Vault-13

SPDR SERIES TRUST XAR

AEROSPACE DEF · ETP · CUSIP 78464A631

454 institutional holders +40 vs Q2 2025
8,248,9358.2m shares reported held*
$1.9bnreported value*
68 new 154 added 115 reduced 23 sold out net bought ≈ $118.2m (+499.5k 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 ≈ $234.77. Options: 5 managers hold calls ($14.4m notional), 3 hold puts ($1.0m).

Trends to Q3 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: 414Q3 25: 454454Q3 22Q2 23Q1 24Q4 24Q3 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
Q3 2025454

Buyers vs sellers

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

Bought or addedCut or sold out
4000400Q4 23: 183 bought or addedQ4 23: 89 cut or sold outQ1 24: 151 bought or addedQ1 24: 125 cut or sold outQ1 24Q2 24: 170 bought or addedQ2 24: 116 cut or sold outQ3 24: 132 bought or addedQ3 24: 141 cut or sold outQ3 24Q4 24: 173 bought or addedQ4 24: 110 cut or sold outQ1 25: 171 bought or addedQ1 25: 127 cut or sold outQ1 25Q2 25: 186 bought or addedQ2 25: 151 cut or sold outQ3 25: 222 bought or addedQ3 25: 138 cut or sold outQ3 25
Numbers
QuarterBought or addedCut or sold out
Q4 202318389
Q1 2024151125
Q2 2024170116
Q3 2024132141
Q4 2024173110
Q1 2025171127
Q2 2025186151
Q3 2025222138

Calls vs puts

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

CallsPuts
$0$5m$10m$15mQ4 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 0.16Q3 25 calls: $14.4mQ3 25 puts: $1.0mQ3 25P/C 0.07
Numbers
QuarterCallsPutsP/C
Q4 2024$3.6m$746.2k0.20
Q1 2025$4.9m$610.6k0.13
Q2 2025$9.5m$1.5m0.16
Q3 2025$14.4m$1.0m0.07

Biggest buyers

Quadrature Capital Ltd New +195,732+195.7k
LPL Financial LLC Added +81,388+81.4k
BNP PARIBAS FINANCIAL MARKETS Added +77,870+77.9k
JPMORGAN CHASE & CO Added +60,535+60.5k
RAYMOND JAMES FINANCIAL INC Added +55,705+55.7k
Horizon Wealth Management, LLC New +51,364+51.4k
BANK OF AMERICA CORP /DE/ Added +44,082+44.1k
Cetera Investment Advisers Added +31,586+31.6k
Invesco Ltd. New +28,325+28.3k
ARMSTRONG ADVISORY GROUP, INC Added +23,309+23.3k

Biggest sellers

ROYAL BANK OF CANADA Reduced -97,487-97.5k
Stonebridge Financial Group, LLC Sold out -68,316-68.3k
Migdal Insurance & Financial Holdings Ltd. Reduced -50,318-50.3k
SMI Advisory Services, LLC Sold out -45,380-45.4k
EWG Elevate Inc. Sold out -43,784-43.8k
MORGAN STANLEY Reduced -23,066-23.1k
WEALTH ENHANCEMENT ADVISORY SERVICES, LLC Reduced -19,126-19.1k
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced -16,240-16.2k
UBS Group AG Reduced -16,084-16.1k
Rockefeller Capital Management L.P. Reduced -16,034-16.0k

Biggest calls

CITADEL ADVISORS LLC Added $8.9m38.0k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $2.7m11.6k shares
JANE STREET GROUP, LLC New $1.3m5.4k shares
Belvedere Trading LLC Reduced $1.2m5.1k shares
WOLVERINE TRADING, LLC New $254.1k1.1k shares

