Vanguard Core Bond ETFVCRBETF
13F holders, Q4 2025 (December 31)244holders +42
39new positions
10sold out
1famous investor
$77.94avg. 13F price*
At the end of Q4 2025, 244 institutions reported holding Vanguard Core Bond ETF (VCRB) in their 13F filings, up 42 from Q3 2025. 39 opened new positions and 10 sold out. The largest holders were HBK Sorce Advisory LLC ($724.7M), Signaturefd, LLC ($392.2M) and Advance Capital Management, Inc. ($256.2M). One famous investor held it Cliff Asness (0.0% of AQR Capital Management's portfolio).
- Company
- Vanguard Core Bond ETF
- CUSIP
- 922020748
- Latest filing quarter
- Q2 2026
History
Number of 13F holders
Total Exit/New Position Q3 2025 → Q4 2025
| Institutions | Total Value | |
|---|---|---|
| New Positions | 39 | $325.4M |
| Exits | 10 | $10.7M |
All 13F filers, Q3 2025 → Q4 2025: 9,739,161 shares bought and 363,687 shares sold, net +9,375,474 shares. Counts holders who added, trimmed, opened or closed a position; split-adjusted.
Ownership 244 holders
| HBK Sorce Advisory LLC | 16.65% | Add +7.3% | 9,274,753 | $724.7M |
| Signaturefd, LLC | 5.99% | Add +5.4% | 5,035,039 | $392.2M |
| Advance Capital Management, Inc. | 10.86% | New | 3,289,350 | $256.2M |
| Bank of America Corp. | 0.01% | Add +80.8% | 2,014,516 | $156.9M |
| Forvis Mazars Wealth Advisors, LLC | 2.52% | Add +30.6% | 1,713,526 | $133.5M |
| Martel Wealth Advisors LLC | 20.02% | Add +4.2% | 1,505,108 | $117.2M |
| Assetmark, Inc. | 0.22% | Add +4.9% | 1,360,608 | $106.0M |
| Diversified Portfolios, Inc. | 7.32% | Add +8.8% | 1,129,478 | $88.0M |
| Smith & Howard Wealth Management, LLC | 18.16% | Add +8.8% | 1,018,712 | $79.4M |
| Orion Porfolio Solutions, LLC | 0.54% | Reduce -2.3% | 950,102 | $74.0M |
| Alerus Financial NA | 3.57% | Add +2.8% | 936,945 | $73.0M |
| Financial Engines Advisors L.L.C. | 0.14% | Add +6.3% | 929,292 | $72.4M |
| LPL Financial LLC | 0.02% | Add +11.5% | 926,172 | $72.1M |
| BLB&B Advisors, LLC | 2.84% | Add +29.1% | 872,729 | $68.0M |
| Orrstown Financial Services Inc. | 10.60% | Add +1.0% | 816,462 | $63.6M |
| Magnolia Wealth Management, LLC | 29.67% | Add +5.1% | 637,482 | $49.7M |
| Envestnet Asset Management Inc. | 0.01% | Add +2.9% | 558,988 | $43.5M |
| Envestnet Portfolio Solutions, Inc. | 0.15% | Add +8.3% | 532,424 | $41.5M |
| Smithbridge Asset Management Inc. | 3.53% | Add +126.3% | 530,588 | $41.3M |
| Tilson Financial Group, Inc. | 12.41% | Add +12.2% | 517,564 | $40.3M |
| Tull Financial Group, Inc. | 15.88% | Add +3.0% | 475,904 | $37.1M |
| First Citizens Asset Management, Inc. | 12.33% | Add +1.7% | 452,560 | $35.3M |
| HUB Investment Partners, LLC | 0.94% | Add +7.0% | 440,130 | $34.3M |
| Meeder Advisory Services, Inc. | 1.44% | Add +12.3% | 432,071 | $33.7M |
| Mills Wealth Advisors LLC | 13.13% | Add +7.3% | 427,507 | $33.3M |
| Essex LLC | 5.85% | Add +36.9% | 423,703 | $33.0M |
| Ami Investment Management Inc. | 7.25% | Reduce -2.3% | 414,179 | $32.3M |
