Vault-13

SPDR SER TR SPSM

PORTFOLIO S&P600 · ETP · CUSIP 78468R853

901 institutional holders +8 vs Q2 2025
197,036,127197.0m shares reported held*
$9.1bnreported value*
80 new 385 added 304 reduced 47 sold out net bought ≈ $365.3m (+7.9m 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 ($13.2m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $46.31. Options: 3 managers hold calls ($2.1m notional), 0 hold puts (—).

Trends to Q3 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: 893Q3 25: 901901Q3 22Q2 23Q1 24Q4 24Q3 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
Q3 2025901

Buyers vs sellers

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

Bought or addedCut or sold out
5000500Q4 23: 403 bought or addedQ4 23: 277 cut or sold outQ1 24: 398 bought or addedQ1 24: 337 cut or sold outQ1 24Q2 24: 395 bought or addedQ2 24: 333 cut or sold outQ3 24: 455 bought or addedQ3 24: 320 cut or sold outQ3 24Q4 24: 483 bought or addedQ4 24: 319 cut or sold outQ1 25: 417 bought or addedQ1 25: 435 cut or sold outQ1 25Q2 25: 444 bought or addedQ2 25: 388 cut or sold outQ3 25: 465 bought or addedQ3 25: 351 cut or sold outQ3 25
Numbers
QuarterBought or addedCut or sold out
Q4 2023403277
Q1 2024398337
Q2 2024395333
Q3 2024455320
Q4 2024483319
Q1 2025417435
Q2 2025444388
Q3 2025465351

Calls vs puts

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

CallsPuts
$0$2m$4m$6mQ4 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 0.00Q3 25 calls: $2.1mQ3 25 puts: $0Q3 25P/C 0.00
Numbers
QuarterCallsPutsP/C
Q4 2024$4.2m$592.9k0.14
Q1 2025$2.6m$193.4k0.08
Q2 2025$2.1m$00.00
Q3 2025$2.1m$00.00

Biggest buyers

LPL Financial LLC Added +2,226,550+2.2m
VANTAGEPOINT INVESTMENT ADVISERS LLC New +1,413,202+1.4m
Morningstar Investment Management LLC Added +751,719+751.7k
OSAIC HOLDINGS, INC. Added +691,167+691.2k
Envestnet Portfolio Solutions, Inc. Added +687,258+687.3k
ENVESTNET ASSET MANAGEMENT INC Added +620,942+620.9k
Betterment LLC Added +525,892+525.9k
MORGAN STANLEY Added +460,098+460.1k
JPMORGAN CHASE & CO Added +444,830+444.8k
WELLINGTON MANAGEMENT GROUP LLP New +438,960+439.0k

