Vault-13

SPDR SER TR CWB

BBG CONV SEC ETF · ETP · CUSIP 78464A359

512 institutional holders +21 vs Q3 2025
34,406,81434.4m shares reported held*
$3.1bnreported value*
37 new 156 added 157 reduced 41 sold out net sold ≈ $117.6m (-1.2m 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 ($7.6m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $89.63. Options: 1 managers hold calls ($365.7k notional), 2 hold puts ($1.3m).

Trends to Q4 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: 491Q4 25: 512512Q3 22Q2 23Q1 24Q4 24Q4 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
Q4 2025512

Buyers vs sellers

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

Bought or addedCut or sold out
4000400Q1 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 25Q3 25: 210 bought or addedQ3 25: 196 cut or sold outQ4 25: 193 bought or addedQ4 25: 198 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 2024183211
Q2 2024141236
Q3 2024174210
Q4 2024217180
Q1 2025172261
Q2 2025167223
Q3 2025210196
Q4 2025193198

Calls vs puts

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

CallsPuts
$0$20m$40m$60m$80mQ1 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 7.54Q4 25 calls: $365.7kQ4 25 puts: $1.3mQ4 25P/C 3.66
Numbers
QuarterCallsPutsP/C
Q1 2025$229.9k$66.5m289.27
Q2 2025$644.7k$6.3m9.82
Q3 2025$814.5k$6.1m7.54
Q4 2025$365.7k$1.3m3.66

Biggest buyers

JANE STREET GROUP, LLC Added +440,188+440.2k
RAYMOND JAMES FINANCIAL INC Added +221,819+221.8k
NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Added +142,387+142.4k
Strategic Investment Advisors / MI Added +95,661+95.7k
Concurrent Investment Advisors, LLC Added +50,505+50.5k
WELLS FARGO & COMPANY/MN Added +48,840+48.8k
CWM, LLC Added +47,211+47.2k
World Investment Advisors Added +46,647+46.6k
NewEdge Advisors, LLC Added +40,739+40.7k
Hershey Financial Advisers, LLC New +40,554+40.6k

Biggest sellers

Ocean Park Asset Management, LLC Reduced -549,562-549.6k
Horizon Investments, LLC Reduced -226,234-226.2k
POTOMAC FUND MANAGEMENT INC /ADV Reduced -214,240-214.2k
ENVESTNET ASSET MANAGEMENT INC Reduced -180,272-180.3k
OSAIC HOLDINGS, INC. Reduced -175,249-175.2k
ASSETMARK, INC Reduced -171,767-171.8k
Cetera Investment Advisers Reduced -165,872-165.9k
Financial & Tax Architects, LLC Sold out -112,987-113.0k
CAPSTONE INVESTMENT ADVISORS, LLC Sold out -106,801-106.8k
Elequin Capital, LP Sold out -89,729-89.7k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $365.7k4.1k shares