| Alaethes Wealth, LLC | 8.93% | Reduce -0.1% | 407,104 | $31.7M |
| Sachem Hill LLC | 5.86% | Add +3.1% | 387,006 | $30.1M |
| SJS Investment Consulting Inc. | 3.80% | Add +16.7% | 385,176 | $30.0M |
| Momentous Wealth Management, Inc. | 16.26% | Add +11.4% | 368,254 | $28.7M |
| Mariner, LLC | 0.03% | Reduce -6.0% | 359,643 | $28.0M |
| Quantum Financial Planning Services, Inc. | 10.15% | Add +5.5% | 359,508 | $28.0M |
| Resolute Capital, LLC | 10.94% | — | 336,003 | $26.2M |
| NewEdge Wealth, LLC | 0.29% | Add +4.2% | 330,196 | $25.7M |
| Verum Partners LLC | 5.10% | Add +17.3% | 324,656 | $25.3M |
| BCR Wealth Strategies, LLC | 7.88% | Add +6.0% | 304,914 | $23.8M |
| Cornerstone Wealth Group, LLC | 1.61% | Add +5.6% | 302,577 | $23.6M |
| Investment Planning Advisors, Inc. | 6.59% | Add +5.9% | 290,665 | $22.6M |
| Rise Advisors, LLC | 7.97% | Add +29.1% | 286,869 | $22.3M |
| CGN Advisors LLC | 1.72% | Add +7.7% | 279,275 | $21.8M |
| SVB Wealth LLC | 1.26% | Add +33.5% | 275,274 | $21.4M |
| Burton Enright Welch | 2.90% | Add +20.8% | 264,826 | $20.6M |
| San Luis Wealth Advisors LLC | 3.24% | Add +8.7% | 248,447 | $19.4M |
| Zhang Financial LLC | 0.69% | Add +532.8% | 238,864 | $18.6M |
| Scotia Capital Inc. | 0.07% | Add +7097.9% | 237,817 | $18.5M |
| McIlrath & Eck, LLC | 1.62% | Add +43.1% | 224,354 | $17.5M |
| Acropolis Investment Management, LLC | 0.78% | New | 222,166 | $17.3M |
| Foundations Investment Advisors, LLC | 0.22% | Add +9.4% | 218,462 | $17.0M |
| Keeler & Nadler Financial Planning & Wealth Management | 5.81% | Add +17.9% | 215,100 | $16.8M |
| Commonwealth Equity Services, LLC | 0.02% | Add +114.3% | 214,331 | $16.7M |
| Gross & Hartman Investments LLC | 9.34% | — | 210,485 | $16.4M |
| D'Orazio & Associates, Inc. | 2.05% | Add +53.6% | 205,899 | $16.0M |
| Lansing Street Advisors | 3.92% | Add +5.4% | 195,488 | $15.2M |
| HighTower Advisors, LLC | 0.02% | Add +2.9% | 185,025 | $14.4M |
| Crusonia Wealth Advisors LLC | 3.13% | — | 182,457 | $14.2M |
| ShankerValleau Wealth Advisors, Inc. | 3.79% | Add +7.4% | 179,469 | $14.0M |
| Compton Wealth Advisory Group, LLC | 3.03% | Add +46.4% | 178,241 | $13.9M |
| Wolff Financial Management LLC | 3.04% | Add +9.3% | 173,665 | $13.5M |
| Olde Wealth Management, LLC | 4.11% | Add +3.1% | 171,454 | $13.4M |
| Addison Advisors LLC | 2.90% | Add +8.2% | 165,892 | $12.9M |
| CFO4Life Group, LLC | 1.81% | Add +2.1% | 163,312 | $12.7M |
| Safe Harbor Family Capital, LLC | 11.07% | — | 161,693 | $12.6M |
| Invenio Wealth Partners LLC | 4.67% | Add +2.2% | 161,405 | $12.6M |
| Chicago Partners Investment Group LLC | 0.28% | Add +21.2% | 144,392 | $11.3M |
| Private Advisor Group, LLC | 0.05% | Add +14.1% | 143,564 | $11.2M |
| AJ Advisors, LLC | 3.98% | Add +7.4% | 138,450 | $10.8M |
| NorthLanding Financial Partners, LLC | 8.60% | Add +8.2% | 137,417 | $10.7M |
| Principal Securities, Inc. | 0.16% | Add +2.1% | 131,430 | $10.2M |
