Recent Hedge Fund Activity with SPDR S&P 500 ETF Trust

Recent 13F filings for the reporting period ending March 31, 2025, reveal that 16 hedge funds have held shares of the SPDR S&P 500 ETF Trust (Symbol: SPY). Such a consensus among hedge fund managers warrants closer examination.

It’s essential to recognize that 13F filings only disclose long positions. Funds are not required to report short positions, which can lead to incomplete conclusions. For instance, a fund might take a bearish stance by shorting calls while simultaneously holding long shares of the stock, resulting in potential misinterpretations of their market sentiment.

Despite this limitation, analyzing groups of 13F filings provides valuable insights, particularly when assessing changes between reporting periods. Below is a summary of changes in SPY positions from this recent set of filings:

From December 31, 2024, to March 31, 2025, nine funds increased their SPY holdings, while five reduced their positions, and two initiated new positions. Noteworthy exits included Gladius Capital Management LP, Jefferies Financial Group Inc., and Gruss & Co. LLC, which divested their SPY stock as of March 31, 2025.

Beyond this specific group of funds, we analyzed the aggregate share count of all funds holding SPY during the March 31, 2025, reporting period, totaling 3,913 funds. Comparatively, these funds held 114,112,061 shares as of December 31, 2024, which decreased to 108,972,251 shares by March 31, 2025. This represents a net reduction of 5,139,810 shares, or approximately -4.50%.

The top three funds holding SPY as of March 31, 2025, reflect significant market involvement:

We will continue to monitor trends from the latest 13F filings and provide insights drawn from analyzing shifts among groups of managers over time. While individual 13F filings may not present the full picture due to their long-only nature, aggregating the data across multiple funds can reveal relevant stock ideas worth exploring, such as the SPDR S&P 500 ETF Trust (Symbol: SPY).

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The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.