Vault-13

SPDR SER TR KCE

S&P CAP MKTS · ETP · CUSIP 78464A771

101 institutional holders -9 vs Q3 2025
2,662,7172.7m shares reported held*
$399.3mreported value*
10 new 27 added 38 reduced 19 sold out net sold ≈ $55.2m (-384.1k 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 ≈ $149.94. Options: 1 managers hold calls ($209.9k notional), 1 hold puts ($209.9k).

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

050100150Q3 22: 47Q4 22: 49Q1 23: 48Q2 23: 46Q3 23: 62Q4 23: 83Q1 24: 80Q2 24: 89Q3 24: 106Q4 24: 131Q1 25: 125Q2 25: 118Q3 25: 110Q4 25: 101101Q3 22Q2 23Q1 24Q4 24Q4 25
Numbers
QuarterHolders
Q3 202247
Q4 202249
Q1 202348
Q2 202346
Q3 202362
Q4 202383
Q1 202480
Q2 202489
Q3 2024106
Q4 2024131
Q1 2025125
Q2 2025118
Q3 2025110
Q4 2025101

Buyers vs sellers

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

Bought or addedCut or sold out
1000100Q1 24: 45 bought or addedQ1 24: 42 cut or sold outQ2 24: 47 bought or addedQ2 24: 34 cut or sold outQ2 24Q3 24: 51 bought or addedQ3 24: 40 cut or sold outQ4 24: 84 bought or addedQ4 24: 41 cut or sold outQ4 24Q1 25: 61 bought or addedQ1 25: 58 cut or sold outQ2 25: 43 bought or addedQ2 25: 65 cut or sold outQ2 25Q3 25: 55 bought or addedQ3 25: 45 cut or sold outQ4 25: 37 bought or addedQ4 25: 57 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 20244542
Q2 20244734
Q3 20245140
Q4 20248441
Q1 20256158
Q2 20254365
Q3 20255545
Q4 20253757

Calls vs puts

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

CallsPuts
$0$200k$400k$600k$800kQ1 25 calls: $681.3kQ1 25 puts: $25.2kQ1 25P/C 0.04Q2 25 calls: $0Q2 25 puts: $0Q2 25P/C —Q3 25 calls: $321.0kQ3 25 puts: $0Q3 25P/C 0.00Q4 25 calls: $209.9kQ4 25 puts: $209.9kQ4 25P/C 1.00
Numbers
QuarterCallsPutsP/C
Q1 2025$681.3k$25.2k0.04
Q2 2025$0$0—
Q3 2025$321.0k$00.00
Q4 2025$209.9k$209.9k1.00

Biggest buyers

Thrivent Financial for Lutherans New +158,881+158.9k
Farther Finance Advisors, LLC Added +24,653+24.7k
MEITAV INVESTMENT HOUSE LTD Added +24,396+24.4k
Royal Fund Management, LLC Added +15,703+15.7k
ROYAL BANK OF CANADA Added +8,578+8.6k
WESPAC Advisors SoCal, LLC Added +8,461+8.5k
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added +8,388+8.4k
BANK OF AMERICA CORP /DE/ Added +6,758+6.8k
STIFEL FINANCIAL CORP Added +5,552+5.6k
VICUS CAPITAL Added +3,913+3.9k

Biggest sellers

Annex Advisory Services, LLC Sold out -278,560-278.6k
360 Financial, Inc. Sold out -105,797-105.8k
LPL Financial LLC Reduced -52,921-52.9k
MORGAN STANLEY Reduced -41,992-42.0k
Horizon Wealth Management, LLC Sold out -30,631-30.6k
TWO SIGMA INVESTMENTS, LP Sold out -26,300-26.3k
BNP PARIBAS FINANCIAL MARKETS Sold out -25,000-25.0k
NOTTINGHAM ADVISORS, INC. Reduced -22,425-22.4k
Westwind Capital Sold out -17,670-17.7k
UBS Group AG Reduced -17,633-17.6k

