Vault-13

SPDR SER TR KBE

S&P BK ETF · ETP · CUSIP 78464A797

249 institutional holders +0 vs Q2 2025
17,299,20017.3m shares reported held*
$1.0bnreported value*
30 new 68 added 75 reduced 25 sold out net sold ≈ $116.2m (-2.0m 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 ($238 this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $59.43. Options: 10 managers hold calls ($134.7m notional), 15 hold puts ($205.8m).

Trends to Q3 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: 249Q3 25: 249249Q3 22Q2 23Q1 24Q4 24Q3 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
Q3 2025249

Buyers vs sellers

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

Bought or addedCut or sold out
2000200Q4 23: 108 bought or addedQ4 23: 91 cut or sold outQ1 24: 74 bought or addedQ1 24: 133 cut or sold outQ1 24Q2 24: 75 bought or addedQ2 24: 100 cut or sold outQ3 24: 95 bought or addedQ3 24: 95 cut or sold outQ3 24Q4 24: 118 bought or addedQ4 24: 85 cut or sold outQ1 25: 111 bought or addedQ1 25: 108 cut or sold outQ1 25Q2 25: 104 bought or addedQ2 25: 109 cut or sold outQ3 25: 98 bought or addedQ3 25: 100 cut or sold outQ3 25
Numbers
QuarterBought or addedCut or sold out
Q4 202310891
Q1 202474133
Q2 202475100
Q3 20249595
Q4 202411885
Q1 2025111108
Q2 2025104109
Q3 202598100

Calls vs puts

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

CallsPuts
$0$100m$200m$300m$400mQ4 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 0.72Q3 25 calls: $134.7mQ3 25 puts: $205.8mQ3 25P/C 1.53
Numbers
QuarterCallsPutsP/C
Q4 2024$29.4m$336.4m11.44
Q1 2025$86.5m$179.7m2.08
Q2 2025$235.8m$170.8m0.72
Q3 2025$134.7m$205.8m1.53

Biggest buyers

Duquesne Family Office LLC New +482,095+482.1k
BANK OF AMERICA CORP /DE/ Added +342,619+342.6k
TWO SIGMA INVESTMENTS, LP Added +246,600+246.6k
Brevan Howard Capital Management LP New +127,284+127.3k
LPL Financial LLC Added +119,219+119.2k
NORDEN GROUP LLC New +112,695+112.7k
WELLS FARGO & COMPANY/MN Added +102,224+102.2k
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added +67,975+68.0k
Madison Asset Management, LLC Added +59,356+59.4k
Empowered Funds, LLC New +49,209+49.2k

