Vault-13

SPDR SER TR KRE

S&P REGL BKG · ETP · CUSIP 78464A698

512 institutional holders +8 vs Q3 2025
89,061,59889.1m shares reported held*
$5.8bnreported value*
71 new 157 added 157 reduced 76 sold out net sold ≈ $617.2m (-9.5m 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 ($3.3m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $64.82. Options: 39 managers hold calls ($2.0bn notional), 45 hold puts ($4.1bn).

Trends to Q4 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: 504Q4 25: 512512Q3 22Q2 23Q1 24Q4 24Q4 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
Q4 2025512

Buyers vs sellers

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

Bought or addedCut or sold out
4000400Q1 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 25Q3 25: 242 bought or addedQ3 25: 209 cut or sold outQ4 25: 228 bought or addedQ4 25: 233 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 2024196302
Q2 2024178239
Q3 2024196217
Q4 2024278198
Q1 2025232271
Q2 2025206242
Q3 2025242209
Q4 2025228233

Calls vs puts

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

CallsPuts
$0$2bn$4bn$6bnQ1 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 1.44Q4 25 calls: $2.0bnQ4 25 puts: $4.1bnQ4 25P/C 2.06
Numbers
QuarterCallsPutsP/C
Q1 2025$1.8bn$3.7bn2.01
Q2 2025$3.2bn$4.0bn1.25
Q3 2025$3.5bn$5.0bn1.44
Q4 2025$2.0bn$4.1bn2.06

Biggest buyers

MORGAN STANLEY Added +2,630,511+2.6m
CITADEL ADVISORS LLC Added +1,962,454+2.0m
MARSHALL WACE, LLP Added +1,537,365+1.5m
BNP PARIBAS FINANCIAL MARKETS Added +1,345,583+1.3m
WELLS FARGO & COMPANY/MN Added +888,125+888.1k
Squarepoint Ops LLC New +860,117+860.1k
MKP Capital Management, L.L.C. New +745,700+745.7k
Allspring Global Investments Holdings, LLC New +555,800+555.8k
Qube Research & Technologies Ltd Added +555,794+555.8k
D. E. Shaw & Co., Inc. Added +553,612+553.6k

