Vault-13

SPDR SER TR SPSM

PORTFOLIO S&P600 · ETP · CUSIP 78468R853

893 institutional holders -2 vs Q1 2025
191,135,011191.1m shares reported held*
$8.1bnreported value*
68 new 376 added 314 reduced 74 sold out net sold ≈ $141.9m (-3.3m 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 ($5.5m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $42.64. Options: 1 managers hold calls ($2.1m notional), 0 hold puts (—).

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

05001kQ3 22: 432Q4 22: 476Q1 23: 476Q2 23: 670Q3 23: 688Q4 23: 779Q1 24: 775Q2 24: 812Q3 24: 854Q4 24: 932Q1 25: 895Q2 25: 893893Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 2022432
Q4 2022476
Q1 2023476
Q2 2023670
Q3 2023688
Q4 2023779
Q1 2024775
Q2 2024812
Q3 2024854
Q4 2024932
Q1 2025895
Q2 2025893

Buyers vs sellers

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

Bought or addedCut or sold out
5000500Q3 23: 366 bought or addedQ3 23: 268 cut or sold outQ4 23: 403 bought or addedQ4 23: 277 cut or sold outQ4 23Q1 24: 398 bought or addedQ1 24: 337 cut or sold outQ2 24: 395 bought or addedQ2 24: 333 cut or sold outQ2 24Q3 24: 455 bought or addedQ3 24: 320 cut or sold outQ4 24: 483 bought or addedQ4 24: 319 cut or sold outQ4 24Q1 25: 417 bought or addedQ1 25: 435 cut or sold outQ2 25: 444 bought or addedQ2 25: 388 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 2023366268
Q4 2023403277
Q1 2024398337
Q2 2024395333
Q3 2024455320
Q4 2024483319
Q1 2025417435
Q2 2025444388

Calls vs puts

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

CallsPuts
$0$2m$4m$6mQ3 24 calls: $1.7mQ3 24 puts: $209.3kQ3 24P/C 0.12Q4 24 calls: $4.2mQ4 24 puts: $592.9kQ4 24P/C 0.14Q1 25 calls: $2.6mQ1 25 puts: $193.4kQ1 25P/C 0.08Q2 25 calls: $2.1mQ2 25 puts: $0Q2 25P/C 0.00
Numbers
QuarterCallsPutsP/C
Q3 2024$1.7m$209.3k0.12
Q4 2024$4.2m$592.9k0.14
Q1 2025$2.6m$193.4k0.08
Q2 2025$2.1m$00.00

Biggest buyers

Betterment LLC Added +1,485,197+1.5m
RAYMOND JAMES FINANCIAL INC Added +1,470,388+1.5m
Financial Engines Advisors L.L.C. Added +1,274,148+1.3m
LPL Financial LLC Added +968,299+968.3k
ASSETMARK, INC Added +705,990+706.0k
CHARLES SCHWAB INVESTMENT MANAGEMENT INC Added +499,599+499.6k
Strategic Financial Concepts, LLC Added +425,984+426.0k
BOKF, NA Added +425,425+425.4k
Valmark Advisers, Inc. Added +415,695+415.7k
Cetera Investment Advisers Added +318,732+318.7k

