Vault-13

SPDR SER TR KBE

S&P BK ETF · ETP · CUSIP 78464A797

249 institutional holders +4 vs Q1 2025
19,278,57119.3m shares reported held*
$1.1bnreported value*
42 new 62 added 70 reduced 39 sold out net bought ≈ $8.0m (+139.7k 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 ($223 this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $55.78. Options: 16 managers hold calls ($235.8m notional), 14 hold puts ($170.8m).

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

0100200300Q3 22: 244Q4 22: 230Q1 23: 213Q2 23: 212Q3 23: 203Q4 23: 234Q1 24: 219Q2 24: 215Q3 24: 220Q4 24: 259Q1 25: 245Q2 25: 249249Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 2022244
Q4 2022230
Q1 2023213
Q2 2023212
Q3 2023203
Q4 2023234
Q1 2024219
Q2 2024215
Q3 2024220
Q4 2024259
Q1 2025245
Q2 2025249

Buyers vs sellers

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

Bought or addedCut or sold out
2000200Q3 23: 63 bought or addedQ3 23: 114 cut or sold outQ4 23: 108 bought or addedQ4 23: 91 cut or sold outQ4 23Q1 24: 74 bought or addedQ1 24: 133 cut or sold outQ2 24: 75 bought or addedQ2 24: 100 cut or sold outQ2 24Q3 24: 95 bought or addedQ3 24: 95 cut or sold outQ4 24: 118 bought or addedQ4 24: 85 cut or sold outQ4 24Q1 25: 111 bought or addedQ1 25: 108 cut or sold outQ2 25: 104 bought or addedQ2 25: 109 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 202363114
Q4 202310891
Q1 202474133
Q2 202475100
Q3 20249595
Q4 202411885
Q1 2025111108
Q2 2025104109

Calls vs puts

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

CallsPuts
$0$100m$200m$300m$400mQ3 24 calls: $90.5mQ3 24 puts: $183.4mQ3 24P/C 2.03Q4 24 calls: $29.4mQ4 24 puts: $336.4mQ4 24P/C 11.44Q1 25 calls: $86.5mQ1 25 puts: $179.7mQ1 25P/C 2.08Q2 25 calls: $235.8mQ2 25 puts: $170.8mQ2 25P/C 0.72
Numbers
QuarterCallsPutsP/C
Q3 2024$90.5m$183.4m2.03
Q4 2024$29.4m$336.4m11.44
Q1 2025$86.5m$179.7m2.08
Q2 2025$235.8m$170.8m0.72

Biggest buyers

SCHRODER INVESTMENT MANAGEMENT GROUP New +673,025+673.0k
ROYAL BANK OF CANADA Added +669,799+669.8k
MORGAN STANLEY Added +397,171+397.2k
CITIGROUP INC Added +358,978+359.0k
SPX Gestao de Recursos Ltda New +322,200+322.2k
UBS Group AG Added +249,420+249.4k
GOLDMAN SACHS GROUP INC Added +213,312+213.3k
Bank of New York Mellon Corp New +172,270+172.3k
WELLS FARGO & COMPANY/MN Added +152,294+152.3k
Sage Advisory Services, Ltd.Co. New +79,640+79.6k

Biggest sellers

Kapitalo Investimentos Ltda Sold out -478,000-478.0k
Quadrature Capital Ltd Sold out -430,599-430.6k
MILLENNIUM MANAGEMENT LLC Reduced -417,558-417.6k
BANK OF AMERICA CORP /DE/ Reduced -356,211-356.2k
TLWM Sold out -323,717-323.7k
Squarepoint Ops LLC Reduced -239,719-239.7k
TWO SIGMA INVESTMENTS, LP Reduced -226,400-226.4k
Balyasny Asset Management L.P. Reduced -163,507-163.5k
JPMORGAN CHASE & CO Reduced -133,271-133.3k
FIL Ltd Sold out -131,180-131.2k

