Vault-13

VANECK ETF TRUST GDX

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

941 institutional holders +49 vs Q1 2025
141,908,320141.9m shares reported held*
$7.4bnreported value*
133 new 252 added 377 reduced 88 sold out net sold ≈ $246.2m (-4.7m 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 ($9.5m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $52.05. Options: 67 managers hold calls ($4.1bn notional), 49 hold puts ($4.6bn).

Trends to Q2 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: 892Q2 25: 941941Q3 22Q2 23Q1 24Q4 24Q2 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
Q2 2025941

Buyers vs sellers

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

Bought or addedCut or sold out
5000500Q3 23: 260 bought or addedQ3 23: 346 cut or sold outQ4 23: 376 bought or addedQ4 23: 288 cut or sold outQ4 23Q1 24: 328 bought or addedQ1 24: 364 cut or sold outQ2 24: 327 bought or addedQ2 24: 356 cut or sold outQ2 24Q3 24: 353 bought or addedQ3 24: 347 cut or sold outQ4 24: 358 bought or addedQ4 24: 377 cut or sold outQ4 24Q1 25: 392 bought or addedQ1 25: 378 cut or sold outQ2 25: 385 bought or addedQ2 25: 465 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 2023260346
Q4 2023376288
Q1 2024328364
Q2 2024327356
Q3 2024353347
Q4 2024358377
Q1 2025392378
Q2 2025385465

Calls vs puts

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

CallsPuts
$0$2bn$4bn$6bnQ3 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 0.94Q2 25 calls: $4.1bnQ2 25 puts: $4.6bnQ2 25P/C 1.11
Numbers
QuarterCallsPutsP/C
Q3 2024$4.6bn$3.7bn0.82
Q4 2024$4.1bn$3.5bn0.85
Q1 2025$4.3bn$4.1bn0.94
Q2 2025$4.1bn$4.6bn1.11

Biggest buyers

ROYAL BANK OF CANADA Added +4,700,987+4.7m
JPMORGAN CHASE & CO Added +3,008,398+3.0m
Slate Path Capital LP New +2,364,000+2.4m
Rafferty Asset Management, LLC Added +1,503,884+1.5m
TWO SIGMA INVESTMENTS, LP Added +1,469,748+1.5m
WELLINGTON MANAGEMENT GROUP LLP Added +968,161+968.2k
Rockefeller Capital Management L.P. Added +914,718+914.7k
GOLDMAN SACHS GROUP INC Added +816,036+816.0k
TEACHER RETIREMENT SYSTEM OF TEXAS Added +650,000+650.0k
Invesco Ltd. New +600,000+600.0k

