Vault-13

SPDR SERIES TRUST XAR

AEROSPACE DEF · ETP · CUSIP 78464A631

500 institutional holders +46 vs Q3 2025
9,381,8269.4m shares reported held*
$2.1bnreported value*
58 new 189 added 110 reduced 26 sold out net bought ≈ $108.5m (+939.5k 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 ($3.8m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $228.96. Options: 4 managers hold calls ($14.8m notional), 3 hold puts ($1.4m).

Trends to Q4 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: 454Q4 25: 500500Q3 22Q2 23Q1 24Q4 24Q4 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
Q4 2025500

Buyers vs sellers

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

Bought or addedCut or sold out
4000400Q1 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 25Q3 25: 222 bought or addedQ3 25: 138 cut or sold outQ4 25: 247 bought or addedQ4 25: 136 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 2024151125
Q2 2024170116
Q3 2024132141
Q4 2024173110
Q1 2025171127
Q2 2025186151
Q3 2025222138
Q4 2025247136

Calls vs puts

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

CallsPuts
$0$5m$10m$15mQ1 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 0.07Q4 25 calls: $14.8mQ4 25 puts: $1.4mQ4 25P/C 0.09
Numbers
QuarterCallsPutsP/C
Q1 2025$4.9m$610.6k0.13
Q2 2025$9.5m$1.5m0.16
Q3 2025$14.4m$1.0m0.07
Q4 2025$14.8m$1.4m0.09

Biggest buyers

Corient Private Wealth LP Added +513,247+513.2k
CWM, LLC Added +199,201+199.2k
AMERIPRISE FINANCIAL INC Added +72,805+72.8k
LPL Financial LLC Added +68,722+68.7k
WELLS FARGO & COMPANY/MN Added +58,163+58.2k
Merit Financial Group, LLC Added +38,964+39.0k
BREAKTHRU ADVISORY SERVICES, LLC New +38,380+38.4k
ROYAL BANK OF CANADA Added +27,909+27.9k
Mirae Asset Global Investments Co., Ltd. Added +27,800+27.8k
OSAIC HOLDINGS, INC. Added +27,759+27.8k

Biggest sellers

Quadrature Capital Ltd Reduced -186,208-186.2k
Marks Wealth, LLC Sold out -121,766-121.8k
Horizon Wealth Management, LLC Reduced -30,015-30.0k
Invesco Ltd. Sold out -28,325-28.3k
JPMORGAN CHASE & CO Reduced -21,578-21.6k
Migdal Insurance & Financial Holdings Ltd. Reduced -19,198-19.2k
Sowell Financial Services LLC Reduced -12,302-12.3k
Cetera Investment Advisers Reduced -11,025-11.0k
Buska Wealth Management, LLC Reduced -10,169-10.2k
Kingsview Wealth Management, LLC Reduced -9,820-9.8k

