Vault-13

SPDR SERIES TRUST SPHY

PORTFLI HIGH YLD · ETP · CUSIP 78468R606

455 institutional holders -4 vs Q1 2025
254,950,806255.0m shares reported held*
$6.1bnreported value*
57 new 222 added 129 reduced 64 sold out net bought ≈ $22.9m (+869.0k 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 ($10.7m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $23.79. Options: 8 managers hold calls ($103.3m notional), 0 hold puts (—).

Trends to Q2 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: 459Q2 25: 455455Q3 22Q2 23Q1 24Q4 24Q2 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
Q2 2025455

Buyers vs sellers

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

Bought or addedCut or sold out
4000400Q3 23: 143 bought or addedQ3 23: 57 cut or sold outQ4 23: 180 bought or addedQ4 23: 84 cut or sold outQ4 23Q1 24: 193 bought or addedQ1 24: 110 cut or sold outQ2 24: 225 bought or addedQ2 24: 86 cut or sold outQ2 24Q3 24: 259 bought or addedQ3 24: 107 cut or sold outQ4 24: 280 bought or addedQ4 24: 123 cut or sold outQ4 24Q1 25: 297 bought or addedQ1 25: 151 cut or sold outQ2 25: 279 bought or addedQ2 25: 193 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 202314357
Q4 202318084
Q1 2024193110
Q2 202422586
Q3 2024259107
Q4 2024280123
Q1 2025297151
Q2 2025279193

Calls vs puts

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

CallsPuts
$0$100m$200m$300mQ3 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 0.00Q2 25 calls: $103.3mQ2 25 puts: $0Q2 25P/C 0.00
Numbers
QuarterCallsPutsP/C
Q3 2024$201.4m$00.00
Q4 2024$216.5m$00.00
Q1 2025$91.2m$174.3k0.00
Q2 2025$103.3m$00.00

Biggest buyers

GRIMES & Co WEALTH MANAGEMENT, LLC New +7,014,494+7.0m
NEUBERGER BERMAN GROUP LLC Added +4,418,086+4.4m
PRINCIPAL FINANCIAL GROUP INC New +2,146,080+2.1m
TOEWS CORP /ADV New +987,300+987.3k
MML INVESTORS SERVICES, LLC Added +916,341+916.3k
Belpointe Asset Management LLC New +842,702+842.7k
SEI INVESTMENTS CO Added +835,566+835.6k
LPL Financial LLC Added +822,633+822.6k
CNO Financial Group, Inc. Added +648,000+648.0k
JPMORGAN CHASE & CO Added +631,146+631.1k

Biggest sellers

ENVESTNET ASSET MANAGEMENT INC Reduced -2,786,828-2.8m
Ilmarinen Mutual Pension Insurance Co Reduced -2,550,000-2.5m
AMERIPRISE FINANCIAL INC Reduced -1,732,346-1.7m
STIFEL FINANCIAL CORP Reduced -1,624,244-1.6m
COMERICA BANK Reduced -1,538,283-1.5m
BENJAMIN EDWARDS INC Reduced -1,229,880-1.2m
BANK OF AMERICA CORP /DE/ Reduced -1,132,424-1.1m
RAYMOND JAMES FINANCIAL INC Reduced -996,576-996.6k
iA Global Asset Management Inc. Sold out -995,570-995.6k
VOYA INVESTMENT MANAGEMENT LLC Reduced -929,050-929.0k

Biggest calls

IMC-Chicago, LLC Reduced $47.8m380.3k shares
JPMORGAN CHASE & CO Reduced $23.2m184.3k shares
Maven Securities LTD Added $15.9m126.6k shares
GARDA CAPITAL PARTNERS LP Added $8.7m69.0k shares
GROUP ONE TRADING LLC Added $5.3m43.4k shares
Optiver Holding B.V. Reduced $1.5m11.7k shares
CITADEL ADVISORS LLC Added $880.6k37.0k shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 shares

