Vault-13

SPDR SER TR XBI

S&P BIOTECH · ETP · CUSIP 78464A870

628 institutional holders -61 vs Q1 2025
118,894,161118.9m shares reported held*
$9.9bnreported value*
45 new 165 added 277 reduced 103 sold out net bought ≈ $446.5m (+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 ($394.8k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $82.87. Options: 39 managers hold calls ($1.6bn notional), 45 hold puts ($2.3bn).

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

05001kQ3 22: 708Q4 22: 747Q1 23: 716Q2 23: 715Q3 23: 683Q4 23: 749Q1 24: 782Q2 24: 765Q3 24: 773Q4 24: 745Q1 25: 689Q2 25: 628628Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 2022708
Q4 2022747
Q1 2023716
Q2 2023715
Q3 2023683
Q4 2023749
Q1 2024782
Q2 2024765
Q3 2024773
Q4 2024745
Q1 2025689
Q2 2025628

Buyers vs sellers

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

Bought or addedCut or sold out
4000400Q3 23: 242 bought or addedQ3 23: 339 cut or sold outQ4 23: 274 bought or addedQ4 23: 340 cut or sold outQ4 23Q1 24: 384 bought or addedQ1 24: 317 cut or sold outQ2 24: 334 bought or addedQ2 24: 356 cut or sold outQ2 24Q3 24: 319 bought or addedQ3 24: 343 cut or sold outQ4 24: 256 bought or addedQ4 24: 400 cut or sold outQ4 24Q1 25: 250 bought or addedQ1 25: 392 cut or sold outQ2 25: 210 bought or addedQ2 25: 380 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 2023242339
Q4 2023274340
Q1 2024384317
Q2 2024334356
Q3 2024319343
Q4 2024256400
Q1 2025250392
Q2 2025210380

Calls vs puts

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

CallsPuts
$0$1bn$2bn$3bn$4bnQ3 24 calls: $2.8bnQ3 24 puts: $3.3bnQ3 24P/C 1.19Q4 24 calls: $2.1bnQ4 24 puts: $3.3bnQ4 24P/C 1.61Q1 25 calls: $1.1bnQ1 25 puts: $2.2bnQ1 25P/C 2.00Q2 25 calls: $1.6bnQ2 25 puts: $2.3bnQ2 25P/C 1.40
Numbers
QuarterCallsPutsP/C
Q3 2024$2.8bn$3.3bn1.19
Q4 2024$2.1bn$3.3bn1.61
Q1 2025$1.1bn$2.2bn2.00
Q2 2025$1.6bn$2.3bn1.40

Biggest buyers

GOLDMAN SACHS GROUP INC Added +4,997,277+5.0m
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND Added +3,650,000+3.6m
CITIGROUP INC Added +2,275,774+2.3m
WELLS FARGO & COMPANY/MN Added +745,172+745.2k
Jefferies Financial Group Inc. Added +636,869+636.9k
ROYAL BANK OF CANADA Added +515,388+515.4k
MORGAN STANLEY Added +504,492+504.5k
AMERIPRISE FINANCIAL INC Added +481,408+481.4k
Migdal Insurance & Financial Holdings Ltd. Added +450,000+450.0k
MEITAV INVESTMENT HOUSE LTD Added +383,040+383.0k

Biggest sellers

Demars Financial Group, LLC Reduced -3,110,373-3.1m
UBS Group AG Reduced -3,083,227-3.1m
BNP PARIBAS FINANCIAL MARKETS Reduced -2,490,899-2.5m
Harel Insurance Investments & Financial Services Ltd. Sold out -600,000-600.0k
Squarepoint Ops LLC Reduced -483,482-483.5k
VOYA INVESTMENT MANAGEMENT LLC Sold out -455,834-455.8k
J.Safra Asset Management Corp Sold out -310,817-310.8k
ExodusPoint Capital Management, LP Sold out -284,457-284.5k
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced -279,313-279.3k
Phoenix Financial Ltd. Reduced -265,255-265.3k

Biggest calls

PEAK6 LLC Added $353.3m4.3m shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $328.3m4.0m shares
CITADEL ADVISORS LLC Reduced $176.2m2.1m shares
JANE STREET GROUP, LLC Added $126.2m1.5m shares
BANK OF AMERICA CORP /DE/ Added $107.5m1.3m shares
Logos Global Management LP New $82.9m1.0m shares
MILLENNIUM MANAGEMENT LLC Added $71.0m855.7k shares
CAPITAL FUND MANAGEMENT S.A. Reduced $65.0m784.0k shares
WOLVERINE TRADING, LLC Added $45.0m542.3k shares
NOMURA HOLDINGS INC Added $44.6m537.5k shares

