SPDR Bloomberg 1-3 Month T-Bill ETF

BIL • ARCA

SPDR Bloomberg 1-3 Month T-Bill ETF is an exchange-traded fund on ARCA. As of Q3 2025, 1,145 institutional investors hold shares in this ETF, with total holdings valued at $21.7B. MORGAN STANLEY is the largest holder with a position valued at $2.3B.

Overview

Overview of institutional ownership in BIL as of Q3 2025

All Institutions

Institutions: 1,145
Value Held: $21.7B
Shares Held: 236.4M
Avg Position: $18.9M
Median Position: $2.0M

Hedge Funds

Hedge Funds: 19
Value Held: $773.1M
Shares Held: 8.4M
Avg Position: $40.7M
Median Position: $9.9M

Biggest Investors

Institutions with the largest positions in BIL as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$2.3B 0.14% of portfolio	24.8M shares	≤ Q2 2013 Held for 12y 5m+	$1.65T
BANK OF AMERICA CORP /DE/ Institution	Brian T. Moynihan CEO	$1.5B 0.11% of portfolio	16.4M shares	≤ Q2 2013 Held for 12y 5m+	$1.33T
L LPL Financial LLC Institution	-	$1.2B 0.36% of portfolio	13.2M shares	≤ Q2 2013 Held for 12y 5m+	$340.07B
R ROYAL BANK OF CANADA Institution	-	$770.3M 0.14% of portfolio	8.4M shares	≤ Q2 2013 Held for 12y 5m+	$542.04B
UBS Group AG Institution	Sergio P. Ermotti CEO	$727.5M 0.14% of portfolio	7.9M shares	Q4 2014 Held for 10y 11m	$511.54B
WELLS FARGO & COMPANY/MN Institution	Charles W. Scharf CEO	$615.2M 0.13% of portfolio	6.7M shares	≤ Q2 2013 Held for 12y 5m+	$488.50B
S STIFEL FINANCIAL CORP Long Only Manager	Adam Vartan Topalian CIO	$439.7M 0.40% of portfolio	4.8M shares	Q1 2016 Held for 9y 8m	$109.37B
Capital Wealth Planning, LLC RIA/Wealth	Kevin Glenn Simpson President	$421.5M 2.97% of portfolio	4.6M shares	Q4 2022 Held for 2y 11m	$14.2B
ENVESTNET ASSET MANAGEMENT INC Long Only Manager	Christopher Russell Todd CEO	$417.7M 0.12% of portfolio	4.6M shares	≤ Q2 2013 Held for 12y 5m+	$341.99B
AQR CAPITAL MANAGEMENT LLC Hedge Fund•Multi-Strategy	David Gary Kabiller Founder	$412.6M 0.26% of portfolio	4.5M shares	Q3 2024 Held for 1y 2m	$156.17B

Net Capital Flow

Institutional buying and selling activity for BIL in Q3 2025

Traded: −$75.4M
Buyers: 613
Sellers: 561
Total Bought: +$2.5B
Total Sold: −$2.6B
Avg Position: $17.4M

Biggest Buyers

Institution	Net Bought	Current Position
AQR CAPITAL MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$209.9M +2.3M shares	$412.6M 4.5M shares
MORGAN STANLEY RIA/Wealth	+$187.8M +2.0M shares	$2.3B 24.8M shares
A Arrowpoint Asset Management, LLC Hedge Fund•Multi-Strategy	+$118.1M +1.3M shares	$143.4M 1.6M shares
Synergy Financial Management, LLC RIA/Wealth	+$113.9M +1.2M shares	$172.4M 1.9M shares
IEQ CAPITAL, LLC RIA/Wealth	+$106.1M +1.2M shares	$290.4M 3.2M shares
Ashton Thomas Private Wealth, LLC RIA/Wealth	+$62.5M +681.3K shares	$182.2M 2.0M shares
I Impact Partnership Wealth, LLC RIA/Wealth	+$58.7M +639.5K shares	$97.5M 1.1M shares
Foundations Investment Advisors, LLC RIA/Wealth	+$52.3M +570.5K shares	$159.9M 1.7M shares
CWM, LLC RIA/Wealth	+$44.4M +483.8K shares	$260.9M 2.8M shares
Capital Wealth Planning, LLC RIA/Wealth	+$41.5M +452.4K shares	$421.5M 4.6M shares

Biggest Sellers

Institution	Net Sold	Current Position
CAPTRUST FINANCIAL ADVISORS RIA/Wealth	−$180.7M −2.0M shares	$349.4M 3.8M shares
GENWORTH FINANCIAL WEALTH MANAGEMENT, INC Long Only Manager	−$164.2M −1.8M shares	$112.5M 1.2M shares
A AGF MANAGEMENT LTD Institution	−$134.2M −1.5M shares	$148.0M 1.6M shares
BANK OF AMERICA CORP /DE/ Institution	−$125.6M −1.4M shares	$1.5B 16.4M shares
3EDGE Asset Management, LP Long Only Manager	−$122.2M −1.3M shares	$110.4M 1.2M shares
ENVESTNET ASSET MANAGEMENT INC Long Only Manager	−$101.1M −1.1M shares	$417.7M 4.6M shares
C Capital International Investors Institution	−$95.4M −1.0M shares	$271.1M 3.0M shares
Capital Investment Advisory Services, LLC RIA/Wealth	−$58.4M −636.6K shares	Sold Off 0 shares
BB&T CORP Institution	−$51.8M −564.4K shares	$259.2M 2.8M shares
Stadion Money Management, LLC Long Only Manager	−$48.7M −532.2K shares	Sold Off 0 shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited BIL in Q3 2025