Biggest calls

CITADEL ADVISORS LLC Reduced $209.9k1.4k shares

Biggest puts

CITADEL ADVISORS LLC New $209.9k1.4k 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 BANK OF AMERICA CORP /DE/ 0.01% of their portfolio CHARLOTTE, NC 703,028703.0k $105.4m $105.4m 0.01% Added +6.8k +6,758
2 MEITAV INVESTMENT HOUSE LTD 0.50% of their portfolio BENE-BERAQ, L3 286,720286.7k $43.0m $43.0m 0.50% Added +24.4k +24,396
3 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 197,905197.9k $29.7m $29.7m 0.00% Reduced -42.0k -41,992
4 Thrivent Financial for Lutherans 0.04% of their portfolio Minneapolis, MN 158,881158.9k $23.8m $23.8m 0.04% New
5 LPL Financial LLC 0.01% of their portfolio FORT MILL, SC 154,302154.3k $23.1m $23.1m 0.01% Reduced -52.9k -52,921
6 Presper Financial Architects, LLC 12.01% of their portfolio AKRON, OH 141,662141.7k $21.2m $21.2m 12.01% Added +3.8k +3,822
7 Kranot Hishtalmut Le Morim Ve Gananot Havera Menahelet LTD 1.35% of their portfolio Tel Aviv, L3 138,163138.2k $20.7m $20.7m 1.35% Unchanged
8 UBS Group AG 0.00% of their portfolio ZURICH, V8 86,81686.8k $13.0m $13.0m 0.00% Reduced -17.6k -17,633
9 Royal Fund Management, LLC 0.73% of their portfolio Lady Lake, FL 52,85552.9k $7.9m $7.9m 0.73% Added +15.7k +15,703
10 Fisher Asset Management, LLC 0.00% of their portfolio PLANO, TX 50,78450.8k $7.6m $7.6m 0.00% Reduced -1.1k -1,066
11 GRIMES & Co WEALTH MANAGEMENT, LLC 0.18% of their portfolio WESTBOROUGH, MA 50,46550.5k $7.6m $7.6m 0.18% Reduced -1.8k -1,844
12 Kranot Hishtalmut Le Morim Tichoniim Havera Menahelet LTD 1.40% of their portfolio Tel Aviv, L3 47,68747.7k $7.1m $7.1m 1.40% Unchanged
13 Baker Avenue Asset Management, LP 0.10% of their portfolio SAN FRANCISCO, CA 29,79929.8k $4.5m $4.5m 0.10% Reduced -39 -39
14 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 29,20629.2k $4.4m $4.4m 0.00% Added +3.9k +3,871
15 TigerOak Management, L.L.C. 1.29% of their portfolio NASHVILLE, TN 28,14428.1k $4.2m $4.2m 1.29% Reduced -440 -440
16 Provident Co of the Employees of the Hebrew University LTD 4.30% of their portfolio Jerusalem, L3 27,65127.7k $4.1m $4.1m 4.30% Unchanged
17 VICUS CAPITAL 0.31% of their portfolio STATE COLLEGE, PA 27,35727.4k $4.1m $4.1m 0.31% Added +3.9k +3,913
18 Cavalier Investments, LLC 1.23% of their portfolio ALPHARETTA, GA 26,32826.3k $3.9m $3.9m 1.23% Unchanged
19 Farther Finance Advisors, LLC 0.04% of their portfolio SAN FRANCISCO, CA 24,67524.7k $3.7m $3.7m 0.04% Added +24.7k +24,653
20 MML INVESTORS SERVICES, LLC 0.01% of their portfolio SPRINGFIELD, MA 24,47224.5k $3.7m $3.7m 0.01% Added +2.8k +2,785
21 Accel Wealth Management 0.98% of their portfolio WAVERLY, IA 23,96524.0k $3.6m $3.6m 0.98% Added +3.2k +3,245
22 HighTower Advisors, LLC 0.00% of their portfolio CHICAGO, IL 22,81522.8k $3.4m $3.4m 0.00% Reduced -1.6k -1,573
