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SPDR Gold Trust
GLD

2,761 hedge funds and large institutions have $48.6B invested in SPDR Gold Trust in 2025 Q3 according to their latest regulatory filings, with 246 funds opening new positions, 1,134 increasing their positions, 778 reducing their positions, and 91 closing their positions.

New
Increased
Maintained
Reduced
Closed

170% more first-time investments, than exits

New positions opened: 246 | Existing positions closed: 91

68% more call options, than puts

Call options by funds: $74.5B | Put options by funds: $44.4B

46% more repeat investments, than reductions

Existing positions increased: 1,134 | Existing positions reduced: 778

19% more capital invested

Capital invested by funds: $40.8B → $48.6B (+$7.8B)

8% more funds holding in top 10

Funds holding in top 10: 234 → 252 (+18)

4% more funds holding

Funds holding: 2,650 → 2,761 (+111)

2.64% less ownership

Funds ownership: 42.03% → 39.39% (-2.6%)

Holders
2,761
Holders Change
+111
Holders Change %
+4.19%
% of All Funds
36.24%
Holding in Top 10
252
Holding in Top 10 Change
+18
Holding in Top 10 Change %
+7.69%
% of All Funds
3.31%
New
246
Increased
1,134
Reduced
778
Closed
91
Calls
$74.5B
Puts
$44.4B
Net Calls
+$30.1B
Net Calls Change
+$14.2B

Top Buyers

Rank Fund Capital Flow
1
Bank of Montreal
Bank of Montreal
Ontario, Canada
+$499M
2
JG
Jain Global
New York
+$422M
3
Bank of America
Bank of America
North Carolina
+$288M
4
Citigroup
Citigroup
New York
+$274M
5
Parallax Volatility Advisers
Parallax Volatility Advisers
California
+$175M

Top Sellers

Rank Fund Capital Flow
1
PCP
Proficio Capital Partners
Massachusetts
-$631M
2
Goldman Sachs
Goldman Sachs
New York
-$500M
3
BA
Bridgewater Associates
Connecticut
-$337M
4
JP Morgan Chase
JP Morgan Chase
New York
-$275M
5
VF
Virtu Financial
New York
-$266M
Name Holding Trade Value Shares
Change 		Change in
Stake
Stifel Financial
26
Stifel Financial
Missouri
$310M +$12.5M +39,229 +5%
Rockefeller Capital Management
27
Rockefeller Capital Management
New York
$295M -$8.09M -25,381 -3%
BNP Paribas Financial Markets
28
BNP Paribas Financial Markets
France
$291M +$52.5M +164,610 +25%
US Bancorp
29
US Bancorp
Minnesota
$283M +$9.63M +30,215 +4%
OAG
30
Orbis Allan Gray
Bermuda
$281M -$6.69M -20,988 -3%
APSPRSPT
31
Arizona Public Safety Personnel Retirement System (PSPRS) Trust
Arizona
$275M – – –
Osaic Holdings
32
Osaic Holdings
Arizona
$268M +$18M +56,467 +8%
Northern Trust
33
Northern Trust
Illinois
$264M +$11.5M +35,978 +5%
WI
34
WealthNavi Inc
Japan
$262M -$12.7M -39,729 -5%
PNC Financial Services Group
35
PNC Financial Services Group
Pennsylvania
$247M +$6.59M +20,685 +3%
Citadel Advisors
36
Citadel Advisors
Florida
$235M -$44.3M -138,960 -17%
HMC
37
Harvard Management Company
Massachusetts
$235M +$105M +328,391 +99%
PIS
38
PPSC Investment Service
Japan
$231M +$19.4M +60,864 +10%
SPIA
39
Steward Partners Investment Advisory
New York
$222M +$142M +444,085 +247%
Cambridge Investment Research Advisors
40
Cambridge Investment Research Advisors
Iowa
$215M +$19.4M +60,860 +11%
Corient Private Wealth
41
Corient Private Wealth
Florida
$209M +$17.5M +54,879 +10%
Truist Financial
42
Truist Financial
North Carolina
$208M +$3.85M +12,070 +2%
HSBC Holdings
43
HSBC Holdings
United Kingdom
$204M +$160M +503,148 +679%
Mitsubishi UFJ Trust & Banking
44
Mitsubishi UFJ Trust & Banking
Japan
$196M +$19.8M +62,000 +13%
Parallax Volatility Advisers
45
Parallax Volatility Advisers
California
$195M +$175M +548,077 New
SMFG
46
Sumitomo Mitsui Financial Group
Japan
$183M +$11.8M +37,013 +8%
SILC
47
Starr Indemnity & Liability Company
New York
$179M – – –
AL
48
Arnhold LLC
New York
$173M – – –
SFA
49
Sequoia Financial Advisors
Ohio
$172M +$1.78M +5,581 +1%
BL
50
Bleichroeder LP
New York
$169M – – –
1
2
3 4 5

GLD Hedge Fund Activity: Q3 2025 in Review

2,761 of the 7,619 institutional investors tracked by Wall St. Rank reported a position in SPDR Gold Trust (GLD) for Q3 2025, worth a combined $48.6B — up 19% from $40.8B a quarter earlier.

Buyers outnumbered sellers: 246 funds opened new GLD positions and 91 closed out — a net gain of 155 holders — while 1,134 added to existing stakes and 778 trimmed.

The largest buyer was Bank of Montreal, opening a new position worth an estimated $499M. The largest seller was Proficio Capital Partners, cutting an estimated $631M.

  • 2,761 institutional investors held SPDR Gold Trust (GLD) as of Q3 2025, up from 2,650 in Q2 2025.
  • Funds reported $48.6B of SPDR Gold Trust stock for Q3 2025, up 19% quarter-over-quarter.
  • 246 funds opened new SPDR Gold Trust positions in Q3 2025 and 91 closed out, a net change of +155 holders.
  • The largest SPDR Gold Trust buyer in Q3 2025 was Bank of Montreal, an estimated $499M added.
  • The largest SPDR Gold Trust seller in Q3 2025 was Proficio Capital Partners, an estimated $631M sold.

Based on aggregated 13F filings for Q3 2025.