Vault-13

SPDR SER TR XOP

S&P OILGAS EXP · ETP · CUSIP 78468R556

404 institutional holders +84 vs Q4 2025
20,983,09821.0m shares reported held*
$3.8bnreported value*
115 new 96 added 101 reduced 28 sold out net sold ≈ $986.3m (-5.4m 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 ($14.5m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $181.68. Options: 25 managers hold calls ($1.5bn notional), 45 hold puts ($5.7bn).

Trends to Q1 2026

Institutional holders

Managers reporting a position, each quarter

0200400600Q3 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: 334Q4 25: 320Q1 26: 404404Q3 22Q3 23Q3 24Q3 25Q1 26
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
Q4 2025320
Q1 2026404

Buyers vs sellers

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

Bought or addedCut or sold out
4000400Q2 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 25Q4 25: 121 bought or addedQ4 25: 165 cut or sold outQ1 26: 211 bought or addedQ1 26: 129 cut or sold outQ1 26
Numbers
QuarterBought or addedCut or sold out
Q2 2024169168
Q3 2024150190
Q4 2024151188
Q1 2025138184
Q2 2025138187
Q3 2025122170
Q4 2025121165
Q1 2026211129

Calls vs puts

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

CallsPuts
$0$2bn$4bn$6bnQ2 25 calls: $1.2bnQ2 25 puts: $2.0bnQ2 25P/C 1.64Q3 25 calls: $1.4bnQ3 25 puts: $2.2bnQ3 25P/C 1.58Q4 25 calls: $882.1mQ4 25 puts: $2.5bnQ4 25P/C 2.88Q1 26 calls: $1.5bnQ1 26 puts: $5.7bnQ1 26P/C 3.82
Numbers
QuarterCallsPutsP/C
Q2 2025$1.2bn$2.0bn1.64
Q3 2025$1.4bn$2.2bn1.58
Q4 2025$882.1m$2.5bn2.88
Q1 2026$1.5bn$5.7bn3.82

Biggest buyers

Invesco Ltd. New +1,099,595+1.1m
LPL Financial LLC Added +453,014+453.0k
Quadrature Capital Ltd New +386,824+386.8k
Rokos Capital Management LLP New +303,988+304.0k
HRT FINANCIAL LP New +199,111+199.1k
BESSEMER GROUP INC Added +137,737+137.7k
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added +124,806+124.8k
Bank Pictet & Cie (Europe) AG New +111,000+111.0k
OSAIC HOLDINGS, INC. Added +105,385+105.4k
JPMORGAN CHASE & CO Added +98,721+98.7k

