Vault-13

ETFS GOLD TR SGOL

PHYSCL GOLD SHS · ETP · CUSIP 00326A104

392 institutional holders +5 vs Q1 2025
60,651,18860.7m shares reported held*
$1.9bnreported value*
34 new 115 added 144 reduced 30 sold out net bought ≈ $47.6m (+1.5m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($1.1m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $31.54. Options: 7 managers hold calls ($46.9m notional), 5 hold puts ($1.4m).

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

0200400Q3 22: 219Q4 22: 241Q1 23: 239Q2 23: 258Q3 23: 261Q4 23: 292Q1 24: 283Q2 24: 304Q3 24: 324Q4 24: 358Q1 25: 387Q2 25: 392392Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 2022219
Q4 2022241
Q1 2023239
Q2 2023258
Q3 2023261
Q4 2023292
Q1 2024283
Q2 2024304
Q3 2024324
Q4 2024358
Q1 2025387
Q2 2025392

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
2000200Q3 23: 90 bought or addedQ3 23: 114 cut or sold outQ4 23: 99 bought or addedQ4 23: 112 cut or sold outQ4 23Q1 24: 90 bought or addedQ1 24: 135 cut or sold outQ2 24: 101 bought or addedQ2 24: 117 cut or sold outQ2 24Q3 24: 132 bought or addedQ3 24: 105 cut or sold outQ4 24: 141 bought or addedQ4 24: 123 cut or sold outQ4 24Q1 25: 178 bought or addedQ1 25: 131 cut or sold outQ2 25: 149 bought or addedQ2 25: 174 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 202390114
Q4 202399112
Q1 202490135
Q2 2024101117
Q3 2024132105
Q4 2024141123
Q1 2025178131
Q2 2025149174

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$20m$40m$60mQ3 24 calls: $2.5mQ3 24 puts: $471.9kQ3 24P/C 0.19Q4 24 calls: $2.5mQ4 24 puts: $268.0kQ4 24P/C 0.11Q1 25 calls: $40.0mQ1 25 puts: $327.5kQ1 25P/C 0.01Q2 25 calls: $46.9mQ2 25 puts: $1.4mQ2 25P/C 0.03
Numbers
QuarterCallsPutsP/C
Q3 2024$2.5m$471.9k0.19
Q4 2024$2.5m$268.0k0.11
Q1 2025$40.0m$327.5k0.01
Q2 2025$46.9m$1.4m0.03

Biggest buyers

Metis Global Partners, LLC Added +824,735+824.7k
Quadrature Capital Ltd Added +720,140+720.1k
E Fund Management Co., Ltd. Added +633,786+633.8k
ROYAL BANK OF CANADA Added +562,394+562.4k
TUDOR INVESTMENT CORP ET AL Added +491,111+491.1k
GUARDIAN POINT CAPITAL, LP Added +450,000+450.0k
Capitolis Liquid Global Markets LLC New +292,900+292.9k
MML INVESTORS SERVICES, LLC Added +265,946+265.9k
RAYMOND JAMES FINANCIAL INC Added +229,072+229.1k
AQR CAPITAL MANAGEMENT LLC New +211,435+211.4k

Biggest sellers

BNP PARIBAS FINANCIAL MARKETS Reduced -642,326-642.3k
RENAISSANCE TECHNOLOGIES LLC Sold out -503,300-503.3k
Global View Capital Management LLC Reduced -393,596-393.6k
UBS Group AG Reduced -322,796-322.8k
MORGAN STANLEY Reduced -295,444-295.4k
Atria Wealth Solutions, Inc. Sold out -273,481-273.5k
Client First Investment Management LLC Sold out -250,665-250.7k
Empowered Funds, LLC Sold out -188,241-188.2k
STAPP WEALTH MANAGEMENT, PLLC Reduced -177,215-177.2k
JANE STREET GROUP, LLC Reduced -143,841-143.8k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $38.6m1.2m shares
SIMPLEX TRADING, LLC Reduced $4.6m146.3k shares
WOLVERINE TRADING, LLC Reduced $1.3m41.3k shares
CITADEL ADVISORS LLC Reduced $1.2m38.9k shares
GROUP ONE TRADING LLC Added $898.9k28.5k shares
IMC-Chicago, LLC Reduced $350.1k11.1k shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 shares

Biggest puts

JANE STREET GROUP, LLC New $558.3k17.7k shares
SIMPLEX TRADING, LLC Added $447.0k14.2k shares
WOLVERINE TRADING, LLC New $293.2k9.4k shares
GROUP ONE TRADING LLC Added $141.9k4.5k shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Insider purchases and sales in Q2 2025

Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.

