Vault-13

SPDR SERIES TRUST SPHY

PORTFLI HIGH YLD · ETP · CUSIP 78468R606

459 institutional holders +19 vs Q4 2024
254,333,830254.3m shares reported held*
$6.0bnreported value*
58 new 239 added 115 reduced 36 sold out net bought ≈ $1.6bn (+68.8m 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 ($2.8m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $23.41. Options: 8 managers hold calls ($91.2m notional), 2 hold puts ($174.3k).

Trends to Q1 2025

Institutional holders

Managers reporting a position, each quarter

0200400600Q3 22: 130Q4 22: 157Q1 23: 170Q2 23: 180Q3 23: 210Q4 23: 274Q1 24: 307Q2 24: 324Q3 24: 377Q4 24: 440Q1 25: 459459Q3 22Q1 23Q3 23Q1 24Q3 24Q1 25
Numbers
QuarterHolders
Q3 2022130
Q4 2022157
Q1 2023170
Q2 2023180
Q3 2023210
Q4 2023274
Q1 2024307
Q2 2024324
Q3 2024377
Q4 2024440
Q1 2025459

Buyers vs sellers

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

Bought or addedCut or sold out
4000400Q2 23: 100 bought or addedQ2 23: 69 cut or sold outQ3 23: 143 bought or addedQ3 23: 57 cut or sold outQ3 23Q4 23: 180 bought or addedQ4 23: 84 cut or sold outQ1 24: 193 bought or addedQ1 24: 110 cut or sold outQ1 24Q2 24: 225 bought or addedQ2 24: 86 cut or sold outQ3 24: 259 bought or addedQ3 24: 107 cut or sold outQ3 24Q4 24: 280 bought or addedQ4 24: 123 cut or sold outQ1 25: 297 bought or addedQ1 25: 151 cut or sold outQ1 25
Numbers
QuarterBought or addedCut or sold out
Q2 202310069
Q3 202314357
Q4 202318084
Q1 2024193110
Q2 202422586
Q3 2024259107
Q4 2024280123
Q1 2025297151

Calls vs puts

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

CallsPuts
$0$100m$200m$300m$400mQ2 24 calls: $337.9mQ2 24 puts: $0Q2 24P/C 0.00Q3 24 calls: $201.4mQ3 24 puts: $0Q3 24P/C 0.00Q4 24 calls: $216.5mQ4 24 puts: $0Q4 24P/C 0.00Q1 25 calls: $91.2mQ1 25 puts: $174.3kQ1 25P/C 0.00
Numbers
QuarterCallsPutsP/C
Q2 2024$337.9m$00.00
Q3 2024$201.4m$00.00
Q4 2024$216.5m$00.00
Q1 2025$91.2m$174.3k0.00

Biggest buyers

BANK OF AMERICA CORP /DE/ Added +40,041,229+40.0m
VANTAGEPOINT INVESTMENT ADVISERS LLC New +7,307,320+7.3m
Municipal Employees' Retirement System of Michigan Added +4,666,949+4.7m
ENVESTNET ASSET MANAGEMENT INC Added +3,621,132+3.6m
Ocean Park Asset Management, LLC Added +3,079,200+3.1m
WELLS FARGO & COMPANY/MN Added +2,863,630+2.9m
Ilmarinen Mutual Pension Insurance Co Added +2,700,000+2.7m
AMERIPRISE FINANCIAL INC Added +1,587,936+1.6m
NEUBERGER BERMAN GROUP LLC Added +1,250,668+1.3m
RATIONAL ADVISORS, INC. New +1,093,950+1.1m

Biggest sellers

ADVENTIST HEALTH SYSTEM SUNBELT HEALTHCARE CORP Reduced -5,654,700-5.7m
Diversify Advisory Services, LLC Reduced -2,201,227-2.2m
GOLDMAN SACHS GROUP INC Reduced -2,013,073-2.0m
State of New Jersey Common Pension Fund D Reduced -1,700,000-1.7m
BlueStem Wealth Partners, LLC Reduced -520,694-520.7k
Independent Advisor Alliance Sold out -466,400-466.4k
Crestmont Private Wealth LLC Sold out -263,214-263.2k
STATE STREET CORP Reduced -244,100-244.1k
NATIONAL BANK OF CANADA /FI/ Reduced -205,973-206.0k
Atlas Private Wealth Advisors Reduced -188,840-188.8k