Biggest sellers

BANK OF AMERICA CORP /DE/ Reduced -2,213,768-2.2m
UBS Group AG Reduced -1,667,618-1.7m
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND Reduced -1,599,500-1.6m
GOLDMAN SACHS GROUP INC Reduced -1,241,995-1.2m
BARCLAYS PLC Reduced -939,840-939.8k
CAPSTONE INVESTMENT ADVISORS, LLC Sold out -477,078-477.1k
CITADEL ADVISORS LLC Reduced -408,328-408.3k
NATIONAL BANK OF CANADA /FI/ Reduced -253,426-253.4k
CITIGROUP INC Reduced -185,983-186.0k
MARSHALL WACE, LLP Reduced -173,457-173.5k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $453.4m2.5m shares
CITADEL ADVISORS LLC Added $192.2m1.1m shares
GOLDMAN SACHS GROUP INC Added $161.8m890.0k shares
Walleye Trading LLC Added $93.3m513.2k shares
MILLENNIUM MANAGEMENT LLC Added $91.7m504.4k shares
JANE STREET GROUP, LLC Reduced $85.8m472.0k shares
PEAK6 LLC Added $63.7m350.1k shares
TUDOR INVESTMENT CORP ET AL Reduced $49.0m269.5k shares
CITIGROUP INC Reduced $44.6m245.2k shares
Parallax Volatility Advisers, L.P. Added $34.6m209.6k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $1.3bn7.1m shares
JANE STREET GROUP, LLC Added $637.4m3.5m shares
NOMURA HOLDINGS INC Added $580.3m3.2m shares
CITADEL ADVISORS LLC Added $394.4m2.2m shares
MILLENNIUM MANAGEMENT LLC Added $298.7m1.6m shares
Encompass Capital Advisors LLC New $252.7m1.4m shares
TUDOR INVESTMENT CORP ET AL Added $219.9m1.2m shares
SOROS FUND MANAGEMENT LLC Reduced $217.6m1.2m shares
OAKTREE CAPITAL MANAGEMENT LP New $181.8m1.0m shares
Massar Capital Management, LP New $181.8m1.0m 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, Q1 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 GOLDMAN SACHS GROUP INC 0.06% of their portfolio NEW YORK, NY 2,518,7832.5m $458.0m $458.0m 0.06% Reduced -1.2m -1,241,995
2 MORGAN STANLEY 0.02% of their portfolio NEW YORK, NY 2,104,7522.1m $382.7m $382.7m 0.02% Added +70.8k +70,784
3 CITIGROUP INC 0.22% of their portfolio NEW YORK, NY 1,942,6571.9m $353.2m $353.2m 0.22% Reduced -186.0k -185,983
4 BANK OF AMERICA CORP /DE/ 0.02% of their portfolio CHARLOTTE, NC 1,829,0961.8m $332.6m $332.6m 0.02% Reduced -2.2m -2,213,768
5 HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.45% of their portfolio TORONTO, A6 1,500,0001.5m $272.7m $272.7m 0.45% Reduced -1.6m -1,599,500
6 Invesco Ltd. 0.02% of their portfolio ATLANTA, GA 1,099,5951.1m $199.9m $199.9m 0.02% New
7 UBS Group AG 0.02% of their portfolio ZURICH, V8 764,227764.2k $139.0m $139.0m 0.02% Reduced -1.7m -1,667,618
8 MIRAE ASSET SECURITIES (USA) INC. 5.58% of their portfolio NEW YORK, NY 650,000650.0k $118.2m $118.2m 5.58% Unchanged
9 BESSEMER GROUP INC 0.18% of their portfolio WOODBRIDGE, NJ 629,152629.2k $114.4m $114.4m 0.18% Added +137.7k +137,737
10 LPL Financial LLC 0.03% of their portfolio FORT MILL, SC 610,685610.7k $111.0m $111.0m 0.03% Added +453.0k +453,014
11 BARCLAYS PLC 0.04% of their portfolio LONDON, X0 600,382600.4k $109.2m $109.2m 0.04% Reduced -939.8k -939,840
12 WELLS FARGO & COMPANY/MN 0.02% of their portfolio SAN FRANCISCO, CA 475,996476.0k $86.6m $86.6m 0.02% Added +92.7k +92,665
13 TWO SIGMA INVESTMENTS, LP 0.07% of their portfolio NEW YORK, NY 435,124435.1k $79.1m $79.1m 0.07% Reduced -23.3k -23,270
14 Quadrature Capital Ltd 0.84% of their portfolio LONDON, X0 386,824386.8k $70.3m $70.3m 0.84% New
