Vault-13

SPDR SER TR BIL

BLOOMBERG 1-3 MO · ETP · CUSIP 78468R663

1,174 institutional holders -8 vs Q2 2025
237,253,001237.3m shares reported held*
$21.8bnreported value*
110 new 487 added 490 reduced 108 sold out net sold ≈ $1.4bn (-15.4m 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 ($35.7m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $91.79. Options: 2 managers hold calls ($2.1m notional), 2 hold puts ($4.5m).

Trends to Q3 2025

Institutional holders

Managers reporting a position, each quarter

05001k1.5kQ3 22: 583Q4 22: 690Q1 23: 795Q2 23: 854Q3 23: 872Q4 23: 986Q1 24: 967Q2 24: 1,033Q3 24: 1,047Q4 24: 1,133Q1 25: 1,174Q2 25: 1,182Q3 25: 1,1741,174Q3 22Q2 23Q1 24Q4 24Q3 25
Numbers
QuarterHolders
Q3 2022583
Q4 2022690
Q1 2023795
Q2 2023854
Q3 2023872
Q4 2023986
Q1 2024967
Q2 20241,033
Q3 20241,047
Q4 20241,133
Q1 20251,174
Q2 20251,182
Q3 20251,174

Buyers vs sellers

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

Bought or addedCut or sold out
1k01kQ4 23: 443 bought or addedQ4 23: 480 cut or sold outQ1 24: 476 bought or addedQ1 24: 524 cut or sold outQ1 24Q2 24: 526 bought or addedQ2 24: 468 cut or sold outQ3 24: 505 bought or addedQ3 24: 529 cut or sold outQ3 24Q4 24: 594 bought or addedQ4 24: 451 cut or sold outQ1 25: 668 bought or addedQ1 25: 497 cut or sold outQ1 25Q2 25: 599 bought or addedQ2 25: 572 cut or sold outQ3 25: 597 bought or addedQ3 25: 598 cut or sold outQ3 25
Numbers
QuarterBought or addedCut or sold out
Q4 2023443480
Q1 2024476524
Q2 2024526468
Q3 2024505529
Q4 2024594451
Q1 2025668497
Q2 2025599572
Q3 2025597598

Calls vs puts

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

CallsPuts
$0$2.5m$5m$7.5m$10mQ4 24 calls: $301.7kQ4 24 puts: $9.6mQ4 24P/C 31.97Q1 25 calls: $3.3mQ1 25 puts: $1.1mQ1 25P/C 0.33Q2 25 calls: $3.6mQ2 25 puts: $2.2mQ2 25P/C 0.61Q3 25 calls: $2.1mQ3 25 puts: $4.5mQ3 25P/C 2.11
Numbers
QuarterCallsPutsP/C
Q4 2024$301.7k$9.6m31.97
Q1 2025$3.3m$1.1m0.33
Q2 2025$3.6m$2.2m0.61
Q3 2025$2.1m$4.5m2.11

Biggest buyers

AQR CAPITAL MANAGEMENT LLC Added +2,287,314+2.3m
MORGAN STANLEY Added +2,047,165+2.0m
ArrowMark Colorado Holdings LLC Added +1,286,774+1.3m
Synergy Asset Management, LLC Added +1,241,735+1.2m
IEQ CAPITAL, LLC Added +1,156,474+1.2m
Ashton Thomas Private Wealth, LLC Added +681,347+681.3k
Impact Partnership Wealth, LLC Added +639,480+639.5k
Foundations Investment Advisors, LLC Added +570,492+570.5k
CWM, LLC Added +483,773+483.8k
Capital Wealth Planning, LLC Added +452,437+452.4k

