M shares	Q3 2023 Held for 2y 2m	$41.2B

Net Capital Flow

Institutional buying and selling activity for VTEB in Q3 2025

Net Flow: −$221.9M
Buyers: 508
Sellers: 467
Total Bought: +$1.3B
Total Sold: −$1.5B
Avg Position: $23.9M

Biggest Buyers

Institution	Net Bought	Current Position
MERCER GLOBAL ADVISORS INC /ADV RIA/Wealth	+$159.6M +3.2M shares	$480.2M 9.6M shares
T TIAA TRUST, NATIONAL ASSOCIATION Institution	+$90.1M +1.8M shares	$713.8M 14.3M shares
J JANE STREET GROUP, LLC Institution	+$85.6M +1.7M shares	$94.2M 1.9M shares
Wealthfront Advisers LLC RIA/Wealth	+$67.5M +1.3M shares	$1.1B 22.3M shares
J JONES FINANCIAL COMPANIES LLLP Institution	+$66.1M +1.3M shares	$285.2M 5.7M shares
WELLS FARGO & COMPANY/MN Institution	+$61.7M +1.2M shares	$650.7M 13.0M shares
Forum Financial Management, LP RIA/Wealth	+$57.0M +1.1M shares	$66.2M 1.3M shares
L LPL Financial LLC Institution	+$54.4M +1.1M shares	$375.4M 7.5M shares
BANK OF AMERICA CORP /DE/ Institution	+$50.4M +1.0M shares	$536.6M 10.7M shares
VANGUARD GROUP INC Institution	+$29.3M +585.4K shares	$187.5M 3.7M shares

Biggest Sellers

Institution	Net Sold	Current Position
JPMORGAN CHASE & CO Institution	−$448.5M −9.0M shares	$5.0B 99.1M shares
ENVESTNET ASSET MANAGEMENT INC Long Only Manager	−$215.4M −4.3M shares	$233.3M 4.7M shares
C CI Private Wealth, LLC RIA/Wealth	−$95.9M −1.9M shares	$88.9M 1.8M shares
FRANKLIN RESOURCES INC Institution	−$39.4M −787.5K shares	$304.6M 6.1M shares
Streettalk Advisors, LLC RIA/Wealth	−$37.7M −752.6K shares	$15.7M 313.7K shares
Creative Planning RIA/Wealth	−$37.6M −750.5K shares	$1.3B 26.1M shares
ASPIRIANT, LLC RIA/Wealth	−$34.5M −689.6K shares	$206.5M 4.1M shares
SCHWAB CHARLES INVESTMENT MANAGEMENT INC Long Only Manager	−$33.1M −660.4K shares	$1.2B 24.0M shares
REGIONS FINANCIAL CORP Institution	−$30.9M −618.0K shares	$21.0M 419.6K shares
C Colony Group, LLC Institution	−$29.4M −586.5K shares	$27.0M 538.1K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited VTEB in Q3 2025

New Positions: 66
New Value: $1.2B
Exited Positions: 61
Exited Value: $86.1M

New Positions

Institution	Position Value
S SEI INVESTMENTS CO Institution	$693.9M 13.9M shares
WELLINGTON MANAGEMENT CO LLP Long Only Manager	$347.6M 6.9M shares
MML INVESTORS SERVICES, LLC RIA/Wealth	$44.0M 878.6K shares
BIP Wealth, LLC RIA/Wealth	$28.4M 566.5K shares
LAZARD ASSET MANAGEMENT LLC Long Only Manager	$23.7M 473.8K shares
S Stamos Capital Partners, L.P. Fund of Funds	$19.6M 391.6K shares
FIRST HORIZON NATIONAL CORP RIA/Wealth	$16.0M 320.5K shares
Single Point Partners, LLC RIA/Wealth	$15.6M 311.5K shares
San Luis Wealth Advisors LLC RIA/Wealth	$13.4M 268.1K shares
Tilson Financial Group, Inc. RIA/Wealth	$7.5M 150.5K shares

