Vault-13

SPDR SER TR CWB

BBG CONV SEC ETF · ETP · CUSIP 78464A359

473 institutional holders +3 vs Q1 2025
32,118,69932.1m shares reported held*
$2.7bnreported value*
39 new 128 added 186 reduced 37 sold out net sold ≈ $51.4m (-620.3k shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($2.1m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $83.07. Options: 2 managers hold calls ($644.7k notional), 2 hold puts ($6.3m).

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

0200400600Q3 22: 458Q4 22: 474Q1 23: 442Q2 23: 478Q3 23: 466Q4 23: 462Q1 24: 468Q2 24: 443Q3 24: 461Q4 24: 523Q1 25: 470Q2 25: 473473Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 2022458
Q4 2022474
Q1 2023442
Q2 2023478
Q3 2023466
Q4 2023462
Q1 2024468
Q2 2024443
Q3 2024461
Q4 2024523
Q1 2025470
Q2 2025473

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
4000400Q3 23: 173 bought or addedQ3 23: 245 cut or sold outQ4 23: 148 bought or addedQ4 23: 259 cut or sold outQ4 23Q1 24: 183 bought or addedQ1 24: 211 cut or sold outQ2 24: 141 bought or addedQ2 24: 236 cut or sold outQ2 24Q3 24: 174 bought or addedQ3 24: 210 cut or sold outQ4 24: 217 bought or addedQ4 24: 180 cut or sold outQ4 24Q1 25: 172 bought or addedQ1 25: 261 cut or sold outQ2 25: 167 bought or addedQ2 25: 223 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 2023173245
Q4 2023148259
Q1 2024183211
Q2 2024141236
Q3 2024174210
Q4 2024217180
Q1 2025172261
Q2 2025167223

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$20m$40m$60m$80mQ3 24 calls: $91.9kQ3 24 puts: $15.3kQ3 24P/C 0.17Q4 24 calls: $46.7kQ4 24 puts: $70.1kQ4 24P/C 1.50Q1 25 calls: $229.9kQ1 25 puts: $66.5mQ1 25P/C 289.27Q2 25 calls: $644.7kQ2 25 puts: $6.3mQ2 25P/C 9.82
Numbers
QuarterCallsPutsP/C
Q3 2024$91.9k$15.3k0.17
Q4 2024$46.7k$70.1k1.50
Q1 2025$229.9k$66.5m289.27
Q2 2025$644.7k$6.3m9.82

Biggest buyers

Goodman Advisory Group, LLC New +497,987+498.0k
ROYAL BANK OF CANADA Added +365,478+365.5k
SUSQUEHANNA INTERNATIONAL GROUP, LLP New +211,069+211.1k
LPL Financial LLC Added +132,707+132.7k
CAPSTONE INVESTMENT ADVISORS, LLC New +130,801+130.8k
WELLS FARGO & COMPANY/MN Added +116,977+117.0k
Elequin Capital, LP New +86,501+86.5k
Horizon Investments, LLC New +84,810+84.8k
RWA WEALTH PARTNERS, LLC Added +71,879+71.9k
NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Added +69,970+70.0k

Biggest sellers

AMERIPRISE FINANCIAL INC Reduced -890,015-890.0k
Allianz Asset Management GmbH Reduced -366,100-366.1k
Quadrature Capital Ltd Reduced -226,565-226.6k
DEUTSCHE BANK AG\ Reduced -215,626-215.6k
Estate Counselors, LLC Sold out -121,562-121.6k
JPMORGAN CHASE & CO Reduced -95,961-96.0k
STEPHENS INC /AR/ Reduced -87,334-87.3k
Atria Wealth Solutions, Inc. Reduced -79,812-79.8k
B. Riley Wealth Advisors, Inc. Reduced -73,021-73.0k
Ameritas Advisory Services, LLC Reduced -68,652-68.7k