Biggest puts

CITADEL ADVISORS LLC Added $540.4k2.3k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $399.4k1.7k shares
Belvedere Trading LLC Reduced $70.5k300 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 LPL Financial LLC 0.08% of their portfolio FORT MILL, SC 1,218,1651.2m $286.2m $286.2m 0.08% Added +81.4k +81,388
2 BANK OF AMERICA CORP /DE/ 0.01% of their portfolio CHARLOTTE, NC 810,236810.2k $190.4m $190.4m 0.01% Added +44.1k +44,082
3 MORGAN STANLEY 0.01% of their portfolio NEW YORK, NY 700,800700.8k $164.7m $164.7m 0.01% Reduced -23.1k -23,066
4 WELLS FARGO & COMPANY/MN 0.01% of their portfolio SAN FRANCISCO, CA 305,513305.5k $71.8m $71.8m 0.01% Reduced -15.5k -15,456
5 RAYMOND JAMES FINANCIAL INC 0.02% of their portfolio ST. PETERSBURG, FL 250,121250.1k $58.8m $58.8m 0.02% Added +55.7k +55,705
6 UBS Group AG 0.01% of their portfolio ZURICH, V8 203,921203.9k $47.9m $47.9m 0.01% Reduced -16.1k -16,084
7 Quadrature Capital Ltd 0.54% of their portfolio LONDON, X0 195,732195.7k $46.0m $46.0m 0.54% New
8 Howard Capital Management Group, LLC 2.82% of their portfolio Los Angeles, CA 189,800189.8k $44.6m $44.6m 2.82% Added +1.1k +1,128
9 ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio Berwyn, PA 167,326167.3k $39.3m $39.3m 0.01% Reduced -1.2k -1,238
10 AFFINITY WEALTH MANAGEMENT LLC 5.54% of their portfolio WILMINGTON, DE 161,120161.1k $37.9m $37.9m 5.54% Added +188 +188
11 COMMONWEALTH EQUITY SERVICES, LLC 0.05% of their portfolio WALTHAM, MA 151,571151.6k $35.6m $35.6m 0.05% Added +17.7k +17,677
12 OSAIC HOLDINGS, INC. 0.05% of their portfolio SCOTTSDALE, AZ 140,972141.0k $32.2m $32.2m 0.05% Added +11.6k +11,581
13 Cetera Investment Advisers 0.04% of their portfolio SCHAUMBURG, IL 133,307133.3k $31.3m $31.3m 0.04% Added +31.6k +31,586
14 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 130,008130.0k $30.5m $30.5m 0.00% Added +17.7k +17,735
15 Enclave Advisors LLC 4.50% of their portfolio AUSTIN, TX 125,528125.5k $29.5m $29.5m 4.50% Added +18.1k +18,131
16 PNC Financial Services Group, Inc. 0.02% of their portfolio Pittsburgh, PA 125,158125.2k $29.4m $29.4m 0.02% Reduced -12 -12
17 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 125,048125.0k $29.4m $29.4m 0.00% Added +60.5k +60,535
18 BNP PARIBAS FINANCIAL MARKETS 0.02% of their portfolio PARIS, I0 122,530122.5k $28.8m $28.8m 0.02% Added +77.9k +77,870
19 Marks Wealth, LLC 8.84% of their portfolio ELLICOTT CITY, MD 121,766121.8k $28.6m $28.6m 8.84% Added +9.3k +9,340
20 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 117,357117.4k $27.6m $27.6m 0.00% Reduced -97.5k -97,487
21 Gerber Kawasaki Wealth & Investment Management 0.92% of their portfolio SANTA MONICA, CA 114,711114.7k $27.0m $27.0m 0.92% Reduced -3.0k -3,018
22 AMERIPRISE FINANCIAL INC 0.01% of their portfolio MINNEAPOLIS, MN 105,113105.1k $24.7m $24.7m 0.01% Reduced -7.6k -7,592
23 Cambridge Investment Research Advisors, Inc. 0.06% of their portfolio FAIRFIELD, IA 100,358100.4k $23.6m $23.6m 0.06% Added +11.9k +11,936
