Vault-13

SPDR SER TR KRE

S&P REGL BKG · ETP · CUSIP 78464A698

504 institutional holders +20 vs Q2 2025
97,744,46697.7m shares reported held*
$6.2bnreported value*
81 new 161 added 150 reduced 59 sold out net sold ≈ $189.7m (-3.0m 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 ($2.4m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $63.30. Options: 50 managers hold calls ($3.5bn notional), 50 hold puts ($5.0bn).

Trends to Q3 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: 484Q3 25: 504504Q3 22Q2 23Q1 24Q4 24Q3 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
Q3 2025504

Buyers vs sellers

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

Bought or addedCut or sold out
4000400Q4 23: 269 bought or addedQ4 23: 224 cut or sold outQ1 24: 196 bought or addedQ1 24: 302 cut or sold outQ1 24Q2 24: 178 bought or addedQ2 24: 239 cut or sold outQ3 24: 196 bought or addedQ3 24: 217 cut or sold outQ3 24Q4 24: 278 bought or addedQ4 24: 198 cut or sold outQ1 25: 232 bought or addedQ1 25: 271 cut or sold outQ1 25Q2 25: 206 bought or addedQ2 25: 242 cut or sold outQ3 25: 242 bought or addedQ3 25: 209 cut or sold outQ3 25
Numbers
QuarterBought or addedCut or sold out
Q4 2023269224
Q1 2024196302
Q2 2024178239
Q3 2024196217
Q4 2024278198
Q1 2025232271
Q2 2025206242
Q3 2025242209

Calls vs puts

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

CallsPuts
$0$2bn$4bn$6bnQ4 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 1.25Q3 25 calls: $3.5bnQ3 25 puts: $5.0bnQ3 25P/C 1.44
Numbers
QuarterCallsPutsP/C
Q4 2024$2.0bn$4.7bn2.35
Q1 2025$1.8bn$3.7bn2.01
Q2 2025$3.2bn$4.0bn1.25
Q3 2025$3.5bn$5.0bn1.44

Biggest buyers

BARCLAYS PLC Added +3,913,043+3.9m
Kapitalo Investimentos Ltda New +1,649,936+1.6m
WELLS FARGO & COMPANY/MN Added +1,174,850+1.2m
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND Added +1,031,300+1.0m
CITADEL ADVISORS LLC New +997,959+998.0k
JPMORGAN CHASE & CO Added +944,646+944.6k
Jump Financial, LLC New +738,000+738.0k
BlackRock, Inc. Added +655,920+655.9k
Nan Shan Life Insurance Co., Ltd. Added +633,522+633.5k
TWO SIGMA INVESTMENTS, LP Added +626,836+626.8k