Biggest sellers

CITIGROUP INC Reduced -6,173,765-6.2m
JPMORGAN CHASE & CO Reduced -4,064,825-4.1m
TWO SIGMA INVESTMENTS, LP Reduced -3,891,753-3.9m
GOLDMAN SACHS GROUP INC Reduced -3,105,912-3.1m
BARCLAYS PLC Reduced -2,645,214-2.6m
JANE STREET GROUP, LLC Reduced -914,590-914.6k
Kapitalo Investimentos Ltda Reduced -847,063-847.1k
Jump Financial, LLC Reduced -696,286-696.3k
NAN FUNG TRINITY (HK) LTD Sold out -531,800-531.8k
PEAK6 LLC Reduced -476,932-476.9k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $348.5m5.4m shares
CITADEL ADVISORS LLC Reduced $240.2m3.7m shares
ROYAL BANK OF CANADA Added $138.2m2.1m shares
JANE STREET GROUP, LLC Reduced $137.3m2.1m shares
BANK OF MONTREAL /CAN/ Added $134.6m2.1m shares
BARCLAYS PLC Added $104.3m1.6m shares
CITIGROUP INC Reduced $103.2m1.6m shares
Schonfeld Strategic Advisors LLC Added $84.0m1.3m shares
UBS Group AG Reduced $79.8m1.2m shares
MILLENNIUM MANAGEMENT LLC Reduced $77.5m1.2m shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $527.0m8.1m shares
JANE STREET GROUP, LLC Reduced $445.4m6.9m shares
Balyasny Asset Management L.P. Reduced $412.5m6.4m shares
PEAK6 LLC Added $345.8m5.3m shares
CITADEL ADVISORS LLC Added $316.2m4.9m shares
TUDOR INVESTMENT CORP ET AL Added $304.7m4.7m shares
Jain Global LLC Added $232.9m3.6m shares
BARCLAYS PLC Added $217.4m3.4m shares
BNP PARIBAS FINANCIAL MARKETS Reduced $130.8m20.2k shares
Parallax Volatility Advisers, L.P. Reduced $124.8m1.9m 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 MORGAN STANLEY 0.05% of their portfolio NEW YORK, NY 13,915,60413.9m $901.9m $901.9m 0.05% Added +2.6m +2,630,511
2 HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.98% of their portfolio TORONTO, A6 8,964,0009.0m $581.0m $581.0m 0.98% Added +521.0k +521,000
3 GOLDMAN SACHS GROUP INC 0.08% of their portfolio NEW YORK, NY 8,299,2428.3m $537.9m $537.9m 0.08% Reduced -3.1m -3,105,912
4 BANK OF AMERICA CORP /DE/ 0.02% of their portfolio CHARLOTTE, NC 5,020,9815.0m $325.4m $325.4m 0.02% Added +526.3k +526,253
5 WELLS FARGO & COMPANY/MN 0.04% of their portfolio SAN FRANCISCO, CA 3,497,3233.5m $226.7m $226.7m 0.04% Added +888.1k +888,125
6 CITADEL ADVISORS LLC 0.13% of their portfolio MIAMI, FL 2,960,4133.0m $191.9m $191.9m 0.13% Added +2.0m +1,962,454
7 CITIGROUP INC 0.12% of their portfolio NEW YORK, NY 2,721,4892.7m $176.4m $176.4m 0.12% Reduced -6.2m -6,173,765
8 BESSEMER GROUP INC 0.19% of their portfolio WOODBRIDGE, NJ 1,932,3241.9m $125.2m $125.2m 0.19% Reduced -255.1k -255,095
9 UBS Group AG 0.02% of their portfolio ZURICH, V8 1,788,0481.8m $115.9m $115.9m 0.02% Reduced -102.6k -102,556
10 MARSHALL WACE, LLP 0.10% of their portfolio LONDON, X0 1,567,9211.6m $101.6m $101.6m 0.10% Added +1.5m +1,537,365
11 BNP PARIBAS FINANCIAL MARKETS 0.06% of their portfolio PARIS, I0 1,473,3111.5m $95.5m $95.5m 0.06% Added +1.3m +1,345,583
12 BARCLAYS PLC 0.04% of their portfolio LONDON, X0 1,439,8681.4m $93.3m $93.3m 0.04% Reduced -2.6m -2,645,214
13 JPMORGAN CHASE & CO 0.01% of their portfolio NEW YORK, NY 1,262,5871.3m $81.8m $81.8m 0.01% Reduced -4.1m -4,064,825
14 JANE STREET GROUP, LLC 0.09% of their portfolio NEW YORK, NY 1,147,2861.1m $74.4m $74.4m 0.09% Reduced -914.6k -914,590
15 ROYAL BANK OF CANADA 0.01% of their portfolio TORONTO, A6 1,107,0721.1m $71.7m $71.7m 0.01% Added +36.2k +36,240
