Vault-13

SPDR SERIES TRUST SPMD

PORTFOLIO S&P400 · ETP · CUSIP 78464A847

796 institutional holders +62 vs Q3 2025
235,258,675235.3m shares reported held*
$13.6bnreported value*
66 new 366 added 226 reduced 38 sold out net bought ≈ $749.0m (+12.9m 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 ($11.4m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $57.96.

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

05001kQ3 22: 381Q4 22: 427Q1 23: 434Q2 23: 462Q3 23: 485Q4 23: 550Q1 24: 567Q2 24: 593Q3 24: 624Q4 24: 684Q1 25: 680Q2 25: 726Q3 25: 734Q4 25: 796796Q3 22Q2 23Q1 24Q4 24Q4 25
Numbers
QuarterHolders
Q3 2022381
Q4 2022427
Q1 2023434
Q2 2023462
Q3 2023485
Q4 2023550
Q1 2024567
Q2 2024593
Q3 2024624
Q4 2024684
Q1 2025680
Q2 2025726
Q3 2025734
Q4 2025796

Buyers vs sellers

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

Bought or addedCut or sold out
5000500Q1 24: 288 bought or addedQ1 24: 230 cut or sold outQ2 24: 313 bought or addedQ2 24: 220 cut or sold outQ2 24Q3 24: 346 bought or addedQ3 24: 214 cut or sold outQ4 24: 356 bought or addedQ4 24: 234 cut or sold outQ4 24Q1 25: 385 bought or addedQ1 25: 269 cut or sold outQ2 25: 383 bought or addedQ2 25: 280 cut or sold outQ2 25Q3 25: 410 bought or addedQ3 25: 257 cut or sold outQ4 25: 432 bought or addedQ4 25: 264 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 2024288230
Q2 2024313220
Q3 2024346214
Q4 2024356234
Q1 2025385269
Q2 2025383280
Q3 2025410257
Q4 2025432264

Calls vs puts

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

CallsPuts
$0$200k$400k$600k$800kQ1 25 calls: $721.6kQ1 25 puts: $35.8kQ1 25P/C 0.05Q2 25 calls: $609.1kQ2 25 puts: $0Q2 25P/C 0.00Q3 25 calls: $0Q3 25 puts: $0Q3 25P/C —Q4 25 calls: $0Q4 25 puts: $0Q4 25P/C —
Numbers
QuarterCallsPutsP/C
Q1 2025$721.6k$35.8k0.05
Q2 2025$609.1k$00.00
Q3 2025$0$0—
Q4 2025$0$0—

Biggest buyers

MORGAN STANLEY Added +6,634,293+6.6m
Creative Planning Added +4,702,547+4.7m
NATIONAL BANK OF CANADA /FI/ Added +1,170,500+1.2m
Betterment LLC Added +1,024,884+1.0m
GREENLEAF TRUST Added +743,806+743.8k
Thrivent Financial for Lutherans Added +648,370+648.4k
Corient Private Wealth LP Added +492,506+492.5k
WELLS FARGO & COMPANY/MN Added +424,357+424.4k
NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Added +346,515+346.5k
Auto-Owners Insurance Co Added +290,000+290.0k

Biggest sellers

EXCHANGE TRADED CONCEPTS, LLC Sold out -1,881,210-1.9m
HighTower Advisors, LLC Reduced -1,316,368-1.3m
CWM, LLC Reduced -1,137,753-1.1m
WALLER FINANCIAL PLANNING GROUP, INC Reduced -481,323-481.3k
Mach-1 Financial Group, LLC Sold out -406,116-406.1k
Facet Wealth, Inc. Reduced -394,874-394.9k
OneAscent Financial Services LLC Sold out -390,903-390.9k
ENVESTNET ASSET MANAGEMENT INC Reduced -305,095-305.1k
RETIREMENT FINANCIAL SOLUTIONS, LLC Reduced -281,644-281.6k
BANK OF AMERICA CORP /DE/ Reduced -270,736-270.7k