Biggest sellers

Hancock Prospecting Pty Ltd Reduced -1,136,871-1.1m
Valmark Advisers, Inc. Reduced -947,483-947.5k
Financial Engines Advisors L.L.C. Reduced -831,365-831.4k
ROYAL BANK OF CANADA Reduced -716,864-716.9k
Atlas Private Wealth Advisors Reduced -499,394-499.4k
Gerber Kawasaki Wealth & Investment Management Reduced -479,423-479.4k
RETIREMENT FINANCIAL SOLUTIONS, LLC Reduced -435,181-435.2k
Avidian Wealth Enterprises, LLC Reduced -359,433-359.4k
SURIENCE PRIVATE WEALTH LLC Sold out -234,633-234.6k
Modern Wealth Management, LLC Reduced -215,956-216.0k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $1.4m29.3k shares
CITADEL ADVISORS LLC New $477.1k10.3k shares
JANE STREET GROUP, LLC New $259.4k5.6k 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, Q3 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 LPL Financial LLC 0.35% of their portfolio FORT MILL, SC 25,628,18225.6m $1.2bn $1.2bn 0.35% Added +2.2m +2,226,550
2 Financial Engines Advisors L.L.C. 2.03% of their portfolio SANTA CLARA, CA 23,000,73823.0m $1.1bn $1.1bn 2.03% Reduced -831.4k -831,365
3 Betterment LLC 1.66% of their portfolio NEW YORK, NY 18,142,58518.1m $840.4m $840.4m 1.66% Added +525.9k +525,892
4 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.05% of their portfolio SAN FRANCISCO, CA 6,362,9336.4m $294.7m $294.7m 0.05% Added +214.7k +214,694
5 MORGAN STANLEY 0.02% of their portfolio NEW YORK, NY 5,372,2305.4m $248.8m $248.8m 0.02% Added +460.1k +460,098
6 Valmark Advisers, Inc. 3.18% of their portfolio AKRON, OH 5,315,8865.3m $246.2m $246.2m 3.18% Reduced -947.5k -947,483
7 ENVESTNET ASSET MANAGEMENT INC 0.05% of their portfolio Berwyn, PA 3,882,5033.9m $179.8m $179.8m 0.05% Added +620.9k +620,942
8 AMERIPRISE FINANCIAL INC 0.04% of their portfolio MINNEAPOLIS, MN 3,752,5883.8m $173.8m $173.8m 0.04% Reduced -19.5k -19,481
9 CLIFTONLARSONALLEN WEALTH ADVISORS, LLC 2.40% of their portfolio MINNEAPOLIS, MN 3,281,1913.3m $152.0m $152.0m 2.40% Added +113.6k +113,601
10 BANK OF AMERICA CORP /DE/ 0.01% of their portfolio CHARLOTTE, NC 3,272,6973.3m $151.6m $151.6m 0.01% Added +156.9k +156,866
11 Creative Planning 0.10% of their portfolio OVERLAND PARK, KS 2,829,3742.8m $131.1m $131.1m 0.10% Reduced -29.3k -29,339
12 RAYMOND JAMES FINANCIAL INC 0.04% of their portfolio ST. PETERSBURG, FL 2,773,5742.8m $128.5m $128.5m 0.04% Added +159.0k +158,958
13 OSAIC HOLDINGS, INC. 0.15% of their portfolio SCOTTSDALE, AZ 2,256,9982.3m $104.2m $104.2m 0.15% Added +691.2k +691,167
14 PNC Financial Services Group, Inc. 0.05% of their portfolio Pittsburgh, PA 1,931,4781.9m $89.5m $89.5m 0.05% Added +23.2k +23,234
15 TEXAS PERMANENT SCHOOL FUND CORP 2.72% of their portfolio AUSTIN, TX 1,804,1171.8m $83.6m $83.6m 2.72% Added +368.6k +368,628
16 Pinnacle Wealth Planning Services, Inc. 9.51% of their portfolio MANSFIELD, OH 1,752,6141.8m $81.2m $81.2m 9.51% Added +92.4k +92,383
17 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 1,724,8251.7m $79.9m $79.9m 0.00% Added +436.4k +436,350
18 ASSETMARK, INC 0.17% of their portfolio CONCORD, CA 1,674,1271.7m $77.5m $77.5m 0.17% Added +345.0k +345,040
19 Crestwood Advisors Group, LLC 1.31% of their portfolio BOSTON, MA 1,666,8351.7m $77.2m $77.2m 1.31% Added +34.7k +34,710
20 Wealthcare Advisory Partners LLC 1.59% of their portfolio WEST CHESTER, PA 1,643,6661.6m $76.1m $76.1m 1.59% Added +13.8k +13,807
