Vault-13

VANECK ETF TRUST GDX

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

892 institutional holders +54 vs Q4 2024
146,154,391146.2m shares reported held*
$6.7bnreported value*
137 new 255 added 299 reduced 79 sold out net sold ≈ $1.7bn (-36.2m 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 ($29.7m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $45.93. Options: 70 managers hold calls ($4.3bn notional), 50 hold puts ($4.1bn).

Trends to Q1 2025

Institutional holders

Managers reporting a position, each quarter

05001kQ3 22: 621Q4 22: 703Q1 23: 725Q2 23: 732Q3 23: 706Q4 23: 780Q1 24: 779Q2 24: 798Q3 24: 837Q4 24: 838Q1 25: 892892Q3 22Q1 23Q3 23Q1 24Q3 24Q1 25
Numbers
QuarterHolders
Q3 2022621
Q4 2022703
Q1 2023725
Q2 2023732
Q3 2023706
Q4 2023780
Q1 2024779
Q2 2024798
Q3 2024837
Q4 2024838
Q1 2025892

Buyers vs sellers

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

Bought or addedCut or sold out
4000400Q2 23: 287 bought or addedQ2 23: 328 cut or sold outQ3 23: 260 bought or addedQ3 23: 346 cut or sold outQ3 23Q4 23: 376 bought or addedQ4 23: 288 cut or sold outQ1 24: 328 bought or addedQ1 24: 364 cut or sold outQ1 24Q2 24: 327 bought or addedQ2 24: 356 cut or sold outQ3 24: 353 bought or addedQ3 24: 347 cut or sold outQ3 24Q4 24: 358 bought or addedQ4 24: 377 cut or sold outQ1 25: 392 bought or addedQ1 25: 378 cut or sold outQ1 25
Numbers
QuarterBought or addedCut or sold out
Q2 2023287328
Q3 2023260346
Q4 2023376288
Q1 2024328364
Q2 2024327356
Q3 2024353347
Q4 2024358377
Q1 2025392378

Calls vs puts

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

CallsPuts
$0$2bn$4bn$6bnQ2 24 calls: $4.8bnQ2 24 puts: $2.6bnQ2 24P/C 0.54Q3 24 calls: $4.6bnQ3 24 puts: $3.7bnQ3 24P/C 0.82Q4 24 calls: $4.1bnQ4 24 puts: $3.5bnQ4 24P/C 0.85Q1 25 calls: $4.3bnQ1 25 puts: $4.1bnQ1 25P/C 0.94
Numbers
QuarterCallsPutsP/C
Q2 2024$4.8bn$2.6bn0.54
Q3 2024$4.6bn$3.7bn0.82
Q4 2024$4.1bn$3.5bn0.85
Q1 2025$4.3bn$4.1bn0.94

Biggest buyers

BANCO BILBAO VIZCAYA ARGENTARIA, S.A. Added +2,051,490+2.1m
NATIONAL BANK OF CANADA /FI/ Added +1,360,475+1.4m
CSM Advisors, LLC New +797,400+797.4k
MARSHALL WACE, LLP Added +640,362+640.4k
BARCLAYS PLC Added +623,228+623.2k
Parallax Volatility Advisers, L.P. Added +584,986+585.0k
Caption Management, LLC New +502,844+502.8k
Cubist Systematic Strategies, LLC Added +466,629+466.6k
Quantitative Investment Management, LLC Added +450,143+450.1k
SG Americas Securities, LLC Added +432,076+432.1k

Biggest sellers

JPMORGAN CHASE & CO Reduced -6,499,963-6.5m
JANE STREET GROUP, LLC Sold out -6,093,412-6.1m
Rafferty Asset Management, LLC Reduced -4,274,937-4.3m
BANK OF MONTREAL /CAN/ Reduced -4,145,722-4.1m
TWO SIGMA INVESTMENTS, LP Reduced -3,842,461-3.8m
MORGAN STANLEY Reduced -3,496,740-3.5m
CITIGROUP INC Reduced -2,507,962-2.5m
Eisler Capital Management Ltd. Reduced -2,446,040-2.4m
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced -1,689,964-1.7m
Alaska Permanent Fund Corp Reduced -1,613,326-1.6m

