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Vanguard California Tax-Exempt Bond ETF
VTEC

122 hedge funds and large institutions have $698M invested in Vanguard California Tax-Exempt Bond ETF in 2025 Q3 according to their latest regulatory filings, with 48 funds opening new positions, 44 increasing their positions, 14 reducing their positions, and 3 closing their positions.

New
Increased
Maintained
Reduced
Closed

1,500% more first-time investments, than exits

New positions opened: 48 | Existing positions closed: 3

214% more repeat investments, than reductions

Existing positions increased: 44 | Existing positions reduced: 14

53% more funds holding

Funds holding: 80 → 122 (+42)

30% more capital invested

Capital invested by funds: $539M → $698M (+$159M)

1.49% less ownership

Funds ownership: 55.65% → 54.16% (-1.5%)

100% less funds holding in top 10

Funds holding in top 10: 1 → 0 (-1)

Holders
122
Holders Change
+42
Holders Change %
+52.5%
% of All Funds
1.6%
Holding in Top 10
–
Holding in Top 10 Change
-1
Holding in Top 10 Change %
-100%
% of All Funds
–
New
48
Increased
44
Reduced
14
Closed
3
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

1
MMA
Miracle Mile Advisors
California
+$54.1M
2
Charles Schwab
Charles Schwab
California
+$34.6M
3
Jane Street
Jane Street
New York
+$11.3M
4
Bank of America
Bank of America
North Carolina
+$6.09M
5
WPC
Wedmont Private Capital
Pennsylvania
+$5.35M

Top Sellers

1
Susquehanna International Group
Susquehanna International Group
Pennsylvania
-$5.95M
2
FPAS
Focus Partners Advisor Solutions
Missouri
-$3.81M
3
JP Morgan Chase
JP Morgan Chase
New York
-$1.74M
4
BC
Brio Consultants
California
-$777K
5
Commonwealth Equity Services
Commonwealth Equity Services
Massachusetts
-$456K
Name Holding Trade Value Shares
Change 		Change in
Stake
RFP
26
Root Financial Partners
California
$2.2M +$946K +9,667 +78%
FMN
27
Financial Management Network
California
$2.02M -$50.6K -517 -2%
FCA
28
FLC Capital Advisors
California
$2.02M -$1.08K -11 -0.1%
DAS
29
Diversify Advisory Services
Utah
$1.98M – – –
SW
30
SteelPeak Wealth
California
$1.79M -$423K -4,327 -19%
FPCP
31
Fort Point Capital Partners
California
$1.75M -$89.9K -919 -5%
FTUS
32
Flow Traders U.S.
New York
$1.48M +$589K +6,019 +68%
BEW
33
Burton Enright Welch
California
$1.43M +$63.3K +647 +5%
WS
34
Wedbush Securities
California
$1.38M – – –
EC
35
Elequin Capital
New York
$1.22M +$1.2M +12,275 New
LWM
36
Luminvest Wealth Management
Arizona
$1.2M +$16.4K +168 +1%
MWM
37
Meridian Wealth Management
Kentucky
$1.17M +$621K +6,350 +118%
GWA
38
Geometric Wealth Advisors
District of Columbia
$1.05M +$1.03M +10,529 New
Mariner
39
Mariner
Kansas
$990K +$971K +9,925 New
WAS
40
WESPAC Advisors SoCal
California
$969K +$950K +9,709 New
Wealth Enhancement Advisory Services
41
Wealth Enhancement Advisory Services
Minnesota
$961K +$450K +4,602 +91%
SHGA
42
Sand Hill Global Advisors
California
$959K +$114K +1,161 +14%
AQR Capital Management
43
AQR Capital Management
Connecticut
$926K – – –
HWP
44
Highline Wealth Partners
California
$904K +$887K +9,063 New
Osaic Holdings
45
Osaic Holdings
Arizona
$853K +$152K +1,551 +22%
NBWM
46
North Berkeley Wealth Management
California
$830K – – –
IFG
47
Independent Financial Group
California
$825K +$809K +8,272 New
BA
48
Bridgewater Advisors
New York
$799K +$780K +7,970 New
VA
49
Valmark Advisers
Ohio
$780K +$765K +7,822 New
Cerity Partners
50
Cerity Partners
New York
$748K +$29.5K +301 +4%
1
2
3 4 5

VTEC Hedge Fund Activity: Q3 2025 in Review

122 of the 7,619 institutional investors tracked by Wall St. Rank reported a position in Vanguard California Tax-Exempt Bond ETF (VTEC) for Q3 2025, worth a combined $698M — up 30% from $539M a quarter earlier.

Buyers outnumbered sellers: 48 funds opened new VTEC positions and 3 closed out — a net gain of 45 holders — while 44 added to existing stakes and 14 trimmed.

The largest buyer was Miracle Mile Advisors, opening a new position worth an estimated $54.1M. The largest seller was Susquehanna International Group, cutting an estimated $5.95M.

  • 122 institutional investors held Vanguard California Tax-Exempt Bond ETF (VTEC) as of Q3 2025, up from 80 in Q2 2025.
  • Funds reported $698M of Vanguard California Tax-Exempt Bond ETF stock for Q3 2025, up 30% quarter-over-quarter.
  • 48 funds opened new Vanguard California Tax-Exempt Bond ETF positions in Q3 2025 and 3 closed out, a net change of +45 holders.
  • The largest Vanguard California Tax-Exempt Bond ETF buyer in Q3 2025 was Miracle Mile Advisors, an estimated $54.1M added.
  • The largest Vanguard California Tax-Exempt Bond ETF seller in Q3 2025 was Susquehanna International Group, an estimated $5.95M sold.

Based on aggregated 13F filings for Q3 2025.