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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
S
826
Sachetta
Massachusetts
$18.4K – – –
CWM
827
Consultiva Wealth Management
Puerto Rico
$18.4K +$16.2K +400 New
CAL
828
Capital Analysts LLC
Pennsylvania
$18K – – –
WTC
829
WhitTier Trust Company
Nevada
$16.8K – – –
AssetMark Inc
830
AssetMark Inc
California
$15.7K +$2.39K +59 +21%
CIA
831
Cape Investment Advisory
Georgia
$15.2K – – –
EAM
832
Erste Asset Management
Austria
$13.8K +$12.1K +300 New
CLOS
833
Compagnie Lombard Odier SCmA
Switzerland
$13.8K -$11.3K -280 -48%
HI
834
Hoey Investments
Pennsylvania
$13.8K – – –
LWMI
835
Legacy Wealth Management (Idaho)
Idaho
$13.8K – – –
SAM
836
Smartleaf Asset Management
Massachusetts
$13.2K +$11.7K +289 New
RWM
837
Rialto Wealth Management
New York
$13.1K – – –
NSIM
838
North Star Investment Management
Illinois
$12.6K – – –
GWANC
839
Guardian Wealth Advisors (North Carolina)
North Carolina
$12.3K – – –
CFD
840
Creative Financial Designs
Indiana
$12.2K +$8.09K +200 +308%
YAL
841
Your Advocates Ltd
Texas
$11.4K – – –
CAM
842
Creekmur Asset Management
Illinois
$11.3K +$202 +5 +2%
IWP
843
IAG Wealth Partners
Wisconsin
$10.8K -$445 -11 -4%
CFFP
844
Center for Financial Planning
Michigan
$10.5K – – –
OFG
845
Oxford Financial Group
Indiana
$10.5K – – –
AAG
846
Armstrong Advisory Group
Massachusetts
$10.3K – – –
NRG
847
Nemes Rush Group
Michigan
$10.3K +$9.06K +224 New
MAFA
848
MJT & Associates Financial Advisory
Minnesota
$10.2K +$8.94K +221 New
CCM
849
Coldstream Capital Management
Washington
$9.93K +$8.73K +216 New
BF
850
BOK Financial
Oklahoma
$9.88K – – –
32 33
34
35 36

GDX Hedge Fund Activity: Q1 2025 in Review

890 of the 7,458 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.