Vault-13

SPDR SER TR QUS

MSCI USA STRTGIC · ETP · CUSIP 78468R812

179 institutional holders -3 vs Q3 2025
7,278,5157.3m shares reported held*
$1.3bnreported value*
8 new 58 added 62 reduced 16 sold out net sold ≈ $35.2m (-201.9k 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 ($563.7k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $174.25. Options: 1 managers hold calls ($278.7k notional), 0 hold puts (—).

Trends to Q4 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: 182Q4 25: 179179Q3 22Q2 23Q1 24Q4 24Q4 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
Q4 2025179

Buyers vs sellers

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

Bought or addedCut or sold out
1000100Q1 24: 68 bought or addedQ1 24: 63 cut or sold outQ2 24: 64 bought or addedQ2 24: 77 cut or sold outQ2 24Q3 24: 55 bought or addedQ3 24: 79 cut or sold outQ4 24: 67 bought or addedQ4 24: 66 cut or sold outQ4 24Q1 25: 61 bought or addedQ1 25: 67 cut or sold outQ2 25: 85 bought or addedQ2 25: 58 cut or sold outQ2 25Q3 25: 58 bought or addedQ3 25: 73 cut or sold outQ4 25: 66 bought or addedQ4 25: 78 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 20246863
Q2 20246477
Q3 20245579
Q4 20246766
Q1 20256167
Q2 20258558
Q3 20255873
Q4 20256678

Calls vs puts

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

CallsPuts
$0$100k$200k$300k$400kQ1 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 0.00Q4 25 calls: $278.7kQ4 25 puts: $0Q4 25P/C 0.00
Numbers
QuarterCallsPutsP/C
Q1 2025$0$0—
Q2 2025$0$0—
Q3 2025$325.3k$00.00
Q4 2025$278.7k$00.00

Biggest buyers

BIP Wealth, LLC New +108,545+108.5k
Howard Capital Management, LLC Added +55,112+55.1k
Perennial Investment Advisors, LLC Added +34,342+34.3k
LPL Financial LLC Added +23,402+23.4k
AMERIPRISE FINANCIAL INC Added +18,736+18.7k
OLD MISSION CAPITAL LLC New +6,978+7.0k
Midwest Financial Network, LLC Added +6,156+6.2k
IFP Advisors, Inc Added +6,020+6.0k
ARQ WEALTH ADVISORS, LLC Added +5,679+5.7k
Garrett Wealth Advisory Group, LLC Added +4,057+4.1k

Biggest sellers

Strategic Blueprint, LLC Sold out -107,676-107.7k
MORGAN STANLEY Reduced -80,867-80.9k
TWO SIGMA INVESTMENTS, LP Reduced -45,600-45.6k
Focus Partners Wealth Reduced -28,389-28.4k
PFG Private Wealth Management, LLC Sold out -27,711-27.7k
ENVESTNET ASSET MANAGEMENT INC Reduced -25,999-26.0k
FLOW TRADERS U.S. LLC Sold out -24,066-24.1k
CITADEL ADVISORS LLC Sold out -17,915-17.9k
CreativeOne Wealth, LLC Reduced -13,858-13.9k
Tolleson Wealth Management, Inc. Reduced -12,805-12.8k