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $576.5m12.5m shares
BANK OF AMERICA CORP /DE/ Added $481.0m10.5m shares
IMC-Chicago, LLC Added $343.9m2.5m shares
JANE STREET GROUP, LLC Reduced $341.1m7.4m shares
UBS Group AG Reduced $264.1m5.7m shares
Optiver Holding B.V. Added $223.8m1.1m shares
CITADEL ADVISORS LLC Reduced $190.6m4.1m shares
CITIGROUP INC Added $152.8m3.3m shares
Squarepoint Ops LLC Reduced $121.7m2.6m shares
Jain Global LLC New $117.0m2.5m shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $631.4m13.7m shares
JANE STREET GROUP, LLC Reduced $490.2m10.7m shares
Balyasny Asset Management L.P. Added $406.2m8.8m shares
Twin Tree Management, LP Added $373.8m8.1m shares
CITADEL ADVISORS LLC Reduced $230.7m5.0m shares
UBS Group AG Added $203.5m4.4m shares
BANK OF AMERICA CORP /DE/ Added $177.0m3.9m shares
CITIGROUP INC Added $159.5m3.5m shares
BARCLAYS PLC Reduced $134.2m2.9m shares
CAPITAL FUND MANAGEMENT S.A. Reduced $130.7m2.8m 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 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 MORGAN STANLEY 0.05% of their portfolio NEW YORK, NY 16,605,43516.6m $763.4m $763.4m 0.05% Reduced -3.5m -3,496,740
2 BANK OF AMERICA CORP /DE/ 0.06% of their portfolio CHARLOTTE, NC 13,554,51713.6m $623.1m $623.1m 0.06% Reduced -336.1k -336,130
3 UBS Group AG 0.11% of their portfolio ZURICH, V8 10,398,81510.4m $478.0m $478.0m 0.11% Reduced -107.9k -107,896
4 BANK OF MONTREAL /CAN/ 0.21% of their portfolio TORONTO, A6 8,591,6818.6m $395.0m $395.0m 0.21% Reduced -4.1m -4,145,722
5 Rafferty Asset Management, LLC 0.98% of their portfolio New York, NY 5,007,1865.0m $230.2m $230.2m 0.98% Reduced -4.3m -4,274,937
6 LPL Financial LLC 0.06% of their portfolio FORT MILL, SC 3,594,2513.6m $165.2m $165.2m 0.06% Added +80.8k +80,785
7 WELLS FARGO & COMPANY/MN 0.03% of their portfolio SAN FRANCISCO, CA 2,971,6853.0m $136.6m $136.6m 0.03% Reduced -524.1k -524,087
8 ROYAL BANK OF CANADA 0.02% of their portfolio TORONTO, A6 2,259,5652.3m $103.9m $103.9m 0.02% Added +13.7k +13,697
9 BANCO BILBAO VIZCAYA ARGENTARIA, S.A. 0.95% of their portfolio Madrid, U3 2,080,3922.1m $94.7m $94.7m 0.95% Added +2.1m +2,051,490
10 SCHRODER INVESTMENT MANAGEMENT GROUP 0.09% of their portfolio London, X0 2,060,8782.1m $93.9m $93.9m 0.09% Added +267.8k +267,806
11 BNP PARIBAS FINANCIAL MARKETS 0.06% of their portfolio PARIS, I0 1,847,9351.8m $84.9m $84.9m 0.06% First filing
12 RAYMOND JAMES FINANCIAL INC 0.03% of their portfolio ST. PETERSBURG, FL 1,622,5831.6m $74.6m $74.6m 0.03% Reduced -277.3k -277,294
13 GLOBALT Investments LLC / GA 2.83% of their portfolio Atlanta, GA 1,507,2831.5m $69.3m $69.3m 2.83% Reduced -287.9k -287,870
