Vault-13

SPDR SERIES TRUST SPHY

PORTFLI HIGH YLD · ETP · CUSIP 78468R606

481 institutional holders +26 vs Q2 2025
277,813,655277.8m shares reported held*
$6.6bnreported value*
65 new 261 added 109 reduced 34 sold out net bought ≈ $549.0m (+23.1m 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 ($11.1m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $23.92. Options: 8 managers hold calls ($115.5m notional), 1 hold puts ($213.1k).

Trends to Q3 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: 455Q3 25: 481481Q3 22Q2 23Q1 24Q4 24Q3 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
Q3 2025481

Buyers vs sellers

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

Bought or addedCut or sold out
4000400Q4 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 25Q2 25: 279 bought or addedQ2 25: 193 cut or sold outQ3 25: 326 bought or addedQ3 25: 143 cut or sold outQ3 25
Numbers
QuarterBought or addedCut or sold out
Q4 202318084
Q1 2024193110
Q2 202422586
Q3 2024259107
Q4 2024280123
Q1 2025297151
Q2 2025279193
Q3 2025326143

Calls vs puts

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

CallsPuts
$0$100m$200m$300mQ4 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 0.00Q3 25 calls: $115.5mQ3 25 puts: $213.1kQ3 25P/C 0.00
Numbers
QuarterCallsPutsP/C
Q4 2024$216.5m$00.00
Q1 2025$91.2m$174.3k0.00
Q2 2025$103.3m$00.00
Q3 2025$115.5m$213.1k0.00

Biggest buyers

NEUBERGER BERMAN GROUP LLC Added +4,319,026+4.3m
BANK OF AMERICA CORP /DE/ Added +4,256,596+4.3m
Advisors Capital Management, LLC New +3,025,928+3.0m
AMERIPRISE FINANCIAL INC Added +2,232,954+2.2m
Ilmarinen Mutual Pension Insurance Co Added +1,400,000+1.4m
Horizon Investments, LLC Added +1,374,490+1.4m
EXCHANGE TRADED CONCEPTS, LLC New +1,374,490+1.4m
JPMORGAN CHASE & CO Added +1,330,642+1.3m
LPL Financial LLC Added +1,263,637+1.3m
FRANKLIN RESOURCES INC Added +1,093,159+1.1m

Biggest sellers

Ocean Park Asset Management, LLC Reduced -6,745,476-6.7m
ADVENTIST HEALTH SYSTEM SUNBELT HEALTHCARE CORP Sold out -3,432,661-3.4m
PRINCIPAL FINANCIAL GROUP INC Reduced -1,057,530-1.1m
Farther Finance Advisors, LLC Reduced -919,192-919.2k
Donoghue Forlines LLC Reduced -833,968-834.0k
NEPC LLC Reduced -454,036-454.0k
Atlas Private Wealth Advisors Reduced -341,148-341.1k
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Sold out -306,887-306.9k
BANK OF NOVA SCOTIA Sold out -300,000-300.0k
RENAISSANCE TECHNOLOGIES LLC Reduced -234,700-234.7k

Biggest calls

IMC-Chicago, LLC Reduced $47.5m359.3k shares
Optiver Holding B.V. Added $23.6m178.4k shares
JPMORGAN CHASE & CO Reduced $15.9m120.0k shares
CIBC Bancorp USA Inc. First filing $13.2m100.0k shares
Maven Securities LTD Reduced $8.3m63.0k shares
GROUP ONE TRADING LLC Reduced $4.7m36.8k shares
HRT FINANCIAL LP New $1.4m10.9k shares
CITADEL ADVISORS LLC Reduced $768.5k32.1k shares

