State Street SPDR S&P 500 ETF Trust
SPY
4,628 hedge funds and large institutions have $377B invested in State Street SPDR S&P 500 ETF Trust in 2025 Q4 according to their latest regulatory filings, with 551 funds opening new positions, 1,768 increasing their positions, 1,712 reducing their positions, and 100 closing their positions.
451% more first-time investments, than exits
New positions opened: 551 | Existing positions closed: 100
9% more funds holding in top 10
Funds holding in top 10: 1,065 → 1,160 (+95)
9% more funds holding
Funds holding: 4,251 → 4,628 (+377)
5% more capital invested
Capital invested by funds: $358B → $377B (+$19.1B)
2.24% more ownership
Funds ownership: 54.34% → 56.57% (+2.2%)
3% more repeat investments, than reductions
Existing positions increased: 1,768 | Existing positions reduced: 1,712
47% less call options, than puts
Call options by funds: $280B | Put options by funds: $527B
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Corient Private Wealth
Miami,
Florida
|
+$19.2B |
| 2 |
Wells Fargo
San Francisco,
California
|
+$7.26B |
| 3 |
Jane Street
New York
|
+$5.55B |
| 4 |
Citigroup
New York
|
+$3.43B |
| 5 |
CM
Capula Management
Grand Cayman,
Cayman Islands
|
+$1.76B |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Morgan Stanley
New York
|
-$7.66B |
| 2 |
JP Morgan Chase
New York
|
-$3.44B |
| 3 |
Goldman Sachs
New York
|
-$2.1B |
| 4 |
Susquehanna International Group
Bala Cynwyd,
Pennsylvania
|
-$2.08B |
| 5 |
AIMCA
Alberta Investment Management Corp (AIMCo)
Edmonton,
Alberta, Canada
|
-$1.23B |
SPY Hedge Fund Activity: Q4 2025 in Review
4,628 institutional investors reported a position in State Street SPDR S&P 500 ETF Trust (SPY) for Q4 2025, worth a combined $377B — up 5.3% from $358B a quarter earlier.
Buyers outnumbered sellers: 551 funds opened new SPY positions and 100 closed out — a net gain of 451 holders — while 1,768 added to existing stakes and 1,712 trimmed.
The largest buyer was Corient Private Wealth, adding an estimated $19.2B. The largest seller was Morgan Stanley, cutting an estimated $7.66B.
- 4,628 institutional investors held State Street SPDR S&P 500 ETF Trust (SPY) as of Q4 2025, up from 4,251 in Q3 2025.
- Funds reported $377B of State Street SPDR S&P 500 ETF Trust stock for Q4 2025, up 5.3% quarter-over-quarter.
- 551 funds opened new State Street SPDR S&P 500 ETF Trust positions in Q4 2025 and 100 closed out, a net change of +451 holders.
- The largest State Street SPDR S&P 500 ETF Trust buyer in Q4 2025 was Corient Private Wealth, an estimated $19.2B added.
- The largest State Street SPDR S&P 500 ETF Trust seller in Q4 2025 was Morgan Stanley, an estimated $7.66B sold.
Based on aggregated 13F filings for Q4 2025.