Biggest calls

UBS Group AG Added $34.9m625.6k shares
Avanda Investment Management Pte. Ltd. New $32.2m577.5k shares
BANK OF AMERICA CORP /DE/ New $26.2m470.0k shares
TUDOR INVESTMENT CORP ET AL New $23.7m425.0k shares
Brevan Howard Capital Management LP Reduced $22.3m400.0k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $21.7m389.4k shares
CAPITAL FUND MANAGEMENT S.A. Added $19.2m344.3k shares
CITADEL ADVISORS LLC Added $19.0m341.1k shares
PEAK6 LLC Added $16.7m299.6k shares
Walleye Trading LLC Added $5.6m100.5k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $64.1m1.1m shares
PEAK6 LLC Added $28.2m505.2k shares
CITADEL ADVISORS LLC Added $25.7m460.9k shares
JANE STREET GROUP, LLC Added $10.3m184.2k shares
UBS Group AG Added $8.4m150.1k shares
CAPITAL FUND MANAGEMENT S.A. Added $7.1m127.7k shares
Twin Tree Management, LP New $6.4m114.2k shares
TUDOR INVESTMENT CORP ET AL Unchanged $5.9m105.1k shares
Parallax Volatility Advisers, L.P. Unchanged $3.4m61.0k shares
Balyasny Asset Management L.P. Unchanged $3.3m60.0k 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, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 GOLDMAN SACHS GROUP INC 0.03% of their portfolio NEW YORK, NY 3,639,7353.6m $203.0m $203.0m 0.03% Added +213.3k +213,312
2 TWO SIGMA INVESTMENTS, LP 0.18% of their portfolio NEW YORK, NY 1,783,8401.8m $99.5m $99.5m 0.18% Reduced -226.4k -226,400
3 MORGAN STANLEY 0.01% of their portfolio NEW YORK, NY 1,680,1521.7m $93.7m $93.7m 0.01% Added +397.2k +397,171
4 UBS Group AG 0.01% of their portfolio ZURICH, V8 884,395884.4k $49.3m $49.3m 0.01% Added +249.4k +249,420
5 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 804,548804.5k $44.9m $44.9m 0.00% Added +669.8k +669,799
6 SCHRODER INVESTMENT MANAGEMENT GROUP 0.03% of their portfolio London, X0 673,025673.0k $37.5m $37.5m 0.03% New
7 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 660,190660.2k $36.8m $36.8m 0.00% Reduced -356.2k -356,211
8 EDMOND DE ROTHSCHILD HOLDING S.A. 0.51% of their portfolio CHAMBESY, V8 575,420575.4k $32.1m $32.1m 0.51% Added +13.7k +13,706
9 WELLS FARGO & COMPANY/MN 0.01% of their portfolio SAN FRANCISCO, CA 573,573573.6k $32.0m $32.0m 0.01% Added +152.3k +152,294
10 CITIGROUP INC 0.02% of their portfolio NEW YORK, NY 490,805490.8k $27.4m $27.4m 0.02% Added +359.0k +358,978
11 Wharton Business Group, LLC 1.02% of their portfolio MALVERN, PA 435,481435.5k $24.2m $24.2m 1.02% Added +29.4k +29,430
12 LPL Financial LLC 0.01% of their portfolio FORT MILL, SC 416,949416.9k $23.2m $23.2m 0.01% Added +3.4k +3,385
13 BARCLAYS PLC 0.01% of their portfolio LONDON, X0 396,374396.4k $22.1m $22.1m 0.01% Reduced -74.2k -74,215
14 NAN FUNG TRINITY (HK) LTD 2.59% of their portfolio CENTRAL, HONG KONG, K3 388,500388.5k $21.7m $21.7m 2.59% Unchanged
15 CITADEL ADVISORS LLC 0.02% of their portfolio MIAMI, FL 388,219388.2k $21.6m $21.6m 0.02% Reduced -80.7k -80,683
16 PNC Financial Services Group, Inc. 0.01% of their portfolio Pittsburgh, PA 378,941378.9k $21.1m $21.1m 0.01% Added +8.6k +8,555
17 Madison Asset Management, LLC 0.22% of their portfolio MADISON, WI 361,338361.3k $20.1m $20.1m 0.22% Reduced -36.5k -36,471
