SPROTT PHYSICAL GOLD TRUST (PHYS) Institutional Ownership Changes & 13F Activity

Frequently asked questions about PHYS activity

• Which institutional owners are buying PHYS?

  Institutional owners buying PHYS include investors who have either initiated new positions or increased their existing holdings based on recent SEC 13F filings. The activity table above highlights which funds added shares in the latest reporting periods and how their positions changed over time.

• What does "buy" mean in PHYS activity?

  "Buy" means an investor increased their reported position in PHYS compared to the prior reporting period. This reflects growing exposure to SPROTT PHYSICAL GOLD TRUST (PHYS) rather than necessarily a brand-new position (though new positions also appear as buys when prior quantity was zero).

• Is institutional interest in PHYS increasing?

  Institutional interest in PHYS can be assessed by comparing the number of tracked funds adding or increasing positions versus those trimming or exiting across the periods shown. A higher number of additions typically signals increasing participation among large filers, but it should be read alongside position sizes and the full table.