23 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 22,55722.6k $3.4m $3.4m 0.00% Added +2.3k +2,327
24 WESPAC Advisors SoCal, LLC 0.61% of their portfolio Pasadena, CA 20,19920.2k $3.0m $3.0m 0.61% Added +8.5k +8,461
25 NOTTINGHAM ADVISORS, INC. 0.42% of their portfolio AMHERST, NY 20,15820.2k $3.0m $3.0m 0.42% Reduced -22.4k -22,425
26 Community Bank, N.A. 0.35% of their portfolio DeWitt, NY 19,84519.8k $3.0m $3.0m 0.35% Reduced -670 -670
27 STIFEL FINANCIAL CORP 0.00% of their portfolio ST. LOUIS, MO 18,59518.6k $2.8m $2.8m 0.00% Added +5.6k +5,552
28 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 18,31518.3k $2.7m $2.7m 0.00% Added +8.4k +8,388
29 Mariner, LLC 0.00% of their portfolio Overland Park, KS 15,45315.5k $2.3m $2.3m 0.00% Reduced -317 -317
30 Merit Financial Group, LLC 0.02% of their portfolio ALPHARETTA, GA 14,27414.3k $2.1m $2.1m 0.02% Reduced -1.2k -1,205
31 PNC Financial Services Group, Inc. 0.00% of their portfolio Pittsburgh, PA 13,53113.5k $2.0m $2.0m 0.00% Reduced -2.7k -2,692
32 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 12,25212.3k $1.8m $1.8m 0.00% Reduced -1.2k -1,202
33 Cetera Investment Advisers 0.00% of their portfolio SCHAUMBURG, IL 12,15412.2k $1.8m $1.8m 0.00% Added +163 +163
34 Csenge Advisory Group 0.07% of their portfolio CLEARWATER, FL 10,92010.9k $1.6m $1.6m 0.07% Added +1.1k +1,077
35 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 10,52410.5k $1.6m $1.6m 0.00% Added +8.6k +8,578
36 MONEY CONCEPTS CAPITAL CORP 0.08% of their portfolio PALM BEACH GARDENS, FL 9,6909.7k $1.5m $1.5m 0.08% Reduced -98 -98
37 Cambridge Investment Research Advisors, Inc. 0.00% of their portfolio FAIRFIELD, IA 7,8897.9k $1.2m $1.2m 0.00% Added +438 +438
38 Global Financial Private Client, LLC 0.40% of their portfolio Sarasota, FL 7,6667.7k $1.1m $1.1m 0.40% Reduced -143 -143
39 STEPHENS INC /AR/ 0.01% of their portfolio LITTLE ROCK, AR 5,4465.4k $816.5k $816.5k 0.01% Reduced -54 -54
40 Janney Montgomery Scott LLC 0.00% of their portfolio PHILADELPHIA, PA 5,3845.4k $807.0k $807.0k 0.00% Reduced -1.1k -1,105
41 Arkadios Wealth Advisors 0.02% of their portfolio ATLANTA, GA 5,2225.2k $783.0k $783.0k 0.02% Reduced -83 -83
42 Wealthfront Advisers LLC 0.00% of their portfolio Palo Alto, CA 4,9685.0k $744.8k $744.8k 0.00% Reduced -547 -547
43 Private Advisor Group, LLC 0.00% of their portfolio MORRISTOWN, NJ 4,5474.5k $681.7k $681.7k 0.00% Reduced -92 -92
44 Gladstone Institutional Advisory LLC 0.03% of their portfolio Bedminster, NJ 4,4264.4k $663.6k $663.6k 0.03% Reduced -1.3k -1,346
45 LEUTHOLD GROUP, LLC 0.07% of their portfolio MINNEAPOLIS, MN 4,0804.1k $611.7k $611.7k 0.07% Reduced -163 -163
46 Sanctuary Advisors, LLC 0.00% of their portfolio INDIANAPOLIS, IN 3,8133.8k $571.7k $571.7k 0.00% Reduced -3.3k -3,281
47 Worthington Financial Partners, LLC 0.51% of their portfolio WORTHINGTON, OH 3,8063.8k $570.7k $570.7k 0.51% First filing