Biggest sellers

BANK OF AMERICA CORP /DE/ Reduced -2,768,631-2.8m
MORGAN STANLEY Reduced -2,673,739-2.7m
BANK OF MONTREAL /CAN/ Reduced -1,593,709-1.6m
BNP PARIBAS FINANCIAL MARKETS Reduced -1,502,655-1.5m
BANCO BILBAO VIZCAYA ARGENTARIA, S.A. Reduced -1,240,529-1.2m
Capitolis Liquid Global Markets LLC Reduced -1,083,400-1.1m
MARSHALL WACE, LLP Reduced -934,174-934.2k
SCHRODER INVESTMENT MANAGEMENT GROUP Reduced -814,384-814.4k
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced -747,760-747.8k
CITADEL ADVISORS LLC Reduced -677,675-677.7k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $644.8m12.4m shares
IMC-Chicago, LLC Added $403.8m2.5m shares
Optiver Holding B.V. Added $301.2m1.1m shares
JANE STREET GROUP, LLC Reduced $275.6m5.3m shares
CITADEL ADVISORS LLC Added $253.2m4.9m shares
BANK OF AMERICA CORP /DE/ Reduced $209.9m4.0m shares
CITIGROUP INC Reduced $164.6m3.2m shares
BARCLAYS PLC Added $147.8m2.8m shares
Jain Global LLC Added $145.3m2.8m shares
GROUP ONE TRADING LLC Reduced $131.0m2.0m shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $755.8m14.5m shares
JANE STREET GROUP, LLC Added $657.6m12.6m shares
Balyasny Asset Management L.P. Reduced $395.7m7.6m shares
Twin Tree Management, LP Reduced $314.8m6.0m shares
UBS Group AG Added $238.4m4.6m shares
Elliott Investment Management L.P. Added $208.2m4.0m shares
CITADEL ADVISORS LLC Reduced $207.2m4.0m shares
Jain Global LLC Added $148.4m2.9m shares
BNP PARIBAS FINANCIAL MARKETS Added $148.3m28.5k shares
CAPITAL FUND MANAGEMENT S.A. Reduced $127.0m2.4m 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, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 MORGAN STANLEY 0.05% of their portfolio NEW YORK, NY 13,931,69613.9m $725.3m $725.3m 0.05% Reduced -2.7m -2,673,739
2 BANK OF AMERICA CORP /DE/ 0.05% of their portfolio CHARLOTTE, NC 10,785,88610.8m $561.5m $561.5m 0.05% Reduced -2.8m -2,768,631
3 UBS Group AG 0.11% of their portfolio ZURICH, V8 10,490,25010.5m $546.1m $546.1m 0.11% Added +91.4k +91,435
4 BANK OF MONTREAL /CAN/ 0.18% of their portfolio TORONTO, A6 6,997,9727.0m $364.3m $364.3m 0.18% Reduced -1.6m -1,593,709
5 ROYAL BANK OF CANADA 0.04% of their portfolio TORONTO, A6 6,960,5527.0m $362.4m $362.4m 0.04% Added +4.7m +4,700,987
6 Rafferty Asset Management, LLC 1.12% of their portfolio New York, NY 6,511,0706.5m $339.0m $339.0m 1.12% Added +1.5m +1,503,884
7 JPMORGAN CHASE & CO 0.01% of their portfolio NEW YORK, NY 3,977,9324.0m $207.1m $207.1m 0.01% Added +3.0m +3,008,398
8 WELLS FARGO & COMPANY/MN 0.04% of their portfolio SAN FRANCISCO, CA 3,219,0543.2m $167.6m $167.6m 0.04% Added +247.4k +247,369
9 LPL Financial LLC 0.06% of their portfolio FORT MILL, SC 3,195,0823.2m $166.3m $166.3m 0.06% Reduced -399.2k -399,169
10 Slate Path Capital LP 2.12% of their portfolio New York, NY 2,364,0002.4m $123.1m $123.1m 2.12% New
11 GOLDMAN SACHS GROUP INC 0.02% of their portfolio NEW YORK, NY 1,918,0461.9m $99.9m $99.9m 0.02% Added +816.0k +816,036
12 Rockefeller Capital Management L.P. 0.10% of their portfolio NEW YORK, NY 1,606,5661.6m $83.6m $83.6m 0.10% Added +914.7k +914,718
13 RAYMOND JAMES FINANCIAL INC 0.03% of their portfolio ST. PETERSBURG, FL 1,494,9041.5m $77.8m $77.8m 0.03% Reduced -127.7k -127,679
14 TWO SIGMA INVESTMENTS, LP 0.14% of their portfolio NEW YORK, NY 1,478,4871.5m $77.0m $77.0m 0.14% Added +1.5m +1,469,748
15 Pureheart Capital Pte Ltd. 11.52% of their portfolio SINGAPORE, U0 1,339,0001.3m $69.7m $69.7m 11.52% Added +19.0k +19,000
