Vault-13

VANECK ETF TRUST GDX

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

1,120 institutional holders -70 vs Q1 2026
177,577,099177.6m shares reported held*
$13.4bnreported value*
88 new 354 added 401 reduced 152 sold out net bought ≈ $1.2bn (+15.2m 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 ($38.5m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $75.49. Options: 70 managers hold calls ($9.8bn notional), 51 hold puts ($7.4bn).

Trends to Q2 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: 1,190Q2 26: 1,1201,120Q3 22Q3 23Q3 24Q3 25Q2 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
Q2 20261,120

Buyers vs sellers

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

Bought or addedCut or sold out
1k01kQ3 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 25Q3 25: 525 bought or addedQ3 25: 380 cut or sold outQ4 25: 493 bought or addedQ4 25: 497 cut or sold outQ4 25Q1 26: 456 bought or addedQ1 26: 595 cut or sold outQ2 26: 442 bought or addedQ2 26: 553 cut or sold outQ2 26
Numbers
QuarterBought or addedCut or sold out
Q3 2024353347
Q4 2024358377
Q1 2025392378
Q2 2025385465
Q3 2025525380
Q4 2025493497
Q1 2026456595
Q2 2026442553

Calls vs puts

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

CallsPuts
$0$5bn$10bn$15bnQ3 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 0.92Q2 26 calls: $9.8bnQ2 26 puts: $7.4bnQ2 26P/C 0.76
Numbers
QuarterCallsPutsP/C
Q3 2025$7.1bn$8.6bn1.21
Q4 2025$5.8bn$10.1bn1.75
Q1 2026$7.7bn$7.1bn0.92
Q2 2026$9.8bn$7.4bn0.76

Biggest buyers

MORGAN STANLEY Added +5,000,939+5.0m
Blue Sparrow, LLC /DE New +3,901,700+3.9m
D. E. Shaw & Co., Inc. Added +3,237,940+3.2m
Nearwater Capital Markets, Ltd Added +2,647,500+2.6m
JANE STREET GROUP, LLC New +2,317,941+2.3m
TWO SIGMA INVESTMENTS, LP Added +1,915,059+1.9m
BANK OF MONTREAL /CAN/ Added +1,757,348+1.8m
CITIGROUP INC Added +1,345,861+1.3m
BARCLAYS PLC Added +985,926+985.9k
Rafferty Asset Management, LLC Added +961,259+961.3k

Biggest sellers

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced -2,967,364-3.0m
JPMORGAN CHASE & CO Reduced -2,913,106-2.9m
GOLDMAN SACHS GROUP INC Reduced -2,524,105-2.5m
NATIONAL BANK OF CANADA /FI/ Reduced -1,431,940-1.4m
CITADEL ADVISORS LLC Reduced -1,342,545-1.3m
BANK OF NOVA SCOTIA Reduced -1,265,586-1.3m
MARSHALL WACE, LLP Reduced -1,205,948-1.2m
MENORA MIVTACHIM HOLDINGS LTD. Sold out -919,250-919.2k
OMERS ADMINISTRATION Corp Reduced -744,584-744.6k
Schonfeld Strategic Advisors LLC Reduced -643,400-643.4k

Biggest calls

IMC-Chicago, LLC Added $1.6bn4.7m shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $1.5bn20.0m shares
Optiver Holding B.V. Added $1.3bn2.0m shares
JPMORGAN CHASE & CO Reduced $696.2m1.8m shares
CITADEL ADVISORS LLC Added $630.4m8.4m shares
JANE STREET GROUP, LLC Added $610.1m8.1m shares
GROUP ONE TRADING LLC Added $608.1m4.0m shares
Tidal Investments LLC Reduced $422.2m5.6m shares
Maven Securities LTD Added $392.7m597.6k shares
GOLDMAN SACHS GROUP INC Added $263.9m3.5m shares

