Vault-13

SPDR SER TR XOP

S&P OILGAS EXP · ETP · CUSIP 78468R556

334 institutional holders -15 vs Q2 2025
31,058,74331.1m shares reported held*
$4.1bnreported value*
35 new 87 added 123 reduced 47 sold out net bought ≈ $300.9m (+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 ($6.6k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $132.32. Options: 28 managers hold calls ($1.4bn notional), 40 hold puts ($2.2bn).

Trends to Q3 2025

Institutional holders

Managers reporting a position, each quarter

0200400Q3 22: 355Q4 22: 380Q1 23: 364Q2 23: 346Q3 23: 389Q4 23: 393Q1 24: 388Q2 24: 395Q3 24: 367Q4 24: 383Q1 25: 354Q2 25: 349Q3 25: 334334Q3 22Q2 23Q1 24Q4 24Q3 25
Numbers
QuarterHolders
Q3 2022355
Q4 2022380
Q1 2023364
Q2 2023346
Q3 2023389
Q4 2023393
Q1 2024388
Q2 2024395
Q3 2024367
Q4 2024383
Q1 2025354
Q2 2025349
Q3 2025334

Buyers vs sellers

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

Bought or addedCut or sold out
4000400Q4 23: 141 bought or addedQ4 23: 213 cut or sold outQ1 24: 174 bought or addedQ1 24: 182 cut or sold outQ1 24Q2 24: 169 bought or addedQ2 24: 168 cut or sold outQ3 24: 150 bought or addedQ3 24: 190 cut or sold outQ3 24Q4 24: 151 bought or addedQ4 24: 188 cut or sold outQ1 25: 138 bought or addedQ1 25: 184 cut or sold outQ1 25Q2 25: 138 bought or addedQ2 25: 187 cut or sold outQ3 25: 122 bought or addedQ3 25: 170 cut or sold outQ3 25
Numbers
QuarterBought or addedCut or sold out
Q4 2023141213
Q1 2024174182
Q2 2024169168
Q3 2024150190
Q4 2024151188
Q1 2025138184
Q2 2025138187
Q3 2025122170

Calls vs puts

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

CallsPuts
$0$1bn$2bn$3bnQ4 24 calls: $1.5bnQ4 24 puts: $2.3bnQ4 24P/C 1.54Q1 25 calls: $1.2bnQ1 25 puts: $2.3bnQ1 25P/C 1.87Q2 25 calls: $1.2bnQ2 25 puts: $2.0bnQ2 25P/C 1.64Q3 25 calls: $1.4bnQ3 25 puts: $2.2bnQ3 25P/C 1.58
Numbers
QuarterCallsPutsP/C
Q4 2024$1.5bn$2.3bn1.54
Q1 2025$1.2bn$2.3bn1.87
Q2 2025$1.2bn$2.0bn1.64
Q3 2025$1.4bn$2.2bn1.58

Biggest buyers

JPMORGAN CHASE & CO Added +3,134,218+3.1m
BANK OF AMERICA CORP /DE/ Added +1,311,054+1.3m
CITIGROUP INC Added +486,508+486.5k
CITADEL ADVISORS LLC Added +463,844+463.8k
SG Americas Securities, LLC Added +225,181+225.2k
Quadrature Capital Ltd Added +129,890+129.9k
Cadence Wealth Management LLC Added +116,203+116.2k
Jump Financial, LLC New +84,471+84.5k
SUMMIT SECURITIES GROUP LLC Added +64,564+64.6k
NATIONAL BANK OF CANADA /FI/ Added +51,287+51.3k

Biggest sellers

BARCLAYS PLC Reduced -957,073-957.1k
WELLS FARGO & COMPANY/MN Reduced -604,228-604.2k
ROYAL BANK OF CANADA Reduced -500,164-500.2k
MORGAN STANLEY Reduced -427,849-427.8k
JANE STREET GROUP, LLC Reduced -187,648-187.6k
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND Reduced -181,000-181.0k
GOLDMAN SACHS GROUP INC Reduced -169,271-169.3k
Squarepoint Ops LLC Reduced -141,088-141.1k
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced -95,893-95.9k
STATE OF WISCONSIN INVESTMENT BOARD Sold out -88,800-88.8k