Biggest sellers

GOLDMAN SACHS GROUP INC Reduced -9,010,794-9.0m
MORGAN STANLEY Reduced -3,668,915-3.7m
JANE STREET GROUP, LLC Reduced -1,205,317-1.2m
ROYAL BANK OF CANADA Reduced -1,123,996-1.1m
WELLINGTON MANAGEMENT GROUP LLP Sold out -898,297-898.3k
BANK OF MONTREAL /CAN/ Reduced -806,526-806.5k
TUDOR INVESTMENT CORP ET AL Reduced -770,662-770.7k
BW Gestao de Investimentos Ltda. Sold out -489,562-489.6k
MOORE CAPITAL MANAGEMENT, LP Reduced -459,350-459.4k
Parallax Volatility Advisers, L.P. Reduced -363,102-363.1k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $580.5m9.2m shares
CITADEL ADVISORS LLC Reduced $437.3m6.9m shares
CITIGROUP INC Added $378.3m6.0m shares
UBS Group AG Added $330.2m5.2m shares
BANK OF AMERICA CORP /DE/ Added $217.0m3.4m shares
JANE STREET GROUP, LLC Added $214.8m3.4m shares
Rokos Capital Management LLP Reduced $196.2m3.1m shares
COMPASS ROSE ASSET MANAGEMENT, LP New $177.2m2.8m shares
BlackRock, Inc. New $127.1m2.0m shares
Walleye Trading LLC Reduced $84.6m1.3m shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $709.0m11.2m shares
JANE STREET GROUP, LLC Reduced $649.9m10.3m shares
Balyasny Asset Management L.P. Added $446.4m7.1m shares
CITIGROUP INC Added $305.8m4.8m shares
BANK OF AMERICA CORP /DE/ Added $278.3m4.4m shares
CITADEL ADVISORS LLC Reduced $247.4m3.9m shares
TUDOR INVESTMENT CORP ET AL Added $238.5m3.8m shares
UBS Group AG Added $236.1m3.7m shares
PEAK6 LLC Reduced $208.9m3.3m shares
Parallax Volatility Advisers, L.P. Reduced $168.8m2.7m 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 GOLDMAN SACHS GROUP INC 0.10% of their portfolio NEW YORK, NY 11,405,15411.4m $721.9m $721.9m 0.10% Reduced -9.0m -9,010,794
2 MORGAN STANLEY 0.04% of their portfolio NEW YORK, NY 11,285,09311.3m $714.3m $714.3m 0.04% Reduced -3.7m -3,668,915
3 CITIGROUP INC 0.39% of their portfolio NEW YORK, NY 8,895,2548.9m $563.1m $563.1m 0.39% Reduced -47.3k -47,308
4 HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.99% of their portfolio TORONTO, A6 8,443,0008.4m $534.4m $534.4m 0.99% Added +1.0m +1,031,300
5 JPMORGAN CHASE & CO 0.01% of their portfolio NEW YORK, NY 5,327,4125.3m $337.2m $337.2m 0.01% Added +944.6k +944,646
6 BANK OF AMERICA CORP /DE/ 0.02% of their portfolio CHARLOTTE, NC 4,494,7284.5m $284.5m $284.5m 0.02% Reduced -336.8k -336,844
7 BARCLAYS PLC 0.10% of their portfolio LONDON, X0 4,085,0824.1m $258.6m $258.6m 0.10% Added +3.9m +3,913,043
8 TWO SIGMA INVESTMENTS, LP 0.38% of their portfolio NEW YORK, NY 3,919,4003.9m $248.1m $248.1m 0.38% Added +626.8k +626,836
9 WELLS FARGO & COMPANY/MN 0.03% of their portfolio SAN FRANCISCO, CA 2,609,1982.6m $165.2m $165.2m 0.03% Added +1.2m +1,174,850
10 BESSEMER GROUP INC 0.21% of their portfolio WOODBRIDGE, NJ 2,187,4192.2m $138.5m $138.5m 0.21% Added +185.9k +185,920
11 JANE STREET GROUP, LLC 0.15% of their portfolio NEW YORK, NY 2,061,8762.1m $130.5m $130.5m 0.15% Reduced -1.2m -1,205,317
12 UBS Group AG 0.02% of their portfolio ZURICH, V8 1,890,6041.9m $119.7m $119.7m 0.02% Reduced -166.3k -166,325
13 Kapitalo Investimentos Ltda 19.58% of their portfolio SAO PAULO, D5 1,649,9361.6m $104.4m $104.4m 19.58% New
14 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.11% of their portfolio BALA CYNWYD, PA 1,218,2431.2m $77.1m $77.1m 0.11% Reduced -123.2k -123,235