16 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.09% of their portfolio BALA CYNWYD, PA 1,062,2411.1m $68.8m $68.8m 0.09% Reduced -156.0k -156,002
17 MENORA MIVTACHIM HOLDINGS LTD. 0.32% of their portfolio Ramat Gan, L3 1,059,5001.1m $68.7m $68.7m 0.32% Added +532.5k +532,500
18 Fiduciary Trust Co 0.70% of their portfolio Boston, MA 949,056949.1k $61.5m $61.5m 0.70% Added +345.0k +344,999
19 Optiver Holding B.V. 1.09% of their portfolio AMSTERDAM, P7 927,130927.1k $60.1m $60.1m 1.09% Added +312.7k +312,730
20 Squarepoint Ops LLC 0.11% of their portfolio NEW YORK, NY 860,117860.1k $55.7m $55.7m 0.11% New
21 Kapitalo Investimentos Ltda 9.96% of their portfolio SAO PAULO, D5 802,873802.9k $52.0m $52.0m 9.96% Reduced -847.1k -847,063
22 TORONTO DOMINION BANK 0.09% of their portfolio TORONTO, ONTARIO, A6 790,734790.7k $51.2m $51.2m 0.09% Reduced -16.2k -16,246
23 Qube Research & Technologies Ltd 0.07% of their portfolio LONDON, X0 761,753761.8k $49.4m $49.4m 0.07% Added +555.8k +555,794
24 MKP Capital Management, L.L.C. 1.72% of their portfolio New York, NY 745,700745.7k $48.3m $48.3m 1.72% New
25 BlackRock, Inc. 0.00% of their portfolio New York, NY 695,084695.1k $45.0m $45.0m 0.00% Reduced -308.8k -308,766
26 D. E. Shaw & Co., Inc. 0.03% of their portfolio New York, NY 638,631638.6k $41.4m $41.4m 0.03% Added +553.6k +553,612
27 FIL Ltd 0.03% of their portfolio HAMILTON, D0 616,055616.1k $39.9m $39.9m 0.03% Added +156.6k +156,607
28 LPL Financial LLC 0.01% of their portfolio FORT MILL, SC 608,907608.9k $39.5m $39.5m 0.01% Reduced -82.0k -82,004
29 RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio ST. PETERSBURG, FL 558,494558.5k $36.2m $36.2m 0.01% Added +58.6k +58,627
30 Allspring Global Investments Holdings, LLC 0.06% of their portfolio CHARLOTTE, NC 555,800555.8k $36.0m $36.0m 0.06% New
31 CAPITAL FUND MANAGEMENT S.A. 0.34% of their portfolio PARIS, I0 550,905550.9k $35.7m $35.7m 0.34% New
32 PICTON MAHONEY ASSET MANAGEMENT 0.38% of their portfolio Toronto, A6 534,159534.2k $34.6m $34.6m 0.38% Reduced -56.7k -56,715
33 Quantitative Investment Management, LLC 3.33% of their portfolio CHARLOTTESVILLE, VA 527,619527.6k $34.2m $34.2m 3.33% Added +514.0k +513,970
34 NATIONAL BANK OF CANADA /FI/ 0.03% of their portfolio MONTREAL, A8 513,502513.5k $33.3m $33.3m 0.03% Added +493.7k +493,722
35 Verition Fund Management LLC 0.17% of their portfolio GREENWICH, CT 495,033495.0k $32.1m $32.1m 0.17% Reduced -12.4k -12,422
36 First Financial Bankshares Inc 0.64% of their portfolio Abilene, TX 492,530492.5k $31.9m $31.9m 0.64% Added +99.3k +99,254
37 HUNTINGTON NATIONAL BANK 0.18% of their portfolio COLUMBUS, OH 459,469459.5k $29.8m $29.8m 0.18% Added +5.7k +5,734
38 Agave Capital Management Ltd 4.77% of their portfolio LONDON, X0 439,264439.3k $28.6m $28.6m 4.77% First filing
39 Blackstone Inc. 0.12% of their portfolio NEW YORK, NY 425,782425.8k $27.6m $27.6m 0.12% Not comparable
40 MILLENNIUM MANAGEMENT LLC 0.02% of their portfolio NEW YORK, NY 417,749417.7k $27.1m $27.1m 0.02% Added +399.7k +399,665
41 AMERIPRISE FINANCIAL INC 0.01% of their portfolio MINNEAPOLIS, MN 414,565414.6k $26.9m $26.9m 0.01% Added +79.9k +79,924
42 MOORE CAPITAL MANAGEMENT, LP 0.49% of their portfolio NEW YORK, NY 374,336374.3k $24.3m $24.3m 0.49% Reduced -41.3k -41,314
43 Ensign Peak Advisors, Inc 0.04% of their portfolio SALT LAKE CITY, UT 365,546365.5k $23.7m $23.7m 0.04% Added +243.2k +243,156