None reported in Q2 2025.

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Metis Global Partners, LLC 4.37% of their portfolio San Diego, CA 5,373,8045.4m $169.5m $169.5m 4.37% Added +824.7k +824,735
2 JPMORGAN CHASE & CO 0.01% of their portfolio NEW YORK, NY 4,507,2934.5m $142.2m $142.2m 0.01% Added +83.8k +83,776
3 BANK OF AMERICA CORP /DE/ 0.01% of their portfolio CHARLOTTE, NC 3,647,1673.6m $115.0m $115.0m 0.01% Added +127.1k +127,106
4 WELLS FARGO & COMPANY/MN 0.02% of their portfolio SAN FRANCISCO, CA 2,903,3832.9m $91.6m $91.6m 0.02% Reduced -71.2k -71,168
5 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 2,177,5602.2m $68.7m $68.7m 0.00% Reduced -295.4k -295,444
6 HighTower Advisors, LLC 0.07% of their portfolio CHICAGO, IL 1,850,0301.9m $58.3m $58.3m 0.07% Added +34.7k +34,652
7 UBS Group AG 0.01% of their portfolio ZURICH, V8 1,583,1121.6m $49.9m $49.9m 0.01% Reduced -322.8k -322,796
8 LPL Financial LLC 0.01% of their portfolio FORT MILL, SC 1,381,8391.4m $43.6m $43.6m 0.01% Reduced -50.2k -50,209
9 Pureheart Capital Pte Ltd. 6.34% of their portfolio SINGAPORE, U0 1,217,0001.2m $38.4m $38.4m 6.34% Added +59.0k +59,000
10 Quadrature Capital Ltd 0.66% of their portfolio LONDON, X0 1,216,0151.2m $38.4m $38.4m 0.66% Added +720.1k +720,140
11 GUARDIAN POINT CAPITAL, LP 17.32% of their portfolio CHARLOTTESVILLE, VA 1,200,0001.2m $37.8m $37.8m 17.32% Added +450.0k +450,000
12 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 1,108,0241.1m $34.9m $34.9m 0.00% Added +562.4k +562,394
13 PURE PORTFOLIOS HOLDINGS LLC 10.81% of their portfolio LAKE OSWEGO, OR 1,011,2701.0m $31.9m $31.9m 10.81% Reduced -60.9k -60,877
14 ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio Berwyn, PA 988,980989.0k $31.2m $31.2m 0.01% Reduced -21.8k -21,784
15 Ethos Financial Group, LLC 2.59% of their portfolio KING OF PRUSSIA, PA 954,086954.1k $30.1m $30.1m 2.59% Added +97.1k +97,067
16 Almanack Investment Partners, LLC. 3.98% of their portfolio WAYNE, PA 793,755793.8k $25.0m $25.0m 3.98% Added +34.8k +34,761
17 E Fund Management Co., Ltd. 1.13% of their portfolio GUANGZHOU, F4 753,291753.3k $23.8m $23.8m 1.13% Added +633.8k +633,786
18 Towneley Capital Management, Inc / DE 4.56% of their portfolio LAGUNA HILLS, CA 630,146630.1k $19.9m $19.9m 4.56% Reduced -108.6k -108,642
19 W1M Investment Management Ltd 0.27% of their portfolio London, X0 624,960625.0k $19.7m $19.7m 0.27% Added +12.7k +12,700
20 Kestra Advisory Services, LLC 0.09% of their portfolio AUSTIN, TX 600,038600.0k $18.9m $18.9m 0.09% Added +28.3k +28,300
21 TUDOR INVESTMENT CORP ET AL 0.14% of their portfolio STAMFORD, CT 586,614586.6k $18.5m $18.5m 0.14% Added +491.1k +491,111
22 Allen Capital Group, LLC 1.90% of their portfolio GRAND ISLAND, NE 577,682577.7k $18.2m $18.2m 1.90% Added +5.0k +4,957
23 Cambridge Investment Research Advisors, Inc. 0.05% of their portfolio FAIRFIELD, IA 531,691531.7k $16.8m $16.8m 0.05% Reduced -6.4k -6,403
24 Mirae Asset Global Investments Co., Ltd. 0.06% of their portfolio SEOUL, M5 524,550524.5k $16.5m $16.5m 0.06% Added +97.7k +97,700