Biggest sellers

ROYAL BANK OF CANADA Reduced -7,498,539-7.5m
CAPTRUST FINANCIAL ADVISORS Reduced -1,969,293-2.0m
ASSETMARK, INC Reduced -1,789,872-1.8m
AGF MANAGEMENT LTD Reduced -1,462,480-1.5m
Rockefeller Capital Management L.P. Reduced -1,425,214-1.4m
BANK OF AMERICA CORP /DE/ Reduced -1,369,015-1.4m
3EDGE Asset Management, LP Reduced -1,331,501-1.3m
ENVESTNET ASSET MANAGEMENT INC Reduced -1,102,351-1.1m
Capital International Investors Reduced -1,040,227-1.0m
CX Institutional Reduced -785,662-785.7k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $1.8m19.8k shares
WOLVERINE TRADING, LLC New $321.1k3.5k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $4.2m45.6k shares
WOLVERINE TRADING, LLC New $321.1k3.5k 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 MORGAN STANLEY 0.14% of their portfolio NEW YORK, NY 24,806,17724.8m $2.3bn $2.3bn 0.14% Added +2.0m +2,047,165
2 BANK OF AMERICA CORP /DE/ 0.11% of their portfolio CHARLOTTE, NC 16,406,97116.4m $1.5bn $1.5bn 0.11% Reduced -1.4m -1,369,015
3 LPL Financial LLC 0.35% of their portfolio FORT MILL, SC 13,241,87313.2m $1.2bn $1.2bn 0.35% Added +104.9k +104,931
4 ROYAL BANK OF CANADA 0.14% of their portfolio TORONTO, A6 8,395,1078.4m $770.2m $770.2m 0.14% Reduced -7.5m -7,498,539
5 UBS Group AG 0.14% of their portfolio ZURICH, V8 7,929,2377.9m $727.5m $727.5m 0.14% Reduced -283.8k -283,834
6 WELLS FARGO & COMPANY/MN 0.13% of their portfolio SAN FRANCISCO, CA 6,705,3916.7m $615.2m $615.2m 0.13% Added +124.0k +123,988
7 STIFEL FINANCIAL CORP 0.40% of their portfolio ST. LOUIS, MO 4,791,8354.8m $439.7m $439.7m 0.40% Reduced -94.4k -94,379
8 Capital Wealth Planning, LLC 2.97% of their portfolio NAPLES, FL 4,594,1584.6m $421.5m $421.5m 2.97% Added +452.4k +452,437
9 ENVESTNET ASSET MANAGEMENT INC 0.12% of their portfolio Berwyn, PA 4,552,6474.6m $417.7m $417.7m 0.12% Reduced -1.1m -1,102,351
10 AQR CAPITAL MANAGEMENT LLC 0.26% of their portfolio Greenwich, CT 4,497,1154.5m $412.6m $412.6m 0.26% Added +2.3m +2,287,314
11 RAYMOND JAMES FINANCIAL INC 0.12% of their portfolio ST. PETERSBURG, FL 4,170,5944.2m $382.7m $382.7m 0.12% Added +129.5k +129,466
12 CAPTRUST FINANCIAL ADVISORS 0.71% of their portfolio RALEIGH, NC 3,808,4823.8m $349.4m $349.4m 0.71% Reduced -2.0m -1,969,293
13 IEQ CAPITAL, LLC 0.88% of their portfolio Foster City, CA 3,164,6523.2m $290.4m $290.4m 0.88% Added +1.2m +1,156,474
14 Capital International Investors 0.04% of their portfolio Los Angeles, CA 2,954,4583.0m $271.1m $271.1m 0.04% Reduced -1.0m -1,040,227
15 CWM, LLC 0.78% of their portfolio OMAHA, NE 2,843,8102.8m $260.9m $260.9m 0.78% Added +483.8k +483,773
16 TRUIST FINANCIAL CORP 0.35% of their portfolio CHARLOTTE, NC 2,825,6122.8m $259.2m $259.2m 0.35% Reduced -564.4k -564,353
17 Cetera Investment Advisers 0.28% of their portfolio SCHAUMBURG, IL 2,658,2342.7m $243.9m $243.9m 0.28% Added +209.4k +209,406
18 OSAIC HOLDINGS, INC. 0.31% of their portfolio SCOTTSDALE, AZ 2,408,5162.4m $221.0m $221.0m 0.31% Reduced -292.4k -292,383
19 BANCO BILBAO VIZCAYA ARGENTARIA, S.A. 1.64% of their portfolio Madrid, U3 2,344,7592.3m $214.9m $214.9m 1.64% Added +276.3k +276,260
20 OPPENHEIMER ASSET MANAGEMENT INC. 2.33% of their portfolio NEW YORK, NY 2,304,8172.3m $211.5m $211.5m 2.33% Reduced -45.2k -45,159
