Vault-13

SPDR SER TR XBI

S&P BIOTECH · ETP · CUSIP 78464A870

937 institutional holders +118 vs Q1 2026
123,835,534123.8m shares reported held*
$19.6bnreported value*
169 new 325 added 232 reduced 48 sold out net sold ≈ $1.2bn (-7.4m 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 ($6.7m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $158.20. Options: 39 managers hold calls ($3.6bn notional), 52 hold puts ($3.2bn).

Trends to Q2 2026

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: 628Q3 25: 658Q4 25: 819Q1 26: 819Q2 26: 937937Q3 22Q3 23Q3 24Q3 25Q2 26
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
Q3 2025658
Q4 2025819
Q1 2026819
Q2 2026937

Buyers vs sellers

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

Bought or addedCut or sold out
5000500Q3 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 25Q3 25: 241 bought or addedQ3 25: 305 cut or sold outQ4 25: 419 bought or addedQ4 25: 256 cut or sold outQ4 25Q1 26: 344 bought or addedQ1 26: 338 cut or sold outQ2 26: 494 bought or addedQ2 26: 280 cut or sold outQ2 26
Numbers
QuarterBought or addedCut or sold out
Q3 2024319343
Q4 2024256400
Q1 2025250392
Q2 2025210380
Q3 2025241305
Q4 2025419256
Q1 2026344338
Q2 2026494280

Calls vs puts

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

CallsPuts
$0$2bn$4bn$6bn$8bnQ3 25 calls: $2.7bnQ3 25 puts: $3.2bnQ3 25P/C 1.18Q4 25 calls: $3.6bnQ4 25 puts: $6.5bnQ4 25P/C 1.83Q1 26 calls: $2.2bnQ1 26 puts: $4.7bnQ1 26P/C 2.16Q2 26 calls: $3.6bnQ2 26 puts: $3.2bnQ2 26P/C 0.89
Numbers
QuarterCallsPutsP/C
Q3 2025$2.7bn$3.2bn1.18
Q4 2025$3.6bn$6.5bn1.83
Q1 2026$2.2bn$4.7bn2.16
Q2 2026$3.6bn$3.2bn0.89

Biggest buyers

GOLDMAN SACHS GROUP INC Added +1,392,459+1.4m
TWO SIGMA INVESTMENTS, LP Added +1,156,799+1.2m
CITIGROUP INC Added +949,480+949.5k
WELLS FARGO & COMPANY/MN Added +757,873+757.9k
Jain Global LLC New +591,467+591.5k
SG Americas Securities, LLC Added +554,873+554.9k
TUDOR INVESTMENT CORP ET AL New +502,000+502.0k
Clear Street Group Inc. New +500,000+500.0k
CITADEL ADVISORS LLC New +499,184+499.2k
BlackRock, Inc. Added +367,215+367.2k

Biggest sellers

JPMORGAN CHASE & CO Reduced -4,425,660-4.4m
BNP PARIBAS FINANCIAL MARKETS Reduced -4,378,146-4.4m
BANK OF AMERICA CORP /DE/ Reduced -3,951,064-4.0m
MORGAN STANLEY Reduced -1,497,407-1.5m
D. E. Shaw & Co., Inc. Reduced -1,038,998-1.0m
BESSEMER GROUP INC Reduced -764,421-764.4k
HSBC HOLDINGS PLC Reduced -654,110-654.1k
Migdal Insurance & Financial Holdings Ltd. Sold out -450,000-450.0k
Quadrature Capital Ltd Reduced -438,554-438.6k
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND Reduced -404,000-404.0k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $875.7m5.5m shares
JANE STREET GROUP, LLC Added $746.8m4.7m shares
PEAK6 LLC Added $502.1m3.2m shares
CITADEL ADVISORS LLC Reduced $369.8m2.3m shares
Walleye Trading LLC Added $200.2m1.3m shares
MILLENNIUM MANAGEMENT LLC Added $184.7m1.2m shares
Squarepoint Ops LLC Added $140.4m887.3k shares
Jain Global LLC Reduced $103.6m654.9k shares
Caption Management, LLC Reduced $70.6m446.2k shares
BARCLAYS PLC Reduced $62.9m397.3k shares