Biggest puts

None

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 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 BANK OF AMERICA CORP /DE/ 0.08% of their portfolio CHARLOTTE, NC 40,393,30540.4m $961.4m $961.4m 0.08% Reduced -1.1m -1,132,424
2 Ilmarinen Mutual Pension Insurance Co 5.41% of their portfolio HELSINKI, H9 28,250,00028.2m $672.4m $672.4m 5.41% Reduced -2.5m -2,550,000
3 SEI INVESTMENTS CO 0.46% of their portfolio OAKS, PA 16,769,18816.8m $399.1m $399.1m 0.46% Added +835.6k +835,566
4 WELLS FARGO & COMPANY/MN 0.06% of their portfolio SAN FRANCISCO, CA 11,544,32211.5m $274.8m $274.8m 0.06% Added +23.5k +23,533
5 Ocean Park Asset Management, LLC 8.72% of their portfolio SANTA MONICA, CA 10,493,57610.5m $245.8m $245.8m 8.72% Unchanged
6 VANTAGEPOINT INVESTMENT ADVISERS LLC 17.83% of their portfolio WASHINGTON, DC 7,469,6707.5m $177.8m $177.8m 17.83% Added +162.3k +162,350
7 GRIMES & Co WEALTH MANAGEMENT, LLC 4.54% of their portfolio WESTBOROUGH, MA 7,014,4947.0m $166.9m $166.9m 4.54% New
8 LPL Financial LLC 0.05% of their portfolio FORT MILL, SC 6,571,4466.6m $156.4m $156.4m 0.05% Added +822.6k +822,633
9 AMERIPRISE FINANCIAL INC 0.04% of their portfolio MINNEAPOLIS, MN 6,453,7876.5m $153.6m $153.6m 0.04% Reduced -1.7m -1,732,346
10 Municipal Employees' Retirement System of Michigan 1.71% of their portfolio LANSING, MI 5,954,3256.0m $141.7m $141.7m 1.71% Unchanged
11 NEUBERGER BERMAN GROUP LLC 0.11% of their portfolio NEW YORK, NY 5,898,3695.9m $140.4m $140.4m 0.11% Added +4.4m +4,418,086
12 US BANCORP \DE\ 0.16% of their portfolio MINNEAPOLIS, MN 5,175,5995.2m $123.2m $123.2m 0.16% Reduced -49.1k -49,080
13 MORGAN STANLEY 0.01% of their portfolio NEW YORK, NY 5,044,4575.0m $120.1m $120.1m 0.01% Added +16.8k +16,804
14 ADVENTIST HEALTH SYSTEM SUNBELT HEALTHCARE CORP 6.29% of their portfolio Altamonte Springs, FL 3,432,6613.4m $81.7m $81.7m 6.29% Reduced -272.6k -272,602
15 1832 Asset Management L.P. 0.14% of their portfolio TORONTO, A6 3,399,6533.4m $80.9m $80.9m 0.14% Added +138.3k +138,308
16 Kensington Asset Management, LLC 5.97% of their portfolio AUSTIN, TX 3,323,0203.3m $79.1m $79.1m 5.97% Reduced -856.1k -856,080
17 State of New Jersey Common Pension Fund D 0.31% of their portfolio TRENTON, NJ 3,316,8583.3m $78.9m $78.9m 0.31% Reduced -600.0k -600,000
18 Advisory Alpha, LLC 2.41% of their portfolio HOLLAND, MI 3,250,6993.3m $77.4m $77.4m 2.41% Reduced -55.5k -55,458
19 ENVESTNET ASSET MANAGEMENT INC 0.02% of their portfolio Berwyn, PA 3,072,2233.1m $73.1m $73.1m 0.02% Reduced -2.8m -2,786,828
20 MML INVESTORS SERVICES, LLC 0.18% of their portfolio SPRINGFIELD, MA 2,567,4462.6m $61.1m $61.1m 0.18% Added +916.3k +916,341
21 Capital Analysts, LLC 1.76% of their portfolio FORT WASHINGTON, PA 2,222,5402.2m $52.9m $52.9m 1.76% Added +71.0k +70,995
22 PRINCIPAL FINANCIAL GROUP INC 0.03% of their portfolio DES MOINES, IA 2,146,0802.1m $51.1m $51.1m 0.03% New
23 NEPC LLC 1.12% of their portfolio Boston, MA 1,854,6171.9m $44.1m $44.1m 1.12% Added +511.8k +511,826
24 NEOS Investment Management LLC 0.53% of their portfolio Westport, CT 1,804,7011.8m $42.7m $42.7m 0.53% Added +273.6k +273,633
