State Street SPDR S&P 500 ETF Trust
SPY
4,190 hedge funds and large institutions have $314B invested in State Street SPDR S&P 500 ETF Trust in 2025 Q1 according to their latest regulatory filings, with 210 funds opening new positions, 1,622 increasing their positions, 1,839 reducing their positions, and 191 closing their positions.
10% more first-time investments, than exits
New positions opened: 210 | Existing positions closed: 191
1% less funds holding
Funds holding: 4,245 → 4,190 (-55)
1.82% less ownership
Funds ownership: 55.28% → 53.46% (-1.8%)
4% less funds holding in top 10
Funds holding in top 10: 1,152 → 1,102 (-50)
12% less repeat investments, than reductions
Existing positions increased: 1,622 | Existing positions reduced: 1,839
24% less capital inflows, than outflows
Capital inflows: $34.4B | Capital outflows: $45.2B
41% less call options, than puts
Call options by funds: $304B | Put options by funds: $517B
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Susquehanna International Group
Bala Cynwyd,
Pennsylvania
|
+$4.05B |
| 2 |
Barclays
London,
United Kingdom
|
+$3.85B |
| 3 |
JP Morgan Chase
New York
|
+$2.82B |
| 4 |
Lido Advisors
Los Angeles,
California
|
+$2.19B |
| 5 |
Citigroup
New York
|
+$1.74B |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Capula Management
Grand Cayman,
Cayman Islands
|
-$9.37B |
| 2 |
Qube Research & Technologies (QRT)
London,
United Kingdom
|
-$2.94B |
| 3 |
Bridgewater Associates
Westport,
Connecticut
|
-$2.87B |
| 4 |
Jane Street
New York
|
-$2.04B |
| 5 |
BNP Paribas Financial Markets
Paris,
France
|
-$1.79B |
SPY Hedge Fund Activity: Q1 2025 in Review
4,190 of the 7,487 institutional investors tracked by Wall St. Rank reported a position in State Street SPDR S&P 500 ETF Trust (SPY) for Q1 2025, worth a combined $314B — down 8.3% from $343B a quarter earlier.
Buyers outnumbered sellers: 210 funds opened new SPY positions and 191 closed out — a net gain of 19 holders — while 1,622 added to existing stakes and 1,839 trimmed.
The largest buyer was Susquehanna International Group, adding an estimated $4.05B. The largest seller was Capula Management, cutting an estimated $9.37B.
- 4,190 institutional investors held State Street SPDR S&P 500 ETF Trust (SPY) as of Q1 2025, down from 4,245 in Q4 2024.
- Funds reported $314B of State Street SPDR S&P 500 ETF Trust stock for Q1 2025, down 8.3% quarter-over-quarter.
- 210 funds opened new State Street SPDR S&P 500 ETF Trust positions in Q1 2025 and 191 closed out, a net change of +19 holders.
- The largest State Street SPDR S&P 500 ETF Trust buyer in Q1 2025 was Susquehanna International Group, an estimated $4.05B added.
- The largest State Street SPDR S&P 500 ETF Trust seller in Q1 2025 was Capula Management, an estimated $9.37B sold.
Based on aggregated 13F filings for Q1 2025.