Biggest puts

JANE STREET GROUP, LLC Reduced $321.5m3.9m shares
MILLENNIUM MANAGEMENT LLC Added $279.0m3.4m shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $271.7m3.3m shares
CITADEL ADVISORS LLC Reduced $190.1m2.3m shares
Rubric Capital Management LP New $165.9m2.0m shares
CAPITAL FUND MANAGEMENT S.A. Added $138.8m1.7m shares
Balyasny Asset Management L.P. Reduced $123.1m1.5m shares
PEAK6 LLC Added $104.2m1.3m shares
GOLDMAN SACHS GROUP INC Added $88.1m1.1m shares
Nantahala Capital Management, LLC Reduced $66.3m800.0k 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 0.24% of their portfolio NEW YORK, NY 18,096,83518.1m $1.5bn $1.5bn 0.24% Added +5.0m +4,997,277
2 CITIGROUP INC 0.73% of their portfolio NEW YORK, NY 12,753,74012.8m $1.1bn $1.1bn 0.73% Added +2.3m +2,275,774
3 HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 2.02% of their portfolio TORONTO, A6 12,136,00012.1m $1.0bn $1.0bn 2.02% Added +3.6m +3,650,000
4 MORGAN STANLEY 0.06% of their portfolio NEW YORK, NY 11,416,61611.4m $946.8m $946.8m 0.06% Added +504.5k +504,492
5 JPMORGAN CHASE & CO 0.06% of their portfolio NEW YORK, NY 10,638,10510.6m $882.2m $882.2m 0.06% Added +268.4k +268,399
6 BNP PARIBAS FINANCIAL MARKETS 0.49% of their portfolio PARIS, I0 7,610,5817.6m $631.1m $631.1m 0.49% Reduced -2.5m -2,490,899
7 BANK OF AMERICA CORP /DE/ 0.04% of their portfolio CHARLOTTE, NC 6,652,8496.7m $551.7m $551.7m 0.04% Added +188.3k +188,267
8 UBS Group AG 0.07% of their portfolio ZURICH, V8 4,117,5554.1m $341.5m $341.5m 0.07% Reduced -3.1m -3,083,227
9 WELLS FARGO & COMPANY/MN 0.05% of their portfolio SAN FRANCISCO, CA 2,926,2422.9m $242.7m $242.7m 0.05% Added +745.2k +745,172
10 CANADA PENSION PLAN INVESTMENT BOARD 0.12% of their portfolio TORONTO ONTARIO, A6 1,758,0001.8m $145.8m $145.8m 0.12% Unchanged
11 MIRAE ASSET SECURITIES (USA) INC. 5.49% of their portfolio NEW YORK, NY 1,500,0001.5m $124.4m $124.4m 5.49% Unchanged
12 Migdal Insurance & Financial Holdings Ltd. 0.74% of their portfolio Petach Tikva, L3 1,500,0001.5m $124.4m $124.4m 0.74% Added +450.0k +450,000
13 BESSEMER GROUP INC 0.20% of their portfolio WOODBRIDGE, NJ 1,494,6661.5m $124.0m $124.0m 0.20% Added +62.6k +62,600
14 Jefferies Financial Group Inc. 1.96% of their portfolio NEW YORK, NY 1,431,8791.4m $118.7m $118.7m 1.96% Added +636.9k +636,869
15 JANE STREET GROUP, LLC 0.17% of their portfolio NEW YORK, NY 1,276,0891.3m $105.8m $105.8m 0.17% Reduced -193.6k -193,580
16 ROYAL BANK OF CANADA 0.01% of their portfolio TORONTO, A6 906,804906.8k $75.2m $75.2m 0.01% Added +515.4k +515,388
17 AMERIPRISE FINANCIAL INC 0.02% of their portfolio MINNEAPOLIS, MN 872,796872.8k $72.5m $72.5m 0.02% Added +481.4k +481,408
18 Employees Retirement System of Texas 0.58% of their portfolio AUSTIN, TX 853,372853.4k $70.8m $70.8m 0.58% Reduced -13.8k -13,800
19 Clearbridge Investments, LLC 0.05% of their portfolio NEW YORK, NY 736,279736.3k $61.1m $61.1m 0.05% Reduced -78.5k -78,494
20 HSBC HOLDINGS PLC 0.04% of their portfolio LONDON, X0 710,755710.8k $58.9m $58.9m 0.04% Reduced -108.5k -108,512
21 LPL Financial LLC 0.02% of their portfolio FORT MILL, SC 605,035605.0k $50.2m $50.2m 0.02% Reduced -15.6k -15,636
