State Street Financial Select Sector SPDR ETF
1,968 hedge funds and large institutions have $38.2B invested in State Street Financial Select Sector SPDR ETF in 2025 Q4 according to their latest regulatory filings, with 294 funds opening new positions, 734 increasing their positions, 666 reducing their positions, and 105 closing their positions.
180% more first-time investments, than exits
New positions opened: 294 | Existing positions closed: 105
10% more repeat investments, than reductions
Existing positions increased: 734 | Existing positions reduced: 666
10% more call options, than puts
Call options by funds: $13.4B | Put options by funds: $12.2B
8% more funds holding
Funds holding: 1,822 → 1,968 (+146)
1% more funds holding in top 10
Funds holding in top 10: 85 → 86 (+1)
0.2% more ownership
Funds ownership: 71.58% → 71.78% (+0.2%)
4% less capital invested
Capital invested by funds: $39.7B → $38.2B (-$1.43B)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Jane Street
New York
|
+$391M |
| 2 |
DFO
Duquesne Family Office
New York
|
+$293M |
| 3 |
Envestnet Asset Management
Chicago,
Illinois
|
+$179M |
| 4 |
Raymond James Financial
St Petersburg,
Florida
|
+$147M |
| 5 |
Millennium Management
New York
|
+$110M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
JP Morgan Chase
New York
|
-$1.96B |
| 2 |
HIIFS
Harel Insurance Investments & Financial Services
Ramat Gan,
Israel
|
-$605M |
| 3 |
Two Sigma Investments
New York
|
-$547M |
| 4 |
Morgan Stanley
New York
|
-$346M |
| 5 |
Bank of America
Charlotte,
North Carolina
|
-$220M |
XLF Hedge Fund Activity: Q4 2025 in Review
1,968 of the 8,284 institutional investors tracked by Wall St. Rank reported a position in State Street Financial Select Sector SPDR ETF (XLF) for Q4 2025, worth a combined $38.2B — down 3.6% from $39.7B a quarter earlier.
Buyers outnumbered sellers: 294 funds opened new XLF positions and 105 closed out — a net gain of 189 holders — while 734 added to existing stakes and 666 trimmed.
The largest buyer was Jane Street, adding an estimated $391M. The largest seller was JP Morgan Chase, cutting an estimated $1.96B.
- 1,968 institutional investors held State Street Financial Select Sector SPDR ETF (XLF) as of Q4 2025, up from 1,822 in Q3 2025.
- Funds reported $38.2B of State Street Financial Select Sector SPDR ETF stock for Q4 2025, down 3.6% quarter-over-quarter.
- 294 funds opened new State Street Financial Select Sector SPDR ETF positions in Q4 2025 and 105 closed out, a net change of +189 holders.
- The largest State Street Financial Select Sector SPDR ETF buyer in Q4 2025 was Jane Street, an estimated $391M added.
- The largest State Street Financial Select Sector SPDR ETF seller in Q4 2025 was JP Morgan Chase, an estimated $1.96B sold.
Based on aggregated 13F filings for Q4 2025.