Biggest calls

IMC-Chicago, LLC Reduced $54.2m411.2k shares
JPMORGAN CHASE & CO Reduced $29.8m225.9k shares
Maven Securities LTD Reduced $3.8m28.8k shares
Optiver Holding B.V. Reduced $1.7m12.8k shares
GROUP ONE TRADING LLC Added $1.1m8.5k shares
GARDA CAPITAL PARTNERS LP New $395.1k3.0k shares
CITADEL ADVISORS LLC New $262.3k11.2k shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 shares

Biggest puts

CITADEL ADVISORS LLC New $149.9k6.4k shares
Quaker Wealth Management, LLC First filing $24.4k1.0k 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, Q1 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 BANK OF AMERICA CORP /DE/ 0.09% of their portfolio CHARLOTTE, NC 41,525,72941.5m $972.5m $972.5m 0.09% Added +40.0m +40,041,229
2 Ilmarinen Mutual Pension Insurance Co 6.39% of their portfolio HELSINKI, H9 30,800,00030.8m $721.3m $721.3m 6.39% Added +2.7m +2,700,000
3 SEI INVESTMENTS CO 0.48% of their portfolio OAKS, PA 15,933,62215.9m $373.2m $373.2m 0.48% Added +168.0k +167,996
4 WELLS FARGO & COMPANY/MN 0.07% of their portfolio SAN FRANCISCO, CA 11,520,78911.5m $269.8m $269.8m 0.07% Added +2.9m +2,863,630
5 Ocean Park Asset Management, LLC 8.72% of their portfolio SANTA MONICA, CA 10,493,57610.5m $245.8m $245.8m 8.72% Added +3.1m +3,079,200
6 AMERIPRISE FINANCIAL INC 0.05% of their portfolio MINNEAPOLIS, MN 8,186,1338.2m $191.7m $191.7m 0.05% Added +1.6m +1,587,936
7 VANTAGEPOINT INVESTMENT ADVISERS LLC 19.51% of their portfolio WASHINGTON, DC 7,307,3207.3m $171.1m $171.1m 19.51% New
8 Municipal Employees' Retirement System of Michigan 1.77% of their portfolio LANSING, MI 5,954,3256.0m $139.5m $139.5m 1.77% Added +4.7m +4,666,949
9 ENVESTNET ASSET MANAGEMENT INC 0.04% of their portfolio Berwyn, PA 5,859,0515.9m $137.2m $137.2m 0.04% Added +3.6m +3,621,132
10 LPL Financial LLC 0.05% of their portfolio FORT MILL, SC 5,748,8135.7m $134.6m $134.6m 0.05% Added +660.3k +660,348
11 US BANCORP \DE\ 0.16% of their portfolio MINNEAPOLIS, MN 5,224,6795.2m $122.4m $122.4m 0.16% Added +240.0k +240,044
12 MORGAN STANLEY 0.01% of their portfolio NEW YORK, NY 5,027,6535.0m $117.7m $117.7m 0.01% Reduced -55.2k -55,183
13 Kensington Asset Management, LLC 10.29% of their portfolio AUSTIN, TX 4,179,1004.2m $97.9m $97.9m 10.29% Unchanged
14 State of New Jersey Common Pension Fund D 0.41% of their portfolio TRENTON, NJ 3,916,8583.9m $91.7m $91.7m 0.41% Reduced -1.7m -1,700,000
15 ADVENTIST HEALTH SYSTEM SUNBELT HEALTHCARE CORP 3.44% of their portfolio Altamonte Springs, FL 3,705,2633.7m $86.8m $86.8m 3.44% Reduced -5.7m -5,654,700
16 Advisory Alpha, LLC 2.63% of their portfolio HOLLAND, MI 3,306,1573.3m $77.4m $77.4m 2.63% Added +61.5k +61,506
17 1832 Asset Management L.P. 0.15% of their portfolio TORONTO, A6 3,261,3453.3m $76.4m $76.4m 0.15% Reduced -7.1k -7,126
18 BENJAMIN EDWARDS INC 0.74% of their portfolio Clayton, MO 2,247,3952.2m $52.6m $52.6m 0.74% Added +261.6k +261,571
19 Capital Analysts, LLC 1.88% of their portfolio FORT WASHINGTON, PA 2,151,5452.2m $50.4m $50.4m 1.88% Added +166.6k +166,582
20 VOYA INVESTMENT MANAGEMENT LLC 0.03% of their portfolio ATLANTA, GA 1,947,9481.9m $45.6m $45.6m 0.03% Added +958.0k +957,981
21 STIFEL FINANCIAL CORP 0.05% of their portfolio ST. LOUIS, MO 1,947,0961.9m $45.6m $45.6m 0.05% Added +110.4k +110,377
