Vault-13

SPDR SERIES TRUST SPHY

PORTFLI HIGH YLD · ETP · CUSIP 78468R606

529 institutional holders -9 vs Q4 2025
279,483,008279.5m shares reported held*
$6.5bnreported value*
59 new 267 added 146 reduced 63 sold out net sold ≈ $199.1m (-8.7m 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 ($18.8m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $23.30. Options: 5 managers hold calls ($245.7m notional), 1 hold puts ($293.8k).

Trends to Q1 2026

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: 538Q1 26: 529529Q3 22Q3 23Q3 24Q3 25Q1 26
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
Q1 2026529

Buyers vs sellers

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

Bought or addedCut or sold out
4000400Q2 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 25Q4 25: 317 bought or addedQ4 25: 175 cut or sold outQ1 26: 326 bought or addedQ1 26: 209 cut or sold outQ1 26
Numbers
QuarterBought or addedCut or sold out
Q2 202422586
Q3 2024259107
Q4 2024280123
Q1 2025297151
Q2 2025279193
Q3 2025326143
Q4 2025317175
Q1 2026326209

Calls vs puts

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

CallsPuts
$0$100m$200m$300mQ2 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 0.00Q1 26 calls: $245.7mQ1 26 puts: $293.8kQ1 26P/C 0.00
Numbers
QuarterCallsPutsP/C
Q2 2025$103.3m$00.00
Q3 2025$115.5m$213.1k0.00
Q4 2025$182.9m$00.00
Q1 2026$245.7m$293.8k0.00

Biggest buyers

Elo Mutual Pension Insurance Co Added +4,900,000+4.9m
Creative Planning Added +4,648,722+4.6m
Municipal Employees' Retirement System of Michigan Added +2,190,878+2.2m
49 WEALTH MANAGEMENT, LLC Added +1,883,827+1.9m
MetLife Investment Management, LLC New +1,674,673+1.7m
Cetera Investment Advisers Added +1,441,014+1.4m
Advisory Alpha, LLC Added +1,107,685+1.1m
SEI INVESTMENTS CO Added +1,061,796+1.1m
Asset Management One Co., Ltd. Added +811,300+811.3k
Iowa State Bank Added +796,051+796.1k

Biggest sellers

BANK OF AMERICA CORP /DE/ Reduced -18,442,048-18.4m
GRIMES & Co WEALTH MANAGEMENT, LLC Reduced -7,220,360-7.2m
Ilmarinen Mutual Pension Insurance Co Reduced -2,600,000-2.6m
NEOS Investment Management LLC Sold out -2,574,955-2.6m
State of New Jersey Common Pension Fund D Reduced -2,000,000-2.0m
TOEWS CORP /ADV Sold out -1,655,700-1.7m
PRINCIPAL FINANCIAL GROUP INC Sold out -1,088,550-1.1m
Donoghue Forlines LLC Sold out -1,084,667-1.1m
RATIONAL ADVISORS, INC. Sold out -1,002,765-1.0m
WELLS FARGO & COMPANY/MN Reduced -487,067-487.1k