| Kaizen Financial Strategies | 4.45% | Add +0.8% | 129,117 | $10.1M |
| NewEdge Advisors, LLC | 0.03% | Add +24.6% | 122,211 | $9.5M |
| Gutierrez Wealth Advisory, LLC | 5.96% | Add +2.3% | 121,758 | $9.5M |
| Barry Investment Advisors, LLC | 2.11% | Add +23.5% | 121,431 | $9.5M |
| Madrid Wealth Management, LLC | 7.58% | — | 119,895 | $9.3M |
| Leonard Rickey Investment Advisors P.L.L.C. | 1.63% | Add +23.7% | 115,596 | $9.0M |
| Truist Financial Corp. | 0.01% | Add +5.2% | 115,263 | $9.0M |
| Strategic Family Wealth Counselors, L.L.C. | 1.90% | Add +37.4% | 108,610 | $8.4M |
| GEN Financial Management, INC. | 5.03% | New | 102,641 | $8.0M |
| CreativeOne Wealth, LLC | 0.19% | Add +12.4% | 98,838 | $7.7M |
| Ethos Financial Group, LLC | 0.56% | Add +9.8% | 96,317 | $7.5M |
| Tandem Investment Partners LLC | 6.23% | Add +13.1% | 94,832 | $7.4M |
| Main Line Retirement Advisors, LLC | 3.70% | New | 93,822 | $7.3M |
| Cambridge Investment Research Advisors, Inc. | 0.02% | Add +6.3% | 93,315 | $7.3M |
| Cetera Investment Advisers | 0.01% | Add +35.2% | 93,054 | $7.2M |
| Up Strategic Wealth Investment Advisors LLC | 5.17% | Add +1.0% | 91,120 | $7.1M |
| Hofer & Associates. Inc | 3.77% | Add +6.0% | 91,391 | $7.1M |
| Greenwich Wealth Management LLC | 0.31% | Add +62.9% | 89,004 | $6.9M |
| Englebert Financial Advisers, LLC | 7.93% | — | 88,478 | $6.9M |
| Penney Financial, LLC | 2.66% | Add +14.3% | 88,421 | $6.9M |
| Conservest Capital Advisors, Inc. | 0.61% | Add +247.6% | 87,245 | $6.8M |
| Pinion Investment Advisors, LLC | 1.63% | Reduce -2.1% | 85,560 | $6.7M |
| Breakwater Investment Management | 2.38% | Add +1.8% | 84,304 | $6.6M |
| Kings Path Partners LLC | 2.26% | Add +19.1% | 82,969 | $6.5M |
| Grand Wealth Management, LLC | 2.88% | Add +37.9% | 81,469 | $6.3M |
| Mission Wealth Management, LP | 0.13% | Add +26.8% | 81,097 | $6.3M |
| Galvin, Gaustad & Stein, LLC | 0.49% | Add +18.8% | 79,187 | $6.2M |
| MML Investors Services, LLC | 0.01% | Add +3.5% | 78,291 | $6.1M |
| Royal Bank of Canada | 0.00% | Add +97.8% | 75,437 | $5.9M |
| OMNI 360 Wealth, Inc. | 2.87% | Reduce -2.1% | 71,635 | $5.6M |
| Boston Family Office LLC | 0.35% | Add +13.9% | 71,637 | $5.6M |
| Summit Financial, LLC | 0.08% | Add +6.8% | 66,320 | $5.2M |
| New England Capital Financial Advisors LLC | 1.97% | New | 64,798 | $5.0M |
| Bogart Wealth, LLC | 0.19% | Add +7.6% | 60,473 | $4.7M |
| Victory Financial Group, LLC | 0.58% | Reduce -1.0% | 59,346 | $4.6M |
| Echo45 Advisors LLC | 2.52% | New | 56,671 | $4.4M |
| Benjamin Edwards Inc. | 0.05% | Reduce -5.2% | 55,091 | $4.3M |
| TFO Wealth Partners, LLC | 0.61% | Add +566.2% | 51,961 | $4.0M |
| 55 North Private Wealth, LLC | 1.01% | — | 49,279 | $3.8M |
| Cerity Partners LLC | 0.01% | New | 48,442 | $3.8M |
| Elite Life Management LLC | 5.96% | Reduce -10.1% | 46,980 | $3.7M |
| Nicholas Hoffman & Company, LLC. | 0.08% | Add +10.8% | 45,382 | $3.5M |
