Vault-13

SPDR SER TR XSD

S&P SEMICNDCTR · ETP · CUSIP 78464A862

245 institutional holders +16 vs Q3 2025
1,742,2081.7m shares reported held*
$551.6mreported value*
23 new 66 added 76 reduced 22 sold out net sold ≈ $50.3m (-169.8k 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 ($15.1k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $316.60. Options: 3 managers hold calls ($13.8m notional), 5 hold puts ($10.0m).

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

0100200300Q3 22: 165Q4 22: 179Q1 23: 209Q2 23: 216Q3 23: 220Q4 23: 229Q1 24: 223Q2 24: 220Q3 24: 206Q4 24: 228Q1 25: 204Q2 25: 221Q3 25: 229Q4 25: 245245Q3 22Q2 23Q1 24Q4 24Q4 25
Numbers
QuarterHolders
Q3 2022165
Q4 2022179
Q1 2023209
Q2 2023216
Q3 2023220
Q4 2023229
Q1 2024223
Q2 2024220
Q3 2024206
Q4 2024228
Q1 2025204
Q2 2025221
Q3 2025229
Q4 2025245

Buyers vs sellers

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

Bought or addedCut or sold out
2000200Q1 24: 92 bought or addedQ1 24: 112 cut or sold outQ2 24: 90 bought or addedQ2 24: 91 cut or sold outQ2 24Q3 24: 71 bought or addedQ3 24: 102 cut or sold outQ4 24: 82 bought or addedQ4 24: 87 cut or sold outQ4 24Q1 25: 73 bought or addedQ1 25: 112 cut or sold outQ2 25: 91 bought or addedQ2 25: 87 cut or sold outQ2 25Q3 25: 85 bought or addedQ3 25: 100 cut or sold outQ4 25: 89 bought or addedQ4 25: 98 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 202492112
Q2 20249091
Q3 202471102
Q4 20248287
Q1 202573112
Q2 20259187
Q3 202585100
Q4 20258998

Calls vs puts

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

CallsPuts
$0$10m$20m$30mQ1 25 calls: $7.5mQ1 25 puts: $3.9mQ1 25P/C 0.52Q2 25 calls: $20.9mQ2 25 puts: $4.5mQ2 25P/C 0.21Q3 25 calls: $21.8mQ3 25 puts: $6.0mQ3 25P/C 0.28Q4 25 calls: $13.8mQ4 25 puts: $10.0mQ4 25P/C 0.72
Numbers
QuarterCallsPutsP/C
Q1 2025$7.5m$3.9m0.52
Q2 2025$20.9m$4.5m0.21
Q3 2025$21.8m$6.0m0.28
Q4 2025$13.8m$10.0m0.72

Biggest buyers

Kingsview Wealth Management, LLC Added +19,033+19.0k
CITADEL ADVISORS LLC Added +13,401+13.4k
LPL Financial LLC Added +11,229+11.2k
WELLS FARGO & COMPANY/MN Added +6,494+6.5k
Mariner, LLC Added +4,107+4.1k
Jump Financial, LLC New +4,062+4.1k
Warner Group LLC New +3,090+3.1k
Cetera Investment Advisers Added +2,894+2.9k
STIFEL FINANCIAL CORP Added +2,817+2.8k
&PARTNERS Added +2,787+2.8k

