Vanguard Extended Market

VXF • ARCA

Vanguard Extended Market is an exchange-traded fund on ARCA. As of Q3 2025, 887 institutional investors hold shares in this ETF, with total holdings valued at $10.1B. MORGAN STANLEY is the largest holder with a position valued at $762.6M.

Overview

Overview of institutional ownership in VXF as of Q3 2025

All Institutions

Institutions: 887
Value Held: $10.1B
Shares Held: 48.3M
Avg Position: $11.4M
Median Position: $736.5K

Hedge Funds

Hedge Funds: 10
Value Held: $13.6M
Shares Held: 65.1K
Avg Position: $1.4M
Median Position: $1.3M

Biggest Investors

Institutions with the largest positions in VXF as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$762.6M 0.05% of portfolio	3.6M shares	≤ Q2 2013 Held for 12y 5m+	$1.65T
Wealthfront Advisers LLC RIA/Wealth	Andrew Samuel Rachleff CEO	$713.8M 1.68% of portfolio	3.4M shares	Q4 2018 Held for 6y 11m	$42.6B
ENVESTNET ASSET MANAGEMENT INC Long Only Manager	Christopher Russell Todd CEO	$604.6M 0.18% of portfolio	2.9M shares	≤ Q2 2013 Held for 12y 5m+	$341.99B
BANK OF AMERICA CORP /DE/ Institution	Brian T. Moynihan CEO	$362.0M 0.03% of portfolio	1.7M shares	≤ Q2 2013 Held for 12y 5m+	$1.33T
Sontag Advisory, LLC RIA/Wealth	Michael Anthony Lamena CEO	$344.6M 1.80% of portfolio	1.6M shares	Q2 2019 Held for 6y 5m	$19.1B
VANGUARD GROUP INC Institution	Salim Ramji CEO	$270.8M 0.00% of portfolio	1.3M shares	Q1 2023 Held for 2y 8m	$6.69T
FIFTH THIRD BANCORP Institution	Greg D. Carmichael CEO	$270.3M 0.87% of portfolio	1.3M shares	≤ Q2 2013 Held for 12y 5m+	$31.2B
GENWORTH FINANCIAL WEALTH MANAGEMENT, INC Long Only Manager	Hyun Michael Kim CEO	$246.8M 0.53% of portfolio	1.2M shares	Q2 2014 Held for 11y 5m	$46.5B
L LPL Financial LLC Institution	-	$212.2M 0.06% of portfolio	1.0M shares	≤ Q2 2013 Held for 12y 5m+	$340.07B
$US BANCORP \DE\ logo$ US BANCORP \DE\ Institution	Gunjan Kedia CEO	$205.8M 0.24% of portfolio	982.9K shares	≤ Q2 2013 Held for 12y 5m+	$84.3B

Net Capital Flow

Institutional buying and selling activity for VXF in Q3 2025

Traded: +$147.5M
Buyers: 381
Sellers: 314
Total Bought: +$466.1M
Total Sold: −$318.6M
Avg Position: $10.9M

Biggest Buyers

Institution	Net Bought	Current Position
MERCER GLOBAL ADVISORS INC /ADV RIA/Wealth	+$102.7M +490.6K shares	$203.7M 973.2K shares
Wealthfront Advisers LLC RIA/Wealth	+$26.4M +126.1K shares	$713.8M 3.4M shares
M MANUFACTURERES LIFE INSURANCE CO Institution	+$24.2M +115.7K shares	$44.4M 212.2K shares
B BNP PARIBAS ARBITRAGE, SA Institution	+$22.6M +107.9K shares	$82.4M 393.5K shares
BIP Wealth, LLC RIA/Wealth	+$20.5M +98.0K shares	$24.0M 114.5K shares
Rockefeller Capital Management L.P. Long Only Manager	+$17.4M +82.9K shares	$48.7M 232.6K shares
N NATIONAL BANK OF CANADA /FI/ Institution	+$14.7M +70.1K shares	$14.7M 70.4K shares
Cambridge Investment Research Advisors, Inc. RIA/Wealth	+$13.3M +63.4K shares	$102.2M 488.3K shares
N NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Institution	+$12.2M +58.2K shares	$74.9M 357.9K shares
FIFTH THIRD BANCORP Institution	+$9.9M +47.1K shares	$270.3M 1.3M shares

