Vault-13

VANECK ETF TRUST GDX

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

1,190 institutional holders +33 vs Q4 2025
162,468,229162.5m shares reported held*
$14.9bnreported value*
136 new 320 added 496 reduced 99 sold out net bought ≈ $809.7m (+8.8m 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 ($40.1m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $91.53. Options: 86 managers hold calls ($7.7bn notional), 51 hold puts ($7.1bn).

Trends to Q1 2026

Institutional holders

Managers reporting a position, each quarter

05001k1.5kQ3 22: 621Q4 22: 703Q1 23: 725Q2 23: 732Q3 23: 706Q4 23: 780Q1 24: 779Q2 24: 798Q3 24: 837Q4 24: 838Q1 25: 892Q2 25: 941Q3 25: 1,051Q4 25: 1,157Q1 26: 1,1901,190Q3 22Q3 23Q3 24Q3 25Q1 26
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
Q3 20251,051
Q4 20251,157
Q1 20261,190

Buyers vs sellers

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

Bought or addedCut or sold out
1k01kQ2 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 25Q2 25: 385 bought or addedQ2 25: 465 cut or sold outQ3 25: 525 bought or addedQ3 25: 380 cut or sold outQ3 25Q4 25: 493 bought or addedQ4 25: 497 cut or sold outQ1 26: 456 bought or addedQ1 26: 595 cut or sold outQ1 26
Numbers
QuarterBought or addedCut or sold out
Q2 2024327356
Q3 2024353347
Q4 2024358377
Q1 2025392378
Q2 2025385465
Q3 2025525380
Q4 2025493497
Q1 2026456595

Calls vs puts

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

CallsPuts
$0$5bn$10bn$15bnQ2 25 calls: $4.1bnQ2 25 puts: $4.6bnQ2 25P/C 1.11Q3 25 calls: $7.1bnQ3 25 puts: $8.6bnQ3 25P/C 1.21Q4 25 calls: $5.8bnQ4 25 puts: $10.1bnQ4 25P/C 1.75Q1 26 calls: $7.7bnQ1 26 puts: $7.1bnQ1 26P/C 0.92
Numbers
QuarterCallsPutsP/C
Q2 2025$4.1bn$4.6bn1.11
Q3 2025$7.1bn$8.6bn1.21
Q4 2025$5.8bn$10.1bn1.75
Q1 2026$7.7bn$7.1bn0.92

Biggest buyers

GOLDMAN SACHS GROUP INC Added +5,463,313+5.5m
JPMORGAN CHASE & CO Added +4,138,117+4.1m
BANK OF MONTREAL /CAN/ Added +3,157,988+3.2m
NATIONAL BANK OF CANADA /FI/ Added +1,996,947+2.0m
BANK OF NOVA SCOTIA Added +1,986,420+2.0m
Migdal Insurance & Financial Holdings Ltd. New +1,360,000+1.4m
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added +1,294,090+1.3m
MARSHALL WACE, LLP Added +1,149,479+1.1m
OMERS ADMINISTRATION Corp New +925,246+925.2k
Nearwater Capital Markets, Ltd New +904,000+904.0k

