State Street SPDR S&P Capital Markets ETF
KCE
110 hedge funds and large institutions have $464M invested in State Street SPDR S&P Capital Markets ETF in 2025 Q3 according to their latest regulatory filings, with 13 funds opening new positions, 42 increasing their positions, 30 reducing their positions, and 16 closing their positions.
50% more funds holding in top 10
Funds holding in top 10: 2 → 3 (+1)
40% more repeat investments, than reductions
Existing positions increased: 42 | Existing positions reduced: 30
24% more capital invested
Capital invested by funds: $374M → $464M (+$90.7M)
0.52% less ownership
Funds ownership: 75.26% → 74.74% (-0.52%)
6% less funds holding
Funds holding: 117 → 110 (-7)
19% less first-time investments, than exits
New positions opened: 13 | Existing positions closed: 16
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
AAS
Annex Advisory Services
Brookfield,
Wisconsin
|
+$42.7M |
| 2 |
PFA
Presper Financial Architects
Akron,
Ohio
|
+$21.1M |
| 3 |
Bank of America
Charlotte,
North Carolina
|
+$14.1M |
| 4 |
LPL Financial
San Diego,
California
|
+$11.6M |
| 5 |
HWM
Horizon Wealth Management
La Grange,
Illinois
|
+$4.7M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Thrivent Financial for Lutherans
Minneapolis,
Minnesota
|
-$14.4M |
| 2 |
IMC Chicago
Chicago,
Illinois
|
-$3.17M |
| 3 |
FF
Fluent Financial
Dallas,
Texas
|
-$2.94M |
| 4 |
GS
GTS Securities
New York
|
-$2.09M |
| 5 |
RFM
Royal Fund Management
Lady Lake,
Florida
|
-$1.94M |
KCE Hedge Fund Activity: Q3 2025 in Review
110 of the 7,620 institutional investors tracked by Wall St. Rank reported a position in State Street SPDR S&P Capital Markets ETF (KCE) for Q3 2025, worth a combined $464M — up 24% from $374M a quarter earlier.
Sellers outnumbered buyers: 16 funds closed out of KCE and 13 opened new positions — a net loss of 3 holders — while 30 trimmed existing stakes and 42 added.
The largest buyer was Annex Advisory Services, opening a new position worth an estimated $42.7M. The largest seller was Thrivent Financial for Lutherans, exiting entirely with an estimated $14.4M sold.
- 110 institutional investors held State Street SPDR S&P Capital Markets ETF (KCE) as of Q3 2025, down from 117 in Q2 2025.
- Funds reported $464M of State Street SPDR S&P Capital Markets ETF stock for Q3 2025, up 24% quarter-over-quarter.
- 13 funds opened new State Street SPDR S&P Capital Markets ETF positions in Q3 2025 and 16 closed out, a net change of -3 holders.
- The largest State Street SPDR S&P Capital Markets ETF buyer in Q3 2025 was Annex Advisory Services, an estimated $42.7M added.
- The largest State Street SPDR S&P Capital Markets ETF seller in Q3 2025 was Thrivent Financial for Lutherans, an estimated $14.4M sold.
Based on aggregated 13F filings for Q3 2025.