Vault-13

GOLDMAN SACHS PHYSICAL GOLD AAAU

UNIT · ETP · CUSIP 38150K103

207 institutional holders +19 vs Q2 2025
18,296,62818.3m shares reported held*
$698.3mreported value*
37 new 73 added 56 reduced 17 sold out net bought ≈ $59.6m (+1.6m 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. Holder counts are more reliable. Implied quarter-end price ≈ $38.16. Options: 3 managers hold calls ($1.0m notional), 2 hold puts ($215.0k).

Trends to Q3 2025

Institutional holders

Managers reporting a position, each quarter

0100200300Q3 22: 60Q4 22: 63Q1 23: 75Q2 23: 85Q3 23: 76Q4 23: 95Q1 24: 95Q2 24: 105Q3 24: 125Q4 24: 147Q1 25: 162Q2 25: 188Q3 25: 207207Q3 22Q2 23Q1 24Q4 24Q3 25
Numbers
QuarterHolders
Q3 202260
Q4 202263
Q1 202375
Q2 202385
Q3 202376
Q4 202395
Q1 202495
Q2 2024105
Q3 2024125
Q4 2024147
Q1 2025162
Q2 2025188
Q3 2025207

Buyers vs sellers

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

Bought or addedCut or sold out
2000200Q4 23: 46 bought or addedQ4 23: 35 cut or sold outQ1 24: 39 bought or addedQ1 24: 49 cut or sold outQ1 24Q2 24: 49 bought or addedQ2 24: 40 cut or sold outQ3 24: 67 bought or addedQ3 24: 40 cut or sold outQ3 24Q4 24: 67 bought or addedQ4 24: 52 cut or sold outQ1 25: 92 bought or addedQ1 25: 52 cut or sold outQ1 25Q2 25: 101 bought or addedQ2 25: 70 cut or sold outQ3 25: 110 bought or addedQ3 25: 73 cut or sold outQ3 25
Numbers
QuarterBought or addedCut or sold out
Q4 20234635
Q1 20243949
Q2 20244940
Q3 20246740
Q4 20246752
Q1 20259252
Q2 202510170
Q3 202511073

Calls vs puts

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

CallsPuts
$0$1m$2m$3mQ4 24 calls: $0Q4 24 puts: $0Q4 24P/C —Q1 25 calls: $2.3mQ1 25 puts: $9.3kQ1 25P/C 0.00Q2 25 calls: $901.4kQ2 25 puts: $6.0kQ2 25P/C 0.01Q3 25 calls: $1.0mQ3 25 puts: $215.0kQ3 25P/C 0.21
Numbers
QuarterCallsPutsP/C
Q4 2024$0$0—
Q1 2025$2.3m$9.3k0.00
Q2 2025$901.4k$6.0k0.01
Q3 2025$1.0m$215.0k0.21

Biggest buyers

NEOS Investment Management LLC Added +682,749+682.7k
Wellspring Financial Advisors, LLC Added +340,013+340.0k
OSAIC HOLDINGS, INC. Added +329,049+329.0k
Proficio Capital Partners LLC Added +169,905+169.9k
Tandem Financial, LLC New +163,270+163.3k
Cetera Investment Advisers Added +136,990+137.0k
LPL Financial LLC Added +116,869+116.9k
Summit Financial, LLC New +112,221+112.2k
MGO ONE SEVEN LLC Added +101,258+101.3k
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added +100,912+100.9k

Biggest sellers

ROYAL BANK OF CANADA Reduced -595,040-595.0k
Quadrature Capital Ltd Reduced -341,276-341.3k
COMMONWEALTH EQUITY SERVICES, LLC Reduced -174,249-174.2k
CLG LLC Sold out -87,962-88.0k
EXCHANGE TRADED CONCEPTS, LLC Reduced -87,558-87.6k
Stratos Investment Management, LLC Reduced -79,604-79.6k
Rockefeller Capital Management L.P. Reduced -72,920-72.9k
OPTIMA CAPITAL LLC Reduced -59,640-59.6k
ALERUS FINANCIAL NA Reduced -45,690-45.7k
Arete Wealth Advisors, LLC Reduced -42,057-42.1k

Biggest calls

SIMPLEX TRADING, LLC Added $423.0k11.1k shares
WOLVERINE TRADING, LLC New $313.8k8.3k shares
GROUP ONE TRADING LLC Reduced $285.9k7.5k shares

Biggest puts

WOLVERINE TRADING, LLC New $208.0k5.5k shares
SIMPLEX TRADING, LLC Unchanged $7.0k200 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 Q3 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 Q3 2025.