22 Greenhouse Funds LLLP 2.01% of their portfolio BALTIMORE, MD 579,667579.7k $48.1m $48.1m 2.01% Added +315.4k +315,422
23 Investure, LLC 3.55% of their portfolio CHARLOTTESVILLE, VA 561,600561.6k $46.6m $46.6m 3.55% Unchanged
24 BARCLAYS PLC 0.02% of their portfolio LONDON, X0 517,208517.2k $42.9m $42.9m 0.02% Added +351.4k +351,361
25 NATIXIS 0.21% of their portfolio PARIS, I0 500,000500.0k $41.5m $41.5m 0.21% Unchanged
26 RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio ST. PETERSBURG, FL 499,439499.4k $41.4m $41.4m 0.01% Reduced -43.7k -43,701
27 Squarepoint Ops LLC 0.09% of their portfolio NEW YORK, NY 472,145472.1k $39.2m $39.2m 0.09% Reduced -483.5k -483,482
28 Clal Insurance Enterprises Holdings Ltd 0.35% of their portfolio Tel-aviv, L3 428,000428.0k $35.5m $35.5m 0.35% Added +174.0k +174,000
29 DAFNA Capital Management LLC 9.51% of their portfolio LOS ANGELES, CA 415,505415.5k $34.5m $34.5m 9.51% Added +11.0k +11,000
30 MEITAV INVESTMENT HOUSE LTD 0.45% of their portfolio BENE-BERAQ, L3 400,454400.5k $33.2m $33.2m 0.45% Added +383.0k +383,040
31 STRS OHIO 0.12% of their portfolio COLUMBUS, OH 379,900379.9k $31.5m $31.5m 0.12% Added +37.1k +37,100
32 Twin Tree Management, LP 0.77% of their portfolio DALLAS, TX 367,705367.7k $30.5m $30.5m 0.77% Added +41.9k +41,909
33 Rockefeller Capital Management L.P. 0.03% of their portfolio NEW YORK, NY 341,508341.5k $28.3m $28.3m 0.03% Added +170.0k +169,987
34 MILLENNIUM MANAGEMENT LLC 0.02% of their portfolio NEW YORK, NY 319,630319.6k $26.5m $26.5m 0.02% Added +127.2k +127,235
35 Strategic Financial Services, Inc. 1.26% of their portfolio UTICA, NY 281,347281.3k $23.3m $23.3m 1.26% Added +18.8k +18,778
36 NEUBERGER BERMAN GROUP LLC 0.02% of their portfolio NEW YORK, NY 252,593252.6k $20.9m $20.9m 0.02% Reduced -3.9k -3,903
37 Sivik Global Healthcare LLC 9.27% of their portfolio GREENWICH, CT 250,000250.0k $20.7m $20.7m 9.27% Unchanged
38 PEAK6 LLC 0.36% of their portfolio AUSTIN, TX 237,982238.0k $19.7m $19.7m 0.36% Added +117.0k +117,006
39 WHITTIER TRUST CO 0.23% of their portfolio SOUTH PASADENA, CA 230,769230.8k $19.1m $19.1m 0.23% Reduced -96.3k -96,332
40 BlackRock, Inc. 0.00% of their portfolio New York, NY 230,505230.5k $19.1m $19.1m 0.00% Added +14.0k +13,974
41 Balyasny Asset Management L.P. 0.04% of their portfolio Chicago, IL 217,407217.4k $18.0m $18.0m 0.04% Reduced -60.6k -60,598
42 OXFORD ASSET MANAGEMENT LLP 5.82% of their portfolio OXFORD, X0 214,274214.3k $17.8m $17.8m 5.82% Added +134.2k +134,151
43 STIFEL FINANCIAL CORP 0.02% of their portfolio ST. LOUIS, MO 202,900202.9k $16.8m $16.8m 0.02% Added +8.0k +8,025
44 GenTrust, LLC 0.74% of their portfolio MIAMI, FL 188,821188.8k $15.7m $15.7m 0.74% Reduced -851 -851
45 OSBORNE PARTNERS CAPITAL MANAGEMENT, LLC 0.82% of their portfolio SAN FRANCISCO, CA 185,852185.9k $15.4m $15.4m 0.82% Added +83.6k +83,572
46 United Capital Management of KS, Inc. 2.40% of their portfolio SALINA, KS 184,347184.3k $15.3m $15.3m 2.40% Added +5.1k +5,110
47 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.02% of their portfolio BALA CYNWYD, PA 181,999182.0k $15.1m $15.1m 0.02% Reduced -279.3k -279,313
