Vault-13

SPDR SERIES TRUST XME

S&P METALS MNG · ETP · CUSIP 78464A755

316 institutional holders +49 vs Q2 2025
22,883,85322.9m shares reported held*
$2.1bnreported value*
77 new 92 added 85 reduced 23 sold out net sold ≈ $74.1m (-793.6k 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 ($3.5m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $93.19. Options: 21 managers hold calls ($437.0m notional), 19 hold puts ($860.2m).

Trends to Q3 2025

Institutional holders

Managers reporting a position, each quarter

0200400Q3 22: 244Q4 22: 282Q1 23: 291Q2 23: 278Q3 23: 266Q4 23: 273Q1 24: 270Q2 24: 296Q3 24: 259Q4 24: 277Q1 25: 260Q2 25: 267Q3 25: 316316Q3 22Q2 23Q1 24Q4 24Q3 25
Numbers
QuarterHolders
Q3 2022244
Q4 2022282
Q1 2023291
Q2 2023278
Q3 2023266
Q4 2023273
Q1 2024270
Q2 2024296
Q3 2024259
Q4 2024277
Q1 2025260
Q2 2025267
Q3 2025316

Buyers vs sellers

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

Bought or addedCut or sold out
2000200Q4 23: 127 bought or addedQ4 23: 129 cut or sold outQ1 24: 135 bought or addedQ1 24: 136 cut or sold outQ1 24Q2 24: 155 bought or addedQ2 24: 117 cut or sold outQ3 24: 84 bought or addedQ3 24: 179 cut or sold outQ3 24Q4 24: 135 bought or addedQ4 24: 97 cut or sold outQ1 25: 110 bought or addedQ1 25: 143 cut or sold outQ1 25Q2 25: 115 bought or addedQ2 25: 130 cut or sold outQ3 25: 169 bought or addedQ3 25: 108 cut or sold outQ3 25
Numbers
QuarterBought or addedCut or sold out
Q4 2023127129
Q1 2024135136
Q2 2024155117
Q3 202484179
Q4 202413597
Q1 2025110143
Q2 2025115130
Q3 2025169108

Calls vs puts

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

CallsPuts
$0$250m$500m$750m$1bnQ4 24 calls: $231.9mQ4 24 puts: $614.7mQ4 24P/C 2.65Q1 25 calls: $249.1mQ1 25 puts: $454.1mQ1 25P/C 1.82Q2 25 calls: $250.4mQ2 25 puts: $526.8mQ2 25P/C 2.10Q3 25 calls: $437.0mQ3 25 puts: $860.2mQ3 25P/C 1.97
Numbers
QuarterCallsPutsP/C
Q4 2024$231.9m$614.7m2.65
Q1 2025$249.1m$454.1m1.82
Q2 2025$250.4m$526.8m2.10
Q3 2025$437.0m$860.2m1.97

Biggest buyers

BNP PARIBAS FINANCIAL MARKETS Added +879,336+879.3k
WELLS FARGO & COMPANY/MN Added +581,569+581.6k
MORGAN STANLEY Added +404,715+404.7k
CITIGROUP INC Added +311,902+311.9k
Tidal Investments LLC New +207,554+207.6k
BANK OF NOVA SCOTIA Added +198,220+198.2k
ENVESTNET ASSET MANAGEMENT INC Added +146,289+146.3k
POTOMAC FUND MANAGEMENT INC /ADV New +132,123+132.1k
UBS Group AG Added +127,553+127.6k
MILLENNIUM MANAGEMENT LLC New +124,113+124.1k

Biggest sellers

JPMORGAN CHASE & CO Reduced -1,282,570-1.3m
Clal Insurance Enterprises Holdings Ltd Sold out -1,000,000-1.0m
TWO SIGMA INVESTMENTS, LP Sold out -600,000-600.0k
BARCLAYS PLC Reduced -544,764-544.8k
MENORA MIVTACHIM HOLDINGS LTD. Reduced -489,500-489.5k
BANK OF AMERICA CORP /DE/ Reduced -417,949-417.9k
Condire Management, LP Reduced -148,009-148.0k
Squarepoint Ops LLC Sold out -114,221-114.2k
ROYAL BANK OF CANADA Reduced -112,151-112.2k
Tower Research Capital LLC (TRC) Reduced -98,244-98.2k