25 CORNERSTONE ENTERPRISES, LLC 21.96% of their portfolio APPLETON, WI 1,714,2361.7m $40.8m $40.8m 21.96% Added +29.3k +29,303
26 BOKF, NA 0.59% of their portfolio TULSA, OK 1,523,0721.5m $36.2m $36.2m 0.59% Added +8.6k +8,647
27 GOLDMAN SACHS GROUP INC 0.01% of their portfolio NEW YORK, NY 1,518,9021.5m $36.1m $36.1m 0.01% Reduced -276.5k -276,475
28 Cetera Investment Advisers 0.06% of their portfolio SCHAUMBURG, IL 1,372,0821.4m $32.7m $32.7m 0.06% Reduced -379.9k -379,941
29 Farther Finance Advisors, LLC 0.65% of their portfolio SAN FRANCISCO, CA 1,358,9311.4m $32.3m $32.3m 0.65% Added +500.9k +500,938
30 Allspring Global Investments Holdings, LLC 0.05% of their portfolio CHARLOTTE, NC 1,340,0201.3m $31.9m $31.9m 0.05% Added +61.4k +61,354
31 Donoghue Forlines LLC 8.48% of their portfolio Boston, MA 1,249,5801.2m $29.7m $29.7m 8.48% Reduced -111.4k -111,397
32 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 1,248,4561.2m $29.7m $29.7m 0.00% Added +631.1k +631,146
33 Madison Asset Management, LLC 0.30% of their portfolio MADISON, WI 1,151,2551.2m $27.4m $27.4m 0.30% Added +207.1k +207,128
34 CWM, LLC 0.10% of their portfolio OMAHA, NE 1,136,6651.1m $27.1m $27.1m 0.10% Added +24.9k +24,920
35 SageView Advisory Group, LLC 1.00% of their portfolio Newport Beach, CA 1,117,5341.1m $26.5m $26.5m 1.00% Added +42.8k +42,802
36 CNO Financial Group, Inc. 15.71% of their portfolio Carmel, IN 1,068,0001.1m $25.4m $25.4m 15.71% Added +648.0k +648,000
37 RATIONAL ADVISORS, INC. 2.49% of their portfolio San Juan, PR 1,054,0441.1m $25.1m $25.1m 2.49% Reduced -39.9k -39,906
38 RFG Holdings, Inc. 7.17% of their portfolio Argyle, TX 1,040,5521.0m $24.8m $24.8m 7.17% Added +4.2k +4,157
39 VOYA INVESTMENT MANAGEMENT LLC 0.02% of their portfolio ATLANTA, GA 1,018,8981.0m $24.2m $24.2m 0.02% Reduced -929.0k -929,050
40 BENJAMIN EDWARDS INC 0.31% of their portfolio Clayton, MO 1,017,5151.0m $24.2m $24.2m 0.31% Reduced -1.2m -1,229,880
41 TOEWS CORP /ADV 3.42% of their portfolio NORTHFIELD, NJ 987,300987.3k $23.5m $23.5m 3.42% New
42 RENAISSANCE TECHNOLOGIES LLC 0.03% of their portfolio NEW YORK, NY 968,800968.8k $23.1m $23.1m 0.03% Reduced -243.3k -243,257
43 OSAIC HOLDINGS, INC. 0.04% of their portfolio SCOTTSDALE, AZ 953,224953.2k $22.7m $22.7m 0.04% Added +46.7k +46,667
44 VICTORY CAPITAL MANAGEMENT INC 0.01% of their portfolio San Antonio, TX 944,981945.0k $22.5m $22.5m 0.01% Added +55.0k +55,000
45 Kohmann Bosshard Financial Services, LLC 2.45% of their portfolio FAIRLAWN, OH 921,354921.4k $21.9m $21.9m 2.45% Added +24.0k +23,992
46 ASSETMARK, INC 0.05% of their portfolio CONCORD, CA 913,915913.9k $21.8m $21.8m 0.05% Added +91.9k +91,868
47 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.02% of their portfolio Toronto, A6 903,301903.3k $21.5m $21.5m 0.02% Added +5.2k +5,169
48 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 842,866842.9k $20.1m $20.1m 0.00% Added +251.5k +251,466
49 Belpointe Asset Management LLC 0.84% of their portfolio RENO, NV 842,702842.7k $20.1m $20.1m 0.84% New