Biggest puts

CITADEL ADVISORS LLC Added $945.5k10.6k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $392.5k4.4k 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, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 BANK OF AMERICA CORP /DE/ 0.02% of their portfolio CHARLOTTE, NC 2,627,2972.6m $234.4m $234.4m 0.02% Reduced -7.2k -7,235
2 Howard Capital Management, LLC 2.67% of their portfolio Alpharetta, GA 2,315,5882.3m $206.6m $206.6m 2.67% Reduced -4.8k -4,753
3 ENVESTNET ASSET MANAGEMENT INC 0.06% of their portfolio Berwyn, PA 2,228,4452.2m $198.8m $198.8m 0.06% Reduced -180.3k -180,272
4 MORGAN STANLEY 0.01% of their portfolio NEW YORK, NY 1,591,6381.6m $142.0m $142.0m 0.01% Reduced -22.9k -22,908
5 LPL Financial LLC 0.04% of their portfolio FORT MILL, SC 1,578,8061.6m $140.8m $140.8m 0.04% Added +35.2k +35,217
6 WELLS FARGO & COMPANY/MN 0.03% of their portfolio SAN FRANCISCO, CA 1,483,0241.5m $132.3m $132.3m 0.03% Added +48.8k +48,840
7 Cetera Investment Advisers 0.14% of their portfolio SCHAUMBURG, IL 1,434,8491.4m $128.0m $128.0m 0.14% Reduced -165.9k -165,872
8 BESSEMER GROUP INC 0.16% of their portfolio WOODBRIDGE, NJ 1,132,1211.1m $101.0m $101.0m 0.16% Unchanged
9 DELTA CAPITAL MANAGEMENT LLC 0.54% of their portfolio RED BANK, NJ 1,086,0001.1m $969.0k $969.0k 0.54% Unchanged
10 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.06% of their portfolio MILWAUKEE, WI 1,042,1211.0m $93.0m $93.0m 0.06% Added +142.4k +142,387
11 ASSETMARK, INC 0.17% of their portfolio CONCORD, CA 911,754911.8k $81.3m $81.3m 0.17% Reduced -171.8k -171,767
12 AMERIPRISE FINANCIAL INC 0.02% of their portfolio MINNEAPOLIS, MN 801,895801.9k $71.5m $71.5m 0.02% Reduced -637 -637
13 DEUTSCHE BANK AG\ 0.02% of their portfolio FRANKFURT AM MAIN, 2M 798,704798.7k $71.2m $71.2m 0.02% Unchanged
14 PNC Financial Services Group, Inc. 0.04% of their portfolio Pittsburgh, PA 782,173782.2k $69.8m $69.8m 0.04% Added +3.6k +3,557
15 JANE STREET GROUP, LLC 0.06% of their portfolio NEW YORK, NY 548,444548.4k $48.9m $48.9m 0.06% Added +440.2k +440,188
16 Goodman Advisory Group, LLC 11.77% of their portfolio NEEDHAM, MA 536,314536.3k $47.8m $47.8m 11.77% Reduced -7.0k -7,026
17 RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio ST. PETERSBURG, FL 523,731523.7k $46.7m $46.7m 0.01% Added +221.8k +221,819
18 GOLDMAN SACHS GROUP INC 0.01% of their portfolio NEW YORK, NY 522,905522.9k $46.6m $46.6m 0.01% Reduced -60.7k -60,700
19 UBS Group AG 0.01% of their portfolio ZURICH, V8 481,658481.7k $43.0m $43.0m 0.01% Added +6.6k +6,570
20 New York Life Investment Management LLC 0.36% of their portfolio New York, NY 472,893472.9k $42.2m $42.2m 0.36% Reduced -33.6k -33,584
21 BANK OF MONTREAL /CAN/ 0.02% of their portfolio TORONTO, A6 452,029452.0k $40.3m $40.3m 0.02% Added +4.1k +4,062
22 Orion Porfolio Solutions, LLC 0.28% of their portfolio OMAHA, NE 429,407429.4k $38.3m $38.3m 0.28% Reduced -18.5k -18,503
23 One Wealth Map LLC 18.88% of their portfolio LAS VEGAS, NV 395,584395.6k $37.1m $37.1m 18.88% Reduced -4.2k -4,217