25 Mountain Lake Investment Management LLC 13.54% of their portfolio SAN FRANCISCO, CA 515,933515.9k $16.3m $16.3m 13.54% Reduced -13.5k -13,469
26 Ameliora Wealth Management Ltd. 5.79% of their portfolio ZURICH, V8 513,662513.7k $16.2m $16.2m 5.79% Added +81.6k +81,635
27 BFSG, LLC 1.79% of their portfolio IRVINE, CA 506,781506.8k $16.0m $16.0m 1.79% Added +107.4k +107,408
28 Savvy Advisors, Inc. 1.02% of their portfolio NEW YORK, NY 485,460485.5k $15.3m $15.3m 1.02% Reduced -2.4k -2,408
29 ADVISORS MANAGEMENT GROUP INC /ADV 2.82% of their portfolio LA CROSSE, WI 474,842474.8k $15.0m $15.0m 2.82% Reduced -5.4k -5,356
30 RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio ST. PETERSBURG, FL 471,102471.1k $14.9m $14.9m 0.01% Added +229.1k +229,072
31 COMMONWEALTH EQUITY SERVICES, LLC 0.02% of their portfolio WALTHAM, MA 461,269461.3k $14.5m $14.5m 0.02% Added +13.5k +13,468
32 Blue Trust, Inc. 0.17% of their portfolio BRENTWOOD, TN 445,815445.8k $14.1m $14.1m 0.17% Reduced -56.9k -56,851
33 MML INVESTORS SERVICES, LLC 0.04% of their portfolio SPRINGFIELD, MA 443,846443.8k $14.0m $14.0m 0.04% Added +265.9k +265,946
34 CWM, LLC 0.05% of their portfolio OMAHA, NE 425,756425.8k $13.4m $13.4m 0.05% Reduced -39.8k -39,838
35 Newman Dignan & Sheerar, Inc. 3.03% of their portfolio PROVIDENCE, RI 418,637418.6k $13.2m $13.2m 3.03% Reduced -19.1k -19,092
36 Cetera Investment Advisers 0.02% of their portfolio SCHAUMBURG, IL 408,851408.9k $12.9m $12.9m 0.02% Reduced -52.0k -52,010
37 Freedom Investment Management, Inc. 1.02% of their portfolio SOUTH WINDSOR, CT 406,217406.2k $12.8m $12.8m 1.02% Reduced -49.6k -49,612
38 Stonebridge Financial Group, LLC 1.20% of their portfolio Wormleysburg, PA 391,121391.1k $12.3m $12.3m 1.20% Reduced -41.9k -41,859
39 Baird Financial Group, Inc. 0.02% of their portfolio MILWAUKEE, WI 376,366376.4k $11.9m $11.9m 0.02% Added +4.2k +4,150
40 Merit Financial Group, LLC 0.13% of their portfolio ALPHARETTA, GA 375,728375.7k $11.9m $11.9m 0.13% Reduced -2.6k -2,616
41 WT Wealth Management 3.47% of their portfolio SCOTTSDALE, AZ 371,209371.2k $11.7m $11.7m 3.47% Reduced -68.4k -68,362
42 MRWM Advisors, LLC 6.73% of their portfolio NASHVILLE, TN 341,012341.0k $10.8m $10.8m 6.73% Added +51.4k +51,350
43 Capital Management Associates, Inc 3.38% of their portfolio MINNEAPOLIS, MN 338,375338.4k $10.7m $10.7m 3.38% Reduced -5.5k -5,545
44 Cypress Capital, LLC 3.00% of their portfolio FRANKLIN, TN 327,611327.6k $10.3m $10.3m 3.00% Reduced -31.6k -31,555
45 Focus Financial Network, Inc. 0.39% of their portfolio MINNEAPOLIS, MN 316,907316.9k $10.0m $10.0m 0.39% Added +6.7k +6,726
46 Encompass More Asset Management 2.33% of their portfolio Danville, CA 315,137315.1k $9.9m $9.9m 2.33% Added +36.0k +35,955
47 Mariner, LLC 0.01% of their portfolio Overland Park, KS 312,434312.4k $9.9m $9.9m 0.01% Reduced -23.6k -23,569
48 NewEdge Advisors, LLC 0.05% of their portfolio NEW ORLEANS, LA 303,309303.3k $9.6m $9.6m 0.05% Added +3.9k +3,891