Biggest puts

JANE STREET GROUP, LLC Added $1.6bn20.9m shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $1.6bn20.6m shares
CITADEL ADVISORS LLC Added $784.1m10.4m shares
Elliott Investment Management L.P. Added $690.4m9.2m shares
BARCLAYS PLC Added $591.0m7.8m shares
Balyasny Asset Management L.P. Reduced $331.3m4.4m shares
GOLDMAN SACHS GROUP INC Added $276.3m3.7m shares
Jain Global LLC Reduced $231.4m3.1m shares
LMR Partners LLP Reduced $186.2m2.5m shares
Walleye Trading LLC Added $152.5m2.0m 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 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 BANK OF MONTREAL /CAN/ 0.67% of their portfolio TORONTO, A6 24,332,43124.3m $1.8bn $1.8bn 0.67% Added +1.8m +1,757,348
2 MORGAN STANLEY 0.07% of their portfolio NEW YORK, NY 16,420,79516.4m $1.2bn $1.2bn 0.07% Added +5.0m +5,000,939
3 BANK OF AMERICA CORP /DE/ 0.04% of their portfolio CHARLOTTE, NC 9,039,1709.0m $682.0m $682.0m 0.04% Added +693.9k +693,863
4 UBS Group AG 0.10% of their portfolio ZURICH, V8 8,266,4458.3m $623.7m $623.7m 0.10% Added +786.4k +786,394
5 Rafferty Asset Management, LLC 1.20% of their portfolio New York, NY 6,960,3427.0m $525.2m $525.2m 1.20% Added +961.3k +961,259
6 GOLDMAN SACHS GROUP INC 0.04% of their portfolio NEW YORK, NY 5,655,3385.7m $426.7m $426.7m 0.04% Reduced -2.5m -2,524,105
7 CITIGROUP INC 0.15% of their portfolio NEW YORK, NY 4,159,4664.2m $313.8m $313.8m 0.15% Added +1.3m +1,345,861
8 Blue Sparrow, LLC /DE 2.86% of their portfolio NEW YORK, NY 3,901,7003.9m $294.4m $294.4m 2.86% New
9 D. E. Shaw & Co., Inc. 0.17% of their portfolio New York, NY 3,715,9263.7m $280.4m $280.4m 0.17% Added +3.2m +3,237,940
10 LPL Financial LLC 0.06% of their portfolio FORT MILL, SC 3,565,6543.6m $269.0m $269.0m 0.06% Added +173.6k +173,633
11 Nearwater Capital Markets, Ltd 4.62% of their portfolio NEW YORK, NY 3,551,5003.6m $268.0m $268.0m 4.62% Added +2.6m +2,647,500
12 ROYAL BANK OF CANADA 0.04% of their portfolio TORONTO, A6 3,085,8823.1m $232.8m $232.8m 0.04% Added +674.2k +674,215
13 TWO SIGMA INVESTMENTS, LP 0.16% of their portfolio NEW YORK, NY 2,764,1072.8m $208.6m $208.6m 0.16% Added +1.9m +1,915,059
14 WELLS FARGO & COMPANY/MN 0.03% of their portfolio SAN FRANCISCO, CA 2,584,3912.6m $195.0m $195.0m 0.03% Reduced -135.8k -135,835
15 JANE STREET GROUP, LLC 0.11% of their portfolio NEW YORK, NY 2,317,9412.3m $174.9m $174.9m 0.11% New
16 BARCLAYS PLC 0.05% of their portfolio LONDON, X0 2,259,5882.3m $170.5m $170.5m 0.05% Added +985.9k +985,926
17 JPMORGAN CHASE & CO 0.01% of their portfolio NEW YORK, NY 1,988,5292.0m $150.5m $150.5m 0.01% Reduced -2.9m -2,913,106
18 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.12% of their portfolio BALA CYNWYD, PA 1,774,0661.8m $133.9m $133.9m 0.12% Reduced -3.0m -2,967,364
19 Jain Global LLC 1.32% of their portfolio NEW YORK, NY 1,487,7771.5m $112.3m $112.3m 1.32% Added +798.2k +798,242
20 Migdal Insurance & Financial Holdings Ltd. 0.71% of their portfolio Petach Tikva, L3 1,480,0001.5m $111.7m $111.7m 0.71% Added +120.0k +120,000
21 BNP PARIBAS FINANCIAL MARKETS 0.06% of their portfolio PARIS, I0 1,452,4591.5m $109.6m $109.6m 0.06% Added +152.0k +152,016