16 TEACHER RETIREMENT SYSTEM OF TEXAS 0.29% of their portfolio AUSTIN, TX 1,306,0001.3m $68.0m $68.0m 0.29% Added +650.0k +650,000
17 SCHRODER INVESTMENT MANAGEMENT GROUP 0.05% of their portfolio London, X0 1,246,4941.2m $64.9m $64.9m 0.05% Reduced -814.4k -814,384
18 STIFEL FINANCIAL CORP 0.06% of their portfolio ST. LOUIS, MO 1,167,2481.2m $60.8m $60.8m 0.06% Reduced -61.0k -60,952
19 New Harbor Financial Group, LLC 13.36% of their portfolio WORCESTER, MA 1,118,4761.1m $58.2m $58.2m 13.36% Reduced -37.3k -37,311
20 GLOBALT Investments LLC / GA 2.19% of their portfolio Atlanta, GA 1,100,1851.1m $57.3m $57.3m 2.19% Reduced -407.1k -407,098
21 NATIONAL BANK OF CANADA /FI/ 0.06% of their portfolio MONTREAL, A8 1,084,0791.1m $56.4m $56.4m 0.06% Reduced -292.1k -292,113
22 COMMONWEALTH EQUITY SERVICES, LLC 0.07% of their portfolio WALTHAM, MA 1,067,8591.1m $55.6m $55.6m 0.07% Reduced -34.1k -34,079
23 AMERIPRISE FINANCIAL INC 0.01% of their portfolio MINNEAPOLIS, MN 1,051,1381.1m $54.7m $54.7m 0.01% Added +48.5k +48,546
24 WELLINGTON MANAGEMENT GROUP LLP 0.01% of their portfolio Boston, MA 1,011,5901.0m $52.7m $52.7m 0.01% Added +968.2k +968,161
25 Ion Asset Management Ltd. 3.08% of their portfolio Herzliya, L3 978,970979.0k $51.0m $51.0m 3.08% Added +4.4k +4,420
26 Balyasny Asset Management L.P. 0.11% of their portfolio Chicago, IL 900,877900.9k $46.9m $46.9m 0.11% Reduced -543.6k -543,569
27 BANCO BILBAO VIZCAYA ARGENTARIA, S.A. 0.39% of their portfolio Madrid, U3 839,863839.9k $43.3m $43.3m 0.39% Reduced -1.2m -1,240,529
28 Cetera Investment Advisers 0.07% of their portfolio SCHAUMBURG, IL 834,518834.5k $43.4m $43.4m 0.07% Reduced -215.0k -215,029
29 Vanderbilt University 8.00% of their portfolio NASHVILLE, TN 814,005814.0k $42.4m $42.4m 8.00% Reduced -284.3k -284,300
30 Panview Capital Ltd 12.73% of their portfolio HONG KONG, K3 768,300768.3k $40.0m $40.0m 12.73% Reduced -8.0k -8,000
31 CAPITAL FUND MANAGEMENT S.A. 0.43% of their portfolio PARIS, I0 744,900744.9k $38.8m $38.8m 0.43% Added +106.1k +106,065
32 CITIGROUP INC 0.03% of their portfolio NEW YORK, NY 742,215742.2k $38.6m $38.6m 0.03% Reduced -15.8k -15,846
33 ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio Berwyn, PA 741,118741.1k $38.6m $38.6m 0.01% Added +33.1k +33,088
34 STALEY CAPITAL ADVISERS INC 1.47% of their portfolio PITTSBURGH, PA 664,551664.6k $34.6m $34.6m 1.47% Reduced -97.3k -97,265
35 Valiant Capital Management, L.P. 2.64% of their portfolio San Francisco, CA 658,389658.4k $34.3m $34.3m 2.64% Unchanged
36 VICTORY CAPITAL MANAGEMENT INC 0.02% of their portfolio San Antonio, TX 648,439648.4k $33.8m $33.8m 0.02% Added +172.7k +172,727
37 Invesco Ltd. 0.01% of their portfolio ATLANTA, GA 600,000600.0k $31.2m $31.2m 0.01% New
38 SG Americas Securities, LLC 0.13% of their portfolio NEW YORK, NY 581,655581.7k $30.3m $30.3m 0.13% Added +2.9k +2,945
39 Barry Investment Advisors, LLC 7.47% of their portfolio NEW BEDFORD, MA 576,462576.5k $30.0m $30.0m 7.47% Added +237 +237
40 HighTower Advisors, LLC 0.04% of their portfolio CHICAGO, IL 570,078570.1k $29.7m $29.7m 0.04% Added +66.8k +66,798
41 Cambridge Investment Research Advisors, Inc. 0.09% of their portfolio FAIRFIELD, IA 563,351563.4k $29.3m $29.3m 0.09% Added +108.2k +108,198
42 Blackstone Inc. 0.12% of their portfolio NEW YORK, NY 500,000500.0k $26.0m $26.0m 0.12% New
43 TRUIST FINANCIAL CORP 0.04% of their portfolio CHARLOTTE, NC 498,984499.0k $26.0m $26.0m 0.04% Added +20.2k +20,185