21 Ashton Thomas Private Wealth, LLC 4.72% of their portfolio SCOTTSDALE, AZ 1,985,3602.0m $182.2m $182.2m 4.72% Added +681.3k +681,347
22 Synergy Asset Management, LLC 6.24% of their portfolio VANCOUVER, WA 1,879,5351.9m $172.4m $172.4m 6.24% Added +1.2m +1,241,735
23 Foundations Investment Advisors, LLC 2.32% of their portfolio PHOENIX, AZ 1,742,5161.7m $159.9m $159.9m 2.32% Added +570.5k +570,492
24 Rockefeller Capital Management L.P. 0.30% of their portfolio NEW YORK, NY 1,690,5581.7m $155.1m $155.1m 0.30% Reduced -1.4m -1,425,214
25 BlackRock, Inc. 0.00% of their portfolio New York, NY 1,681,3921.7m $154.3m $154.3m 0.00% Added +32.9k +32,851
26 AGF MANAGEMENT LTD 0.65% of their portfolio TORONTO, A6 1,613,5691.6m $148.0m $148.0m 0.65% Reduced -1.5m -1,462,480
27 ArrowMark Colorado Holdings LLC 2.66% of their portfolio Denver, CO 1,562,7301.6m $143.4m $143.4m 2.66% Added +1.3m +1,286,774
28 Creative Planning 0.10% of their portfolio OVERLAND PARK, KS 1,389,0041.4m $127.4m $127.4m 0.10% Reduced -29.7k -29,726
29 Dakota Wealth Management 2.40% of their portfolio PALM BEACH GARDENS, FL 1,298,2601.3m $119.1m $119.1m 2.40% Added +22.7k +22,687
30 AMERIPRISE FINANCIAL INC 0.03% of their portfolio MINNEAPOLIS, MN 1,281,4141.3m $117.8m $117.8m 0.03% Reduced -253.8k -253,838
31 Cambridge Investment Research Advisors, Inc. 0.32% of their portfolio FAIRFIELD, IA 1,270,5391.3m $116.6m $116.6m 0.32% Reduced -244.5k -244,546
32 ASSETMARK, INC 0.24% of their portfolio CONCORD, CA 1,225,9991.2m $112.5m $112.5m 0.24% Reduced -1.8m -1,789,872
33 3EDGE Asset Management, LP 6.23% of their portfolio Naples, FL 1,203,5041.2m $110.4m $110.4m 6.23% Reduced -1.3m -1,331,501
34 MBL Wealth, LLC 8.56% of their portfolio CHARLOTTE, NC 1,067,0351.1m $97.9m $97.9m 8.56% Added +118.6k +118,624
35 Impact Partnership Wealth, LLC 14.50% of their portfolio MARIETTA, GA 1,062,9221.1m $97.5m $97.5m 14.50% Added +639.5k +639,480
36 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.06% of their portfolio MILWAUKEE, WI 1,028,2201.0m $94.3m $94.3m 0.06% Added +168.5k +168,538
37 MONETA GROUP INVESTMENT ADVISORS LLC 0.74% of their portfolio ST LOUIS, MO 1,012,3731.0m $92.9m $92.9m 0.74% Added +275.3k +275,339
38 Private Advisor Group, LLC 0.45% of their portfolio MORRISTOWN, NJ 999,858999.9k $91.7m $91.7m 0.45% Added +108.1k +108,119
39 Howard Capital Management, LLC 1.13% of their portfolio Alpharetta, GA 932,688932.7k $85.6m $85.6m 1.13% Reduced -438.7k -438,728
40 Sandhill Capital Partners LLC 5.96% of their portfolio BUFFALO, NY 929,940929.9k $85.3m $85.3m 5.96% Reduced -443.5k -443,547
41 AXXCESS WEALTH MANAGEMENT, LLC 1.77% of their portfolio CARLSBAD, CA 910,579910.6k $83.5m $83.5m 1.77% Added +23.7k +23,677
42 EAGLE CAPITAL MANAGEMENT LLC 0.26% of their portfolio New York, NY 874,392874.4k $80.2m $80.2m 0.26% Reduced -190.0k -190,021
43 Composition Wealth, LLC 1.10% of their portfolio LOS ANGELES, CA 798,638798.6k $73.3m $73.3m 1.10% Added +115.3k +115,260
44 SPROTT INC. 2.70% of their portfolio TORONTO, A6 783,921783.9k $71.9m $71.9m 2.70% Reduced -120.5k -120,537
45 MML INVESTORS SERVICES, LLC 0.18% of their portfolio SPRINGFIELD, MA 742,829742.8k $68.2m $68.2m 0.18% Added +177.2k +177,234
46 Mariner, LLC 0.09% of their portfolio Overland Park, KS 741,282741.3k $68.0m $68.0m 0.09% Reduced -21.2k -21,194
