Vault-13

VANECK ETF TRUST GDX

GOLD MINERS ETF · ETP · CUSIP 92189F106 · ISIN US92189F1066

725 institutional holders +22 vs Q4 2022
213,548,141213.5m shares reported held*
$6.9bnreported value*
107 new 233 added 225 reduced 84 sold out net bought ≈ $363.6m (+11.2m 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 ($8.8m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $32.39. Options: 67 managers hold calls ($5.6bn notional), 36 hold puts ($1.3bn).

Trends to Q1 2023

Institutional holders

Managers reporting a position, each quarter

0250500750Q3 22: 621Q4 22: 703Q1 23: 725725Q3 22Q4 22Q1 23
Numbers
QuarterHolders
Q3 2022621
Q4 2022703
Q1 2023725

Buyers vs sellers

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

Bought or addedCut or sold out
4000400Q4 22: 350 bought or addedQ4 22: 272 cut or sold outQ4 22Q1 23: 340 bought or addedQ1 23: 309 cut or sold outQ1 23
Numbers
QuarterBought or addedCut or sold out
Q4 2022350272
Q1 2023340309

Calls vs puts

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

CallsPuts
$0$2bn$4bn$6bnQ3 22 calls: $2.9bnQ3 22 puts: $1.1bnQ3 22P/C 0.38Q4 22 calls: $4.1bnQ4 22 puts: $1.2bnQ4 22P/C 0.31Q1 23 calls: $5.6bnQ1 23 puts: $1.3bnQ1 23P/C 0.23
Numbers
QuarterCallsPutsP/C
Q3 2022$2.9bn$1.1bn0.38
Q4 2022$4.1bn$1.2bn0.31
Q1 2023$5.6bn$1.3bn0.23

Biggest buyers

FMR LLC Added +11,119,237+11.1m
BANK OF MONTREAL /CAN/ Added +5,667,927+5.7m
JPMORGAN CHASE & CO Added +3,748,454+3.7m
Parallax Volatility Advisers, L.P. Added +3,209,116+3.2m
NATIONAL BANK OF CANADA /FI/ Added +2,903,659+2.9m
TORONTO DOMINION BANK Added +2,284,646+2.3m
PointState Capital LP New +1,736,575+1.7m
Desjardins Global Asset Management Inc. Added +705,084+705.1k
BANK OF NOVA SCOTIA Added +645,000+645.0k
Rafferty Asset Management, LLC Added +639,483+639.5k

Biggest sellers

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced -7,107,809-7.1m
SPX Gestao de Recursos Ltda Sold out -3,997,000-4.0m
CITADEL ADVISORS LLC Reduced -3,536,278-3.5m
MOORE CAPITAL MANAGEMENT, LP Reduced -2,541,669-2.5m
Slate Path Capital LP Reduced -2,000,000-2.0m
WELLINGTON MANAGEMENT GROUP LLP Reduced -1,995,207-2.0m
Phoenix Financial Ltd. Sold out -1,415,000-1.4m
Deer Park Road Corp Sold out -1,075,000-1.1m
Point72 Europe (London) LLP Sold out -852,341-852.3k
Windmill Hill Asset Management Ltd Sold out -798,150-798.1k

Biggest calls

Twin Tree Management, LP Reduced $906.8m3.4m shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $657.2m20.3m shares
JANE STREET GROUP, LLC Added $486.0m9.8m shares
CITADEL ADVISORS LLC Added $406.2m12.6m shares
BANK OF AMERICA CORP /DE/ Added $335.6m10.4m shares
GOLDMAN SACHS GROUP INC Reduced $279.0m8.6m shares
BARCLAYS PLC Added $250.6m7.7m shares
CITIGROUP INC Added $239.0m7.4m shares
UBS Group AG Reduced $193.3m6.0m shares
BlueCrest Capital Management Ltd Added $187.3m5.8m shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $356.3m11.0m shares
GOLDMAN SACHS GROUP INC Added $166.1m5.1m shares
CITADEL ADVISORS LLC Reduced $160.2m5.0m shares
BARCLAYS PLC Added $98.3m3.0m shares
CITIGROUP INC Added $58.9m1.8m shares
Eisler Capital (UK) Ltd. New $50.8m1.6m shares
MARSHALL WACE, LLP Added $50.5m1.6m shares
NOMURA HOLDINGS INC New $36.5m1.1m shares
BANK OF MONTREAL /CAN/ Added $35.4m1.1m shares
BNP PARIBAS FINANCIAL MARKETS Reduced $34.9m10.8k 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.