Holders, Q3 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Wellspring Financial Advisors, LLC 6.96% of their portfolio CLEVELAND, OH 1,987,9712.0m $75.8m $75.8m 6.96% Added +340.0k +340,013
2 OSAIC HOLDINGS, INC. 0.05% of their portfolio SCOTTSDALE, AZ 1,045,1291.0m $38.6m $38.6m 0.05% Added +329.0k +329,049
3 LPL Financial LLC 0.01% of their portfolio FORT MILL, SC 887,384887.4k $33.8m $33.8m 0.01% Added +116.9k +116,869
4 Proficio Capital Partners LLC 2.24% of their portfolio NEWTON, MA 854,085854.1k $32.6m $32.6m 2.24% Added +169.9k +169,905
5 NEOS Investment Management LLC 0.22% of their portfolio Westport, CT 787,415787.4k $30.0m $30.0m 0.22% Added +682.7k +682,749
6 RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio ST. PETERSBURG, FL 729,373729.4k $27.8m $27.8m 0.01% Added +52.9k +52,873
7 Quadrature Capital Ltd 0.26% of their portfolio LONDON, X0 579,214579.2k $22.1m $22.1m 0.26% Reduced -341.3k -341,276
8 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 547,036547.0k $20.9m $20.9m 0.00% Reduced -595.0k -595,040
9 Mirae Asset Global Investments Co., Ltd. 0.06% of their portfolio SEOUL, M5 519,600519.6k $19.8m $19.8m 0.06% Added +61.0k +61,000
10 EXCHANGE TRADED CONCEPTS, LLC 0.19% of their portfolio Oklahoma City, OK 512,580512.6k $19.5m $19.5m 0.19% Reduced -87.6k -87,558
11 AUGUSTINE ASSET MANAGEMENT INC 2.91% of their portfolio JACKSONVILLE, FL 379,119379.1k $14.5m $14.5m 2.91% Reduced -5.8k -5,801
12 Cetera Investment Advisers 0.02% of their portfolio SCHAUMBURG, IL 360,316360.3k $13.7m $13.7m 0.02% Added +137.0k +136,990
13 Sonoma Allocations LLC 5.05% of their portfolio SANTA ROSA, CA 326,695326.7k $13.9m $13.9m 5.05% First filing
14 Cambridge Investment Research Advisors, Inc. 0.03% of their portfolio FAIRFIELD, IA 307,638307.6k $11.7m $11.7m 0.03% Added +14.0k +13,998
15 ALERUS FINANCIAL NA 0.59% of their portfolio GRAND FORKS, ND 306,049306.0k $11.7m $11.7m 0.59% Reduced -45.7k -45,690
16 OSBORNE PARTNERS CAPITAL MANAGEMENT, LLC 0.56% of their portfolio SAN FRANCISCO, CA 290,051290.1k $11.1m $11.1m 0.56% Reduced -10.2k -10,158
17 COLTON GROOME FINANCIAL ADVISORS, LLC 3.23% of their portfolio ASHEVILLE, NC 276,578276.6k $10.5m $10.5m 3.23% Added +24.7k +24,655
18 STIFEL FINANCIAL CORP 0.01% of their portfolio ST. LOUIS, MO 272,566272.6k $10.4m $10.4m 0.01% Reduced -15.3k -15,337
19 China Universal Asset Management Co., Ltd. 0.73% of their portfolio SHANGHAI, F4 232,000232.0k $8.8m $8.8m 0.73% Unchanged
20 HighTower Advisors, LLC 0.01% of their portfolio CHICAGO, IL 225,231225.2k $8.6m $8.6m 0.01% Reduced -24.7k -24,682
21 RETIREMENT GUYS FORMULA LLC 2.71% of their portfolio MAUMEE, OH 201,842201.8k $7.7m $7.7m 2.71% Reduced -6.6k -6,606
22 Marks Group Wealth Management, Inc 0.70% of their portfolio MINNETONKA, MN 198,131198.1k $7.6m $7.6m 0.70% Added +84.0k +83,991
23 Prospera Financial Services Inc 0.13% of their portfolio Dallas, TX 195,097195.1k $7.4m $7.4m 0.13% Reduced -4.0k -3,960
