Health Care Select Sector SPDR Fund

XLV • ARCA

Health Care Select Sector SPDR Fund is an exchange-traded fund on ARCA. As of Q3 2025, 1,604 institutional investors hold shares in this ETF, with total holdings valued at $25.4B. BANK OF AMERICA CORP /DE/ is the largest holder with a position valued at $3.9B.

Overview

Overview of institutional ownership in XLV as of Q3 2025

All Institutions

Institutions: 1,604
Value Held: $25.4B
Shares Held: 182.2M
Avg Position: $15.8M
Median Position: $812.2K

Hedge Funds

Hedge Funds: 53
Value Held: $499.4M
Shares Held: 3.6M
Avg Position: $9.4M
Median Position: $2.1M

Biggest Investors

Institutions with the largest positions in XLV 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	$3.9B 0.30% of portfolio	28.3M shares	≤ Q2 2013 Held for 12y 6m+	$1.33T
JPMORGAN CHASE & CO Institution	Jamie Dimon CEO	$1.9B 0.12% of portfolio	13.8M shares	≤ Q2 2013 Held for 12y 6m+	$1.56T
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$1.5B 0.09% of portfolio	10.6M shares	≤ Q2 2013 Held for 12y 6m+	$1.65T
GOLDMAN SACHS GROUP INC Institution	David M. Solomon CEO	$1.0B 0.15% of portfolio	7.2M shares	≤ Q2 2013 Held for 12y 6m+	$691.37B
L LPL Financial LLC Institution	-	$895.6M 0.26% of portfolio	6.4M shares	≤ Q2 2013 Held for 12y 6m+	$340.07B
WELLS FARGO & COMPANY/MN Institution	Charles W. Scharf CEO	$833.2M 0.17% of portfolio	6.0M shares	≤ Q2 2013 Held for 12y 6m+	$488.52B
RAYMOND JAMES FINANCIAL INC RIA/Wealth	Steven Robert Marcus CEO	$680.9M 0.22% of portfolio	4.9M shares	Q4 2024 Held for 1 year	$310.44B
ENVESTNET ASSET MANAGEMENT INC Long Only Manager	Christopher Russell Todd CEO	$659.9M 0.19% of portfolio	4.7M shares	≤ Q2 2013 Held for 12y 6m+	$342.01B
UBS Group AG Institution	Sergio P. Ermotti CEO	$521.0M 0.10% of portfolio	3.7M shares	Q4 2014 Held for 11 years	$511.60B
NISSAY ASSET MANAGEMENT CORP /JAPAN/ /ADV Insurance Manager	Toshihiro (Nmn) Nakashima President	$489.6M 2.70% of portfolio	3.5M shares	Q1 2021 Held for 4y 9m	$18.1B

Net Capital Flow

Institutional buying and selling activity for XLV in Q3 2025

Traded: +$36.7M
Buyers: 668
Sellers: 827
Total Bought: +$2.9B
Total Sold: −$2.8B
Avg Position: $14.6M

Biggest Buyers

Institution	Net Bought	Current Position
C Colony Group, LLC Institution	+$250.4M +1.8M shares	$381.3M 2.7M shares
GOLDMAN SACHS GROUP INC Institution	+$202.6M +1.5M shares	$1.0B 7.2M shares
PRUDENTIAL FINANCIAL INC Institution	+$197.4M +1.4M shares	$197.4M 1.4M shares
H Harel Insurance Investments & Financial Services Ltd. Institution	+$151.9M +1.1M shares	$438.2M 3.1M shares
B BNP PARIBAS ARBITRAGE, SA Institution	+$145.6M +1.0M shares	$261.0M 1.9M shares
JPMORGAN CHASE & CO Institution	+$139.0M +998.9K shares	$1.9B 13.8M shares
E Elo Mutual Pension Insurance Co Institution	+$136.3M +979.3K shares	$136.3M 979.3K shares
CITIGROUP INC Institution	+$119.7M +860.2K shares	$230.7M 1.7M shares
Main Management ETF Advisors, LLC Institution	+$119.6M +859.2K shares	$321.8M 2.3M shares
N Nan Shan Life Insurance Co., Ltd. Institution	+$84.0M +603.3K shares	$100.9M 724.9K shares

