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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
ACM
1101
Advance Capital Management
Michigan
$2.02M +$540K +1,695 +42%
VIPI
1102
Vista Investment Partners II
Indiana
$2.02M +$86.7K +272 +5%
PSCM
1103
Per Stirling Capital Management
Texas
$2.02M +$1.91K +6 +0.1%
DAM
1104
Doheny Asset Management
California
$2.02M – – –
PAM
1105
Pegasus Asset Management
New York
$2.01M -$30.3K -95 -2%
GCM
1106
Gables Capital Management
Florida
$2.01M – – –
AM
1107
Account Management
Massachusetts
$1.99M – – –
MWA
1108
Meridian Wealth Advisors
Texas
$1.99M -$100K -314 -5%
CCA
1109
Cadent Capital Advisors
Oklahoma
$1.99M +$632K +1,982 +55%
PG
1110
Patten Group
Tennessee
$1.99M +$9.24K +29 +0.5%
MPIA
1111
Milestones Private Investment Advisors
New York
$1.98M +$400K +1,255 +29%
AT
1112
Arlington Trust
Alabama
$1.98M – – –
PC
1113
Promus Capital
Illinois
$1.97M -$2.28M -7,144 -56%
MAC
1114
Mason & Associates (California)
California
$1.96M -$42.1K -132 -2%
KB
1115
Kimelman & Baird
New York
$1.95M – – –
LC
1116
LCNB Corp
Ohio
$1.95M -$95.6K -300 -5%
CAM
1117
Cozad Asset Management
Illinois
$1.94M -$28K -88 -2%
GWA
1118
Genesis Wealth Advisors
Massachusetts
$1.94M -$7.33K -23 -0.4%
WRPWM
1119
Werba Rubin Papier Wealth Management
California
$1.94M -$203K -636 -10%
OFP
1120
OFC Financial Planning
New Jersey
$1.93M – – –
MBT
1121
Montecito Bank & Trust
California
$1.93M +$1.73M +5,426 New
JMFC
1122
J.M. Forbes & Co
Massachusetts
$1.92M +$4.14K +13 +0.2%
MWM
1123
Moulton Wealth Management
Washington
$1.92M -$24.5K -77 -1%
MCCA
1124
Mill Creek Capital Advisors
Pennsylvania
$1.92M – – –
BFC
1125
Bedel Financial Consulting
Indiana
$1.91M +$160K +501 +10%
43 44
45
46 47

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.