VanEck Gold Miners ETF
target weight3.83%
directionLong
roleHigh-Beta Proxy
Sixteenth weight at 3.83%, down 6.6% - the largest relative trim in the book. The gold thesis fell three points and 
the alignment eased it 0.80 to 0.78 after 
GDX fell 5.4% to 94.13 against bullion's 2.3% - miner beta working downward. High-beta-proxy; single-thesis holding, no dedupe.
vs 1.1.4-0.00 —
Theses funding this position
Every thesis whose alignment contributed weight here; edge weight is the thesis own confidence.
- held security
VanEck Gold Miners ETF- holding direction
Long- holding role
High-Beta Proxy- serves thesis
Gold structural debasement bid