Paulson & Co., the U.S. hedge fund run by John Paulson, cut its stake in the SPDR Gold Trust in the fourth quarter, according to a government filing.

As of Dec. 31, Paulson held 17.3 million shares in the exchange-traded product backed by the precious metal, compared with 20.3 million shares at the end of the third quarter, a U.S. Securities and Exchange Commission filing showed Tuesday.

The SPDR Trust is the biggest exchange-traded product backed by gold.