Vault-13

SPDR SER TR CWB

BBG CONV SEC ETF · ETP · CUSIP 78464A359

491 institutional holders +18 vs Q2 2025
35,253,09335.3m shares reported held*
$3.2bnreported value*
66 new 144 added 157 reduced 39 sold out net bought ≈ $295.9m (+3.3m 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 ($6.2m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $91.20. Options: 2 managers hold calls ($814.5k notional), 2 hold puts ($6.1m).

Trends to Q3 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: 473Q3 25: 491491Q3 22Q2 23Q1 24Q4 24Q3 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
Q3 2025491

Buyers vs sellers

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

Bought or addedCut or sold out
4000400Q4 23: 148 bought or addedQ4 23: 259 cut or sold outQ1 24: 183 bought or addedQ1 24: 211 cut or sold outQ1 24Q2 24: 141 bought or addedQ2 24: 236 cut or sold outQ3 24: 174 bought or addedQ3 24: 210 cut or sold outQ3 24Q4 24: 217 bought or addedQ4 24: 180 cut or sold outQ1 25: 172 bought or addedQ1 25: 261 cut or sold outQ1 25Q2 25: 167 bought or addedQ2 25: 223 cut or sold outQ3 25: 210 bought or addedQ3 25: 196 cut or sold outQ3 25
Numbers
QuarterBought or addedCut or sold out
Q4 2023148259
Q1 2024183211
Q2 2024141236
Q3 2024174210
Q4 2024217180
Q1 2025172261
Q2 2025167223
Q3 2025210196

Calls vs puts

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

CallsPuts
$0$20m$40m$60m$80mQ4 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 9.82Q3 25 calls: $814.5kQ3 25 puts: $6.1mQ3 25P/C 7.54
Numbers
QuarterCallsPutsP/C
Q4 2024$46.7k$70.1k1.50
Q1 2025$229.9k$66.5m289.27
Q2 2025$644.7k$6.3m9.82
Q3 2025$814.5k$6.1m7.54

Biggest buyers

ASSETMARK, INC Added +1,080,852+1.1m
Ocean Park Asset Management, LLC New +573,787+573.8k
POTOMAC FUND MANAGEMENT INC /ADV New +470,038+470.0k
DEUTSCHE BANK AG\ Added +377,082+377.1k
AMERIPRISE FINANCIAL INC Added +346,925+346.9k
NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Added +244,707+244.7k
Horizon Investments, LLC Added +216,213+216.2k
OSAIC HOLDINGS, INC. Added +160,733+160.7k
Estate Counselors, LLC New +128,695+128.7k
LPL Financial LLC Added +128,298+128.3k

