Vault-13

SPDR SER TR JNK

BLOOMBERG HIGH Y · ETP · CUSIP 78468R622

566 institutional holders +25 vs Q3 2025
70,611,77770.6m shares reported held*
$6.8bnreported value*
50 new 193 added 188 reduced 59 sold out net sold ≈ $388.8m (-3.6m 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 ($4.6m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $96.74. Options: 2 managers hold calls ($13.3m notional), 4 hold puts ($14.2m).

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

0200400600Q3 22: 468Q4 22: 538Q1 23: 510Q2 23: 518Q3 23: 516Q4 23: 537Q1 24: 555Q2 24: 543Q3 24: 555Q4 24: 576Q1 25: 557Q2 25: 556Q3 25: 541Q4 25: 566566Q3 22Q2 23Q1 24Q4 24Q4 25
Numbers
QuarterHolders
Q3 2022468
Q4 2022538
Q1 2023510
Q2 2023518
Q3 2023516
Q4 2023537
Q1 2024555
Q2 2024543
Q3 2024555
Q4 2024576
Q1 2025557
Q2 2025556
Q3 2025541
Q4 2025566

Buyers vs sellers

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

Bought or addedCut or sold out
4000400Q1 24: 270 bought or addedQ1 24: 225 cut or sold outQ2 24: 243 bought or addedQ2 24: 257 cut or sold outQ2 24Q3 24: 227 bought or addedQ3 24: 263 cut or sold outQ4 24: 282 bought or addedQ4 24: 216 cut or sold outQ4 24Q1 25: 232 bought or addedQ1 25: 281 cut or sold outQ2 25: 253 bought or addedQ2 25: 263 cut or sold outQ2 25Q3 25: 270 bought or addedQ3 25: 206 cut or sold outQ4 25: 243 bought or addedQ4 25: 247 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 2024270225
Q2 2024243257
Q3 2024227263
Q4 2024282216
Q1 2025232281
Q2 2025253263
Q3 2025270206
Q4 2025243247

Calls vs puts

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

CallsPuts
$0$5m$10m$15m$20mQ1 25 calls: $6.0mQ1 25 puts: $3.3mQ1 25P/C 0.55Q2 25 calls: $17.5mQ2 25 puts: $6.3mQ2 25P/C 0.36Q3 25 calls: $12.1mQ3 25 puts: $6.7mQ3 25P/C 0.55Q4 25 calls: $13.3mQ4 25 puts: $14.2mQ4 25P/C 1.07
Numbers
QuarterCallsPutsP/C
Q1 2025$6.0m$3.3m0.55
Q2 2025$17.5m$6.3m0.36
Q3 2025$12.1m$6.7m0.55
Q4 2025$13.3m$14.2m1.07

Biggest buyers

American Family Investments, Inc. New +2,088,000+2.1m
NORTHWESTERN MUTUAL INVESTMENT MANAGEMENT COMPANY, LLC New +1,800,000+1.8m
TD Asset Management Inc New +823,882+823.9k
MOULTON WEALTH MANAGEMENT, INC New +396,498+396.5k
Aristotle Pacific Capital, LLC Added +324,407+324.4k
HSBC HOLDINGS PLC Added +274,671+274.7k
WELLS FARGO & COMPANY/MN Added +223,339+223.3k
State of Tennessee, Department of Treasury New +215,100+215.1k
ASSETMARK, INC Added +203,301+203.3k
Counterpoint Mutual Funds LLC Added +134,087+134.1k

Biggest sellers

JPMORGAN CHASE & CO Reduced -2,818,591-2.8m
STATE STREET CORP Reduced -1,479,166-1.5m
ENVESTNET ASSET MANAGEMENT INC Reduced -1,067,783-1.1m
OSAIC HOLDINGS, INC. Reduced -983,051-983.1k
ALLSTATE CORP Reduced -923,000-923.0k
MANUFACTURERS LIFE INSURANCE COMPANY, THE Reduced -878,029-878.0k
Capitolis Liquid Global Markets LLC Sold out -271,900-271.9k
UNITED CAPITAL FINANCIAL ADVISORS, LLC Reduced -261,011-261.0k
POTOMAC FUND MANAGEMENT INC /ADV Sold out -201,975-202.0k
Envestnet Portfolio Solutions, Inc. Reduced -184,897-184.9k

Biggest calls

Point72 Asset Management, L.P. Added $12.5m129.0k shares
CITADEL ADVISORS LLC Added $729.1k7.5k shares