44 TOCQUEVILLE ASSET MANAGEMENT L.P. 0.39% of their portfolio New York, NY 496,078496.1k $25.8m $25.8m 0.39% Reduced -8.4k -8,436
45 GARDA CAPITAL PARTNERS LP 7.16% of their portfolio WAYZATA, MN 485,325485.3k $25.3m $25.3m 7.16% New
46 LMR Partners LLP 0.39% of their portfolio LONDON, X0 474,812474.8k $24.7m $24.7m 0.39% Added +63.8k +63,806
47 JANE STREET GROUP, LLC 0.04% of their portfolio NEW YORK, NY 474,664474.7k $24.7m $24.7m 0.04% New
48 WS MANAGEMENT LLLP 4.19% of their portfolio JACKSONVILLE, FL 461,263461.3k $24.0m $24.0m 4.19% Unchanged
49 W1M Asset Management Ltd 1.63% of their portfolio London, X0 412,814412.8k $21.5m $21.5m 1.63% Added +129.6k +129,611
50 CSM Advisors, LLC 0.61% of their portfolio WARRENDALE, PA 398,700398.7k $20.8m $20.8m 0.61% Reduced -398.7k -398,700
51 Clearwater Capital Advisors, LLC 1.89% of their portfolio HOFFMAN ESTATES, IL 398,199398.2k $20.7m $20.7m 1.89% Reduced -27.0k -27,047
52 SHUFRO ROSE & CO LLC 1.48% of their portfolio NEW YORK, NY 396,873396.9k $18.2m $18.2m 1.48% Reduced -6.7k -6,679
53 BRADLEY FOSTER & SARGENT INC/CT 0.32% of their portfolio HARTFORD, CT 396,175396.2k $20.6m $20.6m 0.32% Added +63.0k +63,025
54 OSAIC HOLDINGS, INC. 0.04% of their portfolio SCOTTSDALE, AZ 383,516383.5k $19.9m $19.9m 0.04% Added +83.5k +83,502
55 TUDOR INVESTMENT CORP ET AL 0.14% of their portfolio STAMFORD, CT 362,734362.7k $18.9m $18.9m 0.14% Added +204.0k +203,997
56 AVALON CAPITAL MANAGEMENT 4.96% of their portfolio Port Of Redwood City, CA 354,781354.8k $18.5m $18.5m 4.96% Reduced -68.2k -68,235
57 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.01% of their portfolio MILWAUKEE, WI 351,020351.0k $18.3m $18.3m 0.01% Reduced -29.8k -29,757
58 Jump Financial, LLC 0.22% of their portfolio Chicago, IL 347,122347.1k $18.1m $18.1m 0.22% New
59 Fullerton Fund Management Co Ltd. 0.73% of their portfolio SINGAPORE, U0 345,345345.3k $18.0m $18.0m 0.73% New
60 BNP PARIBAS FINANCIAL MARKETS 0.01% of their portfolio PARIS, I0 345,280345.3k $18.0m $18.0m 0.01% Reduced -1.5m -1,502,655
61 Private Advisor Group, LLC 0.10% of their portfolio MORRISTOWN, NJ 343,630343.6k $17.9m $17.9m 0.10% Reduced -90.8k -90,802
62 KESTRA PRIVATE WEALTH SERVICES, LLC 0.25% of their portfolio AUSTIN, TX 337,132337.1k $17.6m $17.6m 0.25% Reduced -4.5k -4,548
63 SYON CAPITAL LLC 1.15% of their portfolio SAN FRANCISCO, CA 333,283333.3k $17.4m $17.4m 1.15% Reduced -69.8k -69,765
64 CIBC WORLD MARKET INC. 0.04% of their portfolio TORONTO, A6 330,878330.9k $17.2m $17.2m 0.04% Reduced -2.3k -2,256
65 RED CEDAR INVESTMENT MANAGEMENT, LLC 2.09% of their portfolio GRAND RAPIDS, MI 317,318317.3k $16.5m $16.5m 2.09% Unchanged
66 Kestra Advisory Services, LLC 0.08% of their portfolio AUSTIN, TX 309,059309.1k $16.1m $16.1m 0.08% Reduced -42.1k -42,071
67 BLAIR WILLIAM & CO/IL 0.04% of their portfolio CHICAGO, IL 302,873302.9k $15.8m $15.8m 0.04% Added +6.7k +6,724
68 Fielder Capital Group LLC 4.04% of their portfolio NASHVILLE, TN 290,861290.9k $15.1m $15.1m 4.04% Unchanged
69 U.S. Capital Wealth Advisors, LLC 0.44% of their portfolio AUSTIN, TX 288,557288.6k $15.0m $15.0m 0.44% Reduced -53.3k -53,328
70 Versant Capital Management, Inc 2.24% of their portfolio PHOENIX, AZ 283,604283.6k $14.8m $14.8m 2.24% Reduced -16.7k -16,716
71 CULTIVAR CAPITAL, INC. 10.58% of their portfolio DENTON, TX 281,231281.2k $14.6m $14.6m 10.58% Reduced -16.6k -16,622
72 Forest Hill Capital, LLC 10.32% of their portfolio LITTLE ROCK, AR 279,500279.5k $14.6m $14.6m 10.32% Unchanged
