Vault-13

SPDR SERIES TRUST XAR

AEROSPACE DEF · ETP · CUSIP 78464A631

414 institutional holders +40 vs Q1 2025
7,767,8297.8m shares reported held*
$1.6bnreported value*
62 new 124 added 126 reduced 25 sold out net bought ≈ $125.9m (+513.9k 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 ($1.3m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $210.95. Options: 3 managers hold calls ($9.5m notional), 3 hold puts ($1.5m).

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

0200400600Q3 22: 222Q4 22: 253Q1 23: 254Q2 23: 261Q3 23: 263Q4 23: 333Q1 24: 336Q2 24: 349Q3 24: 348Q4 24: 373Q1 25: 374Q2 25: 414414Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 2022222
Q4 2022253
Q1 2023254
Q2 2023261
Q3 2023263
Q4 2023333
Q1 2024336
Q2 2024349
Q3 2024348
Q4 2024373
Q1 2025374
Q2 2025414

Buyers vs sellers

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

Bought or addedCut or sold out
2000200Q3 23: 115 bought or addedQ3 23: 102 cut or sold outQ4 23: 183 bought or addedQ4 23: 89 cut or sold outQ4 23Q1 24: 151 bought or addedQ1 24: 125 cut or sold outQ2 24: 170 bought or addedQ2 24: 116 cut or sold outQ2 24Q3 24: 132 bought or addedQ3 24: 141 cut or sold outQ4 24: 173 bought or addedQ4 24: 110 cut or sold outQ4 24Q1 25: 171 bought or addedQ1 25: 127 cut or sold outQ2 25: 186 bought or addedQ2 25: 151 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 2023115102
Q4 202318389
Q1 2024151125
Q2 2024170116
Q3 2024132141
Q4 2024173110
Q1 2025171127
Q2 2025186151

Calls vs puts

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

CallsPuts
$0$2.5m$5m$7.5m$10mQ3 24 calls: $4.5mQ3 24 puts: $833.9kQ3 24P/C 0.18Q4 24 calls: $3.6mQ4 24 puts: $746.2kQ4 24P/C 0.20Q1 25 calls: $4.9mQ1 25 puts: $610.6kQ1 25P/C 0.13Q2 25 calls: $9.5mQ2 25 puts: $1.5mQ2 25P/C 0.16
Numbers
QuarterCallsPutsP/C
Q3 2024$4.5m$833.9k0.18
Q4 2024$3.6m$746.2k0.20
Q1 2025$4.9m$610.6k0.13
Q2 2025$9.5m$1.5m0.16

Biggest buyers

AFFINITY WEALTH MANAGEMENT LLC New +160,932+160.9k
Marks Wealth, LLC New +112,426+112.4k
ROYAL BANK OF CANADA Added +109,071+109.1k
Migdal Insurance & Financial Holdings Ltd. Added +83,486+83.5k
WELLS FARGO & COMPANY/MN Added +71,788+71.8k
Stonebridge Financial Group, LLC Added +67,956+68.0k
SMI Advisory Services, LLC New +45,380+45.4k
EWG Elevate Inc. New +43,784+43.8k
RAYMOND JAMES FINANCIAL INC Added +26,306+26.3k
MEITAV INVESTMENT HOUSE LTD Added +23,779+23.8k

Biggest sellers

Thrive Capital Management, LLC Sold out -139,337-139.3k
LPL Financial LLC Reduced -65,932-65.9k
ENVESTNET ASSET MANAGEMENT INC Reduced -57,078-57.1k
BANK OF AMERICA CORP /DE/ Reduced -48,440-48.4k
BNP PARIBAS FINANCIAL MARKETS Reduced -46,446-46.4k
GOLDMAN SACHS GROUP INC Reduced -45,124-45.1k
CUMBERLAND ADVISORS INC Reduced -30,455-30.5k
MORGAN STANLEY Reduced -22,258-22.3k
Cetera Investment Advisers Reduced -22,242-22.2k
Advisor Resource Council Sold out -20,469-20.5k

