SPDR S&P 500 ETF Trust

SPY • ARCA

SPDR S&P 500 ETF Trust is an exchange-traded fund on ARCA. As of Q3 2025, 4,126 institutional investors hold shares in this ETF, with total holdings valued at $355.00B. JPMORGAN CHASE & CO is the largest holder with a position valued at $33.1B.

Overview

Overview of institutional ownership in SPY as of Q3 2025

All Institutions

Institutions: 4,126
Value Held: $355.00B
Shares Held: 535.5M
Avg Position: $86.0M
Median Position: $3.4M

Hedge Funds

Hedge Funds: 145
Value Held: $18.7B
Shares Held: 28.0M
Avg Position: $128.7M
Median Position: $8.8M

Biggest Investors

Institutions with the largest positions in SPY as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
JPMORGAN CHASE & CO Institution	Jamie Dimon CEO	$33.1B 2.11% of portfolio	49.7M shares	≤ Q2 2013 Held for 12y 5m+	$1.56T
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$27.1B 1.64% of portfolio	40.7M shares	≤ Q2 2013 Held for 12y 5m+	$1.65T
GOLDMAN SACHS GROUP INC Institution	David M. Solomon CEO	$24.1B 3.49% of portfolio	36.2M shares	≤ Q2 2013 Held for 12y 5m+	$691.34B
BANK OF AMERICA CORP /DE/ Institution	Brian T. Moynihan CEO	$20.7B 1.55% of portfolio	31.0M shares	≤ Q2 2013 Held for 12y 5m+	$1.33T
NORTHERN TRUST CORP Institution	Michael G. O'Grady CEO	$9.2B 1.18% of portfolio	13.8M shares	≤ Q2 2013 Held for 12y 5m+	$782.01B
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	-	$8.7B 12.84% of portfolio	13.1M shares	≤ Q2 2013 Held for 12y 5m+	$67.9B
R ROYAL BANK OF CANADA Institution	-	$7.0B 1.30% of portfolio	10.6M shares	≤ Q2 2013 Held for 12y 5m+	$542.04B
WELLS FARGO & COMPANY/MN Institution	Charles W. Scharf CEO	$6.9B 1.41% of portfolio	10.3M shares	≤ Q2 2013 Held for 12y 5m+	$488.61B
L LPL Financial LLC Institution	-	$6.6B 1.95% of portfolio	9.9M shares	≤ Q2 2013 Held for 12y 5m+	$340.07B
UBS Group AG Institution	Sergio P. Ermotti CEO	$6.0B 1.17% of portfolio	9.0M shares	Q4 2014 Held for 10y 11m	$511.54B

Net Capital Flow

Institutional buying and selling activity for SPY in Q3 2025

Net Flow: −$35.1B
Buyers: 1,677
Sellers: 1,824
Total Bought: +$19.3B
Total Sold: −$54.4B
Avg Position: $85.9M

Biggest Buyers

Institution	Net Bought	Current Position
MORGAN STANLEY RIA/Wealth	+$2.5B +3.7M shares	$27.1B 40.7M shares
Gotham Asset Management, LLC Hedge Fund•Long/Short	+$841.2M +1.3M shares	$3.7B 5.6M shares
M MANUFACTURERES LIFE INSURANCE CO Institution	+$813.2M +1.2M shares	$817.4M 1.2M shares
C Colony Group, LLC Institution	+$769.4M +1.3M shares	$1.4B 2.5M shares
Sanders Capital, LLC Long Only Manager	+$763.5M +1.1M shares	$1.1B 1.7M shares
B BANCO BILBAO VIZCAYA ARGENTARIA, S.A. RIA/Wealth	+$760.5M +1.1M shares	$1.9B 2.9M shares
R ROYAL BANK OF CANADA Institution	+$723.4M +1.1M shares	$7.0B 10.6M shares
ARROWSTREET CAPITAL LIMITED PARTNERSHIP Hedge Fund•Quant	+$604.2M +906.9K shares	$688.1M 1.0M shares
J JANE STREET GROUP, LLC Institution	+$528.8M +793.7K shares	$1.2B 1.8M shares
B BNP PARIBAS ARBITRAGE, SA Institution	+$521.9M +783.4K shares	$1.4B 2.1M shares