15 Vanderbilt University 10.63% of their portfolio NASHVILLE, TN 307,925307.9k $56.0m $56.0m 10.63% Reduced -54.1k -54,103
16 Rokos Capital Management LLP 0.98% of their portfolio LONDON, X0 303,988304.0k $55.3m $55.3m 0.98% New
17 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.07% of their portfolio BALA CYNWYD, PA 293,069293.1k $53.3m $53.3m 0.07% Added +124.8k +124,806
18 Cadence Wealth Management LLC 15.70% of their portfolio WESTBOROUGH, MA 206,991207.0k $37.6m $37.6m 15.70% Reduced -28.9k -28,933
19 HRT FINANCIAL LP 0.13% of their portfolio NEW YORK, NY 199,111199.1k $36.2m $36.2m 0.13% New
20 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 195,889195.9k $36.3m $36.3m 0.00% Added +98.7k +98,721
21 NATIONAL BANK OF CANADA /FI/ 0.03% of their portfolio MONTREAL, A8 138,771138.8k $25.2m $25.2m 0.03% Reduced -253.4k -253,426
22 OSAIC HOLDINGS, INC. 0.04% of their portfolio SCOTTSDALE, AZ 136,643136.6k $24.8m $24.8m 0.04% Added +105.4k +105,385
23 Bank Pictet & Cie (Europe) AG 0.43% of their portfolio FRANKFURT AM MAIN, 2M 111,000111.0k $20.2m $20.2m 0.43% New
24 MILLENNIUM MANAGEMENT LLC 0.02% of their portfolio NEW YORK, NY 110,572110.6k $20.1m $20.1m 0.02% Added +78.5k +78,481
25 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 87,58987.6k $15.9m $15.9m 0.00% Reduced -135.8k -135,787
26 Deane Retirement Strategies, Inc. 5.85% of their portfolio NEW ORLEANS, LA 79,86179.9k $14.5m $14.5m 5.85% Added +42.4k +42,392
27 Allianz SE 0.16% of their portfolio Munich, 2M 78,32578.3k $14.2m $14.2m 0.16% Added +15.3k +15,300
28 EP Wealth Advisors, LLC 0.07% of their portfolio TORRANCE, CA 76,67176.7k $13.9m $13.9m 0.07% Reduced -2.5k -2,522
29 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 76,03976.0k $13.8m $13.8m 0.00% Added +71.5k +71,482
30 TUDOR INVESTMENT CORP ET AL 0.07% of their portfolio STAMFORD, CT 71,73971.7k $13.0m $13.0m 0.07% Added +46.3k +46,342
31 RH Tailwind Management, LLC 5.93% of their portfolio West Conshohocken, PA 63,00063.0k $11.5m $11.5m 5.93% New
32 SATOVSKY ASSET MANAGEMENT LLC 1.96% of their portfolio NEW YORK, NY 61,02361.0k $11.1m $11.1m 1.96% Added +43 +43
33 ARP Global Capital Ltd 6.51% of their portfolio DUBAI, C0 60,80060.8k $11.1m $11.1m 6.51% Reduced -15.2k -15,200
34 Cynosure Group, LLC 1.32% of their portfolio Salt Lake City, UT 58,09958.1k $10.6m $10.6m 1.32% New
35 Squarepoint Ops LLC 0.02% of their portfolio NEW YORK, NY 56,31056.3k $10.2m $10.2m 0.02% New
36 W.G. Shaheen & Associates DBA Whitney & Co 0.84% of their portfolio ROCHESTER, NY 55,54455.5k $10.1m $10.1m 0.84% Added +1.0k +1,036
37 Madrid Financial Services 5.85% of their portfolio MANHATTAN BEACH, CA 54,49454.5k $9.9m $9.9m 5.85% New
38 TD Waterhouse Canada Inc. 0.03% of their portfolio TORONTO, A6 52,99153.0k $9.2m $9.2m 0.03% Added +52.9k +52,942
39 TORONTO DOMINION BANK 0.02% of their portfolio TORONTO, ONTARIO, A6 51,72351.7k $9.4m $9.4m 0.02% Added +48.1k +48,083
40 Krilogy Financial LLC 0.28% of their portfolio ST. LOUIS, MO 51,00051.0k $8.6m $8.6m 0.28% Added +1.3k +1,336
41 MARSHALL WACE, LLP 0.01% of their portfolio LONDON, X0 49,00649.0k $8.9m $8.9m 0.01% Reduced -173.5k -173,457
42 Proficio Capital Partners LLC 0.45% of their portfolio NEWTON, MA 46,57046.6k $8.5m $8.5m 0.45% New
