Vault-13

SPDR SER TR XHB

S&P HOMEBUILD · ETP · CUSIP 78464A888

315 institutional holders +9 vs Q3 2025
15,462,59115.5m shares reported held*
$1.6bnreported value*
52 new 88 added 91 reduced 59 sold out net sold ≈ $407.6m (-4.0m 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 ($1.3m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $102.98. Options: 21 managers hold calls ($1.3bn notional), 17 hold puts ($483.3m).

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

0200400Q3 22: 183Q4 22: 193Q1 23: 204Q2 23: 241Q3 23: 244Q4 23: 282Q1 24: 301Q2 24: 291Q3 24: 332Q4 24: 321Q1 25: 275Q2 25: 261Q3 25: 306Q4 25: 315315Q3 22Q2 23Q1 24Q4 24Q4 25
Numbers
QuarterHolders
Q3 2022183
Q4 2022193
Q1 2023204
Q2 2023241
Q3 2023244
Q4 2023282
Q1 2024301
Q2 2024291
Q3 2024332
Q4 2024321
Q1 2025275
Q2 2025261
Q3 2025306
Q4 2025315

Buyers vs sellers

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

Bought or addedCut or sold out
2000200Q1 24: 159 bought or addedQ1 24: 127 cut or sold outQ2 24: 137 bought or addedQ2 24: 146 cut or sold outQ2 24Q3 24: 184 bought or addedQ3 24: 115 cut or sold outQ4 24: 155 bought or addedQ4 24: 160 cut or sold outQ4 24Q1 25: 121 bought or addedQ1 25: 157 cut or sold outQ2 25: 105 bought or addedQ2 25: 128 cut or sold outQ2 25Q3 25: 172 bought or addedQ3 25: 96 cut or sold outQ4 25: 140 bought or addedQ4 25: 150 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 2024159127
Q2 2024137146
Q3 2024184115
Q4 2024155160
Q1 2025121157
Q2 2025105128
Q3 202517296
Q4 2025140150

Calls vs puts

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

CallsPuts
$0$500m$1bn$1.5bnQ1 25 calls: $784.1mQ1 25 puts: $734.4mQ1 25P/C 0.94Q2 25 calls: $579.4mQ2 25 puts: $577.0mQ2 25P/C 1.00Q3 25 calls: $377.3mQ3 25 puts: $642.2mQ3 25P/C 1.70Q4 25 calls: $1.3bnQ4 25 puts: $483.3mQ4 25P/C 0.36
Numbers
QuarterCallsPutsP/C
Q1 2025$784.1m$734.4m0.94
Q2 2025$579.4m$577.0m1.00
Q3 2025$377.3m$642.2m1.70
Q4 2025$1.3bn$483.3m0.36

Biggest buyers

CITADEL ADVISORS LLC Added +348,202+348.2k
D. E. Shaw & Co., Inc. Added +221,306+221.3k
SOROS FUND MANAGEMENT LLC New +202,579+202.6k
TWO SIGMA INVESTMENTS, LP New +177,191+177.2k
Balyasny Asset Management L.P. New +158,578+158.6k
NAN FUNG TRINITY (HK) LTD New +155,040+155.0k
CAPITAL FUND MANAGEMENT S.A. Added +147,552+147.6k
RAYMOND JAMES FINANCIAL INC Added +139,839+139.8k
Passaic Partners LLC Added +123,065+123.1k
Qube Research & Technologies Ltd Added +120,578+120.6k

Biggest sellers

CITIGROUP INC Reduced -971,990-972.0k
JPMORGAN CHASE & CO Reduced -935,392-935.4k
MORGAN STANLEY Reduced -485,799-485.8k
MOORE CAPITAL MANAGEMENT, LP Reduced -440,834-440.8k
Annex Advisory Services, LLC Sold out -408,923-408.9k
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND Reduced -350,000-350.0k
BNP PARIBAS FINANCIAL MARKETS Reduced -331,987-332.0k
UBS Group AG Reduced -327,920-327.9k
BARCLAYS PLC Reduced -253,200-253.2k
NATIXIS Reduced -248,618-248.6k

Biggest calls

JANE STREET GROUP, LLC Added $246.2m2.4m shares
BARCLAYS PLC New $205.9m2.0m shares
NOMURA HOLDINGS INC Added $205.9m2.0m shares
PEAK6 LLC Added $188.2m1.8m shares
CITADEL ADVISORS LLC Added $144.0m1.4m shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $74.8m726.2k shares
Brevan Howard Capital Management LP Added $68.0m660.0k shares
MILLENNIUM MANAGEMENT LLC Added $66.7m648.0k shares
Jain Global LLC New $51.5m500.0k shares
WELLS FARGO & COMPANY/MN Added $51.5m499.9k shares