Biggest Sellers

Institution	Net Sold	Current Position
P Proficio Capital Partners LLC Family Office	−$8.5B −12.7M shares	$38.8M 58.2K shares
Soundwatch Capital LLC ETF Provider	−$7.7B −11.6M shares	$368.8M 553.7K shares
Gallagher Fiduciary Advisors, LLC Pension/Endowment	−$6.6B −9.9M shares	$708.8K 1.1K shares
WELLS FARGO & COMPANY/MN Institution	−$6.5B −9.7M shares	$6.9B 10.3M shares
FARALLON CAPITAL MANAGEMENT LLC Hedge Fund•Multi-Strategy	−$3.4B −5.5M shares	Sold Off 0 shares
T TD ASSET MANAGEMENT INC Institution	−$1.8B −2.7M shares	$1.8B 2.7M shares
D D. E. Shaw & Co., Inc. Institution	−$1.8B −2.6M shares	$2.2B 3.3M shares
BARCLAYS PLC Institution	−$1.7B −2.6M shares	$3.7B 5.6M shares
H HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND Institution	−$1.3B −1.9M shares	$2.6B 3.8M shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	−$1.2B −1.8M shares	$8.7B 13.1M shares

Entry and Exit Activity

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

New Positions: 56
New Value: $1.6B
Exited Positions: 99
Exited Value: $5.5B

New Positions

Institution	Position Value
M Mastercard Foundation Asset Management Corp Institution	$785.8M 1.2M shares
Aequim Alternative Investments LP Hedge Fund•Multi-Strategy	$433.0M 650.0K shares
S Spear Holdings RSC Ltd Institution	$108.9M 163.5K shares
SummitTX Capital, L.P. Hedge Fund•Multi-Strategy	$92.2M 138.4K shares
180 GPS Investments IC Ltd RIA/Wealth	$34.2M 51.3K shares
S Stonegate Management LLC Institution	$33.2M 49.7K shares
S STEINBERGANNA WEALTH MANAGEMENT RIA/Wealth	$19.6M 29.4K shares
Berman McAleer LLC RIA/Wealth	$13.8M 20.6K shares
F FORMULATE FINANCIAL LLC RIA/Wealth	$9.2M 13.7K shares
E Equity Wealth Partners, LLC RIA/Wealth	$8.9M 13.3K shares

Exited Positions

Institution	Previous Position
FARALLON CAPITAL MANAGEMENT LLC Hedge Fund•Multi-Strategy	$3.4B 5.5M shares
NISSAY ASSET MANAGEMENT CORP /JAPAN/ /ADV Insurance Manager	$719.3M 1.2M shares
Walleye Trading LLC RIA/Wealth	$132.8M 215.0K shares
T Tredje AP-fonden Institution	$128.7M 208.3K shares
U Unisphere Establishment Institution	$105.0M 170.0K shares
WORLDQUANT MILLENNIUM QUANTITATIVE STRATEGIES LLC Hedge Fund•Multi-Strategy	$96.1M 155.6K shares
Turim 21 Investimentos Ltda. RIA/Wealth	$81.4M 131.8K shares
Empyrean Capital Partners, LP Hedge Fund•Event Driven	$77.1M 124.8K shares
Meritage Group LP Family Office	$65.5M 106.0K shares
A Avanda Investment Management Pte. Ltd. Institution	$60.4M 97.7K shares

