Vault-13

GOLDMAN SACHS PHYSICAL GOLD AAAU

UNIT · ETP · CUSIP 38150K103

228 institutional holders +21 vs Q3 2025
20,074,13220.1m shares reported held*
$818.5mreported value*
38 new 82 added 62 reduced 20 sold out net bought ≈ $30.9m (+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 ($59.1k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $40.78. Options: 4 managers hold calls ($1.7m notional), 4 hold puts ($1.1m).

Trends to Q4 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: 207Q4 25: 228228Q3 22Q2 23Q1 24Q4 24Q4 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
Q4 2025228

Buyers vs sellers

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

Bought or addedCut or sold out
2000200Q1 24: 39 bought or addedQ1 24: 49 cut or sold outQ2 24: 49 bought or addedQ2 24: 40 cut or sold outQ2 24Q3 24: 67 bought or addedQ3 24: 40 cut or sold outQ4 24: 67 bought or addedQ4 24: 52 cut or sold outQ4 24Q1 25: 92 bought or addedQ1 25: 52 cut or sold outQ2 25: 101 bought or addedQ2 25: 70 cut or sold outQ2 25Q3 25: 110 bought or addedQ3 25: 73 cut or sold outQ4 25: 120 bought or addedQ4 25: 82 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 20243949
Q2 20244940
Q3 20246740
Q4 20246752
Q1 20259252
Q2 202510170
Q3 202511073
Q4 202512082

Calls vs puts

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

CallsPuts
$0$1m$2m$3mQ1 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 0.21Q4 25 calls: $1.7mQ4 25 puts: $1.1mQ4 25P/C 0.64
Numbers
QuarterCallsPutsP/C
Q1 2025$2.3m$9.3k0.00
Q2 2025$901.4k$6.0k0.01
Q3 2025$1.0m$215.0k0.21
Q4 2025$1.7m$1.1m0.64

Biggest buyers

J. Stern & Co. LLP Added +881,276+881.3k
NEOS Investment Management LLC Added +774,945+774.9k
CLG LLC New +281,116+281.1k
EXCHANGE TRADED CONCEPTS, LLC Added +234,778+234.8k
Kestra Advisory Services, LLC Added +205,733+205.7k
RAYMOND JAMES FINANCIAL INC Added +180,474+180.5k
Procyon Advisors, LLC New +129,630+129.6k
LPL Financial LLC Added +106,855+106.9k
STIFEL FINANCIAL CORP Added +94,496+94.5k
GOLDMAN SACHS GROUP INC New +87,800+87.8k

Biggest sellers

Quadrature Capital Ltd Sold out -579,214-579.2k
OSAIC HOLDINGS, INC. Reduced -346,758-346.8k
Proficio Capital Partners LLC Reduced -229,708-229.7k
MOULTON WEALTH MANAGEMENT, INC Sold out -184,797-184.8k
Tandem Financial, LLC Sold out -163,270-163.3k
SUSQUEHANNA INTERNATIONAL GROUP, LLP Sold out -130,131-130.1k
RETIREMENT GUYS FORMULA LLC Reduced -119,282-119.3k
HighTower Advisors, LLC Reduced -83,872-83.9k
JPMORGAN CHASE & CO Reduced -68,681-68.7k
RENAISSANCE TECHNOLOGIES LLC Reduced -56,300-56.3k

Biggest calls

CITADEL ADVISORS LLC New $765.9k18.0k shares
IMC-Chicago, LLC New $710.6k16.7k shares
GROUP ONE TRADING LLC Reduced $157.4k3.7k shares
SIMPLEX TRADING, LLC Reduced $55.3k1.3k shares

Biggest puts

IMC-Chicago, LLC New $506.3k11.9k shares
CITADEL ADVISORS LLC New $331.9k7.8k shares
GROUP ONE TRADING LLC New $144.7k3.4k shares
SIMPLEX TRADING, LLC Added $93.6k2.2k 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 Q4 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 Q4 2025.

