SPDR Dow Jones Industrial Average ETF Trust

DIA • ARCA

SPDR Dow Jones Industrial Average ETF Trust is an exchange-traded fund on ARCA. As of Q3 2025, 1,245 institutional investors hold shares in this ETF, with total holdings valued at $14.7B. MORGAN STANLEY is the largest holder with a position valued at $2.0B.

Overview

Overview of institutional ownership in DIA as of Q3 2025

All Institutions

Institutions: 1,245
Value Held: $14.7B
Shares Held: 31.8M
Avg Position: $11.8M
Median Position: $698.8K

Hedge Funds

Hedge Funds: 20
Value Held: $632.9M
Shares Held: 1.4M
Avg Position: $31.6M
Median Position: $2.2M

Biggest Investors

Institutions with the largest positions in DIA as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$2.0B 0.12% of portfolio	4.2M shares	≤ Q2 2013 Held for 12y 5m+	$1.65T
GOLDMAN SACHS GROUP INC Institution	David M. Solomon CEO	$1.5B 0.22% of portfolio	3.2M shares	≤ Q2 2013 Held for 12y 5m+	$691.34B
BANK OF AMERICA CORP /DE/ Institution	Brian T. Moynihan CEO	$1.0B 0.08% of portfolio	2.3M shares	≤ Q2 2013 Held for 12y 5m+	$1.33T
L LPL Financial LLC Institution	-	$747.0M 0.22% of portfolio	1.6M shares	≤ Q2 2013 Held for 12y 5m+	$340.07B
WELLS FARGO & COMPANY/MN Institution	Charles W. Scharf CEO	$646.4M 0.13% of portfolio	1.4M shares	≤ Q2 2013 Held for 12y 5m+	$488.61B
UBS Group AG Institution	Sergio P. Ermotti CEO	$412.4M 0.08% of portfolio	889.3K shares	Q4 2014 Held for 10y 11m	$511.54B
R ROYAL BANK OF CANADA Institution	-	$367.6M 0.07% of portfolio	792.7K shares	≤ Q2 2013 Held for 12y 5m+	$542.04B
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	Kenneth Cordele Griffin CEO	$296.8M 0.24% of portfolio	640.1K shares	Q1 2014 Held for 11y 8m	$122.08B
BANK OF MONTREAL /CAN/ Institution	Darryl White CEO	$278.8M 0.12% of portfolio	601.1K shares	≤ Q2 2013 Held for 12y 5m+	$235.55B
C Colony Group, LLC Institution	-	$266.6M 0.44% of portfolio	574.9K shares	Q4 2023 Held for 1y 11m	$61.1B

Net Capital Flow

Institutional buying and selling activity for DIA in Q3 2025

Net Flow: +$184.3M
Buyers: 382
Sellers: 472
Total Bought: +$2.4B
Total Sold: −$2.2B
Avg Position: $11.8M

Biggest Buyers

Institution	Net Bought	Current Position
GOLDMAN SACHS GROUP INC Institution	+$966.2M +2.1M shares	$1.5B 3.2M shares
C Colony Group, LLC Institution	+$244.7M +527.7K shares	$266.6M 574.9K shares
TWO SIGMA INVESTMENTS LLC Hedge Fund•Multi-Strategy	+$237.2M +511.4K shares	$239.8M 517.1K shares
Capital Wealth Planning, LLC RIA/Wealth	+$207.7M +447.8K shares	$215.0M 463.6K shares
J JANE STREET GROUP, LLC Institution	+$123.7M +266.7K shares	$123.7M 266.7K shares
CITIGROUP INC Institution	+$67.8M +146.1K shares	$220.7M 475.8K shares
UBS Group AG Institution	+$45.6M +98.3K shares	$412.4M 889.3K shares
BANK OF NOVA SCOTIA / Institution	+$42.9M +92.5K shares	$153.0M 329.9K shares
Q Qube Research & Technologies Ltd Institution	+$33.4M +72.0K shares	$33.4M 72.0K shares
T THOR TRADING ADVISORS, LLC Institution	+$31.9M +68.9K shares	$46.0M 99.2K shares

Biggest Sellers

Institution	Net Sold	Current Position
Hancock Prospecting Pty Ltd RIA/Wealth	−$374.5M −849.8K shares	Sold Off 0 shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	−$244.9M −528.1K shares	$296.8M 640.1K shares
W WOLVERINE TRADING, LLC Institution	−$191.7M −414.0K shares	$64.3M 138.9K shares
MORGAN STANLEY RIA/Wealth	−$154.0M −332.1K shares	$2.0B 4.2M shares
IMC-Chicago, LLC RIA/Wealth	−$138.9M −299.5K shares	$49.3M 106.3K shares
BARCLAYS PLC Institution	−$127.7M −275.3K shares	$80.6M 173.9K shares
B BNP PARIBAS ARBITRAGE, SA Institution	−$103.7M −223.6K shares	$74.4M 160.4K shares
Kingstone Capital Partners Texas, LLC RIA/Wealth	−$84.3M −191.4K shares	Sold Off 0 shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	−$81.3M −175.4K shares	$21.9M 47.2K shares
O Optiver Holding B.V. Institution	−$80.6M −183.0K shares	Sold Off 0 shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited DIA in Q3 2025

New Positions: 51
New Value: $38.5M
Exited Positions: 70
Exited Value: $625.8M

New Positions

Institution	Position Value
M MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Institution	$10.2M 22.0K shares
X XY Capital Ltd Institution	$4.8M 10.5K shares
KW WEALTH MANAGEMENT LLC RIA/Wealth	$4.1M 8.9K shares
Beta Wealth Group, Inc. RIA/Wealth	$3.3M 7.0K shares
S SIG BROKERAGE, LP Institution	$1.8M 3.8K shares
CV Advisors LLC Family Office	$1.7M 3.7K shares
Fiscal Wisdom Wealth Management, LLC RIA/Wealth	$1.3M 2.8K shares
Vestmark Advisory Solutions, Inc. Fund of Funds	$1.3M 2.7K shares
S SIH Partners, LLLP Institution	$927.5K 2.0K shares
Betterment LLC RIA/Wealth	$886.2K 1.9K shares