22 BANK OF NOVA SCOTIA 0.16% of their portfolio TORONTO, A6 1,427,3701.4m $107.7m $107.7m 0.16% Reduced -1.3m -1,265,586
23 RENAISSANCE TECHNOLOGIES LLC 0.15% of their portfolio NEW YORK, NY 1,405,1991.4m $106.0m $106.0m 0.15% Added +830.3k +830,251
24 RAYMOND JAMES FINANCIAL INC 0.03% of their portfolio ST. PETERSBURG, FL 1,374,3021.4m $103.7m $103.7m 0.03% Reduced -23.6k -23,631
25 NATIONAL BANK OF CANADA /FI/ 0.08% of their portfolio MONTREAL, A8 1,211,8091.2m $91.4m $91.4m 0.08% Reduced -1.4m -1,431,940
26 GTS SECURITIES LLC 1.71% of their portfolio NEW YORK, NY 1,076,6001.1m $81.2m $81.2m 1.71% Added +463.5k +463,488
27 STIFEL FINANCIAL CORP 0.07% of their portfolio ST. LOUIS, MO 1,052,0421.1m $79.4m $79.4m 0.07% Added +17.0k +16,958
28 Vanderbilt University 10.67% of their portfolio NASHVILLE, TN 1,030,2001.0m $77.7m $77.7m 10.67% Added +449.8k +449,800
29 MEITAV INVESTMENT HOUSE LTD 0.49% of their portfolio BENE-BERAQ, L3 958,200958.2k $72.3m $72.3m 0.49% Reduced -253.0k -253,000
30 Temasek Holdings (Private) Ltd 0.19% of their portfolio SINGAPORE, U0 906,800906.8k $68.4m $68.4m 0.19% New
31 COMMONWEALTH EQUITY SERVICES, LLC 0.08% of their portfolio WALTHAM, MA 869,037869.0k $65.6m $65.6m 0.08% Added +63.1k +63,115
32 TORONTO DOMINION BANK 0.11% of their portfolio TORONTO, ONTARIO, A6 845,394845.4k $63.8m $63.8m 0.11% Added +820.2k +820,184
33 Quadrature Capital Ltd 0.53% of their portfolio LONDON, X0 819,656819.7k $61.8m $61.8m 0.53% New
34 FIL Ltd 0.04% of their portfolio HAMILTON, D0 788,936788.9k $59.5m $59.5m 0.04% Added +309.6k +309,593
35 Rockefeller Capital Management L.P. 0.09% of their portfolio NEW YORK, NY 781,711781.7k $59.0m $59.0m 0.09% Reduced -7.3k -7,317
36 AMERIPRISE FINANCIAL INC 0.01% of their portfolio MINNEAPOLIS, MN 774,475774.5k $58.4m $58.4m 0.01% Reduced -108.7k -108,724
37 Gemsstock Ltd. 18.83% of their portfolio London, X0 767,100767.1k $57.9m $57.9m 18.83% Added +563.0k +563,000
38 Cetera Investment Advisers 0.05% of their portfolio SCHAUMBURG, IL 726,169726.2k $54.8m $54.8m 0.05% Added +794 +794
39 LMR Partners LLP 0.39% of their portfolio LONDON, X0 712,777712.8k $53.8m $53.8m 0.39% Reduced -36.4k -36,379
40 MKP Capital Management, L.L.C. 1.48% of their portfolio New York, NY 712,500712.5k $53.8m $53.8m 1.48% Added +515.5k +515,500
41 RIT CAPITAL PARTNERS PLC 8.51% of their portfolio London, X0 700,000700.0k $52.8m $52.8m 8.51% Reduced -262.0k -262,000
42 Cable Car Capital, LP 2.26% of their portfolio SAN FRANCISCO, CA 688,700688.7k $52.0m $52.0m 2.26% New
43 Cambridge Investment Research Advisors, Inc. 0.06% of their portfolio FAIRFIELD, IA 663,390663.4k $50.1m $50.1m 0.06% Added +301.4k +301,391
44 Qube Research & Technologies Ltd 0.06% of their portfolio LONDON, X0 658,676658.7k $49.7m $49.7m 0.06% Added +655.0k +654,972
45 W1M Asset Management Ltd 0.44% of their portfolio London, X0 642,480642.5k $48.5m $48.5m 0.44% Added +52.1k +52,059
46 Jefferies Financial Group Inc. 0.42% of their portfolio NEW YORK, NY 611,961612.0k $46.2m $46.2m 0.42% Added +121.5k +121,493
47 Federation des caisses Desjardins du Quebec 0.14% of their portfolio LEVIS, A8 607,054607.1k $45.8m $45.8m 0.14% Reduced -194.6k -194,626
48 Panview Capital Ltd 8.01% of their portfolio HONG KONG, K3 602,946602.9k $45.5m $45.5m 8.01% Added +124.8k +124,800