Biggest puts

CITADEL ADVISORS LLC Added $181.7m1.8m shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $135.3m1.3m shares
JANE STREET GROUP, LLC Reduced $42.8m415.7k shares
MILLENNIUM MANAGEMENT LLC Reduced $36.9m358.0k shares
ROYAL BANK OF CANADA New $25.7m250.0k shares
CAPITAL FUND MANAGEMENT S.A. Reduced $17.5m170.2k shares
Caption Management, LLC Unchanged $10.3m100.0k shares
Jain Global LLC New $10.3m100.0k shares
UBS Group AG Unchanged $7.2m70.0k shares
TUDOR INVESTMENT CORP ET AL Reduced $4.6m45.0k 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 2,358,0132.4m $242.8m $242.8m 0.03% Added +12.7k +12,654
2 CITIGROUP INC 0.08% of their portfolio NEW YORK, NY 1,195,3511.2m $123.1m $123.1m 0.08% Reduced -972.0k -971,990
3 MORGAN STANLEY 0.01% of their portfolio NEW YORK, NY 967,556967.6k $99.6m $99.6m 0.01% Reduced -485.8k -485,799
4 NATIXIS 0.34% of their portfolio PARIS, I0 852,133852.1k $87.7m $87.7m 0.34% Reduced -248.6k -248,618
5 BANK OF AMERICA CORP /DE/ 0.01% of their portfolio CHARLOTTE, NC 728,255728.3k $75.0m $75.0m 0.01% Reduced -209.1k -209,051
6 BARCLAYS PLC 0.03% of their portfolio LONDON, X0 618,589618.6k $63.7m $63.7m 0.03% Reduced -253.2k -253,200
7 MIRAE ASSET SECURITIES (USA) INC. 2.04% of their portfolio NEW YORK, NY 500,000500.0k $51.5m $51.5m 2.04% Unchanged
8 HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.08% of their portfolio TORONTO, A6 450,000450.0k $46.3m $46.3m 0.08% Reduced -350.0k -350,000
9 CITADEL ADVISORS LLC 0.03% of their portfolio MIAMI, FL 421,874421.9k $43.4m $43.4m 0.03% Added +348.2k +348,202
10 BNP PARIBAS FINANCIAL MARKETS 0.03% of their portfolio PARIS, I0 388,775388.8k $40.0m $40.0m 0.03% Reduced -332.0k -331,987
11 RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio ST. PETERSBURG, FL 378,758378.8k $39.0m $39.0m 0.01% Added +139.8k +139,839
12 Passaic Partners LLC 3.07% of their portfolio NEWARK, NJ 288,379288.4k $29.7m $29.7m 3.07% Added +123.1k +123,065
13 ROYAL BANK OF CANADA 0.01% of their portfolio TORONTO, A6 282,935282.9k $29.1m $29.1m 0.01% Reduced -10.3k -10,322
14 LPL Financial LLC 0.01% of their portfolio FORT MILL, SC 260,996261.0k $26.9m $26.9m 0.01% Reduced -116.1k -116,078
15 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 243,324243.3k $25.1m $25.1m 0.00% Added +38.1k +38,092
16 CoreCap Advisors, LLC 0.86% of their portfolio SOUTHFIELD, MI 239,832239.8k $24.7m $24.7m 0.86% Added +117.6k +117,580
17 D. E. Shaw & Co., Inc. 0.02% of their portfolio New York, NY 226,355226.4k $23.3m $23.3m 0.02% Added +221.3k +221,306
18 MEITAV INVESTMENT HOUSE LTD 0.24% of their portfolio BENE-BERAQ, L3 205,359205.4k $21.1m $21.1m 0.24% Reduced -505 -505
19 SOROS FUND MANAGEMENT LLC 0.28% of their portfolio NEW YORK, NY 202,579202.6k $20.9m $20.9m 0.28% New
20 UBS Group AG 0.00% of their portfolio ZURICH, V8 188,350188.3k $19.4m $19.4m 0.00% Reduced -327.9k -327,920
21 MARSHALL WACE, LLP 0.02% of their portfolio LONDON, X0 184,800184.8k $19.0m $19.0m 0.02% Reduced -43.9k -43,860
22 TWO SIGMA INVESTMENTS, LP 0.03% of their portfolio NEW YORK, NY 177,191177.2k $18.2m $18.2m 0.03% New