48 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 3,7773.8k $566.2k $566.2k 0.00% Reduced -921 -921
49 D. E. Shaw & Co., Inc. 0.00% of their portfolio New York, NY 3,3113.3k $496.4k $496.4k 0.00% Unchanged
50 HBW ADVISORY SERVICES LLC 0.05% of their portfolio SIMI VALLEY, CA 3,1223.1k $468.1k $468.1k 0.05% Reduced -55 -55
51 HF Advisory Group, LLC 0.15% of their portfolio Annapolis, MD 2,8922.9k $433.6k $433.6k 0.15% Added +421 +421
52 Steward Partners Investment Advisory, LLC 0.00% of their portfolio STAMFORD, CT 2,8202.8k $422.9k $422.9k 0.00% Added +2 +2
53 Harel Insurance Investments & Financial Services Ltd. 0.00% of their portfolio Ramat Gan, L3 2,5002.5k $375.0k $375.0k 0.00% New
54 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 2,3832.4k $357.3k $357.3k 0.00% Reduced -7.6k -7,556
55 Headland Capital, LLC 0.10% of their portfolio MT. PLEASANT, SC 2,3272.3k $348.8k $348.8k 0.10% Reduced -253 -253
56 NewEdge Advisors, LLC 0.00% of their portfolio NEW ORLEANS, LA 2,1052.1k $315.5k $315.5k 0.00% Reduced -65 -65
57 Fifth Third Securities, Inc. 0.02% of their portfolio Cincinnati, OH 2,0002.0k $299.9k $299.9k 0.02% New
58 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 1,9932.0k $298.8k $298.8k 0.00% Added +111 +111
59 INTEGRITY ALLIANCE, LLC. 0.01% of their portfolio Urbandale, IA 1,9501.9k $292.4k $292.4k 0.01% New
60 Kestra Advisory Services, LLC 0.00% of their portfolio AUSTIN, TX 1,9211.9k $288.1k $288.1k 0.00% Reduced -6.0k -5,955
61 FMR LLC 0.00% of their portfolio BOSTON, MA 1,7741.8k $265.9k $265.9k 0.00% Added +292 +292
62 CIBC Private Wealth Group LLC 0.00% of their portfolio ATLANTA, GA 1,7651.8k $264.6k $264.6k 0.00% Added +7 +7
63 Kaizen Financial Strategies 0.10% of their portfolio CAMPBELL, CA 1,5401.5k $230.9k $230.9k 0.10% Unchanged
64 Focus Partners Wealth 0.00% of their portfolio ST LOUIS, MO 1,5121.5k $226.8k $226.8k 0.00% New
65 MGB Wealth Management, LLC 0.06% of their portfolio ADDISON, TX 1,5021.5k $225.2k $225.2k 0.06% Added +5 +5
66 Tidemark, LLC 0.06% of their portfolio SAN DIEGO, CA 1,4811.5k $222.1k $222.1k 0.06% Added +17 +17
67 Equitable Holdings, Inc. 0.00% of their portfolio NEW YORK, NY 1,4451.4k $216.6k $216.6k 0.00% Unchanged
68 Tower Research Capital LLC (TRC) 0.00% of their portfolio NEW YORK, NY 1,3481.3k $202.1k $202.1k 0.00% New
69 Sound Income Strategies, LLC 0.01% of their portfolio FT LAUDERDALE, FL 1,3221.3k $213.5k $213.5k 0.01% New
70 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 781781 $117.0k $117.0k 0.00% Added +781 +781
71 MONTAG A & ASSOCIATES INC 0.01% of their portfolio ATLANTA, GA 740740 $110.9k $110.9k 0.01% Unchanged
72 ASSETMARK, INC 0.00% of their portfolio CONCORD, CA 675675 $101.2k $101.2k 0.00% Reduced -68 -68
73 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 615615 $92.2k $92.2k 0.00% Unchanged