18 Janney Capital Management LLC 1.22% of their portfolio PITTSBURGH, PA 338,079338.1k $18.9m $18.9m 1.22% Reduced -13.4k -13,365
19 SPX Gestao de Recursos Ltda 1.68% of their portfolio RIO DE JANEIRO, D5 322,200322.2k $18.0m $18.0m 1.68% New
20 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 242,125242.1k $13.5m $13.5m 0.00% Added +11.3k +11,301
21 CASTLEKEEP INVESTMENT ADVISORS LLC 5.51% of their portfolio WESTPORT, CT 202,108202.1k $11.3m $11.3m 5.51% Added +21.5k +21,497
22 ProVise Management Group, LLC 0.88% of their portfolio CLEARWATER, FL 200,939200.9k $11.2m $11.2m 0.88% Added +791 +791
23 JANE STREET GROUP, LLC 0.02% of their portfolio NEW YORK, NY 175,201175.2k $9.8m $9.8m 0.02% Reduced -42.4k -42,424
24 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 173,162173.2k $9.7m $9.7m 0.00% Reduced -15.2k -15,189
25 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 172,270172.3k $9.6m $9.6m 0.00% New
26 TD Asset Management Inc 0.01% of their portfolio Toronto, A6 143,300143.3k $8.0m $8.0m 0.01% Unchanged
27 CAPTRUST FINANCIAL ADVISORS 0.01% of their portfolio RALEIGH, NC 93,08393.1k $5.2m $5.2m 0.01% Reduced -14.3k -14,306
28 DRW Securities, LLC 0.33% of their portfolio CHICAGO, IL 84,87984.9k $4.7m $4.7m 0.33% Reduced -20.1k -20,130
29 SIMPLEX TRADING, LLC 0.13% of their portfolio CHICAGO, IL 84,60484.6k $4.7m $4.7m 0.13% Reduced -20.9k -20,864
30 STIFEL FINANCIAL CORP 0.00% of their portfolio ST. LOUIS, MO 84,07484.1k $4.7m $4.7m 0.00% Added +2.8k +2,810
31 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 83,11383.1k $4.6m $4.6m 0.00% Reduced -612 -612
32 TUDOR INVESTMENT CORP ET AL 0.03% of their portfolio STAMFORD, CT 81,79081.8k $4.6m $4.6m 0.03% Added +31.0k +30,963
33 Sage Advisory Services, Ltd.Co. 2.42% of their portfolio AUSTIN, TX 79,64079.6k $4.4m $4.4m 2.42% New
34 CAPSTONE INVESTMENT ADVISORS, LLC 0.03% of their portfolio NEW YORK, NY 72,82772.8k $4.1m $4.1m 0.03% Reduced -15.9k -15,900
35 Trans-Canada Capital Inc. 0.27% of their portfolio MONTREAL, A8 70,00070.0k $3.9m $3.9m 0.27% Unchanged
36 HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.01% of their portfolio TORONTO, A6 65,90065.9k $3.7m $3.7m 0.01% New
37 Walleye Capital LLC 0.03% of their portfolio NEW YORK, NY 64,31464.3k $3.6m $3.6m 0.03% New
38 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 62,54762.5k $3.5m $3.5m 0.00% Reduced -133.3k -133,271
39 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 61,41261.4k $3.4m $3.4m 0.00% Added +37.9k +37,929
40 Sowell Financial Services LLC 0.14% of their portfolio NORTH LITTLE ROCK, AR 60,00060.0k $3.3m $3.3m 0.14% New
41 Evolution Wealth Advisors, LLC 0.43% of their portfolio AVENTURA, FL 53,02253.0k $3.0m $3.0m 0.43% Unchanged
42 Benchmark Financial Wealth Advisors, LLC 0.95% of their portfolio BOCA RATON, FL 51,47251.5k $2.9m $2.9m 0.95% New
43 C2P Capital Advisory Group, LLC d.b.a. Prosperity Capital Advisors 0.18% of their portfolio Westlake, OH 50,25850.3k $2.8m $2.8m 0.18% New
44 Squarepoint Ops LLC 0.01% of their portfolio NEW YORK, NY 48,40648.4k $2.7m $2.7m 0.01% Reduced -239.7k -239,719