Biggest calls

Belvedere Trading LLC Reduced $278.7k1.6k 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 Focus Partners Wealth 0.40% of their portfolio ST LOUIS, MO 2,032,5142.0m $353.5m $353.5m 0.40% Reduced -28.4k -28,389
2 Tolleson Wealth Management, Inc. 13.69% of their portfolio DALLAS, TX 544,403544.4k $94.8m $94.8m 13.69% Reduced -12.8k -12,805
3 SFMG, LLC 6.16% of their portfolio PLANO, TX 527,047527.0k $91.8m $91.8m 6.16% Added +3.1k +3,069
4 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 389,108389.1k $67.8m $67.8m 0.00% Reduced -5.5k -5,548
5 LPL Financial LLC 0.02% of their portfolio FORT MILL, SC 333,050333.1k $58.0m $58.0m 0.02% Added +23.4k +23,402
6 Perennial Investment Advisors, LLC 4.11% of their portfolio Los Angeles, CA 298,342298.3k $52.0m $52.0m 4.11% Added +34.3k +34,342
7 Private Advisor Group, LLC 0.24% of their portfolio MORRISTOWN, NJ 290,426290.4k $50.6m $50.6m 0.24% Reduced -5.9k -5,915
8 AMERIPRISE FINANCIAL INC 0.01% of their portfolio MINNEAPOLIS, MN 198,430198.4k $34.6m $34.6m 0.01% Added +18.7k +18,736
9 ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio Berwyn, PA 196,801196.8k $34.3m $34.3m 0.01% Reduced -26.0k -25,999
10 Garrett Wealth Advisory Group, LLC 5.88% of their portfolio WEATHERFORD, TX 178,546178.5k $31.1m $31.1m 5.88% Added +4.1k +4,057
11 Sage Mountain Advisors LLC 1.57% of their portfolio ATLANTA, GA 169,798169.8k $29.6m $29.6m 1.57% Reduced -802 -802
12 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 164,826164.8k $28.7m $28.7m 0.00% Reduced -80.9k -80,867
13 Howard Capital Management, LLC 0.27% of their portfolio Alpharetta, GA 119,933119.9k $20.9m $20.9m 0.27% Added +55.1k +55,112
14 BIP Wealth, LLC 0.67% of their portfolio ATLANTA, GA 108,545108.5k $18.9m $18.9m 0.67% New
15 Great Point Wealth Advisors, LLC 2.71% of their portfolio BOSTON, MA 85,09585.1k $14.8m $14.8m 2.71% Reduced -3.8k -3,809
16 Presper Financial Architects, LLC 7.83% of their portfolio AKRON, OH 79,52879.5k $13.9m $13.9m 7.83% Added +1.9k +1,889
17 Continuum Advisory, LLC 1.26% of their portfolio EAGLE, ID 72,31172.3k $12.6m $12.6m 1.26% Reduced -7.2k -7,166
18 Paul R. Ried Financial Group, LLC 5.83% of their portfolio BELLEVUE, WA 70,86170.9k $12.3m $12.3m 5.83% Added +863 +863
19 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 68,32968.3k $11.9m $11.9m 0.00% Reduced -8 -8
20 American Money Management, LLC 1.85% of their portfolio Rancho Santa Fe, CA 67,67467.7k $11.8m $11.8m 1.85% Added +1.8k +1,774
21 Eagle Strategies LLC 1.35% of their portfolio NEW YORK, NY 60,60260.6k $10.6m $10.6m 1.35% Reduced -1.6k -1,561
22 Marotta Asset Management 1.86% of their portfolio CHARLOTTESVILLE, VA 57,57157.6k $10.0m $10.0m 1.86% Added +3.3k +3,320
23 Goodman Advisory Group, LLC 2.41% of their portfolio NEEDHAM, MA 56,31156.3k $9.8m $9.8m 2.41% Added +3.4k +3,437
24 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.01% of their portfolio PLYMOUTH, MN 49,85049.9k $8.8m $8.8m 0.01% Reduced -626 -626