15 ROYAL BANK OF CANADA 0.01% of their portfolio TORONTO, A6 1,070,8321.1m $67.8m $67.8m 0.01% Reduced -1.1m -1,123,996
16 BlackRock, Inc. 0.00% of their portfolio New York, NY 1,003,8501.0m $63.5m $63.5m 0.00% Added +655.9k +655,920
17 CITADEL ADVISORS LLC 0.05% of their portfolio MIAMI, FL 997,959998.0k $63.2m $63.2m 0.05% New
18 TORONTO DOMINION BANK 0.10% of their portfolio TORONTO, ONTARIO, A6 806,980807.0k $51.1m $51.1m 0.10% Added +17.8k +17,819
19 PEAK6 LLC 0.63% of their portfolio AUSTIN, TX 761,926761.9k $48.2m $48.2m 0.63% Reduced -84.8k -84,810
20 Jump Financial, LLC 0.59% of their portfolio Chicago, IL 738,000738.0k $46.7m $46.7m 0.59% New
21 LPL Financial LLC 0.01% of their portfolio FORT MILL, SC 690,911690.9k $43.7m $43.7m 0.01% Added +109.6k +109,566
22 Nan Shan Life Insurance Co., Ltd. 0.88% of their portfolio Taipei City, F5 651,544651.5k $41.2m $41.2m 0.88% Added +633.5k +633,522
23 Optiver Holding B.V. 0.63% of their portfolio AMSTERDAM, P7 614,400614.4k $38.9m $38.9m 0.63% Reduced -72.0k -71,953
24 Fiduciary Trust Co 0.43% of their portfolio Boston, MA 604,057604.1k $38.2m $38.2m 0.43% Added +598.9k +598,892
25 PICTON MAHONEY ASSET MANAGEMENT 0.48% of their portfolio Toronto, A6 590,874590.9k $37.4m $37.4m 0.48% Added +380.1k +380,089
26 NAN FUNG TRINITY (HK) LTD 3.36% of their portfolio CENTRAL, HONG KONG, K3 531,800531.8k $33.7m $33.7m 3.36% Unchanged
27 MENORA MIVTACHIM HOLDINGS LTD. 0.17% of their portfolio Ramat Gan, L3 527,000527.0k $33.4m $33.4m 0.17% Added +510.0k +510,000
28 Verition Fund Management LLC 0.18% of their portfolio GREENWICH, CT 507,455507.5k $32.1m $32.1m 0.18% Reduced -13.8k -13,850
29 RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio ST. PETERSBURG, FL 499,867499.9k $31.6m $31.6m 0.01% Added +179.2k +179,216
30 FIL Ltd 0.02% of their portfolio HAMILTON, D0 459,448459.4k $29.1m $29.1m 0.02% New
31 HUNTINGTON NATIONAL BANK 0.18% of their portfolio COLUMBUS, OH 453,735453.7k $28.7m $28.7m 0.18% Added +13.4k +13,440
32 MOORE CAPITAL MANAGEMENT, LP 0.52% of their portfolio NEW YORK, NY 415,650415.6k $26.3m $26.3m 0.52% Reduced -459.4k -459,350
33 First Financial Bankshares Inc 0.51% of their portfolio Abilene, TX 393,276393.3k $24.9m $24.9m 0.51% Added +2.5k +2,465
34 Horizon Investments, LLC 0.32% of their portfolio Charlotte, NC 385,569385.6k $24.4m $24.4m 0.32% Added +384.6k +384,634
35 Alyeska Investment Group, L.P. 0.07% of their portfolio CHICAGO, IL 375,196375.2k $23.7m $23.7m 0.07% New
36 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 334,641334.6k $21.2m $21.2m 0.00% Added +7.0k +6,955
37 Curi Capital, LLC 0.37% of their portfolio CHICAGO, IL 314,759314.8k $19.9m $19.9m 0.37% Reduced -6.7k -6,662
38 COMPASS ROSE ASSET MANAGEMENT, LP 7.22% of their portfolio New York, NY 298,000298.0k $18.9m $18.9m 7.22% New
39 Terril Brothers, Inc. 5.67% of their portfolio St. Louis, MO 295,790295.8k $18.7m $18.7m 5.67% Reduced -150 -150
40 SG Capital Management LLC 1.82% of their portfolio CHICAGO, IL 287,728287.7k $18.2m $18.2m 1.82% Added +167.1k +167,061
41 KING STREET CAPITAL MANAGEMENT, L.P. 2.39% of their portfolio New York, NY 275,000275.0k $17.4m $17.4m 2.39% New
42 TUDOR INVESTMENT CORP ET AL 0.11% of their portfolio STAMFORD, CT 270,487270.5k $17.1m $17.1m 0.11% Reduced -770.7k -770,662
43 ExodusPoint Capital Management, LP 0.21% of their portfolio NEW YORK, NY 238,265238.3k $15.1m $15.1m 0.21% New