Biggest puts

CITADEL ADVISORS LLC New $213.1k8.9k 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, Q3 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 BANK OF AMERICA CORP /DE/ 0.08% of their portfolio CHARLOTTE, NC 44,649,90144.6m $1.1bn $1.1bn 0.08% Added +4.3m +4,256,596
2 Ilmarinen Mutual Pension Insurance Co 5.33% of their portfolio HELSINKI, H9 29,650,00029.6m $709.8m $709.8m 5.33% Added +1.4m +1,400,000
3 SEI INVESTMENTS CO 0.46% of their portfolio OAKS, PA 17,822,85817.8m $426.7m $426.7m 0.46% Added +1.1m +1,053,670
4 WELLS FARGO & COMPANY/MN 0.06% of their portfolio SAN FRANCISCO, CA 11,310,16511.3m $270.8m $270.8m 0.06% Reduced -234.2k -234,157
5 NEUBERGER BERMAN GROUP LLC 0.18% of their portfolio NEW YORK, NY 10,217,39510.2m $244.6m $244.6m 0.18% Added +4.3m +4,319,026
6 AMERIPRISE FINANCIAL INC 0.05% of their portfolio MINNEAPOLIS, MN 8,686,7418.7m $208.0m $208.0m 0.05% Added +2.2m +2,232,954
7 LPL Financial LLC 0.05% of their portfolio FORT MILL, SC 7,835,0837.8m $187.6m $187.6m 0.05% Added +1.3m +1,263,637
8 VANTAGEPOINT INVESTMENT ADVISERS LLC 1.48% of their portfolio WASHINGTON, DC 7,564,6707.6m $181.1m $181.1m 1.48% Added +95.0k +95,000
9 GRIMES & Co WEALTH MANAGEMENT, LLC 4.26% of their portfolio WESTBOROUGH, MA 7,200,5547.2m $172.4m $172.4m 4.26% Added +186.1k +186,060
10 Municipal Employees' Retirement System of Michigan 1.65% of their portfolio LANSING, MI 5,954,3256.0m $142.5m $142.5m 1.65% Unchanged
11 MORGAN STANLEY 0.01% of their portfolio NEW YORK, NY 5,688,5175.7m $136.2m $136.2m 0.01% Added +644.1k +644,060
12 US BANCORP \DE\ 0.16% of their portfolio MINNEAPOLIS, MN 5,669,4185.7m $135.7m $135.7m 0.16% Added +493.8k +493,819
13 Ocean Park Asset Management, LLC 3.70% of their portfolio SANTA MONICA, CA 3,748,1003.7m $89.7m $89.7m 3.70% Reduced -6.7m -6,745,476
14 ENVESTNET ASSET MANAGEMENT INC 0.03% of their portfolio Berwyn, PA 3,675,2203.7m $88.0m $88.0m 0.03% Added +603.0k +602,997
15 Advisory Alpha, LLC 2.29% of their portfolio HOLLAND, MI 3,443,0343.4m $82.1m $82.1m 2.29% Added +192.3k +192,335
16 State of New Jersey Common Pension Fund D 0.30% of their portfolio TRENTON, NJ 3,416,8583.4m $81.8m $81.8m 0.30% Added +100.0k +100,000
17 1832 Asset Management L.P. 0.14% of their portfolio TORONTO, A6 3,391,2443.4m $81.2m $81.2m 0.14% Reduced -8.4k -8,409
18 Kensington Asset Management, LLC 4.55% of their portfolio AUSTIN, TX 3,170,9303.2m $75.9m $75.9m 4.55% Reduced -152.1k -152,090
19 MML INVESTORS SERVICES, LLC 0.19% of their portfolio SPRINGFIELD, MA 3,036,8983.0m $72.7m $72.7m 0.19% Added +469.5k +469,452
20 Advisors Capital Management, LLC 0.90% of their portfolio RIDGEWOOD, NJ 3,025,9283.0m $72.4m $72.4m 0.90% New
21 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 2,579,0982.6m $61.7m $61.7m 0.00% Added +1.3m +1,330,642
22 Capital Analysts, LLC 1.61% of their portfolio FORT WASHINGTON, PA 2,299,7002.3m $55.1m $55.1m 1.61% Added +77.2k +77,160
23 NEOS Investment Management LLC 0.35% of their portfolio Westport, CT 1,949,0971.9m $46.4m $46.4m 0.35% Added +144.4k +144,396