New Positions: 66
New Value: $176.4M
Exited Positions: 101
Exited Value: $418.4M

New Positions

Institution	Position Value
V Valence8 US LP Fund of Funds	$38.3M 417.3K shares
T Twin Lakes Capital Management, LLC RIA/Wealth	$33.5M 364.9K shares
Barry Investment Advisors, LLC RIA/Wealth	$19.2M 209.7K shares
Nixon Capital, LLC Hedge Fund•Long/Short	$17.2M 187.2K shares
Kassira Wealth Management LLC RIA/Wealth	$8.2M 89.0K shares
E Exit Wealth Advisors, LLC. RIA/Wealth	$6.8M 73.8K shares
J JGP Wealth Management, LLC RIA/Wealth	$6.6M 72.0K shares
Sheets Smith Investment Management RIA/Wealth	$4.0M 43.5K shares
ALLIANCEBERNSTEIN L.P. Long Only Manager	$3.5M 38.3K shares
Wealth Watch Advisors, INC RIA/Wealth	$3.2M 34.5K shares

Exited Positions

Institution	Previous Position
Capital Investment Advisory Services, LLC RIA/Wealth	$58.4M 636.6K shares
Stadion Money Management, LLC Long Only Manager	$48.7M 532.2K shares
St. James Investment Company, LLC Long Only Manager	$48.4M 527.4K shares
GOLDMAN SACHS GROUP INC Institution	$30.4M 330.9K shares
Kropog Financial Group, LLC RIA/Wealth	$24.0M 261.5K shares
F FLOW TRADERS U.S. LLC Institution	$23.1M 252.2K shares
USA Financial Portformulas Corp Long Only Manager	$23.1M 252.0K shares
Q Quadrature Capital Ltd Institution	$18.1M 197.0K shares
AssuredPartners Investment Advisors, LLC RIA/Wealth	$16.2M 176.7K shares
MARSHFIELD ASSOCIATES Long Only Manager	$12.8M 139.7K shares

Options Activity

Institutions with the largest Call and Put options positions in BIL as of Q3 2025

Call Positions: 2
Call Value: $2.1M
Put Positions: 3
Put Value: $4.5M

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$1.8M 198.0 contracts
W WOLVERINE TRADING, LLC Institution	$321.1K 35.0 contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$4.2M 456.0 contracts
W WOLVERINE TRADING, LLC Institution	$321.1K 35.0 contracts
B Belvedere Trading LLC Institution	- - contracts

Most Committed Institutions

Institutions with BIL as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
North Capital, Inc. RIA/Wealth	James Patrick Dowd President	24.08% $30.6M	334.0K shares	Q1 2025 Held for 8 months	$127.3M
St. Louis Financial Planners Asset Management, LLC RIA/Wealth	Casey Daniel Hunt President	23.68% $36.7M	400.3K shares	Q4 2022 Held for 2y 11m	$155.1M
Savior LLC RIA/Wealth	Todd Michael Ingwersen Managing Partner	22.92% $5.2M	56.1K shares	Q4 2023 Held for 1y 11m	$22.5M
Second Half Financial Partners, LLC RIA/Wealth	Leila Mehrizi Shaver CCO	20.58% $43.1M	469.3K shares	Q1 2023 Held for 2y 8m	$209.2M
VanWeelden Wealth Management, LLC RIA/Wealth	John Douglas Vanweelden President	19.51% $15.0M	163.4K shares	Q3 2025 Held for 2 months	$76.8M
Alethea Capital Management, LLC Hedge Fund•Multi-Strategy	Tony Hsu Managing Partner	18.42% $28.6M	312.0K shares	Q1 2024 Held for 1y 8m	$155.4M
A Abich Financial Wealth Management LLC RIA/Wealth	Abraham Abich CEO	17.88% $48.1M	523.9K shares	Q3 2025 Held for 2 months	$268.8M
Dean, Jacobson Financial Services, LLC RIA/Wealth	Timothy Clark Lowry President	17.79% $24.5M	266.8K shares	Q1 2025 Held for 8 months	$137.6M
T Turning Point Benefit Group, Inc. Institution	-	16.21% $26.9M	293.6K shares	Q4 2024 Held for 11 months	$165.6M
October Effect Ltd RIA/Wealth	Frank David Tehel Managing Partner	15.95% $14.5M	157.5K shares	Q2 2025 Held for 5 months	$90.6M

Hedge Fund Spotlight

Discover hedge funds investing in BIL

PRESCOTT GROUP CAPITAL MANAGEMENT, L.L.C.

Hedge Fund • Long/Short

Portfolio ManagerMatthew Nicholas Dunham

Portfolio Value: $948.6M
Positions: 238
Last Reported: Q3 2025

Sector Allocation

Position in SPDR Bloomberg 1-3 Month T-Bill ETF

Market Value: $1.9M
Shares Held: 20.7K
Portfolio Weight: 0.20%
Owned Since: 2023-Q1

Top Holding	Sector	Market Value	Weight
1 PHLT Performant Healthcare PHLT	Unknown Unknown	$122.1M	12.87%
2 American Public Education APEI	Education & Training Services Consumer Defensive	$33.8M	3.57%
3 Nature's Sunshine Products NATR	Packaged Foods Consumer Defensive	$27.7M	2.92%

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