Vault-13

SPDR SER TR XRT

S&P RETAIL ETF · ETP · CUSIP 78464A714

148 institutional holders +26 vs Q3 2025
28,922,95128.9m shares reported held*
$2.5bnreported value*
44 new 34 added 36 reduced 21 sold out net bought ≈ $88.1m (+1.0m 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. Holder counts are more reliable. Implied quarter-end price ≈ $85.29. Options: 16 managers hold calls ($457.2m notional), 21 hold puts ($595.7m).

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

050100150Q3 22: 103Q4 22: 114Q1 23: 121Q2 23: 119Q3 23: 116Q4 23: 145Q1 24: 137Q2 24: 123Q3 24: 116Q4 24: 128Q1 25: 113Q2 25: 121Q3 25: 122Q4 25: 148148Q3 22Q2 23Q1 24Q4 24Q4 25
Numbers
QuarterHolders
Q3 2022103
Q4 2022114
Q1 2023121
Q2 2023119
Q3 2023116
Q4 2023145
Q1 2024137
Q2 2024123
Q3 2024116
Q4 2024128
Q1 2025113
Q2 2025121
Q3 2025122
Q4 2025148

Buyers vs sellers

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

Bought or addedCut or sold out
1000100Q1 24: 69 bought or addedQ1 24: 84 cut or sold outQ2 24: 58 bought or addedQ2 24: 79 cut or sold outQ2 24Q3 24: 41 bought or addedQ3 24: 72 cut or sold outQ4 24: 54 bought or addedQ4 24: 61 cut or sold outQ4 24Q1 25: 50 bought or addedQ1 25: 70 cut or sold outQ2 25: 53 bought or addedQ2 25: 59 cut or sold outQ2 25Q3 25: 52 bought or addedQ3 25: 57 cut or sold outQ4 25: 78 bought or addedQ4 25: 57 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 20246984
Q2 20245879
Q3 20244172
Q4 20245461
Q1 20255070
Q2 20255359
Q3 20255257
Q4 20257857

Calls vs puts

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

CallsPuts
$0$500m$1bn$1.5bnQ1 25 calls: $666.0mQ1 25 puts: $1.1bnQ1 25P/C 1.66Q2 25 calls: $696.8mQ2 25 puts: $1.3bnQ2 25P/C 1.80Q3 25 calls: $434.9mQ3 25 puts: $1.0bnQ3 25P/C 2.39Q4 25 calls: $457.2mQ4 25 puts: $595.7mQ4 25P/C 1.30
Numbers
QuarterCallsPutsP/C
Q1 2025$666.0m$1.1bn1.66
Q2 2025$696.8m$1.3bn1.80
Q3 2025$434.9m$1.0bn2.39
Q4 2025$457.2m$595.7m1.30

Biggest buyers

HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND Added +1,531,000+1.5m
MORGAN STANLEY Added +1,066,562+1.1m
Cartenna Capital, LP New +750,000+750.0k
UBS Group AG Added +720,636+720.6k
MEITAV INVESTMENT HOUSE LTD New +560,000+560.0k
Rokos Capital Management LLP New +366,470+366.5k
J. Goldman & Co LP New +305,658+305.7k
CITADEL ADVISORS LLC Added +254,013+254.0k
GOLDMAN SACHS GROUP INC Added +234,248+234.2k
Squarepoint Ops LLC Added +131,217+131.2k

