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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
36.23%
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
SFG
1051
Sovereign Financial Group
Connecticut
$2.32M +$18.2K +57 +0.9%
SAM
1052
S.A. Mason
Michigan
$2.31M – – –
Fisher Asset Management
1053
Fisher Asset Management
Washington
$2.31M +$332K +1,043 +19%
BWM
1054
BKM Wealth Management
Wisconsin
$2.28M -$3.5K -11 -0.2%
SC
1055
Shuttleworth & Co
Ohio
$2.28M +$2.04M +6,411 New
CL
1056
CIM LLC
New York
$2.25M +$2.02M +6,338 New
POIA
1057
Pin Oak Investment Advisors
Texas
$2.24M -$120K -377 -6%
MG
1058
McHugh Group
Ohio
$2.23M +$15.9K +50 +0.8%
RCM
1059
Raleigh Capital Management
North Carolina
$2.23M -$1.29M -4,055 -39%
VCA
1060
Verdence Capital Advisors
Maryland
$2.22M -$458K -1,437 -19%
SCM
1061
Schnieders Capital Management
California
$2.2M +$63.7K +200 +3%
TL
1062
Tradewinds LLC
North Carolina
$2.2M +$1.65M +5,193 +517%
XSC
1063
X-Square Capital
Puerto Rico
$2.2M +$3.19K +10 +0.2%
PCA
1064
PMV Capital Advisers
Texas
$2.2M -$24.2K -76 -1%
BWL
1065
Bogart Wealth LLC
Virginia
$2.19M +$230K +722 +13%
WMA
1066
West Michigan Advisors
Michigan
$2.17M +$169K +529 +9%
AIFAIM
1067
American Institute for Advanced Investment Management
Arizona
$2.17M +$284K +890 +17%
BBI
1068
Baxter Bros Inc
Connecticut
$2.16M -$136K -426 -7%
BFIM
1069
Beese Fulmer Investment Management
Ohio
$2.16M -$1.27K -4 -0.1%
TGAM
1070
TBH Global Asset Management
Tennessee
$2.16M +$956 +3 +0%
JCM
1071
J2 Capital Management
Michigan
$2.14M +$87K +273 +5%
SEP
1072
Southland Equity Partners
Missouri
$2.14M – – –
HNW
1073
High Note Wealth
Minnesota
$2.14M +$65K +204 +4%
KWM
1074
KFG Wealth Management
Indiana
$2.13M -$128K -402 -6%
IP
1075
Isthmus Partners
Wisconsin
$2.13M – – –
41 42
43
44 45

GLD Hedge Fund Activity: Q3 2025 in Review

2,761 of the 7,620 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.