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SPDR Gold Trust
GLD

2,575 hedge funds and large institutions have $38.9B invested in SPDR Gold Trust in 2025 Q1 according to their latest regulatory filings, with 282 funds opening new positions, 1,002 increasing their positions, 786 reducing their positions, and 76 closing their positions.

New
Increased
Maintained
Reduced
Closed

271% more first-time investments, than exits

New positions opened: 282 | Existing positions closed: 76

39% more call options, than puts

Call options by funds: $38B | Put options by funds: $27.3B

37% more funds holding in top 10

Funds holding in top 10: 185 → 254 (+69)

27% more repeat investments, than reductions

Existing positions increased: 1,002 | Existing positions reduced: 786

14% more capital invested

Capital invested by funds: $34.2B → $38.9B (+$4.78B)

7% more funds holding

Funds holding: 2,416 → 2,575 (+159)

1.36% more ownership

Funds ownership: 40.38% → 41.74% (+1.4%)

Holders
2,575
Holders Change
+159
Holders Change %
+6.58%
% of All Funds
34.53%
Holding in Top 10
254
Holding in Top 10 Change
+69
Holding in Top 10 Change %
+37.3%
% of All Funds
3.41%
New
282
Increased
1,002
Reduced
786
Closed
76
Calls
$38B
Puts
$27.3B
Net Calls
+$10.7B
Net Calls Change
-$405M

Top Buyers

Rank Fund Capital Flow
1
UBS Group
UBS Group
Switzerland
+$534M
2
BlackRock
BlackRock
New York
+$407M
3
Morgan Stanley
Morgan Stanley
New York
+$378M
4
BA
Bridgewater Associates
Connecticut
+$293M
5
BNP Paribas Financial Markets
BNP Paribas Financial Markets
France
+$184M

Top Sellers

Rank Fund Capital Flow
1
Citigroup
Citigroup
New York
-$313M
2
Jane Street
Jane Street
New York
-$291M
3
Barclays
Barclays
United Kingdom
-$156M
4
CTC (Chicago Trading Company)
CTC (Chicago Trading Company)
Illinois
-$150M
5
Sumitomo Mitsui Trust Group
Sumitomo Mitsui Trust Group
Japan
-$51.5M
Name Holding Trade Value Shares
Change 		Change in
Stake
JWM
951
Jeppson Wealth Management
California
$2.15M – – –
AWE
952
Avidian Wealth Enterprises
Texas
$2.15M -$640K -2,419 -24%
NWWA
953
New Wave Wealth Advisors
Arkansas
$2.14M +$607K +2,296 +45%
CCA
954
Cadent Capital Advisors
Oklahoma
$2.14M +$309K +1,167 +19%
FFO
955
Fiduciary Family Office
Florida
$2.13M +$1.17M +4,442 +151%
PHIMC
956
Private Harbour Investment Management & Counsel
Ohio
$2.12M -$175K -663 -8%
LWM
957
Lionsbridge Wealth Management
Florida
$2.11M -$305K -1,154 -14%
EWA
958
Encompass Wealth Advisors
Oregon
$2.1M – – –
BBI
959
Baxter Bros Inc
Connecticut
$2.08M -$23.3K -88 -1%
MFG
960
Mission Financial Group
Nevada
$2.07M +$1.27M +4,821 New
SXL
961
Summit X LLC
Missouri
$2.07M -$48.7K -184 -2%
N
962
Natixis
France
$2.07M -$1.84M -6,974 -49%
PAS
963
PKS Advisory Services
New York
$2.05M +$256K +969 +16%
AWM
964
Aberdeen Wealth Management
Illinois
$2.05M – – –
W
965
WorthPointe
California
$2.04M -$768K -2,903 -29%
WP
966
WealthShield Partners
North Carolina
$2.04M +$629K +2,377 +51%
MA
967
Modus Advisors
Minnesota
$2.04M -$89.4K -338 -5%
SAM
968
Synergy Asset Management
Washington
$2.03M -$1,000K -3,781 -35%
AC
969
Addison Capital
Pennsylvania
$2.03M -$66.1K -250 -3%
MIA
970
MMBG Investment Advisors
Florida
$2.02M +$1.85M +7,010 New
GAM
971
Gould Asset Management
California
$2.02M -$715K -2,703 -28%
MG
972
McHugh Group
Ohio
$2.02M -$397K -1,500 -18%
LTAS
973
Linden Thomas Advisory Services
North Carolina
$2.01M +$108K +407 +6%
PTP
974
Platform Technology Partners
New York
$2.01M +$359K +1,359 +24%
NWMG
975
National Wealth Management Group
Ohio
$2.01M +$151K +572 +9%
37 38
39
40 41

GLD Hedge Fund Activity: Q1 2025 in Review

2,575 of the 7,458 institutional investors tracked by Wall St. Rank reported a position in SPDR Gold Trust (GLD) for Q1 2025, worth a combined $38.9B — up 14% from $34.2B a quarter earlier.

Buyers outnumbered sellers: 282 funds opened new GLD positions and 76 closed out — a net gain of 206 holders — while 1,002 added to existing stakes and 786 trimmed.

The largest buyer was UBS Group, adding an estimated $534M. The largest seller was Citigroup, cutting an estimated $313M.

  • 2,575 institutional investors held SPDR Gold Trust (GLD) as of Q1 2025, up from 2,416 in Q4 2024.
  • Funds reported $38.9B of SPDR Gold Trust stock for Q1 2025, up 14% quarter-over-quarter.
  • 282 funds opened new SPDR Gold Trust positions in Q1 2025 and 76 closed out, a net change of +206 holders.
  • The largest SPDR Gold Trust buyer in Q1 2025 was UBS Group, an estimated $534M added.
  • The largest SPDR Gold Trust seller in Q1 2025 was Citigroup, an estimated $313M sold.

Based on aggregated 13F filings for Q1 2025.