Biggest calls

CITADEL ADVISORS LLC Reduced $7.6m31.3k shares
JANE STREET GROUP, LLC Added $4.0m16.5k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $2.8m11.7k shares
Belvedere Trading LLC Reduced $458.4k1.9k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $699.6k2.9k shares
CITADEL ADVISORS LLC Reduced $410.1k1.7k shares
Belvedere Trading LLC Added $289.5k1.2k 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 LPL Financial LLC 0.08% of their portfolio FORT MILL, SC 1,286,8871.3m $310.4m $310.4m 0.08% Added +68.7k +68,722
2 BANK OF AMERICA CORP /DE/ 0.01% of their portfolio CHARLOTTE, NC 803,440803.4k $193.8m $193.8m 0.01% Reduced -6.8k -6,796
3 MORGAN STANLEY 0.01% of their portfolio NEW YORK, NY 698,073698.1k $168.4m $168.4m 0.01% Reduced -2.7k -2,727
4 Corient Private Wealth LP 0.01% of their portfolio MIAMI, FL 537,432537.4k $11.2m $11.2m 0.01% Added +513.2k +513,247
5 WELLS FARGO & COMPANY/MN 0.02% of their portfolio SAN FRANCISCO, CA 363,676363.7k $87.7m $87.7m 0.02% Added +58.2k +58,163
6 RAYMOND JAMES FINANCIAL INC 0.02% of their portfolio ST. PETERSBURG, FL 255,458255.5k $61.6m $61.6m 0.02% Added +5.3k +5,337
7 CWM, LLC 0.14% of their portfolio OMAHA, NE 206,667206.7k $49.9m $49.9m 0.14% Added +199.2k +199,201
8 UBS Group AG 0.01% of their portfolio ZURICH, V8 206,371206.4k $49.8m $49.8m 0.01% Added +2.5k +2,450
9 Howard Capital Management Group, LLC 2.82% of their portfolio Los Angeles, CA 185,020185.0k $44.6m $44.6m 2.82% Reduced -4.8k -4,780
10 ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio Berwyn, PA 180,680180.7k $43.6m $43.6m 0.01% Added +13.4k +13,354
11 AMERIPRISE FINANCIAL INC 0.01% of their portfolio MINNEAPOLIS, MN 177,918177.9k $42.9m $42.9m 0.01% Added +72.8k +72,805
12 OSAIC HOLDINGS, INC. 0.06% of their portfolio SCOTTSDALE, AZ 168,731168.7k $40.7m $40.7m 0.06% Added +27.8k +27,759
13 AFFINITY WEALTH MANAGEMENT LLC 5.51% of their portfolio WILMINGTON, DE 160,518160.5k $38.7m $38.7m 5.51% Reduced -602 -602
14 COMMONWEALTH EQUITY SERVICES, LLC 0.05% of their portfolio WALTHAM, MA 157,408157.4k $38.0m $38.0m 0.05% Added +5.8k +5,837
15 Robinhood Asset Management, LLC 2.83% of their portfolio MENLO PARK, CA 147,485147.5k $35.6m $35.6m 2.83% First filing
16 ROYAL BANK OF CANADA 0.01% of their portfolio TORONTO, A6 145,266145.3k $35.0m $35.0m 0.01% Added +27.9k +27,909
17 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 140,281140.3k $33.8m $33.8m 0.00% Added +10.3k +10,273
18 Enclave Advisors LLC 4.44% of their portfolio AUSTIN, TX 129,985130.0k $31.4m $31.4m 4.44% Added +4.5k +4,457
19 PNC Financial Services Group, Inc. 0.02% of their portfolio Pittsburgh, PA 128,716128.7k $31.1m $31.1m 0.02% Added +3.6k +3,558
20 BNP PARIBAS FINANCIAL MARKETS 0.02% of their portfolio PARIS, I0 123,330123.3k $29.8m $29.8m 0.02% Added +800 +800
21 Cetera Investment Advisers 0.03% of their portfolio SCHAUMBURG, IL 122,282122.3k $29.5m $29.5m 0.03% Reduced -11.0k -11,025
22 Gerber Kawasaki Wealth & Investment Management 1.00% of their portfolio SANTA MONICA, CA 118,640118.6k $28.6m $28.6m 1.00% Added +3.9k +3,929
