Financial Select Sector SPDR Fund

XLF • ARCA

Financial Select Sector SPDR Fund is an exchange-traded fund focused on the state commercial banks sector on ARCA. As of Q3 2025, 1,781 institutional investors hold shares in this ETF, with total holdings valued at $39.4B. JPMORGAN CHASE & CO is the largest holder with a position valued at $7.2B.

STATE COMMERCIAL BANKS

Country

United States of America

Overview

Overview of institutional ownership in XLF as of Q3 2025

All Institutions

Institutions: 1,781
Value Held: $39.4B
Shares Held: 731.5M
Avg Position: $22.1M
Median Position: $911.2K

Hedge Funds

Hedge Funds: 56
Value Held: $1.2B
Shares Held: 22.9M
Avg Position: $22.1M
Median Position: $4.7M

Biggest Investors

Institutions with the largest positions in XLF as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
JPMORGAN CHASE & CO Institution	Jamie Dimon CEO	$7.2B 0.46% of portfolio	133.1M shares	≤ Q2 2013 Held for 12y 5m+	$1.56T
BANK OF AMERICA CORP /DE/ Institution	Brian T. Moynihan CEO	$4.6B 0.34% of portfolio	84.7M shares	≤ Q2 2013 Held for 12y 5m+	$1.33T
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$2.6B 0.16% of portfolio	47.4M shares	≤ Q2 2013 Held for 12y 5m+	$1.65T
WELLS FARGO & COMPANY/MN Institution	Charles W. Scharf CEO	$2.0B 0.42% of portfolio	38.0M shares	Q3 2013 Held for 12y 2m	$488.61B
L LPL Financial LLC Institution	-	$1.3B 0.38% of portfolio	24.2M shares	≤ Q2 2013 Held for 12y 5m+	$340.07B
ENVESTNET ASSET MANAGEMENT INC Long Only Manager	Christopher Russell Todd CEO	$1.2B 0.35% of portfolio	22.0M shares	≤ Q2 2013 Held for 12y 5m+	$341.99B
GOLDMAN SACHS GROUP INC Institution	David M. Solomon CEO	$1.1B 0.16% of portfolio	21.1M shares	≤ Q2 2013 Held for 12y 5m+	$691.34B
UBS Group AG Institution	Sergio P. Ermotti CEO	$817.2M 0.16% of portfolio	15.2M shares	Q4 2014 Held for 10y 11m	$511.54B
AMERIPRISE FINANCIAL INC Institution	Jim Cracchiolo CEO	$767.4M 0.18% of portfolio	14.2M shares	≤ Q2 2013 Held for 12y 5m+	$433.11B
RAYMOND JAMES FINANCIAL INC RIA/Wealth	Steven Robert Marcus CEO	$729.2M 0.23% of portfolio	13.5M shares	Q4 2024 Held for 11 months	$310.43B

Net Capital Flow

Institutional buying and selling activity for XLF in Q3 2025

Net Flow: +$1.8B
Buyers: 772
Sellers: 677
Total Bought: +$5.4B
Total Sold: −$3.7B
Avg Position: $22.0M

Biggest Buyers

Institution	Net Bought	Current Position
JPMORGAN CHASE & CO Institution	+$1.0B +18.7M shares	$7.2B 133.1M shares
WELLS FARGO & COMPANY/MN Institution	+$676.6M +12.6M shares	$2.0B 38.0M shares
C Colony Group, LLC Institution	+$543.8M +10.1M shares	$591.9M 11.0M shares
TWO SIGMA INVESTMENTS LLC Hedge Fund•Multi-Strategy	+$481.9M +8.9M shares	$582.6M 10.8M shares
GOLDMAN SACHS GROUP INC Institution	+$210.0M +3.9M shares	$1.1B 21.1M shares
ENVESTNET ASSET MANAGEMENT INC Long Only Manager	+$199.2M +3.7M shares	$1.2B 22.0M shares
L LPL Financial LLC Institution	+$176.2M +3.3M shares	$1.3B 24.2M shares
A Advisor Group Holdings, Inc. Institution	+$158.5M +2.9M shares	$290.2M 5.4M shares
MORGAN STANLEY RIA/Wealth	+$155.1M +2.9M shares	$2.6B 47.4M shares
AMERIPRISE FINANCIAL INC Institution	+$144.5M +2.7M shares	$767.4M 14.2M shares

