VanEck Gold Miners ETF
GDX
938 hedge funds and large institutions have $7.19B invested in VanEck Gold Miners ETF in 2025 Q2 according to their latest regulatory filings, with 145 funds opening new positions, 253 increasing their positions, 376 reducing their positions, and 88 closing their positions.
65% more first-time investments, than exits
New positions opened: 145 | Existing positions closed: 88
7% more capital invested
Capital invested by funds: $6.74B → $7.19B (+$447M)
5% more funds holding
Funds holding: 890 → 938 (+48)
2% more funds holding in top 10
Funds holding in top 10: 45 → 46 (+1)
0.93% more ownership
Funds ownership: 45.19% → 46.12% (+0.93%)
31% less call options, than puts
Call options by funds: $4.71B | Put options by funds: $6.84B
33% less repeat investments, than reductions
Existing positions increased: 253 | Existing positions reduced: 376
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
JP Morgan Chase
New York
|
+$149M |
| 2 |
SPC
Slate Path Capital
New York
|
+$117M |
| 3 |
Rafferty Asset Management
New York
|
+$74.6M |
| 4 |
Two Sigma Investments
New York
|
+$72.9M |
| 5 |
Royal Bank of Canada
Toronto,
Ontario, Canada
|
+$60.6M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Bank of America
Charlotte,
North Carolina
|
-$137M |
| 2 |
Morgan Stanley
New York
|
-$133M |
| 3 |
Bank of Montreal
Toronto,
Ontario, Canada
|
-$79.1M |
| 4 |
BNP Paribas Financial Markets
Paris,
France
|
-$74.6M |
| 5 |
BBVA
Banco Bilbao Vizcaya Argentaria
Madrid,
Spain
|
-$61.6M |
GDX Hedge Fund Activity: Q2 2025 in Review
938 of the 7,595 institutional investors tracked by Wall St. Rank reported a position in VanEck Gold Miners ETF (GDX) for Q2 2025, worth a combined $7.19B — up 6.6% from $6.74B a quarter earlier.
Buyers outnumbered sellers: 145 funds opened new GDX positions and 88 closed out — a net gain of 57 holders — while 253 added to existing stakes and 376 trimmed.
The largest buyer was JP Morgan Chase, adding an estimated $149M. The largest seller was Bank of America, cutting an estimated $137M.
- 938 institutional investors held VanEck Gold Miners ETF (GDX) as of Q2 2025, up from 890 in Q1 2025.
- Funds reported $7.19B of VanEck Gold Miners ETF stock for Q2 2025, up 6.6% quarter-over-quarter.
- 145 funds opened new VanEck Gold Miners ETF positions in Q2 2025 and 88 closed out, a net change of +57 holders.
- The largest VanEck Gold Miners ETF buyer in Q2 2025 was JP Morgan Chase, an estimated $149M added.
- The largest VanEck Gold Miners ETF seller in Q2 2025 was Bank of America, an estimated $137M sold.
Based on aggregated 13F filings for Q2 2025.