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VanEck Gold Miners ETF
GDX

890 hedge funds and large institutions have $6.74B invested in VanEck Gold Miners ETF in 2025 Q1 according to their latest regulatory filings, with 149 funds opening new positions, 251 increasing their positions, 302 reducing their positions, and 81 closing their positions.

New
Increased
Maintained
Reduced
Closed

84% more first-time investments, than exits

New positions opened: 149 | Existing positions closed: 81

22% more funds holding in top 10

Funds holding in top 10: 37 → 45 (+8)

8% more capital invested

Capital invested by funds: $6.25B → $6.74B (+$488M)

7% more funds holding

Funds holding: 835 → 890 (+55)

4.12% less ownership

Funds ownership: 49.3% → 45.19% (-4.1%)

17% less repeat investments, than reductions

Existing positions increased: 251 | Existing positions reduced: 302

17% less call options, than puts

Call options by funds: $4.86B | Put options by funds: $5.87B

Holders
890
Holders Change
+55
Holders Change %
+6.59%
% of All Funds
11.93%
Holding in Top 10
45
Holding in Top 10 Change
+8
Holding in Top 10 Change %
+21.62%
% of All Funds
0.6%
New
149
Increased
251
Reduced
302
Closed
81
Calls
$4.86B
Puts
$5.87B
Net Calls
-$1.01B
Net Calls Change
-$443M

Top Buyers

Rank Fund Capital Flow
1
BBVA
Banco Bilbao Vizcaya Argentaria
Spain
+$83M
2
National Bank of Canada
National Bank of Canada
Quebec, Canada
+$55M
3
CA
CSM Advisors
Pennsylvania
+$32.2M
4
Marshall Wace
Marshall Wace
United Kingdom
+$25.9M
5
Barclays
Barclays
United Kingdom
+$25.2M

Top Sellers

Rank Fund Capital Flow
1
JP Morgan Chase
JP Morgan Chase
New York
-$263M
2
Jane Street
Jane Street
New York
-$246M
3
Rafferty Asset Management
Rafferty Asset Management
New York
-$173M
4
Bank of Montreal
Bank of Montreal
Ontario, Canada
-$168M
5
Two Sigma Investments
Two Sigma Investments
New York
-$155M
Name Holding Trade Value Shares
Change 		Change in
Stake
AWA
651
Arkadios Wealth Advisors
Georgia
$255K +$225K +5,558 New
MA
652
Maxele Advisors
Missouri
$254K +$224K +5,535 New
IA
653
Integrity Alliance
Iowa
$254K +$223K +5,521 New
CCM
654
Campbell Capital Management
Florida
$253K +$222K +5,500 New
PFA
655
Pathway Financial Advisors
Vermont
$253K +$222K +5,500 New
Vanguard Group
656
Vanguard Group
Pennsylvania
$253K +$222K +5,500 New
LMKC
657
L.M. Kohn & Company
Ohio
$252K +$222K +5,488 New
HCM
658
Howland Capital Management
Massachusetts
$251K +$221K +5,468 New
AIA
659
Arbor Investment Advisors
North Carolina
$251K +$221K +5,466 New
PWA
660
Principia Wealth Advisory
Texas
$250K – – –
PWM
661
Palumbo Wealth Management
New York
$249K +$219K +5,416 New
SWM
662
SeaCrest Wealth Management
New York
$248K +$218K +5,399 New
JSAM
663
J. Safra Asset Management
New York
$247K – – –
AP
664
Aspect Partners
Virginia
$247K – – –
CFA
665
Capstone Financial Advisors
Illinois
$245K +$216K +5,335 New
LFASL
666
Lugano Financial Advisors SA (LFA)
Switzerland
$245K -$224K -5,533 -51%
CA
667
Clearstead Advisors
Ohio
$244K +$202K +4,984 +1,567%
DWM
668
Dakota Wealth Management
Florida
$242K -$34.4K -850 -14%
NPT
669
National Philanthropic Trust
Pennsylvania
$238K +$210K +5,187 New
LG
670
LaFleur & Godfrey
Michigan
$237K -$76.8K -1,900 -27%
MGAM
671
McGowan Group Asset Management
Texas
$236K +$208K +5,133 New
Bessemer Group
672
Bessemer Group
New Jersey
$234K – – –
XF
673
XML Financial
Maryland
$233K +$205K +5,070 New
SAM
674
S.A. Mason
Michigan
$233K – – –
PP
675
Pacifica Partners
Canada
$232K -$8.9K -220 -4%
25 26
27
28 29

GDX Hedge Fund Activity: Q1 2025 in Review

890 of the 7,459 institutional investors tracked by Wall St. Rank reported a position in VanEck Gold Miners ETF (GDX) for Q1 2025, worth a combined $6.74B — up 7.8% from $6.25B a quarter earlier.

Buyers outnumbered sellers: 149 funds opened new GDX positions and 81 closed out — a net gain of 68 holders — while 251 added to existing stakes and 302 trimmed.

The largest buyer was Banco Bilbao Vizcaya Argentaria, adding an estimated $83M. The largest seller was JP Morgan Chase, cutting an estimated $263M.

  • 890 institutional investors held VanEck Gold Miners ETF (GDX) as of Q1 2025, up from 835 in Q4 2024.
  • Funds reported $6.74B of VanEck Gold Miners ETF stock for Q1 2025, up 7.8% quarter-over-quarter.
  • 149 funds opened new VanEck Gold Miners ETF positions in Q1 2025 and 81 closed out, a net change of +68 holders.
  • The largest VanEck Gold Miners ETF buyer in Q1 2025 was Banco Bilbao Vizcaya Argentaria, an estimated $83M added.
  • The largest VanEck Gold Miners ETF seller in Q1 2025 was JP Morgan Chase, an estimated $263M sold.

Based on aggregated 13F filings for Q1 2025.