44 Horizon Investments, LLC 0.29% of their portfolio Charlotte, NC 352,625352.6k $22.9m $22.9m 0.29% Reduced -32.9k -32,944
45 Rhino Investment Partners, Inc 6.43% of their portfolio WEST CONSHOHOCKEN, PA 350,197350.2k $22.7m $22.7m 6.43% New
46 Curi Capital, LLC 0.35% of their portfolio CHICAGO, IL 311,135311.1k $20.2m $20.2m 0.35% Reduced -3.6k -3,624
47 Terril Brothers, Inc. 5.02% of their portfolio St. Louis, MO 295,715295.7k $19.2m $19.2m 5.02% Reduced -75 -75
48 PEAK6 LLC 0.25% of their portfolio AUSTIN, TX 284,994285.0k $18.5m $18.5m 0.25% Reduced -476.9k -476,932
49 ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio Berwyn, PA 283,629283.6k $18.4m $18.4m 0.01% Added +153.4k +153,437
50 Hudson Bay Capital Management LP 0.10% of their portfolio STAMFORD, CT 276,139276.1k $17.9m $17.9m 0.10% Added +100.3k +100,302
51 Jefferies Financial Group Inc. 0.14% of their portfolio NEW YORK, NY 256,525256.5k $16.6m $16.6m 0.14% Added +236.5k +236,548
52 CAPSTONE INVESTMENT ADVISORS, LLC 0.13% of their portfolio NEW YORK, NY 254,401254.4k $16.5m $16.5m 0.13% Added +179.7k +179,702
53 Cetera Investment Advisers 0.02% of their portfolio SCHAUMBURG, IL 244,608244.6k $15.9m $15.9m 0.02% Added +44.0k +43,970
54 TOCQUEVILLE ASSET MANAGEMENT L.P. 0.22% of their portfolio New York, NY 233,834233.8k $15.2m $15.2m 0.22% Added +618 +618
55 Nan Shan Life Insurance Co., Ltd. 0.46% of their portfolio Taipei City, F5 231,686231.7k $15.0m $15.0m 0.46% Reduced -419.9k -419,858
56 CIBC WORLD MARKET INC. 0.03% of their portfolio TORONTO, A6 227,296227.3k $14.7m $14.7m 0.03% Added +43.6k +43,571
57 STIFEL FINANCIAL CORP 0.01% of their portfolio ST. LOUIS, MO 220,466220.5k $14.3m $14.3m 0.01% Reduced -14.0k -14,019
58 TRUIST FINANCIAL CORP 0.02% of their portfolio CHARLOTTE, NC 214,900214.9k $13.9m $13.9m 0.02% Reduced -7.8k -7,844
59 Highlander Partners, L.P. 4.65% of their portfolio DALLAS, TX 200,000200.0k $13.0m $13.0m 4.65% Unchanged
60 VALLEY WEALTH MANAGERS, INC. 0.81% of their portfolio PARAMUS, NJ 195,946195.9k $12.7m $12.7m 0.81% Added +195.9k +195,945
61 PATTEN & PATTEN INC/TN 0.73% of their portfolio CHATTANOOGA, TN 193,038193.0k $12.5m $12.5m 0.73% Added +6.5k +6,505
62 HRT FINANCIAL LP 0.05% of their portfolio NEW YORK, NY 184,105184.1k $11.9m $11.9m 0.05% New
63 Wealth High Governance Asset Management Ltda. 2.12% of their portfolio SAO PAULO, D5 183,079183.1k $11.9m $11.9m 2.12% First filing
64 Walleye Capital LLC 0.07% of their portfolio NEW YORK, NY 180,722180.7k $11.7m $11.7m 0.07% Reduced -51.1k -51,056
65 Holocene Advisors, LP 0.02% of their portfolio New York, NY 175,000175.0k $11.3m $11.3m 0.02% New
66 PNC Financial Services Group, Inc. 0.01% of their portfolio Pittsburgh, PA 172,984173.0k $11.2m $11.2m 0.01% Reduced -11.4k -11,410
67 COMMUNITY TRUST & INVESTMENT CO 0.58% of their portfolio LEXINGTON, KY 170,567170.6k $11.1m $11.1m 0.58% Reduced -1.6k -1,572
68 BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp 0.06% of their portfolio VICTORIA, A1 167,759167.8k $10.9m $10.9m 0.06% New
69 Cullen/Frost Bankers, Inc. 0.12% of their portfolio San Antonio, TX 165,874165.9k $10.8m $10.8m 0.12% Reduced -7.7k -7,713
70 ALTFEST L J & CO INC 1.18% of their portfolio NEW YORK, NY 165,754165.8k $10.7m $10.7m 1.18% New
71 First Eagle Investment Management, LLC 0.02% of their portfolio NEW YORK, NY 159,119159.1k $10.3m $10.3m 0.02% Added +37.5k +37,500