21 UBS Group AG 0.01% of their portfolio ZURICH, V8 1,512,8591.5m $70.1m $70.1m 0.01% Added +236.6k +236,563
22 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.05% of their portfolio MILWAUKEE, WI 1,476,4171.5m $68.4m $68.4m 0.05% Added +74.3k +74,271
23 VANTAGEPOINT INVESTMENT ADVISERS LLC 0.53% of their portfolio WASHINGTON, DC 1,413,2021.4m $65.5m $65.5m 0.53% New
24 Envestnet Portfolio Solutions, Inc. 0.21% of their portfolio BERWYN, PA 1,254,8501.3m $58.1m $58.1m 0.21% Added +687.3k +687,258
25 Cetera Investment Advisers 0.07% of their portfolio SCHAUMBURG, IL 1,245,5571.2m $57.7m $57.7m 0.07% Added +153.1k +153,119
26 Dakota Wealth Management 1.15% of their portfolio PALM BEACH GARDENS, FL 1,226,1041.2m $56.8m $56.8m 1.15% Added +108.1k +108,059
27 Private Advisor Group, LLC 0.28% of their portfolio MORRISTOWN, NJ 1,214,2401.2m $56.2m $56.2m 0.28% Reduced -27.5k -27,532
28 MASON STREET ADVISORS, LLC 5.59% of their portfolio MILWAUKEE, WI 1,163,7001.2m $53.9m $53.9m 5.59% Added +74.9k +74,900
29 STIFEL FINANCIAL CORP 0.05% of their portfolio ST. LOUIS, MO 1,132,9061.1m $52.5m $52.5m 0.05% Added +98.5k +98,477
30 GREAT VALLEY ADVISOR GROUP, INC. 1.02% of their portfolio WILMINGTON, DE 1,096,4601.1m $50.8m $50.8m 1.02% Added +35.0k +34,995
31 HighTower Advisors, LLC 0.06% of their portfolio CHICAGO, IL 1,058,6981.1m $49.0m $49.0m 0.06% Added +94.9k +94,905
32 Stadion Money Management, LLC 3.72% of their portfolio WATKINSVILLE, GA 1,005,4821.0m $46.6m $46.6m 3.72% Added +190.4k +190,420
33 Morningstar Investment Management LLC 1.69% of their portfolio CHICAGO, IL 994,157994.2k $46.0m $46.0m 1.69% Added +751.7k +751,719
34 MIDLAND WEALTH ADVISORS, LLC 2.40% of their portfolio EFFINGHAM, IL 967,737967.7k $44.8m $44.8m 2.40% Reduced -194.5k -194,513
35 Equitable Holdings, Inc. 0.32% of their portfolio NEW YORK, NY 940,625940.6k $43.6m $43.6m 0.32% Added +79.3k +79,254
36 COMMONWEALTH EQUITY SERVICES, LLC 0.05% of their portfolio WALTHAM, MA 894,465894.5k $41.4m $41.4m 0.05% Reduced -74.2k -74,243
37 WELLS FARGO & COMPANY/MN 0.01% of their portfolio SAN FRANCISCO, CA 892,577892.6k $41.3m $41.3m 0.01% Reduced -16.9k -16,921
38 TRUIST FINANCIAL CORP 0.05% of their portfolio CHARLOTTE, NC 840,028840.0k $38.9m $38.9m 0.05% Reduced -3.5k -3,491
39 WALLER FINANCIAL PLANNING GROUP, INC 8.92% of their portfolio COLUMBUS, OH 839,407839.4k $38.9m $38.9m 8.92% Added +11.9k +11,945
40 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 833,108833.1k $38.6m $38.6m 0.00% Added +444.8k +444,830
41 PATRIOT INVESTMENT MANAGEMENT GROUP, INC. 2.33% of their portfolio KNOXVILLE, TN 769,539769.5k $35.6m $35.6m 2.33% Added +33.4k +33,395
42 DAVENPORT & Co LLC 0.18% of their portfolio RICHMOND, VA 736,780736.8k $34.1m $34.1m 0.18% Reduced -133.2k -133,232
43 Peterson Wealth Advisors, LLC 5.03% of their portfolio Orem, UT 729,139729.1k $33.6m $33.6m 5.03% Added +33.3k +33,313
44 Focus Financial Network, Inc. 1.19% of their portfolio MINNEAPOLIS, MN 721,286721.3k $33.4m $33.4m 1.19% Added +4.7k +4,663
45 Corient Private Wealth LP 0.05% of their portfolio MIAMI, FL 655,978656.0k $30.4m $30.4m 0.05% Added +71.2k +71,200
46 CWM, LLC 0.09% of their portfolio OMAHA, NE 654,475654.5k $30.3m $30.3m 0.09% Added +16.0k +15,992
47 ROYAL BANK OF CANADA 0.01% of their portfolio TORONTO, A6 625,848625.8k $29.0m $29.0m 0.01% Reduced -716.9k -716,864