43 Jain Global LLC 0.11% of their portfolio NEW YORK, NY 46,47746.5k $8.5m $8.5m 0.11% New
44 Nikulski Financial, Inc. 2.08% of their portfolio BETTENDORF, IA 46,34546.3k $8.4m $8.4m 2.08% Added +30.6k +30,587
45 Skylands Capital, LLC 1.09% of their portfolio Milwaukee, WI 45,58545.6k $8.3m $8.3m 1.09% Reduced -16.0k -16,045
46 CASTLEARK MANAGEMENT LLC 0.27% of their portfolio CHICAGO, IL 45,34045.3k $8.2m $8.2m 0.27% New
47 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 42,77342.8k $7.8m $7.8m 0.00% Reduced -5.6k -5,626
48 STIFEL FINANCIAL CORP 0.01% of their portfolio ST. LOUIS, MO 39,91839.9k $7.3m $7.3m 0.01% Added +12.3k +12,337
49 Jump Financial, LLC 0.10% of their portfolio Chicago, IL 39,02139.0k $7.1m $7.1m 0.10% New
50 Modus Advisors, LLC 1.83% of their portfolio EXCELSIOR, MN 36,62336.6k $6.7m $6.7m 1.83% Reduced -3.4k -3,365
51 Kestra Advisory Services, LLC 0.02% of their portfolio AUSTIN, TX 35,97836.0k $6.5m $6.5m 0.02% Added +24.8k +24,821
52 Ashton Thomas Private Wealth, LLC 0.14% of their portfolio SCOTTSDALE, AZ 33,09833.1k $6.0m $6.0m 0.14% Reduced -77 -77
53 Mirae Asset Global Investments Co., Ltd. 0.02% of their portfolio SEOUL, M5 32,55032.5k $5.9m $5.9m 0.02% Added +15.8k +15,780
54 Carrera Capital Advisors 0.89% of their portfolio TROY, MI 31,74831.7k $5.8m $5.8m 0.89% Added +13.3k +13,331
55 ARMSTRONG ADVISORY GROUP, INC 0.36% of their portfolio NEEDHAM, MA 29,65629.7k $5.4m $5.4m 0.36% Added +29.4k +29,379
56 Itau Unibanco Holding S.A. 0.13% of their portfolio SAO PAULO, D5 29,00029.0k $5.3m $5.3m 0.13% Reduced -5.8k -5,800
57 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 28,77628.8k $5.2m $5.2m 0.00% Reduced -17.4k -17,442
58 Investment Planning Advisors, Inc. 1.42% of their portfolio CUMMING, GA 28,40228.4k $5.2m $5.2m 1.42% New
59 Chicago Wealth Management, Inc. 2.06% of their portfolio CHICAGO, IL 28,36828.4k $5.2m $5.2m 2.06% New
60 HighTower Advisors, LLC 0.01% of their portfolio CHICAGO, IL 28,03928.0k $5.1m $5.1m 0.01% Added +1.2k +1,219
61 Arete Wealth Advisors, LLC 0.37% of their portfolio CHICAGO, IL 27,36927.4k $5.0m $5.0m 0.37% Added +517 +517
62 LMR Partners LLP 0.05% of their portfolio LONDON, X0 27,00027.0k $4.9m $4.9m 0.05% New
63 Parallax Volatility Advisers, L.P. 0.19% of their portfolio San Francisco, CA 26,21526.2k $4.3m $4.3m 0.19% Added +12.8k +12,839
64 ABBINGTON INVESTMENT GROUP 2.75% of their portfolio WESTPORT, CT 25,99326.0k $4.7m $4.7m 2.75% Reduced -22.7k -22,656
65 Twin Tree Management, LP 0.98% of their portfolio DALLAS, TX 25,65625.7k $4.7m $4.7m 0.98% New
66 PRELUDE CAPITAL MANAGEMENT, LLC 0.35% of their portfolio NEW YORK, NY 25,34325.3k $4.6m $4.6m 0.35% New
67 ArchPoint Investors 1.08% of their portfolio CORAL GABLES, FL 24,93324.9k $4.5m $4.5m 1.08% Unchanged
68 Wealthfront Advisers LLC 0.01% of their portfolio Palo Alto, CA 23,66523.7k $4.3m $4.3m 0.01% Added +7.9k +7,949
69 VICUS CAPITAL 0.32% of their portfolio STATE COLLEGE, PA 23,61023.6k $4.3m $4.3m 0.32% New
70 Arkadios Wealth Advisors 0.07% of their portfolio ATLANTA, GA 23,35623.4k $4.2m $4.2m 0.07% Reduced -1.0k -1,008
71 STAPP WEALTH MANAGEMENT, PLLC 5.28% of their portfolio OLYMPIA, WA 22,73822.7k $4.1m $4.1m 5.28% New
72 Jaffetilchin Investment Partners, LLC 0.24% of their portfolio TAMPA, FL 22,32022.3k $4.1m $4.1m 0.24% Reduced -110 -110