| Enclave Advisors LLC | 0.48% | Add +30.3% | 43,929 | $3.4M |
| Mendota Financial Group, LLC | 2.38% | Add +34.6% | 42,009 | $3.3M |
| Wells Fargo & Company | 0.00% | Add +423.4% | 40,715 | $3.2M |
| First Citizens Bank & Trust Co. | 0.06% | New | 37,082 | $2.9M |
| Bank of New York Mellon Corp | 0.00% | Add +8.7% | 36,663 | $2.9M |
| GatePass Capital, LLC | 1.50% | New | 36,605 | $2.9M |
| Axxcess Wealth Management, LLC | 0.05% | Add +21.7% | 35,884 | $2.8M |
| Savvy Advisors, Inc. | 0.09% | Add +55.6% | 35,416 | $2.8M |
| Osaic Holdings, Inc. | 0.00% | Reduce -31.5% | 35,294 | $2.7M |
| Lynx Investment Advisory | 1.44% | Add +12.2% | 33,948 | $2.6M |
| Coppell Advisory Solutions LLC | 0.25% | Add +5.4% | 32,081 | $2.5M |
| Blume Capital Management, Inc. | 0.45% | New | 31,640 | $2.5M |
| Rothschild Wealth LLC | 0.23% | Add +4.0% | 30,271 | $2.4M |
| Thayer Partners, LLC / MA | 1.11% | — | 29,200 | $2.3M |
| Ausdal Financial Partners, Inc. | 0.10% | New | 28,868 | $2.2M |
| Prosperity Bancshares Inc | 1.94% | — | 27,592 | $2.1M |
| Patriot Investment Management Group, Inc. | 0.13% | Reduce -2.1% | 27,078 | $2.1M |
| Cogent Private Wealth, Inc. | 1.58% | — | 26,678 | $2.1M |
| MCF Advisors LLC | 0.11% | New | 26,275 | $2.0M |
| TD Capital Management LLC | 0.17% | Add +10.1% | 24,851 | $1.9M |
| Conquis Financial LLC | 1.66% | Add +5.0% | 24,847 | $1.9M |
| Topsail Wealth Management, LLC | 0.28% | Reduce -3.1% | 24,121 | $1.9M |
| Keystone Financial Group | 0.14% | Add +276.2% | 23,921 | $1.9M |
| Concurrent Investment Advisors, LLC | 0.02% | Add +133.5% | 22,543 | $1.8M |
| Farrell Financial LLC | 0.99% | New | 21,645 | $1.7M |
| DeLarme Wealth Management, Inc. | 1.18% | — | 21,353 | $1.7M |
| Plancorp, LLC | 0.05% | Add +178.4% | 20,714 | $1.6M |
| Sanctuary Advisors, LLC | 0.01% | Add +10.2% | 19,048 | $1.5M |
| Retirement Planning Group, LLC | 0.05% | Reduce -43.7% | 17,914 | $1.4M |
| Fortress Financial Solutions, LLC | 1.42% | Add +27.3% | 17,772 | $1.4M |
| Flow Traders U.S. LLC | 0.04% | Reduce -39.1% | 17,250 | $1.3M |
| CRA Financial Services, LLC | 0.17% | Add +67.3% | 16,445 | $1.3M |
| Brown Advisory Inc. | 0.00% | Add +19.5% | 16,072 | $1.3M |
| Signal Tree Financial Partners LLC | 0.94% | Add +7.9% | 15,758 | $1.2M |
| Ewa, LLC | 0.30% | New | 15,586 | $1.2M |
| OneDigital Investment Advisors LLC | 0.01% | Reduce -51.3% | 15,077 | $1.2M |
| Raymond James Financial Inc. | 0.00% | Add +6.1% | 14,569 | $1.1M |
| Atria Investments, Inc | 0.01% | Add +4.3% | 14,194 | $1.1M |
| Emergent Wealth Advisors, LLC | 0.59% | New | 13,400 | $1.0M |
| Goldman Sachs Group Inc. | 0.00% | New | 12,843 | $1.0M |
| First Citizens Financial Corp | 0.47% | New | 12,208 | $951K |
| Harbor Investment Advisory, LLC | 0.07% | Add +1.6% | 11,993 | $934K |
| Trellis Wealth Advisors LLC | 0.36% | Add +3.1% | 11,975 | $933K |
| J.W. Cole Advisors, Inc. | 0.02% | Add +80.4% | 10,747 | $837K |
