Vault-13

SPDR SER TR KBE

S&P BK ETF · ETP · CUSIP 78464A797

266 institutional holders +17 vs Q3 2025
15,130,72815.1m shares reported held*
$918.8mreported value*
33 new 69 added 74 reduced 29 sold out net sold ≈ $141.5m (-2.3m 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 ($198.3k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $60.73. Options: 10 managers hold calls ($167.6m notional), 15 hold puts ($532.7m).

Trends to Q4 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: 249Q4 25: 266266Q3 22Q2 23Q1 24Q4 24Q4 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
Q4 2025266

Buyers vs sellers

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

Bought or addedCut or sold out
2000200Q1 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 25Q3 25: 98 bought or addedQ3 25: 100 cut or sold outQ4 25: 102 bought or addedQ4 25: 103 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 202474133
Q2 202475100
Q3 20249595
Q4 202411885
Q1 2025111108
Q2 2025104109
Q3 202598100
Q4 2025102103

Calls vs puts

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

CallsPuts
$0$200m$400m$600mQ1 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 1.53Q4 25 calls: $167.6mQ4 25 puts: $532.7mQ4 25P/C 3.18
Numbers
QuarterCallsPutsP/C
Q1 2025$86.5m$179.7m2.08
Q2 2025$235.8m$170.8m0.72
Q3 2025$134.7m$205.8m1.53
Q4 2025$167.6m$532.7m3.18

Biggest buyers

JANE STREET GROUP, LLC Added +354,597+354.6k
BANK OF AMERICA CORP /DE/ Added +351,959+352.0k
ROYAL BANK OF CANADA Added +335,194+335.2k
Bank of New York Mellon Corp Added +163,145+163.1k
Point72 Asset Management, L.P. New +154,000+154.0k
CITIGROUP INC Added +124,539+124.5k
MRA Advisory Group New +114,245+114.2k
BARCLAYS PLC Added +110,719+110.7k
Sage Advisory Services, Ltd.Co. New +74,165+74.2k
UBS Group AG Added +73,189+73.2k

Biggest sellers

TWO SIGMA INVESTMENTS, LP Reduced -2,015,740-2.0m
EDMOND DE ROTHSCHILD HOLDING S.A. Reduced -585,799-585.8k
Duquesne Family Office LLC Sold out -482,095-482.1k
NAN FUNG TRINITY (HK) LTD Sold out -388,500-388.5k
CITADEL ADVISORS LLC Reduced -207,221-207.2k
MORGAN STANLEY Reduced -173,543-173.5k
LPL Financial LLC Reduced -168,324-168.3k
Brevan Howard Capital Management LP Sold out -127,284-127.3k
NORDEN GROUP LLC Reduced -108,151-108.2k
PNC Financial Services Group, Inc. Reduced -60,535-60.5k