14 Balyasny Asset Management L.P. 0.17% of their portfolio Chicago, IL 1,444,4461.4m $66.4m $66.4m 0.17% Added +260.1k +260,066
15 NATIONAL BANK OF CANADA /FI/ 0.07% of their portfolio MONTREAL, A8 1,376,1921.4m $63.3m $63.3m 0.07% Added +1.4m +1,360,475
16 Capitolis Liquid Global Markets LLC 0.55% of their portfolio NEW YORK, NY 1,349,0001.3m $62.0m $62.0m 0.55% Reduced -333.0k -333,000
17 Pureheart Capital Pte Ltd. 9.02% of their portfolio SINGAPORE, U0 1,320,0001.3m $60.7m $60.7m 9.02% Unchanged
18 STIFEL FINANCIAL CORP 0.06% of their portfolio ST. LOUIS, MO 1,228,2001.2m $56.5m $56.5m 0.06% Added +35.3k +35,335
19 MARSHALL WACE, LLP 0.07% of their portfolio LONDON, X0 1,182,0611.2m $54.3m $54.3m 0.07% Added +640.4k +640,362
20 New Harbor Financial Group, LLC 14.13% of their portfolio WORCESTER, MA 1,155,7871.2m $53.1m $53.1m 14.13% Added +394.7k +394,744
21 GOLDMAN SACHS GROUP INC 0.01% of their portfolio NEW YORK, NY 1,102,0101.1m $50.7m $50.7m 0.01% Added +151.8k +151,836
22 COMMONWEALTH EQUITY SERVICES, LLC 0.07% of their portfolio WALTHAM, MA 1,101,9381.1m $50.7m $50.7m 0.07% Added +5.7k +5,650
23 Vanderbilt University 9.64% of their portfolio NASHVILLE, TN 1,098,3051.1m $50.5m $50.5m 9.64% Unchanged
24 Cetera Investment Advisers 0.09% of their portfolio SCHAUMBURG, IL 1,049,5471.0m $48.2m $48.2m 0.09% Added +6.3k +6,329
25 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.08% of their portfolio BALA CYNWYD, PA 1,005,7631.0m $46.2m $46.2m 0.08% Reduced -1.7m -1,689,964
26 AMERIPRISE FINANCIAL INC 0.01% of their portfolio MINNEAPOLIS, MN 1,002,5921.0m $46.1m $46.1m 0.01% Added +163.0k +163,016
27 Ion Asset Management Ltd. 3.29% of their portfolio Herzliya, L3 974,550974.5k $44.8m $44.8m 3.29% Reduced -33.9k -33,850
28 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 969,534969.5k $44.6m $44.6m 0.00% Reduced -6.5m -6,499,963
29 CITADEL ADVISORS LLC 0.04% of their portfolio MIAMI, FL 811,607811.6k $37.3m $37.3m 0.04% Added +407.7k +407,682
30 BARCLAYS PLC 0.02% of their portfolio LONDON, X0 798,473798.5k $36.7m $36.7m 0.02% Added +623.2k +623,228
31 CSM Advisors, LLC 2.00% of their portfolio WARRENDALE, PA 797,400797.4k $36.7m $36.7m 2.00% New
32 Panview Capital Ltd 13.51% of their portfolio HONG KONG, K3 776,300776.3k $35.7m $35.7m 13.51% Reduced -62.0k -62,000
33 STALEY CAPITAL ADVISERS INC 1.59% of their portfolio PITTSBURGH, PA 761,816761.8k $35.0m $35.0m 1.59% Reduced -166.4k -166,356
34 CITIGROUP INC 0.03% of their portfolio NEW YORK, NY 758,061758.1k $34.8m $34.8m 0.03% Reduced -2.5m -2,507,962
35 ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio Berwyn, PA 708,030708.0k $32.5m $32.5m 0.01% Reduced -43.1k -43,104