Holders, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Creative Planning 3.84% of their portfolio OVERLAND PARK, KS 92,668,60992.7m $5.4bn $5.4bn 3.84% Added +4.7m +4,702,547
2 Betterment LLC 2.33% of their portfolio NEW YORK, NY 21,151,16121.2m $1.2bn $1.2bn 2.33% Added +1.0m +1,024,884
3 LPL Financial LLC 0.20% of their portfolio FORT MILL, SC 12,844,47212.8m $743.8m $743.8m 0.20% Added +173.9k +173,911
4 MORGAN STANLEY 0.03% of their portfolio NEW YORK, NY 9,824,2559.8m $568.9m $568.9m 0.03% Added +6.6m +6,634,293
5 Valmark Advisers, Inc. 5.03% of their portfolio AKRON, OH 7,041,7367.0m $407.8m $407.8m 5.03% Added +204.7k +204,651
6 CWM, LLC 0.56% of their portfolio OMAHA, NE 3,590,7313.6m $207.9m $207.9m 0.56% Reduced -1.1m -1,137,753
7 TEXAS PERMANENT SCHOOL FUND CORP 7.93% of their portfolio AUSTIN, TX 2,994,2833.0m $173.4m $173.4m 7.93% Added +12.2k +12,240
8 AlTi Global, Inc. 3.71% of their portfolio NEW YORK, NY 2,985,5443.0m $172.9m $172.9m 3.71% Reduced -130.5k -130,506
9 ENVESTNET ASSET MANAGEMENT INC 0.05% of their portfolio Berwyn, PA 2,864,6562.9m $165.9m $165.9m 0.05% Reduced -305.1k -305,095
10 Facet Wealth, Inc. 2.71% of their portfolio WEST PALM BEACH, FL 2,515,6022.5m $153.3m $153.3m 2.71% Reduced -394.9k -394,874
11 HighTower Advisors, LLC 0.13% of their portfolio CHICAGO, IL 2,015,6782.0m $116.7m $116.7m 0.13% Reduced -1.3m -1,316,368
12 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.07% of their portfolio MILWAUKEE, WI 1,959,1172.0m $113.5m $113.5m 0.07% Added +346.5k +346,515
13 BANK OF AMERICA CORP /DE/ 0.01% of their portfolio CHARLOTTE, NC 1,954,7922.0m $113.2m $113.2m 0.01% Reduced -270.7k -270,736
14 First Command Advisory Services, Inc. 0.64% of their portfolio FORT WORTH, TX 1,590,5781.6m $92.1m $92.1m 0.64% Added +278.6k +278,553
15 MASON STREET ADVISORS, LLC 9.04% of their portfolio MILWAUKEE, WI 1,587,3901.6m $91.9m $91.9m 9.04% Added +225.2k +225,190
16 OSAIC HOLDINGS, INC. 0.13% of their portfolio SCOTTSDALE, AZ 1,530,8071.5m $88.7m $88.7m 0.13% Reduced -8.9k -8,874
17 UBS Group AG 0.02% of their portfolio ZURICH, V8 1,459,4201.5m $84.5m $84.5m 0.02% Added +26.1k +26,062
18 Hancock Prospecting Pty Ltd 2.51% of their portfolio West Perth, C3 1,410,4701.4m $81.7m $81.7m 2.51% Unchanged
19 Auto-Owners Insurance Co 1.62% of their portfolio LANSING, MI 1,330,0001.3m $77.0m $77.0m 1.62% Added +290.0k +290,000
20 Hills Bank & Trust Co 4.31% of their portfolio North Liberty, IA 1,278,7251.3m $74.1m $74.1m 4.31% Added +23.6k +23,593
21 UNITED CAPITAL FINANCIAL ADVISORS, LLC 0.45% of their portfolio IRVING, TX 1,276,4841.3m $73.9m $73.9m 0.45% Added +215.8k +215,776
22 WELLS FARGO & COMPANY/MN 0.01% of their portfolio SAN FRANCISCO, CA 1,208,3371.2m $70.0m $70.0m 0.01% Added +424.4k +424,357
23 NATIONAL BANK OF CANADA /FI/ 0.07% of their portfolio MONTREAL, A8 1,171,0001.2m $67.8m $67.8m 0.07% Added +1.2m +1,170,500
24 Cornerstone Wealth Management, LLC 3.36% of their portfolio ST. PETERS, MO 1,115,0381.1m $64.6m $64.6m 3.36% Added +18.0k +18,009
25 Wealthcare Advisory Partners LLC 1.27% of their portfolio WEST CHESTER, PA 1,114,2531.1m $64.5m $64.5m 1.27% Added +50.9k +50,917