Options Activity

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

Call Positions: 180
Call Value: $214.66B
Put Positions: 376
Put Value: $425.40B

Call Positions

Institution	Position Value
J JANE STREET GROUP, LLC Institution	$42.0B 630.8K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$37.1B 557.1K contracts
B BlackRock, Inc. Institution	$25.7B 386.3K contracts
B Belvedere Trading LLC Institution	$18.7B 281.0K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$18.4B 276.4K contracts
BARCLAYS PLC Institution	$15.2B 228.3K contracts
W WOLVERINE TRADING, LLC Institution	$7.5B 112.7K contracts
R RK Capital Management, LLC/FL RIA/Wealth	$6.4B 95.5K contracts
R ROYAL BANK OF CANADA Institution	$5.9B 88.0K contracts
GOLDMAN SACHS GROUP INC Institution	$5.0B 74.7K contracts

Put Positions

Institution	Position Value
BARCLAYS PLC Institution	$76.5B 1.1M contracts
J JANE STREET GROUP, LLC Institution	$55.0B 825.9K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$38.0B 569.7K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$27.3B 410.0K contracts
P Parallax Volatility Advisers, LLC Hedge Fund•Vol Arbitrage	$22.3B 335.5K contracts
B Belvedere Trading LLC Institution	$20.7B 310.0K contracts
BANK OF AMERICA CORP /DE/ Institution	$20.3B 304.6K contracts
UBS Group AG Institution	$19.0B 284.8K contracts
CAPSTONE INVESTMENT ADVISORS, LLC Hedge Fund•Multi-Strategy	$16.1B 241.6K contracts
A ALKEON CAPITAL MANAGEMENT LLC Hedge Fund•Long/Short	$15.9B 239.0K contracts

Most Committed Institutions

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

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
B BENJAMIN JOSEPH FLOYD DBA FLOYD CAPITAL MANAGEMENT RIA/Wealth	Benjamin Joseph Floyd CCO	100.00% $201.0M	301.7K shares	Q4 2024 Held for 11 months	$201.0M
J JABODON PT CO Institution	-	100.00% $94.8M	142.4K shares	Q3 2021 Held for 4y 2m	$94.8M
TEXAS TREASURY SAFEKEEPING TRUST CO Fund of Funds	Rafay Hassan Farooqui CEO	100.00% $667.6M	1.0M shares	Q1 2023 Held for 2y 8m	$667.6M
T Trustees of Columbia University in the City of New York RIA/Wealth	Michael Winston Bain CCO	99.69% $653.3M	980.6K shares	Q4 2024 Held for 11 months	$655.3M
CVS HEALTH Corp Institution	J. David Joyner CEO	99.64% $102.5M	153.9K shares	Q1 2023 Held for 2y 8m	$102.9M
R RAMSEY QUANTITATIVE SYSTEMS Hedge Fund•Quant Macro	Neil Patrick Ramsey CEO	94.56% $99.5M	149.4K shares	Q2 2020 Held for 5y 5m	$105.3M
H HOWARD HUGHES MEDICAL INSTITUTE Institution	-	92.87% $158.5M	237.9K shares	Q4 2023 Held for 1y 11m	$170.6M
R RedJay Asset Management Inc. Institution	-	91.78% $586.7M	880.7K shares	Q1 2025 Held for 8 months	$639.2M
A AKUNA SECURITIES LLC Institution	-	91.60% $637.6M	957.1K shares	Q2 2023 Held for 2y 5m	$696.1M
G Greenfield FTC, Inc. Institution	-	89.69% $454.7M	682.6K shares	Q4 2020 Held for 4y 11m	$507.0M

Hedge Fund Spotlight

Discover hedge funds investing in SPY

Westend Capital Management LLC

Hedge Fund • Multi-Strategy

Portfolio ManagerGeorge Brown Bolton

Portfolio Value: $343.2M
Positions: 252
Last Reported: Q3 2025

Sector Allocation

Position in SPDR S&P 500 ETF Trust

Market Value: $177.3K
Shares Held: 266.0
Portfolio Weight: 0.05%
Owned Since: 2024-Q1

Top Holding	Sector	Market Value	Weight
1 Boeing BA	Aerospace & Defense Industrials	$30.9M	9.01%
2 BABA Alibaba Group Holding Limited BABA	Unknown Unknown	$22.3M	6.50%
3 General Electric GE	Aerospace & Defense Industrials	$20.9M	6.10%

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