48 ABOUND FINANCIAL, LLC 11.49% of their portfolio GRANITE BAY, CA 619,689619.7k $28.7m $28.7m 11.49% Added +2.6k +2,596
49 One Day In July LLC 2.39% of their portfolio BURLINGTON, VT 608,883608.9k $28.2m $28.2m 2.39% Added +90.7k +90,720
50 ST GERMAIN D J CO INC 1.12% of their portfolio SPRINGFIELD, MA 606,032606.0k $28.1m $28.1m 1.12% Added +66.8k +66,763
51 Crews Bank & Trust 4.09% of their portfolio PORT CHARLOTTE, FL 603,241603.2k $27.9m $27.9m 4.09% Reduced -60.9k -60,884
52 Sanctuary Advisors, LLC 0.08% of their portfolio INDIANAPOLIS, IN 596,556596.6k $26.0m $26.0m 0.08% Added +323.3k +323,317
53 Strategic Financial Concepts, LLC 3.96% of their portfolio SAN ANTONIO, TX 587,650587.6k $27.2m $27.2m 3.96% Added +14.1k +14,062
54 Compton Financial Group, LLC 6.55% of their portfolio TOWSON, MD 587,125587.1k $27.2m $27.2m 6.55% Added +14.8k +14,838
55 Banco Santander, S.A. 0.24% of their portfolio Madrid, U3 586,360586.4k $27.2m $27.2m 0.24% Added +83.1k +83,140
56 Fund Evaluation Group, LLC 0.98% of their portfolio CINCINNATI, OH 583,271583.3k $27.0m $27.0m 0.98% Added +21.2k +21,198
57 BOKF, NA 0.40% of their portfolio TULSA, OK 578,260578.3k $26.8m $26.8m 0.40% Added +152.4k +152,360
58 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.04% of their portfolio PLYMOUTH, MN 576,642576.6k $26.6m $26.6m 0.04% Reduced -3.0k -2,973
59 Cambridge Investment Research Advisors, Inc. 0.07% of their portfolio FAIRFIELD, IA 559,958560.0k $25.9m $25.9m 0.07% Added +31.0k +30,987
60 First Command Advisory Services, Inc. 0.18% of their portfolio FORT WORTH, TX 547,074547.1k $25.3m $25.3m 0.18% Reduced -119.7k -119,735
61 SPINNAKER TRUST 1.34% of their portfolio PORTLAND, ME 519,861519.9k $24.1m $24.1m 1.34% Reduced -18.7k -18,671
62 Avior Wealth Management, LLC 0.77% of their portfolio OMAHA, NE 519,418519.4k $24.1m $24.1m 0.77% Added +22.8k +22,839
63 RKL Wealth Management LLC 2.04% of their portfolio LANCASTER, PA 517,702517.7k $24.0m $24.0m 2.04% Added +39.7k +39,728
64 Mariner, LLC 0.03% of their portfolio Overland Park, KS 484,440484.4k $22.4m $22.4m 0.03% Reduced -9.7k -9,690
65 Lido Advisors, LLC 0.09% of their portfolio Los Angeles, CA 469,380469.4k $21.7m $21.7m 0.09% Added +419.3k +419,268
66 OARSMAN CAPITAL, INC. 3.03% of their portfolio MILWAUKEE, WI 466,303466.3k $21.6m $21.6m 3.03% Added +35.0k +34,953
67 Garrett Wealth Advisory Group, LLC 4.08% of their portfolio WEATHERFORD, TX 451,885451.9k $20.9m $20.9m 4.08% Added +12.0k +11,968
68 VICUS CAPITAL 1.60% of their portfolio STATE COLLEGE, PA 451,343451.3k $20.9m $20.9m 1.60% Added +426.8k +426,829
69 McNamara Financial Services, Inc. 3.88% of their portfolio MARSHFIELD, MA 450,315450.3k $20.9m $20.9m 3.88% Added +3.9k +3,851
70 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 438,960439.0k $20.3m $20.3m 0.00% New
71 Legacy Edge Advisors, LLC 2.35% of their portfolio SYOSSET, NY 429,793429.8k $19.9m $19.9m 2.35% Added +37.9k +37,853
72 UNITED CAPITAL FINANCIAL ADVISORS, LLC 0.14% of their portfolio IRVING, TX 412,247412.2k $19.1m $19.1m 0.14% Added +125.9k +125,928
73 PARK AVENUE SECURITIES LLC 0.14% of their portfolio NEW YORK, NY 396,352396.4k $18.4m $18.4m 0.14% Added +155.4k +155,433
74 Allen Capital Group, LLC 1.74% of their portfolio GRAND ISLAND, NE 393,272393.3k $18.2m $18.2m 1.74% Added +10.1k +10,080