Biggest Sellers

Institution	Net Sold	Current Position
BANK OF AMERICA CORP /DE/ Institution	−$685.4M −4.9M shares	$3.9B 28.3M shares
MORGAN STANLEY RIA/Wealth	−$365.8M −2.6M shares	$1.5B 10.6M shares
ENVESTNET ASSET MANAGEMENT INC Long Only Manager	−$148.1M −1.1M shares	$659.9M 4.7M shares
RAYMOND JAMES FINANCIAL INC RIA/Wealth	−$105.1M −755.0K shares	$680.9M 4.9M shares
Janney Montgomery Scott LLC RIA/Wealth	−$99.4M −714.5K shares	$358.4M 2.6M shares
BB&T CORP Institution	−$97.2M −698.5K shares	$332.5M 2.4M shares
Q Qube Research & Technologies Ltd Institution	−$88.4M −635.4K shares	$87.9M 631.7K shares
WestEnd Advisors, LLC Long Only Manager	−$81.2M −583.2K shares	$284.1M 2.0M shares
CAISSE DE DEPOT ET PLACEMENT DU QUEBEC Fund of Funds	−$70.1M −504.0K shares	$466.8M 3.4M shares
L LPL Financial LLC Institution	−$55.5M −398.5K shares	$895.6M 6.4M shares

Entry and Exit Activity

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

New Positions: 45
New Value: $290.0M
Exited Positions: 129
Exited Value: $254.5M

New Positions

Institution	Position Value
E Elo Mutual Pension Insurance Co Institution	$136.3M 979.3K shares
Main Management Fund Advisors LLC Institution	$72.4M 520.0K shares
Balance Wealth, LLC RIA/Wealth	$29.9M 214.6K shares
Point72 Europe LLP Digital Asset Manager	$12.5M 89.7K shares
T Trans-Canada Capital Inc. Institution	$8.2M 58.9K shares
V Volterra Technologies LP Hedge Fund•Quant	$7.4M 53.0K shares
I Ilmarinen Mutual Pension Insurance Co Institution	$5.1M 36.5K shares
Hansen & Associates Financial Group, Inc. RIA/Wealth	$2.6M 17.4K shares
SYNTAX RESEARCH, INC. Long Only Manager	$1.9M 13.7K shares
Maridea Wealth Management LLC RIA/Wealth	$1.7M 11.8K shares

Exited Positions

Institution	Previous Position
GOLDENTREE ASSET MANAGEMENT LP Hedge Fund•Distressed	$47.1M 350.0K shares
Hudson Bay Capital Management LP Hedge Fund•Multi-Strategy	$20.2M 150.2K shares
J Jump Financial, LLC Institution	$15.0M 111.5K shares
Lake Hills Wealth Management, LLC RIA/Wealth	$12.2M 90.8K shares
1 111 Capital Institution	$10.8M 80.2K shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$7.9M 59.0K shares
B Brevan Howard Capital Management LP Institution	$7.9M 59.0K shares
T Twin Tree Management, LP Hedge Fund•Vol Arbitrage	$7.8M 57.8K shares
Silverleafe Capital Partners, LLC RIA/Wealth	$7.7M 57.2K shares
TUDOR INVESTMENT CORP ET AL Hedge Fund•Multi-Strategy	$7.7M 57.0K shares