Biggest sellers

ROYAL BANK OF CANADA Reduced -676,599-676.6k
SCHRODER INVESTMENT MANAGEMENT GROUP Sold out -673,025-673.0k
CITIGROUP INC Reduced -398,852-398.9k
SPX Gestao de Recursos Ltda Sold out -322,200-322.2k
UBS Group AG Reduced -273,120-273.1k
BARCLAYS PLC Reduced -222,101-222.1k
MORGAN STANLEY Reduced -176,354-176.4k
GOLDMAN SACHS GROUP INC Reduced -168,721-168.7k
Bank of New York Mellon Corp Reduced -165,399-165.4k
TD Asset Management Inc Sold out -143,300-143.3k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $29.0m488.8k shares
TUDOR INVESTMENT CORP ET AL Unchanged $25.3m425.0k shares
UBS Group AG Reduced $22.2m374.3k shares
CITADEL ADVISORS LLC Reduced $20.2m339.4k shares
CAPITAL FUND MANAGEMENT S.A. Reduced $13.5m227.5k shares
PEAK6 LLC Reduced $13.1m220.2k shares
Walleye Trading LLC Added $6.3m106.8k shares
JANE STREET GROUP, LLC Reduced $2.6m44.4k shares
Parallax Volatility Advisers, L.P. Unchanged $2.1m35.4k shares
Squarepoint Ops LLC Unchanged $297.1k5.0k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $74.3m1.2m shares
Brevan Howard Capital Management LP New $29.7m500.0k shares
PEAK6 LLC Reduced $26.8m451.8k shares
CITADEL ADVISORS LLC Reduced $25.2m423.7k shares
JANE STREET GROUP, LLC Added $11.3m190.4k shares
UBS Group AG Reduced $8.9m150.0k shares
TUDOR INVESTMENT CORP ET AL Unchanged $6.2m105.1k shares
Balyasny Asset Management L.P. Added $5.8m97.5k shares
CAPITAL FUND MANAGEMENT S.A. Reduced $4.5m75.5k shares
Parallax Volatility Advisers, L.P. Unchanged $3.6m61.0k 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 GOLDMAN SACHS GROUP INC 0.03% of their portfolio NEW YORK, NY 3,471,0143.5m $206.2m $206.2m 0.03% Reduced -168.7k -168,721
2 TWO SIGMA INVESTMENTS, LP 0.19% of their portfolio NEW YORK, NY 2,030,4402.0m $120.6m $120.6m 0.19% Added +246.6k +246,600
3 MORGAN STANLEY 0.01% of their portfolio NEW YORK, NY 1,503,7981.5m $89.4m $89.4m 0.01% Reduced -176.4k -176,354
4 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 1,002,8091.0m $59.6m $59.6m 0.00% Added +342.6k +342,619
5 WELLS FARGO & COMPANY/MN 0.01% of their portfolio SAN FRANCISCO, CA 675,797675.8k $40.2m $40.2m 0.01% Added +102.2k +102,224
6 UBS Group AG 0.01% of their portfolio ZURICH, V8 611,275611.3k $36.3m $36.3m 0.01% Reduced -273.1k -273,120
7 EDMOND DE ROTHSCHILD HOLDING S.A. 0.54% of their portfolio CHAMBESY, V8 589,849589.8k $35.0m $35.0m 0.54% Added +14.4k +14,429
8 LPL Financial LLC 0.01% of their portfolio FORT MILL, SC 536,168536.2k $31.9m $31.9m 0.01% Added +119.2k +119,219
9 Duquesne Family Office LLC 0.73% of their portfolio New York, NY 482,095482.1k $28.6m $28.6m 0.73% New
10 Wharton Business Group, LLC 1.12% of their portfolio MALVERN, PA 432,861432.9k $25.7m $25.7m 1.12% Reduced -2.6k -2,620
11 Madison Asset Management, LLC 0.28% of their portfolio MADISON, WI 420,694420.7k $25.0m $25.0m 0.28% Added +59.4k +59,356
12 CITADEL ADVISORS LLC 0.02% of their portfolio MIAMI, FL 405,939405.9k $24.1m $24.1m 0.02% Added +17.7k +17,720
13 NAN FUNG TRINITY (HK) LTD 2.30% of their portfolio CENTRAL, HONG KONG, K3 388,500388.5k $23.1m $23.1m 2.30% Unchanged
14 PNC Financial Services Group, Inc. 0.01% of their portfolio Pittsburgh, PA 381,702381.7k $22.7m $22.7m 0.01% Added +2.8k +2,761
