SPDR Portfolio S&P 600 Small Cap ETF

SPSM • ARCA

SPDR Portfolio S&P 600 Small Cap ETF is an exchange-traded fund on ARCA. As of Q3 2025, 875 institutional investors hold shares in this ETF, with total holdings valued at $9.0B. LPL Financial LLC is the largest holder with a position valued at $1.2B.

Overview

Overview of institutional ownership in SPSM as of Q3 2025

All Institutions

Institutions: 875
Value Held: $9.0B
Shares Held: 195.2M
Avg Position: $10.3M
Median Position: $835.0K

Hedge Funds

Hedge Funds: 11
Value Held: $11.4M
Shares Held: 247.3K
Avg Position: $1.0M
Median Position: $929.7K

Biggest Investors

Institutions with the largest positions in SPSM as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
L LPL Financial LLC Institution	-	$1.2B 0.35% of portfolio	25.6M shares	Q4 2014 Held for 10y 11m	$340.07B
F Financial Engines Advisors L.L.C. Institution	-	$1.1B 2.03% of portfolio	23.0M shares	Q4 2019 Held for 5y 11m	$52.4B
Betterment LLC RIA/Wealth	Sarah Kirshbaum Levy CEO	$840.4M 1.78% of portfolio	18.1M shares	Q4 2023 Held for 1y 11m	$47.3B
SCHWAB CHARLES INVESTMENT MANAGEMENT INC Long Only Manager	Omar Aguilar Chavez CEO	$294.7M 0.05% of portfolio	6.4M shares	Q1 2020 Held for 5y 8m	$620.51B
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$248.8M 0.02% of portfolio	5.4M shares	Q4 2013 Held for 11y 11m	$1.65T
Valmark Advisers, Inc. RIA/Wealth	Lawrence Joseph Rybka President	$246.2M 3.19% of portfolio	5.3M shares	Q1 2020 Held for 5y 8m	$7.7B
ENVESTNET ASSET MANAGEMENT INC Long Only Manager	Christopher Russell Todd CEO	$179.8M 0.05% of portfolio	3.9M shares	Q3 2018 Held for 7y 2m	$341.99B
AMERIPRISE FINANCIAL INC Institution	Jim Cracchiolo CEO	$173.8M 0.04% of portfolio	3.8M shares	Q4 2017 Held for 7y 11m	$433.11B
CLIFTONLARSONALLEN WEALTH ADVISORS, LLC RIA/Wealth	William Clayton Bland CEO	$152.0M 2.40% of portfolio	3.3M shares	Q1 2023 Held for 2y 8m	$6.3B
BANK OF AMERICA CORP /DE/ Institution	Brian T. Moynihan CEO	$151.6M 0.01% of portfolio	3.3M shares	Q3 2013 Held for 12y 2m	$1.33T

Net Capital Flow

Institutional buying and selling activity for SPSM in Q3 2025

Traded: +$379.6M
Buyers: 457
Sellers: 350
Total Bought: +$774.0M
Total Sold: −$394.4M
Avg Position: $9.8M

Biggest Buyers

Institution	Net Bought	Current Position
L LPL Financial LLC Institution	+$103.1M +2.2M shares	$1.2B 25.6M shares
V VANTAGEPOINT INVESTMENT ADVISERS LLC Institution	+$65.5M +1.4M shares	$65.5M 1.4M shares
Morningstar Investment Management LLC Long Only Manager	+$34.8M +751.7K shares	$46.0M 994.2K shares
A Advisor Group Holdings, Inc. Institution	+$31.9M +691.2K shares	$104.2M 2.3M shares
Envestnet Portfolio Solutions, Inc. Long Only Manager	+$31.8M +687.3K shares	$58.1M 1.3M shares
ENVESTNET ASSET MANAGEMENT INC Long Only Manager	+$28.8M +620.9K shares	$179.8M 3.9M shares
Betterment LLC RIA/Wealth	+$24.4M +525.9K shares	$840.4M 18.1M shares
MORGAN STANLEY RIA/Wealth	+$21.3M +460.1K shares	$248.8M 5.4M shares
WELLINGTON MANAGEMENT CO LLP Long Only Manager	+$20.3M +439.0K shares	$20.3M 439.0K shares
STATE STREET CORP Institution	+$20.2M +436.4K shares	$79.9M 1.7M shares

Biggest Sellers

Institution	Net Sold	Current Position
Hancock Prospecting Pty Ltd RIA/Wealth	−$52.7M −1.1M shares	$15.9M 342.8K shares
Valmark Advisers, Inc. RIA/Wealth	−$43.9M −947.5K shares	$246.2M 5.3M shares
F Financial Engines Advisors L.L.C. Institution	−$38.5M −831.4K shares	$1.1B 23.0M shares
A Atlas Private Wealth Advisors RIA/Wealth	−$23.1M −499.4K shares	$16.1M 346.9K shares
Gerber Kawasaki Wealth & Investment Management RIA/Wealth	−$22.2M −479.4K shares	$7.2M 156.3K shares
Streettalk Advisors, LLC RIA/Wealth	−$16.6M −359.4K shares	$8.7M 188.0K shares
R RETIREMENT FINANCIAL SOLUTIONS, LLC RIA/Wealth	−$14.8M −346.3K shares	Sold Off 0 shares
Modern Wealth Management, LLC RIA/Wealth	−$10.0M −216.0K shares	$2.8M 60.3K shares
S SURIENCE PRIVATE WEALTH LLC RIA/Wealth	−$10.0M −234.6K shares	Sold Off 0 shares
Signal Advisors Wealth, LLC RIA/Wealth	−$9.7M −209.2K shares	$5.3M 114.6K shares