Biggest calls

Optiver Holding B.V. Added $128.6m707.4k shares
IMC-Chicago, LLC Reduced $91.7m504.2k shares
GROUP ONE TRADING LLC Added $15.3m83.9k shares
Maven Securities LTD Added $8.2m45.4k shares
JPMORGAN CHASE & CO Reduced $1.9m10.0k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP New $293.8k12.6k 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 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 BANK OF AMERICA CORP /DE/ 0.05% of their portfolio CHARLOTTE, NC 28,502,23528.5m $664.7m $664.7m 0.05% Reduced -18.4m -18,442,048
2 Ilmarinen Mutual Pension Insurance Co 3.75% of their portfolio HELSINKI, H9 20,450,00020.4m $476.9m $476.9m 3.75% Reduced -2.6m -2,600,000
3 SEI INVESTMENTS CO 0.43% of their portfolio OAKS, PA 19,832,32519.8m $462.5m $462.5m 0.43% Added +1.1m +1,061,796
4 WELLS FARGO & COMPANY/MN 0.05% of their portfolio SAN FRANCISCO, CA 10,707,36210.7m $249.7m $249.7m 0.05% Reduced -487.1k -487,067
5 NEUBERGER BERMAN GROUP LLC 0.17% of their portfolio NEW YORK, NY 9,619,1269.6m $224.3m $224.3m 0.17% Added +278.6k +278,597
6 LPL Financial LLC 0.06% of their portfolio FORT MILL, SC 9,302,1949.3m $216.9m $216.9m 0.06% Added +499.6k +499,581
7 AMERIPRISE FINANCIAL INC 0.05% of their portfolio MINNEAPOLIS, MN 8,890,8248.9m $207.4m $207.4m 0.05% Added +409.2k +409,210
8 Municipal Employees' Retirement System of Michigan 2.17% of their portfolio LANSING, MI 8,191,7348.2m $191.0m $191.0m 2.17% Added +2.2m +2,190,878
9 VANTAGEPOINT INVESTMENT ADVISERS LLC 1.50% of their portfolio WASHINGTON, DC 7,610,6707.6m $177.5m $177.5m 1.50% Added +196.0k +196,000
10 US BANCORP \DE\ 0.19% of their portfolio MINNEAPOLIS, MN 6,695,0706.7m $159.3m $159.3m 0.19% Added +184.5k +184,487
11 Elo Mutual Pension Insurance Co 2.29% of their portfolio ESPOO, H9 5,950,0006.0m $138.8m $138.8m 2.29% Added +4.9m +4,900,000
12 MORGAN STANLEY 0.01% of their portfolio NEW YORK, NY 5,920,3435.9m $138.1m $138.1m 0.01% Added +319.6k +319,571
13 ENVESTNET ASSET MANAGEMENT INC 0.03% of their portfolio Berwyn, PA 5,078,5115.1m $118.4m $118.4m 0.03% Added +777.0k +777,015
14 Advisory Alpha, LLC 3.03% of their portfolio HOLLAND, MI 4,754,4454.8m $110.9m $110.9m 3.03% Added +1.1m +1,107,685
15 Creative Planning 0.07% of their portfolio OVERLAND PARK, KS 4,739,1794.7m $110.5m $110.5m 0.07% Added +4.6m +4,648,722
16 Asset Management One Co., Ltd. 0.30% of their portfolio TOKYO, M0 4,425,6204.4m $103.2m $103.2m 0.30% Added +811.3k +811,300
17 Ocean Park Asset Management, LLC 5.34% of their portfolio SANTA MONICA, CA 3,964,7994.0m $92.5m $92.5m 5.34% Added +52.6k +52,573
18 1832 Asset Management L.P. 0.11% of their portfolio TORONTO, A6 3,598,9703.6m $83.9m $83.9m 0.11% Added +122.3k +122,326
19 Cetera Investment Advisers 0.09% of their portfolio SCHAUMBURG, IL 3,556,2543.6m $82.9m $82.9m 0.09% Added +1.4m +1,441,014
20 Advisors Capital Management, LLC 0.91% of their portfolio RIDGEWOOD, NJ 3,331,2453.3m $77.7m $77.7m 0.91% Added +144.3k +144,331
21 MML INVESTORS SERVICES, LLC 0.21% of their portfolio SPRINGFIELD, MA 3,222,7193.2m $75.2m $75.2m 0.21% Reduced -155.4k -155,395
22 Kensington Asset Management, LLC 3.97% of their portfolio AUSTIN, TX 3,128,9783.1m $73.0m $73.0m 3.97% Reduced -132.6k -132,627
