Vanguard FTSE Emerging Markets

VWO • ARCA

Vanguard FTSE Emerging Markets is an exchange-traded fund on ARCA. As of Q3 2025, 2,236 institutional investors hold shares in this ETF, with total holdings valued at $72.5B. BANK OF AMERICA CORP /DE/ is the largest holder with a position valued at $6.2B.

Overview

Overview of institutional ownership in VWO as of Q3 2025

All Institutions

Institutions: 2,236
Value Held: $72.5B
Shares Held: 1.34B
Avg Position: $32.4M
Median Position: $1.6M

Hedge Funds

Hedge Funds: 30
Value Held: $586.7M
Shares Held: 10.8M
Avg Position: $19.6M
Median Position: $1.5M

Biggest Investors

Institutions with the largest positions in VWO as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
BANK OF AMERICA CORP /DE/ Institution	Brian T. Moynihan CEO	$6.2B 0.46% of portfolio	114.4M shares	≤ Q2 2013 Held for 12y 5m+	$1.33T
VANGUARD GROUP INC Institution	Salim Ramji CEO	$4.2B 0.06% of portfolio	77.1M shares	≤ Q2 2013 Held for 12y 5m+	$6.69T
N NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Institution	-	$4.1B 2.71% of portfolio	74.8M shares	≤ Q2 2013 Held for 12y 5m+	$149.83B
Betterment LLC RIA/Wealth	Sarah Kirshbaum Levy CEO	$2.8B 6.01% of portfolio	52.5M shares	Q4 2014 Held for 10y 11m	$47.3B
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$2.8B 0.17% of portfolio	51.0M shares	≤ Q2 2013 Held for 12y 5m+	$1.65T
Wealthfront Advisers LLC RIA/Wealth	Andrew Samuel Rachleff CEO	$2.6B 6.01% of portfolio	47.3M shares	Q4 2018 Held for 6y 11m	$42.6B
WELLS FARGO & COMPANY/MN Institution	Charles W. Scharf CEO	$2.4B 0.50% of portfolio	45.0M shares	Q4 2018 Held for 6y 11m	$488.61B
NORTHERN TRUST CORP Institution	Michael G. O'Grady CEO	$2.4B 0.31% of portfolio	44.3M shares	≤ Q2 2013 Held for 12y 5m+	$782.01B
W WIT, LLC Institution	-	$2.1B 47.13% of portfolio	38.4M shares	Q4 2020 Held for 4y 11m	$4.4B
ENVESTNET ASSET MANAGEMENT INC Long Only Manager	Christopher Russell Todd CEO	$2.0B 0.58% of portfolio	36.4M shares	≤ Q2 2013 Held for 12y 5m+	$341.99B

Net Capital Flow

Institutional buying and selling activity for VWO in Q3 2025

Net Flow: +$1.2B
Buyers: 1,047
Sellers: 883
Total Bought: +$3.0B
Total Sold: −$1.7B
Avg Position: $33.0M

Biggest Buyers

Institution	Net Bought	Current Position
N NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Institution	+$174.3M +3.2M shares	$4.1B 74.8M shares
VANGUARD GROUP INC Institution	+$155.4M +2.9M shares	$4.2B 77.1M shares
MERCER GLOBAL ADVISORS INC /ADV RIA/Wealth	+$135.6M +2.5M shares	$829.2M 15.3M shares
JPMORGAN CHASE & CO Institution	+$130.3M +2.4M shares	$813.4M 15.0M shares
WELLS FARGO & COMPANY/MN Institution	+$111.8M +2.1M shares	$2.4B 45.0M shares
C CBIZ Investment Advisory Services, LLC RIA/Wealth	+$107.0M +2.0M shares	$107.2M 2.0M shares
W WIT, LLC Institution	+$105.1M +1.9M shares	$2.1B 38.4M shares
MORGAN STANLEY RIA/Wealth	+$98.6M +1.8M shares	$2.8B 51.0M shares
C CI Private Wealth, LLC RIA/Wealth	+$97.8M +1.8M shares	$421.4M 7.8M shares
Wealthfront Advisers LLC RIA/Wealth	+$97.0M +1.8M shares	$2.6B 47.3M shares

Biggest Sellers

Institution	Net Sold	Current Position
ENVESTNET ASSET MANAGEMENT INC Long Only Manager	−$416.6M −7.7M shares	$2.0B 36.4M shares
S South Dakota Investment Council Institution	−$118.7M −2.2M shares	$641.6M 11.8M shares
ING INVESTMENT MANAGEMENT LLC Insurance Manager	−$89.7M −1.7M shares	$73.2M 1.4M shares
Empowered Funds, LLC ETF Provider	−$72.8M −1.3M shares	$2.5M 46.3K shares
VICTORY CAPITAL MANAGEMENT INC Long Only Manager	−$45.9M −847.1K shares	$59.2M 1.1M shares
Kingstone Capital Partners Texas, LLC RIA/Wealth	−$44.4M −898.5K shares	Sold Off 0 shares
T TECTONIC ADVISORS LLC RIA/Wealth	−$43.2M −797.5K shares	$13.4M 246.8K shares
B BNP PARIBAS ARBITRAGE, SA Institution	−$39.9M −735.8K shares	$1.1M 19.6K shares
Invesco Ltd. ETF Provider	−$39.7M −732.3K shares	$43.9M 810.5K shares
ALLIANCEBERNSTEIN L.P. Long Only Manager	−$36.6M −676.2K shares	$98.8M 1.8M shares