Biggest sellers

WELLS FARGO & COMPANY/MN Reduced -3,194,251-3.2m
JANE STREET GROUP, LLC Sold out -2,689,339-2.7m
Caisse de depot et placement du Quebec Sold out -2,553,000-2.6m
CITADEL ADVISORS LLC Reduced -1,943,809-1.9m
UBS Group AG Reduced -1,462,378-1.5m
MORGAN STANLEY Reduced -1,456,690-1.5m
Rafferty Asset Management, LLC Reduced -1,054,509-1.1m
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND Reduced -720,400-720.4k
New Harbor Financial Group, LLC Reduced -464,842-464.8k
SCHRODER INVESTMENT MANAGEMENT GROUP Reduced -388,850-388.9k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $1.3bn14.3m shares
CITADEL ADVISORS LLC Added $747.4m8.1m shares
IMC-Chicago, LLC Added $718.8m3.5m shares
JANE STREET GROUP, LLC Added $699.3m7.6m shares
Tidal Investments LLC Added $539.3m5.9m shares
Optiver Holding B.V. Reduced $453.3m1.2m shares
GROUP ONE TRADING LLC Added $405.5m3.4m shares
JPMORGAN CHASE & CO Added $284.6m2.5m shares
Graham Capital Management, L.P. New $212.9m2.3m shares
CMT Capital Markets Trading GmbH Added $198.0m2.2m shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $1.9bn20.3m shares
JANE STREET GROUP, LLC Reduced $1.0bn11.1m shares
CITADEL ADVISORS LLC Reduced $692.7m7.5m shares
Jain Global LLC Added $461.0m5.0m shares
Balyasny Asset Management L.P. Reduced $419.6m4.6m shares
BARCLAYS PLC Reduced $352.7m3.8m shares
LMR Partners LLP Added $254.8m2.8m shares
BANK OF MONTREAL /CAN/ Added $231.3m2.5m shares
MARSHALL WACE, LLP Added $187.9m2.0m shares
CITIGROUP INC Added $168.9m1.8m 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 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 BANK OF MONTREAL /CAN/ 0.85% of their portfolio TORONTO, A6 22,575,08322.6m $2.1bn $2.1bn 0.85% Added +3.2m +3,157,988
2 MORGAN STANLEY 0.06% of their portfolio NEW YORK, NY 11,419,85611.4m $1.0bn $1.0bn 0.06% Reduced -1.5m -1,456,690
3 BANK OF AMERICA CORP /DE/ 0.06% of their portfolio CHARLOTTE, NC 8,345,3078.3m $765.8m $765.8m 0.06% Added +858.7k +858,716
4 GOLDMAN SACHS GROUP INC 0.10% of their portfolio NEW YORK, NY 8,179,4438.2m $750.6m $750.6m 0.10% Added +5.5m +5,463,313
5 UBS Group AG 0.12% of their portfolio ZURICH, V8 7,480,0517.5m $686.4m $686.4m 0.12% Reduced -1.5m -1,462,378
6 Rafferty Asset Management, LLC 2.24% of their portfolio New York, NY 5,999,0836.0m $550.5m $550.5m 2.24% Reduced -1.1m -1,054,509
7 JPMORGAN CHASE & CO 0.03% of their portfolio NEW YORK, NY 4,901,6354.9m $420.5m $420.5m 0.03% Added +4.1m +4,138,117
8 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.56% of their portfolio BALA CYNWYD, PA 4,741,4304.7m $435.1m $435.1m 0.56% Added +1.3m +1,294,090
9 LPL Financial LLC 0.08% of their portfolio FORT MILL, SC 3,392,0213.4m $311.3m $311.3m 0.08% Reduced -108.3k -108,295