Biggest calls

PEAK6 LLC Added $481.0m3.6m shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $172.8m1.3m shares
CAPSTONE INVESTMENT ADVISORS, LLC Added $110.4m835.1k shares
BlueCrest Capital Management Ltd New $105.8m800.0k shares
JANE STREET GROUP, LLC Added $92.7m701.5k shares
MILLENNIUM MANAGEMENT LLC Added $83.3m630.0k shares
CITADEL ADVISORS LLC Reduced $58.5m442.6k shares
BARCLAYS PLC Reduced $48.9m369.8k shares
CITIGROUP INC Added $38.0m287.7k shares
Balyasny Asset Management L.P. Added $26.4m199.4k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $503.6m3.8m shares
Elliott Investment Management L.P. Not comparable $317.3m2.4m shares
CITADEL ADVISORS LLC Added $176.7m1.3m shares
CAPSTONE INVESTMENT ADVISORS, LLC Added $164.8m1.2m shares
MILLENNIUM MANAGEMENT LLC Added $142.9m1.1m shares
JANE STREET GROUP, LLC Reduced $135.2m1.0m shares
WOLVERINE TRADING, LLC Added $84.0m629.4k shares
ARISTEIA CAPITAL, L.L.C. Reduced $81.2m614.5k shares
CITIGROUP INC Added $67.8m513.0k shares
HBK INVESTMENTS L P Reduced $65.4m495.0k 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.

Major shareholders (over 5%)

Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.

No one currently above 5% in the filings since 19 Dec 2024.

Fell to 5% or below in the last year: Invesco Ltd. (0.0%, 2026-08-13)

