Vault-13

SPDR SER TR SPSM

PORTFOLIO S&P600 · ETP · CUSIP 78468R853

985 institutional holders +84 vs Q3 2025
209,548,738209.5m shares reported held*
$9.8bnreported value*
74 new 380 added 341 reduced 40 sold out net bought ≈ $513.8m (+10.9m 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 ($10.8m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $46.91. Options: 1 managers hold calls ($318.6k notional), 0 hold puts (—).

Trends to Q4 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: 901Q4 25: 985985Q3 22Q2 23Q1 24Q4 24Q4 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
Q4 2025985

Buyers vs sellers

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

Bought or addedCut or sold out
5000500Q1 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 25Q3 25: 465 bought or addedQ3 25: 351 cut or sold outQ4 25: 454 bought or addedQ4 25: 381 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 2024398337
Q2 2024395333
Q3 2024455320
Q4 2024483319
Q1 2025417435
Q2 2025444388
Q3 2025465351
Q4 2025454381

Calls vs puts

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

CallsPuts
$0$1m$2m$3mQ1 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 0.00Q4 25 calls: $318.6kQ4 25 puts: $0Q4 25P/C 0.00
Numbers
QuarterCallsPutsP/C
Q1 2025$2.6m$193.4k0.08
Q2 2025$2.1m$00.00
Q3 2025$2.1m$00.00
Q4 2025$318.6k$00.00

Biggest buyers

MORGAN STANLEY Added +8,375,030+8.4m
LPL Financial LLC Added +1,362,095+1.4m
HighPoint Advisor Group LLC New +684,513+684.5k
Corient Private Wealth LP Added +616,188+616.2k
Betterment LLC Added +614,934+614.9k
BANK OF AMERICA CORP /DE/ Added +567,637+567.6k
GREENLEAF TRUST Added +498,307+498.3k
KWB Wealth Added +425,076+425.1k
BNP PARIBAS FINANCIAL MARKETS New +401,200+401.2k
Kensington Asset Management, LLC New +245,342+245.3k