26 AlphaStar Capital Management, LLC 4.02% of their portfolio CORNELIUS, NC 945,434945.4k $54.8m $54.8m 4.02% Added +207.4k +207,407
27 Corient Private Wealth LP 0.04% of their portfolio MIAMI, FL 945,424945.4k $54.7m $54.7m 0.04% Added +492.5k +492,506
28 GOLDMAN SACHS GROUP INC 0.01% of their portfolio NEW YORK, NY 906,463906.5k $52.5m $52.5m 0.01% Reduced -1.6k -1,584
29 JNBA Financial Advisors 4.48% of their portfolio BLOOMINGTON, MN 885,173885.2k $51.3m $51.3m 4.48% Added +24.2k +24,186
30 Koss-Olinger Consulting, LLC 3.97% of their portfolio GAINESVILLE, FL 884,396884.4k $51.2m $51.2m 3.97% Added +17.1k +17,070
31 VICUS CAPITAL 3.83% of their portfolio STATE COLLEGE, PA 880,602880.6k $51.0m $51.0m 3.83% Added +237.9k +237,930
32 Private Advisor Group, LLC 0.24% of their portfolio MORRISTOWN, NJ 872,484872.5k $50.5m $50.5m 0.24% Reduced -29.6k -29,632
33 GREENLEAF TRUST 0.43% of their portfolio KALAMAZOO, MI 801,325801.3k $46.4m $46.4m 0.43% Added +743.8k +743,806
34 ROYAL BANK OF CANADA 0.01% of their portfolio TORONTO, A6 794,749794.7k $46.0m $46.0m 0.01% Added +28.6k +28,623
35 HHM Wealth Advisors, LLC 5.34% of their portfolio CHATTANOOGA, TN 781,091781.1k $45.2m $45.2m 5.34% Reduced -27.8k -27,789
36 1900 WEALTH MANAGEMENT LLC 2.76% of their portfolio SAN ANTONIO, TX 743,705743.7k $43.1m $43.1m 2.76% Added +51.9k +51,897
37 Peterson Wealth Advisors, LLC 5.68% of their portfolio Orem, UT 735,546735.5k $42.6m $42.6m 5.68% Added +1.9k +1,867
38 RKL Wealth Management LLC 3.39% of their portfolio LANCASTER, PA 712,175712.2k $41.2m $41.2m 3.39% Added +117.2k +117,200
39 RETIREMENT INCOME SOLUTIONS, INC 6.90% of their portfolio ANN ARBOR, MI 702,621702.6k $40.7m $40.7m 6.90% Added +84.5k +84,538
40 BLAIR WILLIAM & CO/IL 0.11% of their portfolio CHICAGO, IL 691,040691.0k $40.0m $40.0m 0.11% Added +14.1k +14,100
41 GREAT VALLEY ADVISOR GROUP, INC. 0.76% of their portfolio WILMINGTON, DE 682,016682.0k $39.5m $39.5m 0.76% Added +26.6k +26,649
42 Farther Finance Advisors, LLC 0.42% of their portfolio SAN FRANCISCO, CA 669,570669.6k $38.8m $38.8m 0.42% Added +83.7k +83,711
43 Thrivent Financial for Lutherans 0.07% of their portfolio Minneapolis, MN 663,452663.5k $38.4m $38.4m 0.07% Added +648.4k +648,370
44 Impact Partnership Wealth, LLC 4.76% of their portfolio MARIETTA, GA 641,279641.3k $37.1m $37.1m 4.76% Added +63.4k +63,368
45 Composition Wealth, LLC 0.52% of their portfolio LOS ANGELES, CA 631,056631.1k $36.5m $36.5m 0.52% Added +97.3k +97,288
46 BOKF, NA 0.49% of their portfolio TULSA, OK 553,900553.9k $32.1m $32.1m 0.49% Reduced -4.5k -4,531
47 Atlas Private Wealth Advisors 7.45% of their portfolio RED BANK, NJ 550,454550.5k $31.9m $31.9m 7.45% Added +24.7k +24,742
48 Equitable Holdings, Inc. 0.21% of their portfolio NEW YORK, NY 525,998526.0k $30.5m $30.5m 0.21% Added +42.3k +42,267
49 RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio ST. PETERSBURG, FL 503,960504.0k $29.2m $29.2m 0.01% Added +82.2k +82,211
50 MML INVESTORS SERVICES, LLC 0.07% of their portfolio SPRINGFIELD, MA 495,167495.2k $28.7m $28.7m 0.07% Added +36.3k +36,306
