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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
OAM
1726
Occidental Asset Management
California
$707K +$195K +613 +45%
NCFG
1727
New Century Financial Group
New Jersey
$706K -$114K -359 -15%
LW
1728
Linscomb Wealth
Texas
$705K +$31.9K +100 +5%
WCM
1729
Windsor Capital Management
Arizona
$705K -$105K -330 -14%
RCM
1730
RB Capital Management
Nevada
$704K +$17.8K +56 +3%
BCM
1731
Blume Capital Management
California
$704K – – –
WPC
1732
Wedmont Private Capital
Pennsylvania
$704K +$188K +591 +44%
CIS
1733
Custom Index Systems
New York
$702K +$95.6K +300 +18%
SWP
1734
Sagespring Wealth Partners
Tennessee
$702K +$44.3K +139 +8%
AB
1735
Atlas Brown
Kentucky
$701K +$1.91K +6 +0.3%
CAM
1736
Cidel Asset Management
Ontario, Canada
$698K +$7.97K +25 +1%
PWM
1737
PBMares Wealth Management
Virginia
$695K +$122K +382 +24%
SGFG
1738
Silver Grove Financial Group
New York
$695K +$623K +1,955 New
DIA
1739
Davidson Investment Advisors
Montana
$691K – – –
EF
1740
Empirical Finance
Pennsylvania
$691K – – –
NCM
1741
NCM Capital Management
New Jersey
$691K – – –
PWM
1742
Purus Wealth Management
California
$691K +$637 +2 +0.1%
AIA
1743
Arbor Investment Advisors
North Carolina
$690K – – –
JGIA
1744
Jackson Grant Investment Advisers
Connecticut
$689K – – –
GIA
1745
Guyasuta Investment Advisors
Pennsylvania
$688K – – –
MWAM
1746
Manhattan West Asset Management
California
$687K +$80.9K +254 +15%
PWM
1747
Provident Wealth Management
Tennessee
$686K – – –
EW
1748
Element Wealth
Mississippi
$685K – – –
DT
1749
Diversified Trust
Tennessee
$685K +$61.8K +194 +11%
CCM
1750
Chilton Capital Management
Texas
$685K +$29K +91 +5%
68 69
70
71 72

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.