48 Vanderbilt University 2.48% of their portfolio NASHVILLE, TN 158,746158.7k $13.2m $13.2m 2.48% New
49 Cetera Investment Advisers 0.02% of their portfolio SCHAUMBURG, IL 157,722157.7k $13.1m $13.1m 0.02% Added +3.4k +3,392
50 WEATHERLY ASSET MANAGEMENT L. P. 1.11% of their portfolio DEL MAR, CA 156,499156.5k $13.0m $13.0m 1.11% Reduced -651 -651
51 Rock Springs Capital Management LP 0.78% of their portfolio Baltimore, MD 151,750151.8k $12.6m $12.6m 0.78% New
52 HIMENSION CAPITAL (SINGAPORE) PTE. LTD. 0.98% of their portfolio SINGAPORE, U0 151,455151.5k $12.6m $12.6m 0.98% New
53 MOORE CAPITAL MANAGEMENT, LP 0.25% of their portfolio NEW YORK, NY 150,000150.0k $12.4m $12.4m 0.25% New
54 Jump Financial, LLC 0.15% of their portfolio Chicago, IL 147,626147.6k $12.2m $12.2m 0.15% Reduced -163.3k -163,286
55 L. Roy Papp & Associates, LLP 1.41% of their portfolio Phoenix, AZ 143,241143.2k $11.9m $11.9m 1.41% Reduced -3.2k -3,236
56 LHM, INC. 3.93% of their portfolio Sandy, UT 142,966143.0k $11.9m $11.9m 3.93% Reduced -856 -856
57 BANK OF MONTREAL /CAN/ 0.01% of their portfolio TORONTO, A6 140,558140.6k $11.7m $11.7m 0.01% Reduced -14.9k -14,867
58 Verition Fund Management LLC 0.07% of their portfolio GREENWICH, CT 138,297138.3k $11.5m $11.5m 0.07% Added +55.1k +55,121
59 Thrivent Financial for Lutherans 0.02% of their portfolio Minneapolis, MN 135,944135.9k $11.3m $11.3m 0.02% Added +58.5k +58,499
60 Allspring Global Investments Holdings, LLC 0.02% of their portfolio CHARLOTTE, NC 134,066134.1k $11.1m $11.1m 0.02% Reduced -7.5k -7,535
61 GTS SECURITIES LLC 0.49% of their portfolio NEW YORK, NY 132,820132.8k $11.0m $11.0m 0.49% Added +52.3k +52,344
62 SG Americas Securities, LLC 0.05% of their portfolio NEW YORK, NY 128,763128.8k $10.7m $10.7m 0.05% Reduced -84 -84
63 Madrona Financial Services, LLC 2.50% of their portfolio EVERETT, WA 125,693125.7k $10.4m $10.4m 2.50% New
64 COMMONWEALTH EQUITY SERVICES, LLC 0.01% of their portfolio WALTHAM, MA 123,514123.5k $10.2m $10.2m 0.01% Reduced -13.8k -13,845
65 WHITTIER TRUST CO OF NEVADA INC 0.23% of their portfolio RENO, NV 122,518122.5k $10.2m $10.2m 0.23% Reduced -44.2k -44,200
66 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.01% of their portfolio MILWAUKEE, WI 118,278118.3k $9.8m $9.8m 0.01% Reduced -15.2k -15,248
67 Edge Wealth Management LLC 1.79% of their portfolio NEW YORK, NY 111,927111.9k $9.3m $9.3m 1.79% Added +1.5k +1,459
68 S&CO INC 0.56% of their portfolio BOSTON, MA 104,837104.8k $8.7m $8.7m 0.56% Added +264 +264
69 Yelin Lapidot Holdings Management Ltd. 1.58% of their portfolio Tel Aviv, L3 104,532104.5k $8.7m $8.7m 1.58% Unchanged
70 Parkside Investments, LLC 1.17% of their portfolio DEERFIELD, IL 103,991104.0k $8.6m $8.6m 1.17% Reduced -16.6k -16,566
71 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.01% of their portfolio PLYMOUTH, MN 100,986101.0k $8.6m $8.6m 0.01% Reduced -16.4k -16,442
72 BLAIR WILLIAM & CO/IL 0.02% of their portfolio CHICAGO, IL 99,22099.2k $8.2m $8.2m 0.02% Reduced -38.3k -38,301
73 SOA Wealth Advisors, LLC. 0.02% of their portfolio NEW YORK, NY 96,21696.2k $116.1k $116.1k 0.02% Reduced -10.4k -10,355