Biggest sellers

MORGAN STANLEY Reduced -90,661-90.7k
AMERIPRISE FINANCIAL INC Reduced -44,547-44.5k
BNP PARIBAS FINANCIAL MARKETS Reduced -25,100-25.1k
ROYAL BANK OF CANADA Reduced -13,353-13.4k
Constant Guidance Financial LLC Sold out -13,135-13.1k
GOLDMAN SACHS GROUP INC Reduced -8,364-8.4k
Sanctuary Advisors, LLC Reduced -6,429-6.4k
BlackRock, Inc. Reduced -5,464-5.5k
UBS Group AG Reduced -4,790-4.8k
ENVESTNET ASSET MANAGEMENT INC Reduced -4,200-4.2k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $9.4m29.2k shares
JANE STREET GROUP, LLC Added $3.1m9.6k shares
CITADEL ADVISORS LLC Reduced $1.3m4.0k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $5.7m17.6k shares
JANE STREET GROUP, LLC Added $2.0m6.2k shares
CITADEL ADVISORS LLC Added $1.2m3.7k shares
Pavaki Capital Management LLC First filing $643.2k2.0k shares
Belvedere Trading LLC Added $482.4k1.5k 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 LPL Financial LLC 0.02% of their portfolio FORT MILL, SC 243,655243.7k $78.4m $78.4m 0.02% Added +11.2k +11,229
2 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 153,372153.4k $49.3m $49.3m 0.00% Reduced -90.7k -90,661
3 WELLS FARGO & COMPANY/MN 0.01% of their portfolio SAN FRANCISCO, CA 87,45987.5k $28.1m $28.1m 0.01% Added +6.5k +6,494
4 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 83,40183.4k $26.8m $26.8m 0.00% Reduced -2.0k -1,990
5 PNC Financial Services Group, Inc. 0.01% of their portfolio Pittsburgh, PA 78,09478.1k $25.1m $25.1m 0.01% Added +504 +504
6 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 56,43956.4k $18.2m $18.2m 0.00% Reduced -8.4k -8,364
7 UBS Group AG 0.00% of their portfolio ZURICH, V8 47,59447.6k $15.3m $15.3m 0.00% Reduced -4.8k -4,790
8 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 39,89439.9k $12.8m $12.8m 0.00% Reduced -645 -645
9 McGuire Investment Group, LLC 1.36% of their portfolio WAKEFIELD, RI 39,54939.5k $12.7m $12.7m 1.36% Reduced -2.1k -2,140
10 Hobart Private Capital, LLC 2.15% of their portfolio CHARLOTTE, NC 34,30334.3k $11.0m $11.0m 2.15% Reduced -790 -790
11 Cetera Investment Advisers 0.01% of their portfolio SCHAUMBURG, IL 32,68232.7k $10.5m $10.5m 0.01% Added +2.9k +2,894
12 OSAIC HOLDINGS, INC. 0.02% of their portfolio SCOTTSDALE, AZ 32,42632.4k $10.4m $10.4m 0.02% Reduced -1.2k -1,189
13 MGB Wealth Management, LLC 2.91% of their portfolio ADDISON, TX 31,57131.6k $10.2m $10.2m 2.91% Reduced -3 -3
14 Align Financial, LLC 0.02% of their portfolio HERMANTOWN, MN 28,94428.9k $28.9k $28.9k 0.02% First filing
15 CoreCap Advisors, LLC 0.31% of their portfolio SOUTHFIELD, MI 27,76627.8k $8.9m $8.9m 0.31% Added +2.3k +2,261
16 First Interstate Bank 0.46% of their portfolio Billings, MT 26,86126.9k $8.6m $8.6m 0.46% Reduced -1.9k -1,923
17 BNP PARIBAS FINANCIAL MARKETS 0.01% of their portfolio PARIS, I0 25,27525.3k $8.1m $8.1m 0.01% Reduced -25.1k -25,100
18 MML INVESTORS SERVICES, LLC 0.02% of their portfolio SPRINGFIELD, MA 24,73724.7k $8.0m $8.0m 0.02% Reduced -4.2k -4,163
19 Kingsview Wealth Management, LLC 0.11% of their portfolio GRANTS PASS, OR 24,71724.7k $7.9m $7.9m 0.11% Added +19.0k +19,033