24 ROYAL BANK OF CANADA 0.01% of their portfolio TORONTO, A6 394,809394.8k $35.2m $35.2m 0.01% Reduced -3.9k -3,858
25 Cambridge Investment Research Advisors, Inc. 0.07% of their portfolio FAIRFIELD, IA 300,389300.4k $26.8m $26.8m 0.07% Added +34.8k +34,842
26 POTOMAC FUND MANAGEMENT INC /ADV 0.84% of their portfolio BETHESDA, MD 255,798255.8k $22.8m $22.8m 0.84% Reduced -214.2k -214,240
27 COMMONWEALTH EQUITY SERVICES, LLC 0.03% of their portfolio WALTHAM, MA 252,152252.2k $22.5m $22.5m 0.03% Reduced -273 -273
28 ALLIANCEBERNSTEIN L.P. 0.01% of their portfolio NASHVILLE, TN 249,064249.1k $22.2m $22.2m 0.01% Reduced -16.3k -16,256
29 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.03% of their portfolio PLYMOUTH, MN 238,919238.9k $22.1m $22.1m 0.03% Added +21.1k +21,054
30 Wealth Watch Advisors, INC 7.88% of their portfolio ENGLEWOOD, CO 238,038238.0k $21.2m $21.2m 7.88% Added +9.4k +9,449
31 River Wealth Advisors LLC 2.35% of their portfolio CAMP HILL, PA 235,278235.3k $21.0m $21.0m 2.35% Added +1.1k +1,130
32 TRUIST FINANCIAL CORP 0.03% of their portfolio CHARLOTTE, NC 213,504213.5k $19.0m $19.0m 0.03% Reduced -2.3k -2,304
33 STIFEL FINANCIAL CORP 0.02% of their portfolio ST. LOUIS, MO 195,532195.5k $17.4m $17.4m 0.02% Reduced -17.8k -17,814
34 XML Financial, LLC 1.37% of their portfolio BETHESDA, MD 188,094188.1k $16.8m $16.8m 1.37% Reduced -457 -457
35 Waldron Private Wealth LLC 0.66% of their portfolio BRIDGEVILLE, PA 186,814186.8k $16.7m $16.7m 0.66% Reduced -4.0k -4,008
36 William Mack & Associates, Inc. 7.61% of their portfolio TROY, MI 181,336181.3k $16.2m $16.2m 7.61% Added +32.6k +32,553
37 OSAIC HOLDINGS, INC. 0.02% of their portfolio SCOTTSDALE, AZ 167,827167.8k $15.0m $15.0m 0.02% Reduced -175.2k -175,249
38 GUGGENHEIM CAPITAL LLC 0.11% of their portfolio CHICAGO, IL 166,735166.7k $14.9m $14.9m 0.11% Reduced -19.7k -19,679
39 Paulson Wealth Management Inc. 3.42% of their portfolio West Palm Beach, FL 165,923165.9k $14.8m $14.8m 3.42% Added +4.0k +3,975
40 Janney Montgomery Scott LLC 0.03% of their portfolio PHILADELPHIA, PA 157,146157.1k $14.0m $14.0m 0.03% Added +128 +128
41 Lifestyle Asset Management, Inc. 4.10% of their portfolio FRIENDSWOOD, TX 141,135141.1k $12.6m $12.6m 4.10% Added +15.7k +15,662
42 Modera Wealth Management, LLC 0.14% of their portfolio WESTWOOD, NJ 140,331140.3k $12.5m $12.5m 0.14% Reduced -2.8k -2,781
43 Aegis Wealth Management, Inc. 9.65% of their portfolio Guthrie Center, IA 137,749137.7k $12.3m $12.3m 9.65% First filing
44 OPPENHEIMER & CO INC 0.17% of their portfolio NEW YORK, NY 134,364134.4k $12.0m $12.0m 0.17% Added +4.1k +4,143
45 Estate Counselors, LLC 1.00% of their portfolio Thiensville, WI 133,300133.3k $11.9m $11.9m 1.00% Added +4.6k +4,605
46 AMG National Trust Bank 0.27% of their portfolio GREENWOOD VILLAGE, CO 126,567126.6k $11.3m $11.3m 0.27% Added +15.5k +15,496
47 McAdam, LLC 0.50% of their portfolio Philadelphia, PA 123,059123.1k $11.0m $11.0m 0.50% Added +7.8k +7,837
48 MML INVESTORS SERVICES, LLC 0.03% of their portfolio SPRINGFIELD, MA 119,801119.8k $10.7m $10.7m 0.03% Added +2.1k +2,102