Biggest calls

CAPSTONE INVESTMENT ADVISORS, LLC Added $98.3m1.1m shares
PEAK6 LLC Added $68.2m731.6k shares
UBS Group AG Reduced $57.2m613.6k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $47.3m507.2k shares
BARCLAYS PLC New $34.5m370.6k shares
CITADEL ADVISORS LLC Added $24.7m265.3k shares
JANE STREET GROUP, LLC Added $21.4m230.0k shares
Volterra Technologies LP New $19.0m203.7k shares
MILLENNIUM MANAGEMENT LLC Reduced $14.5m156.0k shares
Caption Management, LLC New $9.3m100.0k shares

Biggest puts

Elliott Investment Management L.P. Reduced $130.5m1.4m shares
BARCLAYS PLC New $103.9m1.1m shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $100.1m1.1m shares
CAPSTONE INVESTMENT ADVISORS, LLC Added $98.3m1.1m shares
BANK OF AMERICA CORP /DE/ Added $96.3m1.0m shares
SCOPUS ASSET MANAGEMENT, L.P. Added $74.6m800.0k shares
JANE STREET GROUP, LLC Reduced $63.3m679.0k shares
MILLENNIUM MANAGEMENT LLC Added $55.0m590.0k shares
CITADEL ADVISORS LLC Added $34.7m372.1k shares
RPO LLC New $22.0m236.0k 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 MORGAN STANLEY 0.01% of their portfolio NEW YORK, NY 2,532,7982.5m $236.0m $236.0m 0.01% Added +404.7k +404,715
2 MENORA MIVTACHIM HOLDINGS LTD. 1.09% of their portfolio Ramat Gan, L3 2,303,5502.3m $214.7m $214.7m 1.09% Reduced -489.5k -489,500
3 BANK OF AMERICA CORP /DE/ 0.01% of their portfolio CHARLOTTE, NC 1,869,7141.9m $174.2m $174.2m 0.01% Reduced -417.9k -417,949
4 GOLDMAN SACHS GROUP INC 0.02% of their portfolio NEW YORK, NY 1,198,6561.2m $111.7m $111.7m 0.02% Reduced -39.2k -39,198
5 BNP PARIBAS FINANCIAL MARKETS 0.08% of their portfolio PARIS, I0 1,080,6641.1m $100.7m $100.7m 0.08% Added +879.3k +879,336
6 Vanderbilt University 15.04% of their portfolio NASHVILLE, TN 972,409972.4k $90.6m $90.6m 15.04% Added +1.1k +1,070
7 Harel Insurance Investments & Financial Services Ltd. 0.77% of their portfolio Ramat Gan, L3 921,500921.5k $85.9m $85.9m 0.77% Reduced -14.0k -14,000
8 BARCLAYS PLC 0.03% of their portfolio LONDON, X0 816,234816.2k $76.1m $76.1m 0.03% Reduced -544.8k -544,764
9 WELLS FARGO & COMPANY/MN 0.02% of their portfolio SAN FRANCISCO, CA 806,250806.2k $75.1m $75.1m 0.02% Added +581.6k +581,569
10 NATIXIS 0.40% of their portfolio PARIS, I0 804,650804.6k $75.0m $75.0m 0.40% Added +1.9k +1,862
11 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 676,752676.8k $63.1m $63.1m 0.00% Reduced -1.3m -1,282,570
12 LPL Financial LLC 0.02% of their portfolio FORT MILL, SC 571,690571.7k $53.3m $53.3m 0.02% Added +103.4k +103,415
13 CITIGROUP INC 0.03% of their portfolio NEW YORK, NY 485,894485.9k $45.3m $45.3m 0.03% Added +311.9k +311,902
14 SCS Capital Management LLC 0.45% of their portfolio BOSTON, MA 439,896439.9k $41.0m $41.0m 0.45% Reduced -15.5k -15,538
15 RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio ST. PETERSBURG, FL 369,903369.9k $34.5m $34.5m 0.01% Added +23.2k +23,212
16 ROYAL BANK OF CANADA 0.01% of their portfolio TORONTO, A6 332,457332.5k $31.0m $31.0m 0.01% Reduced -112.2k -112,151
17 HighTower Advisors, LLC 0.03% of their portfolio CHICAGO, IL 323,328323.3k $30.1m $30.1m 0.03% Added +3.5k +3,505
