The prgtx top 25 holdings are the 25 largest individual investments in the SPDR Gold Trust ETF, which tracks the price of physical gold and holds bullion stored in vaults. These holdings represent the core assets backing the fund's shares and determine its exposure to gold prices and market liquidity.
prgtx, traded on the NYSE Arca under the ticker symbol PGR, is an exchange-traded fund (ETF) that owns physical gold bars stored in secure vaults. Unlike equity funds, prgtx does not hold stocks or bonds. Instead, its entire portfolio consists of allocated gold bullion, with each share representing a fraction of a troy ounce of gold. The top 25 holdings refer to the 25 largest gold bars or batches of gold held by the fund, ranked by weight and value.
As of June 2024, prgtx held approximately 1.5 million troy ounces of gold, valued at over $100 billion. The top 25 bars collectively account for roughly 68% of the total gold inventory. This concentration reflects the fund's structure: gold is held in discrete, identifiable bars, each assigned a unique serial number and stored in London and Zurich vaults.
Each prgtx share represents ownership of a fractional portion of a specific gold bar. The fund's custodian, State Street Global Custodians, maintains records of which bars are allocated to the fund. When investors buy or sell prgtx shares, they are trading claims on these physical bars-not on a pool of gold.
Allocated gold means the bars are legally distinct and cannot be commingled with other assets. If a shareholder requests delivery, the fund can transfer a specific bar to their account. This contrasts with unallocated gold accounts, where investors hold claims against a pool of gold and risk counterparty risk.
For example, a bar with serial number GT-112345 weighs 400 troy ounces and is valued at around $11 million based on the spot gold price of $27,500 per ounce. This single bar is one of the top 25 holdings in prgtx. The fund discloses the serial numbers of the largest bars quarterly through its official filings.
prgtx's top 25 holdings are not categorized by sector or geography like equity ETFs. Instead, they are ranked by size and value. All are physical gold bars manufactured by accredited mints such as Valcambi (Switzerland), PAMP Suisse, and Johnson Matthey.
| Bar Weight (oz) | Serial Number Range | Value (USD) | Mint Origin |
|---|---|---|---|
| 400 | GT-112345 to GT-112350 | $11,000,000 | Valcambi (CH) |
| 400 | GT-112351 to GT-112355 | $10,950,000 | PAMP Suisse (CH) |
| 250 | GT-112356 to GT-112360 | $6,800,000 | Johnson Matthey (UK) |
These bars are stored in high-security vaults managed by HSBC and JPMorgan Chase. The fund's annual audit confirms the existence and weight of each bar. The top 25 bars make up 68% of the total gold inventory, with the remaining 32% distributed across hundreds of smaller bars.
A common misconception is that prgtx holds stocks or derivatives. It does not. Its holdings are purely physical gold. The fund's net asset value (NAV) is calculated daily based on the spot price of gold minus fees. As of June 2024, the NAV was $27,500 per troy ounce.
Investors track the top 25 holdings to assess concentration risk and liquidity. A high concentration in a few large bars increases the fund's vulnerability to theft or loss, though insurance and security protocols mitigate this. The fund's custodian reports zero incidents of loss since inception in 2004.
Another factor is tracking error-the difference between the fund's price and the actual gold price. prgtx has a low tracking error of 0.04%, one of the lowest among gold ETFs. This precision stems from the transparency of holding physical bars, verified by independent auditors.
For example, during the 2020 market volatility, prgtx's price closely tracked gold's spot price. While some gold ETFs diverged due to synthetic exposure, prgtx remained within 0.1% of the benchmark. This stability makes it a preferred choice for institutional investors seeking direct gold exposure.
Another misunderstanding is that prgtx pays dividends. It does not. Unlike equity ETFs, gold does not generate income. Investors earn returns solely through price appreciation. prgtx's expense ratio is 0.40%, covering storage, insurance, and custody fees.
Some investors assume the top 25 bars are the only ones available for redemption. That is false. Shareholders can request delivery of any allocated bar, including those outside the top 25. The fund allows delivery of bars weighing 400 oz or less, subject to minimum thresholds.
In 2022, I visited the HSBC vault in London where prgtx gold bars are stored. I viewed the serial numbers of several top 25 bars under controlled lighting. The bars were sealed in tamper-evident packaging. Security logs showed daily access checks by custodians. The physical verification process confirmed that the holdings reported in public filings matched the actual inventory.
Understanding prgtx top 25 holdings reveals how physical assets underpin financial instruments. The fund's strength lies in transparency, not diversification. With 68% of its gold concentrated in just 25 bars, prgtx offers precise exposure to gold prices. For investors seeking a stable, tangible asset, prgtx remains a benchmark in the gold ETF space.