Communication Services Select Sector SPDR Fund

XLC • ARCA

Communication Services Select Sector SPDR Fund is an exchange-traded fund on ARCA. As of Q3 2025, 1,106 institutional investors hold shares in this ETF, with total holdings valued at $23.5B. BANK OF AMERICA CORP /DE/ is the largest holder with a position valued at $5.3B.

Overview

Overview of institutional ownership in XLC as of Q3 2025

All Institutions

Institutions: 1,106
Value Held: $23.5B
Shares Held: 198.5M
Avg Position: $21.2M
Median Position: $1.0M

Hedge Funds

Hedge Funds: 25
Value Held: $535.6M
Shares Held: 4.5M
Avg Position: $21.4M
Median Position: $1.3M

Biggest Investors

Institutions with the largest positions in XLC as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
BANK OF AMERICA CORP /DE/ Institution	Brian T. Moynihan CEO	$5.3B 0.40% of portfolio	44.9M shares	Q2 2018 Held for 7y 5m	$1.33T
JPMORGAN CHASE & CO Institution	Jamie Dimon CEO	$1.3B 0.08% of portfolio	10.8M shares	Q3 2018 Held for 7y 2m	$1.56T
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$934.8M 0.06% of portfolio	7.9M shares	Q2 2018 Held for 7y 5m	$1.65T
WELLS FARGO & COMPANY/MN Institution	Charles W. Scharf CEO	$857.7M 0.18% of portfolio	7.2M shares	Q3 2018 Held for 7y 2m	$488.50B
ENVESTNET ASSET MANAGEMENT INC Long Only Manager	Christopher Russell Todd CEO	$795.4M 0.23% of portfolio	6.7M shares	Q3 2018 Held for 7y 2m	$341.99B
L LPL Financial LLC Institution	-	$721.2M 0.21% of portfolio	6.1M shares	Q3 2018 Held for 7y 2m	$340.07B
RAYMOND JAMES FINANCIAL INC RIA/Wealth	Steven Robert Marcus CEO	$626.8M 0.20% of portfolio	5.3M shares	Q4 2024 Held for 11 months	$310.43B
BARCLAYS PLC Institution	-	$597.6M 0.22% of portfolio	5.0M shares	Q3 2018 Held for 7y 2m	$271.65B
C Colony Group, LLC Institution	-	$585.1M 0.96% of portfolio	4.9M shares	Q4 2023 Held for 1y 11m	$61.0B
AMERIPRISE FINANCIAL INC Institution	Jim Cracchiolo CEO	$479.1M 0.11% of portfolio	4.1M shares	Q3 2018 Held for 7y 2m	$433.11B

Net Capital Flow

Institutional buying and selling activity for XLC in Q3 2025

Traded: +$1.4B
Buyers: 544
Sellers: 448
Total Bought: +$3.0B
Total Sold: −$1.6B
Avg Position: $20.1M

Biggest Buyers

Institution	Net Bought	Current Position
C Colony Group, LLC Institution	+$542.2M +4.6M shares	$585.1M 4.9M shares
BARCLAYS PLC Institution	+$357.0M +3.0M shares	$597.6M 5.0M shares
S Squarepoint Ops LLC Hedge Fund•Quant	+$337.4M +2.9M shares	$337.4M 2.9M shares
C CIBC World Markets Inc. Institution	+$166.3M +1.4M shares	$171.1M 1.4M shares
B BNP PARIBAS ARBITRAGE, SA Institution	+$130.2M +1.1M shares	$137.1M 1.2M shares
BANK OF AMERICA CORP /DE/ Institution	+$123.7M +1.0M shares	$5.3B 44.9M shares
A Advisor Group Holdings, Inc. Institution	+$121.6M +1.0M shares	$191.6M 1.6M shares
BANK OF NOVA SCOTIA / Institution	+$101.9M +860.6K shares	$101.9M 860.6K shares
MEITAV DASH INVESTMENTS LTD RIA/Wealth	+$81.0M +685.0K shares	$223.4M 1.9M shares
P Phoenix Holdings Ltd. Institution	+$80.6M +681.1K shares	$80.6M 681.1K shares

