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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
MSAM
851
Moloney Securities Asset Management
Missouri
$233K -$99.2K -1,647 -35%
SIM
852
Stratos Investment Management
Ohio
$232K +$183K +3,042 New
SHIM
853
Stone House Investment Management
Pennsylvania
$232K +$183K +3,035 New
PTC
854
Private Trust Company
Ohio
$231K +$48.3K +802 +36%
LA
855
LVW Advisors
New York
$230K +$181K +3,005 New
CCA
856
Conservest Capital Advisors
Pennsylvania
$229K +$181K +3,003 New
SCM
857
SOL Capital Management
Maryland
$229K +$181K +3,000 New
CAGAS
858
Capital Advisory Group Advisory Services
Minnesota
$226K +$178K +2,960 New
PAG
859
Private Advisory Group
Washington
$225K +$177K +2,940 New
PSCM
860
Per Stirling Capital Management
Texas
$224K +$176K +2,930 New
SFGP
861
Stonebridge Financial Group (Pennsylvania)
Pennsylvania
$222K +$175K +2,904 New
PIA
862
Panoramic Investment Advisors
Colorado
$221K +$175K +2,898 New
SWA
863
Strategies Wealth Advisors
Michigan
$221K +$174K +2,890 New
PFM
864
Peak Financial Management
Massachusetts
$220K +$174K +2,882 New
LWM
865
Liberty Wealth Management
California
$219K +$172K +2,861 New
LA
866
Lifeworks Advisors
Michigan
$218K +$172K +2,856 New
DWA
867
Delos Wealth Advisors
Texas
$218K -$19.1K -317 -10%
AWM
868
Avior Wealth Management
Nebraska
$218K +$172K +2,854 New
BFC
869
Bedel Financial Consulting
Indiana
$217K +$171K +2,842 New
DE
870
Diversified Enterprises
Delaware
$217K +$171K +2,836 New
ATFA
871
All Terrain Financial Advisors
Minnesota
$214K +$169K +2,805 New
SA
872
SFI Advisors
New Jersey
$213K +$168K +2,784 New
RFG
873
RFP Financial Group
Georgia
$211K +$176K +2,922 New
GHAM
874
Gilman Hill Asset Management
Connecticut
$210K +$166K +2,750 New
NFG
875
Norris Financial Group
South Carolina
$208K +$164K +2,721 New
33 34
35
36 37

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.