Biggest sellers

TOWNSQUARE CAPITAL LLC Reduced -2,251,151-2.3m
Richard Bernstein Advisors LLC Reduced -1,681,048-1.7m
JPMORGAN CHASE & CO Reduced -1,244,004-1.2m
BANK OF AMERICA CORP /DE/ Reduced -1,194,786-1.2m
UBS Group AG Reduced -1,161,911-1.2m
CWM, LLC Reduced -997,977-998.0k
AMERIPRISE FINANCIAL INC Reduced -972,068-972.1k
MBB PUBLIC MARKETS I LLC Reduced -590,470-590.5k
Obermeyer Wealth Partners Reduced -538,112-538.1k
CW Advisors, LLC Reduced -517,429-517.4k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $2.1m49.9k 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, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Financial Engines Advisors L.L.C. 2.03% of their portfolio SANTA CLARA, CA 23,832,10323.8m $1.0bn $1.0bn 2.03% Added +1.3m +1,274,148
2 LPL Financial LLC 0.33% of their portfolio FORT MILL, SC 23,401,63223.4m $996.9m $996.9m 0.33% Added +968.3k +968,299
3 Betterment LLC 1.60% of their portfolio NEW YORK, NY 17,616,69317.6m $750.5m $750.5m 1.60% Added +1.5m +1,485,197
4 Valmark Advisers, Inc. 3.72% of their portfolio AKRON, OH 6,263,3696.3m $266.8m $266.8m 3.72% Added +415.7k +415,695
5 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.05% of their portfolio SAN FRANCISCO, CA 6,148,2396.1m $261.9m $261.9m 0.05% Added +499.6k +499,599
6 MORGAN STANLEY 0.01% of their portfolio NEW YORK, NY 4,912,1324.9m $209.3m $209.3m 0.01% Reduced -67.9k -67,862
7 AMERIPRISE FINANCIAL INC 0.04% of their portfolio MINNEAPOLIS, MN 3,772,0693.8m $160.7m $160.7m 0.04% Reduced -972.1k -972,068
8 ENVESTNET ASSET MANAGEMENT INC 0.04% of their portfolio Berwyn, PA 3,261,5613.3m $138.9m $138.9m 0.04% Added +163.4k +163,374
9 CLIFTONLARSONALLEN WEALTH ADVISORS, LLC 2.26% of their portfolio MINNEAPOLIS, MN 3,167,5903.2m $134.9m $134.9m 2.26% Added +163.6k +163,590
10 BANK OF AMERICA CORP /DE/ 0.01% of their portfolio CHARLOTTE, NC 3,115,8313.1m $132.7m $132.7m 0.01% Reduced -1.2m -1,194,786
11 Creative Planning 0.10% of their portfolio OVERLAND PARK, KS 2,858,7132.9m $121.8m $121.8m 0.10% Reduced -157.7k -157,697
12 RAYMOND JAMES FINANCIAL INC 0.04% of their portfolio ST. PETERSBURG, FL 2,614,6162.6m $111.4m $111.4m 0.04% Added +1.5m +1,470,388
13 PNC Financial Services Group, Inc. 0.05% of their portfolio Pittsburgh, PA 1,908,2441.9m $81.3m $81.3m 0.05% Added +108.6k +108,624
14 Pinnacle Wealth Planning Services, Inc. 9.30% of their portfolio MANSFIELD, OH 1,660,2311.7m $70.7m $70.7m 9.30% Added +45.9k +45,940
15 Crestwood Advisors Group, LLC 1.25% of their portfolio BOSTON, MA 1,632,1251.6m $69.5m $69.5m 1.25% Added +13.8k +13,826
16 Wealthcare Advisory Partners LLC 1.58% of their portfolio WEST CHESTER, PA 1,629,8591.6m $69.4m $69.4m 1.58% Added +249.1k +249,130
17 OSAIC HOLDINGS, INC. 0.12% of their portfolio SCOTTSDALE, AZ 1,565,8311.6m $66.6m $66.6m 0.12% Added +26.3k +26,340
18 Hancock Prospecting Pty Ltd 2.00% of their portfolio West Perth, C3 1,479,7111.5m $63.0m $63.0m 2.00% Unchanged
19 TEXAS PERMANENT SCHOOL FUND CORP 2.06% of their portfolio AUSTIN, TX 1,435,4891.4m $61.2m $61.2m 2.06% Unchanged
20 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.04% of their portfolio MILWAUKEE, WI 1,402,1461.4m $59.7m $59.7m 0.04% Added +75.8k +75,820
21 ROYAL BANK OF CANADA 0.01% of their portfolio TORONTO, A6 1,342,7121.3m $57.2m $57.2m 0.01% Reduced -503.8k -503,800