44 STIFEL FINANCIAL CORP 0.01% of their portfolio ST. LOUIS, MO 234,485234.5k $14.8m $14.8m 0.01% Reduced -3.5k -3,512
45 TOCQUEVILLE ASSET MANAGEMENT L.P. 0.22% of their portfolio New York, NY 233,216233.2k $14.8m $14.8m 0.22% Added +7.0k +6,967
46 Walleye Capital LLC 0.12% of their portfolio NEW YORK, NY 231,778231.8k $14.7m $14.7m 0.12% Added +148.6k +148,603
47 TRUIST FINANCIAL CORP 0.02% of their portfolio CHARLOTTE, NC 222,744222.7k $14.1m $14.1m 0.02% Added +1.8k +1,790
48 Thomist Capital Management, LP 4.25% of their portfolio Houston, TX 214,300214.3k $13.6m $13.6m 4.25% New
49 Qube Research & Technologies Ltd 0.02% of their portfolio LONDON, X0 205,959206.0k $13.0m $13.0m 0.02% Added +205.8k +205,810
50 One Capital Management, LLC 0.41% of their portfolio WESTLAKE VILLAGE, CA 202,301202.3k $12.8m $12.8m 0.41% Added +6.1k +6,132
51 MIRAE ASSET SECURITIES (USA) INC. 0.56% of their portfolio NEW YORK, NY 201,277201.3k $12.7m $12.7m 0.56% Added +100.3k +100,292
52 Cetera Investment Advisers 0.01% of their portfolio SCHAUMBURG, IL 200,638200.6k $12.7m $12.7m 0.01% Added +25.1k +25,103
53 Quadrature Capital Ltd 0.15% of their portfolio LONDON, X0 200,376200.4k $12.7m $12.7m 0.15% New
54 Highlander Partners, L.P. 4.42% of their portfolio DALLAS, TX 200,000200.0k $12.7m $12.7m 4.42% Unchanged
55 Integrated Wealth Concepts LLC 0.11% of their portfolio WALTHAM, MA 190,711190.7k $12.1m $12.1m 0.11% Added +3.0k +2,960
56 PATTEN & PATTEN INC/TN 0.69% of their portfolio CHATTANOOGA, TN 186,533186.5k $11.8m $11.8m 0.69% Added +17.2k +17,186
57 PNC Financial Services Group, Inc. 0.01% of their portfolio Pittsburgh, PA 184,394184.4k $11.7m $11.7m 0.01% Added +8.8k +8,768
58 CIBC WORLD MARKET INC. 0.02% of their portfolio TORONTO, A6 183,725183.7k $11.6m $11.6m 0.02% Added +60.5k +60,491
59 Hudson Bay Capital Management LP 0.07% of their portfolio STAMFORD, CT 175,837175.8k $11.1m $11.1m 0.07% Reduced -74.4k -74,365
60 Cullen/Frost Bankers, Inc. 0.13% of their portfolio San Antonio, TX 173,587173.6k $11.0m $11.0m 0.13% Reduced -130 -130
61 COMMUNITY TRUST & INVESTMENT CO 0.59% of their portfolio LEXINGTON, KY 172,139172.1k $10.9m $10.9m 0.59% New
62 NewSquare Capital LLC 0.72% of their portfolio NEWTOWN SQUARE, PA 168,379168.4k $10.7m $10.7m 0.72% Added +1.0k +1,040
63 Strategic Wealth Partners, Ltd. 0.77% of their portfolio INDEPENDENCE, OH 162,841162.8k $10.3m $10.3m 0.77% Added +34.3k +34,340
64 Rockefeller Capital Management L.P. 0.02% of their portfolio NEW YORK, NY 150,485150.5k $9.5m $9.5m 0.02% Reduced -178.8k -178,823
65 Brick & Kyle, Associates 3.45% of their portfolio NEWTOWN, PA 147,971148.0k $9.4m $9.4m 3.45% New
66 SUMMIT SECURITIES GROUP LLC 3.07% of their portfolio NEW YORK, NY 147,514147.5k $9.3m $9.3m 3.07% Added +89.9k +89,900
67 Point72 Europe (London) LLP 0.49% of their portfolio LONDON, X0 141,300141.3k $8.9m $8.9m 0.49% New
68 Sanctuary Advisors, LLC 0.03% of their portfolio INDIANAPOLIS, IN 137,770137.8k $8.3m $8.3m 0.03% Added +63.3k +63,257
69 SG Americas Securities, LLC 0.03% of their portfolio NEW YORK, NY 134,786134.8k $8.5m $8.5m 0.03% Reduced -223.4k -223,402
70 RENAISSANCE TECHNOLOGIES LLC 0.01% of their portfolio NEW YORK, NY 132,100132.1k $8.4m $8.4m 0.01% Added +93.9k +93,900
71 Rosenthal | Henry Capital Advisors, Inc. 8.00% of their portfolio MISHAWAKA, IN 131,610131.6k $8.3m $8.3m 8.00% Reduced -38.1k -38,109
