State Street SPDR S&P 500 ETF Trust
SPY
4,247 hedge funds and large institutions have $358B invested in State Street SPDR S&P 500 ETF Trust in 2025 Q3 according to their latest regulatory filings, with 196 funds opening new positions, 1,687 increasing their positions, 1,767 reducing their positions, and 104 closing their positions.
88% more first-time investments, than exits
New positions opened: 196 | Existing positions closed: 104
4% more capital invested
Capital invested by funds: $343B → $358B (+$14.7B)
0% more funds holding
Funds holding: 4,228 → 4,247 (+19)
5% less repeat investments, than reductions
Existing positions increased: 1,687 | Existing positions reduced: 1,767
1.43% less ownership
Funds ownership: 55.76% → 54.33% (-1.4%)
3% less funds holding in top 10
Funds holding in top 10: 1,098 → 1,064 (-34)
53% less call options, than puts
Call options by funds: $325B | Put options by funds: $684B
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Morgan Stanley
New York
|
+$2.37B |
| 2 |
Optiver Holding
Amsterdam,
Netherlands
|
+$2.09B |
| 3 |
Focus Partners Wealth
Boston,
Massachusetts
|
+$861M |
| 4 |
GAM
Gotham Asset Management
New York
|
+$809M |
| 5 |
Manulife (Manufacturers Life Insurance)
Canada,
Ontario, Canada
|
+$783M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
PCP
Proficio Capital Partners
Newton,
Massachusetts
|
-$8.16B |
| 2 |
SC
Soundwatch Capital
Rowayton,
Connecticut
|
-$7.41B |
| 3 |
GFA
Gallagher Fiduciary Advisors
Rolling Meadows,
Illinois
|
-$6.32B |
| 4 |
Wells Fargo
San Francisco,
California
|
-$6.24B |
| 5 |
FCM
Farallon Capital Management
San Francisco,
California
|
-$3.53B |
SPY Hedge Fund Activity: Q3 2025 in Review
4,247 of the 7,621 institutional investors tracked by Wall St. Rank reported a position in State Street SPDR S&P 500 ETF Trust (SPY) for Q3 2025, worth a combined $358B — up 4.3% from $343B a quarter earlier.
Buyers outnumbered sellers: 196 funds opened new SPY positions and 104 closed out — a net gain of 92 holders — while 1,687 added to existing stakes and 1,767 trimmed.
The largest buyer was Morgan Stanley, adding an estimated $2.37B. The largest seller was Proficio Capital Partners, cutting an estimated $8.16B.
- 4,247 institutional investors held State Street SPDR S&P 500 ETF Trust (SPY) as of Q3 2025, up from 4,228 in Q2 2025.
- Funds reported $358B of State Street SPDR S&P 500 ETF Trust stock for Q3 2025, up 4.3% quarter-over-quarter.
- 196 funds opened new State Street SPDR S&P 500 ETF Trust positions in Q3 2025 and 104 closed out, a net change of +92 holders.
- The largest State Street SPDR S&P 500 ETF Trust buyer in Q3 2025 was Morgan Stanley, an estimated $2.37B added.
- The largest State Street SPDR S&P 500 ETF Trust seller in Q3 2025 was Proficio Capital Partners, an estimated $8.16B sold.
Based on aggregated 13F filings for Q3 2025.