22 ASSETMARK, INC 0.13% of their portfolio CONCORD, CA 1,329,0871.3m $56.6m $56.6m 0.13% Added +706.0k +705,990
23 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 1,288,4751.3m $54.9m $54.9m 0.00% Added +175.2k +175,237
24 UBS Group AG 0.01% of their portfolio ZURICH, V8 1,276,2961.3m $54.4m $54.4m 0.01% Reduced -1.2m -1,161,911
25 Private Advisor Group, LLC 0.28% of their portfolio MORRISTOWN, NJ 1,241,7721.2m $52.9m $52.9m 0.28% Reduced -190.0k -189,978
26 MIDLAND WEALTH ADVISORS, LLC 2.74% of their portfolio EFFINGHAM, IL 1,162,2501.2m $49.5m $49.5m 2.74% Added +43.0k +43,034
27 Dakota Wealth Management 1.00% of their portfolio PALM BEACH GARDENS, FL 1,118,0451.1m $47.6m $47.6m 1.00% Added +226.0k +225,972
28 Cetera Investment Advisers 0.08% of their portfolio SCHAUMBURG, IL 1,092,4381.1m $46.5m $46.5m 0.08% Added +318.7k +318,732
29 MASON STREET ADVISORS, LLC 5.43% of their portfolio MILWAUKEE, WI 1,088,8001.1m $46.4m $46.4m 5.43% Added +235.3k +235,300
30 GREAT VALLEY ADVISOR GROUP, INC. 1.00% of their portfolio WILMINGTON, DE 1,061,4651.1m $45.2m $45.2m 1.00% Added +75.9k +75,852
31 STIFEL FINANCIAL CORP 0.04% of their portfolio ST. LOUIS, MO 1,034,4291.0m $44.1m $44.1m 0.04% Reduced -7.0k -6,999
32 COMMONWEALTH EQUITY SERVICES, LLC 0.05% of their portfolio WALTHAM, MA 968,708968.7k $41.3m $41.3m 0.05% Added +21.8k +21,795
33 HighTower Advisors, LLC 0.05% of their portfolio CHICAGO, IL 963,793963.8k $41.1m $41.1m 0.05% Added +62.1k +62,147
34 WELLS FARGO & COMPANY/MN 0.01% of their portfolio SAN FRANCISCO, CA 909,498909.5k $38.7m $38.7m 0.01% Added +18.2k +18,245
35 DAVENPORT & Co LLC 0.20% of their portfolio RICHMOND, VA 870,012870.0k $37.1m $37.1m 0.20% Added +126.5k +126,532
36 Equitable Holdings, Inc. 0.30% of their portfolio NEW YORK, NY 861,371861.4k $36.7m $36.7m 0.30% Added +93.8k +93,836
37 Atlas Private Wealth Advisors 4.64% of their portfolio RED BANK, NJ 846,296846.3k $36.1m $36.1m 4.64% Reduced -79.9k -79,888
38 TRUIST FINANCIAL CORP 0.05% of their portfolio CHARLOTTE, NC 843,519843.5k $35.9m $35.9m 0.05% Reduced -4.4k -4,377
39 WALLER FINANCIAL PLANNING GROUP, INC 8.52% of their portfolio COLUMBUS, OH 827,462827.5k $35.2m $35.2m 8.52% Added +159.2k +159,189
40 Stadion Money Management, LLC 2.85% of their portfolio WATKINSVILLE, GA 815,062815.1k $34.7m $34.7m 2.85% Reduced -239.2k -239,216
41 PATRIOT INVESTMENT MANAGEMENT GROUP, INC. 2.17% of their portfolio KNOXVILLE, TN 736,144736.1k $31.4m $31.4m 2.17% Added +49.4k +49,409
42 Focus Financial Network, Inc. 1.21% of their portfolio MINNEAPOLIS, MN 716,623716.6k $30.5m $30.5m 1.21% Added +107.1k +107,110
43 Peterson Wealth Advisors, LLC 4.89% of their portfolio Orem, UT 695,826695.8k $29.6m $29.6m 4.89% Added +13.8k +13,804
44 First Command Advisory Services, Inc. 0.24% of their portfolio FORT WORTH, TX 666,809666.8k $28.4m $28.4m 0.24% Added +109.6k +109,554
45 Crews Bank & Trust 4.45% of their portfolio PORT CHARLOTTE, FL 664,125664.1k $28.3m $28.3m 4.45% Added +46.4k +46,389
46 CWM, LLC 0.10% of their portfolio OMAHA, NE 638,483638.5k $27.2m $27.2m 0.10% Reduced -998.0k -997,977
47 Gerber Kawasaki Wealth & Investment Management 1.05% of their portfolio SANTA MONICA, CA 635,762635.8k $27.1m $27.1m 1.05% Reduced -88.6k -88,595