23 CAPITAL FUND MANAGEMENT S.A. 0.16% of their portfolio PARIS, I0 161,373161.4k $16.6m $16.6m 0.16% Added +147.6k +147,552
24 Balyasny Asset Management L.P. 0.03% of their portfolio Chicago, IL 158,578158.6k $16.3m $16.3m 0.03% New
25 NAN FUNG TRINITY (HK) LTD 1.26% of their portfolio CENTRAL, HONG KONG, K3 155,040155.0k $16.0m $16.0m 1.26% New
26 MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio NEW YORK, NY 151,596151.6k $15.6m $15.6m 0.01% Reduced -208.2k -208,174
27 Kranot Hishtalmut Le Morim Ve Gananot Havera Menahelet LTD 0.99% of their portfolio Tel Aviv, L3 147,504147.5k $15.2m $15.2m 0.99% Unchanged
28 Kingsview Wealth Management, LLC 0.22% of their portfolio GRANTS PASS, OR 145,338145.3k $15.0m $15.0m 0.22% Added +5.3k +5,279
29 Qube Research & Technologies Ltd 0.02% of their portfolio LONDON, X0 143,471143.5k $14.8m $14.8m 0.02% Added +120.6k +120,578
30 BlackRock, Inc. 0.00% of their portfolio New York, NY 136,037136.0k $14.0m $14.0m 0.00% Added +373 +373
31 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 116,648116.6k $12.0m $12.0m 0.00% Reduced -935.4k -935,392
32 Private Advisor Group, LLC 0.05% of their portfolio MORRISTOWN, NJ 105,250105.2k $10.8m $10.8m 0.05% Added +11.7k +11,730
33 Concentric Capital Strategies, LP 0.53% of their portfolio Stamford, CT 100,117100.1k $10.3m $10.3m 0.53% New
34 Freestone Grove Partners LP 0.07% of their portfolio San Francisco, CA 94,60294.6k $9.7m $9.7m 0.07% New
35 STIFEL FINANCIAL CORP 0.01% of their portfolio ST. LOUIS, MO 88,29388.3k $9.1m $9.1m 0.01% Added +50.3k +50,337
36 Graham Capital Management, L.P. 0.31% of their portfolio ROWAYTON, CT 87,20087.2k $9.0m $9.0m 0.31% New
37 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.01% of their portfolio BALA CYNWYD, PA 75,12275.1k $7.7m $7.7m 0.01% Reduced -35.0k -35,022
38 Agave Capital Management Ltd 1.17% of their portfolio LONDON, X0 67,84667.8k $7.0m $7.0m 1.17% First filing
39 ST GERMAIN D J CO INC 0.26% of their portfolio SPRINGFIELD, MA 65,10365.1k $6.7m $6.7m 0.26% New
40 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 60,11560.1k $6.2m $6.2m 0.00% Added +37.2k +37,183
41 Viewpoint Capital Management LLC 2.64% of their portfolio SEATTLE, WA 59,20959.2k $6.1m $6.1m 2.64% Added +480 +480
42 Cetera Investment Advisers 0.01% of their portfolio SCHAUMBURG, IL 57,00357.0k $5.9m $5.9m 0.01% Reduced -25.7k -25,738
43 Kranot Hishtalmut Le Morim Tichoniim Havera Menahelet LTD 1.08% of their portfolio Tel Aviv, L3 53,23053.2k $5.5m $5.5m 1.08% Unchanged
44 Quadrature Capital Ltd 0.05% of their portfolio LONDON, X0 50,99451.0k $5.3m $5.3m 0.05% New
45 Ellis Investment Partners, LLC 0.82% of their portfolio Berwyn, PA 45,80145.8k $4.7m $4.7m 0.82% Added +2.2k +2,197
46 Baird Financial Group, Inc. 0.01% of their portfolio MILWAUKEE, WI 44,51744.5k $4.6m $4.6m 0.01% Added +6.2k +6,244
47 Phoenix Financial Ltd. 0.05% of their portfolio Givatayim, L3 42,58042.6k $4.4m $4.4m 0.05% Reduced -43.4k -43,350