20 JMAC ENTERPRISES LLC 1.50% of their portfolio NEWTOWN, PA 24,33024.3k $7.8m $7.8m 1.50% Added +19 +19
21 CacheTech Inc. 1.44% of their portfolio LOGAN, UT 24,24624.2k $7.8m $7.8m 1.44% Reduced -1.9k -1,928
22 Adams Wealth Management 1.60% of their portfolio LOGAN, UT 23,34823.3k $7.5m $7.5m 1.60% Reduced -2.2k -2,196
23 Janney Montgomery Scott LLC 0.02% of their portfolio PHILADELPHIA, PA 22,72222.7k $7.3m $7.3m 0.02% Reduced -1.8k -1,820
24 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 22,50622.5k $7.2m $7.2m 0.00% Reduced -44.5k -44,547
25 STIFEL FINANCIAL CORP 0.01% of their portfolio ST. LOUIS, MO 21,57521.6k $6.9m $6.9m 0.01% Added +2.8k +2,817
26 COMMONWEALTH EQUITY SERVICES, LLC 0.01% of their portfolio WALTHAM, MA 19,33019.3k $6.2m $6.2m 0.01% Reduced -1.4k -1,447
27 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 18,70018.7k $6.0m $6.0m 0.00% Added +13.4k +13,401
28 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 18,27918.3k $5.9m $5.9m 0.00% Reduced -4.2k -4,200
29 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 16,11716.1k $5.2m $5.2m 0.00% Reduced -13.4k -13,353
30 Cambridge Investment Research Advisors, Inc. 0.01% of their portfolio FAIRFIELD, IA 15,26015.3k $4.9m $4.9m 0.01% Added +824 +824
31 HighTower Advisors, LLC 0.01% of their portfolio CHICAGO, IL 14,51214.5k $4.7m $4.7m 0.01% Reduced -5 -5
32 VICUS CAPITAL 0.33% of their portfolio STATE COLLEGE, PA 13,81413.8k $4.4m $4.4m 0.33% Added +1.7k +1,667
33 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.01% of their portfolio BALA CYNWYD, PA 12,99313.0k $4.2m $4.2m 0.01% Reduced -4.0k -3,975
34 Mariner, LLC 0.00% of their portfolio Overland Park, KS 11,35611.4k $3.7m $3.7m 0.00% Added +4.1k +4,107
35 Beaumont Asset Management, L.L.C. 1.82% of their portfolio BEAUMONT, TX 11,32911.3k $3.6m $3.6m 1.82% Reduced -8 -8
36 MONEY CONCEPTS CAPITAL CORP 0.20% of their portfolio PALM BEACH GARDENS, FL 11,05611.1k $3.6m $3.6m 0.20% Reduced -601 -601
37 TRUIST FINANCIAL CORP 0.00% of their portfolio CHARLOTTE, NC 9,8329.8k $3.2m $3.2m 0.00% Reduced -516 -516
38 Dale Q Rice Investment Management Ltd 2.18% of their portfolio VANCOUVER, WA 9,4699.5k $3.0m $3.0m 2.18% Reduced -193 -193
39 Baird Financial Group, Inc. 0.00% of their portfolio MILWAUKEE, WI 8,4418.4k $2.7m $2.7m 0.00% Reduced -235 -235
40 HARBOR ADVISORY CORP /MA/ 0.73% of their portfolio PORTSMOUTH, NH 7,5487.5k $2.4m $2.4m 0.73% Unchanged
41 Yarbrough Capital, LLC 0.07% of their portfolio FRANKLIN, TN 7,0967.1k $2.3m $2.3m 0.07% Reduced -3.4k -3,402
42 JONES FINANCIAL COMPANIES LLLP 0.00% of their portfolio DES PERES, MO 6,6006.6k $2.1m $2.1m 0.00% Added +2.6k +2,614
43 Cerity Partners LLC 0.00% of their portfolio NEW YORK, NY 6,2766.3k $2.0m $2.0m 0.00% Added +2.0k +2,029
44 GRIMES & Co WEALTH MANAGEMENT, LLC 0.05% of their portfolio WESTBOROUGH, MA 6,2706.3k $2.0m $2.0m 0.05% Reduced -337 -337
45 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 6,0666.1k $2.0m $2.0m 0.00% Reduced -2.1k -2,111
