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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
FHC
151
First Heartland Consultants
Missouri
$348K +$102K +2,490 +44%
SWP
152
Sagespring Wealth Partners
Tennessee
$348K +$50.7K +1,238 +18%
Comerica Bank
153
Comerica Bank
Texas
$347K -$30K -733 -8%
EWA
154
EverSource Wealth Advisors
Alabama
$344K +$318K +7,751 +2,307%
SAM
155
S.A. Mason
Michigan
$342K – – –
SC
156
Scotia Capital
Ontario, Canada
$340K – – –
MWM
157
Modern Wealth Management
Kansas
$336K -$43K -1,050 -12%
IA
158
IFP Advisors
Florida
$321K -$146K -3,569 -32%
BCI
159
Brinker Capital Investments
Pennsylvania
$321K +$42.9K +1,046 +16%
HC
160
Hara Capital
Washington
$319K – – –
ARC
161
Advisor Resource Council
Texas
$319K +$284K +6,938 New
PAS
162
PKS Advisory Services
New York
$308K +$12.3K +300 +4%
FFA
163
Florida Financial Advisors
Florida
$296K +$42.9K +1,048 +18%
SWM
164
Spire Wealth Management
Virginia
$294K – – –
Bank of America
165
Bank of America
North Carolina
$288K +$277K +6,765 New
AWA
166
Aaron Wealth Advisors
Illinois
$285K – – –
AWA
167
Acorn Wealth Advisors
Michigan
$284K -$55.3K -1,349 -17%
FF
168
Friday Financial
Iowa
$284K -$29.3K -716 -10%
PWA
169
Primoris Wealth Advisors
Florida
$278K – – –
FA
170
Flagstar Advisors
New York
$271K -$97.3K -2,374 -27%
TF
171
Trek Financial
Arizona
$268K +$258K +6,297 New
WTFG
172
Wood Tarver Financial Group
Idaho
$266K +$14K +341 +6%
MCM
173
MAI Capital Management
Ohio
$266K – – –
FWM
174
FFT Wealth Management
Pennsylvania
$255K – – –
Vontobel Holding
175
Vontobel Holding
Switzerland
$255K +$246K +6,000 New
5 6
7
8 9

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.