Biggest sellers

JPMORGAN CHASE & CO Reduced -1,759,410-1.8m
BNP PARIBAS FINANCIAL MARKETS Reduced -976,006-976.0k
Clear Street Group Inc. Reduced -750,000-750.0k
BANK OF NOVA SCOTIA Sold out -500,000-500.0k
BANK OF AMERICA CORP /DE/ Reduced -416,774-416.8k
SG Americas Securities, LLC Reduced -355,475-355.5k
CITIGROUP INC Reduced -276,734-276.7k
Atom Investors LP Reduced -232,391-232.4k
CASTLEARK MANAGEMENT LLC Sold out -188,220-188.2k
READYSTATE ASSET MANAGEMENT LP Sold out -143,625-143.6k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $102.4m1.2m shares
CITADEL ADVISORS LLC Added $78.9m924.7k shares
Balyasny Asset Management L.P. Added $61.6m722.6k shares
UBS Group AG Added $54.4m637.7k shares
BARCLAYS PLC New $51.2m600.0k shares
MILLENNIUM MANAGEMENT LLC Added $39.9m467.6k shares
JANE STREET GROUP, LLC Reduced $30.8m360.9k shares
Walleye Trading LLC Added $13.0m152.9k shares
Squarepoint Ops LLC Added $12.0m141.1k shares
Jain Global LLC New $4.3m50.0k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $244.7m2.9m shares
Balyasny Asset Management L.P. Reduced $88.6m1.0m shares
CITADEL ADVISORS LLC Reduced $66.9m784.9k shares
JANE STREET GROUP, LLC Reduced $34.4m403.5k shares
BW Gestao de Investimentos Ltda. Reduced $25.6m300.0k shares
Walleye Trading LLC Added $24.6m288.2k shares
CITIGROUP INC Unchanged $22.2m260.0k shares
Allianz Asset Management GmbH Reduced $19.3m225.8k shares
MILLENNIUM MANAGEMENT LLC Unchanged $12.8m150.0k shares
UBS Group AG Reduced $12.7m149.2k 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 HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 1.61% of their portfolio TORONTO, A6 11,121,00011.1m $948.5m $948.5m 1.61% Added +1.5m +1,531,000
2 MORGAN STANLEY 0.01% of their portfolio NEW YORK, NY 1,829,2481.8m $156.0m $156.0m 0.01% Added +1.1m +1,066,562
3 UBS Group AG 0.03% of their portfolio ZURICH, V8 1,585,5531.6m $135.2m $135.2m 0.03% Added +720.6k +720,636
4 CANADA PENSION PLAN INVESTMENT BOARD 0.08% of their portfolio TORONTO ONTARIO, A6 1,400,0001.4m $119.4m $119.4m 0.08% Unchanged
5 MIRAE ASSET SECURITIES (USA) INC. 4.39% of their portfolio NEW YORK, NY 1,300,0001.3m $110.9m $110.9m 4.39% Unchanged
6 BARCLAYS PLC 0.03% of their portfolio LONDON, X0 983,724983.7k $83.9m $83.9m 0.03% Added +73.2k +73,159
7 BANK OF AMERICA CORP /DE/ 0.01% of their portfolio CHARLOTTE, NC 837,819837.8k $71.5m $71.5m 0.01% Reduced -416.8k -416,774
8 CITIGROUP INC 0.04% of their portfolio NEW YORK, NY 752,143752.1k $64.2m $64.2m 0.04% Reduced -276.7k -276,734
9 TORONTO DOMINION BANK 0.11% of their portfolio TORONTO, ONTARIO, A6 750,000750.0k $64.0m $64.0m 0.11% Reduced -133 -133
10 SUSQUEHANNA ADVISORS GROUP, INC. 2.06% of their portfolio BALA CYNWYD, PA 750,000750.0k $64.0m $64.0m 2.06% Unchanged
11 Cartenna Capital, LP 3.37% of their portfolio STAMFORD, CT 750,000750.0k $64.0m $64.0m 3.37% New
12 GOLDMAN SACHS GROUP INC 0.01% of their portfolio NEW YORK, NY 730,343730.3k $62.3m $62.3m 0.01% Added +234.2k +234,248
13 STATE OF WISCONSIN INVESTMENT BOARD 0.12% of their portfolio MADISON, WI 633,318633.3k $54.0m $54.0m 0.12% Reduced -48.2k -48,162
14 MEITAV INVESTMENT HOUSE LTD 0.55% of their portfolio BENE-BERAQ, L3 560,000560.0k $47.8m $47.8m 0.55% New
