SPDR S&P Aerospace & Defense ETF

XAR • ARCA

SPDR S&P Aerospace & Defense ETF is an exchange-traded fund on ARCA. As of Q3 2025, 442 institutional investors hold shares in this ETF, with total holdings valued at $1.9B. LPL Financial LLC is the largest holder with a position valued at $286.2M.

Overview

Overview of institutional ownership in XAR as of Q3 2025

All Institutions

Institutions: 442
Value Held: $1.9B
Shares Held: 8.2M
Avg Position: $4.3M
Median Position: $467.9K

Hedge Funds

Hedge Funds: 5
Value Held: $1.5M
Shares Held: 6.4K
Avg Position: $301.0K
Median Position: $254.2K

Biggest Investors

Institutions with the largest positions in XAR as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
L LPL Financial LLC Institution	-	$286.2M 0.08% of portfolio	1.2M shares	Q1 2014 Held for 11y 8m	$340.07B
BANK OF AMERICA CORP /DE/ Institution	Brian T. Moynihan CEO	$190.4M 0.01% of portfolio	810.2K shares	≤ Q2 2013 Held for 12y 5m+	$1.33T
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$164.7M 0.01% of portfolio	700.8K shares	≤ Q2 2013 Held for 12y 5m+	$1.65T
WELLS FARGO & COMPANY/MN Institution	Charles W. Scharf CEO	$71.8M 0.01% of portfolio	305.5K shares	≤ Q2 2013 Held for 12y 5m+	$488.50B
RAYMOND JAMES FINANCIAL INC RIA/Wealth	Steven Robert Marcus CEO	$58.8M 0.02% of portfolio	250.1K shares	Q4 2024 Held for 11 months	$310.43B
UBS Group AG Institution	Sergio P. Ermotti CEO	$47.9M 0.01% of portfolio	203.9K shares	Q4 2014 Held for 10y 11m	$511.54B
Q Quadrature Capital Ltd Institution	-	$46.0M 0.54% of portfolio	195.7K shares	Q3 2025 Held for 2 months	$8.5B
Howard Capital Management Group, LLC RIA/Wealth	David Andrew Robinson President	$44.6M 2.82% of portfolio	189.8K shares	Q1 2024 Held for 1y 8m	$1.6B
ENVESTNET ASSET MANAGEMENT INC Long Only Manager	Christopher Russell Todd CEO	$39.3M 0.01% of portfolio	167.3K shares	Q1 2018 Held for 7y 8m	$341.99B
AFFINITY WEALTH MANAGEMENT RIA/Wealth	Michael Joseph Sicuranza CEO	$37.9M 5.59% of portfolio	161.1K shares	Q2 2025 Held for 5 months	$677.6M

Net Capital Flow

Institutional buying and selling activity for XAR in Q3 2025

Traded: +$142.1M
Buyers: 221
Sellers: 135
Total Bought: +$231.0M
Total Sold: −$88.9M
Avg Position: $4.1M

Biggest Buyers

Institution	Net Bought	Current Position
Q Quadrature Capital Ltd Institution	+$46.0M +195.7K shares	$46.0M 195.7K shares
L LPL Financial LLC Institution	+$19.1M +81.4K shares	$286.2M 1.2M shares
B BNP PARIBAS ARBITRAGE, SA Institution	+$18.3M +77.9K shares	$28.8M 122.5K shares
RAYMOND JAMES FINANCIAL INC RIA/Wealth	+$13.1M +55.7K shares	$58.8M 250.1K shares
Horizon Wealth Management, LLC RIA/Wealth	+$12.1M +51.4K shares	$12.1M 51.4K shares
BANK OF AMERICA CORP /DE/ Institution	+$10.4M +44.1K shares	$190.4M 810.2K shares
Cetera Investment Advisers RIA/Wealth	+$7.4M +31.6K shares	$31.3M 133.3K shares
Invesco Ltd. ETF Provider	+$6.7M +28.3K shares	$6.7M 28.3K shares
ARMSTRONG ADVISORY GROUP, INC RIA/Wealth	+$5.5M +23.3K shares	$5.6M 23.9K shares
Kingsview Wealth Management, LLC RIA/Wealth	+$5.1M +21.6K shares	$19.8M 84.3K shares

Biggest Sellers

Institution	Net Sold	Current Position
Stonebridge Financial Group, LLC RIA/Wealth	−$14.4M −68.3K shares	Sold Off 0 shares
SMI Advisory Services, LLC RIA/Wealth	−$9.9M −45.4K shares	Sold Off 0 shares
E EWG Elevate Inc. Institution	−$9.2M −43.8K shares	Sold Off 0 shares
MORGAN STANLEY RIA/Wealth	−$5.4M −23.1K shares	$164.7M 700.8K shares
WEALTH ENHANCEMENT ADVISORY SERVICES, LLC RIA/Wealth	−$4.7M −19.1K shares	$3.0M 12.2K shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	−$3.8M −16.2K shares	$1.1M 4.5K shares
UBS Group AG Institution	−$3.8M −16.1K shares	$47.9M 203.9K shares
WELLS FARGO & COMPANY/MN Institution	−$3.6M −15.5K shares	$71.8M 305.5K shares
BB&T CORP Institution	−$3.0M −12.8K shares	$2.9M 12.5K shares
P Prostatis Group LLC Institution	−$2.7M −11.4K shares	$2.7M 11.6K shares