72 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 130,192130.2k $8.2m $8.2m 0.00% Added +34.2k +34,248
73 BNP PARIBAS FINANCIAL MARKETS 0.01% of their portfolio PARIS, I0 127,728127.7k $8.1m $8.1m 0.01% Reduced -301.9k -301,850
74 HighTower Advisors, LLC 0.01% of their portfolio CHICAGO, IL 127,024127.0k $8.0m $8.0m 0.01% Reduced -410 -410
75 Ensign Peak Advisors, Inc 0.01% of their portfolio SALT LAKE CITY, UT 122,390122.4k $7.7m $7.7m 0.01% New
76 First Eagle Investment Management, LLC 0.01% of their portfolio NEW YORK, NY 121,619121.6k $7.7m $7.7m 0.01% New
77 Venture Visionary Partners LLC 0.26% of their portfolio Sylvania, OH 121,326121.3k $7.7m $7.7m 0.26% Reduced -225 -225
78 Annandale Capital, LLC 1.34% of their portfolio DALLAS, TX 119,500119.5k $7.6m $7.6m 1.34% Unchanged
79 Parkside Investments, LLC 0.94% of their portfolio DEERFIELD, IL 118,466118.5k $7.5m $7.5m 0.94% Reduced -88 -88
80 Brevan Howard Capital Management LP 0.11% of their portfolio ST. HELIER, Y9 118,361118.4k $7.5m $7.5m 0.11% New
81 Caption Management, LLC 0.42% of their portfolio OKLAHOMA CITY, OK 113,500113.5k $7.2m $7.2m 0.42% New
82 IMC-Chicago, LLC 0.12% of their portfolio CHICAGO, IL 110,878110.9k $7.0m $7.0m 0.12% New
83 Trilogy Capital Inc. 0.31% of their portfolio IRVINE, CA 105,041105.0k $6.6m $6.6m 0.31% New
84 Prescott Group Capital Management, L.L.C. 0.69% of their portfolio Tulsa, OK 103,492103.5k $6.6m $6.6m 0.69% Added +23.5k +23,492
85 MONTAG A & ASSOCIATES INC 0.30% of their portfolio ATLANTA, GA 102,749102.7k $6.5m $6.5m 0.30% Reduced -483 -483
86 Arvest Bank Trust Division 0.36% of their portfolio DEWEY, OK 102,346102.3k $6.5m $6.5m 0.36% Added +4.1k +4,141
87 GENDELL JEFFREY L 0.12% of their portfolio Greenwich, CT 100,000100.0k $6.3m $6.3m 0.12% New
88 Carnegie Investment Counsel 0.12% of their portfolio PEPPER PIKE, OH 98,01598.0k $6.2m $6.2m 0.12% Added +280 +280
89 OSAIC HOLDINGS, INC. 0.01% of their portfolio SCOTTSDALE, AZ 96,19696.2k $6.2m $6.2m 0.01% Added +3.8k +3,762
90 Members Advisory Group LLC 2.11% of their portfolio WILLIAMSVILLE, NY 94,26994.3k $6.0m $6.0m 2.11% Reduced -5.7k -5,708
91 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 93,77693.8k $5.9m $5.9m 0.00% Reduced -806.5k -806,526
92 Janney Montgomery Scott LLC 0.01% of their portfolio PHILADELPHIA, PA 88,15488.2k $5.6m $5.6m 0.01% Added +15.5k +15,543
93 D. E. Shaw & Co., Inc. 0.00% of their portfolio New York, NY 85,01985.0k $5.4m $5.4m 0.00% Reduced -34.4k -34,418
94 Twin Tree Management, LP 0.25% of their portfolio DALLAS, TX 83,04383.0k $5.3m $5.3m 0.25% Reduced -311.5k -311,539
95 Cerity Partners LLC 0.01% of their portfolio NEW YORK, NY 76,46976.5k $4.8m $4.8m 0.01% Added +2.2k +2,157
96 First Interstate Bank 0.26% of their portfolio Billings, MT 75,52975.5k $4.8m $4.8m 0.26% Reduced -2.6k -2,606
97 North Reef Capital Management LP 0.22% of their portfolio LAGUNA BEACH, CA 75,00075.0k $4.7m $4.7m 0.22% New
98 COUNTRY CLUB BANK 0.28% of their portfolio KANSAS CITY, MO 74,97475.0k $4.8m $4.8m 0.28% Reduced -403 -403
99 CAPSTONE INVESTMENT ADVISORS, LLC 0.04% of their portfolio NEW YORK, NY 74,69974.7k $4.7m $4.7m 0.04% Reduced -221.2k -221,170
100 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 73,24073.2k $4.6m $4.6m 0.00% Added +57.6k +57,618