48 Good Life Advisors, LLC 1.65% of their portfolio READING, PA 619,262619.3k $26.4m $26.4m 1.65% Added +37.0k +36,974
49 ABOUND FINANCIAL, LLC 11.57% of their portfolio GRANITE BAY, CA 617,093617.1k $26.3m $26.3m 11.57% Added +54.8k +54,837
50 CW Advisors, LLC 0.25% of their portfolio BOSTON, MA 596,772596.8k $25.4m $25.4m 0.25% Reduced -517.4k -517,429
51 Corient Private Wealth LP 0.03% of their portfolio MIAMI, FL 584,778584.8k $24.9m $24.9m 0.03% Added +21.5k +21,454
52 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.04% of their portfolio PLYMOUTH, MN 579,615579.6k $25.5m $25.5m 0.04% Reduced -204.2k -204,153
53 Strategic Financial Concepts, LLC 3.44% of their portfolio SAN ANTONIO, TX 573,588573.6k $24.4m $24.4m 3.44% Added +426.0k +425,984
54 Compton Financial Group, LLC 6.34% of their portfolio TOWSON, MD 572,287572.3k $24.4m $24.4m 6.34% Added +14.0k +13,959
55 Envestnet Portfolio Solutions, Inc. 0.09% of their portfolio BERWYN, PA 567,592567.6k $24.2m $24.2m 0.09% Added +25.9k +25,901
56 Fund Evaluation Group, LLC 0.93% of their portfolio CINCINNATI, OH 562,073562.1k $23.9m $23.9m 0.93% Added +5.4k +5,378
57 Avidian Wealth Enterprises, LLC 0.95% of their portfolio Houston, TX 547,383547.4k $23.3m $23.3m 0.95% Added +205.2k +205,154
58 ST GERMAIN D J CO INC 0.99% of their portfolio SPRINGFIELD, MA 539,269539.3k $23.0m $23.0m 0.99% Added +68.0k +68,045
59 SPINNAKER TRUST 1.38% of their portfolio PORTLAND, ME 538,532538.5k $22.9m $22.9m 1.38% Reduced -280.9k -280,911
60 Cambridge Investment Research Advisors, Inc. 0.07% of their portfolio FAIRFIELD, IA 528,971529.0k $22.5m $22.5m 0.07% Added +21.8k +21,841
61 One Day In July LLC 2.00% of their portfolio BURLINGTON, VT 518,163518.2k $22.1m $22.1m 2.00% Added +106.7k +106,722
62 Banco Santander, S.A. 0.20% of their portfolio Madrid, U3 503,220503.2k $21.4m $21.4m 0.20% Added +219.2k +219,241
63 Avior Wealth Management, LLC 0.73% of their portfolio OMAHA, NE 496,579496.6k $21.2m $21.2m 0.73% Added +11.6k +11,617
64 Mariner, LLC 0.03% of their portfolio Overland Park, KS 494,130494.1k $21.1m $21.1m 0.03% Reduced -38.8k -38,849
65 RKL Wealth Management LLC 1.79% of their portfolio LANCASTER, PA 477,974478.0k $20.4m $20.4m 1.79% Added +66.4k +66,439
66 McNamara Financial Services, Inc. 3.77% of their portfolio MARSHFIELD, MA 446,464446.5k $19.0m $19.0m 3.77% Added +2.4k +2,389
67 RETIREMENT FINANCIAL SOLUTIONS, LLC 6.63% of their portfolio KNOXVILLE, TN 442,084442.1k $18.8m $18.8m 6.63% Reduced -17.6k -17,565
68 Garrett Wealth Advisory Group, LLC 3.97% of their portfolio WEATHERFORD, TX 439,917439.9k $18.7m $18.7m 3.97% Reduced -31.0k -30,962
69 OARSMAN CAPITAL, INC. 2.88% of their portfolio MILWAUKEE, WI 431,350431.4k $18.4m $18.4m 2.88% Added +85.8k +85,761
70 BOKF, NA 0.29% of their portfolio TULSA, OK 425,900425.9k $18.1m $18.1m 0.29% Added +425.4k +425,425
71 Merit Financial Group, LLC 0.19% of their portfolio ALPHARETTA, GA 402,331402.3k $17.1m $17.1m 0.19% Reduced -368.7k -368,735
72 Legacy Edge Advisors, LLC 2.23% of their portfolio SYOSSET, NY 391,940391.9k $16.7m $16.7m 2.23% Added +76.0k +76,039
73 Leicht Financial Planning & Wealth Management, Inc. 7.90% of their portfolio PARSIPPANY, NJ 390,289390.3k $16.6m $16.6m 7.90% Added +5.3k +5,333
74 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 388,278388.3k $16.5m $16.5m 0.00% Reduced -1.2m -1,244,004