Biggest calls

GOLDMAN SACHS GROUP INC New $30.3m500.0k shares
UBS Group AG Added $26.6m438.1k shares
CITADEL ADVISORS LLC Added $25.4m418.7k shares
Brevan Howard Capital Management LP New $24.3m400.0k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $23.8m391.8k shares
PEAK6 LLC Reduced $12.8m211.6k shares
CAPITAL FUND MANAGEMENT S.A. Reduced $11.8m193.8k shares
MOORE CAPITAL MANAGEMENT, LP New $6.7m110.0k shares
Walleye Trading LLC Reduced $5.4m88.6k shares
JANE STREET GROUP, LLC Reduced $540.1k8.9k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $220.4m3.6m shares
BANK OF MONTREAL /CAN/ New $121.5m2.0m shares
JANE STREET GROUP, LLC Added $56.7m934.2k shares
BARCLAYS PLC New $30.3m500.0k shares
PEAK6 LLC Added $29.4m484.2k shares
CITADEL ADVISORS LLC Added $27.5m452.4k shares
Balyasny Asset Management L.P. Added $12.0m197.5k shares
UBS Group AG Unchanged $9.1m150.0k shares
CAPITAL FUND MANAGEMENT S.A. Added $6.1m100.7k shares
Parallax Volatility Advisers, L.P. Added $5.5m91.0k 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, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 GOLDMAN SACHS GROUP INC 0.03% of their portfolio NEW YORK, NY 3,436,9123.4m $208.6m $208.6m 0.03% Reduced -34.1k -34,102
2 BANK OF AMERICA CORP /DE/ 0.01% of their portfolio CHARLOTTE, NC 1,354,7681.4m $82.2m $82.2m 0.01% Added +352.0k +351,959
3 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 1,330,2551.3m $80.7m $80.7m 0.00% Reduced -173.5k -173,543
4 UBS Group AG 0.01% of their portfolio ZURICH, V8 684,464684.5k $41.5m $41.5m 0.01% Added +73.2k +73,189
5 WELLS FARGO & COMPANY/MN 0.01% of their portfolio SAN FRANCISCO, CA 617,683617.7k $37.5m $37.5m 0.01% Reduced -58.1k -58,114
6 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 463,143463.1k $28.1m $28.1m 0.00% Added +335.2k +335,194
7 JANE STREET GROUP, LLC 0.03% of their portfolio NEW YORK, NY 433,034433.0k $26.3m $26.3m 0.03% Added +354.6k +354,597
8 Wharton Business Group, LLC 0.99% of their portfolio MALVERN, PA 430,306430.3k $26.1m $26.1m 0.99% Reduced -2.6k -2,555
9 Madison Asset Management, LLC 0.28% of their portfolio MADISON, WI 406,063406.1k $24.6m $24.6m 0.28% Reduced -14.6k -14,631
10 LPL Financial LLC 0.01% of their portfolio FORT MILL, SC 367,844367.8k $22.3m $22.3m 0.01% Reduced -168.3k -168,324
11 PNC Financial Services Group, Inc. 0.01% of their portfolio Pittsburgh, PA 321,167321.2k $19.5m $19.5m 0.01% Reduced -60.5k -60,535
12 Janney Capital Management LLC 1.22% of their portfolio PITTSBURGH, PA 319,806319.8k $19.4m $19.4m 1.22% Reduced -7.3k -7,311
13 BARCLAYS PLC 0.01% of their portfolio LONDON, X0 284,992285.0k $17.3m $17.3m 0.01% Added +110.7k +110,719
14 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 224,578224.6k $13.6m $13.6m 0.00% Reduced -49.2k -49,246
15 CITIGROUP INC 0.01% of their portfolio NEW YORK, NY 216,492216.5k $13.1m $13.1m 0.01% Added +124.5k +124,539
16 ProVise Management Group, LLC 0.93% of their portfolio CLEARWATER, FL 215,959216.0k $13.1m $13.1m 0.93% Added +6.5k +6,463
17 CASTLEKEEP INVESTMENT ADVISORS LLC 5.64% of their portfolio WESTPORT, CT 205,332205.3k $12.5m $12.5m 5.64% Added +413 +413