74 AE Wealth Management LLC 0.00% of their portfolio TOPEKA, KS 563563 $84.5k $84.5k 0.00% Reduced -11 -11
75 BROWN BROTHERS HARRIMAN & CO 0.00% of their portfolio NEW YORK, NY 488488 $73.2k $73.2k 0.00% Unchanged
76 US BANCORP \DE\ 0.00% of their portfolio MINNEAPOLIS, MN 363363 $54.4k $54.4k 0.00% New
77 Larson Financial Group LLC 0.00% of their portfolio ST LOUIS, MO 335335 $50.2k $50.2k 0.00% Reduced -1 -1
78 BLAIR WILLIAM & CO/IL 0.00% of their portfolio CHICAGO, IL 257257 $38.5k $38.5k 0.00% Reduced -70 -70
79 Provenance Wealth Advisors, LLC 0.00% of their portfolio FORT LAUDERDALE, FL 225225 $33.7k $33.7k 0.00% Unchanged
80 HARBOUR INVESTMENTS, INC. 0.00% of their portfolio MADISON, WI 190190 $28.5k $28.5k 0.00% Unchanged
81 MCF Advisors LLC 0.00% of their portfolio LEXINGTON, KY 175175 $26.2k $26.2k 0.00% Added +1 +1
82 Rockefeller Capital Management L.P. 0.00% of their portfolio NEW YORK, NY 145145 $21.7k $21.7k 0.00% Reduced -14 -14
83 COMERICA BANK 0.00% of their portfolio DALLAS, TX 125125 $18.7k $18.7k 0.00% Reduced -125 -125
84 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 112112 $16.8k $16.8k 0.00% Unchanged
85 Qube Research & Technologies Ltd 0.00% of their portfolio LONDON, X0 107107 $16.0k $16.0k 0.00% Reduced -480 -480
86 Orion Capital Management LLC 0.00% of their portfolio CORONADO, CA 9393 $13.9k $13.9k 0.00% Added +1 +1
87 Asset Dedication, LLC 0.00% of their portfolio SAN FRANCISCO, CA 8585 $12.7k $12.7k 0.00% Unchanged
88 Legacy Wealth Managment, LLC/ID 0.01% of their portfolio BOISE, ID 7777 $11.5k $11.5k 0.01% Unchanged
89 INTERNATIONAL ASSETS INVESTMENT MANAGEMENT, LLC 0.00% of their portfolio ORLANDO, FL 5858 $8.7k $8.7k 0.00% New
90 O'SHAUGHNESSY ASSET MANAGEMENT, LLC 0.00% of their portfolio Stamford, CT 5757 $8.5k $8.5k 0.00% Unchanged
91 Sunbelt Securities, Inc. 0.00% of their portfolio HOUSTON, TX 5353 $8.0k $8.0k 0.00% Unchanged
92 Parallel Advisors, LLC 0.00% of their portfolio SAN FRANCISCO, CA 4848 $7.3k $7.3k 0.00% Unchanged
93 CITY HOLDING CO 0.00% of their portfolio CHARLESTON, WV 4545 $6.7k $6.7k 0.00% Unchanged
94 Independence Bank of Kentucky 0.00% of their portfolio OWENSBORO, KY 2525 $3.7k $3.7k 0.00% Unchanged
95 Cranbrook Wealth Management, LLC 0.00% of their portfolio Bloomfield Hills, MI 2020 $3.0k $3.0k 0.00% Unchanged
96 Central Pacific Bank - Trust Division 0.00% of their portfolio HONOLULU, HI 1818 $2.7k $2.7k 0.00% Unchanged
97 Global Retirement Partners, LLC 0.00% of their portfolio San Rafael, CA 1515 $2.2k $2.2k 0.00% Reduced -1 -1
98 Allworth Financial LP 0.00% of their portfolio FOLSOM, CA 1414 $2.1k $2.1k 0.00% New
99 CoreCap Advisors, LLC 0.00% of their portfolio SOUTHFIELD, MI 1313 $1.9k $1.9k 0.00% Unchanged
100 BlackRock, Inc. 0.00% of their portfolio New York, NY 1111 $1.6k $1.6k 0.00% Unchanged