75 Impact Partnership Wealth, LLC 3.02% of their portfolio MARIETTA, GA 385,013385.0k $16.4m $16.4m 3.02% Added +34.3k +34,329
76 Allen Capital Group, LLC 1.70% of their portfolio GRAND ISLAND, NE 383,192383.2k $16.3m $16.3m 1.70% Added +21.4k +21,379
77 Financial Gravity Companies, Inc. 3.18% of their portfolio Lakeway, TX 380,771380.8k $16.2m $16.2m 3.18% First filing
78 Boston Standard Wealth Management, LLC 2.87% of their portfolio WINCHESTER, MA 374,051374.1k $15.9m $15.9m 2.87% Added +38.2k +38,225
79 Shepherd Financial Partners LLC 1.68% of their portfolio WINCHESTER, MA 373,523373.5k $15.9m $15.9m 1.68% Added +1.2k +1,161
80 BERKSHIRE ASSET MANAGEMENT LLC/PA 0.72% of their portfolio WILKES BARRE, PA 372,694372.7k $15.9m $15.9m 0.72% Added +2.9k +2,932
81 Octavia Wealth Advisors, LLC 1.79% of their portfolio CINCINNATI, OH 369,070369.1k $15.7m $15.7m 1.79% Reduced -26.5k -26,511
82 Integrated Wealth Concepts LLC 0.16% of their portfolio WALTHAM, MA 364,399364.4k $15.5m $15.5m 0.16% Added +44.2k +44,217
83 Geneos Wealth Management Inc. 0.37% of their portfolio ENGLEWOOD, CO 357,982358.0k $15.3m $15.3m 0.37% Reduced -350.7k -350,689
84 OneDigital Investment Advisors LLC 0.16% of their portfolio OVERLAND PARK, KS 347,090347.1k $14.8m $14.8m 0.16% Reduced -9.3k -9,264
85 Carnegie Investment Counsel 0.30% of their portfolio PEPPER PIKE, OH 345,381345.4k $14.7m $14.7m 0.30% Reduced -3.3k -3,278
86 JNBA Financial Advisors 1.39% of their portfolio BLOOMINGTON, MN 340,424340.4k $14.5m $14.5m 1.39% Reduced -43.7k -43,670
87 Rockefeller Capital Management L.P. 0.02% of their portfolio NEW YORK, NY 326,072326.1k $13.9m $13.9m 0.02% Added +76.2k +76,154
88 Financial Security Advisor, Inc. 3.20% of their portfolio VIRGINIA BEACH, VA 325,882325.9k $13.9m $13.9m 3.20% Reduced -14.3k -14,264
89 Signal Advisors Wealth, LLC 1.08% of their portfolio DETROIT, MI 323,844323.8k $13.8m $13.8m 1.08% Added +35.2k +35,181
90 Savant Capital, LLC 0.10% of their portfolio ROCKFORD, IL 319,561319.6k $13.6m $13.6m 0.10% Reduced -106.2k -106,178
91 CAHABA WEALTH MANAGEMENT, INC. 1.04% of their portfolio Atlanta, GA 314,664314.7k $13.4m $13.4m 1.04% Added +113.6k +113,621
92 CORNERSTONE ADVISORS ASSET MANAGEMENT, LLC 2.55% of their portfolio BETHLEHEM, PA 310,523310.5k $13.2m $13.2m 2.55% Added +25.6k +25,650
93 FLAGSHIP HARBOR ADVISORS, LLC 0.62% of their portfolio BOSTON, MA 309,319309.3k $13.2m $13.2m 0.62% Reduced -109.9k -109,944
94 WBH ADVISORY INC 1.11% of their portfolio BALTIMORE, MD 306,239306.2k $13.0m $13.0m 1.11% Added +10.9k +10,906
95 MML INVESTORS SERVICES, LLC 0.04% of their portfolio SPRINGFIELD, MA 301,529301.5k $12.8m $12.8m 0.04% Added +51.7k +51,747
96 OneAscent Financial Services LLC 0.93% of their portfolio BIRMINGHAM, AL 300,777300.8k $13.0m $13.0m 0.93% Added +7.3k +7,312
97 FIFTH THIRD BANCORP 0.04% of their portfolio CINCINNATI, OH 296,551296.6k $12.6m $12.6m 0.04% Added +81.5k +81,512
98 TPG Financial Advisors, LLC 4.95% of their portfolio PORTLAND, OR 290,586290.6k $12.4m $12.4m 4.95% Added +21.9k +21,893
99 Windsor Capital Management, LLC 3.58% of their portfolio Phoenix, AZ 288,546288.5k $12.3m $12.3m 3.58% Added +22.7k +22,659
100 United Asset Strategies, Inc. 1.05% of their portfolio GARDEN CITY, NY 288,252288.3k $12.3m $12.3m 1.05% Added +5.7k +5,729