25 Cambridge Investment Research Advisors, Inc. 0.02% of their portfolio FAIRFIELD, IA 46,53846.5k $8.1m $8.1m 0.02% Reduced -5.5k -5,479
26 Hughes Financial Services, LLC 1.20% of their portfolio HERNDON, VA 43,88643.9k $7.6m $7.6m 1.20% Reduced -626 -626
27 AlTi Global, Inc. 0.15% of their portfolio NEW YORK, NY 39,72339.7k $6.9m $6.9m 0.15% Added +2.6k +2,628
28 ARQ WEALTH ADVISORS, LLC 1.83% of their portfolio SCOTTSDALE, AZ 39,01839.0k $6.8m $6.8m 1.83% Added +5.7k +5,679
29 Sharkey, Howes & Javer 0.85% of their portfolio DENVER, CO 38,51638.5k $6.7m $6.7m 0.85% Reduced -11.4k -11,374
30 VISTA INVESTMENT MANAGEMENT 2.20% of their portfolio PITTSBURGH, PA 38,25138.3k $6.7m $6.7m 2.20% Added +2.4k +2,383
31 NewEdge Advisors, LLC 0.02% of their portfolio NEW ORLEANS, LA 36,53236.5k $6.4m $6.4m 0.02% Reduced -47 -47
32 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 35,93135.9k $6.3m $6.3m 0.00% Added +3.2k +3,233
33 FIRST HAWAIIAN BANK 0.77% of their portfolio HONOLULU, HI 33,35633.4k $5.8m $5.8m 0.77% Reduced -7.6k -7,562
34 Quantinno Capital Management LP 0.01% of their portfolio NEW YORK, NY 28,79828.8k $5.0m $5.0m 0.01% Reduced -683 -683
35 Cerity Partners LLC 0.01% of their portfolio NEW YORK, NY 28,42028.4k $5.0m $5.0m 0.01% Added +881 +881
36 PARSONS CAPITAL MANAGEMENT INC/RI 0.26% of their portfolio PROVIDENCE, RI 27,62427.6k $4.8m $4.8m 0.26% Reduced -930 -930
37 Integrity Wealth Solutions LLC 1.87% of their portfolio DENVER, CO 27,19327.2k $4.7m $4.7m 1.87% Reduced -518 -518
38 CreativeOne Wealth, LLC 0.11% of their portfolio OVERLAND PARK, KS 25,60825.6k $4.5m $4.5m 0.11% Reduced -13.9k -13,858
39 Elevation Capital Advisory, LLC 1.61% of their portfolio BEND, OR 22,60822.6k $3.9m $3.9m 1.61% Added +530 +530
40 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 21,46221.5k $3.7m $3.7m 0.00% Reduced -6.7k -6,692
41 Essex Financial Services, Inc. 0.20% of their portfolio ESSEX, CT 19,96720.0k $3.5m $3.5m 0.20% Reduced -78 -78
42 Kestra Advisory Services, LLC 0.01% of their portfolio AUSTIN, TX 17,69017.7k $3.1m $3.1m 0.01% Added +76 +76
43 FLAGSHIP HARBOR ADVISORS, LLC 0.13% of their portfolio BOSTON, MA 16,14916.1k $2.8m $2.8m 0.13% Reduced -9.9k -9,866
44 Versant Capital Management, Inc 0.35% of their portfolio PHOENIX, AZ 16,06116.1k $2.8m $2.8m 0.35% Added +34 +34
45 HARBOR INVESTMENT ADVISORY, LLC 0.18% of their portfolio LUTHERVILLE, MD 13,36913.4k $2.3m $2.3m 0.18% Added +993 +993
46 Warner Group LLC 1.40% of their portfolio MADISON, CT 13,02113.0k $2.3m $2.3m 1.40% Reduced -245 -245
47 LBMC INVESTMENT ADVISORS, LLC 0.13% of their portfolio BRENTWOOD, TN 12,44912.4k $2.2m $2.2m 0.13% Added +82 +82
48 Midwest Financial Network, LLC 1.61% of their portfolio TINLEY PARK, IL 11,96412.0k $2.1m $2.1m 1.61% Added +6.2k +6,156
49 Strategic Financial Partners, Ltd. 0.89% of their portfolio Bend, OR 11,84311.8k $2.1m $2.1m 0.89% Added +1.0k +1,032