49 HUNTINGTON NATIONAL BANK 0.06% of their portfolio COLUMBUS, OH 117,760117.8k $10.5m $10.5m 0.06% Reduced -4.5k -4,546
50 NTV Asset Management LLC 0.95% of their portfolio Charleston, WV 100,873100.9k $9.0m $9.0m 0.95% Reduced -4.9k -4,915
51 Anderson Financial Strategies, LLC 5.17% of their portfolio DAYTON, OH 99,94299.9k $8.9m $8.9m 5.17% Added +2.0k +2,030
52 Strategic Investment Advisors / MI 0.75% of their portfolio FARMINGTON HILLS, MI 97,52197.5k $8.7m $8.7m 0.75% Added +95.7k +95,661
53 Private Advisor Group, LLC 0.04% of their portfolio MORRISTOWN, NJ 94,65594.7k $8.4m $8.4m 0.04% Reduced -1.5k -1,474
54 PFG Advisors 0.40% of their portfolio Phoenix, AZ 93,12693.1k $8.3m $8.3m 0.40% Added +2.1k +2,108
55 Steward Partners Investment Advisory, LLC 0.05% of their portfolio STAMFORD, CT 92,36592.4k $8.2m $8.2m 0.05% Reduced -340 -340
56 NewEdge Advisors, LLC 0.03% of their portfolio NEW ORLEANS, LA 91,28691.3k $8.1m $8.1m 0.03% Added +40.7k +40,739
57 Windsor Capital Management, LLC 2.19% of their portfolio Phoenix, AZ 89,13489.1k $8.0m $8.0m 2.19% Reduced -2.0k -1,982
58 Spectrum Wealth Advisory Group, LLC 2.74% of their portfolio GRANITE BAY, CA 83,56483.6k $7.5m $7.5m 2.74% Added +7.6k +7,588
59 Paladin Partners, LLC 5.33% of their portfolio HARTLAND, WI 80,20680.2k $7.2m $7.2m 5.33% First filing
60 Petix & Botte Co 1.52% of their portfolio LA MESA, CA 75,21175.2k $6.7m $6.7m 1.52% Reduced -9.4k -9,384
61 NOMURA ASSET MANAGEMENT CO LTD 0.02% of their portfolio TOKYO, M0 75,05675.1k $6.7m $6.7m 0.02% Reduced -30.6k -30,621
62 Horizon Investments, LLC 0.08% of their portfolio Charlotte, NC 74,78974.8k $6.7m $6.7m 0.08% Reduced -226.2k -226,234
63 Advisors Preferred, LLC 1.08% of their portfolio ROCKVILLE, MD 73,13173.1k $6.6m $6.6m 1.08% Reduced -31.6k -31,585
64 Baron Financial Group, LLC 3.47% of their portfolio Fair Lawn, NJ 72,50172.5k $6.5m $6.5m 3.47% Reduced -1.1k -1,065
65 Arkos Global Advisors 0.82% of their portfolio HOUSTON, TX 71,42971.4k $6.4m $6.4m 0.82% Reduced -1.0k -1,006
66 NorthCoast Asset Management LLC 0.14% of their portfolio STAMFORD, CT 70,27670.3k $6.3m $6.3m 0.14% Added +30.0k +30,027
67 HMS Capital Management, LLC 2.59% of their portfolio NASHVILLE, TN 70,18070.2k $6.3m $6.3m 2.59% Added +874 +874
68 Finward Bancorp 4.79% of their portfolio Munster, IN 69,17069.2k $6.2m $6.2m 4.79% Reduced -1.4k -1,368
69 PRUDENTIAL FINANCIAL INC 0.01% of their portfolio NEWARK, NJ 67,66867.7k $6.1m $6.1m 0.01% Reduced -1.4k -1,368
70 Creative Planning 0.00% of their portfolio OVERLAND PARK, KS 64,89564.9k $5.8m $5.8m 0.00% Added +150 +150
71 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 62,66062.7k $5.6m $5.6m 0.00% Added +2.3k +2,289
72 World Investment Advisors 0.09% of their portfolio LINCROFT, NJ 61,38561.4k $5.5m $5.5m 0.09% Added +46.6k +46,647
73 David J Yvars Group 2.91% of their portfolio UNIVERSITY PARK, FL 61,25761.3k $5.5m $5.5m 2.91% Added +6.6k +6,572
74 Riggs Asset Managment Co. Inc. 1.10% of their portfolio DALLAS, PA 61,08061.1k $5.4m $5.4m 1.10% Added +5.1k +5,118