23 AMERICAN CENTURY COMPANIES INC 0.03% of their portfolio KANSAS CITY, MO 2,684,8712.7m $62.6m $62.6m 0.03% Reduced -30.8k -30,827
24 Capital Analysts, LLC 1.46% of their portfolio FORT WASHINGTON, PA 2,383,2462.4m $55.6m $55.6m 1.46% Added +36.7k +36,667
25 49 WEALTH MANAGEMENT, LLC 3.83% of their portfolio AUSTIN, TX 2,196,4492.2m $51.2m $51.2m 3.83% Added +1.9m +1,883,827
26 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 2,108,7422.1m $48.7m $48.7m 0.00% Added +608.0k +608,047
27 EXCHANGE TRADED CONCEPTS, LLC 0.32% of their portfolio Oklahoma City, OK 1,802,7451.8m $42.0m $42.0m 0.32% Added +95.0k +94,961
28 BOKF, NA 0.62% of their portfolio TULSA, OK 1,748,6861.7m $40.8m $40.8m 0.62% Added +215.6k +215,618
29 MetLife Investment Management, LLC 0.20% of their portfolio Whippany, NJ 1,674,6731.7m $39.1m $39.1m 0.20% New
30 CORNERSTONE ENTERPRISES, LLC 19.18% of their portfolio APPLETON, WI 1,653,9071.7m $38.6m $38.6m 19.18% Reduced -17.4k -17,422
31 Horizon Investments, LLC 0.30% of their portfolio Charlotte, NC 1,586,4601.6m $26.8m $26.8m 0.30% Added +42.7k +42,728
32 State of New Jersey Common Pension Fund D 0.14% of their portfolio TRENTON, NJ 1,566,8581.6m $36.5m $36.5m 0.14% Reduced -2.0m -2,000,000
33 Apella Capital, LLC 0.55% of their portfolio WEST HARTFORD, CT 1,556,3261.6m $36.8m $36.8m 0.55% Added +375.0k +375,037
34 BENJAMIN EDWARDS INC 0.35% of their portfolio Clayton, MO 1,508,3721.5m $35.2m $35.2m 0.35% Added +315.4k +315,416
35 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 1,484,7111.5m $34.6m $34.6m 0.00% Added +41.9k +41,909
36 Iowa State Bank 5.98% of their portfolio URBANDALE, IA 1,392,8191.4m $32.5m $32.5m 5.98% Added +796.1k +796,051
37 ASSETMARK, INC 0.07% of their portfolio CONCORD, CA 1,368,8481.4m $31.9m $31.9m 0.07% Added +161.9k +161,858
38 UBS Group AG 0.01% of their portfolio ZURICH, V8 1,366,1891.4m $31.9m $31.9m 0.01% Added +423.6k +423,638
39 SageView Advisory Group, LLC 1.12% of their portfolio Newport Beach, CA 1,319,8021.3m $30.8m $30.8m 1.12% Reduced -122.9k -122,857
40 CNO Financial Group, Inc. 17.10% of their portfolio Carmel, IN 1,279,0001.3m $29.8m $29.8m 17.10% Unchanged
41 OSAIC HOLDINGS, INC. 0.04% of their portfolio SCOTTSDALE, AZ 1,278,2791.3m $29.8m $29.8m 0.04% Added +216.2k +216,167
42 DIVERSIFY WEALTH MANAGEMENT, LLC 0.49% of their portfolio SANDY, UT 1,178,8081.2m $27.7m $27.7m 0.49% Added +534.0k +534,024
43 Allspring Global Investments Holdings, LLC 0.05% of their portfolio CHARLOTTE, NC 1,164,4431.2m $27.2m $27.2m 0.05% Unchanged
44 FRANKLIN RESOURCES INC 0.01% of their portfolio San Mateo, CA 1,150,0191.2m $26.8m $26.8m 0.01% Added +56.1k +56,124
45 Kohmann Bosshard Financial Services, LLC 2.54% of their portfolio FAIRLAWN, OH 1,118,5051.1m $26.1m $26.1m 2.54% Added +119.3k +119,275
46 VOYA INVESTMENT MANAGEMENT LLC 0.03% of their portfolio ATLANTA, GA 1,072,4661.1m $25.0m $25.0m 0.03% Added +29.7k +29,651
47 Madison Asset Management, LLC 0.31% of their portfolio MADISON, WI 1,071,7551.1m $25.0m $25.0m 0.31% Reduced -58.5k -58,500
48 Cambridge Investment Research Advisors, Inc. 0.06% of their portfolio FAIRFIELD, IA 1,060,2711.1m $24.7m $24.7m 0.06% Added +29.7k +29,676
