Vault-13

SPDR SERIES TRUST SPHY

PORTFLI HIGH YLD · ETP · CUSIP 78468R606

538 institutional holders +57 vs Q3 2025
287,951,720288.0m shares reported held*
$6.8bnreported value*
62 new 255 added 142 reduced 33 sold out net bought ≈ $204.2m (+8.9m 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 ($15.7m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $23.63. Options: 5 managers hold calls ($182.9m notional), 0 hold puts (—).

Trends to Q4 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: 481Q4 25: 538538Q3 22Q2 23Q1 24Q4 24Q4 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
Q4 2025538

Buyers vs sellers

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

Bought or addedCut or sold out
4000400Q1 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 25Q3 25: 326 bought or addedQ3 25: 143 cut or sold outQ4 25: 317 bought or addedQ4 25: 175 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 2024193110
Q2 202422586
Q3 2024259107
Q4 2024280123
Q1 2025297151
Q2 2025279193
Q3 2025326143
Q4 2025317175

Calls vs puts

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

CallsPuts
$0$50m$100m$150m$200mQ1 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 0.00Q4 25 calls: $182.9mQ4 25 puts: $0Q4 25P/C 0.00
Numbers
QuarterCallsPutsP/C
Q1 2025$91.2m$174.3k0.00
Q2 2025$103.3m$00.00
Q3 2025$115.5m$213.1k0.00
Q4 2025$182.9m$00.00

Biggest buyers

Asset Management One Co., Ltd. New +3,614,320+3.6m
BANK OF AMERICA CORP /DE/ Added +2,294,382+2.3m
AMERICAN CENTURY COMPANIES INC Added +1,964,310+2.0m
Steward Partners Investment Advisory, LLC Added +1,058,100+1.1m
Elo Mutual Pension Insurance Co New +1,050,000+1.1m
LPL Financial LLC Added +967,530+967.5k
SEI INVESTMENTS CO Added +947,671+947.7k
US BANCORP \DE\ Added +841,165+841.2k
Donoghue Forlines LLC Added +669,055+669.1k
ENVESTNET ASSET MANAGEMENT INC Added +626,276+626.3k

Biggest sellers

Ilmarinen Mutual Pension Insurance Co Reduced -6,600,000-6.6m
NEPC LLC Reduced -1,237,032-1.2m
JPMORGAN CHASE & CO Reduced -1,078,403-1.1m
NEUBERGER BERMAN GROUP LLC Reduced -876,866-876.9k
VICTORY CAPITAL MANAGEMENT INC Reduced -739,981-740.0k
RENAISSANCE TECHNOLOGIES LLC Sold out -734,100-734.1k
STATE STREET CORP Reduced -637,430-637.4k
Cambridge Investment Research Advisors, Inc. Reduced -517,159-517.2k
Jefferies Financial Group Inc. Sold out -410,058-410.1k
DEUTSCHE BANK AG\ Reduced -390,008-390.0k