22 GOLDMAN SACHS GROUP INC 0.01% of their portfolio NEW YORK, NY 1,795,3771.8m $42.0m $42.0m 0.01% Reduced -2.0m -2,013,073
23 Cetera Investment Advisers 0.08% of their portfolio SCHAUMBURG, IL 1,752,0231.8m $41.0m $41.0m 0.08% Reduced -82.5k -82,517
24 CORNERSTONE ENTERPRISES, LLC 24.05% of their portfolio APPLETON, WI 1,684,9331.7m $39.5m $39.5m 24.05% Added +92.4k +92,421
25 COMERICA BANK 0.16% of their portfolio DALLAS, TX 1,652,7391.7m $38.7m $38.7m 0.16% Added +103.7k +103,700
26 MML INVESTORS SERVICES, LLC 0.13% of their portfolio SPRINGFIELD, MA 1,651,1051.7m $38.7m $38.7m 0.13% Added +230.3k +230,264
27 NEOS Investment Management LLC 0.68% of their portfolio Westport, CT 1,531,0681.5m $35.6m $35.6m 0.68% Added +50.1k +50,059
28 BOKF, NA 0.63% of their portfolio TULSA, OK 1,514,4251.5m $35.5m $35.5m 0.63% Added +74.5k +74,499
29 NEUBERGER BERMAN GROUP LLC 0.03% of their portfolio NEW YORK, NY 1,480,2831.5m $34.7m $34.7m 0.03% Added +1.3m +1,250,668
30 RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio ST. PETERSBURG, FL 1,401,6931.4m $32.8m $32.8m 0.01% Added +842.2k +842,239
31 Donoghue Forlines LLC 10.10% of their portfolio Boston, MA 1,360,9771.4m $31.9m $31.9m 10.10% Reduced -87.3k -87,287
32 NEPC LLC 0.87% of their portfolio Boston, MA 1,342,7911.3m $31.4m $31.4m 0.87% Reduced -22.7k -22,691
33 Allspring Global Investments Holdings, LLC 0.05% of their portfolio CHARLOTTE, NC 1,278,6661.3m $29.9m $29.9m 0.05% Added +579.2k +579,207
34 RENAISSANCE TECHNOLOGIES LLC 0.04% of their portfolio NEW YORK, NY 1,212,0571.2m $28.4m $28.4m 0.04% Added +360.9k +360,857
35 CWM, LLC 0.10% of their portfolio OMAHA, NE 1,111,7451.1m $26.0m $26.0m 0.10% Added +298.3k +298,288
36 RATIONAL ADVISORS, INC. 2.59% of their portfolio San Juan, PR 1,093,9501.1m $25.6m $25.6m 2.59% New
37 SageView Advisory Group, LLC 1.07% of their portfolio Newport Beach, CA 1,074,7321.1m $25.2m $25.2m 1.07% Added +144.7k +144,732
38 RFG Holdings, Inc. 7.89% of their portfolio Argyle, TX 1,036,3951.0m $24.3m $24.3m 7.89% Added +84.1k +84,090
39 iA Global Asset Management Inc. 0.40% of their portfolio QUEBEC, A8 995,570995.6k $23.3m $23.3m 0.40% Added +445.6k +445,570
40 Bensler, LLC 2.81% of their portfolio Bellevue, WA 959,029959.0k $22.5m $22.5m 2.81% Reduced -2.4k -2,444
41 Madison Asset Management, LLC 0.25% of their portfolio MADISON, WI 944,127944.1k $22.1m $22.1m 0.25% Added +498.0k +498,025
42 OSAIC HOLDINGS, INC. 0.05% of their portfolio SCOTTSDALE, AZ 906,557906.6k $21.2m $21.2m 0.05% Added +95.6k +95,613
43 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.02% of their portfolio Toronto, A6 898,132898.1k $21.0m $21.0m 0.02% Reduced -11.4k -11,357
44 Kohmann Bosshard Financial Services, LLC 2.48% of their portfolio FAIRLAWN, OH 897,362897.4k $21.0m $21.0m 2.48% Added +32.3k +32,310
45 VICTORY CAPITAL MANAGEMENT INC 0.02% of their portfolio San Antonio, TX 889,981890.0k $20.8m $20.8m 0.02% Reduced -5.0k -5,000
46 Hilltop Partners LLC 6.95% of their portfolio MISHAWAKA, IN 879,151879.2k $20.6m $20.6m 6.95% Added +129.3k +129,309
47 Farther Finance Advisors, LLC 0.51% of their portfolio SAN FRANCISCO, CA 857,993858.0k $20.0m $20.0m 0.51% Added +153.9k +153,923