Biggest puts

Point72 Asset Management, L.P. Added $12.4m127.4k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP New $826.3k8.5k shares
CITADEL ADVISORS LLC Reduced $563.8k5.8k shares
JANE STREET GROUP, LLC New $418.0k4.3k 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, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 STATE STREET CORP 0.04% of their portfolio BOSTON, MA 11,183,63611.2m $1.1bn $1.1bn 0.04% Reduced -1.5m -1,479,166
2 ASSETMARK, INC 1.13% of their portfolio CONCORD, CA 5,683,4865.7m $552.5m $552.5m 1.13% Added +203.3k +203,301
3 WELLS FARGO & COMPANY/MN 0.10% of their portfolio SAN FRANCISCO, CA 5,445,3535.4m $529.3m $529.3m 0.10% Added +223.3k +223,339
4 Clark Capital Management Group, Inc. 2.05% of their portfolio PHILADELPHIA, PA 3,440,2153.4m $334.4m $334.4m 2.05% Reduced -44.2k -44,169
5 Japan Science & Technology Agency 5.18% of their portfolio TOKYO, M0 2,900,0002.9m $281.9m $281.9m 5.18% Unchanged
6 American Family Investments, Inc. 7.31% of their portfolio MADISON, WI 2,088,0002.1m $203.0m $203.0m 7.31% New
7 Mitsubishi UFJ Asset Management Co., Ltd. 0.14% of their portfolio TOKYO, M0 2,065,8152.1m $201.1m $201.1m 0.14% Added +94.2k +94,200
8 Ocean Park Asset Management, LLC 8.70% of their portfolio SANTA MONICA, CA 1,906,4241.9m $185.3m $185.3m 8.70% Reduced -184.1k -184,100
9 NORTHWESTERN MUTUAL INVESTMENT MANAGEMENT COMPANY, LLC 2.04% of their portfolio MILWAUKEE, WI 1,800,0001.8m $175.0m $175.0m 2.04% New
10 BlackRock, Inc. 0.00% of their portfolio New York, NY 1,761,9671.8m $171.3m $171.3m 0.00% Reduced -36.1k -36,076
11 ENVESTNET ASSET MANAGEMENT INC 0.05% of their portfolio Berwyn, PA 1,758,8151.8m $171.0m $171.0m 0.05% Reduced -1.1m -1,067,783
12 LPL Financial LLC 0.04% of their portfolio FORT MILL, SC 1,365,4131.4m $132.7m $132.7m 0.04% Reduced -136.9k -136,903
13 Thrivent Financial for Lutherans 0.22% of their portfolio Minneapolis, MN 1,297,4911.3m $126.1m $126.1m 0.22% Added +19.2k +19,208
14 BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp 0.63% of their portfolio VICTORIA, A1 1,221,0001.2m $118.7m $118.7m 0.63% Unchanged
15 GOLDMAN SACHS GROUP INC 0.02% of their portfolio NEW YORK, NY 1,162,0441.2m $113.0m $113.0m 0.02% Reduced -4.6k -4,580
16 Man Group plc 0.20% of their portfolio LONDON, X0 1,089,2711.1m $105.9m $105.9m 0.20% Reduced -106.0k -105,993
17 Bank of New York Mellon Corp 0.02% of their portfolio NEW YORK, NY 1,008,9571.0m $98.1m $98.1m 0.02% Reduced -8.2k -8,197
18 AMERIPRISE FINANCIAL INC 0.02% of their portfolio MINNEAPOLIS, MN 989,589989.6k $96.2m $96.2m 0.02% Reduced -8.3k -8,286
19 MORGAN STANLEY 0.01% of their portfolio NEW YORK, NY 913,187913.2k $88.8m $88.8m 0.01% Added +80.1k +80,106
20 BNP PARIBAS FINANCIAL MARKETS 0.05% of their portfolio PARIS, I0 866,095866.1k $84.2m $84.2m 0.05% Reduced -145.2k -145,181
21 TD Asset Management Inc 0.06% of their portfolio Toronto, A6 823,882823.9k $80.1m $80.1m 0.06% New
22 BANK OF AMERICA CORP /DE/ 0.01% of their portfolio CHARLOTTE, NC 748,517748.5k $72.8m $72.8m 0.01% Added +12.3k +12,265
23 Counterpoint Mutual Funds LLC 5.13% of their portfolio San Diego, CA 712,042712.0k $69.2m $69.2m 5.13% Added +134.1k +134,087