Options Activity

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

Call Positions: 40
Call Value: $1.9B
Put Positions: 39
Put Value: $3.1B

Call Positions

Institution	Position Value
J JANE STREET GROUP, LLC Institution	$361.7M 26.0K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$271.6M 19.5K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$212.3M 15.3K contracts
UBS Group AG Institution	$160.4M 11.5K contracts
T Twin Tree Management, LP Hedge Fund•Vol Arbitrage	$157.6M 11.3K contracts
CAPITAL FUND MANAGEMENT S.A. Hedge Fund•Quant Macro	$127.4M 9.2K contracts
BANK OF AMERICA CORP /DE/ Institution	$111.8M 8.0K contracts
N NOMURA HOLDINGS INC Institution	$86.5M 6.2K contracts
N NWI MANAGEMENT LP Hedge Fund•Global Macro	$75.2M 5.4K contracts
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	$52.5M 3.8K contracts

Put Positions

Institution	Position Value
J JANE STREET GROUP, LLC Institution	$738.2M 53.0K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$463.8M 33.3K contracts
Elliott Investment Management L.P. Hedge Fund•Multi-Strategy	$278.3M 20.0K contracts
Jain Global LLC Hedge Fund•Multi-Strategy	$215.7M 15.5K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$214.2M 15.4K contracts
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	$187.2M 13.5K contracts
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	$184.7M 13.3K contracts
Marshall Wace LLP Institution	$165.1M 11.9K contracts
UBS Group AG Institution	$131.1M 9.4K contracts
CAPITAL FUND MANAGEMENT S.A. Hedge Fund•Quant Macro	$84.9M 6.1K contracts

Most Committed Institutions

Institutions with XLV 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	12.46% $321.8M	2.3M shares	Q4 2017 Held for 8 years	$2.6B
Biltmore Wealth Management, LLC RIA/Wealth	Timothy Alan Carpenter Managing Partner	9.35% $24.5M	176.1K shares	Q4 2014 Held for 11 years	$262.0M
Provident Co of the Employees of the Hebrew University LTD RIA/Wealth	Christopher Keil Hicks President	7.71% $7.7M	55.6K shares	Q1 2024 Held for 1y 9m	$100.1M
Balance Wealth, LLC RIA/Wealth	Robert Jerry Gavlak CEO	7.45% $29.9M	214.6K shares	Q3 2025 Held for 3 months	$401.2M
Main Management Fund Advisors LLC Institution	Kim David Arthur CEO	7.01% $72.4M	520.0K shares	Q3 2025 Held for 3 months	$1.0B
HILLTOP WEALTH ADVISORS, LLC RIA/Wealth	Benjamin Richard Yeager Managing Partner	6.75% $12.9M	93.0K shares	Q4 2022 Held for 3 years	$191.9M
WestEnd Advisors, LLC Long Only Manager	Frederick O. Porter CIO	6.64% $284.1M	2.0M shares	≤ Q2 2013 Held for 12y 6m+	$4.3B
IMZ Advisory Inc RIA/Wealth	Irwin Michael Zagoria CEO	6.35% $17.1M	122.6K shares	Q4 2023 Held for 2 years	$268.6M
Main Management LLC Hedge Fund•Multi-Strategy	Kim David Arthur CEO	6.34% $78.7M	565.7K shares	≤ Q2 2013 Held for 12y 6m+	$1.2B
Conservest Capital Advisors, Inc. RIA/Wealth	Keith Charles Goddard CEO	6.24% $67.3M	483.8K shares	Q1 2017 Held for 8y 9m	$1.1B

Hedge Fund Spotlight

Discover hedge funds investing in XLV

Solstein Capital, LLC

Hedge Fund • Value

Portfolio ManagerNadine F Terman

Portfolio Value: $218.5M
Positions: 447
Last Reported: Q3 2025

Sector Allocation

Position in Health Care Select Sector SPDR Fund

Market Value: $215.9K
Shares Held: 1.6K
Portfolio Weight: 0.10%
Owned Since: 2021-Q2

Top Holding	Sector	Market Value	Weight
1 SPDR S&P 500 ETF Trust SPY	ETF ETF	$18.6M	8.50%
2 Apple AAPL	Consumer Electronics Technology	$16.9M	7.73%
3 Microsoft MSFT	Software - Infrastructure Technology	$11.9M	5.44%