48 ASSETMARK, INC 0.05% of their portfolio CONCORD, CA 822,047822.0k $19.3m $19.3m 0.05% Added +77.1k +77,136
49 AMERICAN CENTURY COMPANIES INC 0.01% of their portfolio KANSAS CITY, MO 809,788809.8k $19.0m $19.0m 0.01% Unchanged
50 Syntegra Private Wealth Group, LLC 2.19% of their portfolio Chesterfield, MO 798,966799.0k $18.7m $18.7m 2.19% Reduced -40.7k -40,713
51 Atlas Private Wealth Advisors 2.57% of their portfolio RED BANK, NJ 786,303786.3k $18.4m $18.4m 2.57% Reduced -188.8k -188,840
52 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 778,244778.2k $18.2m $18.2m 0.00% Added +528.0k +528,000
53 POTOMAC FUND MANAGEMENT INC /ADV 7.54% of their portfolio BETHESDA, MD 732,526732.5k $17.2m $17.2m 7.54% New
54 TRUIST FINANCIAL CORP 0.03% of their portfolio CHARLOTTE, NC 727,394727.4k $17.0m $17.0m 0.03% Added +177.6k +177,570
55 Cambridge Investment Research Advisors, Inc. 0.05% of their portfolio FAIRFIELD, IA 691,095691.1k $16.2m $16.2m 0.05% Reduced -47.2k -47,189
56 One Capital Management, LLC 0.54% of their portfolio WESTLAKE VILLAGE, CA 684,280684.3k $16.0m $16.0m 0.54% Added +8.9k +8,880
57 Willis Johnson & Associates, Inc. 1.21% of their portfolio Houston, TX 682,339682.3k $16.0m $16.0m 1.21% Added +18.1k +18,140
58 Asset Allocation & Management Company, LLC 8.06% of their portfolio CHICAGO, IL 680,101680.1k $15.9m $15.9m 8.06% Added +117.4k +117,392
59 Inspire Advisors, LLC 1.69% of their portfolio Meridian, ID 625,281625.3k $14.6m $14.6m 1.69% Added +107.6k +107,645
60 SAM Advisors, LLC 5.43% of their portfolio OAKHURST, CA 618,666618.7k $14.5m $14.5m 5.43% New
61 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 617,310617.3k $14.5m $14.5m 0.00% Added +303.3k +303,318
62 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 591,400591.4k $13.9m $13.9m 0.00% Reduced -244.1k -244,100
63 DEUTSCHE BANK AG\ 0.01% of their portfolio FRANKFURT AM MAIN, 2M 575,000575.0k $13.5m $13.5m 0.01% New
64 Onyx Bridge Wealth Group LLC 1.84% of their portfolio TARRYTOWN, NY 546,845546.8k $12.8m $12.8m 1.84% Added +196.5k +196,519
65 Iowa State Bank 2.68% of their portfolio URBANDALE, IA 539,030539.0k $12.6m $12.6m 2.68% Added +106.2k +106,211
66 MGO ONE SEVEN LLC 0.48% of their portfolio Beachwood, OH 525,481525.5k $12.3m $12.3m 0.48% Added +163.8k +163,839
67 Financial Futures Ltd Liability Co. 6.91% of their portfolio BRIELLE, NJ 520,285520.3k $12.2m $12.2m 6.91% Added +29.4k +29,406
68 CONFLUENCE INVESTMENT MANAGEMENT LLC 0.17% of their portfolio ST. LOUIS, MO 505,720505.7k $11.8m $11.8m 0.17% Added +9.7k +9,667
69 OneDigital Investment Advisors LLC 0.14% of their portfolio OVERLAND PARK, KS 501,853501.9k $11.8m $11.8m 0.14% Added +20.9k +20,888
70 Geneos Wealth Management Inc. 0.16% of their portfolio ENGLEWOOD, CO 470,421470.4k $11.0m $11.0m 0.16% Added +389.5k +389,456
71 DT Investment Partners, LLC 1.02% of their portfolio CHADDS FORD, PA 453,373453.4k $10.6m $10.6m 1.02% Reduced -22.5k -22,472
72 NewSquare Capital LLC 0.85% of their portfolio NEWTOWN SQUARE, PA 445,689445.7k $10.4m $10.4m 0.85% Added +457 +457
73 Janney Montgomery Scott LLC 0.03% of their portfolio PHILADELPHIA, PA 442,812442.8k $10.4m $10.4m 0.03% Added +434.3k +434,286