73 Cetera Investment Advisers 0.00% of their portfolio SCHAUMBURG, IL 21,93121.9k $4.0m $4.0m 0.00% Added +4.5k +4,463
74 Westview Management dba Westview Investment Advisors 1.94% of their portfolio BURLINGTON, VT 20,53420.5k $3.7m $3.7m 1.94% New
75 Brevan Howard Capital Management LP 0.04% of their portfolio ST. HELIER, Y9 19,76519.8k $3.6m $3.6m 0.04% Added +1.5k +1,487
76 CAPITAL FUND MANAGEMENT S.A. 0.03% of their portfolio PARIS, I0 19,32519.3k $3.5m $3.5m 0.03% New
77 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 19,16419.2k $3.5m $3.5m 0.00% Added +11.6k +11,612
78 ONE PLUS ONE WEALTH MANAGEMENT, LLC 1.42% of their portfolio JUPITER, FL 18,53018.5k $3.4m $3.4m 1.42% Reduced -795 -795
79 Steward Partners Investment Advisory, LLC 0.02% of their portfolio STAMFORD, CT 18,37118.4k $3.3m $3.3m 0.02% Added +16.2k +16,233
80 Convergence Financial, LLC 0.35% of their portfolio COLUMBIA, MO 18,02618.0k $3.3m $3.3m 0.35% Added +9.1k +9,061
81 Maven Securities LTD 0.30% of their portfolio ST HELIER, Y9 18,00918.0k $3.3m $3.3m 0.30% Reduced -15.9k -15,877
82 BW Gestao de Investimentos Ltda. 0.15% of their portfolio SAO PAULO, D5 17,95518.0k $3.3m $3.3m 0.15% Unchanged
83 Cambridge Investment Research Advisors, Inc. 0.01% of their portfolio FAIRFIELD, IA 17,72517.7k $3.2m $3.2m 0.01% Added +609 +609
84 ARS Investment Partners, LLC 0.17% of their portfolio New York, NY 17,59017.6k $3.2m $3.2m 0.17% Added +598 +598
85 ACIMA PRIVATE WEALTH, LLC 0.99% of their portfolio RICHMOND, VA 17,31317.3k $3.1m $3.1m 0.99% Unchanged
86 SG Americas Securities, LLC 0.00% of their portfolio NEW YORK, NY 16,67616.7k $3.0m $3.0m 0.00% Reduced -21.2k -21,228
87 Private Advisor Group, LLC 0.01% of their portfolio MORRISTOWN, NJ 16,21216.2k $2.9m $2.9m 0.01% Added +12.5k +12,494
88 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 16,09916.1k $2.9m $2.9m 0.00% Reduced -13.4k -13,435
89 INDEPENDENT FINANCIAL GROUP, LLC 0.06% of their portfolio SAN DIEGO, CA 15,65015.7k $2.8m $2.8m 0.06% Added +12.4k +12,406
90 Corient Private Wealth LP 0.00% of their portfolio MIAMI, FL 15,36915.4k $1.1m $1.1m 0.00% Reduced -21.1k -21,118
91 Empowered Funds, LLC 0.02% of their portfolio NEWTOWN SQUARE, PA 15,31815.3k $2.8m $2.8m 0.02% Added +5.1k +5,145
92 Integrated Wealth Concepts LLC 0.02% of their portfolio WALTHAM, MA 15,03715.0k $2.7m $2.7m 0.02% New
93 CAZ INVESTMENTS LP 3.28% of their portfolio HOUSTON, TX 15,00015.0k $2.7m $2.7m 3.28% Unchanged
94 Encore Global Management, LP 1.90% of their portfolio HOUSTON, TX 15,00015.0k $2.7m $2.7m 1.90% First filing
95 Great Diamond Partners, LLC 0.52% of their portfolio Portland, ME 14,81714.8k $2.7m $2.7m 0.52% New
96 Pekin Hardy Strauss, Inc. 0.27% of their portfolio CHICAGO, IL 14,26914.3k $2.6m $2.6m 0.27% Added +9.0k +8,957
97 MML INVESTORS SERVICES, LLC 0.01% of their portfolio SPRINGFIELD, MA 13,85613.9k $2.5m $2.5m 0.01% Added +2.1k +2,061
98 MGO ONE SEVEN LLC 0.05% of their portfolio Beachwood, OH 13,40813.4k $2.4m $2.4m 0.05% Added +8.6k +8,553
99 TWO SIGMA SECURITIES, LLC 0.28% of their portfolio NEW YORK, NY 13,37813.4k $2.4m $2.4m 0.28% Added +2.1k +2,053
100 Geneos Wealth Management Inc. 0.06% of their portfolio ENGLEWOOD, CO 13,33313.3k $2.4m $2.4m 0.06% Added +13.1k +13,107