Biggest puts

JANE STREET GROUP, LLC Added $755.2m4.8m shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $501.9m3.2m shares
CITADEL ADVISORS LLC Reduced $260.6m1.6m shares
MILLENNIUM MANAGEMENT LLC Added $260.1m1.6m shares
BNP PARIBAS FINANCIAL MARKETS Added $166.5m10.5k shares
Nantahala Capital Management, LLC Added $126.6m800.0k shares
Balyasny Asset Management L.P. Reduced $114.5m723.4k shares
Squarepoint Ops LLC Reduced $104.0m656.9k shares
Atika Capital Management LLC Added $89.0m5.6k shares
683 Capital Management, LLC New $85.5m540.0k 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 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 BNP PARIBAS FINANCIAL MARKETS 1.39% of their portfolio PARIS, I0 16,777,72616.8m $2.7bn $2.7bn 1.39% Reduced -4.4m -4,378,146
2 GOLDMAN SACHS GROUP INC 0.25% of their portfolio NEW YORK, NY 15,111,80315.1m $2.4bn $2.4bn 0.25% Added +1.4m +1,392,459
3 CITIGROUP INC 0.85% of their portfolio NEW YORK, NY 11,612,88411.6m $1.8bn $1.8bn 0.85% Added +949.5k +949,480
4 MORGAN STANLEY 0.09% of their portfolio NEW YORK, NY 10,834,14610.8m $1.7bn $1.7bn 0.09% Reduced -1.5m -1,497,407
5 BANK OF AMERICA CORP /DE/ 0.11% of their portfolio CHARLOTTE, NC 10,566,96310.6m $1.7bn $1.7bn 0.11% Reduced -4.0m -3,951,064
6 HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 2.11% of their portfolio TORONTO, A6 9,341,5009.3m $1.5bn $1.5bn 2.11% Reduced -404.0k -404,000
7 WELLS FARGO & COMPANY/MN 0.10% of their portfolio SAN FRANCISCO, CA 3,504,0823.5m $554.5m $554.5m 0.10% Added +757.9k +757,873
8 UBS Group AG 0.08% of their portfolio ZURICH, V8 3,308,9233.3m $523.6m $523.6m 0.08% Reduced -237.7k -237,727
9 BARCLAYS PLC 0.14% of their portfolio LONDON, X0 2,817,9432.8m $445.9m $445.9m 0.14% Reduced -16.2k -16,217
10 Jefferies Financial Group Inc. 3.12% of their portfolio NEW YORK, NY 2,140,0012.1m $338.7m $338.7m 3.12% Reduced -174.7k -174,719
11 JPMORGAN CHASE & CO 0.02% of their portfolio NEW YORK, NY 1,805,7151.8m $285.9m $285.9m 0.02% Reduced -4.4m -4,425,660
12 CANADA PENSION PLAN INVESTMENT BOARD 0.15% of their portfolio TORONTO ONTARIO, A6 1,758,0001.8m $278.2m $278.2m 0.15% Unchanged
13 TWO SIGMA INVESTMENTS, LP 0.18% of their portfolio NEW YORK, NY 1,497,9681.5m $237.1m $237.1m 0.18% Added +1.2m +1,156,799
14 BESSEMER GROUP INC 0.23% of their portfolio WOODBRIDGE, NJ 1,041,2091.0m $164.8m $164.8m 0.23% Reduced -764.4k -764,421
15 SG Americas Securities, LLC 0.09% of their portfolio NEW YORK, NY 946,116946.1k $149.7m $149.7m 0.09% Added +554.9k +554,873
16 LPL Financial LLC 0.03% of their portfolio FORT MILL, SC 882,027882.0k $139.6m $139.6m 0.03% Added +89.5k +89,481
17 ROYAL BANK OF CANADA 0.02% of their portfolio TORONTO, A6 829,993830.0k $131.3m $131.3m 0.02% Added +319.9k +319,928
18 MEITAV INVESTMENT HOUSE LTD 0.85% of their portfolio BENE-BERAQ, L3 794,579794.6k $125.7m $125.7m 0.85% Reduced -15.0k -15,000
19 BANK OF MONTREAL /CAN/ 0.05% of their portfolio TORONTO, A6 789,273789.3k $124.9m $124.9m 0.05% Reduced -45.4k -45,357
20 AMERIPRISE FINANCIAL INC 0.02% of their portfolio MINNEAPOLIS, MN 764,261764.3k $121.0m $121.0m 0.02% Reduced -37.7k -37,734
