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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

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

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
AF
1001
Alerus Financial
North Dakota
$14.4K +$11.3K +188 New
SR
1002
Syntax Research
Florida
$13.9K – – –
MWM
1003
Mascoma Wealth Management
New Hampshire
$13.4K – – –
T
1004
Tidemark
California
$12.7K – – –
BAM
1005
Bellevue Asset Management
Washington
$12K – – –
FWA
1006
Flagship Wealth Advisors
Massachusetts
$11.9K – – –
RPA
1007
Redwood Park Advisors
California
$11.5K – – –
AA
1008
Addison Advisors
Vermont
$11.5K -$6.02K -100 -40%
CIAS
1009
CBIZ Investment Advisory Services
Ohio
$11.3K – – –
MWPCG
1010
Measured Wealth Private Client Group
New Hampshire
$10.1K +$7.95K +132 New
UB
1011
UMB Bank
Missouri
$9.55K – – –
BPAMU
1012
BTG Pactual Asset Management US
New York
$9.54K – – –
QWM
1013
Quaker Wealth Management
New Jersey
$9.41K – – –
GGI
1014
Godsey & Gibb Inc
Virginia
$9.02K +$7.11K +118 New
HFS
1015
Hantz Financial Services
Michigan
$9K – – –
JHCP
1016
Jackson Hole Capital Partners
Oklahoma
$7.87K – – –
ME
1017
McIlrath & Eck
Washington
$7.87K – – –
BL
1018
BFSG LLC
California
$7.79K – – –
HWA
1019
HHM Wealth Advisors
Tennessee
$7.64K – – –
OA
1020
Operose Advisors
Wisconsin
$7.64K – – –
TFA
1021
Toth Financial Advisory
Virginia
$7.26K – – –
SHM
1022
Sagard Holdings Management
Ontario, Canada
$6.49K – – –
TFGT
1023
TS Financial Group (TSFG)
Illinois
$6K – – –
TIM
1024
Tortoise Investment Management
New York
$5.73K – – –
FNWA
1025
Financial Network Wealth Advisors
Utah
$5.5K +$4.34K +72 New
39 40
41
42 43

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.