49 Choate Investment Advisors 0.21% of their portfolio BOSTON, MA 299,841299.8k $9.5m $9.5m 0.21% Added +27.5k +27,485
50 Norris Financial Group, LLC 3.84% of their portfolio GREENVILLE, SC 297,584297.6k $9.4m $9.4m 3.84% Reduced -46.9k -46,894
51 180 WEALTH ADVISORS, LLC 1.29% of their portfolio FEDERAL WAY, WA 292,910292.9k $9.2m $9.2m 1.29% Added +51 +51
52 Capitolis Liquid Global Markets LLC 0.07% of their portfolio NEW YORK, NY 292,900292.9k $9.2m $9.2m 0.07% New
53 US BANCORP \DE\ 0.01% of their portfolio MINNEAPOLIS, MN 268,596268.6k $8.5m $8.5m 0.01% Reduced -2.7k -2,722
54 OSAIC HOLDINGS, INC. 0.02% of their portfolio SCOTTSDALE, AZ 268,134268.1k $8.5m $8.5m 0.02% Added +4.4k +4,447
55 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 251,398251.4k $7.9m $7.9m 0.00% Reduced -11.5k -11,471
56 Timber Creek Capital Management LLC 1.90% of their portfolio BOSTON, MA 231,971232.0k $7.5m $7.5m 1.90% Added +8.3k +8,342
57 Fiduciary Alliance LLC 0.51% of their portfolio GREENVILLE, SC 216,523216.5k $6.8m $6.8m 0.51% Reduced -11.0k -10,977
58 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 212,546212.5k $6.7m $6.7m 0.00% Reduced -28.3k -28,270
59 AQR CAPITAL MANAGEMENT LLC 0.01% of their portfolio Greenwich, CT 211,435211.4k $6.7m $6.7m 0.01% New
60 Evelyn Partners Asset Management Ltd 1.59% of their portfolio London, X0 198,705198.7k $6.3m $6.3m 1.59% Reduced -8.8k -8,812
61 BCM ADVISORS, LLC 1.34% of their portfolio LAFAYETTE, LA 198,699198.7k $6.3m $6.3m 1.34% Added +2.7k +2,707
62 Virtu Financial LLC 0.32% of their portfolio New York, NY 197,399197.4k $6.2m $6.2m 0.32% New
63 Empirical Asset Management, LLC 1.92% of their portfolio WELLESLEY, MA 197,065197.1k $6.2m $6.2m 1.92% Added +2.2k +2,206
64 Inspire Advisors, LLC 0.59% of their portfolio Meridian, ID 180,759180.8k $5.7m $5.7m 0.59% Reduced -43.0k -42,985
65 Bison Wealth, LLC 0.46% of their portfolio ATLANTA, GA 180,294180.3k $5.8m $5.8m 0.46% Reduced -75.7k -75,666
66 Avos Capital Management, LLC 3.13% of their portfolio SEATTLE, WA 173,928173.9k $5.5m $5.5m 3.13% Added +11.8k +11,797
67 CHOREO, LLC 0.07% of their portfolio ROCKFORD, IL 162,897162.9k $5.1m $5.1m 0.07% Added +29.5k +29,469
68 Rockefeller Capital Management L.P. 0.01% of their portfolio NEW YORK, NY 160,854160.9k $5.1m $5.1m 0.01% Added +87.7k +87,666
69 MONECO ADVISORS, LLC 0.45% of their portfolio FAIRFIELD, CT 152,477152.5k $4.8m $4.8m 0.45% Reduced -3.0k -2,962
70 Avestar Capital, LLC 0.35% of their portfolio New York, NY 151,014151.0k $4.8m $4.8m 0.35% Added +39.7k +39,695
71 China Universal Asset Management Co., Ltd. 0.43% of their portfolio SHANGHAI, F4 146,000146.0k $4.6m $4.6m 0.43% Added +5.0k +5,000
72 CAPTRUST FINANCIAL ADVISORS 0.01% of their portfolio RALEIGH, NC 144,513144.5k $4.6m $4.6m 0.01% Added +7.0k +7,017
73 Worth Asset Management, LLC 2.24% of their portfolio DALLAS, TX 144,247144.2k $4.5m $4.5m 2.24% Added +16.0k +16,040
74 Ervin Investment Management, LLC 2.82% of their portfolio SEATTLE, WA 143,110143.1k $4.5m $4.5m 2.82% Added +6.0k +6,045