51 OARSMAN CAPITAL, INC. 3.63% of their portfolio MILWAUKEE, WI 482,998483.0k $28.0m $28.0m 3.63% Added +44.7k +44,673
52 Gerber Kawasaki Wealth & Investment Management 0.95% of their portfolio SANTA MONICA, CA 470,304470.3k $27.2m $27.2m 0.95% Added +26.4k +26,385
53 Global Retirement Partners, LLC 0.48% of their portfolio San Rafael, CA 468,852468.9k $27.2m $27.2m 0.48% Reduced -8.3k -8,279
54 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.04% of their portfolio PLYMOUTH, MN 463,832463.8k $28.0m $28.0m 0.04% Reduced -11.0k -11,031
55 CAHABA WEALTH MANAGEMENT, INC. 1.82% of their portfolio Atlanta, GA 451,746451.7k $26.2m $26.2m 1.82% Added +14.2k +14,242
56 ST GERMAIN D J CO INC 1.00% of their portfolio SPRINGFIELD, MA 443,821443.8k $25.7m $25.7m 1.00% Added +15.9k +15,937
57 Envestnet Portfolio Solutions, Inc. 0.09% of their portfolio BERWYN, PA 434,830434.8k $25.2m $25.2m 0.09% Added +21.1k +21,102
58 ASSETMARK, INC 0.05% of their portfolio CONCORD, CA 426,437426.4k $24.7m $24.7m 0.05% Reduced -4.0k -3,980
59 Waverly Advisors, LLC 0.19% of their portfolio BIRMINGHAM, AL 415,474415.5k $24.1m $24.1m 0.19% Added +58.8k +58,834
60 First National Trust Co 0.79% of their portfolio Johnstown, PA 408,831408.8k $23.7m $23.7m 0.79% Added +24.2k +24,167
61 Financial Strategies Group, Inc. 4.41% of their portfolio OKEMOS, MI 403,487403.5k $24.4m $24.4m 4.41% Added +8.4k +8,417
62 Integrity Advisory Solutions, LLC 3.30% of their portfolio DALLAS, TX 396,144396.1k $22.9m $22.9m 3.30% Reduced -10.0k -9,972
63 RESTON WEALTH MANAGEMENT LLC 6.80% of their portfolio Reston, VA 383,952384.0k $22.2m $22.2m 6.80% Added +5.9k +5,920
64 RFG Advisory, LLC 0.42% of their portfolio BIRMINGHAM, AL 381,104381.1k $22.1m $22.1m 0.42% Reduced -27.0k -27,042
65 RETIREMENT FINANCIAL SOLUTIONS, LLC 6.31% of their portfolio KNOXVILLE, TN 371,967372.0k $21.5m $21.5m 6.31% Reduced -281.6k -281,644
66 Dakota Wealth Management 0.37% of their portfolio PALM BEACH GARDENS, FL 356,874356.9k $20.7m $20.7m 0.37% Reduced -74.3k -74,316
67 Ellenbecker Investment Group 2.81% of their portfolio WAUKESHA, WI 347,320347.3k $20.1m $20.1m 2.81% Added +28.3k +28,314
68 Rockefeller Capital Management L.P. 0.04% of their portfolio NEW YORK, NY 343,730343.7k $19.9m $19.9m 0.04% Added +51.4k +51,423
69 Crews Bank & Trust 2.83% of their portfolio PORT CHARLOTTE, FL 341,144341.1k $19.8m $19.8m 2.83% Reduced -33.0k -32,997
70 Savant Capital, LLC 0.10% of their portfolio ROCKFORD, IL 315,096315.1k $18.2m $18.2m 0.10% Reduced -70.7k -70,655
71 Mariner, LLC 0.02% of their portfolio Overland Park, KS 314,417314.4k $18.2m $18.2m 0.02% Added +18.1k +18,115
72 Geneos Wealth Management Inc. 0.44% of their portfolio ENGLEWOOD, CO 313,662313.7k $18.2m $18.2m 0.44% Added +25.7k +25,678
73 EVERMAY WEALTH MANAGEMENT LLC 1.99% of their portfolio ARLINGTON, VA 306,938306.9k $17.8m $17.8m 1.99% Added +19.6k +19,553
74 Marathon Strategic Advisors, LLC 13.32% of their portfolio PITTSBURGH, PA 301,232301.2k $17.4m $17.4m 13.32% Added +78.3k +78,279