23 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 103,470103.5k $25.0m $25.0m 0.00% Reduced -21.6k -21,578
24 Cambridge Investment Research Advisors, Inc. 0.06% of their portfolio FAIRFIELD, IA 100,619100.6k $24.3m $24.3m 0.06% Added +261 +261
25 STIFEL FINANCIAL CORP 0.02% of their portfolio ST. LOUIS, MO 76,03276.0k $18.3m $18.3m 0.02% Added +9.5k +9,487
26 CUMBERLAND ADVISORS INC 6.95% of their portfolio SARASOTA, FL 76,00276.0k $18.3m $18.3m 6.95% Reduced -3.3k -3,295
27 Kingsview Wealth Management, LLC 0.26% of their portfolio GRANTS PASS, OR 74,47674.5k $18.0m $18.0m 0.26% Reduced -9.8k -9,820
28 MML INVESTORS SERVICES, LLC 0.03% of their portfolio SPRINGFIELD, MA 55,41055.4k $13.4m $13.4m 0.03% Added +4.1k +4,082
29 CoreCap Advisors, LLC 0.47% of their portfolio SOUTHFIELD, MI 55,28955.3k $13.3m $13.3m 0.47% Added +559 +559
30 WESPAC Advisors SoCal, LLC 2.43% of their portfolio Pasadena, CA 49,91849.9k $12.0m $12.0m 2.43% Reduced -281 -281
31 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.01% of their portfolio MILWAUKEE, WI 49,48249.5k $11.9m $11.9m 0.01% Added +9.4k +9,371
32 Focus Partners Wealth 0.01% of their portfolio ST LOUIS, MO 49,03749.0k $11.8m $11.8m 0.01% Added +4.4k +4,392
33 MEITAV INVESTMENT HOUSE LTD 0.12% of their portfolio BENE-BERAQ, L3 44,54044.5k $10.7m $10.7m 0.12% Added +4.7k +4,665
34 Merit Financial Group, LLC 0.08% of their portfolio ALPHARETTA, GA 41,67641.7k $10.1m $10.1m 0.08% Added +39.0k +38,964
35 Lido Advisors, LLC 0.04% of their portfolio Los Angeles, CA 39,91039.9k $9.4m $9.4m 0.04% Reduced -163 -163
36 Janney Montgomery Scott LLC 0.02% of their portfolio PHILADELPHIA, PA 39,06039.1k $9.4m $9.4m 0.02% Added +676 +676
37 BREAKTHRU ADVISORY SERVICES, LLC 5.92% of their portfolio MUSKEGO, WI 38,38038.4k $9.3m $9.3m 5.92% New
38 Rockefeller Capital Management L.P. 0.02% of their portfolio NEW YORK, NY 36,75836.8k $8.9m $8.9m 0.02% Added +20.3k +20,334
39 JONES FINANCIAL COMPANIES LLLP 0.01% of their portfolio DES PERES, MO 34,42334.4k $8.3m $8.3m 0.01% Added +7.8k +7,783
40 BOURGEON CAPITAL MANAGEMENT LLC 1.34% of their portfolio Darien, CT 34,01334.0k $8.2m $8.2m 1.34% Reduced -71 -71
41 FLC Capital Advisors 1.51% of their portfolio PALM DESERT, CA 33,86233.9k $8.2m $8.2m 1.51% Added +341 +341
42 Warner Group LLC 4.49% of their portfolio MADISON, CT 30,20830.2k $7.3m $7.3m 4.49% Added +25.5k +25,514
43 Mirae Asset Global Investments Co., Ltd. 0.02% of their portfolio SEOUL, M5 29,40029.4k $7.1m $7.1m 0.02% Added +27.8k +27,800
44 SOUTHERN CAPITAL SERVICES INC /ADV 4.29% of their portfolio DAPHNE, AL 28,23628.2k $6.8m $6.8m 4.29% First filing
45 Wealthfront Advisers LLC 0.01% of their portfolio Palo Alto, CA 26,92526.9k $6.5m $6.5m 0.01% Reduced -1.0k -1,030
46 Integrated Wealth Concepts LLC 0.08% of their portfolio WALTHAM, MA 26,49726.5k $6.4m $6.4m 0.08% Added +14.9k +14,864
47 Private Advisor Group, LLC 0.03% of their portfolio MORRISTOWN, NJ 25,59525.6k $6.2m $6.2m 0.03% Reduced -1.2k -1,194