Holders, Q3 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 JPMORGAN CHASE & CO 0.03% of their portfolio NEW YORK, NY 6,109,4406.1m $807.7m $807.7m 0.03% Added +3.1m +3,134,218
2 BANK OF AMERICA CORP /DE/ 0.04% of their portfolio CHARLOTTE, NC 4,371,4264.4m $577.9m $577.9m 0.04% Added +1.3m +1,311,054
3 GOLDMAN SACHS GROUP INC 0.07% of their portfolio NEW YORK, NY 3,569,1273.6m $471.8m $471.8m 0.07% Reduced -169.3k -169,271
4 HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.74% of their portfolio TORONTO, A6 3,049,0003.0m $403.1m $403.1m 0.74% Reduced -181.0k -181,000
5 CITIGROUP INC 0.24% of their portfolio NEW YORK, NY 2,592,7062.6m $342.8m $342.8m 0.24% Added +486.5k +486,508
6 MORGAN STANLEY 0.02% of their portfolio NEW YORK, NY 2,191,6462.2m $289.7m $289.7m 0.02% Reduced -427.8k -427,849
7 UBS Group AG 0.04% of their portfolio ZURICH, V8 1,504,6211.5m $198.9m $198.9m 0.04% Reduced -34.0k -33,965
8 PRICE T ROWE ASSOCIATES INC /MD/ 0.01% of their portfolio BALTIMORE, MD 953,455953.5k $126.0m $126.0m 0.01% Unchanged
9 CITADEL ADVISORS LLC 0.08% of their portfolio MIAMI, FL 765,011765.0k $101.1m $101.1m 0.08% Added +463.8k +463,844
10 MIRAE ASSET SECURITIES (USA) INC. 3.77% of their portfolio NEW YORK, NY 650,000650.0k $85.9m $85.9m 3.77% Unchanged
11 BESSEMER GROUP INC 0.10% of their portfolio WOODBRIDGE, NJ 505,649505.6k $66.8m $66.8m 0.10% Reduced -5.7k -5,691
12 Vanderbilt University 7.89% of their portfolio NASHVILLE, TN 359,428359.4k $47.5m $47.5m 7.89% Added +2.4k +2,355
13 BARCLAYS PLC 0.02% of their portfolio LONDON, X0 341,582341.6k $45.2m $45.2m 0.02% Reduced -957.1k -957,073
14 SG Americas Securities, LLC 0.12% of their portfolio NEW YORK, NY 253,594253.6k $33.5m $33.5m 0.12% Added +225.2k +225,181
15 ROYAL BANK OF CANADA 0.01% of their portfolio TORONTO, A6 245,040245.0k $32.4m $32.4m 0.01% Reduced -500.2k -500,164
16 Quadrature Capital Ltd 0.35% of their portfolio LONDON, X0 222,891222.9k $29.5m $29.5m 0.35% Added +129.9k +129,890
17 LPL Financial LLC 0.01% of their portfolio FORT MILL, SC 170,578170.6k $22.6m $22.6m 0.01% Reduced -20.3k -20,298
18 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.03% of their portfolio BALA CYNWYD, PA 165,542165.5k $21.9m $21.9m 0.03% Reduced -95.9k -95,893
19 Cadence Wealth Management LLC 9.81% of their portfolio WESTBOROUGH, MA 141,729141.7k $18.7m $18.7m 9.81% Added +116.2k +116,203
20 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 112,117112.1k $14.8m $14.8m 0.00% Reduced -604.2k -604,228
21 ExodusPoint Capital Management, LP 0.16% of their portfolio NEW YORK, NY 87,60987.6k $11.6m $11.6m 0.16% Added +14.2k +14,175
22 TUDOR INVESTMENT CORP ET AL 0.08% of their portfolio STAMFORD, CT 87,60687.6k $11.6m $11.6m 0.08% Added +43.3k +43,327
23 Jump Financial, LLC 0.14% of their portfolio Chicago, IL 84,47184.5k $11.2m $11.2m 0.14% New
24 Southeast Asset Advisors, LLC 0.96% of their portfolio THOMASVILLE, GA 66,93066.9k $8.8m $8.8m 0.96% Added +7.0k +6,970
25 SUMMIT SECURITIES GROUP LLC 2.81% of their portfolio NEW YORK, NY 64,66464.7k $8.5m $8.5m 2.81% Added +64.6k +64,564
26 NATIONAL BANK OF CANADA /FI/ 0.01% of their portfolio MONTREAL, A8 61,60861.6k $8.1m $8.1m 0.01% Added +51.3k +51,287
27 SATOVSKY ASSET MANAGEMENT LLC 1.57% of their portfolio NEW YORK, NY 59,60959.6k $7.9m $7.9m 1.57% Added +1.9k +1,879
28 Allianz SE 0.16% of their portfolio Munich, 2M 56,02556.0k $7.4m $7.4m 0.16% Added +5.0k +5,000
29 W.G. Shaheen & Associates DBA Whitney & Co 0.64% of their portfolio ROCHESTER, NY 53,24453.2k $7.0m $7.0m 0.64% Added +550 +550
30 Krilogy Financial LLC 0.20% of their portfolio ST. LOUIS, MO 43,61743.6k $5.4m $5.4m 0.20% Added +3.2k +3,242
31 Atom Investors LP 0.42% of their portfolio AUSTIN, TX 42,07942.1k $5.6m $5.6m 0.42% Reduced -3.1k -3,138
32 Modus Advisors, LLC 1.49% of their portfolio EXCELSIOR, MN 41,44241.4k $5.5m $5.5m 1.49% Reduced -1.3k -1,258