49 OSAIC HOLDINGS, INC. 0.05% of their portfolio SCOTTSDALE, AZ 575,635575.6k $43.4m $43.4m 0.05% Added +66.5k +66,487
50 STALEY CAPITAL ADVISERS INC 1.52% of their portfolio PITTSBURGH, PA 515,714515.7k $38.9m $38.9m 1.52% Reduced -7.2k -7,210
51 SCHRODER INVESTMENT MANAGEMENT GROUP 0.03% of their portfolio London, X0 505,413505.4k $38.2m $38.2m 0.03% Reduced -88.4k -88,418
52 TRUIST FINANCIAL CORP 0.05% of their portfolio CHARLOTTE, NC 504,110504.1k $38.0m $38.0m 0.05% Added +43.0k +42,998
53 HighTower Advisors, LLC 0.04% of their portfolio CHICAGO, IL 499,478499.5k $37.7m $37.7m 0.04% Added +18.0k +18,002
54 MILLENNIUM MANAGEMENT LLC 0.02% of their portfolio NEW YORK, NY 484,424484.4k $36.5m $36.5m 0.02% Added +433.9k +433,876
55 GLOBALT Investments LLC / GA 1.23% of their portfolio Atlanta, GA 483,983484.0k $36.5m $36.5m 1.23% Reduced -7.3k -7,252
56 TOCQUEVILLE ASSET MANAGEMENT L.P. 0.47% of their portfolio New York, NY 474,907474.9k $35.8m $35.8m 0.47% Added +2.0k +1,955
57 HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.05% of their portfolio TORONTO, A6 468,700468.7k $35.4m $35.4m 0.05% Added +100 +100
58 ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio Berwyn, PA 466,189466.2k $35.2m $35.2m 0.01% Reduced -59.9k -59,867
59 Woodline Partners LP 0.11% of their portfolio San Francisco, CA 457,015457.0k $34.5m $34.5m 0.11% New
60 WS MANAGEMENT LLLP 3.84% of their portfolio JACKSONVILLE, FL 432,304432.3k $32.6m $32.6m 3.84% Reduced -159.1k -159,063
61 Valiant Capital Management, L.P. 2.00% of their portfolio San Francisco, CA 425,204425.2k $32.1m $32.1m 2.00% Unchanged
62 New Harbor Financial Group, LLC 4.93% of their portfolio WORCESTER, MA 410,104410.1k $30.9m $30.9m 4.93% Added +8.7k +8,708
63 Phoenix Financial Ltd. 0.21% of their portfolio Givatayim, L3 409,800409.8k $30.9m $30.9m 0.21% New
64 BRADLEY FOSTER & SARGENT INC/CT 0.41% of their portfolio HARTFORD, CT 388,226388.2k $29.3m $29.3m 0.41% Reduced -7.6k -7,606
65 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.02% of their portfolio MILWAUKEE, WI 375,019375.0k $28.3m $28.3m 0.02% Reduced -12.8k -12,792
66 IMC-Chicago, LLC 0.26% of their portfolio CHICAGO, IL 374,157374.2k $28.2m $28.2m 0.26% Reduced -323.8k -323,818
67 Jump Financial, LLC 0.25% of their portfolio Chicago, IL 371,412371.4k $28.0m $28.0m 0.25% New
68 Walleye Trading LLC 0.39% of their portfolio NEW YORK, NY 369,784369.8k $27.9m $27.9m 0.39% Added +114.2k +114,228
69 CANTOR FITZGERALD, L. P. 0.25% of their portfolio NEW YORK, NY 342,424342.4k $25.8m $25.8m 0.25% Added +211.4k +211,370
70 MARSHALL WACE, LLP 0.02% of their portfolio LONDON, X0 335,014335.0k $25.3m $25.3m 0.02% Reduced -1.2m -1,205,948
71 AVALON CAPITAL MANAGEMENT 5.91% of their portfolio Port Of Redwood City, CA 331,077331.1k $25.0m $25.0m 5.91% Added +79.1k +79,132
72 Tidal Investments LLC 0.06% of their portfolio Milwaukee, WI 330,823330.8k $25.0m $25.0m 0.06% Reduced -158.9k -158,876
73 BLAIR WILLIAM & CO/IL 0.06% of their portfolio CHICAGO, IL 320,783320.8k $24.2m $24.2m 0.06% Reduced -323 -323
74 BANCO BILBAO VIZCAYA ARGENTARIA, S.A. 0.15% of their portfolio Madrid, U3 315,738315.7k $23.7m $23.7m 0.15% Added +208.2k +208,198
