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VanEck Gold Miners ETF
GDX

1,045 hedge funds and large institutions have $11.3B invested in VanEck Gold Miners ETF in 2025 Q3 according to their latest regulatory filings, with 197 funds opening new positions, 332 increasing their positions, 308 reducing their positions, and 72 closing their positions.

New
Increased
Maintained
Reduced
Closed

174% more first-time investments, than exits

New positions opened: 197 | Existing positions closed: 72

58% more capital invested

Capital invested by funds: $7.19B → $11.3B (+$4.16B)

35% more funds holding in top 10

Funds holding in top 10: 46 → 62 (+16)

11% more funds holding

Funds holding: 938 → 1,045 (+107)

5.29% more ownership

Funds ownership: 46.12% → 51.41% (+5.3%)

8% more repeat investments, than reductions

Existing positions increased: 332 | Existing positions reduced: 308

35% less call options, than puts

Call options by funds: $7.78B | Put options by funds: $12B

Holders
1,045
Holders Change
+107
Holders Change %
+11.41%
% of All Funds
13.72%
Holding in Top 10
62
Holding in Top 10 Change
+16
Holding in Top 10 Change %
+34.78%
% of All Funds
0.81%
New
197
Increased
332
Reduced
308
Closed
72
Calls
$7.78B
Puts
$12B
Net Calls
-$4.2B
Net Calls Change
-$2.07B

Top Buyers

Rank Fund Capital Flow
1
Bank of Montreal
Bank of Montreal
Ontario, Canada
+$438M
2
D.E. Shaw & Co
D.E. Shaw & Co
New York
+$137M
3
Jane Street
Jane Street
New York
+$132M
4
Citigroup
Citigroup
New York
+$101M
5
Susquehanna International Group
Susquehanna International Group
Pennsylvania
+$87.8M

Top Sellers

Rank Fund Capital Flow
1
SPC
Slate Path Capital
New York
-$123M
2
JP Morgan Chase
JP Morgan Chase
New York
-$123M
3
Bank of America
Bank of America
North Carolina
-$105M
4
Two Sigma Investments
Two Sigma Investments
New York
-$77M
5
Goldman Sachs
Goldman Sachs
New York
-$72.5M
Name Holding Trade Value Shares
Change 		Change in
Stake
BWM
326
BigSur Wealth Management
Florida
$2.7M – – –
RIA
327
Realta Investment Advisors
Delaware
$2.67M – – –
KWM
328
Keebeck Wealth Management
Illinois
$2.67M – – –
HBWM
329
Hollow Brook Wealth Management
New York
$2.67M +$84.1K +1,396 +4%
CWM
330
Centurion Wealth Management
Virginia
$2.65M +$2.09M +34,650 New
TF
331
Trek Financial
Arizona
$2.65M +$632K +10,488 +43%
DWS
332
Dynamic Wealth Strategies
California
$2.64M -$117K -1,950 -5%
RAG
333
RIA Advisory Group
Iowa
$2.64M +$2.08M +34,566 New
WAM
334
Wakefield Asset Management
Colorado
$2.64M +$31.9K +530 +2%
BPWM
335
BCS Private Wealth Management
New Jersey
$2.63M -$729K -12,112 -26%
CIA
336
Concurrent Investment Advisors
Florida
$2.63M -$14.3M -237,231 -87%
FT
337
Fiduciary Trust
Massachusetts
$2.62M -$102K -1,700 -5%
Vontobel Holding
338
Vontobel Holding
Switzerland
$2.6M +$172K +2,856 +9%
MUAMU
339
Mitsubishi UFJ Asset Management (UK)
United Kingdom
$2.6M +$1.26M +21,000 +162%
PCM
340
Polymer Capital Management
New York
$2.57M +$524K +8,700 +35%
SCM
341
Sandler Capital Management
New York
$2.57M +$2.03M +33,700 New
Nomura Asset Management
342
Nomura Asset Management
Japan
$2.57M +$1.42M +23,630 +236%
PCA
343
Prosperity Capital Advisors
Ohio
$2.55M +$2.01M +33,365 New
PCM
344
Price Capital Management
Louisiana
$2.54M +$2M +33,240 New
VCM
345
Verger Capital Management
North Carolina
$2.53M +$660K +10,960 +50%
Man Group
346
Man Group
United Kingdom
$2.51M +$1.98M +32,841 New
TIM
347
Thor Investment Management
Ohio
$2.49M -$116K -1,920 -6%
LG
348
Leuthold Group
Minnesota
$2.48M -$661K -10,975 -25%
PGFC
349
Peapack-Gladstone Financial Corp
New Jersey
$2.46M -$645K -10,703 -25%
RIA
350
Regal Investment Advisors
Michigan
$2.45M +$364K +6,037 +23%
12 13
14
15 16

GDX Hedge Fund Activity: Q3 2025 in Review

1,045 of the 7,619 institutional investors tracked by Wall St. Rank reported a position in VanEck Gold Miners ETF (GDX) for Q3 2025, worth a combined $11.3B — up 58% from $7.19B a quarter earlier.

Buyers outnumbered sellers: 197 funds opened new GDX positions and 72 closed out — a net gain of 125 holders — while 332 added to existing stakes and 308 trimmed.

The largest buyer was Bank of Montreal, adding an estimated $438M. The largest seller was Slate Path Capital, exiting entirely with an estimated $123M sold.

  • 1,045 institutional investors held VanEck Gold Miners ETF (GDX) as of Q3 2025, up from 938 in Q2 2025.
  • Funds reported $11.3B of VanEck Gold Miners ETF stock for Q3 2025, up 58% quarter-over-quarter.
  • 197 funds opened new VanEck Gold Miners ETF positions in Q3 2025 and 72 closed out, a net change of +125 holders.
  • The largest VanEck Gold Miners ETF buyer in Q3 2025 was Bank of Montreal, an estimated $438M added.
  • The largest VanEck Gold Miners ETF seller in Q3 2025 was Slate Path Capital, an estimated $123M sold.

Based on aggregated 13F filings for Q3 2025.