Entry and Exit Activity

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

New Positions: 43
New Value: $117.7M
Exited Positions: 51
Exited Value: $58.1M

New Positions

Institution	Position Value
V VANTAGEPOINT INVESTMENT ADVISERS LLC Institution	$65.5M 1.4M shares
WELLINGTON MANAGEMENT CO LLP Long Only Manager	$20.3M 439.0K shares
Miracle Mile Advisors, LLC RIA/Wealth	$14.9M 321.9K shares
Siligmueller & Norvid Wealth Advisors LLC RIA/Wealth	$2.0M 44.1K shares
Krilogy Financial LLC RIA/Wealth	$2.0M 43.9K shares
G GREENLEAF TRUST Institution	$1.9M 41.5K shares
Steel Peak Wealth Management LLC RIA/Wealth	$1.9M 40.0K shares
Maridea Wealth Management LLC RIA/Wealth	$976.2K 21.0K shares
HORAN Wealth, LLC RIA/Wealth	$938.5K 20.3K shares
Berman McAleer LLC RIA/Wealth	$875.4K 18.9K shares

Exited Positions

Institution	Previous Position
R RETIREMENT FINANCIAL SOLUTIONS, LLC RIA/Wealth	$14.8M 346.3K shares
S SURIENCE PRIVATE WEALTH LLC RIA/Wealth	$10.0M 234.6K shares
Toroso Investments, LLC ETF Provider	$4.9M 114.5K shares
1248 Management, LLC Fund of Funds	$4.8M 112.7K shares
L Louisiana State Employees Retirement System Institution	$4.6M 108.4K shares
M MBB PUBLIC MARKETS I LLC Institution	$3.4M 79.3K shares
F FLOW TRADERS U.S. LLC Institution	$2.8M 65.9K shares
B Brown Miller Wealth Management, LLC RIA/Wealth	$1.6M 37.1K shares
Financial Advocates Investment Management RIA/Wealth	$1.3M 31.2K shares
Gilman Hill Asset Management, LLC RIA/Wealth	$1.0M 23.7K shares

Options Activity

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

Call Positions: 3
Call Value: $2.1M
Put Positions: 0
Put Value: -

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$1.4M 293.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$477.1K 103.0 contracts
J JANE STREET GROUP, LLC Institution	$259.4K 56.0 contracts

Put Positions

Institution	Position Value
No put positions found

Most Committed Institutions

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

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
ABOUND FINANCIAL, LLC RIA/Wealth	David Alexander Laut Managing Partner	12.76% $28.7M	619.7K shares	Q4 2024 Held for 11 months	$225.0M
Fortitude Financial, LLC RIA/Wealth	Sanjiv Kumar Founder	9.94% $8.7M	203.8K shares	Q2 2025 Held for 5 months	$87.7M
Pinnacle Wealth Planning Services, Inc. RIA/Wealth	William David Heichel Chairman	9.51% $81.2M	1.8M shares	Q4 2017 Held for 7y 11m	$853.3M
W WALLER FINANCIAL PLANNING GROUP, INC RIA/Wealth	James Barber Twining CEO	8.92% $38.9M	839.4K shares	Q4 2018 Held for 6y 11m	$435.8M
Leicht Financial Planning & Wealth Management, Inc. RIA/Wealth	Andrew James Leicht CEO	8.10% $18.0M	387.7K shares	Q3 2020 Held for 5y 2m	$221.8M
T Taylor & Morgan Wealth Management, LLC Institution	-	7.85% $12.8M	275.9K shares	Q2 2023 Held for 2y 5m	$162.8M
Compton Financial Group, LLC RIA/Wealth	Christopher Patrick Compton Managing Partner	6.55% $27.2M	587.1K shares	Q1 2025 Held for 8 months	$415.3M
M MASON STREET ADVISORS, LLC Insurance Manager	Bonnie Lynn Tomczak Chairman	5.59% $53.9M	1.2M shares	Q1 2024 Held for 1y 8m	$964.8M
Collier Financial RIA/Wealth	Brandon James Collier Managing Partner	5.48% $7.3M	157.4K shares	Q3 2025 Held for 2 months	$133.0M
Peterson Wealth Advisors, LLC RIA/Wealth	Scott Martin Peterson Managing Partner	5.03% $33.6M	729.1K shares	Q4 2017 Held for 7y 11m	$668.6M

Hedge Fund Spotlight

Discover hedge funds investing in SPSM

DELTEC ASSET MANAGEMENT LLC

Hedge Fund • Distressed

Portfolio ManagerGregory John Lesko

Portfolio Value: $603.0M
Positions: 199
Last Reported: Q3 2025

Sector Allocation

Position in SPDR Portfolio S&P 600 Small Cap ETF

Market Value: $1.8M
Shares Held: 39.8K
Portfolio Weight: 0.31%
Owned Since: 2024-Q4

Top Holding	Sector	Market Value	Weight
1 Alphabet Inc. GOOGL	Internet Content & Information Communication Services	$44.2M	7.33%
2 Amazon AMZN	Specialty Retail Consumer Cyclical	$33.9M	5.63%
3 Ocular Therapeutix OCUL	Biotechnology Healthcare	$32.3M	5.36%