Vault-13

SPDR SER TR QUS

MSCI USA STRTGIC · ETP · CUSIP 78468R812

182 institutional holders +7 vs Q2 2025
7,460,5787.5m shares reported held*
$1.3bnreported value*
20 new 38 added 64 reduced 9 sold out net sold ≈ $147.9m (-863.6k 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 ($919.3k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $171.34. Options: 1 managers hold calls ($325.3k notional), 0 hold puts (—).

Trends to Q3 2025

Institutional holders

Managers reporting a position, each quarter

0100200Q3 22: 108Q4 22: 126Q1 23: 129Q2 23: 129Q3 23: 130Q4 23: 148Q1 24: 159Q2 24: 157Q3 24: 154Q4 24: 165Q1 25: 167Q2 25: 175Q3 25: 182182Q3 22Q2 23Q1 24Q4 24Q3 25
Numbers
QuarterHolders
Q3 2022108
Q4 2022126
Q1 2023129
Q2 2023129
Q3 2023130
Q4 2023148
Q1 2024159
Q2 2024157
Q3 2024154
Q4 2024165
Q1 2025167
Q2 2025175
Q3 2025182

Buyers vs sellers

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

Bought or addedCut or sold out
1000100Q4 23: 60 bought or addedQ4 23: 64 cut or sold outQ1 24: 68 bought or addedQ1 24: 63 cut or sold outQ1 24Q2 24: 64 bought or addedQ2 24: 77 cut or sold outQ3 24: 55 bought or addedQ3 24: 79 cut or sold outQ3 24Q4 24: 67 bought or addedQ4 24: 66 cut or sold outQ1 25: 61 bought or addedQ1 25: 67 cut or sold outQ1 25Q2 25: 85 bought or addedQ2 25: 58 cut or sold outQ3 25: 58 bought or addedQ3 25: 73 cut or sold outQ3 25
Numbers
QuarterBought or addedCut or sold out
Q4 20236064
Q1 20246863
Q2 20246477
Q3 20245579
Q4 20246766
Q1 20256167
Q2 20258558
Q3 20255873

Calls vs puts

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

CallsPuts
$0$100k$200k$300k$400kQ4 24 calls: $0Q4 24 puts: $0Q4 24P/C —Q1 25 calls: $0Q1 25 puts: $0Q1 25P/C —Q2 25 calls: $0Q2 25 puts: $0Q2 25P/C —Q3 25 calls: $325.3kQ3 25 puts: $0Q3 25P/C 0.00
Numbers
QuarterCallsPutsP/C
Q4 2024$0$0—
Q1 2025$0$0—
Q2 2025$0$0—
Q3 2025$325.3k$00.00

Biggest buyers

Focus Partners Wealth Added +74,333+74.3k
TWO SIGMA INVESTMENTS, LP Added +33,900+33.9k
PFG Private Wealth Management, LLC New +27,711+27.7k
LPL Financial LLC Added +26,368+26.4k
FLOW TRADERS U.S. LLC New +24,066+24.1k
Howard Capital Management, LLC Added +22,548+22.5k
Elevation Capital Advisory, LLC New +22,078+22.1k
Perennial Investment Advisors, LLC Added +19,827+19.8k
CITADEL ADVISORS LLC New +17,915+17.9k
Strategic Blueprint, LLC Added +11,305+11.3k

Biggest sellers

ELEVATION POINT WEALTH PARTNERS, LLC Sold out -238,262-238.3k
ENVESTNET ASSET MANAGEMENT INC Reduced -153,407-153.4k
ROYAL BANK OF CANADA Reduced -116,711-116.7k
Private Advisor Group, LLC Reduced -114,666-114.7k
RAYMOND JAMES FINANCIAL INC Reduced -107,589-107.6k
Presper Financial Architects, LLC Reduced -101,080-101.1k
WEALTH ENHANCEMENT ADVISORY SERVICES, LLC Reduced -63,427-63.4k
WIN ADVISORS, INC Sold out -55,442-55.4k
UBS Group AG Reduced -40,198-40.2k
Ameritas Advisory Services, LLC Reduced -34,027-34.0k