10 CITIGROUP INC 0.16% of their portfolio NEW YORK, NY 2,813,6052.8m $258.2m $258.2m 0.16% Reduced -185.4k -185,366
11 WELLS FARGO & COMPANY/MN 0.05% of their portfolio SAN FRANCISCO, CA 2,720,2262.7m $249.6m $249.6m 0.05% Reduced -3.2m -3,194,251
12 BANK OF NOVA SCOTIA 0.43% of their portfolio TORONTO, A6 2,692,9562.7m $247.1m $247.1m 0.43% Added +2.0m +1,986,420
13 NATIONAL BANK OF CANADA /FI/ 0.25% of their portfolio MONTREAL, A8 2,643,7492.6m $242.6m $242.6m 0.25% Added +2.0m +1,996,947
14 ROYAL BANK OF CANADA 0.04% of their portfolio TORONTO, A6 2,411,6672.4m $221.3m $221.3m 0.04% Added +224.9k +224,912
15 CITADEL ADVISORS LLC 0.11% of their portfolio MIAMI, FL 1,645,7291.6m $151.0m $151.0m 0.11% Reduced -1.9m -1,943,809
16 MARSHALL WACE, LLP 0.15% of their portfolio LONDON, X0 1,540,9621.5m $141.4m $141.4m 0.15% Added +1.1m +1,149,479
17 RAYMOND JAMES FINANCIAL INC 0.04% of their portfolio ST. PETERSBURG, FL 1,397,9331.4m $128.3m $128.3m 0.04% Reduced -49.0k -48,994
18 Migdal Insurance & Financial Holdings Ltd. 1.08% of their portfolio Petach Tikva, L3 1,360,0001.4m $124.8m $124.8m 1.08% New
19 BNP PARIBAS FINANCIAL MARKETS 0.08% of their portfolio PARIS, I0 1,300,4431.3m $119.3m $119.3m 0.08% Reduced -98.8k -98,819
20 BARCLAYS PLC 0.04% of their portfolio LONDON, X0 1,273,6621.3m $116.9m $116.9m 0.04% Reduced -4.2k -4,221
21 MEITAV INVESTMENT HOUSE LTD 1.22% of their portfolio BENE-BERAQ, L3 1,211,2001.2m $111.2m $111.2m 1.22% Added +493.0k +493,000
22 STIFEL FINANCIAL CORP 0.09% of their portfolio ST. LOUIS, MO 1,035,0841.0m $95.0m $95.0m 0.09% Reduced -4.9k -4,905
23 RIT CAPITAL PARTNERS PLC 23.59% of their portfolio London, X0 962,000962.0k $88.3m $88.3m 23.59% Reduced -235.0k -235,000
24 OMERS ADMINISTRATION Corp 0.55% of their portfolio TORONTO, A6 925,246925.2k $84.9m $84.9m 0.55% New
25 MENORA MIVTACHIM HOLDINGS LTD. 0.40% of their portfolio Ramat Gan, L3 919,250919.2k $84.4m $84.4m 0.40% Unchanged
26 Nearwater Capital Markets, Ltd 1.96% of their portfolio NEW YORK, NY 904,000904.0k $83.0m $83.0m 1.96% New
27 AMERIPRISE FINANCIAL INC 0.02% of their portfolio MINNEAPOLIS, MN 883,199883.2k $81.1m $81.1m 0.02% Reduced -193.8k -193,844
28 TWO SIGMA INVESTMENTS, LP 0.06% of their portfolio NEW YORK, NY 849,048849.0k $77.9m $77.9m 0.06% Added +717.9k +717,944
29 COMMONWEALTH EQUITY SERVICES, LLC 0.10% of their portfolio WALTHAM, MA 805,922805.9k $74.0m $74.0m 0.10% Reduced -190.6k -190,583
30 Federation des caisses Desjardins du Quebec 0.26% of their portfolio LEVIS, A8 801,680801.7k $73.6m $73.6m 0.26% Added +215.3k +215,285
31 Rockefeller Capital Management L.P. 0.13% of their portfolio NEW YORK, NY 789,028789.0k $72.4m $72.4m 0.13% Reduced -178.2k -178,198
32 LMR Partners LLP 0.63% of their portfolio LONDON, X0 749,156749.2k $68.8m $68.8m 0.63% Added +528.4k +528,423