24 MOULTON WEALTH MANAGEMENT, INC 5.12% of their portfolio SPOKANE, WA 184,797184.8k $7.0m $7.0m 5.12% Added +2.9k +2,858
25 COURAGE CAPITAL MANAGEMENT LLC 9.28% of their portfolio NASHVILLE, TN 184,254184.3k $7.0m $7.0m 9.28% Unchanged
26 OARSMAN CAPITAL, INC. 0.97% of their portfolio MILWAUKEE, WI 181,729181.7k $6.9m $6.9m 0.97% Reduced -683 -683
27 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 174,144174.1k $6.6m $6.6m 0.00% Added +100.2k +100,177
28 Tandem Financial, LLC 2.32% of their portfolio GREENWOOD VILLAGE, CO 163,270163.3k $6.2m $6.2m 2.32% New
29 COMMONWEALTH EQUITY SERVICES, LLC 0.01% of their portfolio WALTHAM, MA 162,078162.1k $6.2m $6.2m 0.01% Reduced -174.2k -174,249
30 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 157,318157.3k $6.0m $6.0m 0.00% Added +77.4k +77,372
31 Winch Advisory Services, LLC 1.27% of their portfolio Appleton, WI 148,630148.6k $5.7m $5.7m 1.27% Added +826 +826
32 Geneos Wealth Management Inc. 0.14% of their portfolio ENGLEWOOD, CO 146,317146.3k $5.6m $5.6m 0.14% Reduced -9.2k -9,173
33 World Investment Advisors 0.11% of their portfolio LINCROFT, NJ 140,100140.1k $5.3m $5.3m 0.11% Added +65.2k +65,231
34 GoalVest Advisory LLC 1.11% of their portfolio New York, NY 137,749137.7k $5.3m $5.3m 1.11% Added +70.1k +70,129
35 RENAISSANCE TECHNOLOGIES LLC 0.01% of their portfolio NEW YORK, NY 135,400135.4k $5.2m $5.2m 0.01% Added +43.9k +43,900
36 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.01% of their portfolio BALA CYNWYD, PA 130,131130.1k $5.0m $5.0m 0.01% Added +100.9k +100,912
37 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 124,684124.7k $4.8m $4.8m 0.00% Added +20.4k +20,374
38 Cerity Partners LLC 0.01% of their portfolio NEW YORK, NY 113,499113.5k $4.3m $4.3m 0.01% Added +15 +15
39 MGO ONE SEVEN LLC 0.10% of their portfolio Beachwood, OH 113,157113.2k $4.3m $4.3m 0.10% Added +101.3k +101,258
40 Summit Financial, LLC 0.07% of their portfolio PARSIPPANY, NJ 112,221112.2k $4.3m $4.3m 0.07% New
41 DEBUSSY CAPITAL MANAGEMENT LP 0.59% of their portfolio CHICAGO, IL 109,524109.5k $4.2m $4.2m 0.59% Reduced -29.1k -29,083
42 Global Retirement Partners, LLC 0.09% of their portfolio San Rafael, CA 109,524109.5k $4.2m $4.2m 0.09% Reduced -4.3k -4,337
43 Fortis Group Advisors, LLC 0.72% of their portfolio WESTWOOD, NJ 106,022106.0k $4.2m $4.2m 0.72% Reduced -1.2k -1,158
44 WealthTrak Capital Management LLC 3.30% of their portfolio VIRGINIA BEACH, VA 105,232105.2k $4.0m $4.0m 3.30% Reduced -531 -531
45 Mariner, LLC 0.00% of their portfolio Overland Park, KS 92,07792.1k $3.5m $3.5m 0.00% Reduced -7.0k -7,002
46 Cambridge Advisors Inc. 0.67% of their portfolio OMAHA, NE 89,58289.6k $3.4m $3.4m 0.67% Added +120 +120
47 Farther Finance Advisors, LLC 0.05% of their portfolio SAN FRANCISCO, CA 88,68788.7k $3.4m $3.4m 0.05% Added +83.1k +83,132
48 AXXCESS WEALTH MANAGEMENT, LLC 0.07% of their portfolio CARLSBAD, CA 84,01684.0k $3.2m $3.2m 0.07% Added +919 +919
49 Capital Asset Advisory Services LLC 0.14% of their portfolio Williamston, MI 83,90883.9k $3.2m $3.2m 0.14% Added +1.1k +1,062