48 Gerber Kawasaki Wealth & Investment Management 0.15% of their portfolio SANTA MONICA, CA 40,51140.5k $4.2m $4.2m 0.15% Added +588 +588
49 OSAIC HOLDINGS, INC. 0.01% of their portfolio SCOTTSDALE, AZ 39,82239.8k $4.1m $4.1m 0.01% Reduced -4.8k -4,791
50 BOS Asset Management, LLC 1.09% of their portfolio SPRINGFIELD, IL 39,57239.6k $4.1m $4.1m 1.09% Added +5.1k +5,136
51 Perbak Capital Partners LLP 1.24% of their portfolio LONDON, X0 39,43239.4k $4.1m $4.1m 1.24% Added +3.2k +3,235
52 North Star Investment Management Corp. 0.25% of their portfolio CHICAGO, IL 38,42538.4k $4.0m $4.0m 0.25% Added +1.3k +1,254
53 PNC Financial Services Group, Inc. 0.00% of their portfolio Pittsburgh, PA 37,85837.9k $3.9m $3.9m 0.00% Reduced -16.5k -16,453
54 Aster Capital Management (DIFC) Ltd 1.70% of their portfolio DUBAI, C0 37,69037.7k $3.9m $3.9m 1.70% New
55 J. Goldman & Co LP 0.14% of their portfolio NEW YORK, NY 35,72235.7k $3.7m $3.7m 0.14% Added +318 +318
56 K.J. Harrison & Partners Inc 0.47% of their portfolio TORONTO, A6 34,00034.0k $3.5m $3.5m 0.47% Added +14.0k +14,000
57 Rockefeller Capital Management L.P. 0.01% of their portfolio NEW YORK, NY 31,18931.2k $3.2m $3.2m 0.01% Added +19.8k +19,793
58 Bricktown Capital, LLC 0.50% of their portfolio DETROIT, MI 29,03429.0k $3.0m $3.0m 0.50% Unchanged
59 Palumbo Wealth Management LLC 0.70% of their portfolio GREAT NECK, NY 27,68727.7k $2.9m $2.9m 0.70% New
60 PETERSON WEALTH MANAGEMENT 2.11% of their portfolio SPARKS, NV 27,55727.6k $2.8m $2.8m 2.11% Reduced -12.5k -12,471
61 AAFMAA Wealth Management & Trust LLC 1.08% of their portfolio FAYETTEVILLE, NC 26,74526.7k $2.8m $2.8m 1.08% Added +2.8k +2,826
62 TOTH FINANCIAL ADVISORY CORP 0.28% of their portfolio LEESBURG, VA 25,34925.3k $2.6m $2.6m 0.28% Added +2.5k +2,481
63 CENTAURUS FINANCIAL, INC. 0.11% of their portfolio ANAHEIM, CA 23,89323.9k $2.5m $2.5m 0.11% Added +1.6k +1,584
64 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 22,62922.6k $2.3m $2.3m 0.00% Reduced -41.6k -41,571
65 MML INVESTORS SERVICES, LLC 0.01% of their portfolio SPRINGFIELD, MA 22,17422.2k $2.3m $2.3m 0.01% Added +3.9k +3,936
66 Maven Securities LTD 0.28% of their portfolio ST HELIER, Y9 21,56221.6k $2.2m $2.2m 0.28% Reduced -5.4k -5,371
67 First Nebraska Trust Co 0.19% of their portfolio LINCOLN, NE 20,67120.7k $2.1m $2.1m 0.19% Added +1.0k +1,037
68 BANCO BILBAO VIZCAYA ARGENTARIA, S.A. 0.01% of their portfolio Madrid, U3 19,74719.7k $2.0m $2.0m 0.01% Added +15.7k +15,693
69 Choate Investment Advisors 0.04% of their portfolio BOSTON, MA 19,49919.5k $2.0m $2.0m 0.04% Unchanged
70 Institute for Wealth Management, LLC. 0.21% of their portfolio DENVER, CO 19,19219.2k $2.0m $2.0m 0.21% Reduced -197 -197
71 Zweig-DiMenna Associates LLC 0.14% of their portfolio NEW YORK, NY 18,80018.8k $1.9m $1.9m 0.14% Added +9.6k +9,600
72 SIMPLEX TRADING, LLC 0.05% of their portfolio CHICAGO, IL 17,38117.4k $1.8m $1.8m 0.05% Reduced -39.0k -39,041
73 Cambridge Investment Research Advisors, Inc. 0.00% of their portfolio FAIRFIELD, IA 17,30617.3k $1.8m $1.8m 0.00% Reduced -351 -351