Holders, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Wellspring Financial Advisors, LLC 6.70% of their portfolio CLEVELAND, OH 1,992,2732.0m $84.8m $84.8m 6.70% Added +4.3k +4,302
2 NEOS Investment Management LLC 0.38% of their portfolio Westport, CT 1,562,3601.6m $66.5m $66.5m 0.38% Added +774.9k +774,945
3 LPL Financial LLC 0.01% of their portfolio FORT MILL, SC 994,239994.2k $42.3m $42.3m 0.01% Added +106.9k +106,855
4 RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio ST. PETERSBURG, FL 909,847909.8k $38.7m $38.7m 0.01% Added +180.5k +180,474
5 J. Stern & Co. LLP 0.08% of their portfolio LONDON, X0 902,486902.5k $902.5k $902.5k 0.08% Added +881.3k +881,276
6 EXCHANGE TRADED CONCEPTS, LLC 0.26% of their portfolio Oklahoma City, OK 747,358747.4k $31.8m $31.8m 0.26% Added +234.8k +234,778
7 OSAIC HOLDINGS, INC. 0.04% of their portfolio SCOTTSDALE, AZ 698,371698.4k $29.7m $29.7m 0.04% Reduced -346.8k -346,758
8 Proficio Capital Partners LLC 1.86% of their portfolio NEWTON, MA 624,377624.4k $26.6m $26.6m 1.86% Reduced -229.7k -229,708
9 Mirae Asset Global Investments Co., Ltd. 0.07% of their portfolio SEOUL, M5 571,600571.6k $24.3m $24.3m 0.07% Added +52.0k +52,000
10 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 535,869535.9k $22.8m $22.8m 0.00% Reduced -11.2k -11,167
11 Cetera Investment Advisers 0.02% of their portfolio SCHAUMBURG, IL 401,411401.4k $17.1m $17.1m 0.02% Added +41.1k +41,095
12 AUGUSTINE ASSET MANAGEMENT INC 3.24% of their portfolio JACKSONVILLE, FL 381,558381.6k $16.2m $16.2m 3.24% Added +2.4k +2,439
13 STIFEL FINANCIAL CORP 0.01% of their portfolio ST. LOUIS, MO 367,062367.1k $15.6m $15.6m 0.01% Added +94.5k +94,496
14 Sonoma Allocations LLC 4.88% of their portfolio SANTA ROSA, CA 319,442319.4k $14.7m $14.7m 4.88% Reduced -7.3k -7,253
15 ALERUS FINANCIAL NA 0.64% of their portfolio GRAND FORKS, ND 306,513306.5k $13.0m $13.0m 0.64% Added +464 +464
16 Kestra Advisory Services, LLC 0.05% of their portfolio AUSTIN, TX 283,778283.8k $12.1m $12.1m 0.05% Added +205.7k +205,733
17 COLTON GROOME FINANCIAL ADVISORS, LLC 3.45% of their portfolio ASHEVILLE, NC 283,011283.0k $12.0m $12.0m 3.45% Added +6.4k +6,433
18 OSBORNE PARTNERS CAPITAL MANAGEMENT, LLC 0.62% of their portfolio SAN FRANCISCO, CA 281,522281.5k $12.0m $12.0m 0.62% Reduced -8.5k -8,529
19 CLG LLC 2.98% of their portfolio Long Beach, CA 281,116281.1k $12.0m $12.0m 2.98% New
20 Cambridge Investment Research Advisors, Inc. 0.03% of their portfolio FAIRFIELD, IA 252,655252.7k $10.8m $10.8m 0.03% Reduced -55.0k -54,983
21 China Universal Asset Management Co., Ltd. 0.77% of their portfolio SHANGHAI, F4 237,000237.0k $10.1m $10.1m 0.77% Added +5.0k +5,000
22 GoalVest Advisory LLC 1.66% of their portfolio New York, NY 203,122203.1k $8.6m $8.6m 1.66% Added +65.4k +65,373
23 Prospera Financial Services Inc 0.14% of their portfolio Dallas, TX 198,495198.5k $8.4m $8.4m 0.14% Added +3.4k +3,398
24 COMMONWEALTH EQUITY SERVICES, LLC 0.01% of their portfolio WALTHAM, MA 196,186196.2k $8.3m $8.3m 0.01% Added +34.1k +34,108