49 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 1,026,2121.0m $23.9m $23.9m 0.00% Reduced -266.6k -266,602
50 CONNING INC. 0.79% of their portfolio HARTFORD, CT 1,023,7461.0m $23.9m $23.9m 0.79% Added +463.5k +463,548
51 Steward Partners Investment Advisory, LLC 0.12% of their portfolio STAMFORD, CT 1,000,5771.0m $23.3m $23.3m 0.12% Reduced -69.7k -69,723
52 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.02% of their portfolio Toronto, A6 996,761996.8k $23.2m $23.2m 0.02% Added +34.2k +34,195
53 RFG Holdings, Inc. 5.74% of their portfolio Argyle, TX 977,503977.5k $22.8m $22.8m 5.74% Reduced -73.8k -73,776
54 RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio ST. PETERSBURG, FL 920,706920.7k $21.5m $21.5m 0.01% Added +341.3k +341,307
55 Thrivent Financial for Lutherans 0.04% of their portfolio Minneapolis, MN 896,825896.8k $20.9m $20.9m 0.04% Added +545.2k +545,228
56 Belpointe Asset Management LLC 0.76% of their portfolio RENO, NV 894,286894.3k $20.9m $20.9m 0.76% Reduced -38.5k -38,543
57 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 886,713886.7k $20.7m $20.7m 0.00% Added +387.6k +387,587
58 JONES FINANCIAL COMPANIES LLLP 0.01% of their portfolio DES PERES, MO 879,685879.7k $20.3m $20.3m 0.01% Added +344.5k +344,495
59 Asset Allocation & Management Company, LLC 6.96% of their portfolio CHICAGO, IL 804,501804.5k $18.8m $18.8m 6.96% Unchanged
60 AlphaStar Capital Management, LLC 1.37% of their portfolio CORNELIUS, NC 795,537795.5k $18.6m $18.6m 1.37% Reduced -70.7k -70,710
61 CWM, LLC 0.05% of their portfolio OMAHA, NE 778,813778.8k $18.2m $18.2m 0.05% Reduced -465.8k -465,837
62 Syntegra Private Wealth Group, LLC 1.72% of their portfolio Chesterfield, MO 776,957777.0k $18.1m $18.1m 1.72% Reduced -6.9k -6,874
63 CHRISTINE MESSMER PC 11.17% of their portfolio COLLEGEVILLE, PA 749,153749.2k $17.5m $17.5m 11.17% Added +15.3k +15,343
64 Inspire Advisors, LLC 1.40% of their portfolio Meridian, ID 738,686738.7k $17.2m $17.2m 1.40% Added +73.5k +73,494
65 Equitable Holdings, Inc. 0.11% of their portfolio NEW YORK, NY 725,940725.9k $17.2m $17.2m 0.11% Added +9.4k +9,423
66 SAM Advisors, LLC 5.22% of their portfolio OAKHURST, CA 714,646714.6k $16.7m $16.7m 5.22% Added +34.6k +34,584
67 TRUIST FINANCIAL CORP 0.02% of their portfolio CHARLOTTE, NC 705,522705.5k $16.5m $16.5m 0.02% Added +32.3k +32,320
68 Willis Johnson & Associates, Inc. 0.93% of their portfolio Houston, TX 681,993682.0k $15.9m $15.9m 0.93% Added +7.9k +7,928
69 Financial Futures Ltd Liability Co. 6.63% of their portfolio BRIELLE, NJ 646,986647.0k $15.1m $15.1m 6.63% Added +96.6k +96,604
70 Alaska Permanent Capital Management, LLC 1.04% of their portfolio ANCHORAGE, AK 635,087635.1k $14.8m $14.8m 1.04% Added +81.7k +81,691
71 MGO ONE SEVEN LLC 0.28% of their portfolio Beachwood, OH 603,913603.9k $14.1m $14.1m 0.28% Reduced -11.7k -11,738
72 RETIREMITTEN FINANCIAL LLC 6.56% of their portfolio MILFORD, MI 582,023582.0k $13.6m $13.6m 6.56% First filing
73 Hilltop Partners LLC 3.44% of their portfolio MISHAWAKA, IN 575,544575.5k $13.4m $13.4m 3.44% Added +25.6k +25,585