18 CITADEL ADVISORS LLC 0.01% of their portfolio MIAMI, FL 198,718198.7k $12.1m $12.1m 0.01% Reduced -207.2k -207,221
19 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 170,016170.0k $10.3m $10.3m 0.00% Added +163.1k +163,145
20 Point72 Asset Management, L.P. 0.01% of their portfolio STAMFORD, CT 154,000154.0k $9.3m $9.3m 0.01% New
21 Agave Capital Management Ltd 1.19% of their portfolio LONDON, X0 116,828116.8k $7.1m $7.1m 1.19% First filing
22 MRA Advisory Group 2.91% of their portfolio PARSIPPANY, NJ 114,245114.2k $6.9m $6.9m 2.91% New
23 Empowered Funds, LLC 0.11% of their portfolio NEWTOWN SQUARE, PA 104,833104.8k $6.4m $6.4m 0.11% Added +55.6k +55,624
24 SIMPLEX TRADING, LLC 0.16% of their portfolio CHICAGO, IL 95,66495.7k $5.8m $5.8m 0.16% Added +70.3k +70,294
25 CAPTRUST FINANCIAL ADVISORS 0.01% of their portfolio RALEIGH, NC 95,21195.2k $5.8m $5.8m 0.01% Added +6.4k +6,400
26 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 88,88688.9k $5.4m $5.4m 0.00% Reduced -52.7k -52,695
27 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 83,47683.5k $5.1m $5.1m 0.00% Reduced -27.5k -27,458
28 Quantitative Investment Management, LLC 0.46% of their portfolio CHARLOTTESVILLE, VA 78,44578.4k $4.8m $4.8m 0.46% Added +71.8k +71,767
29 STIFEL FINANCIAL CORP 0.00% of their portfolio ST. LOUIS, MO 77,26177.3k $4.7m $4.7m 0.00% Added +723 +723
30 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 76,96377.0k $4.7m $4.7m 0.00% Added +3.1k +3,101
31 Sage Advisory Services, Ltd.Co. 2.45% of their portfolio AUSTIN, TX 74,16574.2k $4.5m $4.5m 2.45% New
32 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 72,65672.7k $4.4m $4.4m 0.00% Added +46.7k +46,687
33 Caption Management, LLC 0.19% of their portfolio OKLAHOMA CITY, OK 70,00070.0k $4.2m $4.2m 0.19% New
34 Trans-Canada Capital Inc. 0.24% of their portfolio MONTREAL, A8 70,00070.0k $4.2m $4.2m 0.24% Unchanged
35 Walleye Capital LLC 0.02% of their portfolio NEW YORK, NY 60,86460.9k $3.7m $3.7m 0.02% New
36 Arete Wealth Advisors, LLC 0.24% of their portfolio CHICAGO, IL 57,88857.9k $3.5m $3.5m 0.24% New
37 Evolution Wealth Advisors, LLC 0.32% of their portfolio AVENTURA, FL 53,02253.0k $3.2m $3.2m 0.32% Unchanged
38 Benchmark Financial Wealth Advisors, LLC 0.87% of their portfolio BOCA RATON, FL 49,72349.7k $3.0m $3.0m 0.87% Reduced -1.5k -1,483
39 Cetera Investment Advisers 0.00% of their portfolio SCHAUMBURG, IL 46,74646.7k $2.8m $2.8m 0.00% Added +11.1k +11,093
40 Atlantic Union Bankshares Corp 0.05% of their portfolio GLEN ALLEN, VA 46,48646.5k $2.8m $2.8m 0.05% Reduced -746 -746
41 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 38,34938.3k $2.3m $2.3m 0.00% Reduced -57.5k -57,475
42 FIRST TRUST ADVISORS LP 0.00% of their portfolio Wheaton, IL 36,74336.7k $2.2m $2.2m 0.00% Added +1.0k +1,026
43 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 34,73734.7k $2.1m $2.1m 0.00% Added +2.6k +2,605
44 LOM Asset Management Ltd 0.61% of their portfolio Hamilton, D0 34,69634.7k $2.1m $2.1m 0.61% Reduced -915 -915
45 Qube Research & Technologies Ltd 0.00% of their portfolio LONDON, X0 34,10434.1k $2.1m $2.1m 0.00% Added +31.4k +31,441
