SPDR Bloomberg 3-12 Month T-Bill

BILS • ARCA

SPDR Bloomberg 3-12 Month T-Bill is an exchange-traded fund on ARCA. As of Q3 2025, 257 institutional investors hold shares in this ETF, with total holdings valued at $2.4B. LPL Financial LLC is the largest holder with a position valued at $361.4M.

Overview

Overview of institutional ownership in BILS as of Q3 2025

All Institutions

Institutions: 257
Value Held: $2.4B
Shares Held: 24.2M
Avg Position: $9.4M
Median Position: $1.6M

Hedge Funds

Hedge Funds: 3
Value Held: $31.4M
Shares Held: 315.1K
Avg Position: $10.5M
Median Position: $512.0K

Biggest Investors

Institutions with the largest positions in BILS as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
L LPL Financial LLC Institution	-	$361.4M 0.11% of portfolio	3.6M shares	Q4 2022 Held for 2y 11m	$340.07B
CWM, LLC RIA/Wealth	George Burton White CEO	$214.1M 0.68% of portfolio	2.2M shares	Q4 2022 Held for 2y 11m	$31.5B
BANK OF AMERICA CORP /DE/ Institution	Brian T. Moynihan CEO	$142.2M 0.01% of portfolio	1.4M shares	Q3 2022 Held for 3y 2m	$1.33T
Miller Investment Management, LP RIA/Wealth	Henry Scott Miller Managing Partner	$118.1M 11.88% of portfolio	1.2M shares	Q2 2024 Held for 1y 5m	$993.5M
AMERIPRISE FINANCIAL INC Institution	Jim Cracchiolo CEO	$103.6M 0.02% of portfolio	1.0M shares	Q1 2023 Held for 2y 8m	$433.11B
WELLS FARGO & COMPANY/MN Institution	Charles W. Scharf CEO	$61.6M 0.01% of portfolio	618.9K shares	Q2 2023 Held for 2y 5m	$488.50B
A Advisor Group Holdings, Inc. Institution	-	$53.1M 0.07% of portfolio	533.5K shares	Q4 2020 Held for 4y 11m	$71.0B
Sargent Investment Group, LLC RIA/Wealth	Teresa Marie Schafer CCO	$52.1M 7.46% of portfolio	523.1K shares	Q1 2023 Held for 2y 8m	$698.1M
Kovitz Investment Group Partners, LLC RIA/Wealth	Mitchell Armin Kovitz CEO	$51.1M 0.20% of portfolio	513.1K shares	Q3 2024 Held for 1y 2m	$25.6B
B Bell State Bank & Trust Institution	-	$50.0M 2.17% of portfolio	502.8K shares	Q2 2024 Held for 1y 5m	$2.3B

Net Capital Flow

Institutional buying and selling activity for BILS in Q3 2025

Traded: +$20.0M
Buyers: 117
Sellers: 154
Total Bought: +$242.0M
Total Sold: −$222.0M
Avg Position: $8.3M

Biggest Buyers

Institution	Net Bought	Current Position
L LPL Financial LLC Institution	+$35.3M +354.5K shares	$361.4M 3.6M shares
Kovitz Investment Group Partners, LLC RIA/Wealth	+$33.9M +340.3K shares	$51.1M 513.1K shares
CWM, LLC RIA/Wealth	+$27.4M +275.5K shares	$214.1M 2.2M shares
WELLS FARGO & COMPANY/MN Institution	+$16.9M +170.3K shares	$61.6M 618.9K shares
A Advisor Group Holdings, Inc. Institution	+$9.9M +99.5K shares	$53.1M 533.5K shares
Procyon Private Wealth Partners, LLC RIA/Wealth	+$8.0M +80.2K shares	$8.0M 80.2K shares
AQR CAPITAL MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$7.8M +78.5K shares	$30.6M 307.6K shares
Miller Investment Management, LP RIA/Wealth	+$7.8M +78.3K shares	$118.1M 1.2M shares
HighTower Advisors, LLC RIA/Wealth	+$7.3M +72.9K shares	$16.4M 164.3K shares
One Day In July LLC RIA/Wealth	+$7.2M +72.2K shares	$32.8M 329.9K shares

Biggest Sellers

Institution	Net Sold	Current Position
SoundView Advisors Inc. RIA/Wealth	−$27.3M −274.3K shares	Sold Off 0 shares
PARTNERS CAPITAL INVESTMENT GROUP, LLP Fund of Funds	−$13.3M −133.7K shares	$16.0M 161.2K shares
Financial Advocates Investment Management RIA/Wealth	−$12.9M −129.7K shares	Sold Off 0 shares
AMERIPRISE FINANCIAL INC Institution	−$9.5M −95.4K shares	$103.6M 1.0M shares
P Proficio Capital Partners LLC Family Office	−$9.2M −92.1K shares	$7.2M 72.0K shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	−$8.5M −85.9K shares	$2.1M 20.9K shares
ENVESTNET ASSET MANAGEMENT INC Long Only Manager	−$7.9M −79.3K shares	$39.7M 398.8K shares
Sargent Investment Group, LLC RIA/Wealth	−$7.7M −77.1K shares	$52.1M 523.1K shares
Strategic Wealth Partners, Ltd. RIA/Wealth	−$6.6M −66.7K shares	$901.8K 9.1K shares
COMMONWEALTH EQUITY SERVICES, LLC. RIA/Wealth	−$5.5M −55.4K shares	$40.6M 408.4K shares