Biggest calls

Belvedere Trading LLC New $325.3k1.9k 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, Q3 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Focus Partners Wealth 0.57% of their portfolio ST LOUIS, MO 2,060,9032.1m $352.9m $352.9m 0.57% Added +74.3k +74,333
2 Tolleson Wealth Management, Inc. 14.76% of their portfolio DALLAS, TX 557,208557.2k $95.4m $95.4m 14.76% Reduced -11.3k -11,268
3 SFMG, LLC 6.22% of their portfolio PLANO, TX 523,978524.0k $89.7m $89.7m 6.22% Added +4.6k +4,566
4 BANK OF AMERICA CORP /DE/ 0.01% of their portfolio CHARLOTTE, NC 394,656394.7k $67.6m $67.6m 0.01% Reduced -159 -159
5 LPL Financial LLC 0.02% of their portfolio FORT MILL, SC 309,648309.6k $53.0m $53.0m 0.02% Added +26.4k +26,368
6 Private Advisor Group, LLC 0.25% of their portfolio MORRISTOWN, NJ 296,341296.3k $50.7m $50.7m 0.25% Reduced -114.7k -114,666
7 Perennial Investment Advisors, LLC 3.73% of their portfolio Los Angeles, CA 264,000264.0k $45.2m $45.2m 3.73% Added +19.8k +19,827
8 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 245,693245.7k $42.1m $42.1m 0.00% Reduced -8.3k -8,317
9 ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio Berwyn, PA 222,800222.8k $38.1m $38.1m 0.01% Reduced -153.4k -153,407
10 AMERIPRISE FINANCIAL INC 0.01% of their portfolio MINNEAPOLIS, MN 179,694179.7k $30.8m $30.8m 0.01% Reduced -599 -599
11 Garrett Wealth Advisory Group, LLC 5.82% of their portfolio WEATHERFORD, TX 174,489174.5k $29.9m $29.9m 5.82% Added +3.5k +3,511
12 Sage Mountain Advisors LLC 1.67% of their portfolio ATLANTA, GA 170,600170.6k $29.2m $29.2m 1.67% Reduced -16.5k -16,474
13 Strategic Blueprint, LLC 0.80% of their portfolio ATLANTA, GA 107,676107.7k $18.4m $18.4m 0.80% Added +11.3k +11,305
14 Great Point Wealth Advisors, LLC 2.86% of their portfolio BOSTON, MA 88,90488.9k $15.2m $15.2m 2.86% First filing
15 Continuum Advisory, LLC 1.44% of their portfolio EAGLE, ID 79,47779.5k $13.6m $13.6m 1.44% Added +1.5k +1,459
16 Presper Financial Architects, LLC 7.71% of their portfolio AKRON, OH 77,63977.6k $13.3m $13.3m 7.71% Reduced -101.1k -101,080
17 Paul R. Ried Financial Group, LLC 6.06% of their portfolio BELLEVUE, WA 69,99870.0k $12.0m $12.0m 6.06% Added +4.3k +4,253
18 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 68,33768.3k $11.7m $11.7m 0.00% Reduced -116.7k -116,711
19 American Money Management, LLC 1.88% of their portfolio Rancho Santa Fe, CA 65,90065.9k $11.3m $11.3m 1.88% Reduced -51 -51
20 Howard Capital Management, LLC 0.15% of their portfolio Alpharetta, GA 64,82164.8k $11.1m $11.1m 0.15% Added +22.5k +22,548
21 Eagle Strategies LLC 1.42% of their portfolio NEW YORK, NY 62,16362.2k $10.6m $10.6m 1.42% Reduced -506 -506
22 TWO SIGMA INVESTMENTS, LP 0.01% of their portfolio NEW YORK, NY 54,50054.5k $9.3m $9.3m 0.01% Added +33.9k +33,900
23 Marotta Asset Management 1.75% of their portfolio CHARLOTTESVILLE, VA 54,25154.3k $9.3m $9.3m 1.75% Added +362 +362
