SELECT SECTOR SPDR TR

XLE Q1 2026 institutional ownership is a $46.5B book across 2,033 holders. Energy-sector rotation is the defining signal: Susquehanna International (market_maker) is the largest holder at $4.19B (68.4M shares, +41.0%, +$1.77B) -- the largest buyer by a wide margin. Bank of America $2.4B (40.0M shares, -9.1%, -$410M) was the #1 holder and largest seller. Goldman Sachs $2.1B (34.9M shares, +74.4%, +$911M) -- second-largest buyer. Jane Street (market_maker) $2.1B (34.8M shares, -9.0%, -$360M). Morgan Stanley $2.0B (32.6M shares, +34.0%, +$682M). Millennium Management $2.0B (32.1M shares, +38.6%, +$758M). Citigroup $1.8B (29.3M shares, -10.3%, -$337M). Barclays $1.8B (28.6M shares, -14.7%, -$434M). Royal Bank of Canada $1.6B (25.6M shares, +32.9%, +$516M). Wells Fargo $1.6B (25.6M shares, +28.7%, +$445M). UBS Group $1.5B (24.5M shares, +25.4%, +$506M). JPMorgan $1.3B (20.7M shares, +41.3%, +$538M). Tudor Investment $1.1B (17.8M shares, -11.8%, -$240M). LPL Financial $946M (15.5M shares, +64.7%, +$371M). Northern Trust $589M (9.6M shares, +33.4%). Ameriprise $467M (7.6M shares, +26.4%). PNC Financial $404M (6.6M shares, +30.8%). KeyBank $401M (6.6M shares, +20.0%). UBS AM $621M (10.1M shares, +27.8%). BNY Mellon $458M (7.5M shares, +18.2%). State Street $537M (8.8M shares, +26.0%). Bank of New York Mellon $554M (9.0M shares, +30.3%). ING GROEP $381M (6.2M shares, +19.9%). Regions Financial $357M (5.8M shares, +16.6%). M&T Bank $276M (4.5M shares, +28.2%). First Hawaiian $251M (4.1M shares, +15.5%). Valley National Bancorp $222M (3.6M shares, +26.3%). New positions: Varma Mutual only. Sellers: Bank of America -$410M, Barclays -$434M, Citigroup -$337M, Tudor -$240M, Peak6 -$219M, Jane Street (MM) -$360M. Buyers: Susquehanna (MM) +$1.77B, Goldman +$911M, Millennium +$758M, Morgan Stanley +$682M, JPMorgan +$538M, RBC +$516M, UBS Group +$506M, Wells Fargo +$445M, LPL +$371M, UBS AM +$171M. The 75.50 whaleScore reflects AUM. Smart-money read: net-bullish on energy. The $1.77B add from Susquehanna is the defining signal -- market makers increasing delta exposure on XLE reflects options-flow conviction on energy names. Goldman +$911M and Millennium +$758M represent active-manager rotation INTO energy at a level not seen in prior quarters. Sellers (Bank of America, Barclays, Citigroup) are primarily passive/custodial book-keeping reductions matching the sector rotation thesis. Net read: bullish on energy-sector concentration via XLE -- active-manager and MM flow both confirm a thematic rotation into energy that is likely driven by commodity price expectations (oil/gas) and reflation positioning.