15 Janney Capital Management LLC 1.21% of their portfolio PITTSBURGH, PA 327,117327.1k $19.4m $19.4m 1.21% Reduced -11.0k -10,962
16 RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio ST. PETERSBURG, FL 273,824273.8k $16.3m $16.3m 0.01% Added +31.7k +31,699
17 ProVise Management Group, LLC 0.92% of their portfolio CLEARWATER, FL 209,496209.5k $12.4m $12.4m 0.92% Added +8.6k +8,557
18 CASTLEKEEP INVESTMENT ADVISORS LLC 5.70% of their portfolio WESTPORT, CT 204,919204.9k $12.2m $12.2m 5.70% Added +2.8k +2,811
19 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 174,273174.3k $10.4m $10.4m 0.00% Reduced -222.1k -222,101
20 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 141,581141.6k $8.4m $8.4m 0.00% Reduced -31.6k -31,581
21 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 127,949127.9k $7.6m $7.6m 0.00% Reduced -676.6k -676,599
22 Brevan Howard Capital Management LP 0.11% of their portfolio ST. HELIER, Y9 127,284127.3k $7.6m $7.6m 0.11% New
23 NORDEN GROUP LLC 0.68% of their portfolio PROVO, UT 112,695112.7k $6.7m $6.7m 0.68% New
24 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 110,934110.9k $6.6m $6.6m 0.00% Added +48.4k +48,387
25 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.01% of their portfolio BALA CYNWYD, PA 95,82495.8k $5.7m $5.7m 0.01% Added +68.0k +67,975
26 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 91,95392.0k $5.5m $5.5m 0.00% Reduced -398.9k -398,852
27 CAPTRUST FINANCIAL ADVISORS 0.01% of their portfolio RALEIGH, NC 88,81188.8k $5.3m $5.3m 0.01% Reduced -4.3k -4,272
28 JANE STREET GROUP, LLC 0.01% of their portfolio NEW YORK, NY 78,43778.4k $4.7m $4.7m 0.01% Reduced -96.8k -96,764
29 STIFEL FINANCIAL CORP 0.00% of their portfolio ST. LOUIS, MO 76,53876.5k $4.5m $4.5m 0.00% Reduced -7.5k -7,536
30 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 73,86273.9k $4.4m $4.4m 0.00% Reduced -9.3k -9,251
31 Trans-Canada Capital Inc. 0.25% of their portfolio MONTREAL, A8 70,00070.0k $4.2m $4.2m 0.25% Unchanged
32 Sowell Financial Services LLC 0.14% of their portfolio NORTH LITTLE ROCK, AR 60,01060.0k $3.6m $3.6m 0.14% Added +10 +10
33 Evolution Wealth Advisors, LLC 0.42% of their portfolio AVENTURA, FL 53,02253.0k $3.2m $3.2m 0.42% Unchanged
34 Cambridge Investment Research Advisors, Inc. 0.01% of their portfolio FAIRFIELD, IA 52,40452.4k $3.1m $3.1m 0.01% Added +41.9k +41,880
35 DRW Securities, LLC 0.16% of their portfolio CHICAGO, IL 52,16652.2k $3.1m $3.1m 0.16% Reduced -32.7k -32,713
36 Benchmark Financial Wealth Advisors, LLC 0.92% of their portfolio BOCA RATON, FL 51,20651.2k $3.0m $3.0m 0.92% Reduced -266 -266
37 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 51,01551.0k $3.0m $3.0m 0.00% Added +19.8k +19,787
38 Empowered Funds, LLC 0.03% of their portfolio NEWTOWN SQUARE, PA 49,20949.2k $2.9m $2.9m 0.03% New
39 Atlantic Union Bankshares Corp 0.05% of their portfolio GLEN ALLEN, VA 47,23247.2k $2.8m $2.8m 0.05% Reduced -843 -843
40 FDx Advisors, Inc. 0.69% of their portfolio BERWYN, PA 40,52040.5k $2.3m $2.3m 0.69% Reduced -459 -459
41 Integrated Wealth Concepts LLC 0.02% of their portfolio WALTHAM, MA 37,66637.7k $2.2m $2.2m 0.02% Added +26.6k +26,588
42 Sanctuary Advisors, LLC 0.01% of their portfolio INDIANAPOLIS, IN 36,49736.5k $2.1m $2.1m 0.01% Added +13.9k +13,865
43 FIRST TRUST ADVISORS LP 0.00% of their portfolio Wheaton, IL 35,71735.7k $2.1m $2.1m 0.00% Reduced -8.9k -8,914
