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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
ROP
676
Rule One Partners
Georgia
$230K -$4.04M -100,000 -95%
AGWCA
677
Annis Gardner Whiting Capital Advisors
Florida
$230K – – –
BCM
678
Bluefin Capital Management
New York
$230K +$202K +5,000 New
SWM
679
Sculati Wealth Management
Michigan
$230K +$202K +5,000 New
PA
680
Pinnacle Associates
New York
$228K +$201K +4,965 New
OWA
681
Opal Wealth Advisors
New York
$226K +$199K +4,923 New
SIM
682
Stratos Investment Management
Ohio
$225K +$198K +4,901 New
NFTC
683
North Forty Two & Co
Oregon
$225K +$198K +4,900 New
VC
684
Veracity Capital
Georgia
$223K +$196K +4,858 New
LWA
685
LifeGoal Wealth Advisors
New York
$223K +$196K +4,844 New
CL
686
Choreo LLC
Illinois
$222K -$84.1K -2,081 -30%
KPWG
687
KFA Private Wealth Group
Virginia
$221K +$195K +4,818 New
KCPG
688
Kavar Capital Partners Group
Kansas
$221K +$194K +4,809 New
AIFAIM
689
American Institute for Advanced Investment Management
Arizona
$220K +$193K +4,785 New
BAAM
690
Baker Avenue Asset Management
California
$219K +$193K +4,762 New
AAS
691
Annex Advisory Services
Wisconsin
$219K +$192K +4,758 New
SCM
692
Sunbeam Capital Management
Georgia
$216K +$190K +4,708 New
MFA
693
Mayflower Financial Advisors
Massachusetts
$216K +$190K +4,701 New
DAS
694
Dynamic Advisor Solutions
Arizona
$216K +$190K +4,689 New
IAIM
695
International Assets Investment Management
Florida
$215K -$163K -4,020 -46%
MSAM
696
Moloney Securities Asset Management
Missouri
$215K +$189K +4,669 New
WRPWM
697
Werba Rubin Papier Wealth Management
California
$214K +$189K +4,664 New
DT
698
Diversified Trust
Tennessee
$213K -$121K -2,990 -39%
CFP
699
Catalyst Financial Partners
Massachusetts
$213K +$187K +4,625 New
CCM
700
CAAS Capital Management
New York
$212K +$187K +4,620 New
26 27
28
29 30

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.