State Street SPDR S&P 500 ETF Trust
SPY
4,263 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, 1,695 increasing their positions, 1,770 reducing their positions, and 103 closing their positions.
90% more first-time investments, than exits
New positions opened: 196 | Existing positions closed: 103
0% more funds holding
Funds holding: 4,243 → 4,263 (+20)
0.34% more ownership
Funds ownership: 54.02% → 54.35% (+0.34%)
4% less repeat investments, than reductions
Existing positions increased: 1,695 | Existing positions reduced: 1,770
3% less funds holding in top 10
Funds holding in top 10: 1,103 → 1,071 (-32)
22% less capital inflows, than outflows
Capital inflows: $24.4B | Capital outflows: $31.3B
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 |
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 |
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
4,263 of the 7,653 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 1,695 added to existing stakes and 1,770 trimmed.
The largest buyer was Morgan Stanley, adding an estimated $2.37B. The largest seller was Wells Fargo, cutting an estimated $6.24B.
- 4,263 institutional investors held State Street SPDR S&P 500 ETF Trust (SPY) as of Q3 2025, up from 4,243 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.