According to the design docs, the data file is always stored in $env:USERPROFILE\AppData\Local\Microsoft\PowerShell\secretmanagement\localstore\ .
I would like the data file to be synced across multiple devices with something like OneDrive or Google Drive (I'm comfortable with the security/convenience tradeoffs of this when using password encryption).
This would require the data file to be stored in a location different from the default.
update : actually, after having read more about the design of the data file, I'm not sure this would work at all. Feel free to close this issue.