48 Y.D. More Investments Ltd 0.29% of their portfolio Ramat Gan, L3 25,18825.2k $6.1m $6.1m 0.29% Added +3.4k +3,350
49 ARMSTRONG ADVISORY GROUP, INC 0.41% of their portfolio NEEDHAM, MA 25,02025.0k $6.0m $6.0m 0.41% Added +1.1k +1,142
50 Waverly Advisors, LLC 0.05% of their portfolio BIRMINGHAM, AL 24,76324.8k $6.0m $6.0m 0.05% Added +13.7k +13,662
51 Buska Wealth Management, LLC 2.17% of their portfolio WAUSAU, WI 24,35924.4k $5.9m $5.9m 2.17% Reduced -10.2k -10,169
52 IHT Wealth Management, LLC 0.14% of their portfolio Chicago, IL 24,21824.2k $5.8m $5.8m 0.14% Reduced -2.5k -2,523
53 VIEWPOINT INVESTMENT PARTNERS CORP 2.78% of their portfolio CALGARY, A0 24,20324.2k $5.8m $5.8m 2.78% Reduced -110 -110
54 Kestra Advisory Services, LLC 0.02% of their portfolio AUSTIN, TX 22,83322.8k $5.5m $5.5m 0.02% Added +435 +435
55 Mariner, LLC 0.01% of their portfolio Overland Park, KS 22,78422.8k $5.5m $5.5m 0.01% Added +1.2k +1,169
56 Migdal Insurance & Financial Holdings Ltd. 0.05% of their portfolio Petach Tikva, L3 22,60222.6k $5.5m $5.5m 0.05% Reduced -19.2k -19,198
57 Creative Planning 0.00% of their portfolio OVERLAND PARK, KS 22,26822.3k $5.4m $5.4m 0.00% Reduced -712 -712
58 HighTower Advisors, LLC 0.01% of their portfolio CHICAGO, IL 21,69821.7k $5.2m $5.2m 0.01% Added +340 +340
59 Horizon Wealth Management, LLC 0.80% of their portfolio LA GRANGE, IL 21,34921.3k $5.2m $5.2m 0.80% Reduced -30.0k -30,015
60 McGuire Investment Group, LLC 0.50% of their portfolio WAKEFIELD, RI 19,55519.6k $4.7m $4.7m 0.50% Added +726 +726
61 BROWN ADVISORY INC 0.01% of their portfolio BALTIMORE, MD 19,01919.0k $4.6m $4.6m 0.01% Added +2.0k +2,022
62 Tower Research Capital LLC (TRC) 0.11% of their portfolio NEW YORK, NY 18,49418.5k $4.5m $4.5m 0.11% New
63 SFI Advisors, LLC 2.85% of their portfolio Montclair, NJ 18,45518.5k $4.5m $4.5m 2.85% Reduced -75 -75
64 Prostatis Group LLC 1.06% of their portfolio HANOVER, MD 18,37718.4k $4.4m $4.4m 1.06% Added +6.7k +6,728
65 Pacific Sun Financial Corp 2.08% of their portfolio LOS ANGELES, CA 17,86517.9k $4.3m $4.3m 2.08% Reduced -95 -95
66 HighPoint Advisor Group LLC 0.09% of their portfolio DOWNERS GROVE, IL 17,32317.3k $4.2m $4.2m 0.09% New
67 VVR Holdings LLC 2.16% of their portfolio BELLINGHAM, WA 17,20317.2k $4.2m $4.2m 2.16% First filing
68 PINNACLE ASSOCIATES LTD 0.05% of their portfolio NEW YORK, NY 17,14917.1k $4.1m $4.1m 0.05% Added +917 +917
69 Perigon Wealth Management, LLC 0.07% of their portfolio SAN FRANCISCO, CA 16,97017.0k $4.1m $4.1m 0.07% Added +1.3k +1,319
70 Baird Financial Group, Inc. 0.01% of their portfolio MILWAUKEE, WI 16,85316.9k $4.1m $4.1m 0.01% Added +14.3k +14,265
71 NewEdge Advisors, LLC 0.01% of their portfolio NEW ORLEANS, LA 16,16316.2k $3.9m $3.9m 0.01% Added +410 +410
72 Stratos Wealth Partners, LTD. 0.04% of their portfolio BEACHWOOD, OH 16,01216.0k $3.9m $3.9m 0.04% Added +161 +161
73 PRINCIPAL SECURITIES, INC. 0.06% of their portfolio DES MOINES, IA 15,94415.9k $3.8m $3.8m 0.06% Added +274 +274
74 Equitable Holdings, Inc. 0.03% of their portfolio NEW YORK, NY 15,67415.7k $3.8m $3.8m 0.03% Added +2.6k +2,648