24 PNC Financial Services Group, Inc. 0.03% of their portfolio Pittsburgh, PA 658,610658.6k $64.0m $64.0m 0.03% Added +9.6k +9,552
25 Aristotle Pacific Capital, LLC 22.90% of their portfolio NEWPORT BEACH, CA 574,407574.4k $55.8m $55.8m 22.90% Added +324.4k +324,407
26 HSBC HOLDINGS PLC 0.02% of their portfolio LONDON, X0 570,030570.0k $55.4m $55.4m 0.02% Added +274.7k +274,671
27 BLB&B Advisors, LLC 2.24% of their portfolio MONTGOMERYVILLE, PA 550,140550.1k $53.5m $53.5m 2.24% Added +65.2k +65,209
28 UNITED CAPITAL FINANCIAL ADVISORS, LLC 0.32% of their portfolio IRVING, TX 542,317542.3k $52.7m $52.7m 0.32% Reduced -261.0k -261,011
29 Sumitomo Mitsui DS Asset Management Company, Ltd 0.36% of their portfolio TOKYO, M0 464,261464.3k $45.1m $45.1m 0.36% Reduced -61.2k -61,194
30 Bank Julius Baer & Co. Ltd, Zurich 0.11% of their portfolio ZURICH, V8 423,504423.5k $41.2m $41.2m 0.11% Added +22.7k +22,691
31 MOULTON WEALTH MANAGEMENT, INC 9.51% of their portfolio SPOKANE, WA 396,498396.5k $10.0m $10.0m 9.51% New
32 Gerber Kawasaki Wealth & Investment Management 1.22% of their portfolio SANTA MONICA, CA 359,998360.0k $35.0m $35.0m 1.22% Added +28.6k +28,570
33 Nan Shan Life Insurance Co., Ltd. 1.01% of their portfolio Taipei City, F5 337,566337.6k $32.8m $32.8m 1.01% Unchanged
34 TOEWS CORP /ADV 4.65% of their portfolio NORTHFIELD, NJ 329,000329.0k $32.0m $32.0m 4.65% Reduced -155.5k -155,500
35 UBS Group AG 0.01% of their portfolio ZURICH, V8 328,120328.1k $31.9m $31.9m 0.01% Reduced -86.4k -86,389
36 Cetera Investment Advisers 0.03% of their portfolio SCHAUMBURG, IL 327,377327.4k $31.8m $31.8m 0.03% Reduced -7.2k -7,200
37 ROYAL BANK OF CANADA 0.01% of their portfolio TORONTO, A6 318,952319.0k $31.0m $31.0m 0.01% Reduced -50.3k -50,256
38 Checchi Capital Advisers, LLC 1.85% of their portfolio BEVERLY HILLS, CA 280,465280.5k $27.3m $27.3m 1.85% Added +8.7k +8,706
39 Chandler Asset Management, Inc. 4.31% of their portfolio SAN DIEGO, CA 279,826279.8k $27.2m $27.2m 4.31% Added +19.6k +19,630
40 RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio ST. PETERSBURG, FL 279,124279.1k $27.1m $27.1m 0.01% Added +28.3k +28,301
41 Envestnet Portfolio Solutions, Inc. 0.09% of their portfolio BERWYN, PA 254,753254.8k $24.8m $24.8m 0.09% Reduced -184.9k -184,897
42 Howard Capital Management, LLC 0.32% of their portfolio Alpharetta, GA 253,468253.5k $24.6m $24.6m 0.32% Added +5.1k +5,100
43 MML INVESTORS SERVICES, LLC 0.05% of their portfolio SPRINGFIELD, MA 221,900221.9k $21.6m $21.6m 0.05% Added +17.2k +17,185
44 State of Tennessee, Department of Treasury 0.07% of their portfolio NASHVILLE, TN 215,100215.1k $21.0m $21.0m 0.07% New
45 Sumitomo Mitsui Trust Group, Inc. 0.01% of their portfolio CHIYODA-KU, TOKYO, M0 210,000210.0k $20.4m $20.4m 0.01% Reduced -13.0k -13,000
46 CNO Financial Group, Inc. 11.47% of their portfolio Carmel, IN 208,200208.2k $20.2m $20.2m 11.47% Added +51.0k +51,000
47 EXCHANGE TRADED CONCEPTS, LLC 0.15% of their portfolio Oklahoma City, OK 186,467186.5k $18.1m $18.1m 0.15% Added +10.1k +10,100