Biggest sellers

ROYAL BANK OF CANADA Reduced -356,017-356.0k
Allianz Asset Management GmbH Sold out -212,700-212.7k
GOLDMAN SACHS GROUP INC Reduced -135,903-135.9k
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced -122,577-122.6k
Kingsview Wealth Management, LLC Sold out -110,797-110.8k
New York Life Investment Management LLC Reduced -98,646-98.6k
Florin Court Capital LLP Reduced -92,000-92.0k
MORGAN STANLEY Reduced -69,741-69.7k
RAYMOND JAMES FINANCIAL INC Reduced -61,080-61.1k
Rockefeller Capital Management L.P. Reduced -53,517-53.5k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $524.9k5.8k shares
CITADEL ADVISORS LLC Reduced $289.6k3.2k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $5.8m64.1k shares
CITADEL ADVISORS LLC Added $343.9k3.8k 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, Q3 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 BANK OF AMERICA CORP /DE/ 0.02% of their portfolio CHARLOTTE, NC 2,634,5322.6m $238.4m $238.4m 0.02% Added +13.5k +13,467
2 ENVESTNET ASSET MANAGEMENT INC 0.06% of their portfolio Berwyn, PA 2,408,7172.4m $218.0m $218.0m 0.06% Added +3.7k +3,713
3 Howard Capital Management, LLC 2.78% of their portfolio Alpharetta, GA 2,320,3412.3m $210.0m $210.0m 2.78% Reduced -3.6k -3,566
4 MORGAN STANLEY 0.01% of their portfolio NEW YORK, NY 1,614,5461.6m $146.1m $146.1m 0.01% Reduced -69.7k -69,741
5 Cetera Investment Advisers 0.17% of their portfolio SCHAUMBURG, IL 1,600,7211.6m $144.9m $144.9m 0.17% Added +43.0k +42,977
6 LPL Financial LLC 0.04% of their portfolio FORT MILL, SC 1,543,5891.5m $139.7m $139.7m 0.04% Added +128.3k +128,298
7 WELLS FARGO & COMPANY/MN 0.03% of their portfolio SAN FRANCISCO, CA 1,434,1841.4m $129.8m $129.8m 0.03% Added +105.0k +104,953
8 BESSEMER GROUP INC 0.16% of their portfolio WOODBRIDGE, NJ 1,132,1211.1m $102.5m $102.5m 0.16% Added +775 +775
9 DELTA CAPITAL MANAGEMENT LLC 0.51% of their portfolio RED BANK, NJ 1,086,0001.1m $983.0k $983.0k 0.51% Unchanged
10 ASSETMARK, INC 0.21% of their portfolio CONCORD, CA 1,083,5211.1m $98.1m $98.1m 0.21% Added +1.1m +1,080,852
11 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.05% of their portfolio MILWAUKEE, WI 899,734899.7k $81.4m $81.4m 0.05% Added +244.7k +244,707
12 AMERIPRISE FINANCIAL INC 0.02% of their portfolio MINNEAPOLIS, MN 802,532802.5k $72.6m $72.6m 0.02% Added +346.9k +346,925
13 DEUTSCHE BANK AG\ 0.02% of their portfolio FRANKFURT AM MAIN, 2M 798,704798.7k $72.3m $72.3m 0.02% Added +377.1k +377,082
14 PNC Financial Services Group, Inc. 0.04% of their portfolio Pittsburgh, PA 778,616778.6k $70.5m $70.5m 0.04% Added +459 +459
15 GOLDMAN SACHS GROUP INC 0.01% of their portfolio NEW YORK, NY 583,605583.6k $52.8m $52.8m 0.01% Reduced -135.9k -135,903
16 Ocean Park Asset Management, LLC 2.14% of their portfolio SANTA MONICA, CA 573,787573.8k $51.9m $51.9m 2.14% New
17 Goodman Advisory Group, LLC 12.24% of their portfolio NEEDHAM, MA 543,340543.3k $49.2m $49.2m 12.24% Added +45.4k +45,353
18 New York Life Investment Management LLC 0.40% of their portfolio New York, NY 506,477506.5k $45.8m $45.8m 0.40% Reduced -98.6k -98,646
19 UBS Group AG 0.01% of their portfolio ZURICH, V8 475,088475.1k $43.0m $43.0m 0.01% Added +13.9k +13,895