18 UBS Group AG 0.01% of their portfolio ZURICH, V8 307,719307.7k $28.7m $28.7m 0.01% Added +127.6k +127,553
19 Tidal Investments LLC 0.08% of their portfolio Milwaukee, WI 207,554207.6k $19.3m $19.3m 0.08% New
20 Volterra Technologies LP 12.59% of their portfolio New York, NY 203,816203.8k $19.0m $19.0m 12.59% Added +58.5k +58,483
21 BANK OF NOVA SCOTIA 0.03% of their portfolio TORONTO, A6 202,052202.1k $18.8m $18.8m 0.03% Added +198.2k +198,220
22 PRUDENTIAL PLC 0.12% of their portfolio LONDON, X0 178,400178.4k $16.6m $16.6m 0.12% Added +42.7k +42,700
23 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 171,984172.0k $16.0m $16.0m 0.00% Added +146.3k +146,289
24 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.02% of their portfolio BALA CYNWYD, PA 170,440170.4k $15.9m $15.9m 0.02% Added +96.6k +96,645
25 POTOMAC FUND MANAGEMENT INC /ADV 0.52% of their portfolio BETHESDA, MD 132,123132.1k $12.3m $12.3m 0.52% New
26 OSAIC HOLDINGS, INC. 0.02% of their portfolio SCOTTSDALE, AZ 129,159129.2k $11.7m $11.7m 0.02% Added +11.5k +11,482
27 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 125,204125.2k $11.7m $11.7m 0.00% Added +68.4k +68,422
28 MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio NEW YORK, NY 124,113124.1k $11.6m $11.6m 0.01% New
29 SMI Advisory Services, LLC 2.04% of their portfolio COLUMBUS, IN 110,417110.4k $10.8m $10.8m 2.04% New
30 Legend Financial Advisors, Inc. 6.17% of their portfolio PITTSBURGH, PA 107,994108.0k $10.1m $10.1m 6.17% Reduced -15.2k -15,211
31 FORTEM FINANCIAL GROUP, LLC 2.86% of their portfolio PALM DESERT, CA 106,949106.9k $10.0m $10.0m 2.86% Added +1.9k +1,909
32 Cetera Investment Advisers 0.01% of their portfolio SCHAUMBURG, IL 106,206106.2k $9.9m $9.9m 0.01% Added +27.7k +27,696
33 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 100,554100.6k $9.4m $9.4m 0.00% Added +61.0k +61,003
34 Cresset Asset Management, LLC 0.04% of their portfolio Chicago, IL 97,93097.9k $9.1m $9.1m 0.04% Reduced -11.5k -11,464
35 Private Advisor Group, LLC 0.04% of their portfolio MORRISTOWN, NJ 95,84395.8k $8.9m $8.9m 0.04% Added +63.4k +63,413
36 Allianz SE 0.17% of their portfolio Munich, 2M 84,27084.3k $7.9m $7.9m 0.17% Reduced -16.8k -16,800
37 JENNISON ASSOCIATES LLC 0.00% of their portfolio NEW YORK, NY 83,49183.5k $7.8m $7.8m 0.00% Added +1.9k +1,901
38 Kingsview Wealth Management, LLC 0.11% of their portfolio GRANTS PASS, OR 80,11980.1k $7.5m $7.5m 0.11% Added +74.5k +74,482
39 FOCUS Wealth Advisors, LLC 3.43% of their portfolio HOUSTON, TX 76,58676.6k $7.1m $7.1m 3.43% Reduced -384 -384
40 PNC Financial Services Group, Inc. 0.00% of their portfolio Pittsburgh, PA 74,55274.6k $6.9m $6.9m 0.00% Added +5.3k +5,319
41 AE Wealth Management LLC 0.04% of their portfolio TOPEKA, KS 73,44073.4k $6.8m $6.8m 0.04% Reduced -37.9k -37,854
42 Ted Buchan & Co 2.66% of their portfolio San Diego, CA 72,83372.8k $6.8m $6.8m 2.66% Reduced -17.7k -17,683
43 Financially Speaking Inc 4.30% of their portfolio GREENWOOD VILLAGE, CO 70,28270.3k $6.5m $6.5m 4.30% New
44 OKABENA INVESTMENT SERVICES INC 1.18% of their portfolio MINNEAPOLIS, MN 65,38765.4k $6.1m $6.1m 1.18% Unchanged
45 HERBST GROUP, LLC 3.56% of their portfolio WESTPORT, CT 61,37661.4k $5.7m $5.7m 3.56% Reduced -10.1k -10,076