50 Pinion Investment Advisors, LLC 0.91% of their portfolio WICHITA, KS 81,89581.9k $3.3m $3.3m 0.91% Added +43.5k +43,467
51 Nikulski Financial, Inc. 0.76% of their portfolio BETTENDORF, IA 79,71179.7k $3.0m $3.0m 0.76% Added +3.2k +3,244
52 Kestra Advisory Services, LLC 0.01% of their portfolio AUSTIN, TX 78,04578.0k $3.0m $3.0m 0.01% Added +8.2k +8,170
53 OneDigital Investment Advisors LLC 0.03% of their portfolio OVERLAND PARK, KS 77,95878.0k $3.0m $3.0m 0.03% Added +4.7k +4,740
54 Mutual Advisors, LLC 0.07% of their portfolio OMAHA, NE 76,33576.3k $3.1m $3.1m 0.07% Added +27.9k +27,942
55 Rockefeller Capital Management L.P. 0.01% of their portfolio NEW YORK, NY 72,92072.9k $2.8m $2.8m 0.01% Reduced -72.9k -72,920
56 Foundations Investment Advisors, LLC 0.04% of their portfolio PHOENIX, AZ 72,87972.9k $2.8m $2.8m 0.04% Added +1.1k +1,105
57 Spectrum Asset Management, Inc. (NB/CA) 0.96% of their portfolio NEWPORT BEACH, CA 71,33271.3k $2.7m $2.7m 0.96% Reduced -28 -28
58 Haven Private, LLC 1.12% of their portfolio ORLANDO, FL 66,72366.7k $2.5m $2.5m 1.12% Added +4.8k +4,768
59 Focus Partners Wealth 0.00% of their portfolio ST LOUIS, MO 64,20764.2k $2.4m $2.4m 0.00% Reduced -6.3k -6,272
60 Essex Financial Services, Inc. 0.15% of their portfolio ESSEX, CT 63,84863.8k $2.4m $2.4m 0.15% Reduced -25 -25
61 Paladin Advisory Group, LLC 1.87% of their portfolio CLIVE, IA 62,91362.9k $2.4m $2.4m 1.87% Added +2.8k +2,751
62 Riverwater Partners LLC 0.85% of their portfolio Milwaukee, WI 53,59753.6k $2.0m $2.0m 0.85% Added +3.5k +3,459
63 Creative Planning 0.00% of their portfolio OVERLAND PARK, KS 52,78152.8k $2.0m $2.0m 0.00% Reduced -4.0k -4,003
64 OPTIMA CAPITAL LLC 0.97% of their portfolio PORTLAND, OR 52,25252.3k $2.0m $2.0m 0.97% Reduced -59.6k -59,640
65 MML INVESTORS SERVICES, LLC 0.01% of their portfolio SPRINGFIELD, MA 50,35250.4k $1.9m $1.9m 0.01% Reduced -3.6k -3,601
66 KESTRA PRIVATE WEALTH SERVICES, LLC 0.02% of their portfolio AUSTIN, TX 50,07950.1k $1.9m $1.9m 0.02% Added +39.5k +39,486
67 Regal Investment Advisors LLC 0.12% of their portfolio KENTWOOD, MI 46,58046.6k $1.8m $1.8m 0.12% Reduced -1.7k -1,749
68 NewEdge Wealth, LLC 0.03% of their portfolio STAMFORD, CT 44,99845.0k $1.8m $1.8m 0.03% Reduced -151 -151
69 WESPAC Advisors, LLC 0.99% of their portfolio ORINDA, CA 44,33444.3k $1.7m $1.7m 0.99% New
70 Apollon Wealth Management, LLC 0.03% of their portfolio MOUNT PLEASANT, SC 43,40943.4k $1.7m $1.7m 0.03% Added +2 +2
71 GENTRY PRIVATE WEALTH, LLC 1.12% of their portfolio WICHITA, KS 42,00742.0k $1.6m $1.6m 1.12% Added +18.1k +18,059
72 SILVERLAKE WEALTH MANAGEMENT LLC 0.39% of their portfolio WILLISTON, VT 41,66441.7k $1.6m $1.6m 0.39% Reduced -15.2k -15,246
73 OPPENHEIMER & CO INC 0.02% of their portfolio NEW YORK, NY 39,92339.9k $1.5m $1.5m 0.02% Reduced -3.5k -3,494
74 Advisory Services Network, LLC 0.02% of their portfolio ATLANTA, GA 39,63239.6k $1.5m $1.5m 0.02% Reduced -5.1k -5,081