75 D.A. DAVIDSON & CO. 0.02% of their portfolio GREAT FALLS, MT 15,48115.5k $3.7m $3.7m 0.02% Added +175 +175
76 Ausdal Financial Partners, Inc. 0.17% of their portfolio Davenport, IA 15,21615.2k $3.7m $3.7m 0.17% Added +1.0k +1,016
77 NovaPoint Capital, LLC 0.93% of their portfolio ATLANTA, GA 14,95115.0k $3.6m $3.6m 0.93% Reduced -241 -241
78 Sanctuary Advisors, LLC 0.02% of their portfolio INDIANAPOLIS, IN 14,45714.5k $3.5m $3.5m 0.02% Added +6.2k +6,205
79 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 14,25114.3k $3.4m $3.4m 0.00% Added +1.3k +1,348
80 Keystone Global Partners, LLC 1.47% of their portfolio DENVER, CO 13,83413.8k $3.3m $3.3m 1.47% Added +1.2k +1,166
81 SeaCrest Wealth Management, LLC 0.37% of their portfolio PURCHASE, NY 13,82613.8k $3.6m $3.6m 0.37% Added +122 +122
82 Cavalier Investments, LLC 1.04% of their portfolio ALPHARETTA, GA 13,80413.8k $3.3m $3.3m 1.04% Unchanged
83 BANK HAPOALIM BM 0.29% of their portfolio TEL AVIV, L3 13,73713.7k $3.3m $3.3m 0.29% Reduced -91 -91
84 TRUIST FINANCIAL CORP 0.00% of their portfolio CHARLOTTE, NC 13,65113.7k $3.3m $3.3m 0.00% Added +1.2k +1,172
85 KESTRA PRIVATE WEALTH SERVICES, LLC 0.04% of their portfolio AUSTIN, TX 12,99413.0k $3.1m $3.1m 0.04% Reduced -732 -732
86 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 12,94812.9k $3.4m $3.4m 0.00% Added +777 +777
87 Hobart Private Capital, LLC 0.60% of their portfolio CHARLOTTE, NC 12,85012.8k $3.1m $3.1m 0.60% Added +82 +82
88 Fifth Third Securities, Inc. 0.20% of their portfolio Cincinnati, OH 12,70412.7k $3.1m $3.1m 0.20% Added +5.7k +5,715
89 Yelin Lapidot Holdings Management Ltd. 0.60% of their portfolio Tel Aviv, L3 12,50012.5k $3.0m $3.0m 0.60% Unchanged
90 OPPENHEIMER & CO INC 0.04% of their portfolio NEW YORK, NY 12,36812.4k $3.0m $3.0m 0.04% Added +105 +105
91 Norris Financial Group, LLC 0.98% of their portfolio GREENVILLE, SC 11,94211.9k $2.9m $2.9m 0.98% Added +349 +349
92 Advyzon Investment Management, LLC 0.33% of their portfolio LISLE, IL 11,64411.6k $2.8m $2.8m 0.33% Added +4.3k +4,274
93 WealthSpring Partners, LLC 2.86% of their portfolio LONG BEACH, CA 11,58911.6k $2.8m $2.8m 2.86% First filing
94 MARSHALL INVESTMENT MANAGEMENT, LLC 1.40% of their portfolio LITTLETON, CO 11,55111.6k $2.8m $2.8m 1.40% Reduced -442 -442
95 NCM Capital Management, LLC 1.01% of their portfolio RAMSEY, NJ 11,24511.2k $2.7m $2.7m 1.01% Added +10.3k +10,323
96 SIGNATURE ESTATE & INVESTMENT ADVISORS LLC 0.05% of their portfolio LOS ANGELES, CA 11,15411.2k $2.7m $2.7m 0.05% Added +30 +30
97 American Financial Advisors, LLC 0.34% of their portfolio Marietta, GA 10,89610.9k $2.6m $2.6m 0.34% Reduced -1.7k -1,657
98 World Investment Advisors 0.04% of their portfolio LINCROFT, NJ 10,72410.7k $2.6m $2.6m 0.04% Added +981 +981
99 CENTAURUS FINANCIAL, INC. 0.12% of their portfolio ANAHEIM, CA 10,65010.7k $2.6m $2.6m 0.12% Reduced -286 -286
100 Cornerstone Wealth Management, LLC 0.13% of their portfolio ST. PETERS, MO 10,47710.5k $2.5m $2.5m 0.13% Added +1.2k +1,187