Biggest sellers

Financial Engines Advisors L.L.C. Reduced -1,873,289-1.9m
WALLER FINANCIAL PLANNING GROUP, INC Reduced -604,149-604.1k
Strategic Financial Concepts, LLC Reduced -581,939-581.9k
WELLINGTON MANAGEMENT GROUP LLP Sold out -438,960-439.0k
JPMORGAN CHASE & CO Reduced -428,708-428.7k
McNamara Financial Services, Inc. Reduced -415,545-415.5k
ENVESTNET ASSET MANAGEMENT INC Reduced -390,898-390.9k
Sanctuary Advisors, LLC Reduced -303,077-303.1k
OneAscent Financial Services LLC Sold out -275,484-275.5k
OSAIC HOLDINGS, INC. Reduced -260,308-260.3k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $318.6k6.8k 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 LPL Financial LLC 0.35% of their portfolio FORT MILL, SC 26,990,27727.0m $1.3bn $1.3bn 0.35% Added +1.4m +1,362,095
2 Financial Engines Advisors L.L.C. 1.88% of their portfolio SANTA CLARA, CA 21,127,44921.1m $990.0m $990.0m 1.88% Reduced -1.9m -1,873,289
3 Betterment LLC 1.67% of their portfolio NEW YORK, NY 18,757,51918.8m $879.0m $879.0m 1.67% Added +614.9k +614,934
4 MORGAN STANLEY 0.04% of their portfolio NEW YORK, NY 13,747,26013.7m $644.2m $644.2m 0.04% Added +8.4m +8,375,030
5 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.05% of their portfolio SAN FRANCISCO, CA 6,463,3276.5m $302.9m $302.9m 0.05% Added +100.4k +100,394
6 Valmark Advisers, Inc. 3.06% of their portfolio AKRON, OH 5,302,6065.3m $248.5m $248.5m 3.06% Reduced -13.3k -13,280
7 BANK OF AMERICA CORP /DE/ 0.01% of their portfolio CHARLOTTE, NC 3,840,3343.8m $180.0m $180.0m 0.01% Added +567.6k +567,637
8 AMERIPRISE FINANCIAL INC 0.04% of their portfolio MINNEAPOLIS, MN 3,798,6843.8m $178.0m $178.0m 0.04% Added +46.1k +46,096
9 ENVESTNET ASSET MANAGEMENT INC 0.05% of their portfolio Berwyn, PA 3,491,6053.5m $163.6m $163.6m 0.05% Reduced -390.9k -390,898
10 CLIFTONLARSONALLEN WEALTH ADVISORS, LLC 2.47% of their portfolio MINNEAPOLIS, MN 3,480,7133.5m $163.1m $163.1m 2.47% Added +199.5k +199,522
11 Creative Planning 0.09% of their portfolio OVERLAND PARK, KS 2,793,2052.8m $130.9m $130.9m 0.09% Reduced -36.2k -36,169
12 RAYMOND JAMES FINANCIAL INC 0.04% of their portfolio ST. PETERSBURG, FL 2,578,5632.6m $120.8m $120.8m 0.04% Reduced -195.0k -195,011
13 OSAIC HOLDINGS, INC. 0.14% of their portfolio SCOTTSDALE, AZ 1,996,6902.0m $93.6m $93.6m 0.14% Reduced -260.3k -260,308
14 PNC Financial Services Group, Inc. 0.05% of their portfolio Pittsburgh, PA 1,912,4581.9m $89.6m $89.6m 0.05% Reduced -19.0k -19,020
15 TEXAS PERMANENT SCHOOL FUND CORP 3.88% of their portfolio AUSTIN, TX 1,810,6031.8m $84.8m $84.8m 3.88% Added +6.5k +6,486
16 Pinnacle Wealth Planning Services, Inc. 8.85% of their portfolio MANSFIELD, OH 1,809,4991.8m $84.8m $84.8m 8.85% Added +56.9k +56,885
17 Crestwood Advisors Group, LLC 1.34% of their portfolio BOSTON, MA 1,722,1771.7m $80.7m $80.7m 1.34% Added +55.3k +55,342
18 Wealthcare Advisory Partners LLC 1.55% of their portfolio WEST CHESTER, PA 1,682,6371.7m $78.8m $78.8m 1.55% Added +39.0k +38,971
19 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 1,659,3961.7m $77.8m $77.8m 0.00% Reduced -65.4k -65,429
20 ASSETMARK, INC 0.15% of their portfolio CONCORD, CA 1,541,7451.5m $72.2m $72.2m 0.15% Reduced -132.4k -132,382
21 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.05% of their portfolio MILWAUKEE, WI 1,518,7391.5m $71.2m $71.2m 0.05% Added +42.3k +42,322