Biggest Sellers

Institution	Net Sold	Current Position
MORGAN STANLEY RIA/Wealth	−$293.5M −2.5M shares	$934.8M 7.9M shares
ENVESTNET ASSET MANAGEMENT INC Long Only Manager	−$210.4M −1.8M shares	$795.4M 6.7M shares
WELLS FARGO & COMPANY/MN Institution	−$147.8M −1.2M shares	$857.7M 7.2M shares
S SG Americas Securities, LLC Institution	−$111.5M −942.4K shares	$14.0M 118.4K shares
MENORA MIVTACHIM HOLDINGS LTD. Private Equity	−$79.9M −675.2K shares	$137.6M 1.2M shares
L LPL Financial LLC Institution	−$41.1M −347.0K shares	$721.2M 6.1M shares
MML INVESTORS SERVICES, LLC RIA/Wealth	−$39.4M −332.7K shares	$75.5M 638.0K shares
STATE STREET CORP Institution	−$35.5M −300.3K shares	$71.2M 601.8K shares
GRIMES & COMPANY, INC. RIA/Wealth	−$33.3M −281.7K shares	$41.8M 353.2K shares
J Jump Financial, LLC Institution	−$25.0M −230.6K shares	Sold Off 0 shares

Entry and Exit Activity

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

New Positions: 59
New Value: $105.5M
Exited Positions: 62
Exited Value: $110.1M

New Positions

Institution	Position Value
M Meiji Yasuda Life Insurance Co Institution	$37.5M 317.1K shares
Baltimore-Washington Financial Advisors, Inc. RIA/Wealth	$12.6M 106.7K shares
Point72 Europe LLP Digital Asset Manager	$11.8M 99.3K shares
W WHITE BAY PT LLC Institution	$7.2M 61.1K shares
Sharp Financial Services, LLC RIA/Wealth	$7.2M 60.7K shares
Constant Guidance Financial LLC RIA/Wealth	$4.7M 39.5K shares
L Lodge Hill Capital, LLC Hedge Fund•Long/Short	$4.5M 38.0K shares
Trinity Wealth Management, LLC RIA/Wealth	$3.8M 31.7K shares
Maridea Wealth Management LLC RIA/Wealth	$2.5M 21.6K shares
DELTA FINANCIAL ADVISORS LLC RIA/Wealth	$2.1M 17.5K shares

Exited Positions

Institution	Previous Position
J Jump Financial, LLC Institution	$25.0M 230.6K shares
C Cubist Systematic Strategies, LLC Institution	$17.2M 158.8K shares
H HRT FINANCIAL LLC Institution	$12.1M 111.2K shares
Redhawk Wealth Advisors, Inc. RIA/Wealth	$6.6M 60.7K shares
G Generali Investments, Management Co LLC Institution	$5.8M 53.4K shares
TTP Investments, Inc. RIA/Wealth	$5.7M 52.7K shares
G GAMCO INVESTORS, INC. ET AL Institution	$4.7M 43.3K shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$4.4M 40.1K shares
SummitTX Capital, L.P. Hedge Fund•Multi-Strategy	$3.2M 29.1K shares
T TWO SIGMA SECURITIES, LLC Institution	$2.8M 25.7K shares