46 EVOKE WEALTH, LLC 0.11% of their portfolio Los Angeles, CA 57,67757.7k $5.4m $5.4m 0.11% Added +34.8k +34,841
47 Cambridge Investment Research Advisors, Inc. 0.01% of their portfolio FAIRFIELD, IA 55,49655.5k $5.2m $5.2m 0.01% Reduced -5.6k -5,629
48 CAXTON ASSOCIATES LLP 0.14% of their portfolio LONDON, X0 55,42655.4k $5.2m $5.2m 0.14% New
49 Balyasny Asset Management L.P. 0.01% of their portfolio Chicago, IL 54,80054.8k $5.1m $5.1m 0.01% Added +16.0k +16,000
50 Norris Financial Group, LLC 1.84% of their portfolio GREENVILLE, SC 53,98354.0k $5.0m $5.0m 1.84% New
51 Jaffetilchin Investment Partners, LLC 0.30% of their portfolio TAMPA, FL 53,19553.2k $5.0m $5.0m 0.30% Reduced -815 -815
52 Private Wealth Advisors, LLC 1.82% of their portfolio Fresno, CA 51,94751.9k $4.8m $4.8m 1.82% Reduced -1.0k -1,046
53 COMMONWEALTH EQUITY SERVICES, LLC 0.01% of their portfolio WALTHAM, MA 51,13551.1k $4.8m $4.8m 0.01% Added +6.0k +5,999
54 Maven Securities LTD 0.91% of their portfolio ST HELIER, Y9 50,84750.8k $4.7m $4.7m 0.91% Added +22.7k +22,691
55 Dynamic Advisor Solutions LLC 0.13% of their portfolio PHOENIX, AZ 48,75648.8k $4.5m $4.5m 0.13% Added +1.8k +1,777
56 Mariner, LLC 0.01% of their portfolio Overland Park, KS 48,61148.6k $4.5m $4.5m 0.01% Added +31.6k +31,594
57 SG Americas Securities, LLC 0.02% of their portfolio NEW YORK, NY 48,29048.3k $4.5m $4.5m 0.02% Reduced -9.7k -9,744
58 Tradewinds, LLC. 1.10% of their portfolio RALEIGH, NC 48,28248.3k $4.5m $4.5m 1.10% New
59 Decker Retirement Planning Inc. 2.45% of their portfolio LEVI, UT 47,78547.8k $4.5m $4.5m 2.45% Reduced -76.5k -76,471
60 Wellington Shields Capital Management, LLC 0.66% of their portfolio NEW YORK, NY 46,72146.7k $4.4m $4.4m 0.66% Reduced -426 -426
61 Wealthfront Advisers LLC 0.01% of their portfolio Palo Alto, CA 46,35546.4k $4.3m $4.3m 0.01% Added +6.2k +6,171
62 ARS Investment Partners, LLC 0.27% of their portfolio New York, NY 44,58344.6k $4.2m $4.2m 0.27% Reduced -23.4k -23,385
63 TUDOR INVESTMENT CORP ET AL 0.03% of their portfolio STAMFORD, CT 41,95142.0k $3.9m $3.9m 0.03% Reduced -22.6k -22,624
64 Greenline Partners, LLC 0.47% of their portfolio NEW YORK, NY 41,84041.8k $3.9m $3.9m 0.47% Unchanged
65 J. Goldman & Co LP 0.14% of their portfolio NEW YORK, NY 40,17240.2k $3.7m $3.7m 0.14% New
66 Graham Capital Management, L.P. 0.14% of their portfolio ROWAYTON, CT 40,00040.0k $3.7m $3.7m 0.14% Reduced -50.0k -50,000
67 Silver Coast Investments LLC 1.21% of their portfolio SAN DIEGO, X1 37,94037.9k $3.5m $3.5m 1.21% Reduced -9.8k -9,850
68 180 WEALTH ADVISORS, LLC 0.42% of their portfolio FEDERAL WAY, WA 37,35437.4k $3.5m $3.5m 0.42% Added +537 +537
69 SCOTIA CAPITAL INC. 0.01% of their portfolio TORONTO, A6 37,33437.3k $3.5m $3.5m 0.01% Reduced -2.3k -2,317
70 CIBC WORLD MARKET INC. 0.01% of their portfolio TORONTO, A6 33,76633.8k $3.1m $3.1m 0.01% Added +6.1k +6,130
71 CREATIVE FINANCIAL DESIGNS INC /ADV 0.21% of their portfolio KOKOMO, IN 33,03133.0k $3.1m $3.1m 0.21% Added +30.0k +30,007
72 Fifth Third Securities, Inc. 0.21% of their portfolio Cincinnati, OH 32,89632.9k $3.1m $3.1m 0.21% Reduced -2.5k -2,475