Exited Positions

Institution	Previous Position
a16z Perennial Management, L.P. Fund of Funds	$21.4M 435.7K shares
NISA INVESTMENT ADVISORS L L C Long Only Manager	$12.1M 246.2K shares
Quaker Wealth Management, LLC RIA/Wealth	$8.6M 175.1K shares
Envision Financial Planning, LLC RIA/Wealth	$7.8M 159.9K shares
Vishria Bird Financial Group, LLC RIA/Wealth	$6.6M 135.3K shares
Symphony Financial, Ltd. Co. RIA/Wealth	$6.5M 132.0K shares
R Rede Wealth, LLC RIA/Wealth	$2.9M 58.5K shares
HILLTOP WEALTH ADVISORS, LLC RIA/Wealth	$2.7M 55.4K shares
CAPITAL INSIGHT PARTNERS, LLC RIA/Wealth	$1.2M 25.0K shares
Forefront Analytics, LLC RIA/Wealth	$1.1M 21.9K shares

Options Activity

Institutions with the largest Call and Put options positions in VTEB as of Q3 2025

Call Positions: 4
Call Value: $14.1M
Put Positions: 3
Put Value: $2.8M

Call Positions

Institution	Position Value
ROBINSON CAPITAL MANAGEMENT, LLC Long Only Manager	$11.5M 2.3K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$1.7M 348.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$836.2K 167.0 contracts
Centiva Capital, LP Hedge Fund•Multi-Strategy	- - contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$2.4M 470.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$450.6K 90.0 contracts
B Belvedere Trading LLC Institution	- - contracts

Most Committed Institutions

Institutions with VTEB as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
B BAKER BOYER NATIONAL BANK Institution	-	19.28% $58.0M	1.2M shares	Q4 2022 Held for 2y 11m	$301.0M
GPWM LLC RIA/Wealth	Richard Ifft Lerach Managing Partner	11.69% $19.2M	383.2K shares	Q4 2022 Held for 2y 11m	$164.1M
TEXAS CAPITAL BANCSHARES INC/TX Institution	Robert C. Holmes CEO	11.33% $28.8M	575.0K shares	Q3 2025 Held for 2 months	$254.1M
S Sunflower Bank, N.A. Institution	-	11.23% $44.9M	897.4K shares	Q1 2023 Held for 2y 8m	$400.2M
A Ackerman Capital Advisors, LLC RIA/Wealth	David Brouwer Ackerman Member	10.36% $49.5M	988.4K shares	Q4 2022 Held for 2y 11m	$477.7M
Topsail Wealth Management, LLC RIA/Wealth	Matthew Philip Snipes CEO	9.57% $54.8M	1.1M shares	Q4 2024 Held for 11 months	$572.8M
M Mallini Complete Financial Planning LLC RIA/Wealth	James Barber Twining CEO	9.56% $11.7M	233.9K shares	Q4 2024 Held for 11 months	$122.5M
West Financial Advisors, LLC RIA/Wealth	Brian Allen West Managing Partner	9.40% $56.9M	1.1M shares	Q4 2022 Held for 2y 11m	$605.0M
Astoria Strategic Wealth, Inc. RIA/Wealth	Kirby Don Jacobson CIO	8.08% $32.0M	638.6K shares	Q3 2024 Held for 1y 2m	$395.5M
Luminvest Wealth Management LLC RIA/Wealth	Trent Robert White Managing Partner	7.82% $24.0M	479.1K shares	Q4 2023 Held for 1y 11m	$306.8M

Hedge Fund Spotlight

Discover hedge funds investing in VTEB

AQR CAPITAL MANAGEMENT LLC

Hedge Fund • Multi-Strategy

Portfolio ManagerDavid Gary Kabiller

Portfolio Value: $156.17B
Positions: 3,453
Last Reported: Q3 2025

Sector Allocation

Position in Vanguard Tax-Exempt Bond Index Fund

Market Value: $1.2M
Shares Held: 24.1K
Portfolio Weight: 0.00%
Owned Since: 2024-Q2

Top Holding	Sector	Market Value	Weight
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2 Microsoft MSFT	Software - Infrastructure Technology	$3.2B	2.05%
3 Apple AAPL	Consumer Electronics Technology	$2.8B	1.76%