20 POTOMAC FUND MANAGEMENT INC /ADV 1.80% of their portfolio BETHESDA, MD 470,038470.0k $42.5m $42.5m 1.80% New
21 BANK OF MONTREAL /CAN/ 0.02% of their portfolio TORONTO, A6 447,967448.0k $40.5m $40.5m 0.02% Added +11.6k +11,586
22 Orion Porfolio Solutions, LLC 0.31% of their portfolio OMAHA, NE 447,910447.9k $40.5m $40.5m 0.31% Reduced -9.3k -9,295
23 One Wealth Map LLC 19.68% of their portfolio LAS VEGAS, NV 399,801399.8k $37.0m $37.0m 19.68% Reduced -10.7k -10,651
24 ROYAL BANK OF CANADA 0.01% of their portfolio TORONTO, A6 398,667398.7k $36.1m $36.1m 0.01% Reduced -356.0k -356,017
25 OSAIC HOLDINGS, INC. 0.04% of their portfolio SCOTTSDALE, AZ 343,076343.1k $30.7m $30.7m 0.04% Added +160.7k +160,733
26 RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio ST. PETERSBURG, FL 301,912301.9k $27.3m $27.3m 0.01% Reduced -61.1k -61,080
27 Horizon Investments, LLC 0.36% of their portfolio Charlotte, NC 301,023301.0k $27.2m $27.2m 0.36% Added +216.2k +216,213
28 Cambridge Investment Research Advisors, Inc. 0.07% of their portfolio FAIRFIELD, IA 265,547265.5k $24.0m $24.0m 0.07% Reduced -21.8k -21,815
29 ALLIANCEBERNSTEIN L.P. 0.01% of their portfolio NASHVILLE, TN 265,320265.3k $24.0m $24.0m 0.01% Reduced -36.5k -36,460
30 COMMONWEALTH EQUITY SERVICES, LLC 0.03% of their portfolio WALTHAM, MA 252,425252.4k $22.8m $22.8m 0.03% Added +10.5k +10,483
31 River Wealth Advisors LLC 2.48% of their portfolio CAMP HILL, PA 234,148234.1k $21.2m $21.2m 2.48% Added +3.2k +3,175
32 Wealth Watch Advisors, INC 8.52% of their portfolio ENGLEWOOD, CO 228,589228.6k $20.7m $20.7m 8.52% Added +6.1k +6,087
33 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.03% of their portfolio PLYMOUTH, MN 217,865217.9k $20.0m $20.0m 0.03% Added +12.8k +12,758
34 TRUIST FINANCIAL CORP 0.03% of their portfolio CHARLOTTE, NC 215,808215.8k $19.5m $19.5m 0.03% Reduced -23.7k -23,671
35 STIFEL FINANCIAL CORP 0.02% of their portfolio ST. LOUIS, MO 213,346213.3k $19.3m $19.3m 0.02% Added +26.3k +26,276
36 Waldron Private Wealth LLC 0.70% of their portfolio BRIDGEVILLE, PA 190,822190.8k $17.3m $17.3m 0.70% Reduced -9.5k -9,452
37 XML Financial, LLC 1.39% of their portfolio BETHESDA, MD 188,551188.6k $17.1m $17.1m 1.39% Reduced -4.1k -4,122
38 GUGGENHEIM CAPITAL LLC 0.13% of their portfolio CHICAGO, IL 186,414186.4k $16.9m $16.9m 0.13% Added +2.3k +2,319
39 Paulson Wealth Management Inc. 3.46% of their portfolio West Palm Beach, FL 161,948161.9k $14.7m $14.7m 3.46% Added +18.4k +18,402
40 Janney Montgomery Scott LLC 0.03% of their portfolio PHILADELPHIA, PA 157,018157.0k $14.2m $14.2m 0.03% Added +605 +605
41 William Mack & Associates, Inc. 7.24% of their portfolio TROY, MI 148,783148.8k $13.5m $13.5m 7.24% Added +28.9k +28,931
42 Modera Wealth Management, LLC 0.15% of their portfolio WESTWOOD, NJ 143,112143.1k $13.0m $13.0m 0.15% Reduced -886 -886
43 OPPENHEIMER & CO INC 0.14% of their portfolio NEW YORK, NY 130,221130.2k $11.8m $11.8m 0.14% Reduced -3.7k -3,731
44 Estate Counselors, LLC 1.00% of their portfolio Thiensville, WI 128,695128.7k $11.6m $11.6m 1.00% New
45 Lifestyle Asset Management, Inc. 3.88% of their portfolio FRIENDSWOOD, TX 125,473125.5k $11.4m $11.4m 3.88% Added +10.6k +10,595