50 SILVER OAK SECURITIES, INCORPORATED 0.13% of their portfolio JACKSON, TN 11,13711.1k $2.0m $2.0m 0.13% Added +3.2k +3,198
51 McAdam, LLC 0.09% of their portfolio Philadelphia, PA 11,07711.1k $1.9m $1.9m 0.09% Reduced -37 -37
52 Princeton Global Asset Management LLC 0.31% of their portfolio PRINCETON, NJ 11,07311.1k $1.9m $1.9m 0.31% Added +43 +43
53 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 10,95711.0k $1.9m $1.9m 0.00% Reduced -9.3k -9,279
54 Allred Capital Management, LLC 0.68% of their portfolio Dallas, TX 10,77710.8k $1.9m $1.9m 0.68% Added +173 +173
55 Goldstein Advisors, LLC 0.21% of their portfolio Madison, WI 10,77010.8k $1.9m $1.9m 0.21% Reduced -57 -57
56 Cetera Investment Advisers 0.00% of their portfolio SCHAUMBURG, IL 10,38510.4k $1.8m $1.8m 0.00% Reduced -262 -262
57 TWO SIGMA INVESTMENTS, LP 0.00% of their portfolio NEW YORK, NY 8,9008.9k $1.6m $1.6m 0.00% Reduced -45.6k -45,600
58 Riverpoint Wealth Management Holdings, LLC 0.33% of their portfolio CHICAGO, IL 8,7718.8k $1.5m $1.5m 0.33% Added +71 +71
59 SENTINEL PENSION ADVISORS, LLC 0.23% of their portfolio WAKEFIELD, MA 8,7708.8k $1.5m $1.5m 0.23% Reduced -79 -79
60 LEVEL FOUR ADVISORY SERVICES, LLC 0.05% of their portfolio DALLAS, TX 8,7328.7k $1.5m $1.5m 0.05% Reduced -97 -97
61 Selby Wealth Management, LLC 0.60% of their portfolio EMERYVILLE, CA 8,5888.6k $1.5m $1.5m 0.60% First filing
62 Stratos Wealth Partners, LTD. 0.02% of their portfolio BEACHWOOD, OH 7,9017.9k $1.4m $1.4m 0.02% Reduced -28 -28
63 IFP Advisors, Inc 0.03% of their portfolio TAMPA, FL 7,5527.6k $1.3m $1.3m 0.03% Added +6.0k +6,020
64 NorthRock Partners, LLC 0.02% of their portfolio MINNEAPOLIS, MN 7,5317.5k $1.3m $1.3m 0.02% Added +1.1k +1,133
65 Cornerstone Wealth Management, LLC 0.07% of their portfolio ST. PETERS, MO 7,3647.4k $1.3m $1.3m 0.07% Reduced -291 -291
66 MERCER GLOBAL ADVISORS INC /ADV 0.00% of their portfolio DENVER, CO 7,3557.4k $1.3m $1.3m 0.00% Reduced -422 -422
67 OLD MISSION CAPITAL LLC 0.05% of their portfolio CHICAGO, IL 6,9787.0k $1.2m $1.2m 0.05% New
68 Corient Private Wealth LP 0.00% of their portfolio MIAMI, FL 6,8066.8k $1.2m $1.2m 0.00% Added +3.4k +3,403
69 HENGEHOLD CAPITAL MANAGEMENT LLC 0.09% of their portfolio CINCINNATI, OH 6,3976.4k $1.1m $1.1m 0.09% Unchanged
70 SHEETS SMITH WEALTH MANAGEMENT 0.12% of their portfolio WINSTON-SALEM, NC 6,3226.3k $1.1m $1.1m 0.12% Reduced -1.2k -1,214
71 Wilkins Miller Wealth Management, LLC 0.66% of their portfolio MOBILE, AL 6,3146.3k $1.1m $1.1m 0.66% Reduced -751 -751
72 O'SHAUGHNESSY ASSET MANAGEMENT, LLC 0.01% of their portfolio Stamford, CT 5,8985.9k $1.0m $1.0m 0.01% Reduced -85 -85
73 Compound Planning, Inc. 0.03% of their portfolio NEW YORK, NY 5,5465.5k $966.0k $966.0k 0.03% Reduced -423 -423
74 1620 INVESTMENT ADVISORS, INC. 0.63% of their portfolio PLYMOUTH, MA 5,3955.4k $939.8k $939.8k 0.63% Reduced -97 -97