| Daner Wealth Management, LLC | 0.49% | Reduce -13.9% | 10,226 | $801K |
| SouthState Bank Corp | 0.04% | Reduce -22.4% | 10,084 | $785K |
| Essex Financial Services, Inc. | 0.04% | Add +13.0% | 9,731 | $758K |
| True Wealth Design, LLC | 0.21% | New | 9,158 | $713K |
| Ketron Financial | 0.22% | — | 8,516 | $663K |
| Corient Private Wealth LP | 0.00% | New | 7,688 | $599K |
| Farmers Trust Co. | 0.10% | No change | 7,667 | $597K |
| L.K. Benson & Company, P.C. | 0.29% | Reduce -12.6% | 7,517 | $586K |
| Twin Cities Retirement Group LLC | 0.55% | — | 7,295 | $568K |
| Vanguard Group Inc. | 0.00% | Add +1.8% | 6,933 | $540K |
| Advyzon Investment Management, LLC | 0.06% | Add +1.6% | 6,870 | $535K |
| Signature Estate & Investment Advisors LLC | 0.01% | Add +1.7% | 6,850 | $534K |
| Farther Finance Advisors, LLC | 0.01% | Add +889.1% | 6,429 | $501K |
| Pasadena Private Wealth, LLC | 0.07% | Add +7.5% | 6,373 | $496K |
| Ashton Thomas Private Wealth, LLC | 0.01% | Add +30.0% | 6,324 | $493K |
| Patriot Financial Group Insurance Agency, LLC | 0.06% | Add +2.9% | 6,151 | $479K |
| Cornerstone Advisory, LLC | 0.04% | Add +4.5% | 5,956 | $464K |
| Jane Street Group, LLC | 0.00% | Reduce -93.4% | 5,527 | $431K |
| Keystone Wealth Services, LLC | 0.09% | Reduce -12.6% | 5,272 | $411K |
| Novem Group | 0.05% | Add +7.5% | 5,219 | $407K |
| PNC Financial Services Group, Inc. | 0.00% | Reduce -2.3% | 5,168 | $403K |
| 1015 Capital Partners, LLC | 0.39% | — | 5,100 | $397K |
| PFG Advisors | 0.02% | New | 5,056 | $394K |
| SageView Advisory Group, LLC | 0.01% | Add +1.2% | 4,971 | $387K |
| GeoWealth Management, LLC | 0.01% | Add +0.4% | 4,957 | $386K |
| Partners in Financial Planning | 0.06% | New | 4,831 | $376K |
| Dentgroup LLC | 0.26% | Add +36.4% | 4,825 | $376K |
| Stifel Financial Corp. | 0.00% | New | 4,777 | $372K |
| Montag A & Associates Inc. | 0.02% | New | 4,720 | $368K |
| Independent Financial Group, LLC | 0.01% | New | 4,630 | $361K |
| Dynamic Advisor Solutions LLC | 0.01% | Reduce -69.5% | 4,604 | $359K |
| Swmg, LLC | 0.10% | Add +3.5% | 4,581 | $358K |
| Oppenheimer & Co. Inc. | 0.00% | Add +20.0% | 4,466 | $348K |
| Physician Wealth Advisors, Inc. | 0.05% | Add +46.4% | 4,410 | $344K |
| Captrust Financial Advisors | 0.00% | Add +13.2% | 4,303 | $335K |
| Approach Retirement Advisors, LLC | 0.27% | — | 4,085 | $318K |
| Sweeney & Michel, LLC | 0.09% | Reduce -4.2% | 4,005 | $314K |
| Ariadne Wealth Management, LP | 0.13% | No change | 3,973 | $312K |
| Stonebridge Financial Planning Group, LLC | 0.11% | Add +31.7% | 4,008 | $312K |
| AQR Capital Management | 0.00% | No change | 3,973 | $309K |
| Vigil Wealth Management, LLC | 0.25% | — | 3,802 | $296K |
| Parkside Financial Bank & Trust | 0.02% | New | 3,780 | $294K |
| LRI Investments, LLC | 0.02% | Reduce -8.7% | 3,666 | $286K |
| Snowden Capital Advisors LLC | 0.01% | New | 3,648 | $284K |
| Moneta Group Investment Advisors LLC | 0.00% | No change | 3,639 | $283K |
