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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
BFS
1026
Bare Financial Services
Pennsylvania
$4.74K -$1.75K -29 -32%
BC
1027
Barrett & Company
Rhode Island
$4.58K – – –
WAS
1028
Winch Advisory Services
Wisconsin
$4.47K – – –
RFA
1029
Reyes Financial Architecture
California
$4.05K – – –
RBC
1030
Roble Belko & Company
Pennsylvania
$4K -$6.92K -115 -66%
PCTC
1031
Perkins Coie Trust Company
Washington
$3.9K +$3.07K +51 New
MMCM
1032
Murphy & Mullick Capital Management
New York
$3.65K – – –
CCM
1033
Cloud Capital Management
Washington
$3K +$3.01K +50 New
DWM
1034
Darwin Wealth Management
Florida
$2.98K – – –
APW
1035
Aventura Private Wealth
Florida
$2.6K +$2.05K +34 New
Macquarie Group
1036
Macquarie Group
Australia
$2.6K +$2.05K +34 New
ADL
1037
Asset Dedication LLC
California
$2.29K +$1.81K +30 New
DF
1038
DecisionPoint Financial
Arizona
$1.93K – – –
EPIM
1039
Evelyn Partners Investment Management
$1.53K – – –
TRCT
1040
Tower Research Capital (TRC)
New York
$1.45K -$7.23K -120 -86%
HBW
1041
Hazlett, Burt & Watson
West Virginia
$1K – – –
KFI
1042
Key Financial Inc
Pennsylvania
$848 – – –
GEA
1043
Glen Eagle Advisors
New Jersey
$458 – – –
MCM
1044
Manchester Capital Management
Vermont
$230 +$181 +3 New
CCMW
1045
Cypress Capital Management (Wyoming)
Wyoming
$229 – – –
ACM
1046
Anfield Capital Management
California
$229 +$181 +3 New
SAM
1047
Smartleaf Asset Management
Massachusetts
$223 – – –
AP
1048
Atwood & Palmer
Missouri
$36 – – –
SPC
1049
Slate Path Capital
New York
– -$123M -2,364,000 Closed
Two Sigma Investments
1050
Two Sigma Investments
New York
– -$77M -1,478,487 Closed
40 41
42
43 44

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.