24 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 1,930,2441.9m $46.2m $46.2m 0.00% Added +1.1m +1,087,378
25 CORNERSTONE ENTERPRISES, LLC 21.18% of their portfolio APPLETON, WI 1,798,7951.8m $43.1m $43.1m 21.18% Added +84.6k +84,559
26 Cetera Investment Advisers 0.05% of their portfolio SCHAUMBURG, IL 1,739,8071.7m $41.7m $41.7m 0.05% Added +367.7k +367,725
27 Cambridge Investment Research Advisors, Inc. 0.10% of their portfolio FAIRFIELD, IA 1,547,7541.5m $37.1m $37.1m 0.10% Added +722.9k +722,890
28 BOKF, NA 0.56% of their portfolio TULSA, OK 1,543,6631.5m $37.0m $37.0m 0.56% Added +20.6k +20,591
29 GOLDMAN SACHS GROUP INC 0.01% of their portfolio NEW YORK, NY 1,447,3331.4m $34.6m $34.6m 0.01% Reduced -71.6k -71,569
30 NEPC LLC 0.88% of their portfolio Boston, MA 1,400,5811.4m $33.5m $33.5m 0.88% Reduced -454.0k -454,036
31 Horizon Investments, LLC 0.38% of their portfolio Charlotte, NC 1,374,5641.4m $29.0m $29.0m 0.38% Added +1.4m +1,374,490
32 EXCHANGE TRADED CONCEPTS, LLC 0.31% of their portfolio Oklahoma City, OK 1,374,4901.4m $32.9m $32.9m 0.31% New
33 SageView Advisory Group, LLC 1.11% of their portfolio Newport Beach, CA 1,341,9921.3m $32.1m $32.1m 1.11% Added +224.5k +224,458
34 CNO Financial Group, Inc. 20.33% of their portfolio Carmel, IN 1,279,0001.3m $30.6m $30.6m 20.33% Added +211.0k +211,000
35 OSAIC HOLDINGS, INC. 0.04% of their portfolio SCOTTSDALE, AZ 1,275,3691.3m $30.5m $30.5m 0.04% Added +322.1k +322,145
36 VICTORY CAPITAL MANAGEMENT INC 0.02% of their portfolio San Antonio, TX 1,269,9811.3m $30.4m $30.4m 0.02% Added +325.0k +325,000
37 TOEWS CORP /ADV 4.20% of their portfolio NORTHFIELD, NJ 1,226,5001.2m $29.4m $29.4m 4.20% Added +239.2k +239,200
38 Allspring Global Investments Holdings, LLC 0.05% of their portfolio CHARLOTTE, NC 1,199,1571.2m $28.7m $28.7m 0.05% Reduced -140.9k -140,863
39 CWM, LLC 0.08% of their portfolio OMAHA, NE 1,157,7001.2m $27.7m $27.7m 0.08% Added +21.0k +21,035
40 Madison Asset Management, LLC 0.30% of their portfolio MADISON, WI 1,130,2551.1m $27.1m $27.1m 0.30% Reduced -21.0k -21,000
41 BENJAMIN EDWARDS INC 0.30% of their portfolio Clayton, MO 1,105,5821.1m $26.5m $26.5m 0.30% Added +88.1k +88,067
42 FRANKLIN RESOURCES INC 0.01% of their portfolio San Mateo, CA 1,093,8951.1m $26.2m $26.2m 0.01% Added +1.1m +1,093,159
43 VOYA INVESTMENT MANAGEMENT LLC 0.03% of their portfolio ATLANTA, GA 1,092,1161.1m $26.1m $26.1m 0.03% Added +73.2k +73,218
44 PRINCIPAL FINANCIAL GROUP INC 0.01% of their portfolio DES MOINES, IA 1,088,5501.1m $26.1m $26.1m 0.01% Reduced -1.1m -1,057,530
45 ASSETMARK, INC 0.05% of their portfolio CONCORD, CA 1,057,4361.1m $25.3m $25.3m 0.05% Added +143.5k +143,521
46 RFG Holdings, Inc. 6.52% of their portfolio Argyle, TX 1,054,8041.1m $25.3m $25.3m 6.52% Added +14.3k +14,252
47 RATIONAL ADVISORS, INC. 2.48% of their portfolio San Juan, PR 1,041,8821.0m $24.9m $24.9m 2.48% Reduced -12.2k -12,162
48 Belpointe Asset Management LLC 0.93% of their portfolio RENO, NV 1,012,7041.0m $24.2m $24.2m 0.93% Added +170.0k +170,002
49 Kohmann Bosshard Financial Services, LLC 2.33% of their portfolio FAIRLAWN, OH 947,648947.6k $22.7m $22.7m 2.33% Added +26.3k +26,294