75 Terra Nova Asset Management LLC 3.00% of their portfolio NEW YORK, NY 135,873135.9k $4.3m $4.3m 3.00% Added +259 +259
76 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.01% of their portfolio PLYMOUTH, MN 134,937134.9k $4.3m $4.3m 0.01% Reduced -609 -609
77 Luminist Capital LLC 4.22% of their portfolio GRAND RAPIDS, MI 133,840133.8k $4.3m $4.3m 4.22% Added +14.9k +14,862
78 Equitable Holdings, Inc. 0.03% of their portfolio NEW YORK, NY 132,315132.3k $4.2m $4.2m 0.03% Added +6.3k +6,302
79 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 131,325131.3k $4.1m $4.1m 0.00% Reduced -134.3k -134,281
80 Jump Financial, LLC 0.05% of their portfolio Chicago, IL 131,260131.3k $4.1m $4.1m 0.05% Added +90.4k +90,390
81 HARBOUR INVESTMENTS, INC. 0.10% of their portfolio MADISON, WI 124,046124.0k $3.9m $3.9m 0.10% Reduced -5.0k -5,014
82 Proficio Capital Partners LLC 0.24% of their portfolio NEWTON, MA 120,423120.4k $3.8m $3.8m 0.24% Unchanged
83 Narwhal Capital Management 0.30% of their portfolio MARIETTA, GA 117,976118.0k $3.7m $3.7m 0.30% Reduced -2.2k -2,204
84 Cresset Asset Management, LLC 0.02% of their portfolio Chicago, IL 117,466117.5k $3.7m $3.7m 0.02% Reduced -11.5k -11,485
85 SYON CAPITAL LLC 0.24% of their portfolio SAN FRANCISCO, CA 115,136115.1k $3.6m $3.6m 0.24% Unchanged
86 SYNOVUS FINANCIAL CORP 0.04% of their portfolio Columbus, GA 108,250108.2k $3.4m $3.4m 0.04% Reduced -1.2k -1,166
87 STIFEL FINANCIAL CORP 0.00% of their portfolio ST. LOUIS, MO 104,745104.7k $3.3m $3.3m 0.00% Added +22.8k +22,781
88 Lifeworks Advisors, LLC 0.48% of their portfolio GRAND RAPIDS, MI 101,302101.3k $3.2m $3.2m 0.48% Reduced -11.8k -11,792
89 Focus Partners Wealth 0.01% of their portfolio ST LOUIS, MO 100,148100.1k $3.2m $3.2m 0.01% Added +1.9k +1,905
90 CAPE COD FIVE CENTS SAVINGS BANK 0.23% of their portfolio HYANNIS, MA 100,068100.1k $2.5m $2.5m 0.23% Unchanged
91 Arkadios Wealth Advisors 0.09% of their portfolio ATLANTA, GA 99,10399.1k $3.1m $3.1m 0.09% Reduced -2.4k -2,418
92 WCG Wealth Advisors LLC 0.19% of their portfolio LAS VEGAS, NV 94,04194.0k $3.0m $3.0m 0.19% Added +1.5k +1,525
93 CAPITAL ADVISORY GROUP ADVISORY SERVICES, LLC 1.03% of their portfolio Phoenix, AZ 91,01991.0k $2.9m $2.9m 1.03% Added +732 +732
94 JONES FINANCIAL COMPANIES LLLP 0.00% of their portfolio DES PERES, MO 90,33090.3k $2.8m $2.8m 0.00% Added +6.3k +6,322
95 FIG FINANCIAL ADVISORY SERVICES INC /ADV 1.86% of their portfolio OKLAHOMA CITY, OK 88,21488.2k $2.8m $2.8m 1.86% Added +15.0k +14,989
96 Brookstone Capital Management 0.04% of their portfolio WHEATON, IL 85,35285.4k $2.7m $2.7m 0.04% Reduced -6.6k -6,551
97 Compound Planning, Inc. 0.10% of their portfolio NEW YORK, NY 83,59283.6k $2.6m $2.6m 0.10% Unchanged
98 AVANTAX ADVISORY SERVICES, INC. 0.01% of their portfolio DALLAS, TX 83,13583.1k $2.6m $2.6m 0.01% Added +522 +522
99 Aspect Partners, LLC 1.28% of their portfolio FAIRFAX, VA 82,20282.2k $2.6m $2.6m 1.28% Reduced -9.7k -9,736
100 True North Advisors, LLC 0.49% of their portfolio Dallas, TX 81,36581.4k $2.6m $2.6m 0.49% Reduced -8.5k -8,547