State Street SPDR S&P 500 ETF Trust
SPY
4,254 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, 1,689 increasing their positions, 1,767 reducing their positions, and 103 closing their positions.
90% more first-time investments, than exits
New positions opened: 196 | Existing positions closed: 103
4% more capital invested
Capital invested by funds: $343B → $358B (+$14.7B)
0% more funds holding
Funds holding: 4,235 → 4,254 (+19)
0.33% more ownership
Funds ownership: 54% → 54.33% (+0.33%)
4% less repeat investments, than reductions
Existing positions increased: 1,689 | Existing positions reduced: 1,767
3% less funds holding in top 10
Funds holding in top 10: 1,099 → 1,065 (-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 |
Wells Fargo
San Francisco,
California
|
-$6.24B |
| 2 |
FCM
Farallon Capital Management
San Francisco,
California
|
-$3.53B |
| 3 |
TD Asset Management
Toronto,
Ontario, Canada
|
-$1.71B |
| 4 |
D.E. Shaw & Co
New York
|
-$1.68B |
| 5 |
Barclays
London,
United Kingdom
|
-$1.65B |
SPY Hedge Fund Activity: Q3 2025 in Review
4,254 of the 7,641 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 103 closed out — a net gain of 93 holders — while 1,689 added to existing stakes and 1,767 trimmed.
The largest buyer was Morgan Stanley, adding an estimated $2.37B. The largest seller was Wells Fargo, cutting an estimated $6.24B.
- 4,254 institutional investors held State Street SPDR S&P 500 ETF Trust (SPY) as of Q3 2025, up from 4,235 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 103 closed out, a net change of +93 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 Wells Fargo, an estimated $6.24B sold.
Based on aggregated 13F filings for Q3 2025.