24 Kingsview Wealth Management, LLC 0.30% of their portfolio GRANTS PASS, OR 84,29684.3k $19.8m $19.8m 0.30% Added +21.6k +21,576
25 CUMBERLAND ADVISORS INC 7.15% of their portfolio SARASOTA, FL 79,29779.3k $18.6m $18.6m 7.15% Reduced -1.4k -1,397
26 STIFEL FINANCIAL CORP 0.01% of their portfolio ST. LOUIS, MO 66,54566.5k $15.6m $15.6m 0.01% Added +5.9k +5,856
27 CoreCap Advisors, LLC 0.47% of their portfolio SOUTHFIELD, MI 54,73054.7k $12.9m $12.9m 0.47% Reduced -2.6k -2,598
28 Horizon Wealth Management, LLC 1.77% of their portfolio LA GRANGE, IL 51,36451.4k $12.1m $12.1m 1.77% New
29 MML INVESTORS SERVICES, LLC 0.03% of their portfolio SPRINGFIELD, MA 51,32851.3k $12.1m $12.1m 0.03% Added +2.4k +2,382
30 WESPAC Advisors SoCal, LLC 2.39% of their portfolio Pasadena, CA 50,19950.2k $11.8m $11.8m 2.39% Reduced -404 -404
31 Focus Partners Wealth 0.02% of their portfolio ST LOUIS, MO 44,64544.6k $10.5m $10.5m 0.02% Reduced -700 -700
32 Migdal Insurance & Financial Holdings Ltd. 0.11% of their portfolio Petach Tikva, L3 41,80041.8k $9.8m $9.8m 0.11% Reduced -50.3k -50,318
33 Obsidian Personal Planning Solutions LLC 3.58% of their portfolio ROCKVILLE, MD 41,46741.5k $10.3m $10.3m 3.58% Reduced -4 -4
34 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.01% of their portfolio MILWAUKEE, WI 40,11140.1k $9.4m $9.4m 0.01% Added +4.8k +4,795
35 Lido Advisors, LLC 0.04% of their portfolio Los Angeles, CA 40,07340.1k $9.4m $9.4m 0.04% Reduced -176 -176
36 MEITAV INVESTMENT HOUSE LTD 0.13% of their portfolio BENE-BERAQ, L3 39,87539.9k $9.4m $9.4m 0.13% Added +2.4k +2,372
37 Janney Montgomery Scott LLC 0.02% of their portfolio PHILADELPHIA, PA 38,38438.4k $9.0m $9.0m 0.02% Added +12.5k +12,499
38 Buska Wealth Management, LLC 2.43% of their portfolio WAUSAU, WI 34,52834.5k $8.1m $8.1m 2.43% Reduced -7.2k -7,169
39 BOURGEON CAPITAL MANAGEMENT LLC 1.46% of their portfolio Darien, CT 34,08434.1k $8.0m $8.0m 1.46% Reduced -3.7k -3,704
40 FLC Capital Advisors 1.53% of their portfolio PALM DESERT, CA 33,52133.5k $7.9m $7.9m 1.53% Reduced -2.7k -2,727
41 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 28,32528.3k $6.7m $6.7m 0.00% New
42 Wealthfront Advisers LLC 0.02% of their portfolio Palo Alto, CA 27,95528.0k $6.6m $6.6m 0.02% Added +5.0k +5,024
43 Private Advisor Group, LLC 0.03% of their portfolio MORRISTOWN, NJ 26,78926.8k $6.3m $6.3m 0.03% Added +848 +848
44 IHT Wealth Management, LLC 0.16% of their portfolio Chicago, IL 26,74126.7k $6.3m $6.3m 0.16% Added +2.7k +2,714
45 JONES FINANCIAL COMPANIES LLLP 0.00% of their portfolio DES PERES, MO 26,64026.6k $6.1m $6.1m 0.00% Added +5.2k +5,168
46 VIEWPOINT INVESTMENT PARTNERS CORP 2.80% of their portfolio CALGARY, A0 24,31324.3k $5.1m $5.1m 2.80% Unchanged
47 Corient Private Wealth LP 0.01% of their portfolio MIAMI, FL 24,18524.2k $5.7m $5.7m 0.01% Reduced -2.5k -2,499
48 ARMSTRONG ADVISORY GROUP, INC 0.40% of their portfolio NEEDHAM, MA 23,87823.9k $5.6m $5.6m 0.40% Added +23.3k +23,309