75 Detalus Advisors, LLC 0.21% of their portfolio ST. LOUIS, MO 4,9244.9k $857.7k $857.7k 0.21% Unchanged
76 NAPLES GLOBAL ADVISORS, LLC 0.06% of their portfolio NAPLES, FL 4,8254.8k $840.4k $840.4k 0.06% Unchanged
77 KING LUTHER CAPITAL MANAGEMENT CORP 0.00% of their portfolio FORT WORTH, TX 4,5344.5k $789.8k $789.8k 0.00% Reduced -435 -435
78 Alpha Zero LLC 0.42% of their portfolio BOCA RATON, FL 4,3894.4k $764.5k $764.5k 0.42% Unchanged
79 VICUS CAPITAL 0.06% of their portfolio STATE COLLEGE, PA 4,3594.4k $759.2k $759.2k 0.06% Reduced -346 -346
80 Apollon Financial, LLC 0.11% of their portfolio MOUNT PLEASANT, SC 4,3504.3k $757.7k $757.7k 0.11% Added +150 +150
81 ROCKLAND TRUST CO 0.03% of their portfolio HANOVER, MA 3,8823.9k $676.2k $676.2k 0.03% Reduced -58 -58
82 Spinnaker Investment Group, LLC 0.12% of their portfolio Newport Beach, CA 3,8563.9k $671.7k $671.7k 0.12% Added +210 +210
83 NWAM LLC 0.04% of their portfolio MERCER ISLAND, WA 3,7923.8k $674.4k $674.4k 0.04% Added +929 +929
84 GILPIN WEALTH MANAGEMENT, LLC 0.50% of their portfolio DENVER, CO 3,6563.7k $636.8k $636.8k 0.50% First filing
85 GeoWealth Management, LLC 0.02% of their portfolio CHICAGO, IL 3,6343.6k $633.0k $633.0k 0.02% Reduced -3.3k -3,330
86 Aptus Capital Advisors, LLC 0.01% of their portfolio FAIRHOPE, AL 3,5963.6k $626.4k $626.4k 0.01% Unchanged
87 Financial Guidance Group, Inc. 0.26% of their portfolio Palm Harbor, FL 3,5963.6k $626.4k $626.4k 0.26% Unchanged
88 VestGen Advisors, LLC 0.03% of their portfolio CHICAGO, IL 3,5093.5k $611.2k $611.2k 0.03% Reduced -1.7k -1,703
89 PRIVATE TRUST CO NA 0.05% of their portfolio CLEVELAND, OH 3,4963.5k $609.0k $609.0k 0.05% Unchanged
90 Cullen/Frost Bankers, Inc. 0.01% of their portfolio San Antonio, TX 3,4833.5k $606.7k $606.7k 0.01% Unchanged
91 Valtinson Bruner Financial Planning LLC 0.17% of their portfolio NEW BRIGHTON, MN 3,4523.5k $601.2k $601.2k 0.17% Added +17 +17
92 Opulen Financial Group LLC 0.43% of their portfolio ARLINGTON, VA 3,3843.4k $589.4k $589.4k 0.43% Added +28 +28
93 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 3,3333.3k $580.6k $580.6k 0.00% Reduced -479 -479
94 Avant Capital LLC 0.40% of their portfolio LAFAYETTE, LA 3,3163.3k $577.6k $577.6k 0.40% Added +12 +12
95 FMR LLC 0.00% of their portfolio BOSTON, MA 3,1593.2k $550.3k $550.3k 0.00% Added +414 +414
96 Royal Fund Management, LLC 0.05% of their portfolio Lady Lake, FL 3,0693.1k $534.5k $534.5k 0.05% Added +844 +844
97 Sanctuary Advisors, LLC 0.00% of their portfolio INDIANAPOLIS, IN 3,0293.0k $527.7k $527.7k 0.00% Reduced -2.8k -2,814
98 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 2,9462.9k $513.2k $513.2k 0.00% Reduced -2.1k -2,073
99 J. R. Prunier Capital Management LLC 0.21% of their portfolio HOLDEN, MA 2,8452.8k $495.6k $495.6k 0.21% First filing
100 Lido Advisors, LLC 0.00% of their portfolio Los Angeles, CA 2,8382.8k $488.7k $488.7k 0.00% Added +939 +939