Vault-13

SPDR SER TR KRE

S&P REGL BKG · ETP · CUSIP 78464A698

484 institutional holders -15 vs Q1 2025
101,328,619101.3m shares reported held*
$6.0bnreported value*
59 new 147 added 168 reduced 74 sold out net bought ≈ $706.1m (+11.9m 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 ($793.7k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $59.40. Options: 46 managers hold calls ($3.2bn notional), 48 hold puts ($4.0bn).

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

0200400600Q3 22: 443Q4 22: 446Q1 23: 488Q2 23: 480Q3 23: 452Q4 23: 527Q1 24: 470Q2 24: 438Q3 24: 459Q4 24: 552Q1 25: 499Q2 25: 484484Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 2022443
Q4 2022446
Q1 2023488
Q2 2023480
Q3 2023452
Q4 2023527
Q1 2024470
Q2 2024438
Q3 2024459
Q4 2024552
Q1 2025499
Q2 2025484

Buyers vs sellers

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

Bought or addedCut or sold out
4000400Q3 23: 187 bought or addedQ3 23: 265 cut or sold outQ4 23: 269 bought or addedQ4 23: 224 cut or sold outQ4 23Q1 24: 196 bought or addedQ1 24: 302 cut or sold outQ2 24: 178 bought or addedQ2 24: 239 cut or sold outQ2 24Q3 24: 196 bought or addedQ3 24: 217 cut or sold outQ4 24: 278 bought or addedQ4 24: 198 cut or sold outQ4 24Q1 25: 232 bought or addedQ1 25: 271 cut or sold outQ2 25: 206 bought or addedQ2 25: 242 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 2023187265
Q4 2023269224
Q1 2024196302
Q2 2024178239
Q3 2024196217
Q4 2024278198
Q1 2025232271
Q2 2025206242

Calls vs puts

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

CallsPuts
$0$2bn$4bn$6bnQ3 24 calls: $2.3bnQ3 24 puts: $4.3bnQ3 24P/C 1.89Q4 24 calls: $2.0bnQ4 24 puts: $4.7bnQ4 24P/C 2.35Q1 25 calls: $1.8bnQ1 25 puts: $3.7bnQ1 25P/C 2.01Q2 25 calls: $3.2bnQ2 25 puts: $4.0bnQ2 25P/C 1.25
Numbers
QuarterCallsPutsP/C
Q3 2024$2.3bn$4.3bn1.89
Q4 2024$2.0bn$4.7bn2.35
Q1 2025$1.8bn$3.7bn2.01
Q2 2025$3.2bn$4.0bn1.25

Biggest buyers

CITIGROUP INC Added +4,831,991+4.8m
GOLDMAN SACHS GROUP INC Added +4,403,048+4.4m
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND Added +3,261,700+3.3m
MORGAN STANLEY Added +3,061,423+3.1m
JANE STREET GROUP, LLC Added +2,039,840+2.0m
ROYAL BANK OF CANADA Added +1,481,177+1.5m
WELLINGTON MANAGEMENT GROUP LLP New +898,297+898.3k
UBS Group AG Added +706,143+706.1k
PEAK6 LLC Added +611,254+611.3k
TWO SIGMA INVESTMENTS, LP Added +515,458+515.5k

Biggest sellers

BNP PARIBAS FINANCIAL MARKETS Reduced -2,348,728-2.3m
Squarepoint Ops LLC Sold out -1,376,134-1.4m
Balyasny Asset Management L.P. Reduced -1,099,976-1.1m
Main Management ETF Advisors, LLC Sold out -936,990-937.0k
BANK OF AMERICA CORP /DE/ Reduced -917,399-917.4k
LPL Financial LLC Reduced -751,148-751.1k
Hudson Bay Capital Management LP Reduced -701,632-701.6k
Quadrature Capital Ltd Sold out -682,463-682.5k
BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Sold out -399,496-399.5k
Rokos Capital Management LLP Reduced -362,577-362.6k

Biggest calls

CITADEL ADVISORS LLC Added $598.8m10.1m shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $422.9m7.1m shares
Rokos Capital Management LLP New $374.4m6.3m shares
MILLENNIUM MANAGEMENT LLC Added $203.8m3.4m shares
BNP PARIBAS FINANCIAL MARKETS Added $202.6m34.1k shares
CITIGROUP INC Reduced $188.4m3.2m shares
JANE STREET GROUP, LLC Added $170.3m2.9m shares
BANK OF AMERICA CORP /DE/ Reduced $145.6m2.5m shares
UBS Group AG Added $133.3m2.2m shares
Balyasny Asset Management L.P. Added $96.9m1.6m shares