45 Atlantic Union Bankshares Corp 0.06% of their portfolio GLEN ALLEN, VA 48,07548.1k $2.7m $2.7m 0.06% New
46 Helix Partners Management LP 1.32% of their portfolio NEW YORK, NY 45,00045.0k $2.5m $2.5m 1.32% New
47 FIRST TRUST ADVISORS LP 0.00% of their portfolio Wheaton, IL 44,63144.6k $2.5m $2.5m 0.00% Added +2.1k +2,126
48 FDx Advisors, Inc. 0.70% of their portfolio BERWYN, PA 40,97941.0k $2.3m $2.3m 0.70% New
49 Cetera Investment Advisers 0.00% of their portfolio SCHAUMBURG, IL 40,97241.0k $2.3m $2.3m 0.00% Added +10.0k +10,013
50 GM Advisory Group, LLC 0.11% of their portfolio MELVILLE, NY 40,18940.2k $2.2m $2.2m 0.11% Added +130 +130
51 LOM Asset Management Ltd 0.67% of their portfolio Hamilton, D0 35,75135.8k $2.0m $2.0m 0.67% First filing
52 Atom Investors LP 0.17% of their portfolio AUSTIN, TX 34,29834.3k $1.9m $1.9m 0.17% New
53 Segment Wealth Management, LLC 0.12% of their portfolio HOUSTON, TX 32,69032.7k $1.8m $1.8m 0.12% Unchanged
54 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 31,22831.2k $1.7m $1.7m 0.00% Reduced -1.1k -1,108
55 Aspen Grove Capital, LLC 0.28% of their portfolio AVON, CO 29,92029.9k $1.7m $1.7m 0.28% Unchanged
56 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 27,84927.8k $1.6m $1.6m 0.00% Reduced -21.5k -21,464
57 RENAISSANCE TECHNOLOGIES LLC 0.00% of their portfolio NEW YORK, NY 27,60027.6k $1.5m $1.5m 0.00% New
58 GTS SECURITIES LLC 0.07% of their portfolio NEW YORK, NY 27,20127.2k $1.5m $1.5m 0.07% New
59 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 25,76325.8k $1.4m $1.4m 0.00% Added +8.8k +8,775
60 Sanctuary Advisors, LLC 0.01% of their portfolio INDIANAPOLIS, IN 22,63222.6k $1.3m $1.3m 0.01% Added +11.0k +10,955
61 SILVERCREST ASSET MANAGEMENT GROUP LLC 0.01% of their portfolio NEW YORK, NY 20,47220.5k $1.1m $1.1m 0.01% Unchanged
62 Quantbot Technologies LP 0.03% of their portfolio NEW YORK, NY 20,09320.1k $1.1m $1.1m 0.03% New
63 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 19,25519.3k $1.1m $1.1m 0.00% Added +276 +276
64 Jefferies Financial Group Inc. 0.02% of their portfolio NEW YORK, NY 18,94518.9k $1.1m $1.1m 0.02% Reduced -6.1k -6,055
65 Baird Financial Group, Inc. 0.00% of their portfolio MILWAUKEE, WI 17,21017.2k $959.6k $959.6k 0.00% Reduced -14.7k -14,715
66 Forum Financial Management, LP 0.01% of their portfolio LOMBARD, IL 17,00917.0k $948.4k $948.4k 0.01% Added +26 +26
67 Janney Montgomery Scott LLC 0.00% of their portfolio PHILADELPHIA, PA 16,41816.4k $916.0k $916.0k 0.00% Reduced -573 -573
68 MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 15,84715.8k $883.6k $883.6k 0.00% Reduced -417.6k -417,558
69 Curi Capital, LLC 0.02% of their portfolio CHICAGO, IL 15,53615.5k $866.3k $866.3k 0.02% Added +949 +949
70 Kestra Advisory Services, LLC 0.00% of their portfolio AUSTIN, TX 15,17815.2k $846.3k $846.3k 0.00% Added +2.1k +2,104
71 HSBC HOLDINGS PLC 0.00% of their portfolio LONDON, X0 15,03015.0k $838.1k $838.1k 0.00% Reduced -5.0k -5,000
72 HRT FINANCIAL LP 0.00% of their portfolio NEW YORK, NY 14,66614.7k $817.0k $817.0k 0.00% New
73 TRUIST FINANCIAL CORP 0.00% of their portfolio CHARLOTTE, NC 14,64814.6k $816.8k $816.8k 0.00% Added +4.3k +4,328