22 Cetera Investment Advisers 0.07% of their portfolio SCHAUMBURG, IL 1,338,3131.3m $62.7m $62.7m 0.07% Added +92.8k +92,756
23 VANTAGEPOINT INVESTMENT ADVISERS LLC 0.49% of their portfolio WASHINGTON, DC 1,308,8321.3m $61.3m $61.3m 0.49% Reduced -104.4k -104,370
24 MASON STREET ADVISORS, LLC 5.97% of their portfolio MILWAUKEE, WI 1,293,8801.3m $60.6m $60.6m 5.97% Added +130.2k +130,180
25 UBS Group AG 0.01% of their portfolio ZURICH, V8 1,286,4461.3m $60.3m $60.3m 0.01% Reduced -226.4k -226,413
26 Dakota Wealth Management 1.06% of their portfolio PALM BEACH GARDENS, FL 1,278,4121.3m $59.9m $59.9m 1.06% Added +52.3k +52,308
27 Corient Private Wealth LP 0.04% of their portfolio MIAMI, FL 1,272,1661.3m $59.6m $59.6m 0.04% Added +616.2k +616,188
28 STIFEL FINANCIAL CORP 0.05% of their portfolio ST. LOUIS, MO 1,197,0651.2m $56.1m $56.1m 0.05% Added +64.2k +64,159
29 Private Advisor Group, LLC 0.26% of their portfolio MORRISTOWN, NJ 1,189,6591.2m $55.7m $55.7m 0.26% Reduced -24.6k -24,581
30 Envestnet Portfolio Solutions, Inc. 0.19% of their portfolio BERWYN, PA 1,177,3231.2m $55.2m $55.2m 0.19% Reduced -77.5k -77,527
31 GREAT VALLEY ADVISOR GROUP, INC. 1.02% of their portfolio WILMINGTON, DE 1,130,8821.1m $53.0m $53.0m 1.02% Added +34.4k +34,422
32 HighTower Advisors, LLC 0.05% of their portfolio CHICAGO, IL 1,038,0861.0m $48.6m $48.6m 0.05% Reduced -20.6k -20,612
33 Morningstar Investment Management LLC 2.80% of their portfolio CHICAGO, IL 1,011,7291.0m $47.4m $47.4m 2.80% Added +17.6k +17,572
34 WELLS FARGO & COMPANY/MN 0.01% of their portfolio SAN FRANCISCO, CA 994,990995.0k $46.6m $46.6m 0.01% Added +102.4k +102,413
35 MIDLAND WEALTH ADVISORS, LLC 2.39% of their portfolio EFFINGHAM, IL 980,587980.6k $46.0m $46.0m 2.39% Added +12.8k +12,850
36 Equitable Holdings, Inc. 0.31% of their portfolio NEW YORK, NY 957,742957.7k $44.9m $44.9m 0.31% Added +17.1k +17,117
37 Stadion Money Management, LLC 3.52% of their portfolio WATKINSVILLE, GA 926,488926.5k $43.4m $43.4m 3.52% Reduced -79.0k -78,994
38 COMMONWEALTH EQUITY SERVICES, LLC 0.06% of their portfolio WALTHAM, MA 895,746895.7k $42.0m $42.0m 0.06% Added +1.3k +1,281
39 PATRIOT INVESTMENT MANAGEMENT GROUP, INC. 2.35% of their portfolio KNOXVILLE, TN 790,099790.1k $37.0m $37.0m 2.35% Added +20.6k +20,560
40 DAVENPORT & Co LLC 0.20% of their portfolio RICHMOND, VA 785,590785.6k $36.8m $36.8m 0.20% Added +48.8k +48,810
41 TRUIST FINANCIAL CORP 0.05% of their portfolio CHARLOTTE, NC 775,506775.5k $36.3m $36.3m 0.05% Reduced -64.5k -64,522
42 Focus Financial Network, Inc. 1.22% of their portfolio MINNEAPOLIS, MN 746,798746.8k $35.0m $35.0m 1.22% Added +25.5k +25,512
43 Peterson Wealth Advisors, LLC 4.49% of their portfolio Orem, UT 718,855718.9k $33.7m $33.7m 4.49% Reduced -10.3k -10,284
44 Banco Santander, S.A. 0.24% of their portfolio Madrid, U3 696,741696.7k $32.6m $32.6m 0.24% Added +110.4k +110,381
45 HighPoint Advisor Group LLC 0.70% of their portfolio DOWNERS GROVE, IL 684,513684.5k $32.1m $32.1m 0.70% New
46 One Day In July LLC 2.61% of their portfolio BURLINGTON, VT 679,174679.2k $31.8m $31.8m 2.61% Added +70.3k +70,291
47 ROYAL BANK OF CANADA 0.01% of their portfolio TORONTO, A6 657,057657.1k $30.8m $30.8m 0.01% Added +31.2k +31,209