48 MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio NEW YORK, NY 181,718181.7k $17.7m $17.7m 0.01% Reduced -62.4k -62,375
49 Mirae Asset Global Investments Co., Ltd. 0.05% of their portfolio SEOUL, M5 180,000180.0k $17.5m $17.5m 0.05% Added +67.0k +67,000
50 OSAIC HOLDINGS, INC. 0.02% of their portfolio SCOTTSDALE, AZ 175,016175.0k $17.0m $17.0m 0.02% Reduced -983.1k -983,051
51 Allianz Asset Management GmbH 0.02% of their portfolio MUNICH, 2M 173,000173.0k $16.8m $16.8m 0.02% Reduced -52.8k -52,800
52 CAPSTONE INVESTMENT ADVISORS, LLC 0.13% of their portfolio NEW YORK, NY 166,301166.3k $16.2m $16.2m 0.13% Added +27.1k +27,100
53 COMMONWEALTH EQUITY SERVICES, LLC 0.02% of their portfolio WALTHAM, MA 165,447165.4k $16.1m $16.1m 0.02% Added +27.2k +27,173
54 RENAISSANCE TECHNOLOGIES LLC 0.02% of their portfolio NEW YORK, NY 163,600163.6k $15.9m $15.9m 0.02% Added +110.0k +110,000
55 Berkshire Money Management, Inc. 1.45% of their portfolio DALTON, MA 156,057156.1k $15.2m $15.2m 1.45% Added +53.7k +53,727
56 Migdal Insurance & Financial Holdings Ltd. 0.13% of their portfolio Petach Tikva, L3 149,647149.6k $14.6m $14.6m 0.13% Added +17.5k +17,549
57 PARK AVENUE SECURITIES LLC 0.12% of their portfolio NEW YORK, NY 140,915140.9k $13.7m $13.7m 0.12% Reduced -16.7k -16,705
58 GUGGENHEIM CAPITAL LLC 0.10% of their portfolio CHICAGO, IL 138,429138.4k $13.5m $13.5m 0.10% Added +1.3k +1,288
59 Equitable Holdings, Inc. 0.09% of their portfolio NEW YORK, NY 136,187136.2k $13.2m $13.2m 0.09% Reduced -28.6k -28,554
60 Jessup Wealth Management, Inc 4.27% of their portfolio DAYTON, OH 132,933132.9k $12.9m $12.9m 4.27% Added +7.2k +7,229
61 HRT FINANCIAL LP 0.05% of their portfolio NEW YORK, NY 131,805131.8k $12.8m $12.8m 0.05% New
62 NewSquare Capital LLC 1.12% of their portfolio NEWTOWN SQUARE, PA 130,687130.7k $12.7m $12.7m 1.12% Reduced -54.1k -54,111
63 Hibernia Wealth Partners, LLC 3.77% of their portfolio BATON ROUGE, LA 128,660128.7k $12.5m $12.5m 3.77% Added +65.4k +65,393
64 Idaho Trust Co 4.11% of their portfolio BOISE, ID 127,777127.8k $12.4m $12.4m 4.11% Reduced -12.5k -12,542
65 Symmetry Partners, LLC 0.73% of their portfolio GLASTONBURY, CT 126,584126.6k $12.3m $12.3m 0.73% Added +5.6k +5,615
66 Crabel Capital Management, LLC 8.70% of their portfolio MILWAUKEE, WI 118,383118.4k $11.5m $11.5m 8.70% Added +12.1k +12,063
67 Kestra Advisory Services, LLC 0.05% of their portfolio AUSTIN, TX 117,517117.5k $11.4m $11.4m 0.05% Added +19.1k +19,114
68 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 115,673115.7k $11.2m $11.2m 0.00% Reduced -2.8m -2,818,591
69 Prime Capital Investment Advisors, LLC 0.13% of their portfolio OVERLAND PARK, KS 113,651113.7k $11.0m $11.0m 0.13% Reduced -9.9k -9,916
70 CWM, LLC 0.03% of their portfolio OMAHA, NE 111,787111.8k $10.9m $10.9m 0.03% Added +109.6k +109,606
71 ALLSTATE CORP 0.15% of their portfolio NORTHBROOK, IL 110,000110.0k $10.7m $10.7m 0.15% Reduced -923.0k -923,000
72 Altura Wealth Advisors Inc. 4.57% of their portfolio SANTA CLARA, CA 109,096109.1k $10.6m $10.6m 4.57% Added +10.6k +10,580
73 Somnio Financial Group, LLC 6.34% of their portfolio GLASTONBURY, CT 98,64098.6k $9.6m $9.6m 6.34% Added +4.3k +4,273