46 CHATHAM CAPITAL GROUP, INC. 0.26% of their portfolio SAVANNAH, GA 5,6175.6k $1.8m $1.8m 0.26% Unchanged
47 Sharper & Granite LLC 0.61% of their portfolio EL SEGUNDO, CA 5,4055.4k $1.7m $1.7m 0.61% Reduced -94 -94
48 Gerber Kawasaki Wealth & Investment Management 0.06% of their portfolio SANTA MONICA, CA 5,2105.2k $1.7m $1.7m 0.06% Reduced -376 -376
49 Rathbones Group PLC 0.00% of their portfolio Liverpool, X0 5,1365.1k $1.7m $1.7m 0.00% Added +2.6k +2,568
50 Steward Partners Investment Advisory, LLC 0.01% of their portfolio STAMFORD, CT 5,1095.1k $1.6m $1.6m 0.01% Added +827 +827
51 Sanctuary Advisors, LLC 0.01% of their portfolio INDIANAPOLIS, IN 4,6224.6k $1.5m $1.5m 0.01% Reduced -6.4k -6,429
52 Merit Financial Group, LLC 0.01% of their portfolio ALPHARETTA, GA 4,2974.3k $1.4m $1.4m 0.01% Reduced -797 -797
53 ARKANSAS FINANCIAL GROUP, INC. 0.19% of their portfolio LITTLE ROCK, AR 4,1514.2k $1.3m $1.3m 0.19% Reduced -46 -46
54 Apollon Wealth Management, LLC 0.02% of their portfolio MOUNT PLEASANT, SC 4,1344.1k $1.3m $1.3m 0.02% Added +2 +2
55 Jump Financial, LLC 0.02% of their portfolio Chicago, IL 4,0624.1k $1.3m $1.3m 0.02% New
56 Chicago Partners Investment Group LLC 0.04% of their portfolio CHICAGO, IL 4,0354.0k $1.4m $1.4m 0.04% Added +1 +1
57 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 3,9524.0k $1.3m $1.3m 0.00% Reduced -159 -159
58 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 3,7953.8k $1.2m $1.2m 0.00% Added +223 +223
59 Global Assets Advisory, LLC 0.34% of their portfolio ORLANDO, FL 3,7513.8k $1.2m $1.2m 0.34% Added +130 +130
60 EP Wealth Advisors, LLC 0.01% of their portfolio TORRANCE, CA 3,7483.7k $1.2m $1.2m 0.01% First filing
61 Rockefeller Capital Management L.P. 0.00% of their portfolio NEW YORK, NY 3,5963.6k $1.2m $1.2m 0.00% Added +30 +30
62 Regent Peak Wealth Advisors LLC 0.22% of their portfolio ATLANTA, GA 3,5073.5k $1.1m $1.1m 0.22% Reduced -19 -19
63 Fifth Third Securities, Inc. 0.07% of their portfolio Cincinnati, OH 3,4903.5k $1.1m $1.1m 0.07% Added +108 +108
64 &PARTNERS 0.01% of their portfolio NASHVILLE, TN 3,4443.4k $1.1m $1.1m 0.01% Added +2.8k +2,787
65 Creative Planning 0.00% of their portfolio OVERLAND PARK, KS 3,3743.4k $1.1m $1.1m 0.00% Added +65 +65
66 SFI Advisors, LLC 0.68% of their portfolio Montclair, NJ 3,3123.3k $1.1m $1.1m 0.68% Reduced -294 -294
67 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 3,2443.2k $1.1m $1.1m 0.00% Added +64 +64
68 Focus Partners Wealth 0.00% of their portfolio ST LOUIS, MO 3,2433.2k $1.0m $1.0m 0.00% Added +1.6k +1,569
69 Warner Group LLC 0.61% of their portfolio MADISON, CT 3,0903.1k $993.8k $993.8k 0.61% New
70 Global Financial Private Client, LLC 0.35% of their portfolio Sarasota, FL 3,0703.1k $987.3k $987.3k 0.35% Reduced -80 -80
71 Prime Capital Investment Advisors, LLC 0.01% of their portfolio OVERLAND PARK, KS 3,0583.1k $983.6k $983.6k 0.01% Added +1 +1
72 World Investment Advisors 0.02% of their portfolio LINCROFT, NJ 2,9052.9k $934.1k $934.1k 0.02% Added +1.6k +1,561
73 Kestra Advisory Services, LLC 0.00% of their portfolio AUSTIN, TX 2,7552.8k $886.0k $886.0k 0.00% Reduced -88 -88
