State Street SPDR S&P 500 ETF Trust
SPY
4,640 hedge funds and large institutions have $375B invested in State Street SPDR S&P 500 ETF Trust in 2025 Q4 according to their latest regulatory filings, with 555 funds opening new positions, 1,770 increasing their positions, 1,716 reducing their positions, and 100 closing their positions.
455% more first-time investments, than exits
New positions opened: 555 | Existing positions closed: 100
9% more funds holding
Funds holding: 4,259 → 4,640 (+381)
9% more funds holding in top 10
Funds holding in top 10: 1,067 → 1,162 (+95)
5% more capital invested
Capital invested by funds: $358B → $375B (+$17B)
3% more repeat investments, than reductions
Existing positions increased: 1,770 | Existing positions reduced: 1,716
0.9% less ownership
Funds ownership: 54.34% → 53.44% (-0.9%)
47% less call options, than puts
Call options by funds: $280B | Put options by funds: $527B
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Wells Fargo
San Francisco,
California
|
+$7.26B |
| 2 |
Jane Street
New York
|
+$5.55B |
| 3 |
Citigroup
New York
|
+$3.43B |
| 4 |
CM
Capula Management
Grand Cayman,
Cayman Islands
|
+$1.76B |
| 5 |
D.E. Shaw & Co
New York
|
+$1.43B |
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
4,640 of the 8,284 institutional investors tracked by Wall St. Rank reported a position in State Street SPDR S&P 500 ETF Trust (SPY) for Q4 2025, worth a combined $375B — up 4.7% from $358B a quarter earlier.
Buyers outnumbered sellers: 555 funds opened new SPY positions and 100 closed out — a net gain of 455 holders — while 1,770 added to existing stakes and 1,716 trimmed.
The largest buyer was Wells Fargo, adding an estimated $7.26B. The largest seller was Morgan Stanley, cutting an estimated $7.66B.
- 4,640 institutional investors held State Street SPDR S&P 500 ETF Trust (SPY) as of Q4 2025, up from 4,259 in Q3 2025.
- Funds reported $375B of State Street SPDR S&P 500 ETF Trust stock for Q4 2025, up 4.7% quarter-over-quarter.
- 555 funds opened new State Street SPDR S&P 500 ETF Trust positions in Q4 2025 and 100 closed out, a net change of +455 holders.
- The largest State Street SPDR S&P 500 ETF Trust buyer in Q4 2025 was Wells Fargo, an estimated $7.26B 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.