74 GREAT VALLEY ADVISOR GROUP, INC. 0.22% of their portfolio WILMINGTON, DE 437,639437.6k $10.2m $10.2m 0.22% Reduced -20.2k -20,216
75 DIVERSIFY WEALTH MANAGEMENT, LLC 0.74% of their portfolio SANDY, UT 426,477426.5k $10.0m $10.0m 0.74% Added +95.7k +95,651
76 Thrivent Financial for Lutherans 0.02% of their portfolio Minneapolis, MN 421,512421.5k $10.0m $10.0m 0.02% Unchanged
77 CNO Financial Group, Inc. 8.23% of their portfolio Carmel, IN 420,000420.0k $9.8m $9.8m 8.23% First filing
78 BNP PARIBAS FINANCIAL MARKETS 0.01% of their portfolio PARIS, I0 412,648412.6k $9.7m $9.7m 0.01% First filing
79 Csenge Advisory Group 0.53% of their portfolio CLEARWATER, FL 409,193409.2k $9.4m $9.4m 0.53% Added +1.9k +1,859
80 PRINCIPAL SECURITIES, INC. 0.21% of their portfolio DES MOINES, IA 403,614403.6k $9.5m $9.5m 0.21% Unchanged
81 AlphaStar Capital Management, LLC 0.95% of their portfolio CORNELIUS, NC 402,687402.7k $9.4m $9.4m 0.95% Added +37.3k +37,264
82 5th Street Advisors, LLC 4.40% of their portfolio Southport, CT 389,661389.7k $9.1m $9.1m 4.40% Added +16.2k +16,230
83 Waterloo Capital, L.P. 0.84% of their portfolio AUSTIN, TX 387,172387.2k $9.1m $9.1m 0.84% Reduced -21.9k -21,871
84 HORIZON FINANCIAL SERVICES, LLC 4.74% of their portfolio WINSTON SALEM, NC 363,209363.2k $8.5m $8.5m 4.74% Added +17.0k +17,002
85 Horizon Investment Services, LLC 3.96% of their portfolio HAMMOND, IN 348,241348.2k $8.2m $8.2m 3.96% Added +24.9k +24,882
86 Omega Financial Group, LLC 3.02% of their portfolio Santa Barbara, CA 335,700335.7k $7.9m $7.9m 3.02% Added +16.9k +16,873
87 NewEdge Advisors, LLC 0.04% of their portfolio NEW ORLEANS, LA 322,580322.6k $7.6m $7.6m 0.04% Added +30.4k +30,405
88 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio NEW YORK, NY 306,887306.9k $7.2m $7.2m 0.00% Reduced -16.4k -16,420
89 UBS Group AG 0.00% of their portfolio ZURICH, V8 306,009306.0k $7.2m $7.2m 0.00% Added +15.3k +15,340
90 Horizon Investments, LLC 0.14% of their portfolio Charlotte, NC 299,736299.7k $4.8m $4.8m 0.14% Added +6.7k +6,744
91 Atria Wealth Solutions, Inc. 0.08% of their portfolio NEW YORK, NY 297,647297.6k $7.0m $7.0m 0.08% Reduced -69.4k -69,411
92 HRT FINANCIAL LP 0.05% of their portfolio NEW YORK, NY 297,454297.5k $7.0m $7.0m 0.05% Added +254.1k +254,146
93 Winthrop Capital Management, LLC 1.89% of their portfolio Carmel, IN 293,567293.6k $6.9m $6.9m 1.89% Added +10.9k +10,873
94 ProVise Management Group, LLC 0.58% of their portfolio CLEARWATER, FL 292,725292.7k $6.9m $6.9m 0.58% Added +32.3k +32,315
95 Equitable Holdings, Inc. 0.06% of their portfolio NEW YORK, NY 291,855291.9k $6.8m $6.8m 0.06% Added +8.7k +8,672
96 Strategic Financial Planning, Inc. 4.57% of their portfolio PLANO, TX 282,920282.9k $6.6m $6.6m 4.57% Added +612 +612
97 AE Wealth Management LLC 0.06% of their portfolio TOPEKA, KS 279,289279.3k $6.5m $6.5m 0.06% Added +12.2k +12,181
98 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.01% of their portfolio BALA CYNWYD, PA 267,729267.7k $6.3m $6.3m 0.01% Added +49.4k +49,357
99 AIRE ADVISORS, LLC 1.28% of their portfolio BEVERLY HILLS, CA 260,577260.6k $6.1m $6.1m 1.28% Added +2.1k +2,099
100 TRUSTMARK BANK TRUST DEPARTMENT 0.45% of their portfolio JACKSON, MS 258,500258.5k $6.1m $6.1m 0.45% Unchanged