Holders, Q1 2023

#ManagerLocationShares Value% of their portfolioChangeShares change
1 BANK OF AMERICA CORP /DE/ 0.06% of their portfolio CHARLOTTE, NC 16,525,66816.5m $534.6m $534.6m 0.06% Reduced -334.2k -334,165
2 JPMORGAN CHASE & CO 0.05% of their portfolio NEW YORK, NY 11,715,04711.7m $379.0m $379.0m 0.05% Added +3.7m +3,748,454
3 FMR LLC 0.02% of their portfolio BOSTON, MA 11,120,86611.1m $359.8m $359.8m 0.02% Added +11.1m +11,119,237
4 BANK OF MONTREAL /CAN/ 0.15% of their portfolio TORONTO, A6 10,811,65010.8m $353.3m $353.3m 0.15% Added +5.7m +5,667,927
5 MORGAN STANLEY 0.04% of their portfolio NEW YORK, NY 10,555,85210.6m $341.5m $341.5m 0.04% Added +165.6k +165,585
6 UBS Group AG 0.15% of their portfolio ZURICH, V8 9,734,7529.7m $314.9m $314.9m 0.15% Added +273.5k +273,530
7 Rafferty Asset Management, LLC 1.92% of their portfolio New York, NY 8,758,5338.8m $283.3m $283.3m 1.92% Added +639.5k +639,483
8 Caisse de depot et placement du Quebec 0.62% of their portfolio Montreal, A8 6,783,2546.8m $219.4m $219.4m 0.62% Reduced -436.3k -436,300
9 Slate Path Capital LP 10.26% of their portfolio New York, NY 6,755,0006.8m $218.5m $218.5m 10.26% Reduced -2.0m -2,000,000
10 NATIONAL BANK OF CANADA /FI/ 0.55% of their portfolio MONTREAL, A8 6,256,3676.3m $202.4m $202.4m 0.55% Added +2.9m +2,903,659
11 TORONTO DOMINION BANK 0.21% of their portfolio TORONTO, ONTARIO, A6 4,033,7294.0m $130.5m $130.5m 0.21% Added +2.3m +2,284,646
12 GOLDMAN SACHS GROUP INC 0.03% of their portfolio NEW YORK, NY 3,881,4853.9m $125.6m $125.6m 0.03% Reduced -623.1k -623,101
13 Parallax Volatility Advisers, L.P. 4.40% of their portfolio San Francisco, CA 3,873,8693.9m $125.3m $125.3m 4.40% Added +3.2m +3,209,116
14 CITIGROUP INC 0.16% of their portfolio NEW YORK, NY 3,706,6083.7m $119.9m $119.9m 0.16% Added +448.2k +448,191
15 WELLS FARGO & COMPANY/MN 0.04% of their portfolio SAN FRANCISCO, CA 3,604,0543.6m $116.6m $116.6m 0.04% Added +9.3k +9,328
16 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.16% of their portfolio BALA CYNWYD, PA 3,242,4533.2m $104.9m $104.9m 0.16% Reduced -7.1m -7,107,809
17 LPL Financial LLC 0.07% of their portfolio FORT MILL, SC 2,628,5152.6m $85.0m $85.0m 0.07% Added +168.8k +168,777
18 WELLINGTON MANAGEMENT GROUP LLP 0.02% of their portfolio Boston, MA 2,615,8942.6m $84.6m $84.6m 0.02% Reduced -2.0m -1,995,207
19 JANE STREET GROUP, LLC 0.13% of their portfolio NEW YORK, NY 2,281,6642.3m $73.8m $73.8m 0.13% Added +332.1k +332,069
20 1832 Asset Management L.P. 0.15% of their portfolio TORONTO, A6 2,268,4492.3m $73.4m $73.4m 0.15% Reduced -145.4k -145,363
21 SYNOVUS FINANCIAL CORP 0.81% of their portfolio Columbus, GA 2,214,9642.2m $71.7m $71.7m 0.81% Reduced -40.6k -40,606
22 ROYAL BANK OF CANADA 0.02% of their portfolio TORONTO, A6 2,118,4522.1m $68.5m $68.5m 0.02% Reduced -236.8k -236,794
23 Twin Tree Management, LP 1.86% of their portfolio DALLAS, TX 2,028,7722.0m $65.6m $65.6m 1.86% Added +24.8k +24,841
24 BNP PARIBAS FINANCIAL MARKETS 0.13% of their portfolio PARIS, I0 1,880,1871.9m $60.8m $60.8m 0.13% Added +166.5k +166,491