Biggest Sellers

Institution	Net Sold	Current Position
D D. E. Shaw & Co., Inc. Institution	−$801.9M −14.9M shares	$39.4M 731.9K shares
B BNP PARIBAS ARBITRAGE, SA Institution	−$416.4M −7.7M shares	$32.2M 598.3K shares
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	−$151.1M −2.8M shares	$12.8M 237.3K shares
CITIGROUP INC Institution	−$147.9M −2.7M shares	$280.4M 5.2M shares
IMC-Chicago, LLC RIA/Wealth	−$144.4M −2.8M shares	Sold Off 0 shares
B BANCO BILBAO VIZCAYA ARGENTARIA, S.A. RIA/Wealth	−$140.9M −2.6M shares	$69.8M 1.3M shares
Q Qube Research & Technologies Ltd Institution	−$128.6M −2.4M shares	$54.9M 1.0M shares
BANK OF NOVA SCOTIA / Institution	−$108.8M −2.0M shares	$148.0M 2.7M shares
M MANUFACTURERES LIFE INSURANCE CO Institution	−$103.5M −1.9M shares	$669.4K 12.4K shares
H HSBC HOLDINGS PLC Institution	−$95.5M −1.8M shares	$66.2M 1.2M shares

Entry and Exit Activity

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

New Positions: 59
New Value: $37.3M
Exited Positions: 106
Exited Value: $484.7M

New Positions

Institution	Position Value
Sharp Financial Services, LLC RIA/Wealth	$6.9M 127.4K shares
SMI Advisory Services, LLC RIA/Wealth	$3.0M 55.4K shares
B Brown Financial Advisors RIA/Wealth	$2.6M 48.5K shares
CAMPBELL CAPITAL MANAGEMENT INC RIA/Wealth	$2.3M 42.5K shares
MARSHALL INVESTMENT MANAGEMENT, LLC RIA/Wealth	$2.1M 38.8K shares
Maridea Wealth Management LLC RIA/Wealth	$2.1M 39.4K shares
Hansen & Associates Financial Group, Inc. RIA/Wealth	$1.9M 36.4K shares
C CAXTON ASSOCIATES LLP Institution	$1.5M 28.8K shares
P Paladin Wealth, LLC Institution	$1.3M 23.6K shares
CLIFTONLARSONALLEN WEALTH ADVISORS, LLC RIA/Wealth	$997.2K 18.5K shares

Exited Positions

Institution	Previous Position
IMC-Chicago, LLC RIA/Wealth	$144.4M 2.8M shares
D Duquesne Family Office LLC Institution	$51.6M 985.3K shares
SCHRODER INVESTMENT MANAGEMENT GROUP RIA/Wealth	$47.0M 905.5K shares
N Nan Shan Life Insurance Co., Ltd. Institution	$36.1M 689.3K shares
S SIMPLEX TRADING, LLC Institution	$23.7M 453.3K shares
Wright Fund Managment, LLC Long Only Manager	$22.9M 460.4K shares
B BW Gestao de Investimentos Ltda. Institution	$20.3M 387.4K shares
U United Capital Management of KS, Inc. Institution	$15.5M 295.4K shares
M Meiji Yasuda Life Insurance Co Institution	$11.4M 217.5K shares
Cullen Capital Management, LLC Long Only Manager	$9.7M 185.4K shares

