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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
BGDI
951
BW Gestao de Investimentos
Brazil
– -$6.99M -152,000 Closed
Man Group
952
Man Group
United Kingdom
– -$6.81M -148,134 Closed
SCM
953
Stonehearth Capital Management
Massachusetts
– -$6.8M -147,923 Closed
ACP
954
Aveo Capital Partners
Colorado
– -$4.14M -83,177 Closed
TC
955
TownSquare Capital
Utah
– -$3.18M -69,074 Closed
FAM
956
Forte Asset Management
New York
– -$2.09M -45,496 Closed
JF
957
Joule Financial
Kentucky
– -$1.77M -38,491 Closed
PWP
958
Pursue Wealth Partners
California
– -$1.68M -36,543 Closed
TL
959
Tradewinds LLC
North Carolina
– -$1.41M -30,705 Closed
SKK
960
Shepherd Kaplan Krochuk
Massachusetts
– -$1.18M -25,731 Closed
CCB
961
Cutter & Co Brokerage
Missouri
– -$1.18M -25,575 Closed
BM
962
Bridger Management
New York
– -$1.16M -25,179 Closed
BDAM
963
Blue Door Asset Management
Connecticut
– -$1.15M -25,000 Closed
EP
964
Edgestream Partners
New Jersey
– -$1.09M -23,652 Closed
Squarepoint
965
Squarepoint
New York
– -$1.09M -22,000 Closed
PSCM
966
Per Stirling Capital Management
Texas
– -$1M -21,822 Closed
AG
967
AlTi Global
New York
– -$911K -19,810 Closed
WA
968
WESPAC Advisors
California
– -$864K -18,805 Closed
WDL
969
Well Done LLC
Michigan
– -$628K -18,507 Closed
WA
970
Wilmar Advisors
Florida
– -$690K -15,000 Closed
BCM
971
Barometer Capital Management
Ontario, Canada
– -$577K -12,550 Closed
CP
972
Cumberland Partners
Ontario, Canada
– -$559K -12,160 Closed
MLIM
973
Mountain Lake Investment Management
Florida
– -$543K -11,804 Closed
JC
974
JBGlobal.com
New York
– -$508K -11,042 Closed
BSG
975
Black Swift Group
Colorado
– -$439K -9,550 Closed
37 38
39
40 41

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.