Options Activity

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

Call Positions: 16
Call Value: $200.7M
Put Positions: 17
Put Value: $233.3M

Call Positions

Institution	Position Value
J JANE STREET GROUP, LLC Institution	$74.0M 6.3K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$70.6M 6.0K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$29.5M 2.5K contracts
C Cubist Systematic Strategies, LLC Institution	$3.9M 328.0 contracts
Walleye Trading LLC RIA/Wealth	$3.9M 327.0 contracts
CITIGROUP INC Institution	$3.8M 325.0 contracts
Walleye Trading Advisors, LLC Hedge Fund•Multi-Strategy	$3.5M 294.0 contracts
P PEAK6 LLC Institution	$2.9M 244.0 contracts
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	$2.7M 231.0 contracts
Point72 Asset Management, L.P. Hedge Fund•Multi-Strategy	$2.1M 174.0 contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$62.0M 5.2K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$38.9M 3.3K contracts
J JANE STREET GROUP, LLC Institution	$32.6M 2.8K contracts
UBS Group AG Institution	$32.0M 2.7K contracts
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	$18.0M 1.5K contracts
BANK OF AMERICA CORP /DE/ Institution	$17.5M 1.5K contracts
Walleye Trading LLC RIA/Wealth	$13.3M 1.1K contracts
C Cubist Systematic Strategies, LLC Institution	$9.3M 789.0 contracts
CITIGROUP INC Institution	$3.8M 325.0 contracts
S Squarepoint Ops LLC Hedge Fund•Quant	$1.9M 158.0 contracts

Most Committed Institutions

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

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
Main Management ETF Advisors, LLC Institution	Kim David Arthur CEO	13.96% $360.5M	3.0M shares	Q1 2023 Held for 2y 8m	$2.6B
D. SCOTT NEAL, INC. RIA/Wealth	David Scott Neal President	10.14% $21.9M	185.2K shares	Q2 2024 Held for 1y 5m	$216.2M
Main Management Fund Advisors LLC Institution	Kim David Arthur CEO	9.58% $98.9M	835.5K shares	Q4 2023 Held for 1y 11m	$1.0B
THEORY FINANCIAL LLC RIA/Wealth	Ryan Charles Stout Managing Partner	9.37% $25.6M	220.2K shares	Q1 2024 Held for 1y 8m	$273.2M
INNEALTA CAPITAL, LLC Long Only Manager	Vito Antonio Sciaraffia CIO	9.09% $17.9M	151.0K shares	Q4 2018 Held for 6y 11m	$196.6M
IMZ Advisory Inc RIA/Wealth	Irwin Michael Zagoria CEO	8.95% $24.0M	203.1K shares	Q4 2023 Held for 1y 11m	$268.6M
Main Management LLC Hedge Fund•Multi-Strategy	Kim David Arthur CEO	8.64% $107.2M	905.9K shares	Q4 2022 Held for 2y 11m	$1.2B
WestEnd Advisors, LLC Long Only Manager	Edmund Nelson Durden CIO	8.08% $345.5M	2.9M shares	Q3 2018 Held for 7y 2m	$4.3B
Anfield Capital Management, LLC Long Only Manager	David Nmn Young CEO	8.05% $27.2M	230.2K shares	Q2 2023 Held for 2y 5m	$338.5M
Bellwether Advisors, LLC RIA/Wealth	Leila Mehrizi Shaver CCO	7.72% $46.7M	394.7K shares	Q2 2023 Held for 2y 5m	$604.9M

Hedge Fund Spotlight

Discover hedge funds investing in XLC

Main Management LLC

Hedge Fund • Multi-Strategy

Portfolio ManagerKim David Arthur

Portfolio Value: $1.2B
Positions: 87
Last Reported: Q3 2025

Sector Allocation

Position in Communication Services Select Sector SPDR Fund

Market Value: $107.2M
Shares Held: 905.9K
Portfolio Weight: 8.64%
Owned Since: 2022-Q4

Top Holding	Sector	Market Value	Weight
1 SPDR S&P 500 ETF Trust SPY	ETF ETF	$162.3M	13.07%
2 Main BuyWrite BUYW	ETF ETF	$108.5M	8.74%
3 Communication Services Select Sector SPDR Fund XLC	ETF ETF	$107.2M	8.64%