24 Goodman Advisory Group, LLC 2.25% of their portfolio NEEDHAM, MA 52,87452.9k $9.1m $9.1m 2.25% Added +5.7k +5,652
25 Cambridge Investment Research Advisors, Inc. 0.02% of their portfolio FAIRFIELD, IA 52,01752.0k $8.9m $8.9m 0.02% Reduced -17.8k -17,841
26 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.01% of their portfolio PLYMOUTH, MN 50,47650.5k $8.7m $8.7m 0.01% Reduced -63.4k -63,427
27 Sharkey, Howes & Javer 1.10% of their portfolio DENVER, CO 49,89049.9k $8.5m $8.5m 1.10% Reduced -5.5k -5,519
28 Hughes Financial Services, LLC 1.22% of their portfolio HERNDON, VA 44,51244.5k $7.7m $7.7m 1.22% Reduced -637 -637
29 FIRST HAWAIIAN BANK 0.90% of their portfolio HONOLULU, HI 40,91840.9k $7.0m $7.0m 0.90% Reduced -13.1k -13,139
30 CreativeOne Wealth, LLC 0.16% of their portfolio OVERLAND PARK, KS 39,46639.5k $6.8m $6.8m 0.16% Reduced -9.8k -9,839
31 AlTi Global, Inc. 0.15% of their portfolio NEW YORK, NY 37,09537.1k $6.4m $6.4m 0.15% Reduced -487 -487
32 NewEdge Advisors, LLC 0.03% of their portfolio NEW ORLEANS, LA 36,57936.6k $6.3m $6.3m 0.03% Added +242 +242
33 VISTA INVESTMENT MANAGEMENT 2.14% of their portfolio PITTSBURGH, PA 35,86835.9k $6.1m $6.1m 2.14% Reduced -437 -437
34 ARQ WEALTH ADVISORS, LLC 1.69% of their portfolio SCOTTSDALE, AZ 33,33933.3k $5.7m $5.7m 1.69% Reduced -614 -614
35 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 32,69832.7k $5.6m $5.6m 0.00% Reduced -107.6k -107,589
36 Quantinno Capital Management LP 0.01% of their portfolio NEW YORK, NY 29,48129.5k $5.0m $5.0m 0.01% Reduced -6.0k -5,954
37 PARSONS CAPITAL MANAGEMENT INC/RI 0.28% of their portfolio PROVIDENCE, RI 28,55428.6k $4.9m $4.9m 0.28% Added +493 +493
38 COMMONWEALTH EQUITY SERVICES, LLC 0.01% of their portfolio WALTHAM, MA 28,15428.2k $4.8m $4.8m 0.01% Reduced -158 -158
39 PFG Private Wealth Management, LLC 2.12% of their portfolio LUTZ, FL 27,71127.7k $4.7m $4.7m 2.12% New
40 Integrity Wealth Solutions LLC 2.12% of their portfolio DENVER, CO 27,71127.7k $4.7m $4.7m 2.12% Reduced -1.2k -1,216
41 Cerity Partners LLC 0.01% of their portfolio NEW YORK, NY 27,53927.5k $4.7m $4.7m 0.01% Added +3.9k +3,856
42 FLAGSHIP HARBOR ADVISORS, LLC 0.19% of their portfolio BOSTON, MA 26,01526.0k $4.5m $4.5m 0.19% Reduced -3.8k -3,775
43 FLOW TRADERS U.S. LLC 0.17% of their portfolio NEW YORK, NY 24,06624.1k $4.1m $4.1m 0.17% New
44 Elevation Capital Advisory, LLC 1.51% of their portfolio BEND, OR 22,07822.1k $3.8m $3.8m 1.51% New
45 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 20,23620.2k $3.5m $3.5m 0.00% Added +9.6k +9,573
46 Essex Financial Services, Inc. 0.21% of their portfolio ESSEX, CT 20,04520.0k $3.4m $3.4m 0.21% Reduced -376 -376
47 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 17,91517.9k $3.1m $3.1m 0.00% New
48 Kestra Advisory Services, LLC 0.01% of their portfolio AUSTIN, TX 17,61417.6k $3.0m $3.0m 0.01% Added +9.2k +9,200