75 Leicht Financial Planning & Wealth Management, Inc. 8.10% of their portfolio PARSIPPANY, NJ 387,704387.7k $18.0m $18.0m 8.10% Reduced -2.6k -2,585
76 BERKSHIRE ASSET MANAGEMENT LLC/PA 0.75% of their portfolio WILKES BARRE, PA 382,259382.3k $17.7m $17.7m 0.75% Added +9.6k +9,565
77 Octavia Wealth Advisors, LLC 1.75% of their portfolio CINCINNATI, OH 380,303380.3k $17.6m $17.6m 1.75% Added +11.2k +11,233
78 Boston Standard Wealth Management, LLC 2.93% of their portfolio WINCHESTER, MA 376,264376.3k $17.4m $17.4m 2.93% Added +2.2k +2,213
79 Shepherd Financial Partners LLC 1.63% of their portfolio WINCHESTER, MA 369,104369.1k $17.1m $17.1m 1.63% Reduced -4.4k -4,419
80 Geneos Wealth Management Inc. 0.43% of their portfolio ENGLEWOOD, CO 368,785368.8k $17.1m $17.1m 0.43% Added +10.8k +10,803
81 Financial Gravity Asset Management, Inc. 3.35% of their portfolio Lakeway, TX 366,916366.9k $17.0m $17.0m 3.35% First filing
82 Integrated Wealth Concepts LLC 0.15% of their portfolio WALTHAM, MA 358,309358.3k $16.6m $16.6m 0.15% Reduced -6.1k -6,090
83 Merit Financial Group, LLC 0.15% of their portfolio ALPHARETTA, GA 357,695357.7k $16.6m $16.6m 0.15% Reduced -44.6k -44,636
84 Atlas Private Wealth Advisors 3.94% of their portfolio RED BANK, NJ 346,902346.9k $16.1m $16.1m 3.94% Reduced -499.4k -499,394
85 Austin Private Wealth, LLC 1.23% of their portfolio Austin, TX 344,348344.3k $16.0m $16.0m 1.23% Added +104.4k +104,429
86 Hancock Prospecting Pty Ltd 0.52% of their portfolio West Perth, C3 342,840342.8k $15.9m $15.9m 0.52% Reduced -1.1m -1,136,871
87 FLAGSHIP HARBOR ADVISORS, LLC 0.68% of their portfolio BOSTON, MA 337,737337.7k $15.6m $15.6m 0.68% Added +28.4k +28,418
88 JNBA Financial Advisors 1.41% of their portfolio BLOOMINGTON, MN 335,572335.6k $15.5m $15.5m 1.41% Reduced -4.9k -4,852
89 CORNERSTONE ADVISORS ASSET MANAGEMENT, LLC 2.68% of their portfolio BETHLEHEM, PA 330,999331.0k $15.3m $15.3m 2.68% Added +20.5k +20,476
90 OneDigital Investment Advisors LLC 0.16% of their portfolio OVERLAND PARK, KS 327,734327.7k $15.2m $15.2m 0.16% Reduced -19.4k -19,356
91 Composition Wealth, LLC 0.22% of their portfolio LOS ANGELES, CA 321,899321.9k $14.9m $14.9m 0.22% New
92 FIFTH THIRD BANCORP 0.05% of their portfolio CINCINNATI, OH 319,263319.3k $14.8m $14.8m 0.05% Added +22.7k +22,712
93 CAHABA WEALTH MANAGEMENT, INC. 1.06% of their portfolio Atlanta, GA 317,025317.0k $14.7m $14.7m 1.06% Added +2.4k +2,361
94 MML INVESTORS SERVICES, LLC 0.04% of their portfolio SPRINGFIELD, MA 316,401316.4k $14.7m $14.7m 0.04% Added +14.9k +14,872
95 Financial Security Advisor, Inc. 3.07% of their portfolio VIRGINIA BEACH, VA 311,612311.6k $14.4m $14.4m 3.07% Reduced -14.3k -14,270
96 WBH ADVISORY INC 1.09% of their portfolio BALTIMORE, MD 309,126309.1k $14.3m $14.3m 1.09% Added +2.9k +2,887
97 Windsor Capital Management, LLC 3.80% of their portfolio Phoenix, AZ 297,198297.2k $13.8m $13.8m 3.80% Added +8.7k +8,652
98 EVERMAY WEALTH MANAGEMENT LLC 1.56% of their portfolio ARLINGTON, VA 295,138295.1k $13.7m $13.7m 1.56% Added +14.9k +14,924
99 United Asset Strategies, Inc. 1.09% of their portfolio GARDEN CITY, NY 292,958293.0k $13.6m $13.6m 1.09% Added +4.7k +4,706
100 TPG Financial Advisors, LLC 4.98% of their portfolio PORTLAND, OR 288,571288.6k $13.4m $13.4m 4.98% Reduced -2.0k -2,015