SPDR S&P 500 ETF TR SPY
TR UNIT · ETP · CUSIP 78462F103 · ISIN US78462F1030
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($1.3bn this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $663.18. Options: 187 managers hold calls ($333.4bn notional), 388 hold puts ($693.5bn).
Trends to Q3 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 3,063 |
| Q4 2022 | 3,311 |
| Q1 2023 | 3,267 |
| Q2 2023 | 3,312 |
| Q3 2023 | 3,333 |
| Q4 2023 | 3,697 |
| Q1 2024 | 3,707 |
| Q2 2024 | 3,769 |
| Q3 2024 | 3,808 |
| Q4 2024 | 4,242 |
| Q1 2025 | 4,189 |
| Q2 2025 | 4,246 |
| Q3 2025 | 4,261 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q4 2023 | 1,716 | 1,356 |
| Q1 2024 | 1,587 | 1,735 |
| Q2 2024 | 1,727 | 1,560 |
| Q3 2024 | 1,722 | 1,593 |
| Q4 2024 | 1,841 | 1,569 |
| Q1 2025 | 1,784 | 2,029 |
| Q2 2025 | 1,991 | 1,787 |
| Q3 2025 | 1,830 | 1,873 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q4 2024 | $279.8bn | $573.3bn | 2.05 |
| Q1 2025 | $304.2bn | $516.9bn | 1.70 |
| Q2 2025 | $333.1bn | $621.7bn | 1.87 |
| Q3 2025 | $333.4bn | $693.5bn | 2.08 |
Biggest buyers
| JPMORGAN CHASE & CO | Added | +49.4m |
| MORGAN STANLEY | Added | +3.7m |
| Optiver Holding B.V. | New | +3.3m |
| Focus Partners Wealth | Added | +1.3m |
| Gotham Asset Management, LLC | Added | +1.3m |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | Added | +1.2m |
| MASTERCARD FOUNDATION ASSET MANAGEMENT CORP | New | +1.2m |
| BANCO BILBAO VIZCAYA ARGENTARIA, S.A. | Added | +1.1m |
| Sanders Capital, LLC | Added | +1.1m |
| CTC LLC | Added | +925.9k |
Biggest sellers
| Proficio Capital Partners LLC | Reduced | -12.7m |
| Soundwatch Capital LLC | Reduced | -11.6m |
| Gallagher Fiduciary Advisors, LLC | Reduced | -9.9m |
| WELLS FARGO & COMPANY/MN | Reduced | -9.7m |
| ROYAL BANK OF CANADA | Reduced | -8.4m |
| FARALLON CAPITAL MANAGEMENT, L.L.C. | Sold out | -5.5m |
| TD Asset Management Inc | Reduced | -2.7m |
| D. E. Shaw & Co., Inc. | Reduced | -2.6m |
| Rockefeller Capital Management L.P. | Reduced | -2.6m |
| BARCLAYS PLC | Reduced | -2.6m |
Biggest calls
| JANE STREET GROUP, LLC | Added | $42.0bn63.1m shares |
| Optiver Holding B.V. | Added | $41.8bn62.7m shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $37.1bn55.7m shares |
| BlackRock, Inc. | Added | $25.7bn38.6m shares |
| CTC LLC | Reduced | $25.5bn382.1k shares |
| Belvedere Trading LLC | Reduced | $18.7bn28.1m shares |
| CITADEL ADVISORS LLC | Reduced | $18.4bn27.6m shares |
| JPMORGAN CHASE & CO | Added | $17.3bn26.0m shares |
| BARCLAYS PLC | Reduced | $15.2bn22.8m shares |
| IMC-Chicago, LLC | Reduced | $14.0bn21.1m shares |
Biggest puts
| BARCLAYS PLC | Reduced | $76.5bn114.9m shares |
| 1832 Asset Management L.P. | Reduced | $66.8bn100.2m shares |
| Optiver Holding B.V. | Added | $60.4bn90.6m shares |
| JANE STREET GROUP, LLC | Added | $55.0bn82.6m shares |
| CTC LLC | Reduced | $44.0bn660.8k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $38.0bn57.0m shares |
| SIMPLEX TRADING, LLC | Reduced | $31.1bn46.7m shares |
| IMC-Chicago, LLC | Reduced | $28.2bn42.4m shares |
| CITADEL ADVISORS LLC | Reduced | $27.3bn41.0m shares |
| Parallax Volatility Advisers, L.P. | Added | $22.3bn33.5m shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Insider purchases and sales in Q3 2025
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
None reported in Q3 2025.