47 Capital Asset Advisory Services LLC 2.90% of their portfolio Williamston, MI 733,030733.0k $67.3m $67.3m 2.90% Added +18.9k +18,915
48 Baird Financial Group, Inc. 0.10% of their portfolio MILWAUKEE, WI 661,562661.6k $60.7m $60.7m 0.10% Reduced -42.2k -42,175
49 MERCER GLOBAL ADVISORS INC /ADV 0.10% of their portfolio DENVER, CO 633,498633.5k $58.1m $58.1m 0.10% Added +343.7k +343,713
50 Envestnet Portfolio Solutions, Inc. 0.21% of their portfolio BERWYN, PA 627,612627.6k $57.6m $57.6m 0.21% Added +177.0k +177,046
51 12th Street Asset Management Company, LLC 9.23% of their portfolio Nashville, TN 594,971595.0k $54.6m $54.6m 9.23% Added +97.2k +97,245
52 HighTower Advisors, LLC 0.06% of their portfolio CHICAGO, IL 590,577590.6k $54.2m $54.2m 0.06% Reduced -110.6k -110,565
53 Running Point Capital Advisors, LLC 13.90% of their portfolio EL SEGUNDO, CA 565,442565.4k $51.9m $51.9m 13.90% Reduced -100.6k -100,601
54 BANK OF MONTREAL /CAN/ 0.02% of their portfolio TORONTO, A6 554,238554.2k $50.9m $50.9m 0.02% Added +48.4k +48,376
55 Acorns Advisers, LLC 0.40% of their portfolio IRVINE, CA 548,222548.2k $50.3m $50.3m 0.40% Added +7.3k +7,348
56 Verdence Capital Advisors LLC 2.88% of their portfolio HUNT VALLEY, MD 545,837545.8k $50.1m $50.1m 2.88% Added +108.9k +108,885
57 Twelve Points Wealth Management LLC 12.07% of their portfolio CONCORD, MA 527,943527.9k $48.4m $48.4m 12.07% Reduced -20.4k -20,380
58 Sanctuary Advisors, LLC 0.15% of their portfolio INDIANAPOLIS, IN 526,359526.4k $48.3m $48.3m 0.15% Added +291.8k +291,750
59 Abich Financial Wealth Management LLC 17.11% of their portfolio ASHBURN, VA 523,865523.9k $48.1m $48.1m 17.11% First filing
60 Salomon & Ludwin, LLC 4.30% of their portfolio RICHMOND, VA 522,327522.3k $47.8m $47.8m 4.30% Added +5.4k +5,386
61 CWA Asset Management Group, LLC 1.76% of their portfolio NAPLES, FL 517,960518.0k $47.5m $47.5m 1.76% Reduced -65.2k -65,226
62 COMMONWEALTH EQUITY SERVICES, LLC 0.06% of their portfolio WALTHAM, MA 514,574514.6k $47.2m $47.2m 0.06% Reduced -414.2k -414,164
63 Northstar Group, Inc. 6.86% of their portfolio NEW YORK, NY 513,303513.3k $47.1m $47.1m 6.86% Reduced -3.4k -3,390
64 DIMENSION CAPITAL MANAGEMENT LLC 6.72% of their portfolio Coral Gables, FL 503,608503.6k $46.2m $46.2m 6.72% Reduced -62.3k -62,349
65 Jefferies Financial Group Inc. 0.42% of their portfolio NEW YORK, NY 503,538503.5k $46.2m $46.2m 0.42% Added +235.9k +235,870
66 SCOTIA CAPITAL INC. 0.19% of their portfolio TORONTO, A6 479,182479.2k $44.0m $44.0m 0.19% Added +267.5k +267,484
67 Second Half Financial Partners, LLC 18.97% of their portfolio SEBRING, FL 469,315469.3k $43.1m $43.1m 18.97% Added +54.0k +54,010
68 Advisory Services Network, LLC 0.62% of their portfolio ATLANTA, GA 463,846463.8k $42.6m $42.6m 0.62% Reduced -92.6k -92,560
69 Brookstone Capital Management 0.49% of their portfolio WHEATON, IL 448,143448.1k $41.1m $41.1m 0.49% Reduced -3.5k -3,502
70 Mutual Advisors, LLC 0.90% of their portfolio OMAHA, NE 446,128446.1k $40.9m $40.9m 0.90% Reduced -44.4k -44,449
71 Permanens Capital L.P. 6.04% of their portfolio NEW YORK, NY 441,640441.6k $40.5m $40.5m 6.04% Added +410.6k +410,635
72 Bell Bank 1.75% of their portfolio FARGO, ND 440,112440.1k $40.4m $40.4m 1.75% Reduced -3.8k -3,797
73 Randolph Co Inc 3.90% of their portfolio Cincinnati, OH 436,966437.0k $40.1m $40.1m 3.90% Added +153.7k +153,668