46 Baird Financial Group, Inc. 0.00% of their portfolio MILWAUKEE, WI 33,88533.9k $2.1m $2.1m 0.00% Added +16.7k +16,683
47 Sanctuary Advisors, LLC 0.01% of their portfolio INDIANAPOLIS, IN 32,90332.9k $2.0m $2.0m 0.01% Reduced -3.6k -3,594
48 SG Americas Securities, LLC 0.00% of their portfolio NEW YORK, NY 32,84632.8k $2.0m $2.0m 0.00% Added +29.6k +29,569
49 SCHRODER INVESTMENT MANAGEMENT GROUP 0.00% of their portfolio London, X0 32,83732.8k $2.0m $2.0m 0.00% New
50 Balyasny Asset Management L.P. 0.00% of their portfolio Chicago, IL 30,77530.8k $1.9m $1.9m 0.00% Added +25.6k +25,600
51 HSBC HOLDINGS PLC 0.00% of their portfolio LONDON, X0 30,01630.0k $1.8m $1.8m 0.00% Added +13.0k +13,021
52 D. E. Shaw & Co., Inc. 0.00% of their portfolio New York, NY 28,97229.0k $1.8m $1.8m 0.00% New
53 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 28,21428.2k $1.7m $1.7m 0.00% Reduced -632 -632
54 Aspen Grove Capital, LLC 0.27% of their portfolio AVON, CO 25,92025.9k $1.6m $1.6m 0.27% Unchanged
55 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 25,76525.8k $1.6m $1.6m 0.00% Reduced -25.2k -25,250
56 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 25,66125.7k $1.6m $1.6m 0.00% Added +4.3k +4,274
57 IMC-Chicago, LLC 0.03% of their portfolio CHICAGO, IL 25,62225.6k $1.6m $1.6m 0.03% New
58 GROUP ONE TRADING LLC 0.04% of their portfolio CHICAGO, IL 24,99125.0k $1.5m $1.5m 0.04% Added +2.7k +2,685
59 Envestnet Portfolio Solutions, Inc. 0.01% of their portfolio BERWYN, PA 24,37224.4k $1.5m $1.5m 0.01% New
60 TUDOR INVESTMENT CORP ET AL 0.01% of their portfolio STAMFORD, CT 24,18324.2k $1.5m $1.5m 0.01% Reduced -9.3k -9,258
61 SAPIENT CAPITAL LLC 0.02% of their portfolio INDIANAPOLIS, IN 22,80022.8k $1.4m $1.4m 0.02% New
62 OPPENHEIMER & CO INC 0.02% of their portfolio NEW YORK, NY 22,53222.5k $1.4m $1.4m 0.02% Added +5.0k +5,038
63 Segment Wealth Management, LLC 0.08% of their portfolio HOUSTON, TX 22,09022.1k $1.3m $1.3m 0.08% Reduced -10.6k -10,600
64 Global Retirement Partners, LLC 0.02% of their portfolio San Rafael, CA 21,60821.6k $1.3m $1.3m 0.02% Reduced -1.6k -1,552
65 DRW Securities, LLC 0.09% of their portfolio CHICAGO, IL 20,54820.5k $1.2m $1.2m 0.09% Reduced -31.6k -31,618
66 BANCO BILBAO VIZCAYA ARGENTARIA, S.A. 0.01% of their portfolio Madrid, U3 20,54720.5k $1.3m $1.3m 0.01% Reduced -2.9k -2,877
67 GM Advisory Group, LLC 0.05% of their portfolio MELVILLE, NY 20,52520.5k $1.2m $1.2m 0.05% Unchanged
68 SILVERCREST ASSET MANAGEMENT GROUP LLC 0.01% of their portfolio NEW YORK, NY 20,47220.5k $1.2m $1.2m 0.01% Unchanged
69 CAPITAL FUND MANAGEMENT S.A. 0.01% of their portfolio PARIS, I0 18,03618.0k $1.1m $1.1m 0.01% New
70 Equitable Holdings, Inc. 0.01% of their portfolio NEW YORK, NY 17,95318.0k $1.1m $1.1m 0.01% Added +3.0k +2,983
71 Forum Financial Management, LP 0.01% of their portfolio LOMBARD, IL 17,05217.1k $1.0m $1.0m 0.01% Reduced -3 -3
72 TRUIST FINANCIAL CORP 0.00% of their portfolio CHARLOTTE, NC 16,80316.8k $1.0m $1.0m 0.00% Added +6.0k +5,983
73 Jefferies Financial Group Inc. 0.01% of their portfolio NEW YORK, NY 16,65316.7k $1.0m $1.0m 0.01% Added +14.2k +14,168