74 Ted Buchan & Co 3.06% of their portfolio San Diego, CA 92,75492.8k $7.7m $7.7m 3.06% Added +7.2k +7,235
75 GENDELL JEFFREY L 0.20% of their portfolio Greenwich, CT 92,27892.3k $7.7m $7.7m 0.20% Added +53.4k +53,432
76 Ilmarinen Mutual Pension Insurance Co 0.06% of their portfolio HELSINKI, H9 90,32990.3k $7.5m $7.5m 0.06% Unchanged
77 TOCQUEVILLE ASSET MANAGEMENT L.P. 0.11% of their portfolio New York, NY 84,98685.0k $7.0m $7.0m 0.11% Reduced -10.2k -10,244
78 BROWN ADVISORY INC 0.01% of their portfolio BALTIMORE, MD 84,59284.6k $7.0m $7.0m 0.01% Reduced -207.2k -207,209
79 Atom Investors LP 0.62% of their portfolio AUSTIN, TX 84,06484.1k $7.0m $7.0m 0.62% Added +21.6k +21,580
80 NorthCoast Asset Management LLC 0.03% of their portfolio STAMFORD, CT 82,73382.7k $6.9m $6.9m 0.03% Added +11.6k +11,570
81 Crescent Grove Advisors, LLC 0.64% of their portfolio LAKE FOREST, IL 79,67579.7k $6.6m $6.6m 0.64% Reduced -4.4k -4,440
82 CHIRON CAPITAL MANAGEMENT, LLC 5.72% of their portfolio TALLAHASSEE, FL 79,33879.3k $6.6m $6.6m 5.72% Reduced -4.6k -4,557
83 ALTFEST L J & CO INC 0.75% of their portfolio NEW YORK, NY 76,59576.6k $6.4m $6.4m 0.75% Added +49.3k +49,309
84 WS MANAGEMENT LLLP 1.11% of their portfolio JACKSONVILLE, FL 76,45776.5k $6.3m $6.3m 1.11% Unchanged
85 HighTower Advisors, LLC 0.01% of their portfolio CHICAGO, IL 76,19076.2k $6.3m $6.3m 0.01% Reduced -10.8k -10,837
86 Marotta Asset Management 1.24% of their portfolio CHARLOTTESVILLE, VA 74,70674.7k $6.2m $6.2m 1.24% Added +12.8k +12,776
87 WOLVERINE TRADING, LLC 0.16% of their portfolio CHICAGO, IL 73,84373.8k $6.1m $6.1m 0.16% Added +70.2k +70,243
88 TUDOR INVESTMENT CORP ET AL 0.05% of their portfolio STAMFORD, CT 72,68772.7k $6.0m $6.0m 0.05% Reduced -74.4k -74,404
89 OSAIC HOLDINGS, INC. 0.01% of their portfolio SCOTTSDALE, AZ 72,48272.5k $6.0m $6.0m 0.01% Reduced -36.4k -36,416
90 XTX Topco Ltd 0.24% of their portfolio LONDON, X0 70,41970.4k $5.8m $5.8m 0.24% New
91 FIFTH THIRD BANCORP 0.02% of their portfolio CINCINNATI, OH 69,94469.9k $5.8m $5.8m 0.02% Reduced -22.3k -22,252
92 Royal Fund Management, LLC 0.60% of their portfolio Lady Lake, FL 67,52167.5k $5.6m $5.6m 0.60% Added +4.2k +4,208
93 OPPENHEIMER & CO INC 0.07% of their portfolio NEW YORK, NY 66,77666.8k $5.5m $5.5m 0.07% Reduced -2.7k -2,740
94 MIZUHO MARKETS AMERICAS LLC 0.18% of their portfolio NEW YORK, NY 64,47064.5k $5.3m $5.3m 0.18% Added +12.8k +12,820
95 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 62,35462.4k $5.2m $5.2m 0.00% Reduced -56.4k -56,410
96 D. E. Shaw & Co., Inc. 0.01% of their portfolio New York, NY 62,06462.1k $5.1m $5.1m 0.01% Reduced -181.4k -181,427
97 OLD NATIONAL BANCORP /IN/ 0.09% of their portfolio EVANSVILLE, IN 61,75561.8k $5.1m $5.1m 0.09% Added +56.5k +56,471
98 Nan Shan Life Insurance Co., Ltd. 0.11% of their portfolio Taipei City, F5 61,46461.5k $5.1m $5.1m 0.11% Reduced -3.4k -3,400
99 SIG BROKERAGE, LP 1.37% of their portfolio BALA CYNWYD, PA 60,06760.1k $5.0m $5.0m 1.37% Added +44.5k +44,507
100 BCWM, LLC 1.52% of their portfolio OVERLAND PARK, KS 57,66357.7k $4.8m $4.8m 1.52% Added +13.3k +13,291