25 OARSMAN CAPITAL, INC. 1.07% of their portfolio MILWAUKEE, WI 194,089194.1k $8.3m $8.3m 1.07% Added +12.4k +12,360
26 COURAGE CAPITAL MANAGEMENT LLC 10.84% of their portfolio NASHVILLE, TN 184,254184.3k $7.8m $7.8m 10.84% Unchanged
27 Marks Group Wealth Management, Inc 0.70% of their portfolio MINNETONKA, MN 172,223172.2k $7.3m $7.3m 0.70% Reduced -25.9k -25,908
28 MGO ONE SEVEN LLC 0.13% of their portfolio Beachwood, OH 152,201152.2k $6.5m $6.5m 0.13% Added +39.0k +39,044
29 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 150,765150.8k $6.4m $6.4m 0.00% Reduced -6.6k -6,553
30 Winch Advisory Services, LLC 1.39% of their portfolio Appleton, WI 147,877147.9k $6.3m $6.3m 1.39% Reduced -753 -753
31 World Investment Advisors 0.10% of their portfolio LINCROFT, NJ 147,024147.0k $6.3m $6.3m 0.10% Added +6.9k +6,924
32 HighTower Advisors, LLC 0.01% of their portfolio CHICAGO, IL 141,359141.4k $6.0m $6.0m 0.01% Reduced -83.9k -83,872
33 Geneos Wealth Management Inc. 0.14% of their portfolio ENGLEWOOD, CO 137,537137.5k $5.9m $5.9m 0.14% Reduced -8.8k -8,780
34 Procyon Advisors, LLC 0.27% of their portfolio SHELTON, CT 129,630129.6k $5.5m $5.5m 0.27% New
35 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 129,344129.3k $5.5m $5.5m 0.00% Added +4.7k +4,660
36 Foundations Investment Advisors, LLC 0.07% of their portfolio PHOENIX, AZ 119,270119.3k $5.1m $5.1m 0.07% Added +46.4k +46,391
37 Optimus Capital Advisors, LLC 2.86% of their portfolio Coppel, TX 114,590114.6k $4.9m $4.9m 2.86% First filing
38 Summit Financial, LLC 0.07% of their portfolio PARSIPPANY, NJ 114,399114.4k $4.9m $4.9m 0.07% Added +2.2k +2,178
39 Cerity Partners LLC 0.01% of their portfolio NEW YORK, NY 113,504113.5k $4.8m $4.8m 0.01% Added +5 +5
40 Global Retirement Partners, LLC 0.08% of their portfolio San Rafael, CA 110,640110.6k $4.7m $4.7m 0.08% Added +1.1k +1,116
41 Farther Finance Advisors, LLC 0.05% of their portfolio SAN FRANCISCO, CA 108,943108.9k $4.6m $4.6m 0.05% Added +20.3k +20,256
42 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 105,463105.5k $4.5m $4.5m 0.00% Reduced -68.7k -68,681
43 Fortis Group Advisors, LLC 0.84% of their portfolio WESTWOOD, NJ 105,061105.1k $5.0m $5.0m 0.84% Reduced -961 -961
44 Pinion Investment Advisors, LLC 1.05% of their portfolio WICHITA, KS 101,492101.5k $4.3m $4.3m 1.05% Added +19.6k +19,597
45 WealthTrak Capital Management LLC 3.08% of their portfolio VIRGINIA BEACH, VA 101,162101.2k $4.3m $4.3m 3.08% Reduced -4.1k -4,070
46 Cambridge Advisors Inc. 0.73% of their portfolio OMAHA, NE 89,56889.6k $3.8m $3.8m 0.73% Reduced -14 -14
47 DEBUSSY CAPITAL MANAGEMENT LP 0.51% of their portfolio CHICAGO, IL 88,11988.1k $3.7m $3.7m 0.51% Reduced -21.4k -21,405
48 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 87,80087.8k $3.7m $3.7m 0.00% New
49 RETIREMENT GUYS FORMULA LLC 1.60% of their portfolio MAUMEE, OH 82,56082.6k $3.5m $3.5m 1.60% Reduced -119.3k -119,282