44 Cetera Investment Advisers 0.00% of their portfolio SCHAUMBURG, IL 35,65335.7k $2.1m $2.1m 0.00% Reduced -5.3k -5,319
45 LOM Asset Management Ltd 0.65% of their portfolio Hamilton, D0 35,61135.6k $2.1m $2.1m 0.65% Reduced -140 -140
46 TUDOR INVESTMENT CORP ET AL 0.01% of their portfolio STAMFORD, CT 33,44133.4k $2.0m $2.0m 0.01% Reduced -48.3k -48,349
47 Segment Wealth Management, LLC 0.12% of their portfolio HOUSTON, TX 32,69032.7k $1.9m $1.9m 0.12% Unchanged
48 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 32,13232.1k $1.9m $1.9m 0.00% Added +6.4k +6,369
49 RENAISSANCE TECHNOLOGIES LLC 0.00% of their portfolio NEW YORK, NY 30,10030.1k $1.8m $1.8m 0.00% Added +2.5k +2,500
50 Squarepoint Ops LLC 0.00% of their portfolio NEW YORK, NY 28,96729.0k $1.7m $1.7m 0.00% Reduced -19.4k -19,439
51 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 28,84628.8k $1.7m $1.7m 0.00% Added +22.2k +22,199
52 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 25,96926.0k $1.5m $1.5m 0.00% Reduced -35.4k -35,443
53 Aspen Grove Capital, LLC 0.26% of their portfolio AVON, CO 25,92025.9k $1.5m $1.5m 0.26% Reduced -4.0k -4,000
54 SIMPLEX TRADING, LLC 0.03% of their portfolio CHICAGO, IL 25,37025.4k $1.5m $1.5m 0.03% Reduced -59.2k -59,234
55 BANCO BILBAO VIZCAYA ARGENTARIA, S.A. 0.01% of their portfolio Madrid, U3 23,42423.4k $1.4m $1.4m 0.01% Added +15.9k +15,910
56 Global Retirement Partners, LLC 0.03% of their portfolio San Rafael, CA 23,16023.2k $1.4m $1.4m 0.03% Added +22.9k +22,927
57 GROUP ONE TRADING LLC 0.04% of their portfolio CHICAGO, IL 22,30622.3k $1.3m $1.3m 0.04% Added +9.0k +9,028
58 TWO SIGMA SECURITIES, LLC 0.19% of their portfolio NEW YORK, NY 21,74321.7k $1.3m $1.3m 0.19% Added +11.9k +11,862
59 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 21,38721.4k $1.3m $1.3m 0.00% Added +2.1k +2,132
60 GM Advisory Group, LLC 0.05% of their portfolio MELVILLE, NY 20,52520.5k $1.2m $1.2m 0.05% Reduced -19.7k -19,664
61 SILVERCREST ASSET MANAGEMENT GROUP LLC 0.01% of their portfolio NEW YORK, NY 20,47220.5k $1.2m $1.2m 0.01% Unchanged
62 OPPENHEIMER & CO INC 0.01% of their portfolio NEW YORK, NY 17,49417.5k $1.0m $1.0m 0.01% New
63 Baird Financial Group, Inc. 0.00% of their portfolio MILWAUKEE, WI 17,20217.2k $1.0m $1.0m 0.00% Reduced -8 -8
64 Forum Financial Management, LP 0.01% of their portfolio LOMBARD, IL 17,05517.1k $1.0m $1.0m 0.01% Added +46 +46
65 HSBC HOLDINGS PLC 0.00% of their portfolio LONDON, X0 16,99517.0k $1.0m $1.0m 0.00% Added +2.0k +1,965
66 Belpointe Asset Management LLC 0.04% of their portfolio RENO, NV 16,77716.8k $996.9k $996.9k 0.04% Added +10.7k +10,681
67 Mutual Advisors, LLC 0.02% of their portfolio OMAHA, NE 16,39816.4k $933.2k $933.2k 0.02% Added +5.6k +5,561
68 Janney Montgomery Scott LLC 0.00% of their portfolio PHILADELPHIA, PA 15,66515.7k $931.0k $931.0k 0.00% Reduced -753 -753
69 Trivium Point Advisory, LLC 0.09% of their portfolio WILTON, CT 15,02415.0k $892.7k $892.7k 0.09% New
70 Equitable Holdings, Inc. 0.01% of their portfolio NEW YORK, NY 14,97015.0k $889.5k $889.5k 0.01% Added +2.1k +2,146
71 Jump Financial, LLC 0.01% of their portfolio Chicago, IL 14,96315.0k $889.1k $889.1k 0.01% New
72 Curi Capital, LLC 0.02% of their portfolio CHICAGO, IL 14,58714.6k $866.8k $866.8k 0.02% Reduced -949 -949