25 Desjardins Global Asset Management Inc. 7.18% of their portfolio MONTREAL, A8 1,763,1531.8m $57.0m $57.0m 7.18% Added +705.1k +705,084
26 PointState Capital LP 3.15% of their portfolio New York, NY 1,736,5751.7m $56.2m $56.2m 3.15% New
27 BARCLAYS PLC 0.06% of their portfolio LONDON, X0 1,682,2211.7m $54.4m $54.4m 0.06% Reduced -486.1k -486,132
28 CREDIT SUISSE AG/ 0.06% of their portfolio ZURICH, V8 1,677,2011.7m $54.3m $54.3m 0.06% Reduced -408.9k -408,852
29 New Harbor Financial Group, LLC 19.57% of their portfolio WORCESTER, MA 1,631,2161.6m $52.8m $52.8m 19.57% Added +107.6k +107,584
30 GUGGENHEIM CAPITAL LLC 0.44% of their portfolio CHICAGO, IL 1,592,9901.6m $51.5m $51.5m 0.44% Unchanged
31 Annex Advisory Services, LLC 2.67% of their portfolio BROOKFIELD, WI 1,541,7641.5m $49.9m $49.9m 2.67% Reduced -3.5k -3,469
32 TEACHER RETIREMENT SYSTEM OF TEXAS 0.33% of their portfolio AUSTIN, TX 1,501,0001.5m $48.6m $48.6m 0.33% Added +291.0k +291,000
33 HSBC HOLDINGS PLC 0.06% of their portfolio LONDON, X0 1,449,6941.4m $46.7m $46.7m 0.06% Added +617.0k +617,017
34 RAYMOND JAMES & ASSOCIATES 0.03% of their portfolio ST PETERSBURG, FL 1,164,0551.2m $37.7m $37.7m 0.03% Added +85.2k +85,222
35 ENVESTNET ASSET MANAGEMENT INC 0.02% of their portfolio Berwyn, PA 1,115,7361.1m $36.1m $36.1m 0.02% Added +6.0k +6,014
36 Madison Asset Management, LLC 0.53% of their portfolio MADISON, WI 1,069,8721.1m $34.6m $34.6m 0.53% Added +610.4k +610,417
37 STIFEL FINANCIAL CORP 0.05% of their portfolio ST. LOUIS, MO 1,054,5481.1m $34.1m $34.1m 0.05% Added +84.6k +84,618
38 TWO SIGMA INVESTMENTS, LP 0.10% of their portfolio NEW YORK, NY 1,043,0701.0m $33.7m $33.7m 0.10% Reduced -356.7k -356,730
39 AMERIPRISE FINANCIAL INC 0.01% of their portfolio MINNEAPOLIS, MN 1,017,0971.0m $32.7m $32.7m 0.01% Reduced -202.1k -202,148
40 BANK OF NOVA SCOTIA 0.10% of their portfolio TORONTO, A6 1,000,0071.0m $32.4m $32.4m 0.10% Added +645.0k +645,000
41 Monaco Asset Management SAM 12.34% of their portfolio Monaco, O9 850,000850.0k $27.5m $27.5m 12.34% Added +325.0k +325,000
42 Raymond James Financial Services Advisors, Inc. 0.05% of their portfolio ST. PETERSBURG, FL 814,520814.5k $26.3m $26.3m 0.05% Added +533.5k +533,454
43 AJ WEALTH STRATEGIES, LLC 1.27% of their portfolio NEW YORK, NY 752,515752.5k $24.3m $24.3m 1.27% Added +85.1k +85,135
44 STALEY CAPITAL ADVISERS INC 1.34% of their portfolio PITTSBURGH, PA 741,332741.3k $24.0m $24.0m 1.34% Added +3.1k +3,055
45 Memorial Sloan Kettering Cancer Center 73.26% of their portfolio New York, NY 738,500738.5k $23.9m $23.9m 73.26% Unchanged
46 J.P. Morgan Private Wealth Advisors LLC 0.05% of their portfolio SAN FRANCISCO, CA 731,460731.5k $23.7m $23.7m 0.05% Added +3.6k +3,601
47 WS MANAGEMENT LLLP 3.45% of their portfolio JACKSONVILLE, FL 699,100699.1k $22.6m $22.6m 3.45% Added +100.0k +100,000
48 Cambridge Investment Research Advisors, Inc. 0.11% of their portfolio FAIRFIELD, IA 679,308679.3k $22.0m $22.0m 0.11% Added +119.7k +119,699
49 Woodson Capital Management, LP 3.85% of their portfolio Greenwich, CT 675,000675.0k $21.8m $21.8m 3.85% Added +150.0k +150,000
