Vault-13

VANECK ETF TRUST GDX

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

779 institutional holders -1 vs Q4 2023
261,441,196261.4m shares reported held*
$8.3bnreported value*
97 new 231 added 270 reduced 94 sold out net bought ≈ $728.9m (+22.8m 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 ($8.1m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $31.66. Options: 81 managers hold calls ($4.4bn notional), 45 hold puts ($2.2bn).

Trends to Q1 2024

Institutional holders

Managers reporting a position, each quarter

05001kQ3 22: 621Q4 22: 703Q1 23: 725Q2 23: 732Q3 23: 706Q4 23: 780Q1 24: 779779Q3 22Q1 23Q3 23Q1 24
Numbers
QuarterHolders
Q3 2022621
Q4 2022703
Q1 2023725
Q2 2023732
Q3 2023706
Q4 2023780
Q1 2024779

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 23Q2 23: 287 bought or addedQ2 23: 328 cut or sold outQ2 23Q3 23: 260 bought or addedQ3 23: 346 cut or sold outQ3 23Q4 23: 376 bought or addedQ4 23: 288 cut or sold outQ4 23Q1 24: 328 bought or addedQ1 24: 364 cut or sold outQ1 24
Numbers
QuarterBought or addedCut or sold out
Q4 2022350272
Q1 2023340309
Q2 2023287328
Q3 2023260346
Q4 2023376288
Q1 2024328364

Calls vs puts

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

CallsPuts
$0$2bn$4bn$6bnQ2 23 calls: $4.0bnQ2 23 puts: $1.3bnQ2 23P/C 0.31Q3 23 calls: $3.3bnQ3 23 puts: $1.5bnQ3 23P/C 0.44Q4 23 calls: $4.9bnQ4 23 puts: $2.1bnQ4 23P/C 0.42Q1 24 calls: $4.4bnQ1 24 puts: $2.2bnQ1 24P/C 0.49
Numbers
QuarterCallsPutsP/C
Q2 2023$4.0bn$1.3bn0.31
Q3 2023$3.3bn$1.5bn0.44
Q4 2023$4.9bn$2.1bn0.42
Q1 2024$4.4bn$2.2bn0.49

Biggest buyers

JANE STREET GROUP, LLC Added +14,046,913+14.0m
MORGAN STANLEY Added +12,087,254+12.1m
Capitolis Liquid Global Markets LLC New +3,300,000+3.3m
CITIGROUP INC Added +3,090,252+3.1m
BANK OF MONTREAL /CAN/ Added +2,648,310+2.6m
Alaska Permanent Fund Corp Added +2,242,823+2.2m
UBS Group AG Added +1,574,706+1.6m
Rafferty Asset Management, LLC Added +1,346,169+1.3m
Blackstone Inc. New +1,300,000+1.3m
BNP PARIBAS FINANCIAL MARKETS Added +1,244,404+1.2m

Biggest sellers

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced -6,862,080-6.9m
NATIONAL BANK OF CANADA /FI/ Reduced -3,715,534-3.7m
CITADEL ADVISORS LLC Reduced -2,395,286-2.4m
JPMORGAN CHASE & CO Reduced -2,242,536-2.2m
MOORE CAPITAL MANAGEMENT, LP Reduced -2,218,698-2.2m
GOLDMAN SACHS GROUP INC Reduced -2,054,164-2.1m
TORONTO DOMINION BANK Reduced -2,052,424-2.1m
Twin Tree Management, LP Reduced -1,783,935-1.8m
CQS (US), LLC Sold out -1,160,813-1.2m
AMERIPRISE FINANCIAL INC Reduced -1,028,997-1.0m

Biggest calls

JANE STREET GROUP, LLC Added $916.0m14.2m shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $518.8m16.4m shares
Optiver Holding B.V. Added $382.2m1.7m shares
UBS Group AG Added $228.5m7.2m shares
CITADEL ADVISORS LLC Added $226.0m7.1m shares
IMC-Chicago, LLC Added $218.7m2.3m shares
Squarepoint Ops LLC Reduced $148.2m4.7m shares
BANK OF AMERICA CORP /DE/ Reduced $147.7m4.7m shares
MILLENNIUM MANAGEMENT LLC Reduced $143.6m4.5m shares
CAPSTONE INVESTMENT ADVISORS, LLC Added $132.1m4.2m shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $404.4m12.8m shares
UBS Group AG Added $189.7m6.0m shares
ROYAL BANK OF CANADA Reduced $166.1m5.3m shares
Twin Tree Management, LP New $136.1m4.3m shares
CITADEL ADVISORS LLC Reduced $128.0m4.0m shares
Balyasny Asset Management L.P. Added $110.9m3.5m shares
BARCLAYS PLC Added $109.5m3.5m shares
Squarepoint Ops LLC Added $90.5m2.9m shares
Parallax Volatility Advisers, L.P. Added $78.9m2.5m shares
Walleye Capital LLC Added $77.2m2.4m 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 2024