73 TD Waterhouse Canada Inc. 0.10% of their portfolio TORONTO, A6 274,209274.2k $14.3m $14.3m 0.10% Reduced -63.2k -63,205
74 Concurrent Investment Advisors, LLC 0.27% of their portfolio Tampa, FL 271,623271.6k $14.1m $14.1m 0.27% Added +231.0k +231,028
75 Capitolis Liquid Global Markets LLC 0.10% of their portfolio NEW YORK, NY 265,600265.6k $13.8m $13.8m 0.10% Reduced -1.1m -1,083,400
76 NewEdge Advisors, LLC 0.07% of their portfolio NEW ORLEANS, LA 265,014265.0k $13.8m $13.8m 0.07% Reduced -94.5k -94,544
77 BARCLAYS PLC 0.01% of their portfolio LONDON, X0 262,355262.4k $13.7m $13.7m 0.01% Reduced -536.1k -536,118
78 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.02% of their portfolio BALA CYNWYD, PA 258,003258.0k $13.4m $13.4m 0.02% Reduced -747.8k -747,760
79 BFI Infinity Ltd. 11.18% of their portfolio ZURICH, V8 256,688256.7k $13.4m $13.4m 11.18% Reduced -147.5k -147,485
80 Prospera Financial Services Inc 0.25% of their portfolio Dallas, TX 255,600255.6k $13.3m $13.3m 0.25% Reduced -41.6k -41,618
81 FMR LLC 0.00% of their portfolio BOSTON, MA 255,181255.2k $13.3m $13.3m 0.00% Reduced -130.2k -130,208
82 FWL INVESTMENT MANAGEMENT, LLC 4.03% of their portfolio Dallas, TX 253,245253.2k $13.2m $13.2m 4.03% Reduced -31.0k -30,961
83 MARSHALL WACE, LLP 0.02% of their portfolio LONDON, X0 247,887247.9k $12.9m $12.9m 0.02% Reduced -934.2k -934,174
84 Richmond Investment Services, LLC 2.71% of their portfolio Mequon, WI 246,356246.4k $12.8m $12.8m 2.71% Added +122.9k +122,882
85 Pekin Hardy Strauss, Inc. 1.44% of their portfolio CHICAGO, IL 242,664242.7k $12.6m $12.6m 1.44% Added +7.7k +7,674
86 MOORE CAPITAL MANAGEMENT, LP 0.25% of their portfolio NEW YORK, NY 242,492242.5k $12.6m $12.6m 0.25% Added +235.5k +235,492
87 Welch & Forbes LLC 0.16% of their portfolio Boston, MA 239,936239.9k $12.5m $12.5m 0.16% Reduced -2.2k -2,185
88 Nokomis Capital, L.L.C. 5.23% of their portfolio DALLAS, TX 239,795239.8k $12.5m $12.5m 5.23% Reduced -14.4k -14,400
89 MENLO ADVISORS LLC 6.66% of their portfolio MENLO PARK, CA 236,215236.2k $12.3m $12.3m 6.66% Reduced -2.9k -2,900
90 CW Advisors, LLC 0.12% of their portfolio BOSTON, MA 236,147236.1k $12.3m $12.3m 0.12% Reduced -78.0k -78,031
91 Michelson Medical Research Foundation, Inc. 11.70% of their portfolio Los Angeles, CA 234,305234.3k $12.2m $12.2m 11.70% Unchanged
92 Southeast Asset Advisors, LLC 1.43% of their portfolio THOMASVILLE, GA 231,000231.0k $12.0m $12.0m 1.43% Added +6.5k +6,500
93 MassMutual Private Wealth & Trust, FSB 0.32% of their portfolio Windsor, CT 230,731230.7k $12.0m $12.0m 0.32% Reduced -2.6k -2,625
94 Whitcomb & Hess, Inc. 3.31% of their portfolio ASHLAND, OH 225,262225.3k $11.7m $11.7m 3.31% Reduced -7.5k -7,472
95 CI INVESTMENTS INC. 0.04% of their portfolio TORONTO, Z4 223,513223.5k $11.6m $11.6m 0.04% Added +222.5k +222,513
96 HARBOUR INVESTMENTS, INC. 0.28% of their portfolio MADISON, WI 214,653214.7k $11.2m $11.2m 0.28% Reduced -9.1k -9,123
97 Waverly Advisors, LLC 0.12% of their portfolio BIRMINGHAM, AL 211,927211.9k $11.0m $11.0m 0.12% Reduced -91.0k -90,983
98 PCG Wealth Advisors, LLC 5.62% of their portfolio OVERLAND PARK, KS 210,882210.9k $11.0m $11.0m 5.62% Reduced -164.2k -164,234
99 Baird Financial Group, Inc. 0.02% of their portfolio MILWAUKEE, WI 208,577208.6k $10.9m $10.9m 0.02% Reduced -20.8k -20,823
100 Janney Montgomery Scott LLC 0.03% of their portfolio PHILADELPHIA, PA 207,489207.5k $10.8m $10.8m 0.03% Reduced -128.7k -128,658