Biggest calls

CITADEL ADVISORS LLC Added $338.9k4.1k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP New $305.8k3.7k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $6.1m73.9k shares
CITADEL ADVISORS LLC New $223.2k2.7k shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 BANK OF AMERICA CORP /DE/ 0.02% of their portfolio CHARLOTTE, NC 2,621,0652.6m $216.7m $216.7m 0.02% Reduced -14.5k -14,489
2 ENVESTNET ASSET MANAGEMENT INC 0.06% of their portfolio Berwyn, PA 2,405,0042.4m $198.8m $198.8m 0.06% Reduced -19.4k -19,372
3 Howard Capital Management, LLC 2.88% of their portfolio Alpharetta, GA 2,323,9072.3m $192.1m $192.1m 2.88% Reduced -51.4k -51,386
4 MORGAN STANLEY 0.01% of their portfolio NEW YORK, NY 1,684,2871.7m $139.2m $139.2m 0.01% Added +62.6k +62,562
5 Cetera Investment Advisers 0.22% of their portfolio SCHAUMBURG, IL 1,557,7441.6m $128.8m $128.8m 0.22% Reduced -29.6k -29,646
6 LPL Financial LLC 0.04% of their portfolio FORT MILL, SC 1,415,2911.4m $117.0m $117.0m 0.04% Added +132.7k +132,707
7 WELLS FARGO & COMPANY/MN 0.02% of their portfolio SAN FRANCISCO, CA 1,329,2311.3m $109.9m $109.9m 0.02% Added +117.0k +116,977
8 BESSEMER GROUP INC 0.15% of their portfolio WOODBRIDGE, NJ 1,131,3461.1m $93.5m $93.5m 0.15% Reduced -7.2k -7,238
9 DELTA CAPITAL MANAGEMENT LLC 0.50% of their portfolio RED BANK, NJ 1,086,0001.1m $898.0k $898.0k 0.50% Unchanged
10 PNC Financial Services Group, Inc. 0.04% of their portfolio Pittsburgh, PA 778,157778.2k $64.3m $64.3m 0.04% Reduced -28.3k -28,333
11 ROYAL BANK OF CANADA 0.01% of their portfolio TORONTO, A6 754,684754.7k $62.4m $62.4m 0.01% Added +365.5k +365,478
12 GOLDMAN SACHS GROUP INC 0.01% of their portfolio NEW YORK, NY 719,508719.5k $59.5m $59.5m 0.01% Added +14.9k +14,886
13 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.04% of their portfolio MILWAUKEE, WI 655,027655.0k $54.1m $54.1m 0.04% Added +70.0k +69,970
14 New York Life Investment Management LLC 0.47% of their portfolio New York, NY 605,123605.1k $50.0m $50.0m 0.47% Reduced -53.5k -53,507
15 Goodman Advisory Group, LLC 13.99% of their portfolio NEEDHAM, MA 497,987498.0k $41.2m $41.2m 13.99% New
16 UBS Group AG 0.01% of their portfolio ZURICH, V8 461,193461.2k $38.1m $38.1m 0.01% Reduced -21.7k -21,707
17 Orion Porfolio Solutions, LLC 0.32% of their portfolio OMAHA, NE 457,205457.2k $37.8m $37.8m 0.32% Reduced -32.0k -32,011
18 AMERIPRISE FINANCIAL INC 0.01% of their portfolio MINNEAPOLIS, MN 455,607455.6k $37.7m $37.7m 0.01% Reduced -890.0k -890,015
19 BANK OF MONTREAL /CAN/ 0.02% of their portfolio TORONTO, A6 436,381436.4k $36.1m $36.1m 0.02% Reduced -13.8k -13,796
20 DEUTSCHE BANK AG\ 0.01% of their portfolio FRANKFURT AM MAIN, 2M 421,622421.6k $34.9m $34.9m 0.01% Reduced -215.6k -215,626
21 One Wealth Map LLC 19.14% of their portfolio LAS VEGAS, NV 410,452410.5k $34.9m $34.9m 19.14% Added +28.0k +27,962
22 RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio ST. PETERSBURG, FL 362,992363.0k $30.0m $30.0m 0.01% Added +25.0k +25,039