#ManagerLocationShares Value% of their portfolioChangeShares change
1 MORGAN STANLEY 0.04% of their portfolio NEW YORK, NY 44,042,97044.0m $1.4bn $1.4bn 0.04% Added +12.1m +12,087,254
2 BANK OF AMERICA CORP /DE/ 0.06% of their portfolio CHARLOTTE, NC 18,070,60218.1m $571.4m $571.4m 0.06% Added +849.1k +849,075
3 JPMORGAN CHASE & CO 0.02% of their portfolio NEW YORK, NY 16,794,67816.8m $531.0m $531.0m 0.02% Reduced -2.2m -2,242,536
4 JANE STREET GROUP, LLC 0.66% of their portfolio NEW YORK, NY 16,209,05616.2m $512.5m $512.5m 0.66% Added +14.0m +14,046,913
5 BANK OF MONTREAL /CAN/ 0.16% of their portfolio TORONTO, A6 15,737,59815.7m $498.4m $498.4m 0.16% Added +2.6m +2,648,310
6 UBS Group AG 0.11% of their portfolio ZURICH, V8 10,203,91110.2m $322.6m $322.6m 0.11% Added +1.6m +1,574,706
7 Rafferty Asset Management, LLC 1.13% of their portfolio New York, NY 9,606,4379.6m $303.8m $303.8m 1.13% Added +1.3m +1,346,169
8 Slate Path Capital LP 5.04% of their portfolio New York, NY 8,045,0008.0m $254.4m $254.4m 5.04% Reduced -477.0k -477,000
9 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.23% of their portfolio BALA CYNWYD, PA 4,918,6024.9m $155.5m $155.5m 0.23% Reduced -6.9m -6,862,080
10 CITIGROUP INC 0.16% of their portfolio NEW YORK, NY 4,585,8034.6m $145.0m $145.0m 0.16% Added +3.1m +3,090,252
11 ROYAL BANK OF CANADA 0.03% of their portfolio TORONTO, A6 4,064,1854.1m $128.5m $128.5m 0.03% Added +395.4k +395,379
12 Alaska Permanent Fund Corp 1.83% of their portfolio JUNEAU, AK 3,940,3403.9m $124.6m $124.6m 1.83% Added +2.2m +2,242,823
13 TWO SIGMA INVESTMENTS, LP 0.30% of their portfolio NEW YORK, NY 3,852,7203.9m $121.8m $121.8m 0.30% Added +1.2m +1,186,040
14 WELLS FARGO & COMPANY/MN 0.03% of their portfolio SAN FRANCISCO, CA 3,809,4273.8m $120.5m $120.5m 0.03% Added +418.8k +418,824
15 Caisse de depot et placement du Quebec 0.26% of their portfolio Montreal, A8 3,452,3203.5m $109.2m $109.2m 0.26% Reduced -1.0m -1,001,714
16 Capitolis Liquid Global Markets LLC 1.67% of their portfolio NEW YORK, NY 3,300,0003.3m $104.3m $104.3m 1.67% New
17 LPL Financial LLC 0.06% of their portfolio FORT MILL, SC 3,265,4983.3m $103.3m $103.3m 0.06% Added +267.5k +267,529
18 1832 Asset Management L.P. 0.17% of their portfolio TORONTO, A6 3,020,7153.0m $95.5m $95.5m 0.17% Added +181.5k +181,475
19 BNP PARIBAS FINANCIAL MARKETS 0.11% of their portfolio PARIS, I0 2,711,5932.7m $85.7m $85.7m 0.11% Added +1.2m +1,244,404
20 NATIONAL BANK OF CANADA /FI/ 0.13% of their portfolio MONTREAL, A8 2,070,3262.1m $73.0m $73.0m 0.13% Reduced -3.7m -3,715,534
21 TORONTO DOMINION BANK 0.10% of their portfolio TORONTO, ONTARIO, A6 2,030,7002.0m $64.2m $64.2m 0.10% Reduced -2.1m -2,052,424
22 GOLDMAN SACHS GROUP INC 0.01% of their portfolio NEW YORK, NY 1,863,9761.9m $58.9m $58.9m 0.01% Reduced -2.1m -2,054,164
23 GLOBALT Investments LLC / GA 2.32% of their portfolio Atlanta, GA 1,846,1881.8m $58.4m $58.4m 2.32% Reduced -46.3k -46,296
24 FIL Ltd 0.06% of their portfolio HAMILTON, D0 1,831,2731.8m $57.9m $57.9m 0.06% Added +1.0m +1,008,094