33 Cetera Investment Advisers 0.07% of their portfolio SCHAUMBURG, IL 725,375725.4k $66.6m $66.6m 0.07% Reduced -73.3k -73,301
34 IMC-Chicago, LLC 0.97% of their portfolio CHICAGO, IL 697,975698.0k $64.1m $64.1m 0.97% Added +646.8k +646,817
35 Jain Global LLC 0.81% of their portfolio NEW YORK, NY 689,535689.5k $63.3m $63.3m 0.81% Added +294.0k +294,047
36 Schonfeld Strategic Advisors LLC 0.48% of their portfolio NEW YORK, NY 646,802646.8k $59.4m $59.4m 0.48% Added +279.8k +279,840
37 GTS SECURITIES LLC 1.99% of their portfolio NEW YORK, NY 613,112613.1k $56.3m $56.3m 1.99% Added +597.3k +597,317
38 SCHRODER INVESTMENT MANAGEMENT GROUP 0.04% of their portfolio London, X0 593,831593.8k $50.9m $50.9m 0.04% Reduced -388.9k -388,850
39 WS MANAGEMENT LLLP 7.10% of their portfolio JACKSONVILLE, FL 591,367591.4k $54.3m $54.3m 7.10% Added +169.4k +169,404
40 W1M Asset Management Ltd 0.59% of their portfolio London, X0 590,421590.4k $54.2m $54.2m 0.59% Reduced -64.2k -64,188
41 Nan Shan Life Insurance Co., Ltd. 1.95% of their portfolio Taipei City, F5 586,380586.4k $53.8m $53.8m 1.95% New
42 Vanderbilt University 10.12% of their portfolio NASHVILLE, TN 580,400580.4k $53.3m $53.3m 10.12% Reduced -239.4k -239,395
43 RENAISSANCE TECHNOLOGIES LLC 0.08% of their portfolio NEW YORK, NY 574,948574.9k $52.8m $52.8m 0.08% Added +530.9k +530,948
44 ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio Berwyn, PA 526,056526.1k $48.3m $48.3m 0.01% Reduced -111.9k -111,911
45 STALEY CAPITAL ADVISERS INC 2.03% of their portfolio PITTSBURGH, PA 522,924522.9k $48.0m $48.0m 2.03% Reduced -73.5k -73,542
46 OSAIC HOLDINGS, INC. 0.07% of their portfolio SCOTTSDALE, AZ 509,148509.1k $46.7m $46.7m 0.07% Reduced -110.0k -109,968
47 WT Asset Management Ltd 0.97% of their portfolio HONG KONG, K3 506,821506.8k $46.5m $46.5m 0.97% New
48 WELLINGTON MANAGEMENT GROUP LLP 0.01% of their portfolio Boston, MA 505,228505.2k $46.4m $46.4m 0.01% New
49 Brevan Howard Capital Management LP 0.45% of their portfolio ST. HELIER, Y9 496,884496.9k $45.6m $45.6m 0.45% Added +224.8k +224,831
50 GLOBALT Investments LLC / GA 1.61% of their portfolio Atlanta, GA 491,235491.2k $45.1m $45.1m 1.61% Reduced -215.8k -215,800
51 Jefferies Financial Group Inc. 0.55% of their portfolio NEW YORK, NY 490,468490.5k $45.0m $45.0m 0.55% Added +413.6k +413,587
52 Tidal Investments LLC 0.14% of their portfolio Milwaukee, WI 489,699489.7k $44.9m $44.9m 0.14% Reduced -268.4k -268,374
53 HighTower Advisors, LLC 0.05% of their portfolio CHICAGO, IL 481,476481.5k $44.2m $44.2m 0.05% Reduced -31.9k -31,923
54 FIL Ltd 0.03% of their portfolio HAMILTON, D0 479,343479.3k $44.0m $44.0m 0.03% Reduced -3.9k -3,865
55 Panview Capital Ltd 9.39% of their portfolio HONG KONG, K3 478,146478.1k $43.9m $43.9m 9.39% Reduced -95.2k -95,154