50 COMMONWEALTH EQUITY SERVICES, LLC 0.05% of their portfolio WALTHAM, MA 671,125671.1k $21.7m $21.7m 0.05% Added +65.5k +65,513
51 HRT FINANCIAL LP 0.27% of their portfolio NEW YORK, NY 667,857667.9k $21.6m $21.6m 0.27% Added +117.5k +117,491
52 Baird Financial Group, Inc. 0.05% of their portfolio MILWAUKEE, WI 650,093650.1k $21.0m $21.0m 0.05% Added +108.6k +108,649
53 OSAIC HOLDINGS, INC. 0.04% of their portfolio SCOTTSDALE, AZ 626,813626.8k $20.5m $20.5m 0.04% Reduced -21.9k -21,923
54 Nokomis Capital, L.L.C. 8.21% of their portfolio DALLAS, TX 623,328623.3k $20.2m $20.2m 8.21% Unchanged
55 CIBC WORLD MARKET INC. 0.07% of their portfolio TORONTO, A6 608,829608.8k $19.7m $19.7m 0.07% Added +209.8k +209,786
56 Tidal Investments LLC 0.33% of their portfolio Milwaukee, WI 600,200600.2k $19.4m $19.4m 0.33% New
57 CQS (US), LLC 2.43% of their portfolio NEW YORK, NY 595,813595.8k $19.3m $19.3m 2.43% Reduced -28.3k -28,280
58 CIBC WORLD MARKETS CORP 0.29% of their portfolio NEW YORK, NY 546,875546.9k $17.7m $17.7m 0.29% New
59 Cutler Group LLC / CA 2.57% of their portfolio SAN FRANCISCO, CA 505,657505.7k $16.4m $16.4m 2.57% Added +348.2k +348,237
60 TRUIST FINANCIAL CORP 0.03% of their portfolio CHARLOTTE, NC 502,654502.7k $16.3m $16.3m 0.03% Added +155.1k +155,129
61 TOCQUEVILLE ASSET MANAGEMENT L.P. 0.30% of their portfolio New York, NY 491,646491.6k $15.9m $15.9m 0.30% Added +2.9k +2,931
62 Valiant Capital Management, L.P. 2.68% of their portfolio San Francisco, CA 477,000477.0k $15.4m $15.4m 2.68% New
63 Clearwater Capital Advisors, LLC 1.87% of their portfolio HOFFMAN ESTATES, IL 473,420473.4k $15.3m $15.3m 1.87% Reduced -8.7k -8,658
64 MILLENNIUM MANAGEMENT LLC 0.02% of their portfolio NEW YORK, NY 470,152470.2k $15.2m $15.2m 0.02% Added +219.4k +219,397
65 Janney Montgomery Scott LLC 0.06% of their portfolio PHILADELPHIA, PA 466,185466.2k $15.1m $15.1m 0.06% Reduced -14.4k -14,360
66 GROUP ONE TRADING LLC 0.71% of their portfolio CHICAGO, IL 460,582460.6k $14.9m $14.9m 0.71% New
67 Cambria Investment Management, L.P. 1.13% of their portfolio Manhattan Beach, CA 421,062421.1k $13.6m $13.6m 1.13% Added +407.0k +406,986
68 SIMPLEX TRADING, LLC 0.61% of their portfolio CHICAGO, IL 416,884416.9k $13.5m $13.5m 0.61% Added +300.1k +300,083
69 Yong Rong (HK) Asset Management Ltd 7.25% of their portfolio SHEUNG WAN, K3 400,000400.0k $12.9m $12.9m 7.25% Unchanged
70 PINNBROOK CAPITAL MANAGEMENT LP 7.50% of their portfolio NEW YORK, NY 397,652397.7k $12.9m $12.9m 7.50% Added +309.8k +309,768
71 HighTower Advisors, LLC 0.03% of their portfolio CHICAGO, IL 396,311396.3k $12.8m $12.8m 0.03% Reduced -121.4k -121,403
72 WOLVERINE TRADING, LLC 0.38% of their portfolio CHICAGO, IL 388,116388.1k $12.6m $12.6m 0.38% Added +155.9k +155,868
73 SCHRODER INVESTMENT MANAGEMENT GROUP 0.02% of their portfolio London, X0 384,686384.7k $12.4m $12.4m 0.02% Added +375.7k +375,686
74 Eschler Asset Management LLP 9.67% of their portfolio London, X0 378,066378.1k $12.2m $12.2m 9.67% Added +228.1k +228,066