Biggest puts

JANE STREET GROUP, LLC Added $677.7m11.4m shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $563.3m9.5m shares
Balyasny Asset Management L.P. Added $385.4m6.5m shares
CITADEL ADVISORS LLC Added $278.9m4.7m shares
PEAK6 LLC Added $251.2m4.2m shares
BANK OF AMERICA CORP /DE/ Added $223.7m3.8m shares
TUDOR INVESTMENT CORP ET AL Reduced $223.4m3.8m shares
Parallax Volatility Advisers, L.P. Reduced $164.2m2.8m shares
UBS Group AG Reduced $160.1m2.7m shares
MILLENNIUM MANAGEMENT LLC Reduced $127.8m2.2m 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 GOLDMAN SACHS GROUP INC 0.20% of their portfolio NEW YORK, NY 20,415,94820.4m $1.2bn $1.2bn 0.20% Added +4.4m +4,403,048
2 MORGAN STANLEY 0.06% of their portfolio NEW YORK, NY 14,954,00815.0m $888.1m $888.1m 0.06% Added +3.1m +3,061,423
3 CITIGROUP INC 0.37% of their portfolio NEW YORK, NY 8,942,5628.9m $531.1m $531.1m 0.37% Added +4.8m +4,831,991
4 HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.88% of their portfolio TORONTO, A6 7,411,7007.4m $440.2m $440.2m 0.88% Added +3.3m +3,261,700
5 BANK OF AMERICA CORP /DE/ 0.02% of their portfolio CHARLOTTE, NC 4,831,5724.8m $286.9m $286.9m 0.02% Reduced -917.4k -917,399
6 JPMORGAN CHASE & CO 0.02% of their portfolio NEW YORK, NY 4,382,7664.4m $260.3m $260.3m 0.02% Reduced -323.9k -323,908
7 TWO SIGMA INVESTMENTS, LP 0.35% of their portfolio NEW YORK, NY 3,292,5643.3m $195.5m $195.5m 0.35% Added +515.5k +515,458
8 JANE STREET GROUP, LLC 0.31% of their portfolio NEW YORK, NY 3,267,1933.3m $194.0m $194.0m 0.31% Added +2.0m +2,039,840
9 ROYAL BANK OF CANADA 0.01% of their portfolio TORONTO, A6 2,194,8282.2m $130.4m $130.4m 0.01% Added +1.5m +1,481,177
10 UBS Group AG 0.03% of their portfolio ZURICH, V8 2,056,9292.1m $122.2m $122.2m 0.03% Added +706.1k +706,143
11 BESSEMER GROUP INC 0.19% of their portfolio WOODBRIDGE, NJ 2,001,4992.0m $118.9m $118.9m 0.19% Added +381.1k +381,080
12 WELLS FARGO & COMPANY/MN 0.02% of their portfolio SAN FRANCISCO, CA 1,434,3481.4m $85.2m $85.2m 0.02% Reduced -44.5k -44,534
13 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.12% of their portfolio BALA CYNWYD, PA 1,341,4781.3m $79.7m $79.7m 0.12% Added +293.7k +293,661
14 TUDOR INVESTMENT CORP ET AL 0.47% of their portfolio STAMFORD, CT 1,041,1491.0m $61.8m $61.8m 0.47% Reduced -220.3k -220,258
15 BANK OF MONTREAL /CAN/ 0.03% of their portfolio TORONTO, A6 900,302900.3k $53.5m $53.5m 0.03% Reduced -90.4k -90,359
16 WELLINGTON MANAGEMENT GROUP LLP 0.01% of their portfolio Boston, MA 898,297898.3k $53.3m $53.3m 0.01% New
17 MOORE CAPITAL MANAGEMENT, LP 1.04% of their portfolio NEW YORK, NY 875,000875.0k $52.0m $52.0m 1.04% Added +418.6k +418,610
18 PEAK6 LLC 0.91% of their portfolio AUSTIN, TX 846,736846.7k $50.3m $50.3m 0.91% Added +611.3k +611,254
19 TORONTO DOMINION BANK 0.10% of their portfolio TORONTO, ONTARIO, A6 789,161789.2k $46.9m $46.9m 0.10% Added +33.4k +33,416
20 Optiver Holding B.V. 1.10% of their portfolio AMSTERDAM, P7 686,353686.4k $40.8m $40.8m 1.10% Added +305.2k +305,210
21 LPL Financial LLC 0.01% of their portfolio FORT MILL, SC 581,345581.3k $34.5m $34.5m 0.01% Reduced -751.1k -751,148