50 Nikulski Financial, Inc. 0.84% of their portfolio BETTENDORF, IA 82,38082.4k $3.5m $3.5m 0.84% Added +2.7k +2,669
51 RENAISSANCE TECHNOLOGIES LLC 0.01% of their portfolio NEW YORK, NY 79,10079.1k $3.4m $3.4m 0.01% Reduced -56.3k -56,300
52 AXXCESS WEALTH MANAGEMENT, LLC 0.06% of their portfolio CARLSBAD, CA 78,85678.9k $3.4m $3.4m 0.06% Reduced -5.2k -5,160
53 OneDigital Investment Advisors LLC 0.03% of their portfolio OVERLAND PARK, KS 78,30078.3k $3.3m $3.3m 0.03% Added +342 +342
54 Mutual Advisors, LLC 0.07% of their portfolio OMAHA, NE 78,07578.1k $3.3m $3.3m 0.07% Added +1.7k +1,740
55 Heirloom Wealth Management 0.75% of their portfolio GREENWOOD VILLAGE, CO 76,56076.6k $3.3m $3.3m 0.75% New
56 Mariner, LLC 0.00% of their portfolio Overland Park, KS 71,02571.0k $3.0m $3.0m 0.00% Reduced -21.1k -21,052
57 Spectrum Asset Management, Inc. (NB/CA) 1.00% of their portfolio NEWPORT BEACH, CA 70,78670.8k $3.0m $3.0m 1.00% Reduced -546 -546
58 Rockefeller Capital Management L.P. 0.01% of their portfolio NEW YORK, NY 69,42069.4k $3.0m $3.0m 0.01% Reduced -3.5k -3,500
59 Capital Asset Advisory Services LLC 0.12% of their portfolio Williamston, MI 68,62768.6k $3.0m $3.0m 0.12% Reduced -15.3k -15,281
60 GENTRY PRIVATE WEALTH, LLC 1.73% of their portfolio WICHITA, KS 64,45064.5k $2.7m $2.7m 1.73% Added +22.4k +22,443
61 WESPAC Advisors, LLC 1.47% of their portfolio ORINDA, CA 63,56863.6k $2.7m $2.7m 1.47% Added +19.2k +19,234
62 Essex Financial Services, Inc. 0.15% of their portfolio ESSEX, CT 63,37363.4k $2.7m $2.7m 0.15% Reduced -475 -475
63 Paladin Advisory Group, LLC 1.92% of their portfolio CLIVE, IA 61,76861.8k $2.6m $2.6m 1.92% Reduced -1.1k -1,145
64 Walser Wealth Management Company, A Ltd Liability Co 1.37% of their portfolio TAMPA, FL 61,14461.1k $2.6m $2.6m 1.37% First filing
65 NewEdge Advisors, LLC 0.01% of their portfolio NEW ORLEANS, LA 60,98961.0k $2.6m $2.6m 0.01% Added +54.9k +54,914
66 Riverwater Partners LLC 0.99% of their portfolio Milwaukee, WI 60,32560.3k $2.6m $2.6m 0.99% Added +6.7k +6,728
67 Creative Planning 0.00% of their portfolio OVERLAND PARK, KS 55,69555.7k $2.4m $2.4m 0.00% Added +2.9k +2,914
68 KESTRA PRIVATE WEALTH SERVICES, LLC 0.03% of their portfolio AUSTIN, TX 54,97655.0k $2.3m $2.3m 0.03% Added +4.9k +4,897
69 Focus Partners Wealth 0.00% of their portfolio ST LOUIS, MO 53,32653.3k $2.3m $2.3m 0.00% Reduced -10.9k -10,881
70 MML INVESTORS SERVICES, LLC 0.01% of their portfolio SPRINGFIELD, MA 53,29353.3k $2.3m $2.3m 0.01% Added +2.9k +2,941
71 OPTIMA CAPITAL LLC 0.93% of their portfolio PORTLAND, OR 50,33250.3k $2.1m $2.1m 0.93% Reduced -1.9k -1,920
72 Regal Investment Advisors LLC 0.12% of their portfolio KENTWOOD, MI 47,07447.1k $2.0m $2.0m 0.12% Added +494 +494
73 CAPSTONE WEALTH MANAGEMENT GROUP, LLC 0.84% of their portfolio DUNMORE, PA 46,94746.9k $2.0m $2.0m 0.84% New
74 Corient Private Wealth LP 0.00% of their portfolio MIAMI, FL 46,01446.0k $2.0m $2.0m 0.00% Added +37.6k +37,552