Holders, Q3 2025
| Manager | Shares | Change |
|---|---|---|
| JPMORGAN CHASE & CO 2.11% of their portfolio | 99.3m $66.2bn | Added +49.4m |
| MORGAN STANLEY 1.64% of their portfolio | 40.7m $27.1bn | Added +3.7m |
| GOLDMAN SACHS GROUP INC 3.49% of their portfolio | 36.2m $24.1bn | Reduced -651.8k |
| BANK OF AMERICA CORP /DE/ 1.55% of their portfolio | 31.0m $20.7bn | Added +182.1k |
| NORTHERN TRUST CORP 1.18% of their portfolio | 13.8m $9.2bn | Reduced -127.1k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 12.76% of their portfolio | 13.1m $8.7bn | Reduced -1.8m |
| ROYAL BANK OF CANADA 1.25% of their portfolio | 10.6m $7.0bn | Reduced -8.4m |
| WELLS FARGO & COMPANY/MN 1.40% of their portfolio | 10.3m $6.9bn | Reduced -9.7m |
| LPL Financial LLC 1.93% of their portfolio | 9.9m $6.6bn | Added +311.6k |
| UBS Group AG 1.17% of their portfolio | 9.0m $6.0bn | Reduced -1.3m |
| HRT FINANCIAL LP 25.48% of their portfolio | 8.4m $5.6bn | Reduced -408.9k |
| BANK OF MONTREAL /CAN/ 1.86% of their portfolio | 6.6m $4.4bn | Reduced -1.2m |
| NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 2.63% of their portfolio | 5.9m $3.9bn | Added +127.1k |
| Gotham Asset Management, LLC 16.29% of their portfolio | 5.6m $3.7bn | Added +1.3m |
| BARCLAYS PLC 1.37% of their portfolio | 5.6m $3.7bn | Reduced -2.6m |
| RAYMOND JAMES FINANCIAL INC 0.99% of their portfolio | 4.6m $3.1bn | Reduced -38.5k |
| US BANCORP \DE\ 3.40% of their portfolio | 4.3m $2.9bn | Reduced -107.5k |
| PNC Financial Services Group, Inc. 1.64% of their portfolio | 4.0m $2.7bn | Reduced -38.7k |
| FMR LLC 0.14% of their portfolio | 4.0m $2.6bn | Added +18.9k |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 4.71% of their portfolio | 3.8m $2.6bn | Reduced -1.9m |
| CITIGROUP INC 1.57% of their portfolio | 3.4m $2.3bn | Added +668.1k |
| Cresset Asset Management, LLC 10.04% of their portfolio | 3.4m $2.3bn | Added +65.8k |
| Lido Advisors, LLC 9.12% of their portfolio | 3.3m $2.2bn | Added +299.4k |
| D. E. Shaw & Co., Inc. 1.79% of their portfolio | 3.3m $2.2bn | Reduced -2.6m |
| Optiver Holding B.V. 35.28% of their portfolio | 3.3m $2.2bn | New |
| TRUIST FINANCIAL CORP 2.88% of their portfolio | 3.2m $2.1bn | Reduced -27.5k |
| AMERIPRISE FINANCIAL INC 0.49% of their portfolio | 3.2m $2.1bn | Added +34.2k |
| MACKENZIE FINANCIAL CORP 2.49% of their portfolio | 3.1m $2.1bn | Reduced -124.1k |
| Capula Management Ltd 15.13% of their portfolio | 3.1m $2.0bn | Reduced -132.0k |
| Creative Planning 1.52% of their portfolio | 3.0m $2.0bn | Added +52.9k |
| BANCO BILBAO VIZCAYA ARGENTARIA, S.A. 14.72% of their portfolio | 2.9m $1.9bn | Added +1.1m |
| Bank of New York Mellon Corp 0.33% of their portfolio | 2.8m $1.8bn | Reduced -44.8k |
| TD Asset Management Inc 1.45% of their portfolio | 2.7m $1.8bn | Reduced -2.7m |
| Rockefeller Capital Management L.P. 3.46% of their portfolio | 2.7m $1.8bn | Reduced -2.6m |