74 TOCQUEVILLE ASSET MANAGEMENT L.P. 0.03% of their portfolio New York, NY 17,18517.2k $1.8m $1.8m 0.03% New
75 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 17,05917.1k $1.8m $1.8m 0.00% Reduced -21.7k -21,697
76 Foundations Investment Advisors, LLC 0.02% of their portfolio PHOENIX, AZ 16,79716.8k $1.7m $1.7m 0.02% New
77 Advisory Services Network, LLC 0.02% of their portfolio ATLANTA, GA 16,67916.7k $1.7m $1.7m 0.02% Reduced -103 -103
78 GUIDANCE CAPITAL, INC 0.46% of their portfolio LOUSVILLE, KY 16,47816.5k $1.9m $1.9m 0.46% Added +3.1k +3,132
79 SG Americas Securities, LLC 0.00% of their portfolio NEW YORK, NY 16,22416.2k $1.7m $1.7m 0.00% Reduced -12.2k -12,226
80 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 14,87414.9k $1.5m $1.5m 0.00% Reduced -15 -15
81 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 14,77814.8k $1.5m $1.5m 0.00% Reduced -11.2k -11,168
82 Cordoba Advisory Partners LLC 0.38% of their portfolio NEW YORK, NY 14,73014.7k $1.5m $1.5m 0.38% First filing
83 Point72 Asset Management, L.P. 0.00% of their portfolio STAMFORD, CT 13,80013.8k $1.4m $1.4m 0.00% Reduced -6.2k -6,200
84 OPPENHEIMER & CO INC 0.02% of their portfolio NEW YORK, NY 13,67513.7k $1.4m $1.4m 0.02% New
85 FLOW TRADERS U.S. LLC 0.05% of their portfolio NEW YORK, NY 13,63113.6k $1.4m $1.4m 0.05% New
86 Tidal Investments LLC 0.01% of their portfolio Milwaukee, WI 13,50713.5k $1.4m $1.4m 0.01% Added +3.6k +3,622
87 Janney Montgomery Scott LLC 0.00% of their portfolio PHILADELPHIA, PA 13,06813.1k $1.3m $1.3m 0.00% Reduced -1.0k -1,005
88 ELEVATION POINT WEALTH PARTNERS, LLC 0.06% of their portfolio DENVER, CO 12,86612.9k $1.3m $1.3m 0.06% Added +9.3k +9,286
89 Squarepoint Ops LLC 0.00% of their portfolio NEW YORK, NY 12,77212.8k $1.3m $1.3m 0.00% Reduced -6.8k -6,845
90 Vestmark Advisory Solutions, Inc. 0.02% of their portfolio Wakefield, MA 12,69912.7k $1.3m $1.3m 0.02% Added +9.1k +9,146
91 Alexis Investment Partners, LLC 0.48% of their portfolio MONTGOMERY, TX 12,37012.4k $1.3m $1.3m 0.48% Reduced -1.4k -1,402
92 JONES FINANCIAL COMPANIES LLLP 0.00% of their portfolio DES PERES, MO 12,09712.1k $1.2m $1.2m 0.00% Added +1.2k +1,177
93 Corient Private Wealth LP 0.00% of their portfolio MIAMI, FL 12,05912.1k $1.2m $1.2m 0.00% Added +9.2k +9,208
94 Sage Capital Management, LLC 0.51% of their portfolio Stockton, NJ 10,73410.7k $1.1m $1.1m 0.51% Reduced -786 -786
95 Summit Financial, LLC 0.02% of their portfolio PARSIPPANY, NJ 10,70710.7k $1.1m $1.1m 0.02% Reduced -54 -54
96 Y-Intercept (Hong Kong) Ltd 0.02% of their portfolio HONG KONG, K3 10,40010.4k $1.1m $1.1m 0.02% Reduced -19.3k -19,278
97 JAMES INVESTMENT RESEARCH, INC. 0.12% of their portfolio ALPHA, OH 10,39710.4k $1.1m $1.1m 0.12% Reduced -268 -268
98 Mariner, LLC 0.00% of their portfolio Overland Park, KS 10,32110.3k $1.1m $1.1m 0.00% Reduced -68 -68
99 Larry Mathis Financial Planning, LLC 0.92% of their portfolio PHOENIX, AZ 10,10810.1k $1.0m $1.0m 0.92% First filing
100 Creative Planning 0.00% of their portfolio OVERLAND PARK, KS 10,09810.1k $1.0m $1.0m 0.00% Added +1.5k +1,462