Biggest calls

IMC-Chicago, LLC Added $103.9m823.2k shares
Optiver Holding B.V. Added $59.9m474.8k shares
JPMORGAN CHASE & CO Reduced $9.5m75.0k shares
GROUP ONE TRADING LLC Added $4.8m38.4k shares
Maven Securities LTD Reduced $4.7m37.4k 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, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 BANK OF AMERICA CORP /DE/ 0.08% of their portfolio CHARLOTTE, NC 46,944,28346.9m $1.1bn $1.1bn 0.08% Added +2.3m +2,294,382
2 Ilmarinen Mutual Pension Insurance Co 4.35% of their portfolio HELSINKI, H9 23,050,00023.1m $545.6m $545.6m 4.35% Reduced -6.6m -6,600,000
3 SEI INVESTMENTS CO 0.44% of their portfolio OAKS, PA 18,770,52918.8m $444.3m $444.3m 0.44% Added +947.7k +947,671
4 WELLS FARGO & COMPANY/MN 0.05% of their portfolio SAN FRANCISCO, CA 11,194,42911.2m $265.0m $265.0m 0.05% Reduced -115.7k -115,736
5 NEUBERGER BERMAN GROUP LLC 0.16% of their portfolio NEW YORK, NY 9,340,5299.3m $221.1m $221.1m 0.16% Reduced -876.9k -876,866
6 LPL Financial LLC 0.06% of their portfolio FORT MILL, SC 8,802,6138.8m $208.4m $208.4m 0.06% Added +967.5k +967,530
7 AMERIPRISE FINANCIAL INC 0.05% of their portfolio MINNEAPOLIS, MN 8,481,6148.5m $200.7m $200.7m 0.05% Reduced -205.1k -205,127
8 VANTAGEPOINT INVESTMENT ADVISERS LLC 1.41% of their portfolio WASHINGTON, DC 7,414,6707.4m $175.5m $175.5m 1.41% Reduced -150.0k -150,000
9 GRIMES & Co WEALTH MANAGEMENT, LLC 4.10% of their portfolio WESTBOROUGH, MA 7,246,5847.2m $171.5m $171.5m 4.10% Added +46.0k +46,030
10 US BANCORP \DE\ 0.18% of their portfolio MINNEAPOLIS, MN 6,510,5836.5m $154.1m $154.1m 0.18% Added +841.2k +841,165
11 Municipal Employees' Retirement System of Michigan 1.61% of their portfolio LANSING, MI 6,000,8566.0m $142.0m $142.0m 1.61% Added +46.5k +46,531
12 MORGAN STANLEY 0.01% of their portfolio NEW YORK, NY 5,600,7725.6m $132.6m $132.6m 0.01% Reduced -87.7k -87,745
13 ENVESTNET ASSET MANAGEMENT INC 0.03% of their portfolio Berwyn, PA 4,301,4964.3m $101.8m $101.8m 0.03% Added +626.3k +626,276
14 Ocean Park Asset Management, LLC 4.35% of their portfolio SANTA MONICA, CA 3,912,2263.9m $92.6m $92.6m 4.35% Added +164.1k +164,126
15 Advisory Alpha, LLC 2.35% of their portfolio HOLLAND, MI 3,646,7603.6m $86.3m $86.3m 2.35% Added +203.7k +203,726
16 Asset Management One Co., Ltd. 0.24% of their portfolio TOKYO, M0 3,614,3203.6m $85.6m $85.6m 0.24% New
17 State of New Jersey Common Pension Fund D 0.31% of their portfolio TRENTON, NJ 3,566,8583.6m $84.4m $84.4m 0.31% Added +150.0k +150,000
18 1832 Asset Management L.P. 0.10% of their portfolio TORONTO, A6 3,476,6443.5m $82.3m $82.3m 0.10% Added +85.4k +85,400
19 MML INVESTORS SERVICES, LLC 0.19% of their portfolio SPRINGFIELD, MA 3,378,1143.4m $80.0m $80.0m 0.19% Added +341.2k +341,216
20 Kensington Asset Management, LLC 3.99% of their portfolio AUSTIN, TX 3,261,6053.3m $77.3m $77.3m 3.99% Added +90.7k +90,675
21 Advisors Capital Management, LLC 0.89% of their portfolio RIDGEWOOD, NJ 3,186,9143.2m $75.4m $75.4m 0.89% Added +161.0k +160,986
22 AMERICAN CENTURY COMPANIES INC 0.03% of their portfolio KANSAS CITY, MO 2,715,6982.7m $64.3m $64.3m 0.03% Added +2.0m +1,964,310