36 Rockefeller Capital Management L.P. 0.08% of their portfolio NEW YORK, NY 691,848691.8k $31.8m $31.8m 0.08% Added +7.9k +7,902
37 Twin Tree Management, LP 0.69% of their portfolio DALLAS, TX 678,158678.2k $31.2m $31.2m 0.69% Reduced -633.8k -633,803
38 Valiant Capital Management, L.P. 3.26% of their portfolio San Francisco, CA 658,389658.4k $30.3m $30.3m 3.26% Unchanged
39 TEACHER RETIREMENT SYSTEM OF TEXAS 0.13% of their portfolio AUSTIN, TX 656,000656.0k $30.2m $30.2m 0.13% Reduced -915.0k -915,000
40 CAPITAL FUND MANAGEMENT S.A. 0.37% of their portfolio PARIS, I0 638,835638.8k $29.4m $29.4m 0.37% Added +51.3k +51,301
41 MILLENNIUM MANAGEMENT LLC 0.03% of their portfolio NEW YORK, NY 625,219625.2k $28.7m $28.7m 0.03% Reduced -152.8k -152,813
42 Alaska Permanent Fund Corp 0.41% of their portfolio JUNEAU, AK 601,411601.4k $29.5m $29.5m 0.41% Reduced -1.6m -1,613,326
43 Parallax Volatility Advisers, L.P. 0.87% of their portfolio San Francisco, CA 584,987585.0k $26.9m $26.9m 0.87% Added +585.0k +584,986
44 SG Americas Securities, LLC 0.09% of their portfolio NEW YORK, NY 578,710578.7k $26.6m $26.6m 0.09% Added +432.1k +432,076
45 Quantitative Investment Management, LLC 2.44% of their portfolio CHARLOTTESVILLE, VA 576,850576.9k $26.5m $26.5m 2.44% Added +450.1k +450,143
46 Barry Investment Advisors, LLC 7.04% of their portfolio NEW BEDFORD, MA 576,225576.2k $26.5m $26.5m 7.04% Added +5.0k +4,965
47 TOCQUEVILLE ASSET MANAGEMENT L.P. 0.38% of their portfolio New York, NY 504,514504.5k $23.2m $23.2m 0.38% Added +12.6k +12,571
48 HighTower Advisors, LLC 0.03% of their portfolio CHICAGO, IL 503,280503.3k $23.1m $23.1m 0.03% Added +81.3k +81,323
49 Caption Management, LLC 1.06% of their portfolio OKLAHOMA CITY, OK 502,844502.8k $23.1m $23.1m 1.06% New
50 Cubist Systematic Strategies, LLC 0.30% of their portfolio STAMFORD, CT 497,627497.6k $22.9m $22.9m 0.30% Added +466.6k +466,629
51 TRUIST FINANCIAL CORP 0.04% of their portfolio CHARLOTTE, NC 478,799478.8k $22.0m $22.0m 0.04% Reduced -31.4k -31,404
52 VICTORY CAPITAL MANAGEMENT INC 0.02% of their portfolio San Antonio, TX 475,712475.7k $21.9m $21.9m 0.02% Added +65.0k +65,034
53 WS MANAGEMENT LLLP 3.59% of their portfolio JACKSONVILLE, FL 461,263461.3k $21.2m $21.2m 3.59% Reduced -7.4k -7,437
54 Cambridge Investment Research Advisors, Inc. 0.07% of their portfolio FAIRFIELD, IA 455,153455.2k $20.9m $20.9m 0.07% Added +22.8k +22,795
55 Private Advisor Group, LLC 0.12% of their portfolio MORRISTOWN, NJ 434,432434.4k $20.0m $20.0m 0.12% Added +113.7k +113,671