21 Employees Retirement System of Texas 0.85% of their portfolio AUSTIN, TX 676,872676.9k $107.1m $107.1m 0.85% Reduced -11.4k -11,400
22 Jain Global LLC 1.10% of their portfolio NEW YORK, NY 591,467591.5k $93.6m $93.6m 1.10% New
23 Main Street Research LLC 4.31% of their portfolio SAUSALITO, CA 576,754576.8k $91.3m $91.3m 4.31% Added +9.3k +9,275
24 PSP Research LLC 48.01% of their portfolio LAS VEGAS, NV 570,000570.0k $90.2m $90.2m 48.01% Added +285.1k +285,100
25 RAYMOND JAMES FINANCIAL INC 0.02% of their portfolio ST. PETERSBURG, FL 516,322516.3k $81.7m $81.7m 0.02% Added +83.2k +83,190
26 BlackRock, Inc. 0.00% of their portfolio New York, NY 516,032516.0k $81.7m $81.7m 0.00% Added +367.2k +367,215
27 TUDOR INVESTMENT CORP ET AL 0.33% of their portfolio STAMFORD, CT 502,000502.0k $79.4m $79.4m 0.33% New
28 Clear Street Group Inc. 0.25% of their portfolio NEW YORK, NY 500,000500.0k $79.1m $79.1m 0.25% New
29 CITADEL ADVISORS LLC 0.05% of their portfolio MIAMI, FL 499,184499.2k $79.0m $79.0m 0.05% New
30 ASSETMARK, INC 0.14% of their portfolio CONCORD, CA 496,739496.7k $78.6m $78.6m 0.14% Reduced -126.3k -126,276
31 NATIXIS 0.37% of their portfolio PARIS, I0 492,616492.6k $78.0m $78.0m 0.37% Added +3.8k +3,812
32 Clal Insurance Enterprises Holdings Ltd 0.34% of their portfolio Tel-aviv, L3 484,500484.5k $76.7m $76.7m 0.34% Unchanged
33 Greenhouse Funds LLLP 4.04% of their portfolio BALTIMORE, MD 484,437484.4k $76.7m $76.7m 4.04% Reduced -166.5k -166,512
34 Clearbridge Investments, LLC 0.06% of their portfolio NEW YORK, NY 423,739423.7k $67.1m $67.1m 0.06% Added +6.7k +6,720
35 OSAIC HOLDINGS, INC. 0.08% of their portfolio SCOTTSDALE, AZ 423,662423.7k $67.1m $67.1m 0.08% Added +293.7k +293,665
36 Investure, LLC 4.08% of their portfolio CHARLOTTESVILLE, VA 412,250412.2k $65.2m $65.2m 4.08% Unchanged
37 STRS OHIO 0.24% of their portfolio COLUMBUS, OH 397,200397.2k $62.9m $62.9m 0.24% Reduced -13.3k -13,300
38 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.06% of their portfolio BALA CYNWYD, PA 391,754391.8k $62.0m $62.0m 0.06% Added +317.6k +317,565
39 STIFEL FINANCIAL CORP 0.04% of their portfolio ST. LOUIS, MO 330,315330.3k $52.3m $52.3m 0.04% Added +39.4k +39,358
40 D. E. Shaw & Co., Inc. 0.03% of their portfolio New York, NY 328,794328.8k $52.0m $52.0m 0.03% Reduced -1.0m -1,038,998
41 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.03% of their portfolio MILWAUKEE, WI 314,224314.2k $49.7m $49.7m 0.03% Added +186.3k +186,314
42 Rockefeller Capital Management L.P. 0.07% of their portfolio NEW YORK, NY 274,266274.3k $43.4m $43.4m 0.07% Added +38.4k +38,434
43 GENDELL JEFFREY L 0.38% of their portfolio Greenwich, CT 262,278262.3k $41.5m $41.5m 0.38% Unchanged
44 WHITTIER TRUST CO 0.41% of their portfolio SOUTH PASADENA, CA 257,753257.8k $41.4m $41.4m 0.41% Added +51 +51
45 Annex Advisory Services, LLC 0.69% of their portfolio BROOKFIELD, WI 254,762254.8k $40.3m $40.3m 0.69% Added +7.7k +7,659
46 Williams Jones Wealth Management, LLC. 0.44% of their portfolio NEW YORK, NY 245,174245.2k $38.8m $38.8m 0.44% Added +45.6k +45,598
47 FIL Ltd 0.03% of their portfolio HAMILTON, D0 242,331242.3k $38.3m $38.3m 0.03% Added +170.6k +170,603