56 D. E. Shaw & Co., Inc. 0.03% of their portfolio New York, NY 477,986478.0k $43.9m $43.9m 0.03% New
57 TOCQUEVILLE ASSET MANAGEMENT L.P. 0.64% of their portfolio New York, NY 472,952473.0k $43.4m $43.4m 0.64% Reduced -7.5k -7,550
58 HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.07% of their portfolio TORONTO, A6 468,600468.6k $43.0m $43.0m 0.07% Reduced -720.4k -720,400
59 Point72 Asset Management, L.P. 0.07% of their portfolio STAMFORD, CT 466,137466.1k $42.8m $42.8m 0.07% Added +303.2k +303,214
60 TRUIST FINANCIAL CORP 0.06% of their portfolio CHARLOTTE, NC 461,112461.1k $42.3m $42.3m 0.06% Reduced -29.8k -29,795
61 Valiant Capital Management, L.P. 3.07% of their portfolio San Francisco, CA 425,204425.2k $39.0m $39.0m 3.07% Reduced -38.9k -38,900
62 New Harbor Financial Group, LLC 6.69% of their portfolio WORCESTER, MA 401,396401.4k $36.8m $36.8m 6.69% Reduced -464.8k -464,842
63 SIH Partners, LLLP 1.12% of their portfolio Wilmington, DE 397,500397.5k $36.5m $36.5m 1.12% New
64 SHUFRO ROSE & CO LLC 2.48% of their portfolio NEW YORK, NY 397,235397.2k $36.5m $36.5m 2.48% Reduced -2.3k -2,333
65 BRADLEY FOSTER & SARGENT INC/CT 0.56% of their portfolio HARTFORD, CT 395,832395.8k $36.3m $36.3m 0.56% Reduced -105 -105
66 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.02% of their portfolio MILWAUKEE, WI 387,811387.8k $35.6m $35.6m 0.02% Reduced -10.8k -10,850
67 Cambridge Investment Research Advisors, Inc. 0.09% of their portfolio FAIRFIELD, IA 361,999362.0k $33.2m $33.2m 0.09% Reduced -173.1k -173,060
68 CI INVESTMENTS INC. 0.15% of their portfolio TORONTO, Z4 348,231348.2k $32.0m $32.0m 0.15% Reduced -206.2k -206,179
69 BLAIR WILLIAM & CO/IL 0.08% of their portfolio CHICAGO, IL 321,106321.1k $29.5m $29.5m 0.08% Reduced -5.5k -5,525
70 ALLIANCEBERNSTEIN L.P. 0.01% of their portfolio NASHVILLE, TN 320,621320.6k $27.5m $27.5m 0.01% Added +198.7k +198,651
71 CIBC WORLD MARKET INC. 0.05% of their portfolio TORONTO, A6 310,913310.9k $28.5m $28.5m 0.05% Reduced -29.3k -29,346
72 MAINSTAY CAPITAL MANAGEMENT LLC /ADV 2.20% of their portfolio GRAND BLANC, MI 310,718310.7k $28.5m $28.5m 2.20% Added +15.8k +15,850
73 Clearwater Capital Advisors, LLC 2.09% of their portfolio HOFFMAN ESTATES, IL 281,825281.8k $25.9m $25.9m 2.09% Reduced -48.6k -48,606
74 CAPITOLIS LIQUID GLOBAL MARKETS LLC 0.16% of their portfolio NEW YORK, NY 280,000280.0k $25.7m $25.7m 0.16% First filing
75 Forest Hill Capital, LLC 16.72% of their portfolio LITTLE ROCK, AR 277,500277.5k $25.5m $25.5m 16.72% Reduced -2.0k -2,000
76 JONES FINANCIAL COMPANIES LLLP 0.01% of their portfolio DES PERES, MO 277,116277.1k $23.8m $23.8m 0.01% Added +26.4k +26,355
77 WESTWOOD HOLDINGS GROUP INC 0.18% of their portfolio DALLAS, TX 269,572269.6k $24.7m $24.7m 0.18% Reduced -82.3k -82,277