74 AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio KANSAS CITY, MO 96,96197.0k $9.4m $9.4m 0.00% Reduced -164.5k -164,496
75 Prospera Financial Services Inc 0.14% of their portfolio Dallas, TX 90,30890.3k $8.8m $8.8m 0.14% Added +2.2k +2,248
76 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 86,60086.6k $8.4m $8.4m 0.00% Reduced -6.7k -6,700
77 Cambridge Investment Research Advisors, Inc. 0.02% of their portfolio FAIRFIELD, IA 86,40686.4k $8.4m $8.4m 0.02% Added +2.9k +2,932
78 NOMURA ASSET MANAGEMENT CO LTD 0.02% of their portfolio TOKYO, M0 81,43381.4k $7.9m $7.9m 0.02% Reduced -1.5k -1,500
79 Up Capital Management, Inc. 7.01% of their portfolio ROSEVILLE, CA 80,61780.6k $7.8m $7.8m 7.01% First filing
80 STRATEGIC INVESTMENT MANAGEMENT, LLC 3.93% of their portfolio ARLINGTON, VA 79,82079.8k $7.8m $7.8m 3.93% Unchanged
81 UMB Bank, n.a. 0.10% of their portfolio Kansas City, MO 78,67978.7k $7.6m $7.6m 0.10% Not comparable
82 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 76,06176.1k $7.4m $7.4m 0.00% Reduced -27.7k -27,697
83 MACKENZIE FINANCIAL CORP 0.01% of their portfolio TORONTO ONTARIO, A6 74,40074.4k $7.2m $7.2m 0.01% Added +400 +400
84 Transmarket Holdings LP 5.27% of their portfolio CHICAGO, IL 74,23074.2k $7.2m $7.2m 5.27% First filing
85 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 74,13674.1k $7.2m $7.2m 0.00% Added +8.4k +8,394
86 SCHRODER INVESTMENT MANAGEMENT GROUP 0.01% of their portfolio London, X0 73,14173.1k $7.1m $7.1m 0.01% Reduced -5.5k -5,458
87 Apella Capital, LLC 0.14% of their portfolio WEST HARTFORD, CT 72,66572.7k $7.1m $7.1m 0.14% Reduced -8.1k -8,145
88 PRINCIPAL SECURITIES, INC. 0.10% of their portfolio DES MOINES, IA 69,58069.6k $6.8m $6.8m 0.10% Added +6.7k +6,654
89 PRUDENTIAL FINANCIAL INC 0.01% of their portfolio NEWARK, NJ 69,49069.5k $6.8m $6.8m 0.01% Unchanged
90 Everstar Asset Management, LLC 0.30% of their portfolio MOORESVILLE, NC 69,09269.1k $561.9k $561.9k 0.30% New
91 Ameritas Advisory Services, LLC 0.25% of their portfolio Lincoln, NE 67,78667.8k $6.6m $6.6m 0.25% Added +67.4k +67,390
92 PRINCIPAL FINANCIAL GROUP INC 0.00% of their portfolio DES MOINES, IA 67,53467.5k $6.6m $6.6m 0.00% Added +33.1k +33,137
93 Baird Financial Group, Inc. 0.01% of their portfolio MILWAUKEE, WI 67,44467.4k $6.6m $6.6m 0.01% Added +25.6k +25,567
94 IFG Advisory, LLC 0.28% of their portfolio ATLANTA, GA 66,87366.9k $6.5m $6.5m 0.28% Added +2.0k +2,017
95 Hilltop Holdings Inc. 0.37% of their portfolio DALLAS, TX 64,07964.1k $6.2m $6.2m 0.37% Added +10.0k +10,000
96 Pathstone Holdings, LLC 0.02% of their portfolio ENGLEWOOD, NJ 61,17161.2k $5.9m $5.9m 0.02% Reduced -1.6k -1,570
97 Farther Finance Advisors, LLC 0.06% of their portfolio SAN FRANCISCO, CA 61,13261.1k $5.9m $5.9m 0.06% Added +947 +947
98 Jump Financial, LLC 0.07% of their portfolio Chicago, IL 60,63560.6k $5.9m $5.9m 0.07% New
99 Navigation Wealth Management, Inc. 8.64% of their portfolio FORT COLLINS, CO 59,85459.9k $5.8m $5.8m 8.64% Reduced -1.2k -1,170
100 Sound Income Strategies, LLC 0.27% of their portfolio FT LAUDERDALE, FL 59,23159.2k $5.8m $5.8m 0.27% Reduced -632 -632