23 NEOS Investment Management LLC 0.35% of their portfolio Westport, CT 2,574,9552.6m $60.9m $60.9m 0.35% Added +625.9k +625,858
24 Capital Analysts, LLC 1.54% of their portfolio FORT WASHINGTON, PA 2,346,5792.3m $55.5m $55.5m 1.54% Added +46.9k +46,879
25 Cetera Investment Advisers 0.05% of their portfolio SCHAUMBURG, IL 2,115,2402.1m $50.1m $50.1m 0.05% Added +375.4k +375,433
26 EXCHANGE TRADED CONCEPTS, LLC 0.34% of their portfolio Oklahoma City, OK 1,707,7841.7m $40.4m $40.4m 0.34% Added +333.3k +333,294
27 CORNERSTONE ENTERPRISES, LLC 18.93% of their portfolio APPLETON, WI 1,671,3291.7m $39.6m $39.6m 18.93% Reduced -127.5k -127,466
28 TOEWS CORP /ADV 5.70% of their portfolio NORTHFIELD, NJ 1,655,7001.7m $39.2m $39.2m 5.70% Added +429.2k +429,200
29 Horizon Investments, LLC 0.39% of their portfolio Charlotte, NC 1,543,7321.5m $31.1m $31.1m 0.39% Added +169.2k +169,168
30 BOKF, NA 0.56% of their portfolio TULSA, OK 1,533,0681.5m $36.3m $36.3m 0.56% Reduced -10.6k -10,595
31 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 1,500,6951.5m $35.5m $35.5m 0.00% Reduced -1.1m -1,078,403
32 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 1,442,8021.4m $34.2m $34.2m 0.00% Reduced -4.5k -4,531
33 SageView Advisory Group, LLC 1.15% of their portfolio Newport Beach, CA 1,442,6591.4m $34.1m $34.1m 1.15% Added +100.7k +100,667
34 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 1,292,8141.3m $30.6m $30.6m 0.00% Reduced -637.4k -637,430
35 CNO Financial Group, Inc. 17.15% of their portfolio Carmel, IN 1,279,0001.3m $30.3m $30.3m 17.15% Unchanged
36 CWM, LLC 0.08% of their portfolio OMAHA, NE 1,244,6501.2m $29.5m $29.5m 0.08% Added +87.0k +86,950
37 ASSETMARK, INC 0.06% of their portfolio CONCORD, CA 1,206,9901.2m $28.6m $28.6m 0.06% Added +149.6k +149,554
38 BENJAMIN EDWARDS INC 0.31% of their portfolio Clayton, MO 1,192,9561.2m $28.2m $28.2m 0.31% Added +87.4k +87,374
39 Apella Capital, LLC 0.55% of their portfolio WEST HARTFORD, CT 1,181,2891.2m $28.0m $28.0m 0.55% Added +468.1k +468,141
40 Allspring Global Investments Holdings, LLC 0.04% of their portfolio CHARLOTTE, NC 1,164,4431.2m $27.6m $27.6m 0.04% Reduced -34.7k -34,714
41 Madison Asset Management, LLC 0.31% of their portfolio MADISON, WI 1,130,2551.1m $26.8m $26.8m 0.31% Unchanged
42 FRANKLIN RESOURCES INC 0.01% of their portfolio San Mateo, CA 1,093,8951.1m $25.9m $25.9m 0.01% Unchanged
43 PRINCIPAL FINANCIAL GROUP INC 0.01% of their portfolio DES MOINES, IA 1,088,5501.1m $25.8m $25.8m 0.01% Unchanged
44 Donoghue Forlines LLC 7.94% of their portfolio Boston, MA 1,084,6671.1m $25.7m $25.7m 7.94% Added +669.1k +669,055
45 Steward Partners Investment Advisory, LLC 0.14% of their portfolio STAMFORD, CT 1,070,3001.1m $25.3m $25.3m 0.14% Added +1.1m +1,058,100
46 OSAIC HOLDINGS, INC. 0.04% of their portfolio SCOTTSDALE, AZ 1,062,1121.1m $25.1m $25.1m 0.04% Reduced -213.3k -213,257
47 RFG Holdings, Inc. 6.24% of their portfolio Argyle, TX 1,051,2791.1m $24.9m $24.9m 6.24% Reduced -3.5k -3,525
48 Elo Mutual Pension Insurance Co 0.38% of their portfolio ESPOO, H9 1,050,0001.1m $24.9m $24.9m 0.38% New
49 VOYA INVESTMENT MANAGEMENT LLC 0.02% of their portfolio ATLANTA, GA 1,042,8151.0m $24.7m $24.7m 0.02% Reduced -49.3k -49,301