50 Asset Allocation & Management Company, LLC 9.23% of their portfolio CHICAGO, IL 838,101838.1k $19.9m $19.9m 9.23% Added +158.0k +158,000
51 Cambridge Investment Research Advisors, Inc. 0.06% of their portfolio FAIRFIELD, IA 824,864824.9k $19.6m $19.6m 0.06% Added +133.8k +133,769
52 AMERICAN CENTURY COMPANIES INC 0.01% of their portfolio KANSAS CITY, MO 809,788809.8k $19.3m $19.3m 0.01% Unchanged
53 Syntegra Private Wealth Group, LLC 1.91% of their portfolio Chesterfield, MO 787,898787.9k $18.8m $18.8m 1.91% Reduced -11.1k -11,068
54 Atlas Private Wealth Advisors 2.26% of their portfolio RED BANK, NJ 736,377736.4k $17.5m $17.5m 2.26% Reduced -49.9k -49,926
55 Willis Johnson & Associates, Inc. 1.12% of their portfolio Houston, TX 694,177694.2k $16.5m $16.5m 1.12% Added +11.8k +11,838
56 DEUTSCHE BANK AG\ 0.01% of their portfolio FRANKFURT AM MAIN, 2M 656,200656.2k $15.6m $15.6m 0.01% Added +81.2k +81,200
57 Bensler, LLC 1.73% of their portfolio Bellevue, WA 649,859649.9k $15.5m $15.5m 1.73% Reduced -309.2k -309,170
58 Inspire Advisors, LLC 1.60% of their portfolio Meridian, ID 647,665647.7k $15.4m $15.4m 1.60% Added +22.4k +22,384
59 SAM Advisors, LLC 5.32% of their portfolio OAKHURST, CA 646,434646.4k $15.4m $15.4m 5.32% Added +27.8k +27,768
60 TRUIST FINANCIAL CORP 0.02% of their portfolio CHARLOTTE, NC 593,934593.9k $14.1m $14.1m 0.02% Reduced -133.5k -133,460
61 PRINCIPAL SECURITIES, INC. 0.26% of their portfolio DES MOINES, IA 582,944582.9k $13.9m $13.9m 0.26% Added +179.3k +179,330
62 MGO ONE SEVEN LLC 0.44% of their portfolio Beachwood, OH 578,885578.9k $13.8m $13.8m 0.44% Added +53.4k +53,404
63 Iowa State Bank 2.59% of their portfolio URBANDALE, IA 547,338547.3k $13.0m $13.0m 2.59% Added +8.3k +8,308
64 Financial Futures Ltd Liability Co. 6.90% of their portfolio BRIELLE, NJ 541,068541.1k $12.9m $12.9m 6.90% Added +20.8k +20,783
65 Hilltop Partners LLC 3.68% of their portfolio MISHAWAKA, IN 510,629510.6k $12.2m $12.2m 3.68% Reduced -368.5k -368,522
66 Clearstead Advisors, LLC 0.17% of their portfolio CLEVELAND, OH 504,274504.3k $12.0m $12.0m 0.17% Added +443.0k +443,007
67 DIVERSIFY WEALTH MANAGEMENT, LLC 0.73% of their portfolio SANDY, UT 500,765500.8k $11.9m $11.9m 0.73% Added +74.3k +74,288
68 AlphaStar Capital Management, LLC 0.84% of their portfolio CORNELIUS, NC 499,979500.0k $11.9m $11.9m 0.84% Added +97.3k +97,292
69 Apella Capital, LLC 0.30% of their portfolio WEST HARTFORD, CT 461,736461.7k $10.9m $10.9m 0.30% Added +215.5k +215,460
70 NewSquare Capital LLC 0.79% of their portfolio NEWTOWN SQUARE, PA 446,262446.3k $10.6m $10.6m 0.79% Added +573 +573
71 DT Investment Partners, LLC 0.94% of their portfolio CHADDS FORD, PA 439,031439.0k $10.4m $10.4m 0.94% Reduced -14.3k -14,342
72 Csenge Advisory Group 0.51% of their portfolio CLEARWATER, FL 415,369415.4k $9.8m $9.8m 0.51% Added +6.2k +6,176
73 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 410,460410.5k $9.8m $9.8m 0.00% Reduced -367.8k -367,784
74 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 405,117405.1k $9.6m $9.6m 0.00% Reduced -996.6k -996,576