Options Activity

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

Call Positions: 59
Call Value: $7.1B
Put Positions: 59
Put Value: $13.3B

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$903.8M 167.8K contracts
J JANE STREET GROUP, LLC Institution	$854.8M 158.7K contracts
P Parallax Volatility Advisers, LLC Hedge Fund•Vol Arbitrage	$846.5M 157.1K contracts
BANK OF AMERICA CORP /DE/ Institution	$735.8M 136.6K contracts
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	$473.2M 87.8K contracts
UBS Group AG Institution	$421.6M 78.3K contracts
BANK OF MONTREAL /CAN/ Institution	$372.9M 69.2K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$336.0M 62.4K contracts
BARCLAYS PLC Institution	$334.0M 62.0K contracts
CITIGROUP INC Institution	$309.6M 57.5K contracts

Put Positions

Institution	Position Value
BANK OF AMERICA CORP /DE/ Institution	$1.8B 328.0K contracts
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	$1.6B 288.5K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$1.5B 278.6K contracts
J JANE STREET GROUP, LLC Institution	$1.2B 223.1K contracts
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	$1.1B 203.7K contracts
GOLDMAN SACHS GROUP INC Institution	$705.7M 131.0K contracts
UBS Group AG Institution	$606.4M 112.6K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$580.1M 107.7K contracts
R ROYAL BANK OF CANADA Institution	$516.8M 95.9K contracts
P Parallax Volatility Advisers, LLC Hedge Fund•Vol Arbitrage	$433.5M 80.5K contracts

Most Committed Institutions

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

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
TIFF ADVISORY SERVICES INC Fund of Funds	Clarence Kane Brenan CEO	24.43% $117.3M	2.2M shares	Q4 2016 Held for 8y 11m	$480.3M
Provident Co of the Employees of the Hebrew University LTD RIA/Wealth	Christopher Keil Hicks President	13.65% $13.7M	254.2K shares	Q1 2024 Held for 1y 8m	$100.1M
Main Management ETF Advisors, LLC Institution	Kim David Arthur CEO	12.16% $314.1M	5.8M shares	Q2 2025 Held for 5 months	$2.6B
IMZ Advisory Inc RIA/Wealth	Irwin Michael Zagoria CEO	10.59% $28.4M	527.9K shares	Q4 2023 Held for 1y 11m	$268.6M
Y Yelin Lapidot Holdings Management Ltd. Institution	-	8.66% $41.3M	765.8K shares	Q3 2023 Held for 2y 2m	$476.2M
L Lakeshore Financial Planning, Inc. RIA/Wealth	Mark Edward Romin President	8.48% $22.8M	423.9K shares	Q3 2023 Held for 2y 2m	$269.4M
PETREDIS INVESTMENT ADVISORS LLC RIA/Wealth	Charles John Petredis Founder	8.40% $104.6M	1.9M shares	Q4 2022 Held for 2y 11m	$1.2B
Green Harvest Asset Management LLC Long Only Manager	Michael Girard Donahoe CCO	8.31% $542.9M	10.1M shares	Q3 2025 Held for 2 months	$6.5B
Keystone Global Partners, LLC RIA/Wealth	Calvin Lo Managing Partner	8.13% $14.4M	267.7K shares	Q1 2025 Held for 8 months	$177.4M
INNEALTA CAPITAL, LLC Long Only Manager	Vito Antonio Sciaraffia CIO	7.91% $15.6M	288.7K shares	Q4 2018 Held for 6y 11m	$196.6M

Hedge Fund Spotlight

Discover hedge funds investing in XLF

FOX RUN MANAGEMENT, L.L.C.

Hedge Fund • Quant

Portfolio ManagerSandeep Kumar

Portfolio Value: $640.3M
Positions: 870
Last Reported: Q3 2025

Sector Allocation

Position in Financial Select Sector SPDR Fund

Market Value: $4.3M
Shares Held: 80.0K
Portfolio Weight: 0.67%
Owned Since: 2020-Q4

Top Holding	Sector	Market Value	Weight
1 Energy Select Sector SPDR Fund XLE	ETF ETF	$7.7M	1.20%
2 Financial Select Sector SPDR Fund XLF	ETF ETF	$4.3M	0.67%
3 iShares U.S. Real Estate IYR	ETF ETF	$3.9M	0.61%