73 HERITAGE OAK WEALTH ADVISORS LLC 1.10% of their portfolio SANTA ROSA BEACH, FL 32,40332.4k $3.0m $3.0m 1.10% Reduced -5.3k -5,308
74 Quarry LP 0.73% of their portfolio NEW YORK, NY 32,27232.3k $3.0m $3.0m 0.73% Added +24.3k +24,272
75 Beacon Pointe Advisors, LLC 0.03% of their portfolio NEWPORT BEACH, CA 32,13332.1k $3.0m $3.0m 0.03% New
76 Clark Capital Management Group, Inc. 0.02% of their portfolio PHILADELPHIA, PA 32,03332.0k $3.0m $3.0m 0.02% Added +18.2k +18,207
77 PFG Advisors 0.12% of their portfolio Phoenix, AZ 30,55330.6k $2.8m $2.8m 0.12% Added +1.4k +1,376
78 Manatuck Hill Partners, LLC 0.95% of their portfolio WESTPORT, CT 30,00030.0k $2.8m $2.8m 0.95% New
79 FOUNDERS FINANCIAL SECURITIES LLC 0.19% of their portfolio TOWSON, MD 29,92129.9k $2.8m $2.8m 0.19% New
80 Meridian Wealth Management, LLC 0.10% of their portfolio LEXINGTON, KY 28,72928.7k $2.7m $2.7m 0.10% Added +18.4k +18,359
81 Compagnie Lombard Odier SCmA 0.03% of their portfolio 1204 GENEVA, V8 28,20028.2k $2.6m $2.6m 0.03% Unchanged
82 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 27,99828.0k $2.6m $2.6m 0.00% Added +19.4k +19,422
83 Fisher Asset Management, LLC 0.00% of their portfolio PLANO, TX 27,04427.0k $2.5m $2.5m 0.00% Reduced -1.2k -1,244
84 Hilltop Holdings Inc. 0.13% of their portfolio DALLAS, TX 26,78026.8k $2.5m $2.5m 0.13% Reduced -1.6k -1,617
85 Pekin Hardy Strauss, Inc. 0.25% of their portfolio CHICAGO, IL 26,36426.4k $2.5m $2.5m 0.25% Reduced -200 -200
86 STIFEL FINANCIAL CORP 0.00% of their portfolio ST. LOUIS, MO 25,27025.3k $2.4m $2.4m 0.00% Added +5.4k +5,444
87 MML INVESTORS SERVICES, LLC 0.01% of their portfolio SPRINGFIELD, MA 24,63924.6k $2.3m $2.3m 0.01% Added +16.2k +16,211
88 Clarus Wealth Advisors 1.03% of their portfolio PEORIA, AZ 23,89623.9k $2.3m $2.3m 1.03% Reduced -1.3k -1,322
89 HARBOUR INVESTMENTS, INC. 0.05% of their portfolio MADISON, WI 22,56022.6k $2.1m $2.1m 0.05% Reduced -3.2k -3,181
90 IHT Wealth Management, LLC 0.05% of their portfolio Chicago, IL 22,45822.5k $2.1m $2.1m 0.05% Reduced -596 -596
91 PINNACLE ASSOCIATES LTD 0.03% of their portfolio NEW YORK, NY 22,19722.2k $2.1m $2.1m 0.03% Reduced -457 -457
92 Atom Investors LP 0.16% of their portfolio AUSTIN, TX 22,12422.1k $2.1m $2.1m 0.16% New
93 BANCO BILBAO VIZCAYA ARGENTARIA, S.A. 0.02% of their portfolio Madrid, U3 21,72021.7k $2.0m $2.0m 0.02% New
94 TD Waterhouse Canada Inc. 0.01% of their portfolio TORONTO, A6 21,34021.3k $2.0m $2.0m 0.01% Added +90 +90
95 INDEPENDENT FINANCIAL GROUP, LLC 0.05% of their portfolio SAN DIEGO, CA 21,23221.2k $2.0m $2.0m 0.05% Reduced -1.1k -1,078
96 FLOW TRADERS U.S. LLC 0.08% of their portfolio NEW YORK, NY 21,18721.2k $2.0m $2.0m 0.08% New
97 EHP Funds Inc. 2.47% of their portfolio TORONTO, Z4 20,10020.1k $1.9m $1.9m 2.47% Reduced -3.7k -3,700
98 NOMURA ASSET MANAGEMENT CO LTD 0.00% of their portfolio TOKYO, M0 20,07520.1k $1.9m $1.9m 0.00% Added +12.1k +12,075
99 Darwin Wealth Management, LLC 0.59% of their portfolio TAMPA, FL 19,78519.8k $1.8m $1.8m 0.59% Added +540 +540
100 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 19,16519.2k $1.8m $1.8m 0.00% Reduced -85.1k -85,098