15 NATIXIS 0.16% of their portfolio PARIS, I0 491,841491.8k $41.9m $41.9m 0.16% Reduced -8.6k -8,581
16 Clear Street Group Inc. 0.20% of their portfolio NEW YORK, NY 450,000450.0k $38.4m $38.4m 0.20% Reduced -750.0k -750,000
17 Rokos Capital Management LLP 0.46% of their portfolio LONDON, X0 366,470366.5k $31.3m $31.3m 0.46% New
18 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.04% of their portfolio BALA CYNWYD, PA 330,610330.6k $28.2m $28.2m 0.04% Reduced -18.0k -17,975
19 J. Goldman & Co LP 1.01% of their portfolio NEW YORK, NY 305,658305.7k $26.1m $26.1m 1.01% New
20 CITADEL ADVISORS LLC 0.02% of their portfolio MIAMI, FL 298,704298.7k $25.5m $25.5m 0.02% Added +254.0k +254,013
21 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 180,709180.7k $15.4m $15.4m 0.00% Added +3.1k +3,070
22 Squarepoint Ops LLC 0.03% of their portfolio NEW YORK, NY 179,535179.5k $15.3m $15.3m 0.03% Added +131.2k +131,217
23 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 143,175143.2k $12.2m $12.2m 0.00% Reduced -19.5k -19,453
24 Quadrature Capital Ltd 0.11% of their portfolio LONDON, X0 131,999132.0k $11.3m $11.3m 0.11% Added +50.0k +50,004
25 D. E. Shaw & Co., Inc. 0.01% of their portfolio New York, NY 131,485131.5k $11.2m $11.2m 0.01% Added +85.8k +85,813
26 ExodusPoint Capital Management, LP 0.12% of their portfolio NEW YORK, NY 130,811130.8k $11.2m $11.2m 0.12% New
27 MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio NEW YORK, NY 129,092129.1k $11.0m $11.0m 0.01% New
28 Qube Research & Technologies Ltd 0.02% of their portfolio LONDON, X0 126,637126.6k $10.8m $10.8m 0.02% Added +126.6k +126,590
29 Broad Peak Investment Advisers Pte Ltd 1.83% of their portfolio SINGAPORE, U0 119,500119.5k $10.2m $10.2m 1.83% Added +49.9k +49,900
30 MARSHALL WACE, LLP 0.01% of their portfolio LONDON, X0 107,021107.0k $9.1m $9.1m 0.01% Added +90.5k +90,521
31 BOOTHBAY FUND MANAGEMENT, LLC 0.21% of their portfolio NEW YORK, NY 97,26697.3k $8.3m $8.3m 0.21% New
32 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 80,34880.3k $6.9m $6.9m 0.00% New
33 Lighthouse Investment Partners, LLC 0.21% of their portfolio Palm Beach Gardens, FL 74,85674.9k $6.4m $6.4m 0.21% New
34 Tidal Investments LLC 0.03% of their portfolio Milwaukee, WI 73,66273.7k $6.3m $6.3m 0.03% Added +58.8k +58,764
35 GROUP ONE TRADING LLC 0.18% of their portfolio CHICAGO, IL 70,87970.9k $6.0m $6.0m 0.18% New
36 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 69,73769.7k $5.9m $5.9m 0.00% Added +13.0k +12,994
37 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 64,42464.4k $5.5m $5.5m 0.00% New
38 SG Americas Securities, LLC 0.01% of their portfolio NEW YORK, NY 55,13155.1k $4.7m $4.7m 0.01% Reduced -355.5k -355,475
39 Perbak Capital Partners LLP 1.37% of their portfolio LONDON, X0 52,66352.7k $4.5m $4.5m 1.37% New
40 HRT FINANCIAL LP 0.01% of their portfolio NEW YORK, NY 40,27340.3k $3.4m $3.4m 0.01% New
41 TWO SIGMA INVESTMENTS, LP 0.00% of their portfolio NEW YORK, NY 34,67334.7k $3.0m $3.0m 0.00% Reduced -38.2k -38,212
42 Caption Management, LLC 0.12% of their portfolio OKLAHOMA CITY, OK 32,40032.4k $2.8m $2.8m 0.12% New
43 Sage Advisory Services, Ltd.Co. 1.50% of their portfolio AUSTIN, TX 32,20232.2k $2.7m $2.7m 1.50% New