23 ALLIANCEBERNSTEIN L.P. 0.01% of their portfolio NASHVILLE, TN 301,780301.8k $24.9m $24.9m 0.01% Unchanged
24 Cambridge Investment Research Advisors, Inc. 0.07% of their portfolio FAIRFIELD, IA 287,362287.4k $23.8m $23.8m 0.07% Added +21.5k +21,523
25 COMMONWEALTH EQUITY SERVICES, LLC 0.03% of their portfolio WALTHAM, MA 241,942241.9k $20.0m $20.0m 0.03% Added +259 +259
26 TRUIST FINANCIAL CORP 0.03% of their portfolio CHARLOTTE, NC 239,479239.5k $19.8m $19.8m 0.03% Added +8.2k +8,219
27 River Wealth Advisors LLC 2.37% of their portfolio CAMP HILL, PA 230,973231.0k $19.1m $19.1m 2.37% Added +6.2k +6,240
28 Wealth Watch Advisors, INC 10.64% of their portfolio ENGLEWOOD, CO 222,502222.5k $18.4m $18.4m 10.64% Reduced -2.5k -2,539
29 Allianz Asset Management GmbH 0.02% of their portfolio MUNICH, 2M 212,700212.7k $17.6m $17.6m 0.02% Reduced -366.1k -366,100
30 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.03% of their portfolio BALA CYNWYD, PA 211,069211.1k $17.4m $17.4m 0.03% New
31 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.03% of their portfolio PLYMOUTH, MN 205,107205.1k $17.0m $17.0m 0.03% Added +61.8k +61,779
32 Waldron Private Wealth LLC 0.72% of their portfolio BRIDGEVILLE, PA 200,274200.3k $16.6m $16.6m 0.72% Reduced -1.1k -1,146
33 XML Financial, LLC 1.38% of their portfolio BETHESDA, MD 192,673192.7k $15.9m $15.9m 1.38% Reduced -16.7k -16,703
34 STIFEL FINANCIAL CORP 0.02% of their portfolio ST. LOUIS, MO 187,070187.1k $15.5m $15.5m 0.02% Added +43.7k +43,729
35 GUGGENHEIM CAPITAL LLC 0.12% of their portfolio CHICAGO, IL 184,095184.1k $15.2m $15.2m 0.12% Reduced -31.5k -31,457
36 OSAIC HOLDINGS, INC. 0.03% of their portfolio SCOTTSDALE, AZ 182,343182.3k $15.1m $15.1m 0.03% Reduced -32.8k -32,849
37 Florin Court Capital LLP 14.35% of their portfolio London, X0 169,695169.7k $14.0m $14.0m 14.35% Added +8.7k +8,718
38 Janney Montgomery Scott LLC 0.03% of their portfolio PHILADELPHIA, PA 156,413156.4k $12.9m $12.9m 0.03% Added +934 +934
39 Modera Wealth Management, LLC 0.15% of their portfolio WESTWOOD, NJ 143,998144.0k $11.9m $11.9m 0.15% Added +26.1k +26,144
40 Paulson Wealth Management Inc. 3.07% of their portfolio West Palm Beach, FL 143,546143.5k $11.9m $11.9m 3.07% Added +1.6k +1,630
41 OPPENHEIMER & CO INC 0.15% of their portfolio NEW YORK, NY 133,952134.0k $11.1m $11.1m 0.15% Added +8.4k +8,366
42 CAPSTONE INVESTMENT ADVISORS, LLC 0.09% of their portfolio NEW YORK, NY 130,801130.8k $10.8m $10.8m 0.09% New
43 HUNTINGTON NATIONAL BANK 0.07% of their portfolio COLUMBUS, OH 124,251124.3k $10.3m $10.3m 0.07% Reduced -2.0k -1,979
44 FSC Wealth Advisors, LLC 6.44% of their portfolio WAPPINGERS FALLS, NY 123,569123.6k $10.2m $10.2m 6.44% Added +468 +468
45 Financial & Tax Architects, LLC 2.46% of their portfolio ST LOUIS, MO 122,431122.4k $10.1m $10.1m 2.46% Added +1.8k +1,760
46 William Mack & Associates, Inc. 6.30% of their portfolio TROY, MI 119,852119.9k $9.9m $9.9m 6.30% Added +37.5k +37,535
47 Lifestyle Asset Management, Inc. 4.43% of their portfolio FRIENDSWOOD, TX 114,878114.9k $9.5m $9.5m 4.43% Added +11.6k +11,649