Biggest calls

CITADEL ADVISORS LLC Added $4.4m21.0k shares
Belvedere Trading LLC Added $3.2m15.0k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $1.9m8.8k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $738.3k3.5k shares
Belvedere Trading LLC Added $485.2k2.3k shares
CITADEL ADVISORS LLC Added $316.4k1.5k 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 LPL Financial LLC 0.08% of their portfolio FORT MILL, SC 1,136,7771.1m $239.8m $239.8m 0.08% Reduced -65.9k -65,932
2 BANK OF AMERICA CORP /DE/ 0.01% of their portfolio CHARLOTTE, NC 766,154766.2k $161.6m $161.6m 0.01% Reduced -48.4k -48,440
3 MORGAN STANLEY 0.01% of their portfolio NEW YORK, NY 723,866723.9k $152.7m $152.7m 0.01% Reduced -22.3k -22,258
4 WELLS FARGO & COMPANY/MN 0.01% of their portfolio SAN FRANCISCO, CA 320,969321.0k $67.7m $67.7m 0.01% Added +71.8k +71,788
5 UBS Group AG 0.01% of their portfolio ZURICH, V8 220,005220.0k $46.4m $46.4m 0.01% Added +11.1k +11,097
6 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 214,844214.8k $45.3m $45.3m 0.00% Added +109.1k +109,071
7 RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio ST. PETERSBURG, FL 194,416194.4k $41.0m $41.0m 0.01% Added +26.3k +26,306
8 Howard Capital Management Group, LLC 2.77% of their portfolio Los Angeles, CA 188,672188.7k $39.8m $39.8m 2.77% Added +1.3k +1,301
9 ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio Berwyn, PA 168,564168.6k $35.6m $35.6m 0.01% Reduced -57.1k -57,078
10 AFFINITY WEALTH MANAGEMENT LLC 5.42% of their portfolio WILMINGTON, DE 160,932160.9k $33.9m $33.9m 5.42% New
11 COMMONWEALTH EQUITY SERVICES, LLC 0.04% of their portfolio WALTHAM, MA 133,894133.9k $28.2m $28.2m 0.04% Reduced -16.8k -16,849
12 OSAIC HOLDINGS, INC. 0.05% of their portfolio SCOTTSDALE, AZ 129,391129.4k $27.3m $27.3m 0.05% Added +22.5k +22,474
13 PNC Financial Services Group, Inc. 0.02% of their portfolio Pittsburgh, PA 125,170125.2k $26.4m $26.4m 0.02% Reduced -8.6k -8,596
14 Gerber Kawasaki Wealth & Investment Management 0.96% of their portfolio SANTA MONICA, CA 117,729117.7k $24.8m $24.8m 0.96% Added +9.6k +9,567
15 AMERIPRISE FINANCIAL INC 0.01% of their portfolio MINNEAPOLIS, MN 112,705112.7k $23.8m $23.8m 0.01% Added +14.4k +14,369
16 Marks Wealth, LLC 7.69% of their portfolio ELLICOTT CITY, MD 112,426112.4k $23.7m $23.7m 7.69% New
17 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 112,273112.3k $23.7m $23.7m 0.00% Reduced -45.1k -45,124
18 Enclave Advisors LLC 3.66% of their portfolio AUSTIN, TX 107,397107.4k $22.7m $22.7m 3.66% Added +21.8k +21,759
19 Cetera Investment Advisers 0.04% of their portfolio SCHAUMBURG, IL 101,721101.7k $21.5m $21.5m 0.04% Reduced -22.2k -22,242
20 Migdal Insurance & Financial Holdings Ltd. 0.12% of their portfolio Petach Tikva, L3 92,11892.1k $19.4m $19.4m 0.12% Added +83.5k +83,486
21 Cambridge Investment Research Advisors, Inc. 0.06% of their portfolio FAIRFIELD, IA 88,42288.4k $18.7m $18.7m 0.06% Reduced -3.8k -3,817
22 CUMBERLAND ADVISORS INC 7.16% of their portfolio SARASOTA, FL 80,69480.7k $17.0m $17.0m 7.16% Reduced -30.5k -30,455