74 Farther Finance Advisors, LLC 0.13% of their portfolio SAN FRANCISCO, CA 575,522575.5k $13.4m $13.4m 0.13% Added +130.3k +130,331
75 Independent Advisor Alliance 0.13% of their portfolio CHARLOTTE, NC 520,588520.6k $12.1m $12.1m 0.13% New
76 TSG Advice Partners, LLC 1.76% of their portfolio COLUMBUS, OH 503,965504.0k $11.8m $11.8m 1.76% New
77 HORIZON FINANCIAL SERVICES, LLC 5.06% of their portfolio WINSTON SALEM, NC 491,188491.2k $11.5m $11.5m 5.06% Added +101.6k +101,606
78 DT Investment Partners, LLC 0.95% of their portfolio CHADDS FORD, PA 488,147488.1k $11.4m $11.4m 0.95% Added +18.7k +18,656
79 Quartz Partners, LLC 4.12% of their portfolio SARATOGA SPRINGS, NY 456,746456.7k $10.7m $10.7m 4.12% Reduced -14.9k -14,897
80 Curran Financial Partners, LLC 1.89% of their portfolio DANIEL ISLAND, SC 453,267453.3k $10.6m $10.6m 1.89% Added +298.8k +298,801
81 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 448,944448.9k $10.5m $10.5m 0.00% Added +22.7k +22,670
82 FINANCIAL ADVISORY PARTNERS, LLC 2.95% of their portfolio WINTER PARK, FL 446,622446.6k $10.4m $10.4m 2.95% Reduced -2.5k -2,536
83 CHOREO, LLC 0.12% of their portfolio ROCKFORD, IL 432,182432.2k $10.1m $10.1m 0.12% New
84 Northeast Financial Group, Inc. 2.67% of their portfolio Allentown, PA 429,967430.0k $10.0m $10.0m 2.67% Added +109.5k +109,480
85 S&A Financial Services, Inc. 6.85% of their portfolio Overland Park, KS 427,383427.4k $10.0m $10.0m 6.85% First filing
86 Bensler, LLC 1.02% of their portfolio Bellevue, WA 423,012423.0k $9.9m $9.9m 1.02% Reduced -147.9k -147,903
87 Atlas Private Wealth Advisors 2.31% of their portfolio RED BANK, NJ 421,456421.5k $9.8m $9.8m 2.31% Reduced -3.1k -3,067
88 WCG Wealth Advisors LLC 0.27% of their portfolio LAS VEGAS, NV 419,806419.8k $9.8m $9.8m 0.27% Added +22.1k +22,098
89 Carolina Wealth Advisors, LLC 4.03% of their portfolio MYRTLE BEACH, SC 415,461415.5k $9.7m $9.7m 4.03% Reduced -2.2k -2,167
90 PNC Financial Services Group, Inc. 0.01% of their portfolio Pittsburgh, PA 398,395398.4k $9.3m $9.3m 0.01% Added +14.0k +13,958
91 STIFEL FINANCIAL CORP 0.01% of their portfolio ST. LOUIS, MO 395,108395.1k $9.2m $9.2m 0.01% Added +38.3k +38,324
92 Keeler Thomas Management LLC 3.81% of their portfolio Orem, UT 386,142386.1k $9.0m $9.0m 3.81% New
93 Pinnacle Wealth Management, LLC 6.00% of their portfolio ROSEVILLE, CA 381,762381.8k $8.9m $8.9m 6.00% Added +21.6k +21,551
94 5th Street Advisors, LLC 3.84% of their portfolio Southport, CT 380,088380.1k $8.9m $8.9m 3.84% Added +16.7k +16,673
95 Foundations Investment Advisors, LLC 0.11% of their portfolio PHOENIX, AZ 376,999377.0k $8.8m $8.8m 0.11% Added +117.4k +117,441
96 &PARTNERS 0.04% of their portfolio NASHVILLE, TN 366,120366.1k $8.6m $8.6m 0.04% Added +80.4k +80,390
97 Beacon Pointe Advisors, LLC 0.05% of their portfolio NEWPORT BEACH, CA 365,330365.3k $8.5m $8.5m 0.05% Added +16.0k +15,957
98 FINANCIAL LIFE ADVISORS 2.63% of their portfolio SAN ANTONIO, TX 361,443361.4k $8.4m $8.4m 2.63% Reduced -93.8k -93,811
99 Csenge Advisory Group 0.38% of their portfolio CLEARWATER, FL 359,472359.5k $8.4m $8.4m 0.38% Reduced -2.8k -2,803
100 Stadion Money Management, LLC 0.83% of their portfolio WATKINSVILLE, GA 355,410355.4k $8.3m $8.3m 0.83% Added +6.9k +6,936