49 Creative Planning 0.00% of their portfolio OVERLAND PARK, KS 22,98023.0k $5.4m $5.4m 0.00% Added +1.4k +1,362
50 Kestra Advisory Services, LLC 0.02% of their portfolio AUSTIN, TX 22,39822.4k $5.3m $5.3m 0.02% Reduced -662 -662
51 Y.D. More Investments Ltd 0.29% of their portfolio Ramat Gan, L3 21,83821.8k $5.1m $5.1m 0.29% Added +4.8k +4,838
52 Mariner, LLC 0.01% of their portfolio Overland Park, KS 21,61521.6k $5.1m $5.1m 0.01% Added +221 +221
53 HighTower Advisors, LLC 0.01% of their portfolio CHICAGO, IL 21,35821.4k $5.0m $5.0m 0.01% Added +3.5k +3,482
54 McGuire Investment Group, LLC 0.50% of their portfolio WAKEFIELD, RI 18,82918.8k $4.4m $4.4m 0.50% New
55 SFI Advisors, LLC 2.77% of their portfolio Montclair, NJ 18,53018.5k $4.4m $4.4m 2.77% Reduced -204 -204
56 Pacific Sun Financial Corp 2.04% of their portfolio LOS ANGELES, CA 17,96018.0k $4.2m $4.2m 2.04% Reduced -191 -191
57 BROWN ADVISORY INC 0.01% of their portfolio BALTIMORE, MD 16,99717.0k $4.0m $4.0m 0.01% Added +488 +488
58 Rockefeller Capital Management L.P. 0.01% of their portfolio NEW YORK, NY 16,42416.4k $3.9m $3.9m 0.01% Reduced -16.0k -16,034
59 PINNACLE ASSOCIATES LTD 0.05% of their portfolio NEW YORK, NY 16,23216.2k $3.8m $3.8m 0.05% Reduced -385 -385
60 Stratos Wealth Partners, LTD. 0.04% of their portfolio BEACHWOOD, OH 15,85115.9k $3.7m $3.7m 0.04% Added +370 +370
61 NewEdge Advisors, LLC 0.02% of their portfolio NEW ORLEANS, LA 15,75315.8k $3.7m $3.7m 0.02% Reduced -1.0k -1,004
62 PRINCIPAL SECURITIES, INC. 0.06% of their portfolio DES MOINES, IA 15,67015.7k $3.7m $3.7m 0.06% Added +652 +652
63 Perigon Wealth Management, LLC 0.08% of their portfolio SAN FRANCISCO, CA 15,65115.7k $3.7m $3.7m 0.08% Added +689 +689
64 D.A. DAVIDSON & CO. 0.02% of their portfolio GREAT FALLS, MT 15,30615.3k $3.6m $3.6m 0.02% Added +195 +195
65 NovaPoint Capital, LLC 0.87% of their portfolio ATLANTA, GA 15,19215.2k $3.6m $3.6m 0.87% Reduced -149 -149
66 Sowell Financial Services LLC 0.13% of their portfolio NORTH LITTLE ROCK, AR 14,83414.8k $3.5m $3.5m 0.13% Added +11.9k +11,864
67 Ausdal Financial Partners, Inc. 0.16% of their portfolio Davenport, IA 14,20014.2k $3.3m $3.3m 0.16% Added +8.1k +8,081
68 BANK HAPOALIM BM 0.40% of their portfolio TEL AVIV, L3 13,82813.8k $3.2m $3.2m 0.40% Reduced -36 -36
69 Cavalier Investments, LLC 0.70% of their portfolio ALPHARETTA, GA 13,80413.8k $1.7m $1.7m 0.70% Unchanged
70 KESTRA PRIVATE WEALTH SERVICES, LLC 0.04% of their portfolio AUSTIN, TX 13,72613.7k $3.2m $3.2m 0.04% Added +169 +169
71 SeaCrest Wealth Management, LLC 0.36% of their portfolio PURCHASE, NY 13,70413.7k $3.4m $3.4m 0.36% Reduced -1.4k -1,403
72 Equitable Holdings, Inc. 0.02% of their portfolio NEW YORK, NY 13,02613.0k $3.1m $3.1m 0.02% Reduced -1.9k -1,905
73 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 12,90312.9k $3.0m $3.0m 0.00% Added +6.4k +6,435
74 Hobart Private Capital, LLC 0.63% of their portfolio CHARLOTTE, NC 12,76812.8k $3.0m $3.0m 0.63% New