33 Skylands Capital, LLC 0.76% of their portfolio Milwaukee, WI 41,38041.4k $5.5m $5.5m 0.76% Reduced -2.4k -2,435
34 Twin Tree Management, LP 0.25% of their portfolio DALLAS, TX 41,06441.1k $5.4m $5.4m 0.25% Reduced -82.9k -82,900
35 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 40,79940.8k $5.4m $5.4m 0.00% Reduced -22.7k -22,697
36 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 39,09139.1k $5.2m $5.2m 0.00% Added +32.6k +32,640
37 TWO SIGMA INVESTMENTS, LP 0.01% of their portfolio NEW YORK, NY 37,79937.8k $5.0m $5.0m 0.01% New
38 Corecam Pte. Ltd. 2.62% of their portfolio SINGAPORE, U0 37,20037.2k $4.9m $4.9m 2.62% New
39 D. E. Shaw & Co., Inc. 0.00% of their portfolio New York, NY 35,94935.9k $4.8m $4.8m 0.00% New
40 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 35,04835.0k $4.6m $4.6m 0.00% Reduced -3.2k -3,209
41 MML INVESTORS SERVICES, LLC 0.01% of their portfolio SPRINGFIELD, MA 33,52033.5k $4.4m $4.4m 0.01% Reduced -6.6k -6,566
42 PING CAPITAL MANAGEMENT, INC. 2.63% of their portfolio NEW YORK, NY 33,00033.0k $4.4m $4.4m 2.63% Added +11.0k +11,000
43 OSAIC HOLDINGS, INC. 0.01% of their portfolio SCOTTSDALE, AZ 30,31630.3k $4.0m $4.0m 0.01% Added +12.1k +12,054
44 Banque Cantonale Vaudoise 0.14% of their portfolio LAUSANNE, V8 27,50027.5k $3.6m $3.6m 0.14% Reduced -4.8k -4,818
45 STIFEL FINANCIAL CORP 0.00% of their portfolio ST. LOUIS, MO 27,38027.4k $3.6m $3.6m 0.00% Reduced -2.0k -2,018
46 ABBINGTON INVESTMENT GROUP 3.08% of their portfolio WESTPORT, CT 27,21427.2k $3.6m $3.6m 3.08% First filing
47 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 26,88726.9k $3.6m $3.6m 0.00% Reduced -929 -929
48 Arkadios Wealth Advisors 0.08% of their portfolio ATLANTA, GA 26,12726.1k $3.5m $3.5m 0.08% Reduced -666 -666
49 ArchPoint Investors 0.90% of their portfolio CORAL GABLES, FL 24,93324.9k $3.3m $3.3m 0.90% Unchanged
50 Graham Capital Management, L.P. 0.11% of their portfolio ROWAYTON, CT 22,95022.9k $3.0m $3.0m 0.11% Reduced -1.0k -1,000
51 RENAISSANCE TECHNOLOGIES LLC 0.00% of their portfolio NEW YORK, NY 22,80022.8k $3.0m $3.0m 0.00% New
52 BANCO BILBAO VIZCAYA ARGENTARIA, S.A. 0.02% of their portfolio Madrid, U3 22,37022.4k $3.0m $3.0m 0.02% Added +9.8k +9,847
53 Frisch Financial Group, Inc. 0.67% of their portfolio MELVILLE, NY 21,85221.9k $2.9m $2.9m 0.67% Reduced -558 -558
54 Jaffetilchin Investment Partners, LLC 0.17% of their portfolio TAMPA, FL 21,57221.6k $2.9m $2.9m 0.17% Added +421 +421
55 TRUIST FINANCIAL CORP 0.00% of their portfolio CHARLOTTE, NC 21,41121.4k $2.8m $2.8m 0.00% Reduced -864 -864
56 CREDIT INDUSTRIEL ET COMMERCIAL 0.43% of their portfolio PARIS FRANCE, I0 20,50220.5k $2.7m $2.7m 0.43% Reduced -4.8k -4,765
57 Quarry LP 0.66% of their portfolio NEW YORK, NY 20,29820.3k $2.7m $2.7m 0.66% Added +16.3k +16,298
58 Lombard Odier Asset Management (USA) Corp 0.60% of their portfolio New York, NY 20,00020.0k $2.6m $2.6m 0.60% Reduced -9.0k -9,000
59 ONE PLUS ONE WEALTH MANAGEMENT, LLC 1.28% of their portfolio JUPITER, FL 19,86419.9k $2.6m $2.6m 1.28% Reduced -724 -724
60 Cambridge Investment Research Advisors, Inc. 0.01% of their portfolio FAIRFIELD, IA 18,53718.5k $2.5m $2.5m 0.01% Reduced -2.4k -2,434
61 Quantitative Investment Management, LLC 0.33% of their portfolio CHARLOTTESVILLE, VA 18,06218.1k $2.4m $2.4m 0.33% Added +13.1k +13,140
62 ACIMA PRIVATE WEALTH, LLC 0.74% of their portfolio RICHMOND, VA 17,94417.9k $2.4m $2.4m 0.74% Unchanged
63 HighTower Advisors, LLC 0.00% of their portfolio CHICAGO, IL 17,81117.8k $2.4m $2.4m 0.00% Added +187 +187
64 ARS Investment Partners, LLC 0.16% of their portfolio New York, NY 17,77517.8k $2.3m $2.3m 0.16% Reduced -8.2k -8,181
65 Stamos Capital Partners, L.P. 0.44% of their portfolio Menlo Park, CA 17,74017.7k $2.3m $2.3m 0.44% Reduced -11.7k -11,687
66 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 17,73617.7k $2.3m $2.3m 0.00% Reduced -1.1k -1,059