48 First Command Advisory Services, Inc. 0.21% of their portfolio FORT WORTH, TX 649,968650.0k $30.5m $30.5m 0.21% Added +102.9k +102,894
49 CWM, LLC 0.08% of their portfolio OMAHA, NE 647,723647.7k $30.4m $30.4m 0.08% Reduced -6.8k -6,752
50 ST GERMAIN D J CO INC 1.17% of their portfolio SPRINGFIELD, MA 641,853641.9k $30.1m $30.1m 1.17% Added +35.8k +35,821
51 VICUS CAPITAL 2.20% of their portfolio STATE COLLEGE, PA 626,745626.7k $29.4m $29.4m 2.20% Added +175.4k +175,402
52 BOKF, NA 0.45% of their portfolio TULSA, OK 625,365625.4k $29.3m $29.3m 0.45% Added +47.1k +47,105
53 RKL Wealth Management LLC 2.35% of their portfolio LANCASTER, PA 611,870611.9k $28.7m $28.7m 2.35% Added +94.2k +94,168
54 Compton Financial Group, LLC 6.43% of their portfolio TOWSON, MD 606,332606.3k $28.4m $28.4m 6.43% Added +19.2k +19,207
55 KWB Wealth 2.68% of their portfolio REDLANDS, CA 603,914603.9k $28.3m $28.3m 2.68% Added +425.1k +425,076
56 ABOUND FINANCIAL, LLC 10.60% of their portfolio GRANITE BAY, CA 584,730584.7k $27.4m $27.4m 10.60% Reduced -35.0k -34,959
57 UNITED CAPITAL FINANCIAL ADVISORS, LLC 0.16% of their portfolio IRVING, TX 582,737582.7k $27.3m $27.3m 0.16% Added +170.5k +170,490
58 BERKSHIRE ASSET MANAGEMENT LLC/PA 1.16% of their portfolio WILKES BARRE, PA 563,967564.0k $26.4m $26.4m 1.16% Added +181.7k +181,708
59 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.04% of their portfolio PLYMOUTH, MN 544,325544.3k $26.4m $26.4m 0.04% Reduced -32.3k -32,317
60 Avior Wealth Management, LLC 0.79% of their portfolio OMAHA, NE 540,377540.4k $25.3m $25.3m 0.79% Added +21.0k +20,959
61 GREENLEAF TRUST 0.23% of their portfolio KALAMAZOO, MI 539,767539.8k $25.3m $25.3m 0.23% Added +498.3k +498,307
62 Cambridge Investment Research Advisors, Inc. 0.07% of their portfolio FAIRFIELD, IA 533,566533.6k $25.0m $25.0m 0.07% Reduced -26.4k -26,392
63 Crews Bank & Trust 3.48% of their portfolio PORT CHARLOTTE, FL 518,642518.6k $24.3m $24.3m 3.48% Reduced -84.6k -84,599
64 SPINNAKER TRUST 1.29% of their portfolio PORTLAND, ME 514,216514.2k $24.1m $24.1m 1.29% Reduced -5.6k -5,645
65 Mariner, LLC 0.03% of their portfolio Overland Park, KS 504,135504.1k $23.6m $23.6m 0.03% Added +19.7k +19,695
66 OARSMAN CAPITAL, INC. 2.98% of their portfolio MILWAUKEE, WI 489,940489.9k $23.0m $23.0m 2.98% Added +23.6k +23,637
67 Lido Advisors, LLC 0.09% of their portfolio Los Angeles, CA 476,128476.1k $22.2m $22.2m 0.09% Added +6.7k +6,748
68 Garrett Wealth Advisory Group, LLC 4.12% of their portfolio WEATHERFORD, TX 464,725464.7k $21.8m $21.8m 4.12% Added +12.8k +12,840
69 Fund Evaluation Group, LLC 0.70% of their portfolio CINCINNATI, OH 454,388454.4k $21.3m $21.3m 0.70% Reduced -128.9k -128,883
70 Legacy Edge Advisors, LLC 2.31% of their portfolio SYOSSET, NY 450,872450.9k $21.1m $21.1m 2.31% Added +21.1k +21,079
71 FLAGSHIP HARBOR ADVISORS, LLC 0.94% of their portfolio BOSTON, MA 425,333425.3k $19.9m $19.9m 0.94% Added +87.6k +87,596
72 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 404,400404.4k $19.0m $19.0m 0.00% Reduced -428.7k -428,708
73 BNP PARIBAS FINANCIAL MARKETS 0.01% of their portfolio PARIS, I0 401,200401.2k $18.8m $18.8m 0.01% New
74 Evernest Financial Advisors, LLC 4.31% of their portfolio CARMEL, IN 399,782399.8k $20.6m $20.6m 4.31% Added +237.5k +237,452