Biggest Sellers

Institution	Net Sold	Current Position
THRIVENT FINANCIAL FOR LUTHERANS Insurance Manager	−$40.5M −193.5K shares	$6.5M 31.3K shares
Tenon Financial LLC RIA/Wealth	−$32.9M −157.3K shares	$37.1M 177.2K shares
C Capitolis Liquid Global Markets LLC Private Equity	−$20.4M −106.1K shares	Sold Off 0 shares
TORONTO DOMINION BANK Institution	−$19.3M −100.0K shares	Sold Off 0 shares
NEPC LLC Fund of Funds	−$17.7M −84.4K shares	$77.9M 372.0K shares
R Ronald Blue Trust, Inc. Institution	−$12.7M −60.7K shares	$53.7M 256.6K shares
UBS Group AG Institution	−$11.3M −54.0K shares	$135.8M 648.5K shares
GENWORTH FINANCIAL WEALTH MANAGEMENT, INC Long Only Manager	−$11.3M −53.9K shares	$246.8M 1.2M shares
A Advisor Group Holdings, Inc. Institution	−$10.1M −48.6K shares	$90.2M 434.7K shares
ENVESTNET ASSET MANAGEMENT INC Long Only Manager	−$9.5M −45.4K shares	$604.6M 2.9M shares

Entry and Exit Activity

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

New Positions: 43
New Value: $14.7M
Exited Positions: 42
Exited Value: $55.0M

New Positions

Institution	Position Value
Retirement Planning Group RIA/Wealth	$6.7M 31.9K shares
Flaharty Asset Management, LLC RIA/Wealth	$737.1K 3.5K shares
CERTIOR FINANCIAL GROUP, LLC RIA/Wealth	$661.0K 3.2K shares
SAPIENT CAPITAL LLC RIA/Wealth	$626.3K 3.0K shares
M MONOGRAPH WEALTH ADVISORS, LLC RIA/Wealth	$475.4K 2.3K shares
Fiscal Wisdom Wealth Management, LLC RIA/Wealth	$457.6K 2.2K shares
Heartwood Wealth Advisors LLC RIA/Wealth	$317.6K 1.5K shares
HORAN Wealth, LLC RIA/Wealth	$289.5K 1.4K shares
Catalytic Wealth RIA, LLC RIA/Wealth	$281.6K 1.3K shares
Summit Global Investments Long Only Manager	$272.8K 1.3K shares

Exited Positions

Institution	Previous Position
C Capitolis Liquid Global Markets LLC Private Equity	$20.4M 106.1K shares
TORONTO DOMINION BANK Institution	$19.3M 100.0K shares
TUDOR INVESTMENT CORP ET AL Hedge Fund•Multi-Strategy	$6.6M 34.2K shares
Victrix Investment Advisors RIA/Wealth	$857.0K 4.4K shares
SILVERCREST ASSET MANAGEMENT GROUP LLC RIA/Wealth	$787.2K 4.1K shares
C Canandaigua National Trust Co of Florida Institution	$770.3K 4.0K shares
F FLOW TRADERS U.S. LLC Institution	$655.8K 3.4K shares
L.M. KOHN & COMPANY RIA/Wealth	$616.9K 3.2K shares
Csenge Advisory Group RIA/Wealth	$459.0K 2.5K shares
F FFT WEALTH MANAGEMENT LLC Family Office	$412.5K 2.1K shares

Options Activity

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

Call Positions: 3
Call Value: $3.2M
Put Positions: 3
Put Value: $795.5K

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$1.3M 62.0 contracts
B Belvedere Trading LLC Institution	$1.2M 57.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$669.9K 32.0 contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$334.9K 16.0 contracts
B Belvedere Trading LLC Institution	$230.3K 11.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$230.3K 11.0 contracts

Most Committed Institutions

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

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
Tenon Financial LLC RIA/Wealth	Andrew David Panko Owner	19.04% $37.1M	177.2K shares	Q1 2024 Held for 1y 8m	$194.7M
ACT WEALTH MANAGEMENT, LLC RIA/Wealth	Kally Jo Alkire President	14.64% $41.7M	199.3K shares	Q4 2020 Held for 4y 11m	$284.9M
G Gleason Group, Inc. Institution	-	12.74% $126.8M	605.9K shares	Q4 2019 Held for 5y 11m	$995.6M
MARQUETTE ASSOCIATES, INC. Fund of Funds	Brian Mitchell Wrubel CEO	11.70% $9.7M	46.4K shares	Q4 2023 Held for 1y 11m	$83.1M
I Investment Planning Advisors, Inc. Institution	-	10.78% $34.3M	163.7K shares	Q2 2024 Held for 1y 5m	$318.0M
C Columbia River Financial Group, LLC RIA/Wealth	Michael Winston Bain CCO	9.73% $14.7M	70.2K shares	Q4 2024 Held for 11 months	$151.0M
Plante Moran Financial Advisors, LLC RIA/Wealth	Jason Alexander Drake Chairman	9.64% $153.5M	733.4K shares	Q1 2020 Held for 5y 8m	$1.6B
Journey Beyond Wealth, LLC RIA/Wealth	Andrew Jacob Avera President	9.48% $11.5M	55.1K shares	Q4 2024 Held for 11 months	$121.6M
C Clifford Group, LLC Institution	-	8.70% $11.2M	53.4K shares	Q4 2022 Held for 2y 11m	$128.4M
FC Advisory LLC RIA/Wealth	Michael Brian Traynor Partner	8.18% $27.3M	130.6K shares	Q1 2015 Held for 10y 8m	$334.3M