46 FSC Wealth Advisors, LLC 6.44% of their portfolio WAPPINGERS FALLS, NY 123,442123.4k $11.2m $11.2m 6.44% Reduced -127 -127
47 HUNTINGTON NATIONAL BANK 0.07% of their portfolio COLUMBUS, OH 122,306122.3k $11.1m $11.1m 0.07% Reduced -1.9k -1,945
48 MML INVESTORS SERVICES, LLC 0.03% of their portfolio SPRINGFIELD, MA 117,699117.7k $10.7m $10.7m 0.03% Added +22.9k +22,927
49 McAdam, LLC 0.51% of their portfolio Philadelphia, PA 115,222115.2k $10.4m $10.4m 0.51% Added +4.4k +4,366
50 Financial & Tax Architects, LLC 2.26% of their portfolio ST LOUIS, MO 112,987113.0k $10.2m $10.2m 2.26% Reduced -9.4k -9,444
51 AMG National Trust Bank 0.25% of their portfolio GREENWOOD VILLAGE, CO 111,071111.1k $10.1m $10.1m 0.25% Reduced -3.0k -2,976
52 JANE STREET GROUP, LLC 0.01% of their portfolio NEW YORK, NY 108,256108.3k $9.8m $9.8m 0.01% New
53 CAPSTONE INVESTMENT ADVISORS, LLC 0.08% of their portfolio NEW YORK, NY 106,801106.8k $9.7m $9.7m 0.08% Reduced -24.0k -24,000
54 NTV Asset Management LLC 1.04% of their portfolio Charleston, WV 105,788105.8k $9.6m $9.6m 1.04% Reduced -2.0k -1,965
55 NOMURA ASSET MANAGEMENT CO LTD 0.02% of their portfolio TOKYO, M0 105,677105.7k $9.6m $9.6m 0.02% Unchanged
56 Advisors Preferred, LLC 1.41% of their portfolio ROCKVILLE, MD 104,716104.7k $9.6m $9.6m 1.41% Added +58.6k +58,590
57 Anderson Financial Strategies, LLC 5.25% of their portfolio DAYTON, OH 97,91297.9k $8.9m $8.9m 5.25% Reduced -863 -863
58 Private Advisor Group, LLC 0.04% of their portfolio MORRISTOWN, NJ 96,12996.1k $8.7m $8.7m 0.04% Added +30.1k +30,104
59 Steward Partners Investment Advisory, LLC 0.05% of their portfolio STAMFORD, CT 92,70592.7k $8.4m $8.4m 0.05% Added +987 +987
60 Windsor Capital Management, LLC 2.28% of their portfolio Phoenix, AZ 91,11691.1k $8.3m $8.3m 2.28% Reduced -2.8k -2,788
61 PFG Advisors 0.34% of their portfolio Phoenix, AZ 91,01891.0k $8.2m $8.2m 0.34% New
62 Elequin Capital, LP 0.69% of their portfolio NEW YORK, NY 89,72989.7k $8.1m $8.1m 0.69% Added +3.2k +3,228
63 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.01% of their portfolio BALA CYNWYD, PA 88,49288.5k $8.0m $8.0m 0.01% Reduced -122.6k -122,577
64 Petix & Botte Co 1.77% of their portfolio LA MESA, CA 84,59584.6k $7.7m $7.7m 1.77% Reduced -5.1k -5,147
65 RWA WEALTH PARTNERS, LLC 0.08% of their portfolio BOSTON, MA 81,85681.9k $7.4m $7.4m 0.08% Added +6.2k +6,228
66 Florin Court Capital LLP 5.51% of their portfolio London, X0 77,69577.7k $7.0m $7.0m 5.51% Reduced -92.0k -92,000
67 Hilltop Holdings Inc. 0.37% of their portfolio DALLAS, TX 77,57277.6k $7.0m $7.0m 0.37% Added +12.9k +12,943
68 Spectrum Wealth Advisory Group, LLC 2.84% of their portfolio GRANITE BAY, CA 75,97676.0k $6.9m $6.9m 2.84% Added +67.3k +67,348
69 Baron Financial Group, LLC 3.65% of their portfolio Fair Lawn, NJ 73,56673.6k $6.7m $6.7m 3.65% Reduced -107 -107
70 Arkos Global Advisors 0.83% of their portfolio HOUSTON, TX 72,43572.4k $6.6m $6.6m 0.83% Reduced -1.5k -1,461
71 Finward Bancorp 4.85% of their portfolio Munster, IN 70,53870.5k $6.4m $6.4m 4.85% Reduced -4.7k -4,720
72 HMS Capital Management, LLC 2.64% of their portfolio NASHVILLE, TN 69,30669.3k $6.3m $6.3m 2.64% Added +11.0k +11,048