| Cape Investment Advisory, Inc. | 0.09% | Add +12.2% | 3,619 | $282K |
| Revisor Wealth Management LLC | 0.08% | New | 3,602 | $281K |
| CWS Financial Advisors, LLC | 0.07% | Add +17.9% | 3,317 | $258K |
| Regal Investment Advisors LLC | 0.02% | Reduce -0.1% | 3,298 | $257K |
| Baker Boyer National Bank | 0.08% | No change | 3,257 | $254K |
| Swisher Financial Concepts, Inc. | 0.14% | New | 3,205 | $250K |
| Wayfinding Financial, LLC | 0.10% | New | 3,103 | $241K |
| Hazlett, Burt & Watson, Inc. | 0.07% | Add +49.7% | 2,945 | $231K |
| Concorde Asset Management, LLC | 0.09% | Reduce -11.4% | 2,892 | $225K |
| Stirlingshire Investments, Inc. | 0.18% | — | 2,671 | $208K |
| Medallion Wealth Advisors, LLC | 0.06% | Add +122.4% | 2,426 | $189K |
| Private Trust Co. NA | 0.02% | Reduce -0.3% | 2,330 | $181K |
| Bank of Montreal | 0.00% | No change | 2,126 | $166K |
| Olistico Wealth, LLC | 0.08% | New | 2,107 | $164K |
| AE Wealth Management LLC | 0.00% | Add +10.5% | 2,076 | $162K |
| Morgan Stanley | 0.00% | Add +2270.4% | 1,920 | $150K |
| Ankerstar Wealth, LLC | 0.15% | — | 1,882 | $147K |
| Kestra Advisory Services, LLC | 0.00% | Reduce -66.9% | 1,492 | $116K |
| Global Retirement Partners, LLC | 0.00% | Reduce -43.2% | 1,464 | $114K |
| Capital Analysts, LLC | 0.00% | Add +1.6% | 1,439 | $112K |
| Portfolio Resources Advisor Group, Inc. | 0.08% | — | 1,034 | $81K |
| JFS Wealth Advisors, LLC | 0.00% | No change | 1,024 | $80K |
| Arax Advisory Partners | 0.00% | Reduce -56.2% | 940 | $73K |
| Glass Jacobson Investment Advisors llc | 0.02% | Add +1.6% | 777 | $61K |
| Capital Investment Advisory Services, LLC | 0.00% | Add +459.1% | 738 | $58K |
| Retirement Wealth Solutions LLC | 0.04% | No change | 729 | $57K |
| AdvisorNet Financial, Inc | 0.00% | Reduce -46.3% | 723 | $56K |
| Steph & Co. | 0.01% | No change | 657 | $51K |
| Creative Financial Designs Inc. | 0.00% | New | 648 | $50K |
| Steward Partners Investment Advisory, LLC | 0.00% | New | 646 | $50K |
| Cwm, LLC | 0.00% | New | 588 | $46K |
| Geneos Wealth Management Inc. | 0.00% | Add +760.0% | 430 | $33K |
| IFP Advisors, Inc | 0.00% | Reduce -3.0% | 427 | $33K |
| Signature Equity Partners, LLC | 0.02% | — | 380 | $30K |
| Ancora Advisors LLC | 0.00% | No change | 328 | $26K |
| Islay Capital Management, LLC | 0.01% | New | 265 | $21K |
| Harbour Investments, Inc. | 0.00% | No change | 235 | $18K |
| O'shaughnessy Asset Management, LLC | 0.00% | Add +87.1% | 232 | $18K |
| Wilmington Savings Fund Society, FSB | 0.00% | No change | 205 | $16K |
| Godsey & Gibb, Inc. | 0.00% | New | 170 | $13K |
| Larson Financial Group LLC | 0.00% | New | 115 | $9K |
| Allworth Financial LP | 0.00% | New | 95 | $7K |
| Triumph Capital Management | 0.00% | New | 45 | $4K |
| Bernard Wealth Management Corp. | 0.00% | No change | 12 | $935 |
"% of holder's portfolio" is VCRB's weight in each manager's 13F, not the share of Vanguard Core Bond ETF the manager owns.