25 New Harbor Financial Group, LLC 20.02% of their portfolio WORCESTER, MA 1,706,5021.7m $54.0m $54.0m 20.02% Added +93.5k +93,490
26 GUGGENHEIM CAPITAL LLC 0.33% of their portfolio CHICAGO, IL 1,462,4991.5m $46.2m $46.2m 0.33% Unchanged
27 Vanderbilt University 9.10% of their portfolio NASHVILLE, TN 1,382,1401.4m $43.7m $43.7m 9.10% Unchanged
28 BARCLAYS PLC 0.02% of their portfolio LONDON, X0 1,377,6201.4m $43.6m $43.6m 0.02% Added +1.1m +1,089,785
29 Blackstone Inc. 0.18% of their portfolio NEW YORK, NY 1,300,0001.3m $41.1m $41.1m 0.18% New
30 HRT FINANCIAL LP 0.25% of their portfolio NEW YORK, NY 1,256,6671.3m $39.7m $39.7m 0.25% Reduced -207.3k -207,301
31 Twin Tree Management, LP 0.89% of their portfolio DALLAS, TX 1,241,1271.2m $39.2m $39.2m 0.89% Reduced -1.8m -1,783,935
32 Federation des caisses Desjardins du Quebec 0.26% of their portfolio LEVIS, A8 1,119,9531.1m $35.4m $35.4m 0.26% Added +1.0m +1,021,743
33 STIFEL FINANCIAL CORP 0.04% of their portfolio ST. LOUIS, MO 1,085,9671.1m $34.3m $34.3m 0.04% Reduced -5.6k -5,613
34 RAYMOND JAMES & ASSOCIATES 0.02% of their portfolio ST PETERSBURG, FL 1,057,6461.1m $33.4m $33.4m 0.02% Reduced -317.7k -317,734
35 MIRABELLA FINANCIAL SERVICES LLP 2.43% of their portfolio London, X0 1,052,9911.1m $33.3m $33.3m 2.43% New
36 GARDA CAPITAL PARTNERS LP 14.79% of their portfolio WAYZATA, MN 1,000,0001.0m $31.6m $31.6m 14.79% New
37 Valiant Capital Management, L.P. 3.52% of their portfolio San Francisco, CA 945,500945.5k $29.9m $29.9m 3.52% Unchanged
38 COMMONWEALTH EQUITY SERVICES, LLC 0.05% of their portfolio WALTHAM, MA 924,972925.0k $29.2m $29.2m 0.05% Added +103.4k +103,441
39 STALEY CAPITAL ADVISERS INC 1.32% of their portfolio PITTSBURGH, PA 891,315891.3k $28.2m $28.2m 1.32% Added +157.1k +157,068
40 Raymond James Financial Services Advisors, Inc. 0.04% of their portfolio ST. PETERSBURG, FL 874,248874.2k $27.6m $27.6m 0.04% Added +5.7k +5,729
41 AMERIPRISE FINANCIAL INC 0.01% of their portfolio MINNEAPOLIS, MN 835,328835.3k $26.4m $26.4m 0.01% Reduced -1.0m -1,028,997
42 GTS SECURITIES LLC 0.69% of their portfolio NEW YORK, NY 810,537810.5k $25.6m $25.6m 0.69% Reduced -328.8k -328,763
43 Praetorian PR LLC 8.08% of their portfolio RINCON, PR 800,000800.0k $25.3m $25.3m 8.08% New
44 Cetera Investment Advisers 0.06% of their portfolio SCHAUMBURG, IL 774,182774.2k $24.5m $24.5m 0.06% Added +642.3k +642,291
45 ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio Berwyn, PA 741,006741.0k $23.4m $23.4m 0.01% Reduced -44.1k -44,078
46 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 733,470733.5k $23.2m $23.2m 0.00% Reduced -512.2k -512,159
47 BANK OF NOVA SCOTIA 0.05% of their portfolio TORONTO, A6 730,268730.3k $23.1m $23.1m 0.05% Added +178.6k +178,568
48 WS MANAGEMENT LLLP 2.11% of their portfolio JACKSONVILLE, FL 729,100729.1k $23.1m $23.1m 2.11% Unchanged
49 Man Group plc 0.06% of their portfolio LONDON, X0 716,172716.2k $22.6m $22.6m 0.06% Added +407.6k +407,583