73 PRUDENTIAL FINANCIAL INC 0.01% of their portfolio NEWARK, NJ 69,03669.0k $6.2m $6.2m 0.01% Reduced -2.5k -2,547
74 Elevation Capital Advisory, LLC 2.43% of their portfolio BEND, OR 67,30867.3k $6.1m $6.1m 2.43% Added +29.7k +29,656
75 Creative Planning 0.00% of their portfolio OVERLAND PARK, KS 64,74564.7k $5.9m $5.9m 0.00% Added +553 +553
76 Allworth Financial LP 0.03% of their portfolio FOLSOM, CA 64,42364.4k $5.8m $5.8m 0.03% Reduced -2.6k -2,577
77 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 60,37160.4k $5.5m $5.5m 0.00% Added +9.5k +9,496
78 Sanctuary Advisors, LLC 0.01% of their portfolio INDIANAPOLIS, IN 58,53858.5k $4.9m $4.9m 0.01% Added +27.3k +27,272
79 Riggs Asset Managment Co. Inc. 1.10% of their portfolio DALLAS, PA 55,96256.0k $5.1m $5.1m 1.10% Added +1.8k +1,766
80 Sterling Investment Advisors, Ltd. 0.97% of their portfolio BERWYN, PA 54,85254.9k $5.0m $5.0m 0.97% Reduced -193 -193
81 David J Yvars Group 2.65% of their portfolio UNIVERSITY PARK, FL 54,68554.7k $4.9m $4.9m 2.65% Added +363 +363
82 Rockefeller Capital Management L.P. 0.01% of their portfolio NEW YORK, NY 54,24354.2k $4.9m $4.9m 0.01% Reduced -53.5k -53,517
83 HighTower Advisors, LLC 0.01% of their portfolio CHICAGO, IL 54,10454.1k $4.9m $4.9m 0.01% Reduced -284 -284
84 RENAISSANCE TECHNOLOGIES LLC 0.01% of their portfolio NEW YORK, NY 53,10053.1k $4.8m $4.8m 0.01% Reduced -26.0k -26,000
85 Prospera Financial Services Inc 0.08% of their portfolio Dallas, TX 51,90451.9k $4.7m $4.7m 0.08% Added +7.5k +7,527
86 NewEdge Advisors, LLC 0.02% of their portfolio NEW ORLEANS, LA 50,54750.5k $4.6m $4.6m 0.02% Added +210 +210
87 Mirae Asset Global Investments Co., Ltd. 0.01% of their portfolio SEOUL, M5 50,46050.5k $4.6m $4.6m 0.01% Added +4.0k +4,045
88 Optivise Advisory Services LLC 2.69% of their portfolio FRANKLIN, TN 50,06750.1k $4.5m $4.5m 2.69% Added +2.3k +2,324
89 Yorktown Management & Research Co Inc 3.61% of their portfolio Forest, VA 50,00050.0k $4.5m $4.5m 3.61% New
90 Sage Capital Management, LLC 2.01% of their portfolio Stockton, NJ 49,27149.3k $4.5m $4.5m 2.01% Added +25 +25
91 WESBANCO BANK INC 0.12% of their portfolio WHEELING, WV 47,48547.5k $4.3m $4.3m 0.12% Added +1.0k +1,007
92 B. Riley Wealth Advisors, Inc. 0.20% of their portfolio MEMPHIS, TN 46,24946.2k $4.2m $4.2m 0.20% Reduced -17.4k -17,384
93 Chicago Partners Investment Group LLC 0.11% of their portfolio CHICAGO, IL 45,73045.7k $4.3m $4.3m 0.11% Reduced -978 -978
94 Geneos Wealth Management Inc. 0.10% of their portfolio ENGLEWOOD, CO 44,41044.4k $4.0m $4.0m 0.10% Reduced -4.0k -4,049
95 BLAIR WILLIAM & CO/IL 0.01% of their portfolio CHICAGO, IL 43,97744.0k $4.0m $4.0m 0.01% Added +19.7k +19,701
96 CIM, LLC 0.51% of their portfolio ALBANY, NY 43,13043.1k $3.9m $3.9m 0.51% Reduced -137 -137
97 NorthCoast Asset Management LLC 0.01% of their portfolio STAMFORD, CT 40,24940.2k $3.6m $3.6m 0.01% New
98 Midwest Professional Planners, LTD. 0.84% of their portfolio WAUSAU, WI 38,13338.1k $3.5m $3.5m 0.84% New
99 SYKON CAPITAL LLC 1.14% of their portfolio HARRISON, NY 37,82637.8k $3.4m $3.4m 1.14% Reduced -7.7k -7,711
100 EFG Private Wealth Management (Americas) Corp. 0.57% of their portfolio MIAMI, FL 36,64836.6k $3.3m $3.3m 0.57% Added +230 +230