75 Cetera Investment Advisers 0.10% of their portfolio SCHAUMBURG, IL 361,253361.3k $11.7m $11.7m 0.10% Reduced -68.6k -68,598
76 Baymount Management LP 42.06% of their portfolio MIAMI, FL 350,000350.0k $11.3m $11.3m 42.06% New
77 EVERGREEN CAPITAL MANAGEMENT LLC 0.49% of their portfolio Bellevue, WA 336,396336.4k $10.9m $10.9m 0.49% Reduced -102.7k -102,726
78 CAPTRUST FINANCIAL ADVISORS 0.05% of their portfolio RALEIGH, NC 326,626326.6k $10.6m $10.6m 0.05% Reduced -197.7k -197,740
79 GILDER GAGNON HOWE & CO LLC 0.17% of their portfolio New York, NY 326,062326.1k $10.5m $10.5m 0.17% Reduced -8.0k -8,010
80 BLAIR WILLIAM & CO/IL 0.04% of their portfolio CHICAGO, IL 320,522320.5k $10.4m $10.4m 0.04% Added +29.6k +29,554
81 Barry Investment Advisors, LLC 3.39% of their portfolio NEW BEDFORD, MA 319,753319.8k $10.3m $10.3m 3.39% Added +74.1k +74,099
82 MONEY CONCEPTS CAPITAL CORP 0.14% of their portfolio PALM BEACH GARDENS, FL 316,817316.8k $2.6m $2.6m 0.14% Added +223.3k +223,285
83 Bank Julius Baer & Co. Ltd, Zurich 0.06% of their portfolio ZURICH, V8 300,189300.2k $9.7m $9.7m 0.06% New
84 Lido Advisors, LLC 0.14% of their portfolio Los Angeles, CA 300,121300.1k $9.7m $9.7m 0.14% Reduced -306.0k -306,014
85 VAN ECK ASSOCIATES CORP 0.02% of their portfolio NEW YORK, NY 295,368295.4k $9.6m $9.6m 0.02% Added +2.1k +2,066
86 ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio NASHVILLE, TN 287,690287.7k $9.3m $9.3m 0.00% Added +178.8k +178,810
87 Forest Hill Capital, LLC 3.92% of their portfolio LITTLE ROCK, AR 279,500279.5k $9.0m $9.0m 3.92% Unchanged
88 Nan Shan Life Insurance Co., Ltd. 0.21% of their portfolio Taipei City, F5 278,600278.6k $9.0m $9.0m 0.21% New
89 Bridge Advisory, LLC 3.46% of their portfolio PASADENA, CA 277,108277.1k $9.0m $9.0m 3.46% Added +3.0k +2,971
90 BRADLEY FOSTER & SARGENT INC/CT 0.21% of their portfolio HARTFORD, CT 270,069270.1k $8.7m $8.7m 0.21% Added +1.3k +1,280
91 LONESTAR CAPITAL MANAGEMENT LLC 4.66% of their portfolio San Francisco, CA 270,000270.0k $8.7m $8.7m 4.66% Added +80.0k +80,000
92 CW Advisors, LLC 0.21% of their portfolio BOSTON, MA 268,135268.1k $8.7m $8.7m 0.21% Added +7.8k +7,752
93 PCG Wealth Advisors, LLC 5.45% of their portfolio OVERLAND PARK, KS 266,372266.4k $8.6m $8.6m 5.45% Added +32.5k +32,544
94 AVALON CAPITAL MANAGEMENT 4.37% of their portfolio Port Of Redwood City, CA 263,232263.2k $8.5m $8.5m 4.37% Reduced -56.5k -56,454
95 SG Americas Securities, LLC 0.11% of their portfolio NEW YORK, NY 260,269260.3k $8.4m $8.4m 0.11% Reduced -309.7k -309,664
96 Millburn Ridgefield LLC /DE/ 0.30% of their portfolio New York, NY 259,678259.7k $8.4m $8.4m 0.30% New
97 EQUITABLE TRUST CO 0.66% of their portfolio NASHVILLE, TN 259,034259.0k $8.4m $8.4m 0.66% Reduced -78.4k -78,361
98 MSH Capital Advisors LLC 3.52% of their portfolio SCOTTSDALE, AZ 254,765254.8k $8.2m $8.2m 3.52% Added +2.5k +2,452
99 Aveo Capital Partners, LLC 1.09% of their portfolio ENGLEWOOD, CO 253,064253.1k $8.2m $8.2m 1.09% Added +40.7k +40,734
100 CAPITAL FUND MANAGEMENT S.A. 0.16% of their portfolio PARIS, I0 251,247251.2k $8.1m $8.1m 0.16% New