50 FLAGSHIP HARBOR ADVISORS, LLC 1.38% of their portfolio BOSTON, MA 676,751676.8k $21.4m $21.4m 1.38% Added +661.5k +661,464
51 Walleye Trading LLC 0.34% of their portfolio NEW YORK, NY 648,636648.6k $20.5m $20.5m 0.34% Added +235.6k +235,609
52 Rockefeller Capital Management L.P. 0.06% of their portfolio NEW YORK, NY 603,390603.4k $19.1m $19.1m 0.06% Added +212.6k +212,601
53 TEACHER RETIREMENT SYSTEM OF TEXAS 0.12% of their portfolio AUSTIN, TX 601,000601.0k $19.0m $19.0m 0.12% Unchanged
54 Elo Mutual Pension Insurance Co 0.43% of their portfolio ESPOO, H9 581,276581.3k $18.4m $18.4m 0.43% Added +403.6k +403,632
55 SIMPLEX TRADING, LLC 0.53% of their portfolio CHICAGO, IL 576,254576.3k $18.2m $18.2m 0.53% Reduced -54.4k -54,365
56 Monaco Asset Management SAM 8.05% of their portfolio Monaco, O9 574,500574.5k $18.2m $18.2m 8.05% New
57 Barry Investment Advisors, LLC 5.92% of their portfolio NEW BEDFORD, MA 561,272561.3k $17.7m $17.7m 5.92% Added +22.0k +21,995
58 Clearwater Capital Advisors, LLC 1.88% of their portfolio HOFFMAN ESTATES, IL 558,917558.9k $17.7m $17.7m 1.88% Added +55.2k +55,197
59 CIBC WORLD MARKET INC. 0.04% of their portfolio TORONTO, A6 552,952553.0k $17.5m $17.5m 0.04% Reduced -203.0k -202,990
60 GROUP ONE TRADING LLC 0.60% of their portfolio CHICAGO, IL 531,275531.3k $16.8m $16.8m 0.60% Reduced -52.0k -51,985
61 Balyasny Asset Management L.P. 0.04% of their portfolio Chicago, IL 524,092524.1k $16.6m $16.6m 0.04% Added +244.7k +244,748
62 TRUIST FINANCIAL CORP 0.02% of their portfolio CHARLOTTE, NC 503,161503.2k $15.9m $15.9m 0.02% Reduced -180.3k -180,280
63 TOCQUEVILLE ASSET MANAGEMENT L.P. 0.26% of their portfolio New York, NY 502,540502.5k $15.9m $15.9m 0.26% Added +8.8k +8,840
64 OSAIC HOLDINGS, INC. 0.03% of their portfolio SCOTTSDALE, AZ 484,011484.0k $15.3m $15.3m 0.03% Reduced -137.1k -137,088
65 Baird Financial Group, Inc. 0.03% of their portfolio MILWAUKEE, WI 474,444474.4k $15.0m $15.0m 0.03% Reduced -26.5k -26,520
66 Marks Wealth, LLC 5.40% of their portfolio ELLICOTT CITY, MD 452,118452.1k $14.3m $14.3m 5.40% New
67 Nokomis Capital, L.L.C. 6.24% of their portfolio DALLAS, TX 446,828446.8k $14.1m $14.1m 6.24% Reduced -15.1k -15,100
68 MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio NEW YORK, NY 435,153435.2k $13.8m $13.8m 0.01% Added +309.6k +309,602
69 EVERGREEN CAPITAL MANAGEMENT LLC 0.51% of their portfolio Bellevue, WA 422,956423.0k $13.4m $13.4m 0.51% Reduced -75.6k -75,570
70 PCG Wealth Advisors, LLC 6.19% of their portfolio OVERLAND PARK, KS 412,084412.1k $13.0m $13.0m 6.19% Added +138.4k +138,386
71 Janney Montgomery Scott LLC 0.04% of their portfolio PHILADELPHIA, PA 403,731403.7k $12.8m $12.8m 0.04% Added +67.0k +67,014
72 HighTower Advisors, LLC 0.02% of their portfolio CHICAGO, IL 399,531399.5k $12.6m $12.6m 0.02% Added +29.9k +29,866
73 Cambridge Investment Research Advisors, Inc. 0.05% of their portfolio FAIRFIELD, IA 386,914386.9k $12.2m $12.2m 0.05% Reduced -22.1k -22,082
74 Kestra Advisory Services, LLC 0.08% of their portfolio AUSTIN, TX 369,410369.4k $11.7m $11.7m 0.08% Added +68.3k +68,257