48 AMG National Trust Bank 0.25% of their portfolio GREENWOOD VILLAGE, CO 114,047114.0k $9.4m $9.4m 0.25% Reduced -9.0k -9,025
49 McAdam, LLC 0.50% of their portfolio Philadelphia, PA 110,856110.9k $9.2m $9.2m 0.50% Added +3.9k +3,868
50 Kingsview Wealth Management, LLC 0.16% of their portfolio GRANTS PASS, OR 110,797110.8k $9.2m $9.2m 0.16% Reduced -506 -506
51 Rockefeller Capital Management L.P. 0.01% of their portfolio NEW YORK, NY 107,760107.8k $8.9m $8.9m 0.01% Added +51.8k +51,810
52 NTV Asset Management LLC 1.06% of their portfolio Charleston, WV 107,753107.8k $8.9m $8.9m 1.06% Reduced -1.8k -1,750
53 NOMURA ASSET MANAGEMENT CO LTD 0.02% of their portfolio TOKYO, M0 105,677105.7k $8.7m $8.7m 0.02% Unchanged
54 Anderson Financial Strategies, LLC 5.22% of their portfolio DAYTON, OH 98,77598.8k $8.2m $8.2m 5.22% Reduced -3.9k -3,906
55 MML INVESTORS SERVICES, LLC 0.02% of their portfolio SPRINGFIELD, MA 94,77294.8k $7.8m $7.8m 0.02% Reduced -4.2k -4,161
56 Windsor Capital Management, LLC 2.26% of their portfolio Phoenix, AZ 93,90493.9k $7.8m $7.8m 2.26% Reduced -2.7k -2,734
57 Steward Partners Investment Advisory, LLC 0.06% of their portfolio STAMFORD, CT 91,71891.7k $7.6m $7.6m 0.06% Added +695 +695
58 Petix & Botte Co 1.82% of their portfolio LA MESA, CA 89,74289.7k $7.4m $7.4m 1.82% Reduced -5.6k -5,576
59 Elequin Capital, LP 0.99% of their portfolio NEW YORK, NY 86,50186.5k $7.2m $7.2m 0.99% New
60 Horizon Investments, LLC 0.11% of their portfolio Charlotte, NC 84,81084.8k $7.0m $7.0m 0.11% New
61 RENAISSANCE TECHNOLOGIES LLC 0.01% of their portfolio NEW YORK, NY 79,10079.1k $6.5m $6.5m 0.01% Reduced -32.9k -32,900
62 RWA WEALTH PARTNERS, LLC 0.08% of their portfolio BOSTON, MA 75,62875.6k $6.3m $6.3m 0.08% Added +71.9k +71,879
63 Finward Bancorp 4.91% of their portfolio Munster, IN 75,25875.3k $6.2m $6.2m 4.91% Reduced -904 -904
64 Arkos Global Advisors 0.85% of their portfolio HOUSTON, TX 73,89673.9k $6.1m $6.1m 0.85% Added +219 +219
65 Baron Financial Group, LLC 3.57% of their portfolio Fair Lawn, NJ 73,67373.7k $6.1m $6.1m 3.57% Reduced -1.1k -1,100
66 Simplicity Wealth,LLC 0.25% of their portfolio SUMMIT, NJ 72,84472.8k $6.0m $6.0m 0.25% Added +39.4k +39,424
67 PRUDENTIAL FINANCIAL INC 0.01% of their portfolio NEWARK, NJ 71,58371.6k $5.9m $5.9m 0.01% Reduced -4.0k -3,954
68 Allworth Financial LP 0.03% of their portfolio FOLSOM, CA 67,00067.0k $5.5m $5.5m 0.03% Reduced -2.6k -2,563
69 Private Advisor Group, LLC 0.03% of their portfolio MORRISTOWN, NJ 66,02566.0k $5.5m $5.5m 0.03% Reduced -2.6k -2,551
70 Hilltop Holdings Inc. 0.34% of their portfolio DALLAS, TX 64,62964.6k $5.3m $5.3m 0.34% Reduced -1.5k -1,525
71 Creative Planning 0.00% of their portfolio OVERLAND PARK, KS 64,19264.2k $5.3m $5.3m 0.00% Reduced -45.8k -45,795
72 B. Riley Wealth Advisors, Inc. 0.26% of their portfolio MEMPHIS, TN 63,63363.6k $5.3m $5.3m 0.26% Reduced -73.0k -73,021
73 HMS Capital Management, LLC 2.17% of their portfolio NASHVILLE, TN 58,25858.3k $4.8m $4.8m 2.17% Added +21.9k +21,891
