State Street SPDR MSCI EAFE Fossil Fuel Reserves Free ETF
EFAX
85 hedge funds and large institutions have $272M invested in State Street SPDR MSCI EAFE Fossil Fuel Reserves Free ETF in 2025 Q3 according to their latest regulatory filings, with 12 funds opening new positions, 23 increasing their positions, 24 reducing their positions, and 10 closing their positions.
37% more capital invested
Capital invested by funds: $198M → $272M (+$74M)
20% more first-time investments, than exits
New positions opened: 12 | Existing positions closed: 10
16.28% more ownership
Funds ownership: 52.15% → 68.43% (+16%)
1% more funds holding
Funds holding: 84 → 85 (+1)
4% less repeat investments, than reductions
Existing positions increased: 23 | Existing positions reduced: 24
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
AAP
Arax Advisory Partners
Denver,
Colorado
|
+$42.1M |
| 2 |
TAS
TIFF Advisory Services
Radnor,
Pennsylvania
|
+$6.94M |
| 3 |
Susquehanna International Group
Bala Cynwyd,
Pennsylvania
|
+$6.49M |
| 4 |
GAM
Gemmer Asset Management
Walnut Creek,
California
|
+$5.78M |
| 5 |
Cerity Partners
New York
|
+$5.51M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Citadel Advisors
Miami,
Florida
|
-$3.14M |
| 2 |
Jane Street
New York
|
-$2.49M |
| 3 |
SFPM
Sensible Financial Planning & Management
Waltham,
Massachusetts
|
-$657K |
| 4 |
LPL Financial
San Diego,
California
|
-$623K |
| 5 |
UBS Group
Zurich,
Switzerland
|
-$617K |
EFAX Hedge Fund Activity: Q3 2025 in Review
85 of the 7,640 institutional investors tracked by Wall St. Rank reported a position in State Street SPDR MSCI EAFE Fossil Fuel Reserves Free ETF (EFAX) for Q3 2025, worth a combined $272M — up 37% from $198M a quarter earlier.
Buyers outnumbered sellers: 12 funds opened new EFAX positions and 10 closed out — a net gain of 2 holders — while 23 added to existing stakes and 24 trimmed.
The largest buyer was Arax Advisory Partners, adding an estimated $42.1M. The largest seller was Citadel Advisors, cutting an estimated $3.14M.
- 85 institutional investors held State Street SPDR MSCI EAFE Fossil Fuel Reserves Free ETF (EFAX) as of Q3 2025, up from 84 in Q2 2025.
- Funds reported $272M of State Street SPDR MSCI EAFE Fossil Fuel Reserves Free ETF stock for Q3 2025, up 37% quarter-over-quarter.
- 12 funds opened new State Street SPDR MSCI EAFE Fossil Fuel Reserves Free ETF positions in Q3 2025 and 10 closed out, a net change of +2 holders.
- The largest State Street SPDR MSCI EAFE Fossil Fuel Reserves Free ETF buyer in Q3 2025 was Arax Advisory Partners, an estimated $42.1M added.
- The largest State Street SPDR MSCI EAFE Fossil Fuel Reserves Free ETF seller in Q3 2025 was Citadel Advisors, an estimated $3.14M sold.
Based on aggregated 13F filings for Q3 2025.