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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
FBC
876
Fairfield, Bush & Co
Connecticut
$204K +$161K +2,675 New
SW
877
SlateStone Wealth
Florida
$204K +$161K +2,668 New
SA
878
Sovran Advisors
California
$204K +$168K +2,795 New
CF
879
Clarity Financial
Texas
$203K +$160K +2,659 New
PCIA
880
Prime Capital Investment Advisors
Kansas
$203K +$160K +2,654 New
CFS
881
Commonwealth Financial Services
West Virginia
$202K +$159K +2,639 New
DF
882
Define Financial
California
$201K +$159K +2,636 New
WCP
883
Wealthcare Capital Partners
Pennsylvania
$201K +$158K +2,631 New
RC
884
Roundview Capital
New Jersey
$201K +$158K +2,630 New
HCWM
885
Hidden Cove Wealth Management
Washington
$201K +$158K +2,627 New
GSWM
886
Golden State Wealth Management
California
$197K +$10.2K +169 +7%
AT
887
Arlington Trust
Alabama
$193K – – –
PP
888
Pacifica Partners
Canada
$192K -$152K -2,525 -50%
OIA
889
Optimum Investment Advisors
Illinois
$191K – – –
SWA
890
SOA Wealth Advisors
New York
$183K +$2.65K +44 +2%
ST
891
Smithfield Trust
Pennsylvania
$180K – – –
OSAM
892
O'Shaughnessy Asset Management
Connecticut
$178K +$8.85K +147 +7%
CSC
893
Caldwell Sutter Capital
California
$176K +$31.4K +522 +29%
AssetMark Inc
894
AssetMark Inc
California
$169K +$74.9K +1,244 +129%
MIM
895
MTM Investment Management
South Carolina
$169K – – –
OFG
896
Oxford Financial Group
Indiana
$169K – – –
UBP
897
Union Bancaire Privee
Switzerland
$162K – – –
AP
898
Advisors Preferred
Maryland
$162K -$59.6K -990 -32%
FF
899
Friedenthal Financial
New Jersey
$160K -$19.2K -318 -13%
CSPIA
900
Cary Street Partners Investment Advisory
Virginia
$149K +$118K +1,955 New
34 35
36
37 38

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.