56 Clearwater Capital Advisors, LLC 1.89% of their portfolio HOFFMAN ESTATES, IL 425,246425.2k $19.5m $19.5m 1.89% Reduced -127.9k -127,937
57 AVALON CAPITAL MANAGEMENT 5.65% of their portfolio Port Of Redwood City, CA 423,016423.0k $19.4m $19.4m 5.65% Added +223.2k +223,218
58 LMR Partners LLP 0.38% of their portfolio LONDON, X0 411,006411.0k $18.9m $18.9m 0.38% Added +11.0k +11,006
59 BFI Infinity Ltd. 20.07% of their portfolio ZURICH, V8 404,173404.2k $18.6m $18.6m 20.07% Added +9.7k +9,738
60 SHUFRO ROSE & CO LLC 1.47% of their portfolio NEW YORK, NY 403,552403.6k $18.6m $18.6m 1.47% Reduced -131.3k -131,311
61 SYON CAPITAL LLC 1.51% of their portfolio SAN FRANCISCO, CA 403,048403.0k $18.5m $18.5m 1.51% Reduced -49.9k -49,912
62 Guardian Partners Inc. 1.97% of their portfolio TORONTO, Z4 391,334391.3k $19.1m $19.1m 1.97% New
63 FMR LLC 0.00% of their portfolio BOSTON, MA 385,389385.4k $17.7m $17.7m 0.00% Added +108.1k +108,097
64 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.01% of their portfolio MILWAUKEE, WI 380,777380.8k $17.5m $17.5m 0.01% Added +143.3k +143,316
65 PCG Wealth Advisors, LLC 6.02% of their portfolio OVERLAND PARK, KS 375,116375.1k $17.2m $17.2m 6.02% Added +5.4k +5,426
66 NewEdge Advisors, LLC 0.09% of their portfolio NEW ORLEANS, LA 359,558359.6k $15.1m $15.1m 0.09% Added +54.1k +54,148
67 Kestra Advisory Services, LLC 0.08% of their portfolio AUSTIN, TX 351,130351.1k $16.1m $16.1m 0.08% Reduced -83.8k -83,757
68 OLD MISSION CAPITAL LLC 0.31% of their portfolio CHICAGO, IL 347,728347.7k $16.0m $16.0m 0.31% New
69 BANK OF NOVA SCOTIA 0.04% of their portfolio TORONTO, A6 345,400345.4k $15.9m $15.9m 0.04% Reduced -573.6k -573,596
70 Polymer Capital Management (HK) LTD 2.74% of their portfolio HONG KONG, K3 343,500343.5k $15.8m $15.8m 2.74% New
71 U.S. Capital Wealth Advisors, LLC 0.48% of their portfolio AUSTIN, TX 341,885341.9k $15.7m $15.7m 0.48% Added +39.2k +39,235
72 KESTRA PRIVATE WEALTH SERVICES, LLC 0.26% of their portfolio AUSTIN, TX 341,680341.7k $15.7m $15.7m 0.26% Added +29.3k +29,330
73 TD Waterhouse Canada Inc. 0.13% of their portfolio TORONTO, A6 337,414337.4k $15.4m $15.4m 0.13% Added +39.9k +39,892
74 Janney Montgomery Scott LLC 0.04% of their portfolio PHILADELPHIA, PA 336,147336.1k $15.5m $15.5m 0.04% Reduced -10.0k -10,033
75 BRADLEY FOSTER & SARGENT INC/CT 0.26% of their portfolio HARTFORD, CT 333,150333.1k $15.3m $15.3m 0.26% Added +27.1k +27,060
76 CIBC WORLD MARKET INC. 0.03% of their portfolio TORONTO, A6 333,134333.1k $15.3m $15.3m 0.03% Reduced -51.3k -51,326
77 PRUDENTIAL PLC 0.08% of their portfolio LONDON, X0 327,500327.5k $15.1m $15.1m 0.08% New
78 RED CEDAR INVESTMENT MANAGEMENT, LLC 2.02% of their portfolio GRAND RAPIDS, MI 317,318317.3k $14.6m $14.6m 2.02% New