Entry and Exit Activity

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

New Positions: 11
New Value: $14.3M
Exited Positions: 32
Exited Value: $70.9M

New Positions

Institution	Position Value
Procyon Private Wealth Partners, LLC RIA/Wealth	$8.0M 80.2K shares
Foundations Investment Advisors, LLC RIA/Wealth	$1.8M 17.9K shares
Mills Wealth Advisors LLC RIA/Wealth	$1.4M 13.8K shares
BEACON FINANCIAL GROUP RIA/Wealth	$934.2K 9.4K shares
T TD Waterhouse Canada Inc. Institution	$802.1K 8.3K shares
SILVERLAKE WEALTH MANAGEMENT LLC RIA/Wealth	$423.5K 4.3K shares
Leading Edge Financial Planning LLC RIA/Wealth	$373.6K 3.8K shares
Summit Financial, LLC RIA/Wealth	$312.5K 3.1K shares
ABLE Financial Group, LLC RIA/Wealth	$248.8K 2.5K shares
Pflug Koory, LLC RIA/Wealth	$26.3K 264.0 shares

Exited Positions

Institution	Previous Position
SoundView Advisors Inc. RIA/Wealth	$27.3M 274.3K shares
Financial Advocates Investment Management RIA/Wealth	$12.9M 129.7K shares
H HRT FINANCIAL LLC Institution	$5.3M 53.6K shares
HAMILTON CAPITAL PARTNERS, LLC RIA/Wealth	$5.2M 52.2K shares
S SeaBridge Investment Advisors LLC RIA/Wealth	$4.9M 49.7K shares
Rareview Capital LLC ETF Provider	$4.5M 44.8K shares
Auour Investments LLC RIA/Wealth	$3.6M 35.7K shares
T TWO SIGMA SECURITIES, LLC Institution	$840.1K 8.4K shares
Advisor Resource Council RIA/Wealth	$833.1K 8.4K shares
Opal Wealth Advisors, LLC RIA/Wealth	$555.6K 5.6K shares

Options Activity

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

Call Positions: 0
Call Value: -
Put Positions: 0
Put Value: -

Call Positions

Institution	Position Value
No call positions found

Put Positions

Institution	Position Value
No put positions found

Most Committed Institutions

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

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
P PECAUT & CO. Institution	-	13.83% $43.0M	432.5K shares	Q2 2023 Held for 2y 5m	$311.3M
Miller Investment Management, LP RIA/Wealth	Henry Scott Miller Managing Partner	11.88% $118.1M	1.2M shares	Q2 2024 Held for 1y 5m	$993.5M
N NDWM LLC Institution	-	9.67% $14.3M	143.2K shares	Q4 2023 Held for 1y 11m	$147.4M
DBK Financial Counsel, LLC RIA/Wealth	David Benjamin Kearns CIO	9.40% $11.2M	112.3K shares	Q1 2024 Held for 1y 8m	$118.9M
Delos Wealth Advisors, LLC RIA/Wealth	Cody Lee Lummus CEO	8.07% $12.0M	120.1K shares	Q1 2023 Held for 2y 8m	$148.1M
A Anson Capital, Inc. Institution	-	7.78% $10.0M	100.2K shares	Q1 2023 Held for 2y 8m	$128.2M
Sargent Investment Group, LLC RIA/Wealth	Teresa Marie Schafer CCO	7.46% $52.1M	523.1K shares	Q1 2023 Held for 2y 8m	$698.1M
Horizon Family Wealth, Inc. RIA/Wealth	Joseph Blane Shea Managing Partner	7.10% $12.4M	124.2K shares	Q3 2023 Held for 2y 2m	$174.0M
Birchcreek Wealth Management, LLC RIA/Wealth	Daniel A Johnson Managing Partner	6.88% $13.3M	133.9K shares	Q1 2024 Held for 1y 8m	$193.5M
T Treasure Coast Financial Planning RIA/Wealth	James Barber Twining CEO	6.83% $12.1M	121.9K shares	Q1 2023 Held for 2y 8m	$177.6M

Hedge Fund Spotlight

Discover hedge funds investing in BILS

CITADEL ADVISORS LLC

Hedge Fund • Multi-Strategy

Portfolio ManagerKenneth Cordele Griffin

Portfolio Value: $122.08B
Positions: 5,531
Last Reported: Q3 2025

Sector Allocation

Position in SPDR Bloomberg 3-12 Month T-Bill

Market Value: $241.6K
Shares Held: 2.4K
Portfolio Weight: 0.00%
Owned Since: 2020-Q3

Top Holding	Sector	Market Value	Weight
1 Microsoft MSFT	Software - Infrastructure Technology	$2.1B	1.68%
2 Nvidia NVDA	Semiconductors Technology	$1.8B	1.50%
3 Meta Platforms, Inc. META	Internet Content & Information Communication Services	$1.4B	1.18%