67 Squarepoint Ops LLC 0.00% of their portfolio NEW YORK, NY 17,24717.2k $2.3m $2.3m 0.00% Reduced -141.1k -141,088
68 GROUP ONE TRADING LLC 0.07% of their portfolio CHICAGO, IL 17,11717.1k $2.3m $2.3m 0.07% Reduced -38.1k -38,085
69 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 17,00017.0k $2.2m $2.2m 0.00% Reduced -187.6k -187,648
70 Carrera Capital Advisors 0.37% of their portfolio TROY, MI 15,80315.8k $2.1m $2.1m 0.37% Added +1.4k +1,430
71 Ashton Thomas Private Wealth, LLC 0.05% of their portfolio SCOTTSDALE, AZ 15,65015.7k $2.1m $2.1m 0.05% Reduced -12.8k -12,842
72 Wealthfront Advisers LLC 0.00% of their portfolio Palo Alto, CA 15,50515.5k $2.0m $2.0m 0.00% Reduced -1.0k -1,039
73 Pettinga Financial Advisors LLC 0.40% of their portfolio EVANSVILLE, IN 15,37215.4k $2.0m $2.0m 0.40% Reduced -195 -195
74 BlueCrest Capital Management Ltd 0.12% of their portfolio ST HELIER, Y9 15,05115.1k $2.0m $2.0m 0.12% New
75 CAZ INVESTMENTS LP 3.69% of their portfolio HOUSTON, TX 15,00015.0k $2.0m $2.0m 3.69% Unchanged
76 IMC-Chicago, LLC 0.03% of their portfolio CHICAGO, IL 14,32414.3k $1.9m $1.9m 0.03% Reduced -6.6k -6,645
77 SPX Gestao de Recursos Ltda 0.16% of their portfolio RIO DE JANEIRO, D5 14,00014.0k $1.9m $1.9m 0.16% New
78 Heritage Wealth Management, Inc. 0.54% of their portfolio CINCINNATI, OH 13,99614.0k $1.9m $1.9m 0.54% Added +7.3k +7,300
79 Corient Private Wealth LP 0.00% of their portfolio MIAMI, FL 13,80213.8k $1.8m $1.8m 0.00% Reduced -4.8k -4,769
80 HERITAGE OAK WEALTH ADVISORS LLC 0.65% of their portfolio SANTA ROSA BEACH, FL 13,62113.6k $1.8m $1.8m 0.65% Reduced -2.2k -2,177
81 Cetera Investment Advisers 0.00% of their portfolio SCHAUMBURG, IL 13,11513.1k $1.7m $1.7m 0.00% Reduced -39.3k -39,302
82 Jefferies Financial Group Inc. 0.02% of their portfolio NEW YORK, NY 13,05113.1k $1.7m $1.7m 0.02% Added +9.8k +9,833
83 Caption Management, LLC 0.10% of their portfolio OKLAHOMA CITY, OK 13,05013.1k $1.7m $1.7m 0.10% Unchanged
84 Tidal Investments LLC 0.01% of their portfolio Milwaukee, WI 12,98413.0k $1.7m $1.7m 0.01% New
85 Brookstone Capital Management 0.02% of their portfolio WHEATON, IL 12,97113.0k $1.7m $1.7m 0.02% Reduced -1.5k -1,495
86 AMICA MUTUAL INSURANCE CO 0.16% of their portfolio PROVIDENCE, RI 12,96413.0k $1.7m $1.7m 0.16% Reduced -6.6k -6,642
87 TWO SIGMA SECURITIES, LLC 0.25% of their portfolio NEW YORK, NY 12,74312.7k $1.7m $1.7m 0.25% Reduced -6.9k -6,863
88 Integrated Wealth Concepts LLC 0.02% of their portfolio WALTHAM, MA 12,69412.7k $1.7m $1.7m 0.02% Reduced -716 -716
89 MERCER GLOBAL ADVISORS INC /ADV 0.00% of their portfolio DENVER, CO 12,66812.7k $1.7m $1.7m 0.00% Added +103 +103
90 MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 12,59012.6k $1.7m $1.7m 0.00% Reduced -9.4k -9,410
91 SILVERCREST ASSET MANAGEMENT GROUP LLC 0.01% of their portfolio NEW YORK, NY 12,26512.3k $1.6m $1.6m 0.01% Unchanged
92 HBK Sorce Advisory LLC 0.04% of their portfolio ERIE, PA 11,90111.9k $1.5m $1.5m 0.04% Added +46 +46
93 Ascentis Wealth Management, LLC 0.33% of their portfolio DALLAS, TX 11,57611.6k $1.5m $1.5m 0.33% Added +53 +53
94 Turim 21 Investimentos Ltda. 0.74% of their portfolio RIO DE JANEIRO, D5 11,57311.6k $2.2m $2.2m 0.74% New
95 Pathstone Holdings, LLC 0.01% of their portfolio ENGLEWOOD, NJ 11,52111.5k $1.5m $1.5m 0.01% Added +3 +3
96 Fisher Asset Management, LLC 0.00% of their portfolio PLANO, TX 11,43111.4k $1.5m $1.5m 0.00% Added +52 +52
97 Anson Capital, Inc. 1.10% of their portfolio TYRONE, GA 11,05611.1k $1.5m $1.5m 1.10% Added +1.1k +1,064
98 Cerity Partners LLC 0.00% of their portfolio NEW YORK, NY 11,00511.0k $1.5m $1.5m 0.00% Reduced -350 -350
99 Dynamic Advisor Solutions LLC 0.04% of their portfolio PHOENIX, AZ 10,80310.8k $1.4m $1.4m 0.04% Reduced -162 -162
100 Walleye Capital LLC 0.01% of their portfolio NEW YORK, NY 10,68310.7k $1.4m $1.4m 0.01% Added +10.0k +10,049