49 Versant Capital Management, Inc 0.37% of their portfolio PHOENIX, AZ 16,02716.0k $2.7m $2.7m 0.37% Unchanged
50 Warner Group LLC 1.56% of their portfolio MADISON, CT 13,26613.3k $2.3m $2.3m 1.56% First filing
51 HARBOR INVESTMENT ADVISORY, LLC 0.18% of their portfolio LUTHERVILLE, MD 12,37612.4k $2.1m $2.1m 0.18% Added +401 +401
52 LBMC INVESTMENT ADVISORS, LLC 0.13% of their portfolio BRENTWOOD, TN 12,36712.4k $2.1m $2.1m 0.13% Unchanged
53 THEORY FINANCIAL LLC 0.72% of their portfolio FORT COLLINS, CO 11,86111.9k $2.0m $2.0m 0.72% Reduced -3.4k -3,374
54 McAdam, LLC 0.09% of their portfolio Philadelphia, PA 11,11411.1k $1.9m $1.9m 0.09% Reduced -281 -281
55 Princeton Global Asset Management LLC 0.31% of their portfolio PRINCETON, NJ 11,03011.0k $1.9m $1.9m 0.31% Reduced -330 -330
56 Goldstein Advisors, LLC 0.23% of their portfolio Madison, WI 10,82710.8k $1.9m $1.9m 0.23% Reduced -448 -448
57 Strategic Financial Partners, Ltd. 0.85% of their portfolio Bend, OR 10,81110.8k $1.9m $1.9m 0.85% Added +227 +227
58 Cetera Investment Advisers 0.00% of their portfolio SCHAUMBURG, IL 10,64710.6k $1.8m $1.8m 0.00% Added +953 +953
59 Merit Financial Group, LLC 0.02% of their portfolio ALPHARETTA, GA 10,61310.6k $1.8m $1.8m 0.02% Added +169 +169
60 Allred Capital Management, LLC 0.63% of their portfolio Dallas, TX 10,60410.6k $1.8m $1.8m 0.63% Added +1.4k +1,402
61 Smartleaf Asset Management LLC 0.10% of their portfolio BOSTON, MA 9,7329.7k $1.7m $1.7m 0.10% Reduced -9.6k -9,632
62 SENTINEL PENSION ADVISORS, LLC 0.24% of their portfolio WAKEFIELD, MA 8,8498.8k $1.5m $1.5m 0.24% Reduced -324 -324
63 LEVEL FOUR ADVISORY SERVICES, LLC 0.05% of their portfolio DALLAS, TX 8,8298.8k $1.5m $1.5m 0.05% Reduced -32 -32
64 Riverpoint Wealth Management Holdings, LLC 0.33% of their portfolio CHICAGO, IL 8,7008.7k $1.5m $1.5m 0.33% Reduced -730 -730
65 SILVER OAK SECURITIES, INCORPORATED 0.10% of their portfolio JACKSON, TN 7,9397.9k $1.4m $1.4m 0.10% Reduced -4.2k -4,197
66 Stratos Wealth Partners, LTD. 0.02% of their portfolio BEACHWOOD, OH 7,9297.9k $1.4m $1.4m 0.02% Unchanged
67 MERCER GLOBAL ADVISORS INC /ADV 0.00% of their portfolio DENVER, CO 7,7777.8k $1.3m $1.3m 0.00% Reduced -1.0k -1,008
68 Cornerstone Wealth Management, LLC 0.07% of their portfolio ST. PETERS, MO 7,6557.7k $1.3m $1.3m 0.07% Reduced -51 -51
69 SHEETS SMITH WEALTH MANAGEMENT 0.15% of their portfolio WINSTON-SALEM, NC 7,5367.5k $1.3m $1.3m 0.15% Added +3 +3
70 Wilkins Miller Wealth Management, LLC 0.75% of their portfolio MOBILE, AL 7,0657.1k $1.2m $1.2m 0.75% Unchanged
71 GeoWealth Management, LLC 0.04% of their portfolio CHICAGO, IL 6,9647.0k $1.2m $1.2m 0.04% Reduced -250 -250
72 NorthRock Partners, LLC 0.02% of their portfolio MINNEAPOLIS, MN 6,3986.4k $1.1m $1.1m 0.02% Added +2.8k +2,798
73 HENGEHOLD CAPITAL MANAGEMENT LLC 0.09% of their portfolio CINCINNATI, OH 6,3976.4k $1.1m $1.1m 0.09% Reduced -41 -41
74 O'SHAUGHNESSY ASSET MANAGEMENT, LLC 0.01% of their portfolio Stamford, CT 5,9836.0k $1.0m $1.0m 0.01% Added +4.7k +4,726