23 Stonebridge Financial Group, LLC 1.40% of their portfolio Wormleysburg, PA 68,31668.3k $14.4m $14.4m 1.40% Added +68.0k +67,956
24 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 64,51364.5k $13.6m $13.6m 0.00% Added +21.3k +21,319
25 Kingsview Wealth Management, LLC 0.22% of their portfolio GRANTS PASS, OR 62,72062.7k $13.2m $13.2m 0.22% Reduced -14.8k -14,776
26 STIFEL FINANCIAL CORP 0.01% of their portfolio ST. LOUIS, MO 60,68960.7k $12.8m $12.8m 0.01% Added +10.3k +10,317
27 CoreCap Advisors, LLC 0.49% of their portfolio SOUTHFIELD, MI 57,32857.3k $12.1m $12.1m 0.49% Added +5.2k +5,222
28 WESPAC Advisors SoCal, LLC 2.38% of their portfolio Pasadena, CA 50,60350.6k $10.7m $10.7m 2.38% Added +15.1k +15,128
29 MML INVESTORS SERVICES, LLC 0.03% of their portfolio SPRINGFIELD, MA 48,94648.9k $10.3m $10.3m 0.03% Reduced -12.4k -12,370
30 SMI Advisory Services, LLC 1.91% of their portfolio COLUMBUS, IN 45,38045.4k $9.9m $9.9m 1.91% New
31 Focus Partners Wealth 0.02% of their portfolio ST LOUIS, MO 45,34545.3k $9.6m $9.6m 0.02% Reduced -1.1k -1,069
32 BNP PARIBAS FINANCIAL MARKETS 0.01% of their portfolio PARIS, I0 44,66044.7k $9.4m $9.4m 0.01% Reduced -46.4k -46,446
33 EWG Elevate Inc. 2.85% of their portfolio ROSEVILLE, CA 43,78443.8k $9.2m $9.2m 2.85% New
34 Buska Wealth Management, LLC 2.40% of their portfolio WAUSAU, WI 41,69741.7k $8.8m $8.8m 2.40% Reduced -16.6k -16,571
35 Obsidian Personal Planning Solutions LLC 3.54% of their portfolio ROCKVILLE, MD 41,47141.5k $8.7m $8.7m 3.54% Added +960 +960
36 Lido Advisors, LLC 0.04% of their portfolio Los Angeles, CA 40,24940.2k $8.5m $8.5m 0.04% Added +888 +888
37 BOURGEON CAPITAL MANAGEMENT LLC 1.57% of their portfolio Darien, CT 37,78837.8k $8.0m $8.0m 1.57% Reduced -165 -165
38 MEITAV INVESTMENT HOUSE LTD 0.11% of their portfolio BENE-BERAQ, L3 37,50337.5k $7.9m $7.9m 0.11% Added +23.8k +23,779
39 FLC Capital Advisors 1.58% of their portfolio PALM DESERT, CA 36,24836.2k $7.6m $7.6m 1.58% Reduced -465 -465
40 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.01% of their portfolio MILWAUKEE, WI 35,31635.3k $7.4m $7.4m 0.01% Added +2.7k +2,743
41 Rockefeller Capital Management L.P. 0.01% of their portfolio NEW YORK, NY 32,45832.5k $6.8m $6.8m 0.01% Added +14.2k +14,227
42 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.01% of their portfolio PLYMOUTH, MN 31,29731.3k $6.5m $6.5m 0.01% Added +21.2k +21,248
43 Corient Private Wealth LP 0.01% of their portfolio MIAMI, FL 26,68426.7k $5.6m $5.6m 0.01% Reduced -2.1k -2,121
44 Private Advisor Group, LLC 0.03% of their portfolio MORRISTOWN, NJ 25,94125.9k $5.5m $5.5m 0.03% Added +4.3k +4,292
45 Janney Montgomery Scott LLC 0.01% of their portfolio PHILADELPHIA, PA 25,88525.9k $5.5m $5.5m 0.01% Added +17.8k +17,784
46 TRUIST FINANCIAL CORP 0.01% of their portfolio CHARLOTTE, NC 25,23025.2k $5.3m $5.3m 0.01% Added +678 +678
47 VIEWPOINT INVESTMENT PARTNERS CORP 2.81% of their portfolio CALGARY, A0 24,31324.3k $5.1m $5.1m 2.81% Added +16.2k +16,158