74 IHT Wealth Management, LLC 0.02% of their portfolio Chicago, IL 2,6742.7k $859.9k $859.9k 0.02% Reduced -450 -450
75 Conservest Capital Advisors, Inc. 0.08% of their portfolio WYNNEWOOD, PA 2,5942.6k $834.3k $834.3k 0.08% Unchanged
76 FRG Family Wealth Advisors LLC 0.13% of their portfolio BELLEVUE, WA 2,5902.6k $832.9k $832.9k 0.13% New
77 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 2,5452.5k $818.5k $818.5k 0.00% Reduced -2.6k -2,553
78 Advisory Services Network, LLC 0.01% of their portfolio ATLANTA, GA 2,5222.5k $811.1k $811.1k 0.01% Reduced -920 -920
79 Bawa N Mallick Trust 0.30% of their portfolio FOREST HILLS, NY 2,5002.5k $804.0k $804.0k 0.30% Unchanged
80 Stratos Wealth Partners, LTD. 0.01% of their portfolio BEACHWOOD, OH 2,4472.4k $787.0k $787.0k 0.01% Added +88 +88
81 EJMK Ventures LLC 0.47% of their portfolio ITASCA, IL 2,3952.4k $770.2k $770.2k 0.47% First filing
82 Sovran Advisors, LLC 0.07% of their portfolio SAN DIEGO, CA 2,3712.4k $834.7k $834.7k 0.07% Reduced -25 -25
83 Beacon Financial Advisory LLC 0.17% of their portfolio CLEVELAND, OH 2,3362.3k $751.4k $751.4k 0.17% Added +1 +1
84 D. E. Shaw & Co., Inc. 0.00% of their portfolio New York, NY 2,1602.2k $694.7k $694.7k 0.00% Reduced -420 -420
85 Corient Private Wealth LP 0.00% of their portfolio MIAMI, FL 2,1502.1k $692.6k $692.6k 0.00% Added +1.1k +1,082
86 Soltis Investment Advisors LLC 0.04% of their portfolio ST. GEORGE, UT 2,1182.1k $681.1k $681.1k 0.04% Reduced -185 -185
87 Odyssey Capital Advisors, Inc. 0.60% of their portfolio BALA CYNWYD, PA 2,0862.1k $670.9k $670.9k 0.60% First filing
88 ATX Financial Planning, LLC 0.51% of their portfolio AUSTIN, TX 2,0622.1k $663.0k $663.0k 0.51% First filing
89 CENTAURUS FINANCIAL, INC. 0.03% of their portfolio ANAHEIM, CA 2,0282.0k $652.0k $652.0k 0.03% Reduced -2.4k -2,368
90 Kaizen Financial Strategies 0.29% of their portfolio CAMPBELL, CA 2,0102.0k $646.4k $646.4k 0.29% Unchanged
91 PEAPACK GLADSTONE FINANCIAL CORP 0.01% of their portfolio BEDMINSTER, NJ 2,0002.0k $643.0k $643.0k 0.01% Unchanged
92 M3 Advisory Group, LLC 0.39% of their portfolio NEEDHAM HEIGHTS, MA 1,9992.0k $642.8k $642.8k 0.39% Added +69 +69
93 CHEMUNG CANAL TRUST CO 0.12% of their portfolio ELMIRA, NY 1,8711.9k $601.7k $601.7k 0.12% Unchanged
94 FLOW TRADERS U.S. LLC 0.02% of their portfolio NEW YORK, NY 1,8311.8k $589.0k $589.0k 0.02% New
95 AGP FRANKLIN, LLC 0.27% of their portfolio FRANKLIN, TN 1,8151.8k $583.7k $583.7k 0.27% Reduced -50 -50
96 Tower Research Capital LLC (TRC) 0.01% of their portfolio NEW YORK, NY 1,8001.8k $578.9k $578.9k 0.01% Reduced -341 -341
97 Argent Trust Co 0.02% of their portfolio NASHVILLE, TN 1,8001.8k $578.9k $578.9k 0.02% Reduced -200 -200
98 Patton Albertson Miller Group, LLC 0.07% of their portfolio Chattanooga, TN 1,7961.8k $577.6k $577.6k 0.07% Reduced -17 -17
99 Manchester Capital Management LLC 0.08% of their portfolio MANCHESTER, VT 1,7501.8k $562.8k $562.8k 0.08% Unchanged
100 SOA Wealth Advisors, LLC. 0.10% of their portfolio NEW YORK, NY 1,7501.8k $562.7k $562.7k 0.10% Added +1 +1