| ENVESTNET ASSET MANAGEMENT INC 0.50% of their portfolio | 2.6m $1.7bn | Reduced -64.2k |
| National Mutual Insurance Federation of Agricultural Cooperatives 13.23% of their portfolio | 2.6m $1.7bn | Unchanged |
| Bridgewater Associates, LP 6.69% of their portfolio | 2.6m $1.7bn | Reduced -45.3k |
| Focus Partners Wealth 2.28% of their portfolio | 2.5m $1.4bn | Added +1.3m |
| Alberta Investment Management Corp 11.64% of their portfolio | 2.4m $1.6bn | Reduced -70.9k |
| CANADA PENSION PLAN INVESTMENT BOARD 1.05% of their portfolio | 2.2m $1.5bn | Unchanged |
| Pathstone Holdings, LLC 5.63% of their portfolio | 2.2m $1.5bn | Reduced -145.8k |
| Cerity Partners LLC 2.15% of their portfolio | 2.2m $1.3bn | Reduced -18.4k |
| BNP PARIBAS FINANCIAL MARKETS 1.08% of their portfolio | 2.1m $1.4bn | Added +783.4k |
| HighTower Advisors, LLC 1.53% of their portfolio | 2.0m $1.3bn | Added +49.6k |
| Schonfeld Strategic Advisors LLC 9.10% of their portfolio | 2.0m $1.3bn | Added +394.1k |
| COMMONWEALTH EQUITY SERVICES, LLC 1.58% of their portfolio | 1.8m $1.2bn | Reduced -93.7k |
| Cetera Investment Advisers 1.36% of their portfolio | 1.8m $1.2bn | Added +433.8k |
| JANE STREET GROUP, LLC 1.37% of their portfolio | 1.8m $1.2bn | Added +793.7k |
| STATE STREET CORP 0.04% of their portfolio | 1.7m $1.2bn | Added +447.0k |
| BlackRock, Inc. 0.02% of their portfolio | 1.7m $1.1bn | Reduced -57.1k |
| Sanders Capital, LLC 1.40% of their portfolio | 1.7m $1.1bn | Added +1.1m |
| STIFEL FINANCIAL CORP 1.01% of their portfolio | 1.7m $1.1bn | Reduced -4.9k |
| MILLENNIUM MANAGEMENT LLC 0.81% of their portfolio | 1.5m $1.0bn | Added +275.5k |
| Corient Private Wealth LP 1.57% of their portfolio | 1.5m $998.4m | Added +123.1k |
| TUDOR INVESTMENT CORP ET AL 6.27% of their portfolio | 1.5m $968.5m | Reduced -534.0k |
| Mariner, LLC 1.23% of their portfolio | 1.4m $951.1m | Added +42.9k |
| Bank Julius Baer & Co. Ltd, Zurich 2.65% of their portfolio | 1.4m $940.9m | Added +67.7k |
| MACQUARIE GROUP LTD 1.08% of their portfolio | 1.4m $928.0m | Added +362.6k |
| OSAIC HOLDINGS, INC. 1.26% of their portfolio | 1.4m $897.7m | Added +123.1k |
| CTC LLC 36.48% of their portfolio | 1.3m $895.2m | Added +925.9k |
| MEITAV INVESTMENT HOUSE LTD 12.12% of their portfolio | 1.3m $880.8m | Added +3.7k |
| BANK OF NOVA SCOTIA 1.55% of their portfolio | 1.3m $876.0m | Reduced -47.6k |
| Clal Insurance Enterprises Holdings Ltd 6.66% of their portfolio | 1.3m $871.6m | Added +583.1k |
| Analyst IMS Investment Management Services Ltd. 26.14% of their portfolio | 1.3m $840.7m | Reduced -32.0k |
| Norinchukin Bank, The 11.02% of their portfolio | 1.2m $821.4m | Unchanged |
| STATE OF MICHIGAN RETIREMENT SYSTEM 3.94% of their portfolio | 1.2m $820.6m | Added +16.5k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.67% of their portfolio | 1.2m $817.4m | Added +1.2m |