75 Point72 Asset Management, L.P. 0.04% of their portfolio STAMFORD, CT 309,450309.4k $23.3m $23.3m 0.04% Reduced -156.7k -156,687
76 CITADEL ADVISORS LLC 0.01% of their portfolio MIAMI, FL 303,184303.2k $22.9m $22.9m 0.01% Reduced -1.3m -1,342,545
77 Balyasny Asset Management L.P. 0.04% of their portfolio Chicago, IL 292,179292.2k $22.0m $22.0m 0.04% Added +105.6k +105,579
78 Clearwater Capital Advisors, LLC 1.62% of their portfolio HOFFMAN ESTATES, IL 292,105292.1k $22.0m $22.0m 1.62% Added +10.3k +10,280
79 JONES FINANCIAL COMPANIES LLLP 0.01% of their portfolio DES PERES, MO 290,439290.4k $22.4m $22.4m 0.01% Added +13.3k +13,323
80 Versant Capital Management, Inc 1.91% of their portfolio PHOENIX, AZ 281,661281.7k $21.3m $21.3m 1.91% Added +14.4k +14,394
81 CAPITOLIS LIQUID GLOBAL MARKETS LLC 0.09% of their portfolio NEW YORK, NY 280,000280.0k $21.1m $21.1m 0.09% Unchanged
82 Forest Hill Capital, LLC 16.11% of their portfolio LITTLE ROCK, AR 277,500277.5k $20.9m $20.9m 16.11% Unchanged
83 Evelyn Partners Group Ltd 0.34% of their portfolio LONDON, X0 264,210264.2k $20.1m $20.1m 0.34% First filing
84 SUSQUEHANNA ADVISORS GROUP, INC. 0.53% of their portfolio BALA CYNWYD, PA 254,300254.3k $19.2m $19.2m 0.53% Unchanged
85 KESTRA PRIVATE WEALTH SERVICES, LLC 0.21% of their portfolio AUSTIN, TX 248,231248.2k $18.7m $18.7m 0.21% Reduced -14.2k -14,188
86 Janney Montgomery Scott LLC 0.04% of their portfolio PHILADELPHIA, PA 247,531247.5k $18.7m $18.7m 0.04% Reduced -804 -804
87 SHUFRO ROSE & CO LLC 1.05% of their portfolio NEW YORK, NY 240,755240.8k $18.2m $18.2m 1.05% Reduced -156.5k -156,480
88 Barry Investment Advisors, LLC 3.73% of their portfolio NEW BEDFORD, MA 236,269236.3k $17.8m $17.8m 3.73% Reduced -1.3k -1,287
89 NewEdge Advisors, LLC 0.05% of their portfolio NEW ORLEANS, LA 230,834230.8k $17.4m $17.4m 0.05% Added +22.9k +22,884
90 Beacon Pointe Advisors, LLC 0.08% of their portfolio NEWPORT BEACH, CA 226,219226.2k $17.1m $17.1m 0.08% Reduced -20.7k -20,748
91 HSBC HOLDINGS PLC 0.01% of their portfolio LONDON, X0 222,208222.2k $16.7m $16.7m 0.01% Added +43.8k +43,833
92 JOHNSON INVESTMENT COUNSEL INC 0.12% of their portfolio Cincinnati, OH 221,738221.7k $16.7m $16.7m 0.12% Added +10.0k +10,000
93 Fielder Capital Group LLC 3.61% of their portfolio NASHVILLE, TN 220,903220.9k $16.7m $16.7m 3.61% Unchanged
94 TD Waterhouse Canada Inc. 0.04% of their portfolio TORONTO, A6 220,002220.0k $16.5m $16.5m 0.04% Added +634 +634
95 IFP Advisors, Inc 0.30% of their portfolio TAMPA, FL 216,648216.6k $16.3m $16.3m 0.30% Added +151.6k +151,621
96 SG Americas Securities, LLC 0.01% of their portfolio NEW YORK, NY 215,738215.7k $16.3m $16.3m 0.01% Added +154.2k +154,160
97 Ashton Thomas Private Wealth, LLC 0.34% of their portfolio SCOTTSDALE, AZ 214,437214.4k $16.2m $16.2m 0.34% Reduced -30.3k -30,317
98 SYON CAPITAL LLC 0.70% of their portfolio SAN FRANCISCO, CA 212,664212.7k $16.0m $16.0m 0.70% Added +1.6k +1,602
99 RED CEDAR INVESTMENT MANAGEMENT, LLC 1.49% of their portfolio GRAND RAPIDS, MI 208,380208.4k $15.7m $15.7m 1.49% Added +48.2k +48,224
100 MAINSTAY CAPITAL MANAGEMENT LLC /ADV 1.15% of their portfolio GRAND BLANC, MI 205,108205.1k $15.5m $15.5m 1.15% Reduced -105.6k -105,610