Gradient Investments LLC Buys Stake in State Street SPDR Portfolio S&P 500 ETF

Gradient Investments LLC purchased a new stake in State Street SPDR Portfolio S&P 500 ETF (NYSEARCA:SPYM), making it the ETF's biggest holding. Other hedge funds also increased their stakes in the ETF.

Why it matters. Hedge funds' increased investment in the ETF indicates growing confidence in the S&P 500 index, potentially influencing market sentiment and trading volumes.