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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
GCM
1076
Generation Capital Management
New York
– -$887K -17,045 Closed
LOAMU
1077
Lombard Odier Asset Management (USA)
New York
– -$1.02M -17,000 Closed
SMH
1078
Sanders Morris Harris
Texas
– -$807K -15,500 Closed
BMCM
1079
Black Maple Capital Management
Wisconsin
– -$903K -15,000 Closed
EAM
1080
Everstar Asset Management
North Carolina
– -$678K -13,014 Closed
MS
1081
Maven Securities
Jersey
– -$776K -12,890 Closed
Optiver Holding
1082
Optiver Holding
Netherlands
– -$737K -12,233 Closed
PAMP
1083
Polar Asset Management Partners
Ontario, Canada
– -$521K -10,000 Closed
CSS
1084
Cubist Systematic Strategies
Connecticut
– -$583K -9,686 Closed
MAM
1085
Mainsail Asset Management
Alabama
– -$487K -9,350 Closed
EA
1086
Efficient Advisors
Ohio
– -$463K -8,898 Closed
WW
1087
Winnow Wealth
Texas
– -$381K -7,314 Closed
RA
1088
RFG Advisory
Alabama
– -$367K -7,046 Closed
FIM
1089
Freedom Investment Management
Connecticut
– -$318K -6,111 Closed
MA
1090
Maxele Advisors
Missouri
– -$316K -6,075 Closed
VWM
1091
Vigilare Wealth Management
Arizona
– -$313K -6,017 Closed
PA
1092
Procyon Advisors
Connecticut
– -$299K -5,736 Closed
IWA
1093
Inspirion Wealth Advisors
Illinois
– -$289K -5,549 Closed
AIA
1094
Arbor Investment Advisors
North Carolina
– -$285K -5,466 Closed
RWM
1095
Ritholtz Wealth Management
New York
– -$265K -5,085 Closed
TSMHT
1096
Thurston Springer Miller Herd & Titak
Indiana
– -$253K -4,854 Closed
Sumitomo Mitsui Trust Group
1097
Sumitomo Mitsui Trust Group
Japan
– -$227K -4,364 Closed
PWM
1098
Palumbo Wealth Management
New York
– -$226K -4,345 Closed
TIAM2
1099
Tru Independence Asset Management 2
Oregon
– -$226K -4,333 Closed
SCP
1100
Sender Company & Partners
New York
– -$261K -4,332 Closed
41 42 43
44
45

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.