74 Janney Montgomery Scott LLC 0.00% of their portfolio PHILADELPHIA, PA 16,38116.4k $994.0k $994.0k 0.00% Added +716 +716
75 Cambridge Investment Research Advisors, Inc. 0.00% of their portfolio FAIRFIELD, IA 15,81815.8k $960.0k $960.0k 0.00% Reduced -36.6k -36,586
76 Lido Advisors, LLC 0.00% of their portfolio Los Angeles, CA 15,59115.6k $939.6k $939.6k 0.00% Added +1.4k +1,379
77 Corient Private Wealth LP 0.00% of their portfolio MIAMI, FL 14,70514.7k $892.4k $892.4k 0.00% Added +6.3k +6,281
78 TWO SIGMA INVESTMENTS, LP 0.00% of their portfolio NEW YORK, NY 14,70014.7k $892.1k $892.1k 0.00% Reduced -2.0m -2,015,740
79 Curi Capital, LLC 0.02% of their portfolio CHICAGO, IL 14,58714.6k $885.3k $885.3k 0.02% Unchanged
80 Trivium Point Advisory, LLC 0.09% of their portfolio WILTON, CT 14,34114.3k $870.3k $870.3k 0.09% Reduced -683 -683
81 HRT FINANCIAL LP 0.00% of their portfolio NEW YORK, NY 14,19014.2k $861.0k $861.0k 0.00% Added +3.7k +3,735
82 Clark Capital Management Group, Inc. 0.01% of their portfolio PHILADELPHIA, PA 14,10714.1k $856.2k $856.2k 0.01% New
83 ALTFEST L J & CO INC 0.09% of their portfolio NEW YORK, NY 13,74113.7k $833.9k $833.9k 0.09% Reduced -661 -661
84 Stirlingshire Investments, Inc. 0.73% of their portfolio NEW YORK, NY 13,47513.5k $817.8k $817.8k 0.73% First filing
85 Mariner, LLC 0.00% of their portfolio Overland Park, KS 13,44113.4k $816.6k $816.6k 0.00% Added +253 +253
86 MAI Capital Management 0.00% of their portfolio INDEPENDENCE, OH 12,38812.4k $751.8k $751.8k 0.00% Added +582 +582
87 Advisory Services Network, LLC 0.01% of their portfolio ATLANTA, GA 12,17112.2k $738.7k $738.7k 0.01% Reduced -36 -36
88 Belpointe Asset Management LLC 0.03% of their portfolio RENO, NV 11,40811.4k $692.4k $692.4k 0.03% Reduced -5.4k -5,369
89 BLUEFIN CAPITAL MANAGEMENT, LLC 0.19% of their portfolio NEW YORK, NY 11,20011.2k $679.7k $679.7k 0.19% New
90 Vectors Research Management, LLC 0.21% of their portfolio New York, NY 11,09011.1k $673.1k $673.1k 0.21% Reduced -74 -74
91 Mutual Advisors, LLC 0.01% of their portfolio OMAHA, NE 11,01711.0k $668.6k $668.6k 0.01% Reduced -5.4k -5,381
92 Kestra Advisory Services, LLC 0.00% of their portfolio AUSTIN, TX 10,98511.0k $666.7k $666.7k 0.00% Reduced -287 -287
93 Summit Financial, LLC 0.01% of their portfolio PARSIPPANY, NJ 10,90310.9k $661.7k $661.7k 0.01% Reduced -143 -143
94 Graves Light Lenhart Wealth, Inc. 0.07% of their portfolio HARRISONBURG, VA 10,70310.7k $649.6k $649.6k 0.07% Unchanged
95 CALTON & ASSOCIATES, INC. 0.09% of their portfolio Tampa, FL 10,63310.6k $645.3k $645.3k 0.09% Added +251 +251
96 GREAT VALLEY ADVISOR GROUP, INC. 0.01% of their portfolio WILMINGTON, DE 10,44110.4k $633.6k $633.6k 0.01% Reduced -98 -98
97 JONES FINANCIAL COMPANIES LLLP 0.00% of their portfolio DES PERES, MO 10,43410.4k $633.2k $633.2k 0.00% Added +309 +309
98 Pathstone Holdings, LLC 0.00% of their portfolio ENGLEWOOD, NJ 10,32110.3k $626.4k $626.4k 0.00% Unchanged
99 Tower Research Capital LLC (TRC) 0.02% of their portfolio NEW YORK, NY 10,28010.3k $623.9k $623.9k 0.02% Added +4.0k +4,016
100 HighTower Advisors, LLC 0.00% of their portfolio CHICAGO, IL 9,96410.0k $604.7k $604.7k 0.00% Reduced -931 -931