State Street SPDR Bloomberg 3-12 Month T-Bill ETF
BILS
271 hedge funds and large institutions have $2.5B invested in State Street SPDR Bloomberg 3-12 Month T-Bill ETF in 2025 Q4 according to their latest regulatory filings, with 33 funds opening new positions, 115 increasing their positions, 99 reducing their positions, and 26 closing their positions.
27% more first-time investments, than exits
New positions opened: 33 | Existing positions closed: 26
17% more funds holding in top 10
Funds holding in top 10: 23 → 27 (+4)
16% more repeat investments, than reductions
Existing positions increased: 115 | Existing positions reduced: 99
2.36% more ownership
Funds ownership: 62.75% → 65.12% (+2.4%)
2% more funds holding
Funds holding: 266 → 271 (+5)
3% more capital invested
Capital invested by funds: $2.43B → $2.5B (+$73.4M)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Focus Partners Wealth
Boston,
Massachusetts
|
+$28.9M |
| 2 |
SA
SoundView Advisors
Olympia,
Washington
|
+$27.4M |
| 3 |
Raymond James Financial
St Petersburg,
Florida
|
+$19.5M |
| 4 |
HAG
HighPoint Advisor Group
Downers Grove,
Illinois
|
+$15.3M |
| 5 |
Commonwealth Equity Services
Waltham,
Massachusetts
|
+$11.8M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Kovitz Investment Group Partners
Chicago,
Illinois
|
-$51.1M |
| 2 |
MIM
Miller Investment Management
West Conshohocken,
Pennsylvania
|
-$17.6M |
| 3 |
Royal Bank of Canada
Toronto,
Ontario, Canada
|
-$13.7M |
| 4 |
Cetera Investment Advisers
Schaumburg,
Illinois
|
-$11.7M |
| 5 |
Carson Wealth (CWM LLC)
Omaha,
Nebraska
|
-$9.33M |
BILS Hedge Fund Activity: Q4 2025 in Review
271 of the 8,286 institutional investors tracked by Wall St. Rank reported a position in State Street SPDR Bloomberg 3-12 Month T-Bill ETF (BILS) for Q4 2025, worth a combined $2.5B — up 3% from $2.43B a quarter earlier.
Buyers outnumbered sellers: 33 funds opened new BILS positions and 26 closed out — a net gain of 7 holders — while 115 added to existing stakes and 99 trimmed.
The largest buyer was Focus Partners Wealth, adding an estimated $28.9M. The largest seller was Kovitz Investment Group Partners, exiting entirely with an estimated $51.1M sold.
- 271 institutional investors held State Street SPDR Bloomberg 3-12 Month T-Bill ETF (BILS) as of Q4 2025, up from 266 in Q3 2025.
- Funds reported $2.5B of State Street SPDR Bloomberg 3-12 Month T-Bill ETF stock for Q4 2025, up 3% quarter-over-quarter.
- 33 funds opened new State Street SPDR Bloomberg 3-12 Month T-Bill ETF positions in Q4 2025 and 26 closed out, a net change of +7 holders.
- The largest State Street SPDR Bloomberg 3-12 Month T-Bill ETF buyer in Q4 2025 was Focus Partners Wealth, an estimated $28.9M added.
- The largest State Street SPDR Bloomberg 3-12 Month T-Bill ETF seller in Q4 2025 was Kovitz Investment Group Partners, an estimated $51.1M sold.
Based on aggregated 13F filings for Q4 2025.