74 &PARTNERS 0.26% of their portfolio NASHVILLE, TN 434,045434.0k $40.0m $40.0m 0.26% Added +67.8k +67,785
75 Sicart Associates LLC 10.73% of their portfolio NEW YORK, NY 431,682431.7k $39.6m $39.6m 10.73% Added +384.0k +384,000
76 NewEdge Advisors, LLC 0.18% of their portfolio NEW ORLEANS, LA 429,210429.2k $39.4m $39.4m 0.18% Reduced -65.6k -65,614
77 Gitterman Wealth Management, LLC 8.93% of their portfolio Edison, NJ 424,957425.0k $39.0m $39.0m 8.93% Added +19.4k +19,392
78 Relyea Zuckerberg Hanson LLC 4.04% of their portfolio STAMFORD, CT 418,366418.4k $38.4m $38.4m 4.04% Added +46.9k +46,945
79 Valence8 US LP 13.12% of their portfolio Cambridge, MA 417,251417.3k $38.3m $38.3m 13.12% New
80 Auour Investments LLC 12.46% of their portfolio WOBURN, MA 417,044417.0k $38.3m $38.3m 12.46% Reduced -81.1k -81,075
81 Apriem Advisors 3.58% of their portfolio IRVINE, CA 412,271412.3k $37.8m $37.8m 3.58% Added +124.6k +124,583
82 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 402,624402.6k $36.9m $36.9m 0.00% Reduced -81.6k -81,588
83 First Eagle Investment Management, LLC 0.07% of their portfolio NEW YORK, NY 400,716400.7k $36.8m $36.8m 0.07% Reduced -36.5k -36,484
84 St. Louis Financial Planners Asset Management, LLC 23.68% of their portfolio CHESTERFIELD, MO 400,341400.3k $36.7m $36.7m 23.68% Added +99.4k +99,351
85 RFG Advisory, LLC 0.76% of their portfolio BIRMINGHAM, AL 400,339400.3k $36.7m $36.7m 0.76% Reduced -153.0k -153,024
86 B. Riley Wealth Advisors, Inc. 1.75% of their portfolio MEMPHIS, TN 396,493396.5k $36.4m $36.4m 1.75% Reduced -14.7k -14,665
87 Merit Financial Group, LLC 0.33% of their portfolio ALPHARETTA, GA 396,427396.4k $36.4m $36.4m 0.33% Added +331.4k +331,413
88 Steward Partners Investment Advisory, LLC 0.21% of their portfolio STAMFORD, CT 391,885391.9k $36.0m $36.0m 0.21% Added +43.4k +43,418
89 Equitable Holdings, Inc. 0.26% of their portfolio NEW YORK, NY 389,573389.6k $35.7m $35.7m 0.26% Added +31.9k +31,894
90 Teamwork Financial Advisors, LLC 3.85% of their portfolio San Antonio, TX 385,234385.2k $35.3m $35.3m 3.85% Reduced -159.2k -159,181
91 Fortis Group Advisors, LLC 5.99% of their portfolio WESTWOOD, NJ 379,311379.3k $34.8m $34.8m 5.99% Reduced -36.3k -36,335
92 Sollinda Capital Management LLC 9.45% of their portfolio HICKORY, NC 375,924375.9k $34.5m $34.5m 9.45% Added +5.4k +5,365
93 NATIXIS ADVISORS, LLC 0.05% of their portfolio Boston, MA 374,705374.7k $34.4m $34.4m 0.05% Added +19.2k +19,232
94 Turim 21 Investimentos Ltda. 11.43% of their portfolio RIO DE JANEIRO, D5 370,323370.3k $34.0m $34.0m 11.43% Reduced -10.1k -10,067
95 Gradient Investments LLC 0.56% of their portfolio ARDEN HILLS, MN 366,198366.2k $33.6m $33.6m 0.56% Added +4.4k +4,377
96 Rehmann Capital Advisory Group 1.84% of their portfolio LANSING, MI 365,761365.8k $33.6m $33.6m 1.84% Added +37.2k +37,200
97 Twin Lakes Capital Management, LLC 15.48% of their portfolio REDWOOD SHORES, CA 364,906364.9k $33.5m $33.5m 15.48% New
98 EverSource Wealth Advisors, LLC 1.32% of their portfolio BIRMINGHAM, AL 363,192363.2k $33.3m $33.3m 1.32% Added +66.5k +66,520
99 Allworth Financial LP 0.15% of their portfolio FOLSOM, CA 362,471362.5k $33.3m $33.3m 0.15% Added +13.1k +13,069
100 Donoghue Forlines LLC 10.23% of their portfolio Boston, MA 361,883361.9k $33.2m $33.2m 10.23% Added +67.7k +67,717