Exited Positions

Institution	Previous Position
Hancock Prospecting Pty Ltd RIA/Wealth	$374.5M 849.8K shares
Kingstone Capital Partners Texas, LLC RIA/Wealth	$84.3M 191.4K shares
O Optiver Holding B.V. Institution	$80.6M 183.0K shares
Wright Fund Managment, LLC Long Only Manager	$19.9M 47.4K shares
Y Yeomans Consulting Group, Inc. Institution	$12.8M 28.8K shares
C Cubist Systematic Strategies, LLC Institution	$12.4M 28.2K shares
SummitTX Capital, L.P. Hedge Fund•Multi-Strategy	$4.4M 10.0K shares
AlphaStar Capital Management, LLC RIA/Wealth	$4.1M 9.2K shares
BTG Pactual Asset Management US LLC Hedge Fund•Multi-Strategy	$3.2M 7.9K shares
H Headlands Technologies LLC Institution	$2.9M 6.6K shares

Options Activity

Institutions with the largest Call and Put options positions in DIA as of Q3 2025

Call Positions: 26
Call Value: $4.2B
Put Positions: 31
Put Value: $6.6B

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$1.4B 29.3K contracts
J JANE STREET GROUP, LLC Institution	$869.5M 18.7K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$683.6M 14.7K contracts
W WOLVERINE TRADING, LLC Institution	$674.9M 14.6K contracts
TCM Advisors, LLC RIA/Wealth	$150.1M - contracts
GOLDMAN SACHS GROUP INC Institution	$146.8M 3.2K contracts
BANK OF AMERICA CORP /DE/ Institution	$100.6M 2.2K contracts
UBS Group AG Institution	$71.9M 1.6K contracts
V Volterra Technologies LP Hedge Fund•Quant	$42.5M 916.0 contracts
C CIBC World Markets Inc. Institution	$30.1M 650.0 contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$2.1B 46.3K contracts
J JANE STREET GROUP, LLC Institution	$1.1B 23.1K contracts
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	$1.1B 23.1K contracts
W WOLVERINE TRADING, LLC Institution	$827.6M 17.9K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$490.4M 10.6K contracts
GOLDMAN SACHS GROUP INC Institution	$279.9M 6.0K contracts
Walleye Trading LLC RIA/Wealth	$175.1M 3.8K contracts
CITIGROUP INC Institution	$115.9M 2.5K contracts
T Twin Tree Management, LP Hedge Fund•Vol Arbitrage	$108.0M 2.3K contracts
C CREDIT AGRICOLE S A Institution	$92.7M 2.0K contracts

Most Committed Institutions

Institutions with DIA as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
T THOR TRADING ADVISORS, LLC Institution	-	23.38% $46.0M	99.2K shares	Q4 2024 Held for 11 months	$196.7M
C CHARTIST INC /CA/ RIA/Wealth	Jonathan Thomas Sands CEO	19.54% $28.6M	61.6K shares	Q3 2025 Held for 2 months	$146.2M
ARKANSAS FINANCIAL GROUP, INC. RIA/Wealth	Fredrick Earl Adkins CEO	15.38% $104.2M	222.9K shares	Q4 2013 Held for 11y 11m	$677.4M
Latko Wealth Management, Ltd. RIA/Wealth	David Warren Latko President	15.01% $29.6M	63.9K shares	Q3 2024 Held for 1y 2m	$197.2M
CM WEALTH ADVISORS LLC RIA/Wealth	Robert Douglas Mccreery CEO	13.57% $51.4M	110.7K shares	Q2 2022 Held for 3y 5m	$379.1M
M Mine & Arao Wealth Creation & Management, LLC. Institution	-	9.97% $24.5M	52.9K shares	Q4 2019 Held for 5y 11m	$246.1M
B Berkshire Money Management, Inc. Institution	-	9.66% $93.1M	200.8K shares	Q4 2016 Held for 8y 11m	$964.5M
S Select Asset Management & Trust Institution	-	9.28% $27.0M	58.1K shares	Q4 2020 Held for 4y 11m	$290.7M
Jacksonville Wealth Management, LLC RIA/Wealth	Daniel Martin Ciez Managing Partner	7.63% $10.4M	22.4K shares	Q4 2024 Held for 11 months	$136.2M
WASHINGTON CAPITAL MANAGEMENT INC Real Assets	Cory Alan Carlson CEO	7.13% $10.0M	21.5K shares	Q3 2019 Held for 6y 2m	$139.8M

Hedge Fund Spotlight

Discover hedge funds investing in DIA

HBK Sorce Advisory LLC

Hedge Fund • Multi-Strategy

Portfolio ManagerMatthew Atcheson Leffers

Portfolio Value: $4.1B
Positions: 732
Last Reported: Q3 2025

Sector Allocation

Position in SPDR Dow Jones Industrial Average ETF Trust

Market Value: $1.1M
Shares Held: 2.5K
Portfolio Weight: 0.03%
Owned Since: 2016-Q2

Top Holding	Sector	Market Value	Weight
1 SCHX Schwab U.S. Large-Cap ETF SCHX	ETF ETF	$897.0M	21.96%
2 VCRB Vanguard Core Bond VCRB	ETF ETF	$680.4M	16.66%
3 Vanguard FTSE Developed Markets VEA	ETF ETF	$464.3M	11.37%

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