78 Prospera Financial Services Inc 0.40% of their portfolio Dallas, TX 268,390268.4k $24.6m $24.6m 0.40% Reduced -27.6k -27,621
79 Versant Capital Management, Inc 2.42% of their portfolio PHOENIX, AZ 267,267267.3k $24.5m $24.5m 2.42% Reduced -12.9k -12,851
80 PRUDENTIAL PLC 0.19% of their portfolio LONDON, X0 266,457266.5k $24.5m $24.5m 0.19% Added +63.1k +63,057
81 Parallax Volatility Advisers, L.P. 1.07% of their portfolio San Francisco, CA 263,023263.0k $24.2m $24.2m 1.07% Added +243.3k +243,333
82 KESTRA PRIVATE WEALTH SERVICES, LLC 0.30% of their portfolio AUSTIN, TX 262,419262.4k $24.1m $24.1m 0.30% Reduced -9.8k -9,816
83 Walleye Trading LLC 0.48% of their portfolio NEW YORK, NY 255,556255.6k $23.5m $23.5m 0.48% Added +53.3k +53,258
84 Richmond Investment Services, LLC 3.78% of their portfolio Mequon, WI 255,066255.1k $23.4m $23.4m 3.78% Added +3.7k +3,738
85 SUSQUEHANNA ADVISORS GROUP, INC. 1.09% of their portfolio BALA CYNWYD, PA 254,300254.3k $23.3m $23.3m 1.09% New
86 AVALON CAPITAL MANAGEMENT 6.53% of their portfolio Port Of Redwood City, CA 251,945251.9k $23.1m $23.1m 6.53% Reduced -104.4k -104,360
87 Janney Montgomery Scott LLC 0.06% of their portfolio PHILADELPHIA, PA 248,335248.3k $22.8m $22.8m 0.06% Added +50.9k +50,945
88 Beacon Pointe Advisors, LLC 0.12% of their portfolio NEWPORT BEACH, CA 246,967247.0k $22.7m $22.7m 0.12% Added +34.5k +34,455
89 VAN ECK ASSOCIATES CORP 0.02% of their portfolio NEW YORK, NY 244,863244.9k $22.5m $22.5m 0.02% Added +129.7k +129,655
90 Ashton Thomas Private Wealth, LLC 0.53% of their portfolio SCOTTSDALE, AZ 244,754244.8k $22.5m $22.5m 0.53% Added +147.2k +147,151
91 Barry Investment Advisors, LLC 4.81% of their portfolio NEW BEDFORD, MA 237,556237.6k $21.8m $21.8m 4.81% Reduced -256.5k -256,473
92 Private Advisor Group, LLC 0.10% of their portfolio MORRISTOWN, NJ 225,956226.0k $20.7m $20.7m 0.10% Reduced -151.8k -151,795
93 Fielder Capital Group LLC 4.42% of their portfolio NASHVILLE, TN 220,903220.9k $20.3m $20.3m 4.42% Unchanged
94 TD Waterhouse Canada Inc. 0.06% of their portfolio TORONTO, A6 219,368219.4k $21.0m $21.0m 0.06% Added +3.6k +3,596
95 JOHNSON INVESTMENT COUNSEL INC 0.16% of their portfolio Cincinnati, OH 211,738211.7k $19.4m $19.4m 0.16% Added +16.1k +16,128
96 SYON CAPITAL LLC 0.97% of their portfolio SAN FRANCISCO, CA 211,062211.1k $19.4m $19.4m 0.97% Reduced -94.8k -94,809
97 Kestra Advisory Services, LLC 0.07% of their portfolio AUSTIN, TX 211,057211.1k $19.4m $19.4m 0.07% Added +18.1k +18,103
98 NewEdge Advisors, LLC 0.07% of their portfolio NEW ORLEANS, LA 207,950207.9k $19.1m $19.1m 0.07% Reduced -35.7k -35,725
99 MARCO INVESTMENT MANAGEMENT LLC 1.42% of their portfolio ATLANTA, GA 204,711204.7k $18.8m $18.8m 1.42% Added +203 +203
100 Gemsstock Ltd. 1.97% of their portfolio London, X0 204,100204.1k $18.7m $18.7m 1.97% New