State Street SPDR MSCI EAFE Fossil Fuel Reserves Free ETF
EFAX
88 hedge funds and large institutions have $259M invested in State Street SPDR MSCI EAFE Fossil Fuel Reserves Free ETF in 2025 Q4 according to their latest regulatory filings, with 12 funds opening new positions, 46 increasing their positions, 20 reducing their positions, and 8 closing their positions.
130% more repeat investments, than reductions
Existing positions increased: 46 | Existing positions reduced: 20
50% more first-time investments, than exits
New positions opened: 12 | Existing positions closed: 8
4% more funds holding
Funds holding: 85 → 88 (+3)
5% less capital invested
Capital invested by funds: $272M → $259M (-$13M)
13.24% less ownership
Funds ownership: 68.43% → 55.19% (-13%)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
WHAM
Windmill Hill Asset Management
Waddesdon,
United Kingdom
|
+$11.3M |
| 2 |
GAM
Gemmer Asset Management
Walnut Creek,
California
|
+$4.62M |
| 3 |
Rockefeller Capital Management
New York
|
+$3.43M |
| 4 |
Mariner
Overland Park,
Kansas
|
+$2.23M |
| 5 |
Bank of America
Charlotte,
North Carolina
|
+$2.1M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
AAP
Arax Advisory Partners
Denver,
Colorado
|
-$39M |
| 2 |
TAS
TIFF Advisory Services
Radnor,
Pennsylvania
|
-$5.57M |
| 3 |
IFWM
Institute for Wealth Management
Denver,
Colorado
|
-$2.71M |
| 4 |
BPA
Beacon Pointe Advisors
Newport Beach,
California
|
-$1.81M |
| 5 |
Susquehanna International Group
Bala Cynwyd,
Pennsylvania
|
-$1.36M |
EFAX Hedge Fund Activity: Q4 2025 in Review
88 of the 8,270 institutional investors tracked by Wall St. Rank reported a position in State Street SPDR MSCI EAFE Fossil Fuel Reserves Free ETF (EFAX) for Q4 2025, worth a combined $259M — down 4.8% from $272M a quarter earlier.
Buyers outnumbered sellers: 12 funds opened new EFAX positions and 8 closed out — a net gain of 4 holders — while 46 added to existing stakes and 20 trimmed.
The largest buyer was Windmill Hill Asset Management, opening a new position worth an estimated $11.3M. The largest seller was Arax Advisory Partners, exiting entirely with an estimated $39M sold.
- 88 institutional investors held State Street SPDR MSCI EAFE Fossil Fuel Reserves Free ETF (EFAX) as of Q4 2025, up from 85 in Q3 2025.
- Funds reported $259M of State Street SPDR MSCI EAFE Fossil Fuel Reserves Free ETF stock for Q4 2025, down 4.8% quarter-over-quarter.
- 12 funds opened new State Street SPDR MSCI EAFE Fossil Fuel Reserves Free ETF positions in Q4 2025 and 8 closed out, a net change of +4 holders.
- The largest State Street SPDR MSCI EAFE Fossil Fuel Reserves Free ETF buyer in Q4 2025 was Windmill Hill Asset Management, an estimated $11.3M added.
- The largest State Street SPDR MSCI EAFE Fossil Fuel Reserves Free ETF seller in Q4 2025 was Arax Advisory Partners, an estimated $39M sold.
Based on aggregated 13F filings for Q4 2025.