Entry and Exit Activity

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

New Positions: 47
New Value: $84.8M
Exited Positions: 24
Exited Value: $41.2M

New Positions

Institution	Position Value
Q Quadrature Capital Ltd Institution	$46.0M 195.7K shares
Horizon Wealth Management, LLC RIA/Wealth	$12.1M 51.4K shares
Invesco Ltd. ETF Provider	$6.7M 28.3K shares
McGuire Investment Group, LLC RIA/Wealth	$4.4M 18.8K shares
Hobart Private Capital, LLC RIA/Wealth	$3.0M 12.8K shares
MARSHALL INVESTMENT MANAGEMENT, LLC RIA/Wealth	$2.8M 12.0K shares
J Jump Financial, LLC Institution	$1.1M 4.6K shares
FIRST HORIZON NATIONAL CORP RIA/Wealth	$710.8K 3.0K shares
AQR CAPITAL MANAGEMENT LLC Hedge Fund•Multi-Strategy	$697.0K 3.0K shares
IAMS WEALTH MANAGEMENT, LLC RIA/Wealth	$438.7K 1.9K shares

Exited Positions

Institution	Previous Position
Stonebridge Financial Group, LLC RIA/Wealth	$14.4M 68.3K shares
SMI Advisory Services, LLC RIA/Wealth	$9.9M 45.4K shares
E EWG Elevate Inc. Institution	$9.2M 43.8K shares
Empowered Funds, LLC ETF Provider	$2.1M 10.1K shares
Worth Asset Management, LLC RIA/Wealth	$1.1M 5.3K shares
THRIVENT FINANCIAL FOR LUTHERANS Insurance Manager	$856.0K 4.1K shares
Eqis Capital Management, Inc. RIA/Wealth	$771.5K 3.7K shares
Walleye Trading Advisors, LLC Hedge Fund•Multi-Strategy	$588.7K 2.8K shares
BAROMETER CAPITAL MANAGEMENT INC. Long Only Manager	$527.4K 2.5K shares
Tempus Wealth Planning, LLC RIA/Wealth	$292.8K 1.4K shares

Options Activity

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

Call Positions: 5
Call Value: $14.4M
Put Positions: 3
Put Value: $1.0M

Call Positions

Institution	Position Value
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$8.9M 380.0 contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$2.7M 116.0 contracts
J JANE STREET GROUP, LLC Institution	$1.3M 54.0 contracts
B Belvedere Trading LLC Institution	$1.2M 51.0 contracts
W WOLVERINE TRADING, LLC Institution	$254.1K 11.0 contracts

Put Positions

Institution	Position Value
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$540.4K 23.0 contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$399.4K 17.0 contracts
B Belvedere Trading LLC Institution	$70.5K 3.0 contracts

Most Committed Institutions

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

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
Marks Wealth, LLC RIA/Wealth	Charles Marks CEO	8.84% $28.6M	121.8K shares	Q2 2025 Held for 5 months	$323.7M
CUMBERLAND ADVISORS INC Long Only Manager	Mark James Myers CEO	7.15% $18.6M	79.3K shares	Q4 2020 Held for 4y 11m	$260.5M
AFFINITY WEALTH MANAGEMENT RIA/Wealth	Michael Joseph Sicuranza CEO	5.59% $37.9M	161.1K shares	Q2 2025 Held for 5 months	$677.6M
Enclave Advisors LLC RIA/Wealth	Jonathan Craig Falls Managing Partner	4.51% $29.5M	125.5K shares	Q3 2024 Held for 1y 2m	$654.5M
O Obsidian Personal Planning Solutions LLC RIA/Wealth	Patrick Kenneth Carroll CCO	3.58% $10.3M	41.5K shares	Q4 2023 Held for 1y 11m	$287.8M
SFI Advisors, LLC RIA/Wealth	Stephen Gaetano Vicinelli President	2.88% $4.4M	18.5K shares	Q4 2021 Held for 3y 11m	$151.2M
V VIEWPOINT INVESTMENT PARTNERS CORP Institution	-	2.84% $5.1M	24.3K shares	Q1 2025 Held for 8 months	$180.4M
Howard Capital Management Group, LLC RIA/Wealth	David Andrew Robinson President	2.82% $44.6M	189.8K shares	Q1 2024 Held for 1y 8m	$1.6B
W WESPAC Advisors SoCal, LLC Institution	-	2.47% $11.8M	50.2K shares	Q2 2024 Held for 1y 5m	$477.4M
Buska Wealth Management, LLC RIA/Wealth	Kailey Elizabeth Berendsen President	2.44% $8.1M	34.5K shares	Q1 2024 Held for 1y 8m	$332.8M

Hedge Fund Spotlight

Discover hedge funds investing in XAR

GABLES CAPITAL MANAGEMENT INC.

Hedge Fund • Long/Short

Portfolio ManagerJudith Cohen Neiwirth

Portfolio Value: $233.4M
Positions: 457
Last Reported: Q3 2025

Sector Allocation

Position in SPDR S&P Aerospace & Defense ETF

Market Value: $24.4K
Shares Held: 104.0
Portfolio Weight: 0.01%
Owned Since: 2024-Q1

Top Holding	Sector	Market Value	Weight
1 Nvidia NVDA	Semiconductors Technology	$20.6M	8.84%
2 Apple AAPL	Consumer Electronics Technology	$14.7M	6.30%
3 Palantir Technologies Inc. PLTR	Software - Infrastructure Technology	$13.4M	5.74%