44 Steward Partners Investment Advisory, LLC 0.01% of their portfolio STAMFORD, CT 30,92230.9k $2.6m $2.6m 0.01% Reduced -124 -124
45 SANDLER CAPITAL MANAGEMENT 1.05% of their portfolio NEW YORK, NY 27,30027.3k $2.3m $2.3m 1.05% New
46 Graham Capital Management, L.P. 0.07% of their portfolio ROWAYTON, CT 24,00024.0k $2.0m $2.0m 0.07% New
47 Ellis Investment Partners, LLC 0.33% of their portfolio Berwyn, PA 22,07622.1k $1.9m $1.9m 0.33% Added +421 +421
48 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 21,67821.7k $1.8m $1.8m 0.00% Added +17.4k +17,448
49 Atria Investments, Inc 0.02% of their portfolio Charlotte, NC 20,88020.9k $1.8m $1.8m 0.02% New
50 Parallax Volatility Advisers, L.P. 0.05% of their portfolio San Francisco, CA 19,36119.4k $1.7m $1.7m 0.05% Reduced -9.0k -9,028
51 IMC-Chicago, LLC 0.03% of their portfolio CHICAGO, IL 19,22219.2k $1.6m $1.6m 0.03% Reduced -19.1k -19,117
52 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 18,55818.6k $1.6m $1.6m 0.00% Reduced -661 -661
53 Focus Partners Wealth 0.00% of their portfolio ST LOUIS, MO 18,15118.2k $1.5m $1.5m 0.00% New
54 Empowered Funds, LLC 0.02% of their portfolio NEWTOWN SQUARE, PA 16,17116.2k $1.4m $1.4m 0.02% Reduced -483 -483
55 Maven Securities LTD 0.16% of their portfolio ST HELIER, Y9 14,63414.6k $1.2m $1.2m 0.16% Reduced -18.5k -18,478
56 Fisher Asset Management, LLC 0.00% of their portfolio PLANO, TX 12,85712.9k $1.1m $1.1m 0.00% Added +29 +29
57 Venture Visionary Partners LLC 0.03% of their portfolio Sylvania, OH 12,30312.3k $1.0m $1.0m 0.03% Reduced -16 -16
58 DV Trading LLC 0.09% of their portfolio CHICAGO, IL 11,87611.9k $1.0m $1.0m 0.09% First filing
59 HighTower Advisors, LLC 0.00% of their portfolio CHICAGO, IL 11,13611.1k $949.8k $949.8k 0.00% Added +3 +3
60 Headlands Technologies LLC 0.08% of their portfolio CHICAGO, IL 10,99011.0k $937.3k $937.3k 0.08% New
61 LEUTHOLD GROUP, LLC 0.09% of their portfolio MINNEAPOLIS, MN 10,28610.3k $877.3k $877.3k 0.09% New
62 Envestnet Portfolio Solutions, Inc. 0.00% of their portfolio BERWYN, PA 9,8449.8k $839.6k $839.6k 0.00% New
63 DYMON ASIA CAPITAL (SINGAPORE) PTE. LTD. 0.17% of their portfolio Singapore, U0 8,8008.8k $750.6k $750.6k 0.17% New
64 MENORA MIVTACHIM HOLDINGS LTD. 0.00% of their portfolio Ramat Gan, L3 8,0008.0k $682.3k $682.3k 0.00% Added +4.0k +4,000
65 DRW Securities, LLC 0.05% of their portfolio CHICAGO, IL 7,5437.5k $643.3k $643.3k 0.05% Added +3.8k +3,751
66 LuminArx Capital Management LP 0.61% of their portfolio NEW YORK, NY 7,5007.5k $639.7k $639.7k 0.61% First filing
67 Twin Tree Management, LP 0.06% of their portfolio DALLAS, TX 7,3297.3k $625.1k $625.1k 0.06% Reduced -119.9k -119,852
68 CIBC WORLD MARKETS CORP 0.00% of their portfolio NEW YORK, NY 7,2507.2k $618.4k $618.4k 0.00% First filing
69 Cetera Investment Advisers 0.00% of their portfolio SCHAUMBURG, IL 7,2217.2k $615.9k $615.9k 0.00% Added +3.5k +3,526
70 Baird Financial Group, Inc. 0.00% of their portfolio MILWAUKEE, WI 6,3086.3k $538.0k $538.0k 0.00% New
71 WASHINGTON GROWTH STRATEGIES LLC 0.35% of their portfolio WASHINGTON, DC 6,2776.3k $535.4k $535.4k 0.35% Unchanged