22 NAN FUNG TRINITY (HK) LTD 3.78% of their portfolio CENTRAL, HONG KONG, K3 531,800531.8k $31.6m $31.6m 3.78% Unchanged
23 Verition Fund Management LLC 0.18% of their portfolio GREENWICH, CT 521,305521.3k $31.0m $31.0m 0.18% Added +100.0k +100,000
24 BW Gestao de Investimentos Ltda. 2.76% of their portfolio SAO PAULO, D5 489,562489.6k $29.1m $29.1m 2.76% New
25 HUNTINGTON NATIONAL BANK 0.17% of their portfolio COLUMBUS, OH 440,295440.3k $26.1m $26.1m 0.17% Added +20.8k +20,766
26 BNP PARIBAS FINANCIAL MARKETS 0.02% of their portfolio PARIS, I0 429,578429.6k $25.5m $25.5m 0.02% Reduced -2.3m -2,348,728
27 Twin Tree Management, LP 0.59% of their portfolio DALLAS, TX 394,582394.6k $23.4m $23.4m 0.59% Added +325.6k +325,644
28 EP Wealth Advisors, LLC 0.15% of their portfolio TORRANCE, CA 393,659393.7k $23.4m $23.4m 0.15% Reduced -35.9k -35,943
29 First Financial Bankshares Inc 0.52% of their portfolio Abilene, TX 390,811390.8k $23.2m $23.2m 0.52% Added +1.9k +1,866
30 Parallax Volatility Advisers, L.P. 0.86% of their portfolio San Francisco, CA 363,103363.1k $21.6m $21.6m 0.86% Added +211.8k +211,756
31 SG Americas Securities, LLC 0.09% of their portfolio NEW YORK, NY 358,188358.2k $21.3m $21.3m 0.09% Reduced -361.7k -361,743
32 B & T Capital Management DBA Alpha Capital Management 3.63% of their portfolio AUSTIN, TX 354,700354.7k $21.1m $21.1m 3.63% New
33 BlackRock, Inc. 0.00% of their portfolio New York, NY 347,930347.9k $20.7m $20.7m 0.00% Reduced -124 -124
34 Rockefeller Capital Management L.P. 0.02% of their portfolio NEW YORK, NY 329,308329.3k $19.6m $19.6m 0.02% Added +280.8k +280,843
35 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 327,686327.7k $19.5m $19.5m 0.00% Reduced -138.2k -138,196
36 Curi Capital, LLC 0.36% of their portfolio CHICAGO, IL 321,421321.4k $19.1m $19.1m 0.36% Added +27.6k +27,595
37 RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio ST. PETERSBURG, FL 320,651320.7k $19.0m $19.0m 0.01% Reduced -57.5k -57,530
38 Terril Brothers, Inc. 6.62% of their portfolio St. Louis, MO 295,940295.9k $17.6m $17.6m 6.62% Reduced -1.0k -1,025
39 CAPSTONE INVESTMENT ADVISORS, LLC 0.15% of their portfolio NEW YORK, NY 295,869295.9k $17.6m $17.6m 0.15% Reduced -242.3k -242,323
40 Hudson Bay Capital Management LP 0.10% of their portfolio STAMFORD, CT 250,202250.2k $14.9m $14.9m 0.10% Reduced -701.6k -701,632
41 STIFEL FINANCIAL CORP 0.01% of their portfolio ST. LOUIS, MO 237,997238.0k $14.1m $14.1m 0.01% Added +29.1k +29,062
42 TOCQUEVILLE ASSET MANAGEMENT L.P. 0.21% of their portfolio New York, NY 226,249226.2k $13.4m $13.4m 0.21% Reduced -11.6k -11,615
43 TRUIST FINANCIAL CORP 0.02% of their portfolio CHARLOTTE, NC 220,954221.0k $13.1m $13.1m 0.02% Added +9.4k +9,442
44 PICTON MAHONEY ASSET MANAGEMENT 0.18% of their portfolio Toronto, A6 210,785210.8k $12.5m $12.5m 0.18% New
45 Highlander Partners, L.P. 4.56% of their portfolio DALLAS, TX 200,000200.0k $11.9m $11.9m 4.56% New
46 One Capital Management, LLC 0.40% of their portfolio WESTLAKE VILLAGE, CA 196,169196.2k $11.7m $11.7m 0.40% Reduced -5.6k -5,583
47 Schonfeld Strategic Advisors LLC 0.08% of their portfolio NEW YORK, NY 188,267188.3k $11.2m $11.2m 0.08% New