48 IHT Wealth Management, LLC 0.14% of their portfolio Chicago, IL 24,02724.0k $5.1m $5.1m 0.14% Added +4.4k +4,388
49 Kestra Advisory Services, LLC 0.02% of their portfolio AUSTIN, TX 23,06023.1k $4.9m $4.9m 0.02% Added +4.9k +4,872
50 Prostatis Group LLC 1.39% of their portfolio HANOVER, MD 23,05623.1k $4.9m $4.9m 1.39% New
51 Wealthfront Advisers LLC 0.01% of their portfolio Palo Alto, CA 22,93122.9k $4.8m $4.8m 0.01% Added +7.1k +7,122
52 Creative Planning 0.00% of their portfolio OVERLAND PARK, KS 21,61821.6k $4.6m $4.6m 0.00% Reduced -739 -739
53 JONES FINANCIAL COMPANIES LLLP 0.00% of their portfolio DES PERES, MO 21,47221.5k $4.5m $4.5m 0.00% Added +5.1k +5,062
54 Mariner, LLC 0.01% of their portfolio Overland Park, KS 21,39421.4k $4.5m $4.5m 0.01% Added +2.3k +2,267
55 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.01% of their portfolio BALA CYNWYD, PA 20,73020.7k $4.4m $4.4m 0.01% Added +18.9k +18,895
56 SFI Advisors, LLC 2.73% of their portfolio Montclair, NJ 18,73418.7k $4.0m $4.0m 2.73% Reduced -1.3k -1,342
57 Pacific Sun Financial Corp 2.00% of their portfolio LOS ANGELES, CA 18,15118.2k $3.8m $3.8m 2.00% Reduced -418 -418
58 HighTower Advisors, LLC 0.00% of their portfolio CHICAGO, IL 17,87617.9k $3.8m $3.8m 0.00% Added +1.1k +1,076
59 Atria Wealth Solutions, Inc. 0.08% of their portfolio NEW YORK, NY 17,09117.1k $3.6m $3.6m 0.08% Reduced -8.4k -8,386
60 Y.D. More Investments Ltd 0.25% of their portfolio Ramat Gan, L3 17,00017.0k $3.6m $3.6m 0.25% Added +4.6k +4,590
61 NewEdge Advisors, LLC 0.02% of their portfolio NEW ORLEANS, LA 16,75716.8k $3.5m $3.5m 0.02% Added +8.5k +8,500
62 PINNACLE ASSOCIATES LTD 0.05% of their portfolio NEW YORK, NY 16,61716.6k $3.5m $3.5m 0.05% Reduced -740 -740
63 BROWN ADVISORY INC 0.00% of their portfolio BALTIMORE, MD 16,50916.5k $3.5m $3.5m 0.00% Reduced -461 -461
64 Stratos Wealth Partners, LTD. 0.04% of their portfolio BEACHWOOD, OH 15,48115.5k $3.3m $3.3m 0.04% Added +220 +220
65 NovaPoint Capital, LLC 0.99% of their portfolio ATLANTA, GA 15,34115.3k $3.2m $3.2m 0.99% Added +307 +307
66 D.A. DAVIDSON & CO. 0.02% of their portfolio GREAT FALLS, MT 15,11115.1k $3.2m $3.2m 0.02% Added +63 +63
67 SeaCrest Wealth Management, LLC 0.35% of their portfolio PURCHASE, NY 15,10715.1k $3.2m $3.2m 0.35% Reduced -1.1k -1,127
68 PRINCIPAL SECURITIES, INC. 0.06% of their portfolio DES MOINES, IA 15,01815.0k $3.2m $3.2m 0.06% Added +5.2k +5,155
69 Perigon Wealth Management, LLC 0.07% of their portfolio SAN FRANCISCO, CA 14,96215.0k $3.2m $3.2m 0.07% Reduced -3.0k -2,980
70 Equitable Holdings, Inc. 0.03% of their portfolio NEW YORK, NY 14,93114.9k $3.1m $3.1m 0.03% Added +1.3k +1,301
71 Keystone Global Partners, LLC 1.69% of their portfolio DENVER, CO 14,68314.7k $3.1m $3.1m 1.69% Added +7.4k +7,379
72 American Financial Advisors, LLC 0.42% of their portfolio Marietta, GA 14,25814.3k $3.0m $3.0m 0.42% Reduced -514 -514
73 BANK HAPOALIM BM 0.40% of their portfolio TEL AVIV, L3 13,86413.9k $2.9m $2.9m 0.40% Reduced -194 -194