50 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.02% of their portfolio Toronto, A6 916,620916.6k $21.9m $21.9m 0.02% Added +13.3k +13,319
51 Asset Allocation & Management Company, LLC 8.46% of their portfolio CHICAGO, IL 838,101838.1k $20.1m $20.1m 8.46% Unchanged
52 DEUTSCHE BANK AG\ 0.01% of their portfolio FRANKFURT AM MAIN, 2M 816,282816.3k $19.5m $19.5m 0.01% Added +160.1k +160,082
53 Syntegra Private Wealth Group, LLC 1.77% of their portfolio Chesterfield, MO 784,973785.0k $18.8m $18.8m 1.77% Reduced -2.9k -2,925
54 AMERICAN CENTURY COMPANIES INC 0.01% of their portfolio KANSAS CITY, MO 751,388751.4k $18.0m $18.0m 0.01% Reduced -58.4k -58,400
55 RENAISSANCE TECHNOLOGIES LLC 0.02% of their portfolio NEW YORK, NY 734,100734.1k $17.6m $17.6m 0.02% Reduced -234.7k -234,700
56 Apella Capital, LLC 0.38% of their portfolio WEST HARTFORD, CT 713,148713.1k $16.9m $16.9m 0.38% Added +251.4k +251,412
57 Willis Johnson & Associates, Inc. 1.04% of their portfolio Houston, TX 701,233701.2k $16.8m $16.8m 1.04% Added +7.1k +7,056
58 UBS Group AG 0.00% of their portfolio ZURICH, V8 676,522676.5k $16.2m $16.2m 0.00% Added +364.7k +364,692
59 SAM Advisors, LLC 5.09% of their portfolio OAKHURST, CA 659,357659.4k $15.8m $15.8m 5.09% Added +12.9k +12,923
60 TRUIST FINANCIAL CORP 0.02% of their portfolio CHARLOTTE, NC 640,595640.6k $15.3m $15.3m 0.02% Added +46.7k +46,661
61 Inspire Advisors, LLC 1.47% of their portfolio Meridian, ID 639,850639.9k $15.3m $15.3m 1.47% Reduced -7.8k -7,815
62 MGO ONE SEVEN LLC 0.35% of their portfolio Beachwood, OH 639,674639.7k $15.3m $15.3m 0.35% Added +60.8k +60,789
63 Bensler, LLC 1.51% of their portfolio Bellevue, WA 605,744605.7k $14.5m $14.5m 1.51% Reduced -44.1k -44,115
64 PRINCIPAL SECURITIES, INC. 0.23% of their portfolio DES MOINES, IA 582,366582.4k $13.9m $13.9m 0.23% Reduced -578 -578
65 AlphaStar Capital Management, LLC 1.19% of their portfolio CORNELIUS, NC 578,237578.2k $13.8m $13.8m 1.19% Added +78.3k +78,258
66 Iowa State Bank 2.62% of their portfolio URBANDALE, IA 574,739574.7k $13.8m $13.8m 2.62% Added +27.4k +27,401
67 Alaska Permanent Capital Management, LLC 1.00% of their portfolio ANCHORAGE, AK 569,852569.9k $13.6m $13.6m 1.00% Added +568.5k +568,530
68 Financial Futures Ltd Liability Co. 6.50% of their portfolio BRIELLE, NJ 559,137559.1k $13.4m $13.4m 6.50% Added +18.1k +18,069
69 Thrivent Financial for Lutherans 0.03% of their portfolio Minneapolis, MN 555,048555.0k $13.3m $13.3m 0.03% New
70 DIVERSIFY WEALTH MANAGEMENT, LLC 0.74% of their portfolio SANDY, UT 545,606545.6k $12.9m $12.9m 0.74% Added +44.8k +44,841
71 Hilltop Partners LLC 3.78% of their portfolio MISHAWAKA, IN 528,507528.5k $12.7m $12.7m 3.78% Added +17.9k +17,878
72 Clearstead Advisors, LLC 0.17% of their portfolio CLEVELAND, OH 486,368486.4k $11.6m $11.6m 0.17% Reduced -17.9k -17,906
73 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 464,970465.0k $11.1m $11.1m 0.00% Added +59.9k +59,853
74 DT Investment Partners, LLC 0.94% of their portfolio CHADDS FORD, PA 462,620462.6k $11.1m $11.1m 0.94% Added +23.6k +23,589