48 Integrated Wealth Concepts LLC 0.11% of their portfolio WALTHAM, MA 187,751187.8k $11.2m $11.2m 0.11% Added +20.2k +20,237
49 PNC Financial Services Group, Inc. 0.01% of their portfolio Pittsburgh, PA 175,626175.6k $10.4m $10.4m 0.01% Added +8.0k +7,971
50 Cetera Investment Advisers 0.02% of their portfolio SCHAUMBURG, IL 175,535175.5k $10.4m $10.4m 0.02% Reduced -68 -68
51 Cullen/Frost Bankers, Inc. 0.13% of their portfolio San Antonio, TX 173,717173.7k $10.3m $10.3m 0.13% Added +6.6k +6,638
52 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 172,039172.0k $10.2m $10.2m 0.00% Reduced -234.6k -234,582
53 Rosenthal | Henry Capital Advisors, Inc. 10.16% of their portfolio MISHAWAKA, IN 169,719169.7k $10.1m $10.1m 10.16% Unchanged
54 PATTEN & PATTEN INC/TN 0.65% of their portfolio CHATTANOOGA, TN 169,347169.3k $10.1m $10.1m 0.65% Added +4.1k +4,085
55 NewSquare Capital LLC 0.74% of their portfolio NEWTOWN SQUARE, PA 167,339167.3k $9.9m $9.9m 0.74% Added +8.0k +7,954
56 MARSHALL WACE, LLP 0.01% of their portfolio LONDON, X0 166,690166.7k $9.9m $9.9m 0.01% Reduced -113.2k -113,158
57 Perbak Capital Partners LLP 2.08% of their portfolio LONDON, X0 154,868154.9k $9.2m $9.2m 2.08% Added +97.6k +97,624
58 NATIONAL BANK OF CANADA /FI/ 0.01% of their portfolio MONTREAL, A8 153,487153.5k $9.1m $9.1m 0.01% Added +134.7k +134,745
59 Capula Management Ltd 0.11% of their portfolio Grand Cayman, E9 147,712147.7k $8.8m $8.8m 0.11% Not comparable
60 GARDA CAPITAL PARTNERS LP 2.31% of their portfolio WAYZATA, MN 137,493137.5k $8.2m $8.2m 2.31% New
61 Strategic Wealth Partners, Ltd. 0.60% of their portfolio INDEPENDENCE, OH 128,501128.5k $7.6m $7.6m 0.60% First filing
62 HighTower Advisors, LLC 0.01% of their portfolio CHICAGO, IL 127,434127.4k $7.6m $7.6m 0.01% Added +30.0k +29,978
63 Quantitative Investment Management, LLC 1.01% of their portfolio CHARLOTTESVILLE, VA 127,400127.4k $7.6m $7.6m 1.01% New
64 CIBC WORLD MARKET INC. 0.02% of their portfolio TORONTO, A6 123,234123.2k $7.3m $7.3m 0.02% Added +44.4k +44,400
65 Venture Visionary Partners LLC 0.27% of their portfolio Sylvania, OH 121,551121.6k $7.2m $7.2m 0.27% Added +3.3k +3,332
66 SG Capital Management LLC 0.61% of their portfolio CHICAGO, IL 120,667120.7k $7.2m $7.2m 0.61% Added +47.3k +47,259
67 Annandale Capital, LLC 1.31% of their portfolio DALLAS, TX 119,500119.5k $7.1m $7.1m 1.31% Reduced -500 -500
68 D. E. Shaw & Co., Inc. 0.01% of their portfolio New York, NY 119,437119.4k $7.1m $7.1m 0.01% New
69 Parkside Investments, LLC 0.96% of their portfolio DEERFIELD, IL 118,554118.6k $7.0m $7.0m 0.96% Added +787 +787
70 MONTAG A & ASSOCIATES INC 0.30% of their portfolio ATLANTA, GA 103,232103.2k $6.1m $6.1m 0.30% Reduced -70.6k -70,597
71 MIRAE ASSET SECURITIES (USA) INC. 0.26% of their portfolio NEW YORK, NY 100,985101.0k $6.0m $6.0m 0.26% Reduced -150.4k -150,417
72 Members Advisory Group LLC 2.23% of their portfolio WILLIAMSVILLE, NY 99,977100.0k $5.9m $5.9m 2.23% Reduced -2.1k -2,054
73 Graypoint LLC 0.33% of their portfolio Albany, NY 99,76099.8k $5.9m $5.9m 0.33% Reduced -892 -892