50 Cambridge Investment Research Advisors, Inc. 0.06% of their portfolio FAIRFIELD, IA 1,030,5951.0m $24.4m $24.4m 0.06% Reduced -517.2k -517,159
51 RATIONAL ADVISORS, INC. 2.43% of their portfolio San Juan, PR 1,002,7651.0m $23.7m $23.7m 2.43% Reduced -39.1k -39,117
52 Kohmann Bosshard Financial Services, LLC 2.12% of their portfolio FAIRLAWN, OH 999,230999.2k $23.7m $23.7m 2.12% Added +51.6k +51,582
53 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.02% of their portfolio Toronto, A6 962,566962.6k $22.8m $22.8m 0.02% Added +45.9k +45,946
54 UBS Group AG 0.00% of their portfolio ZURICH, V8 942,551942.6k $22.3m $22.3m 0.00% Added +266.0k +266,029
55 Belpointe Asset Management LLC 0.80% of their portfolio RENO, NV 932,829932.8k $22.1m $22.1m 0.80% Reduced -79.9k -79,875
56 AlphaStar Capital Management, LLC 1.50% of their portfolio CORNELIUS, NC 866,247866.2k $20.5m $20.5m 1.50% Added +288.0k +288,010
57 Asset Allocation & Management Company, LLC 7.58% of their portfolio CHICAGO, IL 804,501804.5k $19.0m $19.0m 7.58% Reduced -33.6k -33,600
58 Syntegra Private Wealth Group, LLC 1.70% of their portfolio Chesterfield, MO 783,831783.8k $18.6m $18.6m 1.70% Reduced -1.1k -1,142
59 CHRISTINE MESSMER PC 11.33% of their portfolio COLLEGEVILLE, PA 733,810733.8k $17.4m $17.4m 11.33% First filing
60 Equitable Holdings, Inc. 0.12% of their portfolio NEW YORK, NY 716,517716.5k $17.0m $17.0m 0.12% Added +363.2k +363,192
61 SAM Advisors, LLC 5.09% of their portfolio OAKHURST, CA 680,062680.1k $16.1m $16.1m 5.09% Added +20.7k +20,705
62 Willis Johnson & Associates, Inc. 0.98% of their portfolio Houston, TX 674,065674.1k $16.0m $16.0m 0.98% Reduced -27.2k -27,168
63 TRUIST FINANCIAL CORP 0.02% of their portfolio CHARLOTTE, NC 673,202673.2k $15.9m $15.9m 0.02% Added +32.6k +32,607
64 Inspire Advisors, LLC 1.45% of their portfolio Meridian, ID 665,192665.2k $15.7m $15.7m 1.45% Added +25.3k +25,342
65 DIVERSIFY WEALTH MANAGEMENT, LLC 0.72% of their portfolio SANDY, UT 644,784644.8k $15.3m $15.3m 0.72% Added +99.2k +99,178
66 MGO ONE SEVEN LLC 0.30% of their portfolio Beachwood, OH 615,651615.7k $14.6m $14.6m 0.30% Reduced -24.0k -24,023
67 Iowa State Bank 2.65% of their portfolio URBANDALE, IA 596,768596.8k $14.1m $14.1m 2.65% Added +22.0k +22,029
68 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 579,399579.4k $13.7m $13.7m 0.00% Added +114.4k +114,429
69 Bensler, LLC 1.35% of their portfolio Bellevue, WA 570,915570.9k $13.5m $13.5m 1.35% Reduced -34.8k -34,829
70 CONNING INC. 0.44% of their portfolio HARTFORD, CT 560,198560.2k $13.3m $13.3m 0.44% New
71 Alaska Permanent Capital Management, LLC 0.99% of their portfolio ANCHORAGE, AK 553,396553.4k $13.1m $13.1m 0.99% Reduced -16.5k -16,456
72 Financial Futures Ltd Liability Co. 6.04% of their portfolio BRIELLE, NJ 550,382550.4k $13.0m $13.0m 6.04% Reduced -8.8k -8,755
73 Hilltop Partners LLC 3.35% of their portfolio MISHAWAKA, IN 549,959550.0k $13.0m $13.0m 3.35% Added +21.5k +21,452
74 PRINCIPAL SECURITIES, INC. 0.20% of their portfolio DES MOINES, IA 549,655549.7k $13.0m $13.0m 0.20% Reduced -32.7k -32,711