75 NewSquare Capital LLC 0.72% of their portfolio NEWTOWN SQUARE, PA 442,553442.6k $10.6m $10.6m 0.72% Reduced -3.7k -3,709
76 Farther Finance Advisors, LLC 0.16% of their portfolio SAN FRANCISCO, CA 439,739439.7k $10.5m $10.5m 0.16% Reduced -919.2k -919,192
77 HRT FINANCIAL LP 0.05% of their portfolio NEW YORK, NY 432,183432.2k $10.3m $10.3m 0.05% Added +272.6k +272,595
78 Carolina Wealth Advisors, LLC 4.36% of their portfolio MYRTLE BEACH, SC 421,335421.3k $10.1m $10.1m 4.36% Added +399.9k +399,922
79 Donoghue Forlines LLC 3.07% of their portfolio Boston, MA 415,612415.6k $9.9m $9.9m 3.07% Reduced -834.0k -833,968
80 FINANCIAL ADVISORY PARTNERS, LLC 2.90% of their portfolio WINTER PARK, FL 415,373415.4k $9.9m $9.9m 2.90% New
81 Jefferies Financial Group Inc. 0.09% of their portfolio NEW YORK, NY 410,058410.1k $9.8m $9.8m 0.09% New
82 Waterloo Capital, L.P. 0.72% of their portfolio AUSTIN, TX 405,238405.2k $9.7m $9.7m 0.72% Added +53.4k +53,439
83 Quartz Partners, LLC 3.49% of their portfolio SARATOGA SPRINGS, NY 402,904402.9k $9.6m $9.6m 3.49% Added +196.6k +196,571
84 Csenge Advisory Group 0.46% of their portfolio CLEARWATER, FL 400,712400.7k $9.6m $9.6m 0.46% Reduced -14.7k -14,657
85 Atlas Private Wealth Advisors 2.32% of their portfolio RED BANK, NJ 395,229395.2k $9.5m $9.5m 2.32% Reduced -341.1k -341,148
86 5th Street Advisors, LLC 4.66% of their portfolio Southport, CT 393,584393.6k $9.4m $9.4m 4.66% Added +5.6k +5,649
87 BNP PARIBAS FINANCIAL MARKETS 0.01% of their portfolio PARIS, I0 382,895382.9k $9.2m $9.2m 0.01% Added +296.0k +295,977
88 NewEdge Advisors, LLC 0.04% of their portfolio NEW ORLEANS, LA 382,362382.4k $9.2m $9.2m 0.04% Added +42.1k +42,124
89 Diversify Advisory Services, LLC 0.30% of their portfolio SANDY, UT 376,156376.2k $8.9m $8.9m 0.30% Added +94.7k +94,725
90 HORIZON FINANCIAL SERVICES, LLC 4.17% of their portfolio WINSTON SALEM, NC 365,020365.0k $8.7m $8.7m 4.17% Added +4.0k +4,044
91 Onyx Bridge Wealth Group LLC 0.94% of their portfolio TARRYTOWN, NY 362,135362.1k $8.7m $8.7m 0.94% Added +20.3k +20,313
92 Horizon Investment Services, LLC 3.21% of their portfolio HAMMOND, IN 355,271355.3k $8.5m $8.5m 3.21% Added +22.1k +22,083
93 Pinnacle Wealth Management, LLC 5.74% of their portfolio ROSEVILLE, CA 355,193355.2k $8.5m $8.5m 5.74% New
94 Equitable Holdings, Inc. 0.06% of their portfolio NEW YORK, NY 353,325353.3k $8.5m $8.5m 0.06% Added +40.3k +40,318
95 Sanctuary Advisors, LLC 0.03% of their portfolio INDIANAPOLIS, IN 350,357350.4k $8.3m $8.3m 0.03% Added +198.4k +198,403
96 Beacon Pointe Advisors, LLC 0.07% of their portfolio NEWPORT BEACH, CA 343,004343.0k $8.2m $8.2m 0.07% New
97 Omega Financial Group, LLC 2.73% of their portfolio Santa Barbara, CA 338,779338.8k $8.1m $8.1m 2.73% Added +2.9k +2,907
98 GREAT VALLEY ADVISOR GROUP, INC. 0.16% of their portfolio WILMINGTON, DE 335,031335.0k $8.0m $8.0m 0.16% Reduced -8.0k -7,966
99 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 334,581334.6k $8.0m $8.0m 0.00% Added +161.4k +161,414
100 FINANCIAL LIFE ADVISORS 2.53% of their portfolio SAN ANTONIO, TX 329,370329.4k $7.9m $7.9m 2.53% Added +61.9k +61,887