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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
PCA
976
PMV Capital Advisers
Texas
$2M -$873K -3,300 -32%
SFA
977
Salus Financial Advisors
Colorado
$1.99M -$42K -159 -2%
IAM
978
Ion Asset Management
Israel
$1.99M – – –
SDWMA
979
Schneider Downs Wealth Management Advisors
Pennsylvania
$1.99M -$94.4K -357 -5%
EM
980
Excalibur Management
Massachusetts
$1.98M +$63.7K +241 +4%
AFG
981
Atomi Financial Group
New York
$1.97M +$9.52K +36 +0.5%
TWP
982
Tyche Wealth Partners
Texas
$1.97M – – –
GJIA
983
Glass Jacobson Investment Advisors
Maryland
$1.96M – – –
LAIC
984
Lederer & Associates Investment Counsel
California
$1.96M – – –
LBC
985
Leigh Baldwin & Co
New York
$1.96M -$10.6K -40 -0.6%
WLIM
986
White Lighthouse Investment Management
Massachusetts
$1.96M -$70.3K -266 -4%
SA
987
Sincerus Advisory
New York
$1.96M -$39.9K -151 -2%
HSA
988
HBK Sorce Advisory
Pennsylvania
$1.96M +$91.8K +347 +5%
FSA
989
Financial Sense Advisors
California
$1.96M +$1.18M +4,479 +193%
DOA
990
D'Orazio & Associates
Virginia
$1.96M +$2.38K +9 +0.1%
FNWM
991
Financial Network Wealth Management
Utah
$1.95M +$18.2K +69 +1%
KA
992
Kercheville Advisors
Texas
$1.95M +$75.4K +285 +4%
R
993
Rebalance
California
$1.95M +$21.7K +82 +1%
FFS
994
Founders Financial Securities
Maryland
$1.94M +$422K +1,596 +34%
PIA
995
Perennial Investment Advisors
California
$1.94M -$5.82K -22 -0.3%
HG
996
Herbst Group
Connecticut
$1.93M +$1.77M +6,703 New
PIM
997
Pullen Investment Management
Florida
$1.92M -$156K -590 -8%
PFA
998
Pure Financial Advisors
California
$1.92M +$125K +474 +8%
PWAM
999
Private Wealth Asset Management
Iowa
$1.92M +$1.76M +6,661 New
CIC
1000
Carnegie Investment Counsel
Ohio
$1.91M -$21.7K -82 -1%
38 39
40
41 42

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.