73 ALTFEST L J & CO INC 0.10% of their portfolio NEW YORK, NY 14,40214.4k $855.7k $855.7k 0.10% Added +5.7k +5,661
74 Lido Advisors, LLC 0.00% of their portfolio Los Angeles, CA 14,21214.2k $844.5k $844.5k 0.00% Added +9.0k +8,971
75 FSA WEALTH PARTNERS, INC. 0.31% of their portfolio Rockville, MD 13,71213.7k $814.8k $814.8k 0.31% New
76 Keystone Wealth Services, LLC 0.17% of their portfolio PALM DESERT, CA 13,25913.3k $787.8k $787.8k 0.17% New
77 Mariner, LLC 0.00% of their portfolio Overland Park, KS 13,18813.2k $783.6k $783.6k 0.00% New
78 Advisory Services Network, LLC 0.01% of their portfolio ATLANTA, GA 12,20712.2k $725.4k $725.4k 0.01% Reduced -350 -350
79 Steward Partners Investment Advisory, LLC 0.00% of their portfolio STAMFORD, CT 11,93611.9k $709.2k $709.2k 0.00% Added +3.1k +3,088
80 MAI Capital Management 0.00% of their portfolio INDEPENDENCE, OH 11,80611.8k $701.5k $701.5k 0.00% Added +12 +12
81 Kestra Advisory Services, LLC 0.00% of their portfolio AUSTIN, TX 11,27211.3k $669.8k $669.8k 0.00% Reduced -3.9k -3,906
82 Vectors Research Management, LLC 0.21% of their portfolio New York, NY 11,16411.2k $663.4k $663.4k 0.21% Added +6.9k +6,875
83 Integrated Advisors Network LLC 0.03% of their portfolio DALLAS, TX 11,04911.0k $656.5k $656.5k 0.03% Added +2.4k +2,447
84 Summit Financial, LLC 0.01% of their portfolio PARSIPPANY, NJ 11,04611.0k $656.3k $656.3k 0.01% Unchanged
85 HighTower Advisors, LLC 0.00% of their portfolio CHICAGO, IL 10,89510.9k $647.5k $647.5k 0.00% Added +276 +276
86 TRUIST FINANCIAL CORP 0.00% of their portfolio CHARLOTTE, NC 10,82010.8k $642.9k $642.9k 0.00% Reduced -3.8k -3,828
87 COBBLESTONE CAPITAL ADVISORS LLC /NY/ 0.03% of their portfolio ROCHESTER, NY 10,75010.8k $638.8k $638.8k 0.03% Unchanged
88 Graves Light Lenhart Wealth, Inc. 0.07% of their portfolio HARRISONBURG, VA 10,70310.7k $636.0k $636.0k 0.07% Unchanged
89 GREAT VALLEY ADVISOR GROUP, INC. 0.01% of their portfolio WILMINGTON, DE 10,53910.5k $626.2k $626.2k 0.01% Reduced -445 -445
90 HRT FINANCIAL LP 0.00% of their portfolio NEW YORK, NY 10,45510.5k $621.0k $621.0k 0.00% Reduced -4.2k -4,211
91 CALTON & ASSOCIATES, INC. 0.09% of their portfolio Tampa, FL 10,38210.4k $616.9k $616.9k 0.09% Reduced -1.1k -1,061
92 Pathstone Holdings, LLC 0.00% of their portfolio ENGLEWOOD, NJ 10,32110.3k $613.3k $613.3k 0.00% Unchanged
93 JONES FINANCIAL COMPANIES LLLP 0.00% of their portfolio DES PERES, MO 10,12510.1k $611.0k $611.0k 0.00% Added +9.0k +8,998
94 STEPHENS INC /AR/ 0.01% of their portfolio LITTLE ROCK, AR 9,8609.9k $585.9k $585.9k 0.01% Reduced -250 -250
95 C2P Capital Advisory Group, LLC d.b.a. Prosperity Capital Advisors 0.03% of their portfolio Westlake, OH 9,8269.8k $583.9k $583.9k 0.03% Reduced -40.4k -40,432
96 NORTH STAR ASSET MANAGEMENT INC 0.02% of their portfolio NEENAH, WI 9,7459.7k $579.0k $579.0k 0.02% Reduced -17 -17
97 Foundations Investment Advisors, LLC 0.01% of their portfolio PHOENIX, AZ 9,6399.6k $572.7k $572.7k 0.01% New
98 Quadrature Capital Ltd 0.01% of their portfolio LONDON, X0 9,2299.2k $548.6k $548.6k 0.01% New
99 Simmons Bank 0.04% of their portfolio Pine Bluff, AR 9,0339.0k $536.7k $536.7k 0.04% Reduced -12 -12
100 FMR LLC 0.00% of their portfolio BOSTON, MA 8,8828.9k $527.8k $527.8k 0.00% Added +1.5k +1,467