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VanEck Gold Miners ETF
GDX

938 hedge funds and large institutions have $7.19B invested in VanEck Gold Miners ETF in 2025 Q2 according to their latest regulatory filings, with 145 funds opening new positions, 253 increasing their positions, 376 reducing their positions, and 88 closing their positions.

New
Increased
Maintained
Reduced
Closed

65% more first-time investments, than exits

New positions opened: 145 | Existing positions closed: 88

7% more capital invested

Capital invested by funds: $6.74B → $7.19B (+$447M)

5% more funds holding

Funds holding: 890 → 938 (+48)

2% more funds holding in top 10

Funds holding in top 10: 45 → 46 (+1)

0.93% more ownership

Funds ownership: 45.19% → 46.12% (+0.93%)

31% less call options, than puts

Call options by funds: $4.71B | Put options by funds: $6.84B

33% less repeat investments, than reductions

Existing positions increased: 253 | Existing positions reduced: 376

Holders
938
Holders Change
+48
Holders Change %
+5.39%
% of All Funds
12.35%
Holding in Top 10
46
Holding in Top 10 Change
+1
Holding in Top 10 Change %
+2.22%
% of All Funds
0.61%
New
145
Increased
253
Reduced
376
Closed
88
Calls
$4.71B
Puts
$6.84B
Net Calls
-$2.14B
Net Calls Change
-$1.13B

Top Buyers

Rank Fund Capital Flow
1
JP Morgan Chase
JP Morgan Chase
New York
+$149M
2
SPC
Slate Path Capital
New York
+$117M
3
Rafferty Asset Management
Rafferty Asset Management
New York
+$74.6M
4
Two Sigma Investments
Two Sigma Investments
New York
+$72.9M
5
Royal Bank of Canada
Royal Bank of Canada
Ontario, Canada
+$60.6M

Top Sellers

Rank Fund Capital Flow
1
Bank of America
Bank of America
North Carolina
-$137M
2
Morgan Stanley
Morgan Stanley
New York
-$133M
3
Bank of Montreal
Bank of Montreal
Ontario, Canada
-$79.1M
4
BNP Paribas Financial Markets
BNP Paribas Financial Markets
France
-$74.6M
5
BBVA
Banco Bilbao Vizcaya Argentaria
Spain
-$61.6M
Name Holding Trade Value Shares
Change 		Change in
Stake
TIM
926
Tortoise Investment Management
New York
$3.9K – – –
BC
927
Barrett & Company
Rhode Island
$3.12K – – –
WAS
928
Winch Advisory Services
Wisconsin
$3.04K – – –
RFA
929
Reyes Financial Architecture
California
$2.76K – – –
MMCM
930
Murphy & Mullick Capital Management
New York
$2.6K – – –
DWM
931
Darwin Wealth Management
Florida
$2.03K – – –
T
932
Transce3nd
Texas
$1.98K +$1.39K +28 +280%
DF
933
DecisionPoint Financial
Arizona
$1.3K +$1.24K +25 New
EPIM
934
Evelyn Partners Investment Management
$1.04K – – –
HBW
935
Hazlett, Burt & Watson
West Virginia
$1K – – –
KFI
936
Key Financial Inc
Pennsylvania
$573 – – –
GEA
937
Glen Eagle Advisors
New Jersey
$312 – – –
CCMW
938
Cypress Capital Management (Wyoming)
Wyoming
$156 -$1.64M -33,091 -100%
SAM
939
Smartleaf Asset Management
Massachusetts
$149 -$14.2K -287 -99%
KG
940
Kilter Group
New York
$26 – – –
APF
941
Alaska Permanent Fund
Alaska
– -$29.5M -601,411 Closed
QIM
942
Quantitative Investment Management
Virginia
– -$26.5M -576,850 Closed
CM
943
Caption Management
Oklahoma
– -$25M -502,844 Closed
OMC
944
Old Mission Capital
Illinois
– -$16M -347,728 Closed
PCMH
945
Polymer Capital Management (HK)
Hong Kong
– -$15.8M -343,500 Closed
PP
946
Prudential plc
United Kingdom
– -$15.1M -327,500 Closed
AO
947
Advisor OS
Illinois
– -$14.2M -308,267 Closed
MA
948
MJP Associates
Connecticut
– -$14.2M -308,267 Closed
WHGC
949
Wealth High Governance Capital
Brazil
– -$11.4M -248,000 Closed
BFIC
950
Bedell Frazier Investment Counselling
California
– -$7.54M -164,050 Closed
36 37
38
39 40

GDX Hedge Fund Activity: Q2 2025 in Review

938 of the 7,595 institutional investors tracked by Wall St. Rank reported a position in VanEck Gold Miners ETF (GDX) for Q2 2025, worth a combined $7.19B — up 6.6% from $6.74B a quarter earlier.

Buyers outnumbered sellers: 145 funds opened new GDX positions and 88 closed out — a net gain of 57 holders — while 253 added to existing stakes and 376 trimmed.

The largest buyer was JP Morgan Chase, adding an estimated $149M. The largest seller was Bank of America, cutting an estimated $137M.

  • 938 institutional investors held VanEck Gold Miners ETF (GDX) as of Q2 2025, up from 890 in Q1 2025.
  • Funds reported $7.19B of VanEck Gold Miners ETF stock for Q2 2025, up 6.6% quarter-over-quarter.
  • 145 funds opened new VanEck Gold Miners ETF positions in Q2 2025 and 88 closed out, a net change of +57 holders.
  • The largest VanEck Gold Miners ETF buyer in Q2 2025 was JP Morgan Chase, an estimated $149M added.
  • The largest VanEck Gold Miners ETF seller in Q2 2025 was Bank of America, an estimated $137M sold.

Based on aggregated 13F filings for Q2 2025.