75 Claar Advisors LLC 3.66% of their portfolio NEW YORK, NY 360,000360.0k $11.4m $11.4m 3.66% New
76 CREDIT SUISSE AG/ 0.01% of their portfolio ZURICH, V8 358,076358.1k $11.3m $11.3m 0.01% Reduced -734.9k -734,944
77 Parallax Volatility Advisers, L.P. 0.32% of their portfolio San Francisco, CA 357,717357.7k $11.3m $11.3m 0.32% Added +357.7k +357,716
78 CULTIVAR CAPITAL, INC. 9.45% of their portfolio DENTON, TX 350,251350.3k $11.1m $11.1m 9.45% Added +11.0k +11,014
79 WOLVERINE TRADING, LLC 0.11% of their portfolio CHICAGO, IL 344,618344.6k $10.9m $10.9m 0.11% Reduced -143.9k -143,941
80 TWO SIGMA ADVISERS, LP 0.02% of their portfolio NEW YORK, NY 330,000330.0k $10.4m $10.4m 0.02% New
81 RENAISSANCE TECHNOLOGIES LLC 0.02% of their portfolio NEW YORK, NY 328,200328.2k $10.4m $10.4m 0.02% Added +145.0k +145,000
82 Eschler Asset Management LLP 6.48% of their portfolio London, X0 316,659316.7k $10.0m $10.0m 6.48% Added +16.7k +16,659
83 Waverly Advisors, LLC 0.24% of their portfolio BIRMINGHAM, AL 315,867315.9k $10.0m $10.0m 0.24% New
84 FWL INVESTMENT MANAGEMENT, LLC 5.45% of their portfolio Dallas, TX 312,549312.5k $9.9m $9.9m 5.45% New
85 BLAIR WILLIAM & CO/IL 0.03% of their portfolio CHICAGO, IL 304,433304.4k $9.6m $9.6m 0.03% Reduced -10.6k -10,646
86 CI INVESTMENTS INC. 0.04% of their portfolio TORONTO, Z4 297,884297.9k $9.4m $9.4m 0.04% Added +270.9k +270,884
87 CW Advisors, LLC 0.16% of their portfolio BOSTON, MA 297,853297.9k $9.4m $9.4m 0.16% Added +20.4k +20,431
88 AVALON CAPITAL MANAGEMENT 3.86% of their portfolio Port Of Redwood City, CA 297,780297.8k $9.4m $9.4m 3.86% Added +10.9k +10,947
89 Crestline Management, L.P. 0.85% of their portfolio FORT WORTH, TX 285,078285.1k $9.0m $9.0m 0.85% Added +47.4k +47,405
90 FMR LLC 0.00% of their portfolio BOSTON, MA 280,478280.5k $8.9m $8.9m 0.00% Added +2.4k +2,397
91 Forest Hill Capital, LLC 7.61% of their portfolio LITTLE ROCK, AR 279,500279.5k $8.8m $8.8m 7.61% Unchanged
92 CAPITAL FUND MANAGEMENT S.A. 0.11% of their portfolio PARIS, I0 278,481278.5k $8.8m $8.8m 0.11% New
93 GILDER GAGNON HOWE & CO LLC 0.10% of their portfolio New York, NY 265,758265.8k $8.4m $8.4m 0.10% Reduced -37.4k -37,440
94 BRADLEY FOSTER & SARGENT INC/CT 0.15% of their portfolio HARTFORD, CT 261,013261.0k $8.3m $8.3m 0.15% Reduced -171.9k -171,864
95 MSH Capital Advisors LLC 2.85% of their portfolio SCOTTSDALE, AZ 256,781256.8k $8.1m $8.1m 2.85% Reduced -4.1k -4,060
96 Woodson Capital Management, LP 1.46% of their portfolio Greenwich, CT 252,200252.2k $8.0m $8.0m 1.46% Added +52.2k +52,200
97 Madison Asset Management, LLC 0.10% of their portfolio MADISON, WI 252,000252.0k $8.0m $8.0m 0.10% Unchanged
98 U.S. Capital Wealth Advisors, LLC 0.31% of their portfolio AUSTIN, TX 251,867251.9k $8.0m $8.0m 0.31% Added +30.7k +30,673
99 IHT Wealth Management, LLC 0.32% of their portfolio Chicago, IL 250,857250.9k $7.9m $7.9m 0.32% Added +27.3k +27,281
100 Versant Capital Management, Inc 2.26% of their portfolio PHOENIX, AZ 250,177250.2k $7.9m $7.9m 2.26% Reduced -5.2k -5,244