75 JONES FINANCIAL COMPANIES LLLP 0.01% of their portfolio DES PERES, MO 535,190535.2k $12.7m $12.7m 0.01% Added +284.9k +284,909
76 VICTORY CAPITAL MANAGEMENT INC 0.01% of their portfolio San Antonio, TX 530,000530.0k $12.5m $12.5m 0.01% Reduced -740.0k -739,981
77 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 499,126499.1k $11.8m $11.8m 0.00% Added +164.5k +164,545
78 Clearstead Advisors, LLC 0.15% of their portfolio CLEVELAND, OH 486,722486.7k $11.5m $11.5m 0.15% Added +354 +354
79 Quartz Partners, LLC 4.15% of their portfolio SARATOGA SPRINGS, NY 471,643471.6k $11.2m $11.2m 4.15% Added +68.7k +68,739
80 DT Investment Partners, LLC 0.92% of their portfolio CHADDS FORD, PA 469,491469.5k $11.1m $11.1m 0.92% Added +6.9k +6,871
81 FINANCIAL LIFE ADVISORS 3.32% of their portfolio SAN ANTONIO, TX 455,254455.3k $10.8m $10.8m 3.32% Added +125.9k +125,884
82 FINANCIAL ADVISORY PARTNERS, LLC 3.00% of their portfolio WINTER PARK, FL 449,158449.2k $10.6m $10.6m 3.00% Added +33.8k +33,785
83 Farther Finance Advisors, LLC 0.11% of their portfolio SAN FRANCISCO, CA 445,191445.2k $10.5m $10.5m 0.11% Added +5.5k +5,452
84 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 426,274426.3k $10.1m $10.1m 0.00% Reduced -390.0k -390,008
85 Atlas Private Wealth Advisors 2.35% of their portfolio RED BANK, NJ 424,523424.5k $10.0m $10.0m 2.35% Added +29.3k +29,294
86 Diversify Advisory Services, LLC 0.32% of their portfolio SANDY, UT 423,914423.9k $10.1m $10.1m 0.32% Added +47.8k +47,758
87 Carolina Wealth Advisors, LLC 4.41% of their portfolio MYRTLE BEACH, SC 417,628417.6k $9.9m $9.9m 4.41% Reduced -3.7k -3,707
88 Waterloo Capital, L.P. 0.70% of their portfolio AUSTIN, TX 412,055412.1k $9.8m $9.8m 0.70% Added +6.8k +6,817
89 WCG Wealth Advisors LLC 0.26% of their portfolio LAS VEGAS, NV 397,708397.7k $9.4m $9.4m 0.26% Added +338.6k +338,612
90 HORIZON FINANCIAL SERVICES, LLC 4.20% of their portfolio WINSTON SALEM, NC 389,582389.6k $9.2m $9.2m 4.20% Added +24.6k +24,562
91 PNC Financial Services Group, Inc. 0.00% of their portfolio Pittsburgh, PA 384,437384.4k $9.1m $9.1m 0.00% Added +82.4k +82,354
92 5th Street Advisors, LLC 4.02% of their portfolio Southport, CT 363,415363.4k $8.6m $8.6m 4.02% Reduced -30.2k -30,169
93 Csenge Advisory Group 0.39% of their portfolio CLEARWATER, FL 362,275362.3k $8.6m $8.6m 0.39% Reduced -38.4k -38,437
94 Pinnacle Wealth Management, LLC 5.74% of their portfolio ROSEVILLE, CA 360,211360.2k $8.5m $8.5m 5.74% Added +5.0k +5,018
95 JANE STREET GROUP, LLC 0.01% of their portfolio NEW YORK, NY 357,461357.5k $8.5m $8.5m 0.01% Added +222.8k +222,822
96 STIFEL FINANCIAL CORP 0.01% of their portfolio ST. LOUIS, MO 356,784356.8k $8.4m $8.4m 0.01% Added +43.9k +43,933
97 Thrivent Financial for Lutherans 0.01% of their portfolio Minneapolis, MN 351,597351.6k $8.3m $8.3m 0.01% Reduced -203.5k -203,451
98 Horizon Investment Services, LLC 2.99% of their portfolio HAMMOND, IN 351,381351.4k $8.3m $8.3m 2.99% Reduced -3.9k -3,890
99 Beacon Pointe Advisors, LLC 0.06% of their portfolio NEWPORT BEACH, CA 349,373349.4k $8.3m $8.3m 0.06% Added +6.4k +6,369
100 Stadion Money Management, LLC 0.67% of their portfolio WATKINSVILLE, GA 348,474348.5k $8.2m $8.2m 0.67% Added +167.5k +167,542