Entry and Exit Activity

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

New Positions: 46
New Value: $53.8M
Exited Positions: 66
Exited Value: $164.1M

New Positions

Institution	Position Value
United Financial Planning Group LLC RIA/Wealth	$25.3M 422.0K shares
Employees' Retirement Fund of the City of Fort Worth RIA/Wealth	$4.9M 90.8K shares
Siligmueller & Norvid Wealth Advisors LLC RIA/Wealth	$2.6M 48.0K shares
SCHARF INVESTMENTS, LLC RIA/Wealth	$2.1M 38.1K shares
Hansen & Associates Financial Group, Inc. RIA/Wealth	$1.7M 31.4K shares
Northern Financial Advisors Inc RIA/Wealth	$1.5M 27.0K shares
O Owen LaRue, LLC Institution	$1.4M 25.8K shares
CHILTON INVESTMENT CO LLC Hedge Fund•Long/Short	$1.2M 22.1K shares
ENDEAVOR PRIVATE WEALTH, INC. RIA/Wealth	$1.0M 18.6K shares
S STEINBERGANNA WEALTH MANAGEMENT RIA/Wealth	$978.5K 18.1K shares

Exited Positions

Institution	Previous Position
Kingstone Capital Partners Texas, LLC RIA/Wealth	$44.4M 898.5K shares
SRS Capital Advisors, Inc. RIA/Wealth	$26.6M 527.0K shares
Ally Financial Inc. Institution	$23.2M 470.0K shares
T Twin Tree Management, LP Hedge Fund•Vol Arbitrage	$13.7M 276.1K shares
WEXFORD CAPITAL LP Hedge Fund•Multi-Strategy	$10.3M 209.1K shares
T TWO SIGMA SECURITIES, LLC Institution	$7.0M 142.0K shares
Marshall Wace LLP Institution	$5.6M 113.7K shares
Nipun Capital, L.P. Hedge Fund•Sector	$5.5M 110.2K shares
AlphaStar Capital Management, LLC RIA/Wealth	$3.2M 65.5K shares
Victrix Investment Advisors RIA/Wealth	$3.0M 60.1K shares

Options Activity

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

Call Positions: 10
Call Value: $40.3M
Put Positions: 7
Put Value: $59.7M

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$11.6M 2.1K contracts
WELLS FARGO & COMPANY/MN Institution	$8.4M 1.6K contracts
BARCLAYS PLC Institution	$8.3M 1.5K contracts
UBS Group AG Institution	$4.6M 852.0 contracts
J JANE STREET GROUP, LLC Institution	$2.7M 495.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$2.6M 472.0 contracts
LEUCADIA NATIONAL CORP Institution	$1.4M 262.0 contracts
CAPITAL FUND MANAGEMENT S.A. Hedge Fund•Quant Macro	$644.7K 119.0 contracts
T Twin Tree Management, LP Hedge Fund•Vol Arbitrage	$75.9K 14.0 contracts
BANK OF AMERICA CORP /DE/ Institution	- - contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$19.9M 3.7K contracts
BARCLAYS PLC Institution	$15.1M 2.8K contracts
BANK OF AMERICA CORP /DE/ Institution	$10.1M 1.9K contracts
WELLS FARGO & COMPANY/MN Institution	$6.4M 1.2K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$4.8M 889.0 contracts
J JANE STREET GROUP, LLC Institution	$2.6M 488.0 contracts
CAPITAL FUND MANAGEMENT S.A. Hedge Fund•Quant Macro	$742.3K 137.0 contracts

Most Committed Institutions

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

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
W WIT, LLC Institution	-	47.13% $2.1B	38.4M shares	Q4 2020 Held for 4y 11m	$4.4B
United Financial Planning Group LLC RIA/Wealth	Gerard Nmn Barrasso President	15.92% $25.3M	422.0K shares	Q3 2025 Held for 2 months	$158.8M
PACK Private Wealth, LLC RIA/Wealth	Derek Joel Swedberg Managing Partner	12.67% $26.9M	496.6K shares	Q4 2021 Held for 3y 11m	$212.3M
S South Dakota Investment Council Institution	-	12.55% $641.6M	11.8M shares	Q1 2015 Held for 10y 8m	$5.1B
K Kopp Family Office, LLC Institution	-	12.21% $18.8M	346.1K shares	Q4 2022 Held for 2y 11m	$153.6M
E Elm Partners Management LLC Institution	-	12.17% $222.2M	4.1M shares	Q4 2018 Held for 6y 11m	$1.8B
S Standard Family Office LLC Family Office	Matthew Patrick Bock CEO	10.67% $9.8M	181.7K shares	Q4 2020 Held for 4y 11m	$92.3M
R Rochester Wealth Strategies, LLC RIA/Wealth	Xenia Kristina Woltmann CCO	10.21% $15.6M	288.0K shares	Q1 2025 Held for 8 months	$152.8M
B Bakala Capital Management LLC Institution	-	9.97% $1.8M	34.1K shares	Q4 2023 Held for 1y 11m	$18.5M
Strategic Financial Planning, Inc. RIA/Wealth	Bryan Keith Lee President	9.72% $16.8M	309.6K shares	Q4 2019 Held for 5y 11m	$172.6M

Hedge Fund Spotlight

Discover hedge funds investing in VWO

Cardinal Point Capital Management, ULC

Hedge Fund • Value

Portfolio ManagerMichelle Lynn Yarwood

Portfolio Value: $1.4B
Positions: 267
Last Reported: Q3 2025

Sector Allocation

Position in Vanguard FTSE Emerging Markets

Market Value: $220.3K
Shares Held: 4.1K
Portfolio Weight: 0.02%
Owned Since: 2025-Q1

Top Holding	Sector	Market Value	Weight
1 Vanguard Total Stock Market VTI	ETF ETF	$186.2M	12.94%
2 WisdomTree Floating Rate Treasury Fund USFR	ETF ETF	$71.8M	4.99%
3 Apple AAPL	Consumer Electronics Technology	$70.6M	4.91%