State Street SPDR S&P Software & Services ETF
XSW
109 hedge funds and large institutions have $235M invested in State Street SPDR S&P Software & Services ETF in 2025 Q4 according to their latest regulatory filings, with 14 funds opening new positions, 21 increasing their positions, 34 reducing their positions, and 18 closing their positions.
2.78% more ownership
Funds ownership: 51.41% → 54.19% (+2.8%)
4% less capital invested
Capital invested by funds: $246M → $235M (-$10.7M)
4% less funds holding
Funds holding: 114 → 109 (-5)
15% less call options, than puts
Call options by funds: $318K | Put options by funds: $374K
22% less first-time investments, than exits
New positions opened: 14 | Existing positions closed: 18
38% less repeat investments, than reductions
Existing positions increased: 21 | Existing positions reduced: 34
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Morgan Stanley
New York
|
+$19.1M |
| 2 |
LPL Financial
San Diego,
California
|
+$3.53M |
| 3 |
FTS
Fifth Third Securities
Cincinnati,
Ohio
|
+$1.28M |
| 4 |
AAP
Arax Advisory Partners
Denver,
Colorado
|
+$1.06M |
| 5 |
Wells Fargo
San Francisco,
California
|
+$1.03M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Two Sigma Investments
New York
|
-$5.74M |
| 2 |
BlackRock
New York
|
-$5.54M |
| 3 |
Thrivent Financial for Lutherans
Minneapolis,
Minnesota
|
-$5.28M |
| 4 |
Fidelity International
Hamilton,
Bermuda
|
-$4.33M |
| 5 |
TF
Tandem Financial
Greenwood Village,
Colorado
|
-$2.5M |
XSW Hedge Fund Activity: Q4 2025 in Review
109 of the 8,267 institutional investors tracked by Wall St. Rank reported a position in State Street SPDR S&P Software & Services ETF (XSW) for Q4 2025, worth a combined $235M — down 4.4% from $246M a quarter earlier.
Sellers outnumbered buyers: 18 funds closed out of XSW and 14 opened new positions — a net loss of 4 holders — while 34 trimmed existing stakes and 21 added.
The largest buyer was Morgan Stanley, adding an estimated $19.1M. The largest seller was Two Sigma Investments, exiting entirely with an estimated $5.74M sold.
- 109 institutional investors held State Street SPDR S&P Software & Services ETF (XSW) as of Q4 2025, down from 114 in Q3 2025.
- Funds reported $235M of State Street SPDR S&P Software & Services ETF stock for Q4 2025, down 4.4% quarter-over-quarter.
- 14 funds opened new State Street SPDR S&P Software & Services ETF positions in Q4 2025 and 18 closed out, a net change of -4 holders.
- The largest State Street SPDR S&P Software & Services ETF buyer in Q4 2025 was Morgan Stanley, an estimated $19.1M added.
- The largest State Street SPDR S&P Software & Services ETF seller in Q4 2025 was Two Sigma Investments, an estimated $5.74M sold.
Based on aggregated 13F filings for Q4 2025.