74 Arvest Bank Trust Division 0.34% of their portfolio DEWEY, OK 98,20598.2k $5.8m $5.8m 0.34% Added +3.2k +3,244
75 Carnegie Investment Counsel 0.12% of their portfolio PEPPER PIKE, OH 97,73597.7k $5.8m $5.8m 0.12% Reduced -20.1k -20,136
76 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 95,94495.9k $5.7m $5.7m 0.00% Added +1.7k +1,733
77 OSAIC HOLDINGS, INC. 0.01% of their portfolio SCOTTSDALE, AZ 92,43492.4k $5.5m $5.5m 0.01% Reduced -4.3k -4,331
78 ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio NASHVILLE, TN 88,78888.8k $5.3m $5.3m 0.00% New
79 Lighthouse Investment Partners, LLC 0.22% of their portfolio Palm Beach Gardens, FL 85,22885.2k $5.1m $5.1m 0.22% Reduced -79.1k -79,087
80 COMMONWEALTH EQUITY SERVICES, LLC 0.01% of their portfolio WALTHAM, MA 83,87683.9k $5.0m $5.0m 0.01% Reduced -205.7k -205,697
81 Walleye Capital LLC 0.05% of their portfolio NEW YORK, NY 83,17583.2k $4.9m $4.9m 0.05% Reduced -124.6k -124,648
82 Aster Capital Management (DIFC) Ltd 1.12% of their portfolio DUBAI, C0 83,04583.0k $4.9m $4.9m 1.12% New
83 BRANT POINT INVESTMENT MANAGEMENT LLC 1.10% of their portfolio New York, NY 81,41381.4k $4.8m $4.8m 1.10% Reduced -457 -457
84 Prescott Group Capital Management, L.L.C. 0.56% of their portfolio Tulsa, OK 80,00080.0k $4.8m $4.8m 0.56% Unchanged
85 First Interstate Bank 0.27% of their portfolio Billings, MT 78,13578.1k $4.6m $4.6m 0.27% Reduced -902 -902
86 COUNTRY CLUB BANK 0.28% of their portfolio KANSAS CITY, MO 75,37775.4k $4.5m $4.5m 0.28% Reduced -95 -95
87 Sanctuary Advisors, LLC 0.03% of their portfolio INDIANAPOLIS, IN 74,51374.5k $4.4m $4.4m 0.03% Added +3.5k +3,546
88 Cerity Partners LLC 0.01% of their portfolio NEW YORK, NY 74,31274.3k $4.4m $4.4m 0.01% Added +505 +505
89 Tower Research Capital LLC (TRC) 0.12% of their portfolio NEW YORK, NY 73,43073.4k $4.4m $4.4m 0.12% Added +71.9k +71,940
90 Janney Montgomery Scott LLC 0.01% of their portfolio PHILADELPHIA, PA 72,61172.6k $4.3m $4.3m 0.01% Reduced -13.4k -13,427
91 ALTFEST L J & CO INC 0.49% of their portfolio NEW YORK, NY 70,37770.4k $4.2m $4.2m 0.49% New
92 Ulysses Management LLC 0.83% of their portfolio New York, NY 65,00065.0k $3.9m $3.9m 0.83% Reduced -15.0k -15,000
93 BLAIR WILLIAM & CO/IL 0.01% of their portfolio CHICAGO, IL 63,75163.8k $3.8m $3.8m 0.01% Added +1.6k +1,621
94 Michelson Medical Research Foundation, Inc. 3.62% of their portfolio Los Angeles, CA 63,51063.5k $3.8m $3.8m 3.62% Reduced -13.6k -13,590
95 Jefferies Financial Group Inc. 0.06% of their portfolio NEW YORK, NY 62,78162.8k $3.7m $3.7m 0.06% Reduced -16.6k -16,590
96 OPPENHEIMER & CO INC 0.05% of their portfolio NEW YORK, NY 62,63762.6k $3.7m $3.7m 0.05% Reduced -27.8k -27,795
97 FLPUTNAM INVESTMENT MANAGEMENT CO 0.06% of their portfolio PORTLAND, ME 62,22662.2k $3.7m $3.7m 0.06% Reduced -3.1k -3,150
98 SAM Advisors, LLC 1.26% of their portfolio OAKHURST, CA 61,56461.6k $3.7m $3.7m 1.26% Added +2.0k +1,988
99 Private Advisor Group, LLC 0.02% of their portfolio MORRISTOWN, NJ 61,06361.1k $3.6m $3.6m 0.02% Reduced -2.5k -2,450
100 SUMMIT SECURITIES GROUP LLC 1.22% of their portfolio NEW YORK, NY 57,61457.6k $3.4m $3.4m 1.22% New