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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
3AM
976
3EDGE Asset Management
Florida
– -$405K -8,819 Closed
GAA
977
Global Assets Advisory
Florida
– -$358K -8,119 Closed
FFS
978
Founders Financial Securities
Maryland
– -$396K -8,010 Closed
JSC
979
Jackson Square Capital
California
– -$368K -8,000 Closed
PA
980
PSI Advisors
Florida
– -$349K -7,602 Closed
PTP
981
Platform Technology Partners
New York
– -$322K -7,000 Closed
TFF
982
The Family Firm
Maryland
– -$321K -6,991 Closed
WI
983
Westbourne Investments
Virginia
– -$313K -6,800 Closed
FTWA
984
Fifth Third Wealth Advisors
Ohio
– -$295K -6,423 Closed
DA
985
Doliver Advisors
Texas
– -$295K -6,421 Closed
BHWA
986
Beacon Harbor Wealth Advisors
Virginia
– -$285K -6,200 Closed
JGC
987
J. Goldman & Co
New York
– -$276K -6,000 Closed
SRC
988
Sage Rhino Capital
California
– -$276K -6,000 Closed
CL
989
CLG LLC
California
– -$269K -5,850 Closed
IA
990
Integrity Alliance
Iowa
– -$254K -5,521 Closed
CCM
991
Campbell Capital Management
Florida
– -$253K -5,500 Closed
CFA
992
Capstone Financial Advisors
Illinois
– -$245K -5,335 Closed
ROP
993
Rule One Partners
Georgia
– -$230K -5,001 Closed
BCM
994
Bluefin Capital Management
New York
– -$248K -5,000 Closed
SIM
995
Stratos Investment Management
Ohio
– -$225K -4,901 Closed
BAAM
996
Baker Avenue Asset Management
California
– -$219K -4,762 Closed
IAIM
997
International Assets Investment Management
Florida
– -$215K -4,683 Closed
CFP
998
Catalyst Financial Partners
Massachusetts
– -$213K -4,625 Closed
VF
999
Vawter Financial
Ohio
– -$205K -4,450 Closed
SFGP
1000
Stonebridge Financial Group (Pennsylvania)
Pennsylvania
– -$140K -3,035 Closed
38 39
40
41 42

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.