75 NewEdge Wealth, LLC 0.02% of their portfolio STAMFORD, CT 44,99845.0k $1.9m $1.9m 0.02% Unchanged
76 SILVERLAKE WEALTH MANAGEMENT LLC 0.41% of their portfolio WILLISTON, VT 43,34443.3k $1.8m $1.8m 0.41% Added +1.7k +1,680
77 Apollon Wealth Management, LLC 0.03% of their portfolio MOUNT PLEASANT, SC 38,97939.0k $1.7m $1.7m 0.03% Reduced -4.4k -4,430
78 TUDOR INVESTMENT CORP ET AL 0.01% of their portfolio STAMFORD, CT 38,90138.9k $1.7m $1.7m 0.01% New
79 SAGE RHINO CAPITAL LLC 0.30% of their portfolio MENLO PARK, CA 37,03837.0k $1.6m $1.6m 0.30% Unchanged
80 Equitable Holdings, Inc. 0.01% of their portfolio NEW YORK, NY 36,12736.1k $1.5m $1.5m 0.01% Added +3.5k +3,546
81 Advisory Services Network, LLC 0.02% of their portfolio ATLANTA, GA 35,65035.6k $1.5m $1.5m 0.02% Reduced -4.0k -3,982
82 Generation Capital Management LLC 0.95% of their portfolio PITTSFORD, NY 34,27034.3k $1.5m $1.5m 0.95% Added +3.2k +3,220
83 Janney Montgomery Scott LLC 0.00% of their portfolio PHILADELPHIA, PA 33,74233.7k $1.4m $1.4m 0.00% Added +1.5k +1,467
84 Private Advisor Group, LLC 0.01% of their portfolio MORRISTOWN, NJ 33,60033.6k $1.4m $1.4m 0.01% Added +6.2k +6,191
85 Sequoia Financial Advisors, LLC 0.01% of their portfolio Akron, OH 33,50033.5k $1.4m $1.4m 0.01% New
86 Guidance Point Advisors, LLC 0.33% of their portfolio Wellesley, MA 33,49433.5k $1.4m $1.4m 0.33% Reduced -3.0k -3,002
87 Exit Wealth Advisors, LLC. 0.79% of their portfolio ATLANTA, GA 31,33431.3k $1.3m $1.3m 0.79% Unchanged
88 BOOTHBAY FUND MANAGEMENT, LLC 0.03% of their portfolio NEW YORK, NY 29,70029.7k $1.3m $1.3m 0.03% Added +2.0k +2,000
89 FOREFRONT WEALTH MANAGEMENT INC. 0.90% of their portfolio MALVERN, PA 29,40129.4k $1.3m $1.3m 0.90% Added +2.5k +2,534
90 Magnus Financial Group LLC 0.09% of their portfolio NEW YORK, NY 28,99529.0k $1.2m $1.2m 0.09% Reduced -6.5k -6,537
91 MATAURO, LLC 0.18% of their portfolio NEW YORK, NY 28,71728.7k $1.2m $1.2m 0.18% Reduced -361 -361
92 Encompass More Asset Management 0.22% of their portfolio Danville, CA 28,13228.1k $1.2m $1.2m 0.22% New
93 AMERICAN NATIONAL BANK & TRUST 0.10% of their portfolio WICHITA FALLS, TX 25,44325.4k $1.1m $1.1m 0.10% Added +23.3k +23,343
94 Haven Private, LLC 0.46% of their portfolio ORLANDO, FL 24,83224.8k $1.1m $1.1m 0.46% Reduced -41.9k -41,891
95 Arete Wealth Advisors, LLC 0.07% of their portfolio CHICAGO, IL 24,51324.5k $1.0m $1.0m 0.07% Reduced -4.3k -4,309
96 VISTA INVESTMENT PARTNERS II, LLC 0.45% of their portfolio RICHMOND, IN 24,45224.5k $1.0m $1.0m 0.45% Added +5.7k +5,652
97 Visionary Wealth Advisors 0.04% of their portfolio O'FALLON, IL 23,18323.2k $986.4k $986.4k 0.04% Added +450 +450
98 NEUBERGER BERMAN GROUP LLC 0.00% of their portfolio NEW YORK, NY 22,00022.0k $936.1k $936.1k 0.00% Reduced -4.5k -4,500
99 Prostatis Group LLC 0.22% of their portfolio HANOVER, MD 21,36421.4k $909.0k $909.0k 0.22% Added +143 +143
100 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 20,78420.8k $884.4k $884.4k 0.00% Reduced -3.9k -3,863