VANGUARD SMALL-CAP ETF

VB Q1 2026 institutional ownership is a $39.6B book across 2,313 holders. Bank of America is the largest holder at $5.7B (21.6M shares, -2.2%, -$377M from $6.0B). Morgan Stanley is second at $2.1B (8.0M shares, +1.0%, +$78M). Wells Fargo is third at $1.6B (6.0M shares, -0.2%, slight trim). UBS Group is fourth at $1.2B (4.4M shares, +26.0%, +$145M). Envestnet is fifth at $926M (3.5M shares, +19.0%, +$89M). Mercer Global Advisors $872M (+3.1%, +$48M). LPL Financial $870M (-9.4%, -$139M). Jones Financial $763M (+18.4%, +$118M). CapTrust $742M (+5.8%, +$60M). Northwestern Mutual Wealth $737M (+1.1%, +$28M). Raymond James $590M (-0.2%, -$5M). Mariner $580M (+14.4%, +$73M). Ameriprise $575M (-7.0%, -$43M). RBC $548M (-3.4%, -$20M). Creative Planning $533M (-3.0%, -$15M). BNY Mellon $508M (+3.8%, +$61M). Charles Schwab $467M (-0.2%, -$1M). Goldman Sachs $457M (+2.4%, +$23M). Wealthfront Advisers $444M (+9.5%, +$40M). CIBC Bancorp USA NEW $394M (1.5M shares). New position: CIBC Bancorp USA $394M. The 75.50 whaleScore reflects AUM. Smart-money-signal read: VB Q1 2026 holder flows are net-slight-trim. The largest holder (Bank of America) reduced -$377M (-2.2%), but this is a modest trim, not a major exit. LPL -$139M (-9.4%) is the most notable reduction. Sellers are concentrated among bank-and-wealth platforms (BoA, LPL, Ameriprise, RBC, Raymond James, Creative Planning). Buyers are RIA-and-wealth platforms making selective adds: UBS Group +$145M, Envestnet +$89M, Jones Financial +$118M, Mercer +$48M, CapTrust +$60M, Wealthfront +$40M, Mariner +$73M. The net read is cautiously neutral-to-slight-bullish on U.S. small-cap: the trims are modest and the adds come from RIA platforms that have been consistently bullish on small-cap exposure this quarter. CIBC's NEW position at $394M is a new institutional entrant.