75 Compound Planning, Inc. 0.03% of their portfolio NEW YORK, NY 5,9696.0k $1.0m $1.0m 0.03% Reduced -1.3k -1,318
76 Sanctuary Advisors, LLC 0.00% of their portfolio INDIANAPOLIS, IN 5,8435.8k $959.6k $959.6k 0.00% Added +2.9k +2,861
77 Midwest Financial Network, LLC 0.81% of their portfolio TINLEY PARK, IL 5,8085.8k $994.3k $994.3k 0.81% New
78 1620 INVESTMENT ADVISORS, INC. 0.64% of their portfolio PLYMOUTH, MA 5,4925.5k $940.2k $940.2k 0.64% Reduced -611 -611
79 VestGen Advisors, LLC 0.03% of their portfolio CHICAGO, IL 5,2125.2k $892.4k $892.4k 0.03% Added +45 +45
80 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 5,0195.0k $842.9k $842.9k 0.00% Reduced -630 -630
81 KING LUTHER CAPITAL MANAGEMENT CORP 0.00% of their portfolio FORT WORTH, TX 4,9695.0k $850.7k $850.7k 0.00% Unchanged
82 Detalus Advisors, LLC 0.22% of their portfolio ST. LOUIS, MO 4,9244.9k $843.0k $843.0k 0.22% Unchanged
83 NAPLES GLOBAL ADVISORS, LLC 0.06% of their portfolio NAPLES, FL 4,8254.8k $826.0k $826.0k 0.06% Unchanged
84 VICUS CAPITAL 0.06% of their portfolio STATE COLLEGE, PA 4,7054.7k $805.5k $805.5k 0.06% Added +78 +78
85 Alpha Zero LLC 0.44% of their portfolio BOCA RATON, FL 4,3894.4k $751.4k $751.4k 0.44% Unchanged
86 Apollon Financial, LLC 0.12% of their portfolio MOUNT PLEASANT, SC 4,2004.2k $719.0k $719.0k 0.12% Added +200 +200
87 ROCKLAND TRUST CO 0.03% of their portfolio HANOVER, MA 3,9403.9k $674.5k $674.5k 0.03% New
88 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 3,8123.8k $652.6k $652.6k 0.00% Reduced -7.0k -7,041
89 Spinnaker Investment Group, LLC 0.12% of their portfolio Newport Beach, CA 3,6463.6k $624.2k $624.2k 0.12% New
90 Aptus Capital Advisors, LLC 0.01% of their portfolio FAIRHOPE, AL 3,5963.6k $615.6k $615.6k 0.01% Unchanged
91 Financial Guidance Group, Inc. 0.28% of their portfolio Palm Harbor, FL 3,5963.6k $615.6k $615.6k 0.28% Unchanged
92 PRIVATE TRUST CO NA 0.05% of their portfolio CLEVELAND, OH 3,4963.5k $598.5k $598.5k 0.05% Unchanged
93 Cullen/Frost Bankers, Inc. 0.01% of their portfolio San Antonio, TX 3,4833.5k $596.3k $596.3k 0.01% Unchanged
94 Valtinson Bruner Financial Planning LLC 0.17% of their portfolio NEW BRIGHTON, MN 3,4353.4k $588.1k $588.1k 0.17% Unchanged
95 Corient Private Wealth LP 0.00% of their portfolio MIAMI, FL 3,4033.4k $582.6k $582.6k 0.00% Reduced -555 -555
96 SK Wealth Management, LLC 0.22% of their portfolio PROVIDENCE, RI 3,3823.4k $580.3k $580.3k 0.22% Unchanged
97 Opulen Financial Group LLC 0.44% of their portfolio ARLINGTON, VA 3,3563.4k $574.6k $574.6k 0.44% Unchanged
98 Avant Capital LLC 0.40% of their portfolio LAFAYETTE, LA 3,3043.3k $565.6k $565.6k 0.40% Added +102 +102
99 NWAM LLC 0.03% of their portfolio MERCER ISLAND, WA 2,8632.9k $492.1k $492.1k 0.03% Reduced -158 -158
100 PALO ALTO WEALTH ADVISORS, LLC 0.14% of their portfolio PALO ALTO, CA 2,7652.8k $479.3k $479.3k 0.14% Unchanged