72 Rockefeller Capital Management L.P. 0.02% of their portfolio NEW YORK, NY 152,616152.6k $9.9m $9.9m 0.02% Added +2.1k +2,131
73 Brick & Kyle, Associates 3.37% of their portfolio NEWTOWN, PA 146,881146.9k $9.5m $9.5m 3.37% Reduced -1.1k -1,090
74 Point72 Asset Management, L.P. 0.01% of their portfolio STAMFORD, CT 141,700141.7k $9.2m $9.2m 0.01% New
75 Rosenthal | Henry Capital Advisors, Inc. 7.90% of their portfolio MISHAWAKA, IN 131,610131.6k $8.5m $8.5m 7.90% Unchanged
76 Slate Path Capital LP 0.11% of their portfolio New York, NY 130,003130.0k $8.4m $8.4m 0.11% New
77 HighTower Advisors, LLC 0.01% of their portfolio CHICAGO, IL 128,871128.9k $8.4m $8.4m 0.01% Added +1.8k +1,847
78 Parkside Investments, LLC 0.99% of their portfolio DEERFIELD, IL 121,171121.2k $7.9m $7.9m 0.99% Added +2.7k +2,705
79 NewSquare Capital LLC 0.68% of their portfolio NEWTOWN SQUARE, PA 119,171119.2k $7.7m $7.7m 0.68% Reduced -49.2k -49,208
80 RENAISSANCE TECHNOLOGIES LLC 0.01% of their portfolio NEW YORK, NY 117,300117.3k $7.6m $7.6m 0.01% Reduced -14.8k -14,800
81 BW Gestao de Investimentos Ltda. 0.27% of their portfolio SAO PAULO, D5 116,921116.9k $7.6m $7.6m 0.27% New
82 Wealth High Governance Capital Ltda 2.22% of their portfolio SAO PAULO, D5 116,921116.9k $7.6m $7.6m 2.22% New
83 Venture Visionary Partners LLC 0.25% of their portfolio Sylvania, OH 116,537116.5k $7.6m $7.6m 0.25% Reduced -4.8k -4,789
84 Trilogy Capital Inc. 0.33% of their portfolio IRVINE, CA 113,544113.5k $7.4m $7.4m 0.33% Added +8.5k +8,503
85 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.01% of their portfolio PLYMOUTH, MN 104,211104.2k $7.0m $7.0m 0.01% Added +75.2k +75,187
86 Prescott Group Capital Management, L.L.C. 0.62% of their portfolio Tulsa, OK 103,492103.5k $6.7m $6.7m 0.62% Unchanged
87 Annandale Capital, LLC 1.06% of their portfolio DALLAS, TX 100,000100.0k $6.5m $6.5m 1.06% Reduced -19.5k -19,500
88 Carnegie Investment Counsel 0.11% of their portfolio PEPPER PIKE, OH 93,23393.2k $6.0m $6.0m 0.11% Reduced -4.8k -4,782
89 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 88,05888.1k $5.7m $5.7m 0.00% Reduced -5.7k -5,718
90 Centiva Capital, LP 0.34% of their portfolio New York, NY 87,32987.3k $5.7m $5.7m 0.34% New
91 IMC-Chicago, LLC 0.10% of their portfolio CHICAGO, IL 87,00687.0k $5.6m $5.6m 0.10% Reduced -23.9k -23,872
92 Balyasny Asset Management L.P. 0.01% of their portfolio Chicago, IL 84,46884.5k $5.5m $5.5m 0.01% New
93 BANCO BILBAO VIZCAYA ARGENTARIA, S.A. 0.04% of their portfolio Madrid, U3 83,50983.5k $5.4m $5.4m 0.04% Added +27.6k +27,605
94 Cerity Partners LLC 0.01% of their portfolio NEW YORK, NY 77,57777.6k $5.0m $5.0m 0.01% Added +1.1k +1,108
95 Janney Montgomery Scott LLC 0.01% of their portfolio PHILADELPHIA, PA 75,61075.6k $4.9m $4.9m 0.01% Reduced -12.5k -12,544
96 OSAIC HOLDINGS, INC. 0.01% of their portfolio SCOTTSDALE, AZ 74,92474.9k $4.9m $4.9m 0.01% Reduced -21.3k -21,272
97 Twin Tree Management, LP 0.50% of their portfolio DALLAS, TX 74,81274.8k $4.8m $4.8m 0.50% Reduced -8.2k -8,231
98 FIRST NATIONAL BANK OF OMAHA 0.14% of their portfolio OMAHA, NE 74,58474.6k $4.9m $4.9m 0.14% New
99 First Interstate Bank 0.25% of their portfolio Billings, MT 72,90972.9k $4.7m $4.7m 0.25% Reduced -2.6k -2,620
100 GROUP ONE TRADING LLC 0.14% of their portfolio CHICAGO, IL 72,86672.9k $4.7m $4.7m 0.14% Added +49.4k +49,412