72 Janney Montgomery Scott LLC 0.00% of their portfolio PHILADELPHIA, PA 6,2116.2k $530.0k $530.0k 0.00% Added +2.4k +2,404
73 HOLDERNESS INVESTMENTS CO 0.10% of their portfolio GREENSBORO, NC 6,0006.0k $511.7k $511.7k 0.10% Unchanged
74 BANCO BILBAO VIZCAYA ARGENTARIA, S.A. 0.00% of their portfolio Madrid, U3 5,8245.8k $498.2k $498.2k 0.00% New
75 Edgestream Partners, L.P. 0.01% of their portfolio Princeton, NJ 5,7675.8k $491.9k $491.9k 0.01% New
76 STIFEL FINANCIAL CORP 0.00% of their portfolio ST. LOUIS, MO 5,4335.4k $463.6k $463.6k 0.00% Added +1.6k +1,581
77 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 5,4065.4k $461.1k $461.1k 0.00% Reduced -677 -677
78 Atom Investors LP 0.04% of their portfolio AUSTIN, TX 5,3915.4k $459.8k $459.8k 0.04% Reduced -232.4k -232,391
79 CIBC WORLD MARKET INC. 0.00% of their portfolio TORONTO, A6 5,2355.2k $446.5k $446.5k 0.00% New
80 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 5,1745.2k $441.3k $441.3k 0.00% Added +1.0k +1,010
81 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 5,0345.0k $429.4k $429.4k 0.00% Reduced -1.8m -1,759,410
82 TRUIST FINANCIAL CORP 0.00% of their portfolio CHARLOTTE, NC 4,8744.9k $415.7k $415.7k 0.00% Added +2.4k +2,406
83 Institute for Wealth Management, LLC. 0.04% of their portfolio DENVER, CO 4,6904.7k $400.0k $400.0k 0.04% Reduced -27 -27
84 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 4,5964.6k $392.2k $392.2k 0.00% Reduced -415 -415
85 INDEPENDENT FINANCIAL GROUP, LLC 0.01% of their portfolio SAN DIEGO, CA 4,5404.5k $387.2k $387.2k 0.01% Unchanged
86 Verity & Verity, LLC 0.02% of their portfolio BEAUFORT, SC 3,6053.6k $307.5k $307.5k 0.02% New
87 Pinnacle Family Advisors, LLC 0.13% of their portfolio Springfield, MO 3,5253.5k $300.6k $300.6k 0.13% New
88 Quantbot Technologies LP 0.01% of their portfolio NEW YORK, NY 3,5163.5k $299.9k $299.9k 0.01% Added +26 +26
89 Acorns Advisers, LLC 0.00% of their portfolio IRVINE, CA 3,4583.5k $295.0k $295.0k 0.00% Added +518 +518
90 Advisory Services Network, LLC 0.00% of their portfolio ATLANTA, GA 3,3413.3k $285.0k $285.0k 0.00% Reduced -142 -142
91 Voya Financial Advisors, Inc. 0.03% of their portfolio WINDSOR, CT 3,3393.3k $289.0k $289.0k 0.03% New
92 Rockefeller Capital Management L.P. 0.00% of their portfolio NEW YORK, NY 3,2243.2k $275.0k $275.0k 0.00% Unchanged
93 Fortis Group Advisors, LLC 0.05% of their portfolio WESTWOOD, NJ 3,2163.2k $277.6k $277.6k 0.05% New
94 West Tower Group, LLC 0.63% of their portfolio RICHMOND, VA 3,2003.2k $272.9k $272.9k 0.63% New
95 Private Advisor Group, LLC 0.00% of their portfolio MORRISTOWN, NJ 3,1183.1k $265.9k $265.9k 0.00% Unchanged
96 Bedell Frazier Investment Counselling, LLC 0.05% of their portfolio Walnut Creek, CA 3,0063.0k $256.4k $256.4k 0.05% New
97 Stonebridge Financial Planning Group, LLC 0.08% of their portfolio ORLANDO, FL 2,6502.6k $226.0k $226.0k 0.08% Reduced -400 -400
98 Cambridge Investment Research Advisors, Inc. 0.00% of their portfolio FAIRFIELD, IA 2,6022.6k $222.0k $222.0k 0.00% New
99 McGuire Investment Group, LLC 0.02% of their portfolio WAKEFIELD, RI 2,4072.4k $205.3k $205.3k 0.02% Reduced -484 -484
100 Vestcor Inc 0.01% of their portfolio FREDERICTON, A3 2,1502.1k $183.0k $183.0k 0.01% Reduced -4.3k -4,300