| Trust Asset Management LLC 55.49% of their portfolio | 1.2m $807.4m | Unchanged |
| Man Group plc 1.56% of their portfolio | 1.2m $807.2m | Reduced -688.4k |
| Swan Global Investments, LLC 35.67% of their portfolio | 1.2m $806.7m | Added +18.0k |
| CITADEL ADVISORS LLC 0.64% of their portfolio | 1.2m $795.2m | Added +544.9k |
| MASTERCARD FOUNDATION ASSET MANAGEMENT CORP 1.81% of their portfolio | 1.2m $785.8m | New |
| NATIXIS 4.13% of their portfolio | 1.2m $769.0m | Reduced -463.5k |
| Cohen Klingenstein LLC 23.73% of their portfolio | 1.1m $757.5m | Reduced -17.5k |
| Jefferies Financial Group Inc. 6.65% of their portfolio | 1.1m $725.8m | Reduced -229.4k |
| IEQ CAPITAL, LLC 2.20% of their portfolio | 1.1m $725.6m | Added +372.1k |
| Hirtle & Co., LLC 24.27% of their portfolio | 1.0m $690.5m | Reduced -20.9k |
| Pure Financial Advisors, LLC 10.98% of their portfolio | 1.0m $689.3m | Added +57.5k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.43% of their portfolio | 1.0m $688.1m | Added +906.9k |
| ALLIANCEBERNSTEIN L.P. 0.22% of their portfolio | 1.0m $687.3m | Added +6.2k |
| TWO SIGMA INVESTMENTS, LP 1.04% of their portfolio | 1.0m $680.4m | Reduced -136.2k |
| BBR PARTNERS, LLC 39.09% of their portfolio | 1.0m $677.9m | Added +6.7k |
| TEXAS TREASURY SAFEKEEPING TRUST CO 95.17% of their portfolio | 1.0m $667.6m | Added +61.6k |
| Freedom Together Foundation 76.11% of their portfolio | 998.0k $664.8m | Unchanged |
| Trustees of Columbia University in the City of New York 99.69% of their portfolio | 980.6k $653.3m | Reduced -132.0k |
| AKUNA SECURITIES LLC 91.60% of their portfolio | 957.1k $637.6m | Added +256.3k |
| Valeo Financial Advisors, LLC 14.30% of their portfolio | 940.7k $626.7m | Reduced -55.6k |
| WOLVERINE TRADING, LLC 12.25% of their portfolio | 915.7k $607.7m | Reduced -492.1k |
| SUMITOMO MITSUI FINANCIAL GROUP, INC. 10.36% of their portfolio | 886.4k $590.5m | Reduced -254.9k |
| RedJay Asset Management Inc. 91.78% of their portfolio | 880.7k $586.7m | Added +450.2k |
| BLAIR WILLIAM & CO/IL 1.52% of their portfolio | 859.3k $572.5m | Reduced -321 |
| COMMON FUND FOR NONPROFIT ORGANIZATIONS 48.31% of their portfolio | 843.8k $562.1m | Reduced -151.0k |
| FRANKLIN RESOURCES INC 0.14% of their portfolio | 831.8k $554.1m | Reduced -15.7k |
| Pine Ridge Advisers LLC 37.60% of their portfolio | 823.5k $548.6m | Reduced -4.7k |
| JONES FINANCIAL COMPANIES LLLP 0.37% of their portfolio | 814.7k $540.6m | Added +41.0k |
| MAI Capital Management 3.34% of their portfolio | 801.7k $534.1m | Added +20.5k |
| NorthCoast Asset Management LLC 2.06% of their portfolio | 792.6k $528.2m | Added +40.9k |
| PRUDENTIAL FINANCIAL INC 0.62% of their portfolio | 786.7k $524.1m | Reduced -2.7k |
| Glenmede Investment Management, LP 2.48% of their portfolio | 772.4k $514.5m | Reduced -56.8k |
| BROWN ADVISORY INC 0.65% of their portfolio | 749.4k $499.2m | Added +111.5k |