74 Cavalier Investments, LLC 0.88% of their portfolio ALPHARETTA, GA 13,80413.8k $2.9m $2.9m 0.88% Unchanged
75 KESTRA PRIVATE WEALTH SERVICES, LLC 0.04% of their portfolio AUSTIN, TX 13,55713.6k $2.9m $2.9m 0.04% Added +10.9k +10,865
76 Yelin Lapidot Holdings Management Ltd. 0.48% of their portfolio Tel Aviv, L3 12,50012.5k $2.6m $2.6m 0.48% Unchanged
77 CENTAURUS FINANCIAL, INC. 0.15% of their portfolio ANAHEIM, CA 12,45212.5k $2.6m $2.6m 0.15% Added +7.9k +7,869
78 OPPENHEIMER & CO INC 0.03% of their portfolio NEW YORK, NY 12,21212.2k $2.6m $2.6m 0.03% Reduced -237 -237
79 D. E. Shaw & Co., Inc. 0.00% of their portfolio New York, NY 11,79411.8k $2.5m $2.5m 0.00% Added +7.6k +7,561
80 Waverly Advisors, LLC 0.03% of their portfolio BIRMINGHAM, AL 11,35911.4k $2.4m $2.4m 0.03% Added +158 +158
81 Integrated Wealth Concepts LLC 0.02% of their portfolio WALTHAM, MA 11,35011.3k $2.4m $2.4m 0.02% Added +618 +618
82 Ameritas Advisory Services, LLC 0.12% of their portfolio Lincoln, NE 11,30911.3k $2.4m $2.4m 0.12% Reduced -219 -219
83 SIGNATURE ESTATE & INVESTMENT ADVISORS LLC 0.05% of their portfolio LOS ANGELES, CA 11,03911.0k $2.3m $2.3m 0.05% Added +350 +350
84 Trivium Point Advisory, LLC 0.24% of their portfolio WILTON, CT 10,40710.4k $2.2m $2.2m 0.24% Reduced -50 -50
85 Anson Capital, Inc. 1.75% of their portfolio TYRONE, GA 10,27010.3k $2.2m $2.2m 1.75% Added +432 +432
86 Empowered Funds, LLC 0.02% of their portfolio NEWTOWN SQUARE, PA 10,05610.1k $2.1m $2.1m 0.02% Added +210 +210
87 World Investment Advisors 0.05% of their portfolio LINCROFT, NJ 9,7369.7k $2.1m $2.1m 0.05% Reduced -297 -297
88 MADDEN SECURITIES Corp 0.68% of their portfolio DALLAS, TX 9,6059.6k $2.0m $2.0m 0.68% Added +3.0k +3,000
89 Clarus Wealth Advisors 0.92% of their portfolio PEORIA, AZ 9,5869.6k $2.0m $2.0m 0.92% Reduced -366 -366
90 Retirement Planning Group, LLC 0.09% of their portfolio LEAWOOD, KS 9,5739.6k $2.0m $2.0m 0.09% Reduced -867 -867
91 MGB Wealth Management, LLC 0.65% of their portfolio ADDISON, TX 9,3999.4k $2.0m $2.0m 0.65% Reduced -122 -122
92 PARK AVENUE SECURITIES LLC 0.02% of their portfolio NEW YORK, NY 9,0579.1k $1.9m $1.9m 0.02% New
93 J.W. COLE ADVISORS, INC. 0.04% of their portfolio TAMPA, FL 8,7458.7k $1.8m $1.8m 0.04% Reduced -800 -800
94 Maridea Wealth Management LLC 0.48% of their portfolio BROOKLYN, NY 8,6618.7k $1.8m $1.8m 0.48% Added +584 +584
95 B. Riley Wealth Advisors, Inc. 0.09% of their portfolio MEMPHIS, TN 8,5948.6k $1.8m $1.8m 0.09% Added +432 +432
96 Summit Financial, LLC 0.04% of their portfolio PARSIPPANY, NJ 7,5507.5k $1.6m $1.6m 0.04% Reduced -1.6k -1,552
97 Orion Porfolio Solutions, LLC 0.01% of their portfolio OMAHA, NE 7,0987.1k $1.5m $1.5m 0.01% Reduced -1.2k -1,197
98 IFP Advisors, Inc 0.04% of their portfolio TAMPA, FL 7,0547.1k $1.5m $1.5m 0.04% Reduced -440 -440
99 FMR LLC 0.00% of their portfolio BOSTON, MA 6,9146.9k $1.5m $1.5m 0.00% Added +476 +476
100 HBW ADVISORY SERVICES LLC 0.18% of their portfolio SIMI VALLEY, CA 6,7956.8k $1.4m $1.4m 0.18% Added +5.7k +5,658