State Street SPDR S&P Capital Markets ETF
KCE
102 hedge funds and large institutions have $399M invested in State Street SPDR S&P Capital Markets ETF in 2025 Q4 according to their latest regulatory filings, with 12 funds opening new positions, 27 increasing their positions, 38 reducing their positions, and 19 closing their positions.
0.27% more ownership
Funds ownership: 74.74% → 75.01% (+0.27%)
0% more call options, than puts
Call options by funds: $210K | Put options by funds: $210K
7% less funds holding
Funds holding: 110 → 102 (-8)
14% less capital invested
Capital invested by funds: $464M → $399M (-$64.9M)
29% less repeat investments, than reductions
Existing positions increased: 27 | Existing positions reduced: 38
33% less funds holding in top 10
Funds holding in top 10: 3 → 2 (-1)
37% less first-time investments, than exits
New positions opened: 12 | Existing positions closed: 19
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Thrivent Financial for Lutherans
Minneapolis,
Minnesota
|
+$23.5M |
| 2 |
FFA
Farther Finance Advisors
San Francisco,
California
|
+$3.65M |
| 3 |
MIH
Meitav Investment House
Bene-Beraq,
Israel
|
+$3.62M |
| 4 |
RFM
Royal Fund Management
Lady Lake,
Florida
|
+$2.33M |
| 5 |
Royal Bank of Canada
Toronto,
Ontario, Canada
|
+$1.27M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
AAS
Annex Advisory Services
Brookfield,
Wisconsin
|
-$42.6M |
| 2 |
3F
360 Financial
Wayzata,
Minnesota
|
-$16.2M |
| 3 |
LPL Financial
San Diego,
California
|
-$7.84M |
| 4 |
Morgan Stanley
New York
|
-$6.22M |
| 5 |
HWM
Horizon Wealth Management
La Grange,
Illinois
|
-$4.68M |
KCE Hedge Fund Activity: Q4 2025 in Review
102 of the 8,267 institutional investors tracked by Wall St. Rank reported a position in State Street SPDR S&P Capital Markets ETF (KCE) for Q4 2025, worth a combined $399M — down 14% from $464M a quarter earlier.
Sellers outnumbered buyers: 19 funds closed out of KCE and 12 opened new positions — a net loss of 7 holders — while 38 trimmed existing stakes and 27 added.
The largest buyer was Thrivent Financial for Lutherans, opening a new position worth an estimated $23.5M. The largest seller was Annex Advisory Services, exiting entirely with an estimated $42.6M sold.
- 102 institutional investors held State Street SPDR S&P Capital Markets ETF (KCE) as of Q4 2025, down from 110 in Q3 2025.
- Funds reported $399M of State Street SPDR S&P Capital Markets ETF stock for Q4 2025, down 14% quarter-over-quarter.
- 12 funds opened new State Street SPDR S&P Capital Markets ETF positions in Q4 2025 and 19 closed out, a net change of -7 holders.
- The largest State Street SPDR S&P Capital Markets ETF buyer in Q4 2025 was Thrivent Financial for Lutherans, an estimated $23.5M added.
- The largest State Street SPDR S&P Capital Markets ETF seller in Q4 2025 was Annex Advisory Services, an estimated $42.6M sold.
Based on aggregated 13F filings for Q4 2025.