79 CW Advisors, LLC 0.17% of their portfolio BOSTON, MA 314,178314.2k $14.4m $14.4m 0.17% Added +20.6k +20,648
80 MJP ASSOCIATES INC /ADV 2.56% of their portfolio FARMINGTON, CT 308,267308.3k $14.2m $14.2m 2.56% New
81 Advisor OS, LLC 1.61% of their portfolio CHICAGO, IL 308,267308.3k $14.2m $14.2m 1.61% New
82 Waverly Advisors, LLC 0.17% of their portfolio BIRMINGHAM, AL 302,910302.9k $13.9m $13.9m 0.17% Reduced -2.6k -2,613
83 Versant Capital Management, Inc 2.32% of their portfolio PHOENIX, AZ 300,320300.3k $13.8m $13.8m 2.32% Reduced -6.7k -6,665
84 OSAIC HOLDINGS, INC. 0.03% of their portfolio SCOTTSDALE, AZ 300,014300.0k $13.8m $13.8m 0.03% Added +19.0k +18,965
85 CULTIVAR CAPITAL, INC. 11.02% of their portfolio DENTON, TX 297,853297.9k $13.7m $13.7m 11.02% Reduced -23.0k -23,016
86 NORTHEAST PLANNING ASSOCIATES, INC. / NH / 11.36% of their portfolio BEDFORD, NH 297,533297.5k $13.7m $13.7m 11.36% Added +3.9k +3,859
87 Prospera Financial Services Inc 0.31% of their portfolio Dallas, TX 297,218297.2k $13.7m $13.7m 0.31% Added +80.0k +80,005
88 BLAIR WILLIAM & CO/IL 0.04% of their portfolio CHICAGO, IL 296,149296.1k $13.6m $13.6m 0.04% Reduced -19.5k -19,505
89 Fielder Capital Group LLC 3.87% of their portfolio NASHVILLE, TN 290,861290.9k $13.4m $13.4m 3.87% Added +115.2k +115,230
90 FWL INVESTMENT MANAGEMENT, LLC 4.85% of their portfolio Dallas, TX 284,206284.2k $13.1m $13.1m 4.85% Reduced -52.1k -52,056
91 W1M Asset Management Ltd 1.12% of their portfolio London, X0 283,203283.2k $13.0m $13.0m 1.12% Added +56.9k +56,938
92 Forest Hill Capital, LLC 9.61% of their portfolio LITTLE ROCK, AR 279,500279.5k $12.8m $12.8m 9.61% Unchanged
93 Glenorchy Capital Ltd 4.39% of their portfolio BOOROLITE, C3 256,502256.5k $11.8m $11.8m 4.39% Added +128.1k +128,050
94 Nokomis Capital, L.L.C. 5.04% of their portfolio DALLAS, TX 254,195254.2k $11.7m $11.7m 5.04% Reduced -76.5k -76,531
95 Wealth High Governance Capital Ltda 7.45% of their portfolio SAO PAULO, D5 248,000248.0k $11.4m $11.4m 7.45% New
96 Welch & Forbes LLC 0.15% of their portfolio Boston, MA 242,121242.1k $11.1m $11.1m 0.15% Added +11.2k +11,220
97 Yong Rong (HK) Asset Management Ltd 2.58% of their portfolio SHEUNG WAN, K3 240,000240.0k $11.0m $11.0m 2.58% Reduced -310.0k -310,000
98 MENLO ADVISORS LLC 6.03% of their portfolio MENLO PARK, CA 239,115239.1k $11.0m $11.0m 6.03% Unchanged
99 Pekin Hardy Strauss, Inc. 1.31% of their portfolio CHICAGO, IL 234,990235.0k $10.8m $10.8m 1.31% Added +2.5k +2,550
100 Michelson Medical Research Foundation, Inc. 9.01% of their portfolio Los Angeles, CA 234,305234.3k $10.8m $10.8m 9.01% Unchanged