75 SAX WEALTH ADVISORS, LLC 0.08% of their portfolio PARSIPPANY, NJ 39,12739.1k $1.5m $1.5m 0.08% New
76 SAGE RHINO CAPITAL LLC 0.27% of their portfolio MENLO PARK, CA 37,03837.0k $1.4m $1.4m 0.27% Added +12.8k +12,756
77 Guidance Point Advisors, LLC 0.34% of their portfolio Wellesley, MA 36,49636.5k $1.4m $1.4m 0.34% Reduced -3.3k -3,256
78 Magnus Financial Group LLC 0.11% of their portfolio NEW YORK, NY 35,53235.5k $1.4m $1.4m 0.11% New
79 Equitable Holdings, Inc. 0.01% of their portfolio NEW YORK, NY 32,58132.6k $1.2m $1.2m 0.01% Added +5.9k +5,921
80 Janney Montgomery Scott LLC 0.00% of their portfolio PHILADELPHIA, PA 32,27532.3k $1.2m $1.2m 0.00% Added +1.5k +1,505
81 Exit Wealth Advisors, LLC. 0.80% of their portfolio ATLANTA, GA 31,33431.3k $1.2m $1.2m 0.80% First filing
82 Generation Capital Management LLC 0.86% of their portfolio PITTSFORD, NY 31,05031.1k $1.2m $1.2m 0.86% New
83 MATAURO, LLC 0.18% of their portfolio NEW YORK, NY 29,07829.1k $1.1m $1.1m 0.18% Added +480 +480
84 Arete Wealth Advisors, LLC 0.07% of their portfolio CHICAGO, IL 28,82228.8k $1.1m $1.1m 0.07% Reduced -42.1k -42,057
85 BOOTHBAY FUND MANAGEMENT, LLC 0.03% of their portfolio NEW YORK, NY 27,70027.7k $1.1m $1.1m 0.03% Added +5.6k +5,600
86 Private Advisor Group, LLC 0.01% of their portfolio MORRISTOWN, NJ 27,40927.4k $1.0m $1.0m 0.01% Added +8.6k +8,605
87 FOREFRONT WEALTH MANAGEMENT INC. 0.75% of their portfolio MALVERN, PA 26,86726.9k $1.0m $1.0m 0.75% Added +2.2k +2,153
88 NEUBERGER BERMAN GROUP LLC 0.00% of their portfolio NEW YORK, NY 26,50026.5k $1.0m $1.0m 0.00% Unchanged
89 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 24,64724.6k $939.5k $939.5k 0.00% Added +3.4k +3,439
90 Visionary Wealth Advisors 0.04% of their portfolio O'FALLON, IL 22,73322.7k $866.6k $866.6k 0.04% Added +1.9k +1,925
91 Prostatis Group LLC 0.20% of their portfolio HANOVER, MD 21,22121.2k $808.9k $808.9k 0.20% Reduced -1.9k -1,936
92 J. Stern & Co. LLP 0.06% of their portfolio LONDON, X0 21,21021.2k $808.5k $808.5k 0.06% Reduced -21.2k -21,205
93 SECURED RETIREMENT ADVISORS, LLC 0.44% of their portfolio ST LOUIS PARK, MN 20,87420.9k $795.7k $795.7k 0.44% Reduced -2.8k -2,822
94 Grey Ledge Advisors, LLC 0.17% of their portfolio GUILFORD, CT 20,11420.1k $766.7k $766.7k 0.17% Added +370 +370
95 True North Advisors, LLC 0.12% of their portfolio Dallas, TX 20,02020.0k $763.2k $763.2k 0.12% Unchanged
96 FOUNDERS FINANCIAL SECURITIES LLC 0.05% of their portfolio TOWSON, MD 19,74519.7k $752.7k $752.7k 0.05% Reduced -5.8k -5,822
97 StoneX Group Inc. 0.03% of their portfolio NEW YORK, NY 19,72219.7k $751.8k $751.8k 0.03% Reduced -4.1k -4,112
98 VISTA INVESTMENT PARTNERS II, LLC 0.33% of their portfolio RICHMOND, IN 18,80018.8k $716.7k $716.7k 0.33% New
99 Simplicity Wealth,LLC 0.04% of their portfolio SUMMIT, NJ 18,44018.4k $702.9k $702.9k 0.04% New
100 Strait & Sound Wealth Management LLC 0.26% of their portfolio SAN FRANCISCO, CA 18,00618.0k $686.4k $686.4k 0.26% Added +268 +268