On February 6, 2026, Municipal Employees' Retirement System of Michigan disclosed in a U.S. Securities and Exchange Commission (SEC) filing.
What happened
According to an SEC filing dated February 6, 2026, Municipal Employees' Retirement System of Michigan reduced its position in iShares MSCI Global Gold Miners ETF (RING 1.46%) by 528,148 shares during the fourth quarter of 2025. The estimated transaction value is $35.65 million based on the period's average price. The fund's quarter-end stake was 844,062 shares, valued at $62.16 million. The net position change, which includes price movement, was a decrease of $26.64 million.
What else to know
- This was a sell, leaving RING at 0.7% of Municipal Employees' Retirement System of Michigan's 13F AUM.
- Top holdings after the filing:
- NYSEMKT:QVML: $1.37 billion (15.5% of AUM)
- NYSEMKT:SPTI: $1.07 billion (12.2% of AUM)
- NYSEMKT:IVV: $946.06 million (10.7% of AUM)
- NYSEMKT:VGK: $763.89 million (8.6% of AUM)
- NYSEMKT:SPTS: $757.76 million (8.6% of AUM)
- As of February 5, 2026, shares of RING were priced at $78.79, up 129.8% over the past year, outperforming the S&P 500 by 117.66 percentage points.
- Dividend yield as of February 6, 2026, was 0.74%.
- As of February 6, 2026, shares were valued at 18.47% below their 52-week high.
ETF overview
| Metric | Value |
|---|---|
| AUM | $3.627 billion |
| Price (as of market close February 5, 2026) | $78.79 |
| Dividend yield | 0.74% |
| 1-year total return | 129.8% |
ETF snapshot
- Investment strategy seeks to track the MSCI ACWI Select Gold Miners Investable Market Index, focusing on global companies engaged in gold mining.
- Portfolio is concentrated in a minimum of 30 gold mining firms across developed and emerging markets, providing targeted exposure to the gold mining sector.
- Fund structure is non-diversified, designed for investors seeking access to the performance of global gold miners through a single ETF vehicle.
iShares MSCI Global Gold Miners ETF offers investors liquid, cost-efficient access to a basket of leading gold mining companies worldwide. The fund's strategy leverages MSCI's index methodology to ensure diversified exposure within the gold mining industry, balancing developed and emerging market holdings. By focusing exclusively on gold miners, the ETF provides targeted sector exposure for those seeking to capitalize on movements in gold prices and mining equities.
What this transaction means for investors
Over the last year, the price of gold has risen by around 75%, sparking a rally in gold mining stocks that took the RING ETF higher by almost 130%.
NASDAQ: RING
Key Data Points
The filing does not explain why the Municipal Employees’ Retirement System of Michigan sold this basket of precious metals stocks. However, with the 38% reduction in its holdings, it may have wanted to lock in some of its profits with the price of gold accelerating late last year.
Moreover, the fact that it still held 62% of its shares of the gold mining ETF indicates it remains bullish on the sector. Although RING holds numerous gold mining stocks, Newmont, Agnico Eagle Mines, and Barrick Mining make up around 37% of its holdings, and all three contributed significantly to its gains over the last year.
Gold’s rise may have paused in recent weeks. Nonetheless, it is premature to assume that the rally has ended for good, indicating the fund could earn further outsized returns as gold mining stocks continue to prosper.