48 NEUBERGER BERMAN GROUP LLC 0.02% of their portfolio NEW YORK, NY 225,749225.7k $35.7m $35.7m 0.02% Reduced -13.0k -13,005
49 Cambridge Investment Research Advisors, Inc. 0.04% of their portfolio FAIRFIELD, IA 224,450224.4k $35.5m $35.5m 0.04% Added +140.7k +140,712
50 Curi Capital, LLC 0.51% of their portfolio CHICAGO, IL 207,604207.6k $32.9m $32.9m 0.51% Added +63.8k +63,758
51 WS MANAGEMENT LLLP 3.72% of their portfolio JACKSONVILLE, FL 200,000200.0k $31.6m $31.6m 3.72% Added +50.0k +50,000
52 DAFNA Capital Management LLC 5.93% of their portfolio LOS ANGELES, CA 196,505196.5k $31.1m $31.1m 5.93% Reduced -122.0k -122,000
53 Caisse de depot et placement du Quebec 0.04% of their portfolio Montreal, A8 186,203186.2k $29.5m $29.5m 0.04% New
54 STATE OF WISCONSIN INVESTMENT BOARD 0.06% of their portfolio MADISON, WI 184,702184.7k $29.2m $29.2m 0.06% Reduced -3.2k -3,165
55 GenTrust, LLC 1.06% of their portfolio MIAMI, FL 175,143175.1k $27.7m $27.7m 1.06% Reduced -520 -520
56 FRANKLIN RESOURCES INC 0.01% of their portfolio San Mateo, CA 169,117169.1k $26.8m $26.8m 0.01% Added +135.4k +135,354
57 OSBORNE PARTNERS CAPITAL MANAGEMENT, LLC 1.49% of their portfolio SAN FRANCISCO, CA 169,027169.0k $26.7m $26.7m 1.49% Reduced -1.8k -1,812
58 Cetera Investment Advisers 0.02% of their portfolio SCHAUMBURG, IL 162,025162.0k $25.6m $25.6m 0.02% Reduced -229 -229
59 WEATHERLY ASSET MANAGEMENT L. P. 1.77% of their portfolio DEL MAR, CA 157,486157.5k $24.9m $24.9m 1.77% Reduced -609 -609
60 Royal Fund Management, LLC 2.04% of their portfolio Lady Lake, FL 154,465154.5k $24.4m $24.4m 2.04% Reduced -8.4k -8,385
61 Sivik Global Healthcare LLC 14.55% of their portfolio GREENWICH, CT 150,000150.0k $19.2m $19.2m 14.55% Unchanged
62 New Harbor Financial Group, LLC 3.69% of their portfolio WORCESTER, MA 146,497146.5k $23.2m $23.2m 3.69% New
63 Riggs Asset Managment Co. Inc. 4.03% of their portfolio DALLAS, PA 142,800142.8k $22.6m $22.6m 4.03% Added +35.0k +35,009
64 United Capital Management of KS, Inc. 2.96% of their portfolio SALINA, KS 142,599142.6k $22.6m $22.6m 2.96% Added +1.1k +1,095
65 ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio Berwyn, PA 136,798136.8k $21.6m $21.6m 0.01% Added +34.4k +34,445
66 Madrona Financial Services, LLC 3.98% of their portfolio EVERETT, WA 136,455136.5k $21.6m $21.6m 3.98% Added +4.4k +4,417
67 L. Roy Papp & Associates, LLP 2.23% of their portfolio Phoenix, AZ 134,181134.2k $21.2m $21.2m 2.23% Added +582 +582
68 LMR Partners LLP 0.15% of their portfolio LONDON, X0 131,711131.7k $20.8m $20.8m 0.15% Added +111.0k +111,011
69 E Fund Management Co., Ltd. 0.46% of their portfolio GUANGZHOU, F4 128,500128.5k $20.3m $20.3m 0.46% Unchanged
70 WHITTIER TRUST CO OF NEVADA INC 0.39% of their portfolio RENO, NV 125,833125.8k $20.6m $20.6m 0.39% Reduced -630 -630
71 Janney Montgomery Scott LLC 0.04% of their portfolio PHILADELPHIA, PA 125,368125.4k $19.8m $19.8m 0.04% Added +4.8k +4,818
72 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 121,769121.8k $19.3m $19.3m 0.00% New
73 JANE STREET GROUP, LLC 0.01% of their portfolio NEW YORK, NY 115,850115.8k $18.3m $18.3m 0.01% Added +31.3k +31,297