75 Shepherd Financial Partners LLC 1.62% of their portfolio WINCHESTER, MA 301,134301.1k $17.4m $17.4m 1.62% Added +12.7k +12,741
76 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 292,602292.6k $17.0m $17.0m 0.00% Added +1.8k +1,834
77 Summit Trail Advisors, LLC 0.29% of their portfolio NEW YORK, NY 291,177291.2k $16.9m $16.9m 0.29% Reduced -8.4k -8,400
78 BNP PARIBAS FINANCIAL MARKETS 0.01% of their portfolio PARIS, I0 288,069288.1k $16.7m $16.7m 0.01% Reduced -62.9k -62,900
79 Financial Gravity Asset Management, Inc. 3.20% of their portfolio Lakeway, TX 287,163287.2k $16.6m $16.6m 3.20% Added +15.0k +14,990
80 New Perspectives, Inc 5.68% of their portfolio TOUGALOO, MS 282,653282.7k $16.4m $16.4m 5.68% Added +5.8k +5,837
81 Allworth Financial LP 0.07% of their portfolio FOLSOM, CA 280,873280.9k $16.3m $16.3m 0.07% Added +23.2k +23,241
82 Gladstone Institutional Advisory LLC 0.61% of their portfolio Bedminster, NJ 278,812278.8k $16.1m $16.1m 0.61% Added +62.0k +61,977
83 Penserra Capital Management LLC 0.19% of their portfolio ORINDA, CA 277,299277.3k $16.1m $16.1m 0.19% Reduced -59.8k -59,793
84 Avior Wealth Management, LLC 0.50% of their portfolio OMAHA, NE 274,690274.7k $15.9m $15.9m 0.50% Added +26.1k +26,079
85 Alta Wealth Advisors LLC 5.31% of their portfolio Woburn, MA 274,510274.5k $15.9m $15.9m 5.31% Added +13.5k +13,524
86 Cetera Investment Advisers 0.02% of their portfolio SCHAUMBURG, IL 266,755266.8k $15.4m $15.4m 0.02% Reduced -59.8k -59,783
87 NORTH STAR ASSET MANAGEMENT INC 0.62% of their portfolio NEENAH, WI 265,483265.5k $15.4m $15.4m 0.62% Reduced -495 -495
88 COLDSTREAM CAPITAL MANAGEMENT INC 0.20% of their portfolio BELLEVUE, WA 263,580263.6k $15.3m $15.3m 0.20% Reduced -4.3k -4,318
89 BlackRock, Inc. 0.00% of their portfolio New York, NY 253,906253.9k $14.7m $14.7m 0.00% Added +159.9k +159,885
90 Lido Advisors, LLC 0.05% of their portfolio Los Angeles, CA 239,662239.7k $13.9m $13.9m 0.05% Added +5.2k +5,186
91 CITIZENS & NORTHERN CORP 3.38% of their portfolio WELLSBORO, PA 235,643235.6k $13.6m $13.6m 3.38% Added +3.3k +3,261
92 Montz Harcus Wealth Management LLC 5.46% of their portfolio New Orleans, LA 232,656232.7k $13.5m $13.5m 5.46% Added +2.9k +2,860
93 Bensler, LLC 1.34% of their portfolio Bellevue, WA 230,749230.7k $13.4m $13.4m 1.34% Added +20.0k +19,953
94 FIFTH THIRD BANCORP 0.04% of their portfolio CINCINNATI, OH 230,526230.5k $13.3m $13.3m 0.04% Reduced -366 -366
95 Advance Capital Management, Inc. 0.56% of their portfolio SOUTHFIELD, MI 229,709229.7k $13.3m $13.3m 0.56% Added +3.5k +3,549
96 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 229,423229.4k $13.3m $13.3m 0.00% Reduced -105.4k -105,405
97 Cascade Financial Partners, LLC 1.34% of their portfolio SAN DIEGO, CA 228,332228.3k $13.2m $13.2m 1.34% Added +3.3k +3,277
98 IAG Wealth Partners, LLC 1.52% of their portfolio WAUKESHA, WI 226,396226.4k $13.1m $13.1m 1.52% Added +12.6k +12,633
99 Focus Partners Wealth 0.01% of their portfolio ST LOUIS, MO 221,964222.0k $12.9m $12.9m 0.01% Added +68.8k +68,776
100 PARK AVENUE SECURITIES LLC 0.11% of their portfolio NEW YORK, NY 218,396218.4k $12.6m $12.6m 0.11% Added +16.6k +16,567