75 5th Street Advisors, LLC 4.58% of their portfolio Southport, CT 387,935387.9k $9.2m $9.2m 4.58% Reduced -1.7k -1,726
76 HORIZON FINANCIAL SERVICES, LLC 4.56% of their portfolio WINSTON SALEM, NC 360,976361.0k $8.6m $8.6m 4.56% Reduced -2.2k -2,233
77 Waterloo Capital, L.P. 0.68% of their portfolio AUSTIN, TX 351,799351.8k $8.4m $8.4m 0.68% Reduced -35.4k -35,373
78 GREAT VALLEY ADVISOR GROUP, INC. 0.18% of their portfolio WILMINGTON, DE 342,997343.0k $8.2m $8.2m 0.18% Reduced -94.6k -94,642
79 Onyx Bridge Wealth Group LLC 1.08% of their portfolio TARRYTOWN, NY 341,822341.8k $8.1m $8.1m 1.08% Reduced -205.0k -205,023
80 NewEdge Advisors, LLC 0.04% of their portfolio NEW ORLEANS, LA 340,238340.2k $8.1m $8.1m 0.04% Added +17.7k +17,658
81 Omega Financial Group, LLC 2.88% of their portfolio Santa Barbara, CA 335,872335.9k $8.0m $8.0m 2.88% Added +172 +172
82 Horizon Investment Services, LLC 3.47% of their portfolio HAMMOND, IN 333,188333.2k $7.9m $7.9m 3.47% Reduced -15.1k -15,053
83 STIFEL FINANCIAL CORP 0.01% of their portfolio ST. LOUIS, MO 322,852322.9k $7.7m $7.7m 0.01% Reduced -1.6m -1,624,244
84 Equitable Holdings, Inc. 0.06% of their portfolio NEW YORK, NY 313,007313.0k $7.4m $7.4m 0.06% Added +21.2k +21,152
85 UBS Group AG 0.00% of their portfolio ZURICH, V8 311,830311.8k $7.4m $7.4m 0.00% Added +5.8k +5,821
86 AE Wealth Management LLC 0.05% of their portfolio TOPEKA, KS 310,227310.2k $7.4m $7.4m 0.05% Added +30.9k +30,938
87 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio NEW YORK, NY 306,887306.9k $7.3m $7.3m 0.00% Unchanged
88 Atria Investments, Inc 0.09% of their portfolio Charlotte, NC 306,565306.6k $7.3m $7.3m 0.09% Added +255.3k +255,261
89 BANK OF NOVA SCOTIA 0.01% of their portfolio TORONTO, A6 300,000300.0k $7.1m $7.1m 0.01% New
90 ProVise Management Group, LLC 0.54% of their portfolio CLEARWATER, FL 287,633287.6k $6.8m $6.8m 0.54% Reduced -5.1k -5,092
91 Diversify Advisory Services, LLC 0.25% of their portfolio SANDY, UT 281,431281.4k $6.7m $6.7m 0.25% Added +69.4k +69,443
92 Winthrop Capital Management, LLC 1.66% of their portfolio Carmel, IN 276,074276.1k $6.6m $6.6m 1.66% Reduced -17.5k -17,493
93 PNC Financial Services Group, Inc. 0.00% of their portfolio Pittsburgh, PA 275,004275.0k $6.5m $6.5m 0.00% Added +20.3k +20,348
94 FINANCIAL LIFE ADVISORS 2.18% of their portfolio SAN ANTONIO, TX 267,483267.5k $6.4m $6.4m 2.18% Added +76.8k +76,849
95 TRUSTMARK BANK TRUST DEPARTMENT 0.43% of their portfolio JACKSON, MS 258,500258.5k $6.2m $6.2m 0.43% Unchanged
96 AIRE ADVISORS, LLC 1.19% of their portfolio BEVERLY HILLS, CA 257,265257.3k $6.1m $6.1m 1.19% Reduced -3.3k -3,312
97 Little Harbor Advisors, LLC 3.57% of their portfolio MARBLEHEAD, MA 252,500252.5k $6.0m $6.0m 3.57% New
98 &PARTNERS 0.05% of their portfolio NASHVILLE, TN 250,310250.3k $5.9m $5.9m 0.05% Added +25.6k +25,595
99 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.01% of their portfolio PLYMOUTH, MN 238,237238.2k $5.6m $5.6m 0.01% Added +5.5k +5,538
100 Impact Partnership Wealth, LLC 1.00% of their portfolio MARIETTA, GA 227,697227.7k $5.4m $5.4m 1.00% Added +14.8k +14,808