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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
Simplex Trading
901
Simplex Trading
Illinois
– -$12.7M -314,070 Closed
JF
902
Jump Financial
Illinois
– -$9.4M -277,290 Closed
CA
903
Claar Advisors
New York
– -$9.09M -268,000 Closed
NSLI
904
Nan Shan Life Insurance
Taiwan
– -$8.41M -247,991 Closed
LIM
905
Lingotto Investment Management
United Kingdom
– -$7.93M -234,000 Closed
UOC
906
UBS O'Connor
Illinois
– -$6.78M -200,000 Closed
YIH
907
Y-Intercept (HK)
Hong Kong
– -$4.71M -138,986 Closed
BCM
908
BlueCrest Capital Management
Jersey
– -$4.63M -136,500 Closed
CC
909
Centiva Capital
New York
– -$4.41M -130,151 Closed
HF
910
HRT Financial
New York
– -$5.16M -127,621 Closed
PEAK6
911
PEAK6
Illinois
– -$4.87M -120,362 Closed
CMTU
912
Capital Markets Trading (UK)
United Kingdom
– -$4.62M -114,223 Closed
EDRH
913
Edmond de Rothschild Holding
Switzerland
– -$3.25M -95,702 Closed
DRP
914
Decade Renewable Partners
Texas
– -$2.82M -83,100 Closed
OFA
915
Oak Family Advisors
Illinois
– -$2.46M -72,497 Closed
Caisse de Depot et Placement du Quebec (CDPQ)
916
Caisse de Depot et Placement du Quebec (CDPQ)
Quebec, Canada
– -$2.36M -69,500 Closed
SSA
917
Schonfeld Strategic Advisors
New York
– -$2.23M -65,814 Closed
MIC
918
Maxi Investments CY
Cyprus
– -$1.75M -51,700 Closed
RAG
919
RIA Advisory Group
Iowa
– -$1.58M -46,741 Closed
IMC Chicago
920
IMC Chicago
Illinois
– -$1.87M -46,171 Closed
EFM
921
E Fund Management
China
– -$1.55M -45,623 Closed
GSC
922
Ground Swell Capital
South Carolina
– -$1.1M -32,296 Closed
DS
923
DRW Securities
Illinois
– -$1.25M -30,891 Closed
PAMP
924
Polar Asset Management Partners
Ontario, Canada
– -$1.02M -30,000 Closed
IAA
925
Independent Advisor Alliance
North Carolina
– -$989K -29,158 Closed
35 36
37
38 39

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.