75 Allen Capital Group, LLC 1.72% of their portfolio GRAND ISLAND, NE 397,908397.9k $18.6m $18.6m 1.72% Added +4.6k +4,636
76 Geneos Wealth Management Inc. 0.45% of their portfolio ENGLEWOOD, CO 394,991395.0k $18.5m $18.5m 0.45% Added +26.2k +26,206
77 Financial Gravity Asset Management, Inc. 3.50% of their portfolio Lakeway, TX 387,498387.5k $18.2m $18.2m 3.50% Added +20.6k +20,582
78 Boston Standard Wealth Management, LLC 2.99% of their portfolio WINCHESTER, MA 386,674386.7k $18.1m $18.1m 2.99% Added +10.4k +10,410
79 Shepherd Financial Partners LLC 1.68% of their portfolio WINCHESTER, MA 385,786385.8k $18.1m $18.1m 1.68% Added +16.7k +16,682
80 PARK AVENUE SECURITIES LLC 0.15% of their portfolio NEW YORK, NY 385,647385.6k $18.1m $18.1m 0.15% Reduced -10.7k -10,705
81 Leicht Financial Planning & Wealth Management, Inc. 8.00% of their portfolio PARSIPPANY, NJ 381,677381.7k $17.9m $17.9m 8.00% Reduced -6.0k -6,027
82 Composition Wealth, LLC 0.26% of their portfolio LOS ANGELES, CA 381,412381.4k $17.9m $17.9m 0.26% Added +59.5k +59,513
83 Foguth Wealth Management, LLC. 2.62% of their portfolio BRIGHTON, MI 357,830357.8k $16.9m $16.9m 2.62% First filing
84 Atlas Private Wealth Advisors 3.90% of their portfolio RED BANK, NJ 356,452356.5k $16.7m $16.7m 3.90% Added +9.6k +9,550
85 CORNERSTONE ADVISORS ASSET MANAGEMENT, LLC 2.66% of their portfolio BETHLEHEM, PA 350,243350.2k $16.4m $16.4m 2.66% Added +19.2k +19,244
86 MML INVESTORS SERVICES, LLC 0.04% of their portfolio SPRINGFIELD, MA 348,217348.2k $16.3m $16.3m 0.04% Added +31.8k +31,816
87 Hancock Prospecting Pty Ltd 0.49% of their portfolio West Perth, C3 342,840342.8k $16.1m $16.1m 0.49% Unchanged
88 Merit Financial Group, LLC 0.13% of their portfolio ALPHARETTA, GA 342,643342.6k $16.1m $16.1m 0.13% Reduced -15.1k -15,052
89 Octavia Wealth Advisors, LLC 1.51% of their portfolio CINCINNATI, OH 337,402337.4k $15.8m $15.8m 1.51% Reduced -42.9k -42,901
90 FIFTH THIRD BANCORP 0.05% of their portfolio CINCINNATI, OH 333,329333.3k $15.6m $15.6m 0.05% Added +14.1k +14,066
91 JNBA Financial Advisors 1.36% of their portfolio BLOOMINGTON, MN 331,663331.7k $15.5m $15.5m 1.36% Reduced -3.9k -3,909
92 CAHABA WEALTH MANAGEMENT, INC. 1.06% of their portfolio Atlanta, GA 325,936325.9k $15.3m $15.3m 1.06% Added +8.9k +8,911
93 Integrated Wealth Concepts LLC 0.18% of their portfolio WALTHAM, MA 322,302322.3k $15.1m $15.1m 0.18% Reduced -36.0k -36,007
94 OneDigital Investment Advisors LLC 0.15% of their portfolio OVERLAND PARK, KS 320,541320.5k $15.0m $15.0m 0.15% Reduced -7.2k -7,193
95 TPG Financial Advisors, LLC 4.99% of their portfolio PORTLAND, OR 318,743318.7k $14.9m $14.9m 4.99% Added +30.2k +30,172
96 Financial Security Advisor, Inc. 2.88% of their portfolio VIRGINIA BEACH, VA 317,382317.4k $14.9m $14.9m 2.88% Added +5.8k +5,770
97 AlphaStar Capital Management, LLC 1.07% of their portfolio CORNELIUS, NC 312,207312.2k $14.6m $14.6m 1.07% Added +59.2k +59,217
98 WBH ADVISORY INC 1.08% of their portfolio BALTIMORE, MD 310,182310.2k $14.5m $14.5m 1.08% Added +1.1k +1,056
99 EVERMAY WEALTH MANAGEMENT LLC 1.61% of their portfolio ARLINGTON, VA 306,200306.2k $14.3m $14.3m 1.61% Added +11.1k +11,062
100 Impact Partnership Wealth, LLC 1.84% of their portfolio MARIETTA, GA 305,662305.7k $14.3m $14.3m 1.84% Added +23.0k +23,008