74 Sterling Investment Advisors, Ltd. 1.00% of their portfolio BERWYN, PA 55,04555.0k $4.6m $4.6m 1.00% Added +89 +89
75 HighTower Advisors, LLC 0.01% of their portfolio CHICAGO, IL 54,38854.4k $4.5m $4.5m 0.01% Added +2.3k +2,313
76 David J Yvars Group 2.63% of their portfolio UNIVERSITY PARK, FL 54,32254.3k $4.5m $4.5m 2.63% Reduced -2.0k -2,038
77 Riggs Asset Managment Co. Inc. 1.10% of their portfolio DALLAS, PA 54,19654.2k $4.5m $4.5m 1.10% Reduced -4.0k -4,039
78 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 51,10051.1k $4.2m $4.2m 0.00% Added +51.1k +51,078
79 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 50,87550.9k $4.2m $4.2m 0.00% Added +6.1k +6,087
80 NewEdge Advisors, LLC 0.02% of their portfolio NEW ORLEANS, LA 50,33750.3k $4.2m $4.2m 0.02% Added +39.7k +39,719
81 Sage Capital Management, LLC 1.96% of their portfolio Stockton, NJ 49,24649.2k $4.1m $4.1m 1.96% Reduced -2.4k -2,350
82 Geneos Wealth Management Inc. 0.10% of their portfolio ENGLEWOOD, CO 48,45948.5k $4.0m $4.0m 0.10% Reduced -57.0k -57,031
83 Quadrature Capital Ltd 0.07% of their portfolio LONDON, X0 47,93447.9k $4.0m $4.0m 0.07% Reduced -226.6k -226,565
84 Optivise Advisory Services LLC 2.02% of their portfolio FRANKLIN, TN 47,74347.7k $3.9m $3.9m 2.02% Added +575 +575
85 Chicago Partners Investment Group LLC 0.11% of their portfolio CHICAGO, IL 46,70846.7k $4.0m $4.0m 0.11% Added +116 +116
86 WESBANCO BANK INC 0.11% of their portfolio WHEELING, WV 46,47846.5k $3.8m $3.8m 0.11% Reduced -78 -78
87 Mirae Asset Global Investments Co., Ltd. 0.01% of their portfolio SEOUL, M5 46,41546.4k $3.8m $3.8m 0.01% Reduced -10.6k -10,605
88 Advisors Preferred, LLC 0.63% of their portfolio ROCKVILLE, MD 46,12646.1k $3.8m $3.8m 0.63% Added +39.6k +39,584
89 SYKON CAPITAL LLC 1.37% of their portfolio HARRISON, NY 45,53745.5k $3.8m $3.8m 1.37% New
90 BLUEFIN CAPITAL MANAGEMENT, LLC 2.88% of their portfolio NEW YORK, NY 45,02245.0k $3.7m $3.7m 2.88% Reduced -40.3k -40,313
91 Prospera Financial Services Inc 0.07% of their portfolio Dallas, TX 44,37744.4k $3.7m $3.7m 0.07% Added +1.4k +1,405
92 CIM, LLC 0.48% of their portfolio ALBANY, NY 43,26743.3k $3.6m $3.6m 0.48% Added +349 +349
93 Atria Wealth Solutions, Inc. 0.07% of their portfolio NEW YORK, NY 39,44939.4k $3.3m $3.3m 0.07% Reduced -79.8k -79,812
94 TFG Advisers LLC 1.08% of their portfolio Auburn Hills, MI 38,24038.2k $3.2m $3.2m 1.08% Reduced -1.2k -1,174
95 Elevation Capital Advisory, LLC 1.25% of their portfolio BEND, OR 37,65237.7k $3.1m $3.1m 1.25% New
96 EFG Private Wealth Management (Americas) Corp. 0.56% of their portfolio MIAMI, FL 36,41836.4k $3.0m $3.0m 0.56% Added +6.4k +6,397
97 IFP Advisors, Inc 0.08% of their portfolio TAMPA, FL 34,32034.3k $2.8m $2.8m 0.08% Added +4.6k +4,561
98 Waverly Advisors, LLC 0.03% of their portfolio BIRMINGHAM, AL 34,11234.1k $2.8m $2.8m 0.03% Reduced -173 -173
99 Focus Financial Network, Inc. 0.11% of their portfolio MINNEAPOLIS, MN 33,97334.0k $2.8m $2.8m 0.11% Added +820 +820
100 Mount Lucas Management LP 1.33% of their portfolio Newtown, PA 33,77533.8k $2.8m $2.8m 1.33% Reduced -754 -754