74 Quantitative Investment Management, LLC 0.10% of their portfolio CHARLOTTESVILLE, VA 14,02214.0k $781.0k $781.0k 0.10% Reduced -7.9k -7,861
75 GROUP ONE TRADING LLC 0.02% of their portfolio CHICAGO, IL 13,27813.3k $740.4k $740.4k 0.02% Added +7.3k +7,271
76 Envestnet Portfolio Solutions, Inc. 0.00% of their portfolio BERWYN, PA 13,19413.2k $735.7k $735.7k 0.00% New
77 Equitable Holdings, Inc. 0.01% of their portfolio NEW YORK, NY 12,82412.8k $715.1k $715.1k 0.01% Reduced -1.1k -1,050
78 Advisory Services Network, LLC 0.01% of their portfolio ATLANTA, GA 12,55712.6k $705.9k $705.9k 0.01% Added +1.0k +1,007
79 BigSur Wealth Management LLC 0.17% of their portfolio MIAMI, FL 12,32512.3k $687.2k $687.2k 0.17% Unchanged
80 MAI Capital Management 0.00% of their portfolio INDEPENDENCE, OH 11,79411.8k $657.6k $657.6k 0.00% Reduced -2.0k -1,997
81 CALTON & ASSOCIATES, INC. 0.11% of their portfolio Tampa, FL 11,44311.4k $638.0k $638.0k 0.11% Reduced -327 -327
82 Y-Intercept (Hong Kong) Ltd 0.02% of their portfolio HONG KONG, K3 11,21811.2k $625.5k $625.5k 0.02% New
83 Integrated Wealth Concepts LLC 0.01% of their portfolio WALTHAM, MA 11,07811.1k $617.7k $617.7k 0.01% Reduced -27.2k -27,232
84 Summit Financial, LLC 0.01% of their portfolio PARSIPPANY, NJ 11,04611.0k $615.9k $615.9k 0.01% Reduced -1.3k -1,264
85 GREAT VALLEY ADVISOR GROUP, INC. 0.01% of their portfolio WILMINGTON, DE 10,98411.0k $612.5k $612.5k 0.01% Added +808 +808
86 Mutual Advisors, LLC 0.02% of their portfolio OMAHA, NE 10,83710.8k $625.9k $625.9k 0.02% Reduced -216 -216
87 COBBLESTONE CAPITAL ADVISORS LLC /NY/ 0.03% of their portfolio ROCHESTER, NY 10,75010.8k $599.4k $599.4k 0.03% Unchanged
88 Graves Light Lenhart Wealth, Inc. 0.07% of their portfolio HARRISONBURG, VA 10,70310.7k $596.8k $596.8k 0.07% Reduced -703 -703
89 HighTower Advisors, LLC 0.00% of their portfolio CHICAGO, IL 10,61910.6k $592.1k $592.1k 0.00% Added +391 +391
90 Cambridge Investment Research Advisors, Inc. 0.00% of their portfolio FAIRFIELD, IA 10,52410.5k $587.0k $587.0k 0.00% Added +555 +555
91 Pathstone Holdings, LLC 0.00% of their portfolio ENGLEWOOD, NJ 10,32110.3k $575.5k $575.5k 0.00% Unchanged
92 STEPHENS INC /AR/ 0.01% of their portfolio LITTLE ROCK, AR 10,11010.1k $563.7k $563.7k 0.01% Added +688 +688
93 Twin Tree Management, LP 0.01% of their portfolio DALLAS, TX 10,06610.1k $561.3k $561.3k 0.01% New
94 Itau Unibanco Holding S.A. 0.02% of their portfolio SAO PAULO, D5 10,00010.0k $557.6k $557.6k 0.02% New
95 Logan Stone Capital, LLC 0.26% of their portfolio CHICAGO, IL 9,98310.0k $556.7k $556.7k 0.26% New
96 TWO SIGMA SECURITIES, LLC 0.07% of their portfolio NEW YORK, NY 9,8819.9k $551.0k $551.0k 0.07% New
97 Lighthouse Investment Partners, LLC 0.02% of their portfolio Palm Beach Gardens, FL 9,8279.8k $548.0k $548.0k 0.02% New
98 NORTH STAR ASSET MANAGEMENT INC 0.02% of their portfolio NEENAH, WI 9,7629.8k $544.3k $544.3k 0.02% Unchanged
99 AVANTAX ADVISORY SERVICES, INC. 0.00% of their portfolio DALLAS, TX 9,6019.6k $535.4k $535.4k 0.00% Reduced -87 -87
100 XTX Topco Ltd 0.02% of their portfolio LONDON, X0 9,1119.1k $508.0k $508.0k 0.02% Added +5.3k +5,254