75 Keystone Global Partners, LLC 1.52% of their portfolio DENVER, CO 12,66812.7k $3.0m $3.0m 1.52% Reduced -2.0k -2,015
76 American Financial Advisors, LLC 0.38% of their portfolio Marietta, GA 12,55312.6k $2.9m $2.9m 0.38% Reduced -1.7k -1,705
77 Yelin Lapidot Holdings Management Ltd. 0.62% of their portfolio Tel Aviv, L3 12,50012.5k $2.9m $2.9m 0.62% Unchanged
78 TRUIST FINANCIAL CORP 0.00% of their portfolio CHARLOTTE, NC 12,47912.5k $2.9m $2.9m 0.00% Reduced -12.8k -12,751
79 OPPENHEIMER & CO INC 0.04% of their portfolio NEW YORK, NY 12,26312.3k $2.9m $2.9m 0.04% Added +51 +51
80 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 12,17112.2k $3.0m $3.0m 0.00% Reduced -19.1k -19,126
81 MARSHALL INVESTMENT MANAGEMENT, LLC 1.49% of their portfolio LITTLETON, CO 11,99312.0k $2.8m $2.8m 1.49% New
82 Prostatis Group LLC 0.69% of their portfolio HANOVER, MD 11,64911.6k $2.7m $2.7m 0.69% Reduced -11.4k -11,407
83 Integrated Wealth Concepts LLC 0.02% of their portfolio WALTHAM, MA 11,63311.6k $2.7m $2.7m 0.02% Added +283 +283
84 Norris Financial Group, LLC 0.99% of their portfolio GREENVILLE, SC 11,59311.6k $2.7m $2.7m 0.99% New
85 SIGNATURE ESTATE & INVESTMENT ADVISORS LLC 0.06% of their portfolio LOS ANGELES, CA 11,12411.1k $2.6m $2.6m 0.06% Added +85 +85
86 Waverly Advisors, LLC 0.03% of their portfolio BIRMINGHAM, AL 11,10111.1k $2.6m $2.6m 0.03% Reduced -258 -258
87 CENTAURUS FINANCIAL, INC. 0.12% of their portfolio ANAHEIM, CA 10,93610.9k $2.6m $2.6m 0.12% Reduced -1.5k -1,516
88 Trivium Point Advisory, LLC 0.25% of their portfolio WILTON, CT 10,26110.3k $2.4m $2.4m 0.25% Reduced -146 -146
89 Anson Capital, Inc. 1.76% of their portfolio TYRONE, GA 9,97610.0k $2.3m $2.3m 1.76% Reduced -294 -294
90 Spinnaker Investment Group, LLC 0.44% of their portfolio Newport Beach, CA 9,9509.9k $2.3m $2.3m 0.44% Added +4.4k +4,418
91 World Investment Advisors 0.05% of their portfolio LINCROFT, NJ 9,7439.7k $2.3m $2.3m 0.05% Added +7 +7
92 MADDEN SECURITIES Corp 0.69% of their portfolio DALLAS, TX 9,6059.6k $2.3m $2.3m 0.69% Unchanged
93 MGB Wealth Management, LLC 0.62% of their portfolio ADDISON, TX 9,4009.4k $2.2m $2.2m 0.62% Added +1 +1
94 Clarus Wealth Advisors 1.00% of their portfolio PEORIA, AZ 9,3839.4k $2.3m $2.3m 1.00% Reduced -203 -203
95 PARK AVENUE SECURITIES LLC 0.02% of their portfolio NEW YORK, NY 9,3099.3k $2.2m $2.2m 0.02% Added +252 +252
96 Cornerstone Wealth Management, LLC 0.12% of their portfolio ST. PETERS, MO 9,2909.3k $2.2m $2.2m 0.12% Added +5.1k +5,127
97 Retirement Planning Group, LLC 0.07% of their portfolio LEAWOOD, KS 9,0279.0k $2.1m $2.1m 0.07% Reduced -546 -546
98 B. Riley Wealth Advisors, Inc. 0.10% of their portfolio MEMPHIS, TN 8,7898.8k $2.1m $2.1m 0.10% Added +195 +195
99 FMR LLC 0.00% of their portfolio BOSTON, MA 8,7418.7k $2.1m $2.1m 0.00% Added +1.8k +1,827
100 Summit Financial, LLC 0.03% of their portfolio PARSIPPANY, NJ 8,7028.7k $2.0m $2.0m 0.03% Added +1.2k +1,152