74 Edge Wealth Management LLC 2.96% of their portfolio NEW YORK, NY 111,283111.3k $17.6m $17.6m 2.96% Added +148 +148
75 OXFORD ASSET MANAGEMENT LLP 8.55% of their portfolio OXFORD, X0 109,917109.9k $17.4m $17.4m 8.55% Added +12.7k +12,651
76 Tidal Investments LLC 0.04% of their portfolio Milwaukee, WI 109,331109.3k $17.3m $17.3m 0.04% Added +103.5k +103,489
77 Itau Unibanco Holding S.A. 0.34% of their portfolio SAO PAULO, D5 109,207109.2k $17.3m $17.3m 0.34% New
78 Arax Advisory Partners 0.11% of their portfolio NEW YORK, NY 108,071108.1k $17.1m $17.1m 0.11% Added +102.5k +102,514
79 Thrivent Financial for Lutherans 0.03% of their portfolio Minneapolis, MN 105,375105.4k $16.7m $16.7m 0.03% Added +9.4k +9,393
80 Polymer Capital Management (HK) LTD 1.69% of their portfolio HONG KONG, K3 105,300105.3k $16.7m $16.7m 1.69% New
81 Yelin Lapidot Holdings Management Ltd. 3.14% of their portfolio Tel Aviv, L3 104,532104.5k $16.5m $16.5m 3.14% Unchanged
82 Lake Hills Wealth Management, LLC 7.24% of their portfolio AUSTIN, TX 100,636100.6k $15.9m $15.9m 7.24% Added +8.7k +8,663
83 MIRAE ASSET SECURITIES (USA) INC. 0.70% of their portfolio NEW YORK, NY 100,000100.0k $15.8m $15.8m 0.70% Unchanged
84 Lalia Capital, LLC 7.69% of their portfolio NEW YORK, NY 100,000100.0k $15.8m $15.8m 7.69% Unchanged
85 BLAIR WILLIAM & CO/IL 0.04% of their portfolio CHICAGO, IL 95,78195.8k $15.2m $15.2m 0.04% Added +14.6k +14,629
86 FWL INVESTMENT MANAGEMENT, LLC 2.76% of their portfolio Dallas, TX 95,07095.1k $15.0m $15.0m 2.76% Added +95.0k +94,998
87 Geneva Partners, LLC 4.00% of their portfolio LAKE GENEVA, WI 94,82994.8k $15.0m $15.0m 4.00% New
88 S&CO INC 0.86% of their portfolio BOSTON, MA 94,31094.3k $14.9m $14.9m 0.86% Added +30 +30
89 Destiny Wealth Partners, LLC 1.95% of their portfolio TAVARES, FL 94,17294.2k $13.8m $13.8m 1.95% Added +94.1k +94,136
90 Walleye Trading LLC 0.20% of their portfolio NEW YORK, NY 92,16692.2k $14.6m $14.6m 0.20% Reduced -195.6k -195,555
91 JBF Capital, Inc. 1.91% of their portfolio Aspen, CO 92,00092.0k $14.6m $14.6m 1.91% Reduced -13.0k -13,000
92 MFA WEALTH ADVISORS, LLC 2.48% of their portfolio PITTSBURGH, PA 91,99792.0k $14.6m $14.6m 2.48% New
93 HighTower Advisors, LLC 0.01% of their portfolio CHICAGO, IL 90,86190.9k $14.4m $14.4m 0.01% Added +8.8k +8,780
94 Ilmarinen Mutual Pension Insurance Co 0.10% of their portfolio HELSINKI, H9 90,32990.3k $14.3m $14.3m 0.10% Unchanged
95 INVESTMENT HOUSE LLC 0.64% of their portfolio REDONDO BEACH, CA 89,91589.9k $14.2m $14.2m 0.64% Reduced -1.5k -1,505
96 Focus Partners Wealth 0.01% of their portfolio ST LOUIS, MO 89,52289.5k $14.2m $14.2m 0.01% Reduced -7.0k -6,980
97 PNC Financial Services Group, Inc. 0.01% of their portfolio Pittsburgh, PA 89,29089.3k $14.1m $14.1m 0.01% Added +25.1k +25,137
98 Strategic Wealth Partners, Ltd. 0.87% of their portfolio INDEPENDENCE, OH 89,15089.2k $14.1m $14.1m 0.87% Reduced -410 -410
99 Parkside Investments, LLC 1.50% of their portfolio DEERFIELD, IL 85,72385.7k $13.6m $13.6m 1.50% Reduced -4.9k -4,854
100 COMMONWEALTH EQUITY SERVICES, LLC 0.02% of their portfolio WALTHAM, MA 82,11982.1k $13.0m $13.0m 0.02% Reduced -2.6k -2,572