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Goldman Sachs Physical Gold ETF Shares
AAAU

227 hedge funds and large institutions have $1.72B invested in Goldman Sachs Physical Gold ETF Shares in 2025 Q4 according to their latest regulatory filings, with 43 funds opening new positions, 84 increasing their positions, 60 reducing their positions, and 20 closing their positions.

New
Increased
Maintained
Reduced
Closed

148% more capital invested

Capital invested by funds: $695M → $1.72B (+$1.03B)

115% more first-time investments, than exits

New positions opened: 43 | Existing positions closed: 20

57% more call options, than puts

Call options by funds: $1.69M | Put options by funds: $1.08M

40% more repeat investments, than reductions

Existing positions increased: 84 | Existing positions reduced: 60

10% more funds holding

Funds holding: 207 → 227 (+20)

0% more funds holding in top 10

Funds holding in top 10: 10 → 10 (0)

1.35% less ownership

Funds ownership: 35.21% → 33.85% (-1.4%)

Holders
227
Holders Change
+20
Holders Change %
+9.66%
% of All Funds
2.76%
Holding in Top 10
10
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
0.12%
New
43
Increased
84
Reduced
60
Closed
20
Calls
$1.69M
Puts
$1.08M
Net Calls
+$612K
Net Calls Change
-$196K

Top Buyers

1
JSC
J. Stern & Co
United Kingdom
+$36.1M
2
NIM
NEOS Investment Management
Connecticut
+$31.8M
3
CL
CLG LLC
California
+$11.5M
4
ETC
Exchange Traded Concepts
Oklahoma
+$9.62M
5
KAS
Kestra Advisory Services
Texas
+$8.43M

Top Sellers

1
QC
Quadrature Capital
United Kingdom
-$22.1M
2
Osaic Holdings
Osaic Holdings
Arizona
-$14.2M
3
PCP
Proficio Capital Partners
Massachusetts
-$9.41M
4
MWM
Moulton Wealth Management
Washington
-$7.04M
5
TF
Tandem Financial
Colorado
-$6.22M
Name Holding Trade Value Shares
Change 		Change in
Stake
HNB
226
Huntington National Bank
Ohio
$1.49K – – –
Northwestern Mutual Wealth Management
227
Northwestern Mutual Wealth Management
Wisconsin
$1.19K -$35.1K -856 -97%
IW
228
Imprint Wealth
South Carolina
$255 -$1.15K -28 -82%
QC
229
Quadrature Capital
United Kingdom
– -$22.1M -579,214 Closed
MWM
230
Moulton Wealth Management
Washington
– -$7.04M -184,797 Closed
TF
231
Tandem Financial
Colorado
– -$6.22M -163,270 Closed
Susquehanna International Group
232
Susquehanna International Group
Pennsylvania
– -$4.96M -130,131 Closed
SWA
233
Sax Wealth Advisors
New Jersey
– -$1.49M -39,127 Closed
HF
234
HRT Financial
New York
– -$548K -14,385 Closed
GWSG
235
GPS Wealth Strategies Group
Colorado
– -$434K -11,377 Closed
FPAS
236
Focus Partners Advisor Solutions
Missouri
– -$371K -9,595 Closed
DADC
237
D.A. Davidson & Co
Montana
– -$350K -9,183 Closed
GS
238
GTS Securities
New York
– -$321K -8,411 Closed
HCA
239
Harbor Capital Advisors
Illinois
– -$293K -7,698 Closed
AIA
240
Armor Investment Advisors
North Carolina
– -$220K -5,770 Closed
Group One Trading
241
Group One Trading
Illinois
– -$191K -4,664 Closed
US Bancorp
242
US Bancorp
Minnesota
– -$158K -4,139 Closed
AAS
243
Ameritas Advisory Services
Nebraska
– -$91.5K -2,400 Closed
PS
244
Principal Securities
Iowa
– -$86.3K -2,265 Closed
IAS
245
IMA Advisory Services
Colorado
– -$14.6K -382 Closed
SPIA
246
Steward Partners Investment Advisory
New York
– -$4.38K -115 Closed
MG
247
Mather Group
Illinois
– -$1.75K -46 Closed
CFO
248
CVA Family Office
Colorado
– -$457 -12 Closed
6 7 8 9
10

AAAU Hedge Fund Activity: Q4 2025 in Review

227 of the 8,223 institutional investors tracked by Wall St. Rank reported a position in Goldman Sachs Physical Gold ETF Shares (AAAU) for Q4 2025, worth a combined $1.72B — up 148% from $695M a quarter earlier.

Buyers outnumbered sellers: 43 funds opened new AAAU positions and 20 closed out — a net gain of 23 holders — while 84 added to existing stakes and 60 trimmed.

The largest buyer was J. Stern & Co, adding an estimated $36.1M. The largest seller was Quadrature Capital, exiting entirely with an estimated $22.1M sold.

  • 227 institutional investors held Goldman Sachs Physical Gold ETF Shares (AAAU) as of Q4 2025, up from 207 in Q3 2025.
  • Funds reported $1.72B of Goldman Sachs Physical Gold ETF Shares stock for Q4 2025, up 148% quarter-over-quarter.
  • 43 funds opened new Goldman Sachs Physical Gold ETF Shares positions in Q4 2025 and 20 closed out, a net change of +23 holders.
  • The largest Goldman Sachs Physical Gold ETF Shares buyer in Q4 2025 was J. Stern & Co, an estimated $36.1M added.
  • The largest Goldman Sachs Physical Gold ETF Shares seller in Q4 2025 was Quadrature Capital, an estimated $22.1M sold.

Based on aggregated 13F filings for Q4 2025.