75 FSC Wealth Advisors, LLC 8.77% of their portfolio WAPPINGERS FALLS, NY 60,61560.6k $5.4m $5.4m 8.77% Reduced -62.8k -62,827
76 Allworth Financial LP 0.02% of their portfolio FOLSOM, CA 57,13957.1k $5.1m $5.1m 0.02% Reduced -7.3k -7,284
77 Mirae Asset Global Investments Co., Ltd. 0.01% of their portfolio SEOUL, M5 56,78256.8k $5.1m $5.1m 0.01% Added +6.3k +6,322
78 CWM, LLC 0.01% of their portfolio OMAHA, NE 56,43156.4k $5.0m $5.0m 0.01% Added +47.2k +47,211
79 Prospera Financial Services Inc 0.08% of their portfolio Dallas, TX 56,23756.2k $5.0m $5.0m 0.08% Added +4.3k +4,333
80 HighTower Advisors, LLC 0.01% of their portfolio CHICAGO, IL 55,11455.1k $4.9m $4.9m 0.01% Added +1.0k +1,010
81 Elevation Capital Advisory, LLC 2.00% of their portfolio BEND, OR 54,99455.0k $4.9m $4.9m 2.00% Reduced -12.3k -12,314
82 Sterling Investment Advisors, Ltd. 0.89% of their portfolio BERWYN, PA 54,25754.3k $4.8m $4.8m 0.89% Reduced -595 -595
83 Rockefeller Capital Management L.P. 0.01% of their portfolio NEW YORK, NY 54,16854.2k $4.8m $4.8m 0.01% Reduced -75 -75
84 Geneos Wealth Management Inc. 0.12% of their portfolio ENGLEWOOD, CO 53,84953.8k $4.8m $4.8m 0.12% Added +9.4k +9,439
85 Concurrent Investment Advisors, LLC 0.05% of their portfolio Tampa, FL 53,52853.5k $4.8m $4.8m 0.05% Added +50.5k +50,505
86 AXS Investments LLC 1.55% of their portfolio PORT CHESTER, NY 50,45850.5k $4.5m $4.5m 1.55% Added +33.0k +32,992
87 Brindle & Bay Financial Advisors, LLC 2.99% of their portfolio FRISCO, TX 50,29350.3k $4.5m $4.5m 2.99% First filing
88 Corient Private Wealth LP 0.00% of their portfolio MIAMI, FL 49,89449.9k $4.5m $4.5m 0.00% Added +31.5k +31,488
89 BLAIR WILLIAM & CO/IL 0.01% of their portfolio CHICAGO, IL 49,55249.6k $4.4m $4.4m 0.01% Added +5.6k +5,575
90 Sage Capital Management, LLC 2.04% of their portfolio Stockton, NJ 49,42549.4k $4.4m $4.4m 2.04% Added +154 +154
91 WESBANCO BANK INC 0.12% of their portfolio WHEELING, WV 47,69947.7k $4.3m $4.3m 0.12% Added +214 +214
92 Chicago Partners Investment Group LLC 0.11% of their portfolio CHICAGO, IL 45,85545.9k $4.3m $4.3m 0.11% Added +125 +125
93 B. Riley Wealth Advisors, Inc. 0.19% of their portfolio MEMPHIS, TN 45,42945.4k $4.1m $4.1m 0.19% Reduced -820 -820
94 CIM, LLC 0.51% of their portfolio ALBANY, NY 43,96844.0k $3.9m $3.9m 0.51% Added +838 +838
95 Florin Court Capital LLP 5.45% of their portfolio London, X0 43,89543.9k $3.9m $3.9m 5.45% Reduced -33.8k -33,800
96 IFP Advisors, Inc 0.08% of their portfolio TAMPA, FL 42,04342.0k $3.8m $3.8m 0.08% Added +9.6k +9,576
97 EFG International AG 0.07% of their portfolio Zurich, V8 40,72240.7k $3.6m $3.6m 0.07% First filing
98 Hershey Financial Advisers, LLC 3.06% of their portfolio LANCASTER, PA 40,55440.6k $3.6m $3.6m 3.06% New
99 Optivise Advisory Services LLC 2.08% of their portfolio FRANKLIN, TN 40,50040.5k $3.6m $3.6m 2.08% Reduced -9.6k -9,567
100 Envestnet Portfolio Solutions, Inc. 0.01% of their portfolio BERWYN, PA 40,31940.3k $3.6m $3.6m 0.01% Added +20.8k +20,816