VanEck Gold Miners ETF
GDX
890 hedge funds and large institutions have $6.74B invested in VanEck Gold Miners ETF in 2025 Q1 according to their latest regulatory filings, with 149 funds opening new positions, 251 increasing their positions, 302 reducing their positions, and 81 closing their positions.
84% more first-time investments, than exits
New positions opened: 149 | Existing positions closed: 81
22% more funds holding in top 10
Funds holding in top 10: 37 → 45 (+8)
8% more capital invested
Capital invested by funds: $6.25B → $6.74B (+$488M)
7% more funds holding
Funds holding: 835 → 890 (+55)
4.12% less ownership
Funds ownership: 49.3% → 45.19% (-4.1%)
17% less repeat investments, than reductions
Existing positions increased: 251 | Existing positions reduced: 302
17% less call options, than puts
Call options by funds: $4.86B | Put options by funds: $5.87B
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
BBVA
Banco Bilbao Vizcaya Argentaria
Madrid,
Spain
|
+$83M |
| 2 |
National Bank of Canada
Montreal,
Quebec, Canada
|
+$55M |
| 3 |
CA
CSM Advisors
Warrendale,
Pennsylvania
|
+$32.2M |
| 4 |
Marshall Wace
London,
United Kingdom
|
+$25.9M |
| 5 |
Barclays
London,
United Kingdom
|
+$25.2M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
JP Morgan Chase
New York
|
-$263M |
| 2 |
Jane Street
New York
|
-$246M |
| 3 |
Rafferty Asset Management
New York
|
-$173M |
| 4 |
Bank of Montreal
Toronto,
Ontario, Canada
|
-$168M |
| 5 |
Two Sigma Investments
New York
|
-$155M |
GDX Hedge Fund Activity: Q1 2025 in Review
890 of the 7,458 institutional investors tracked by Wall St. Rank reported a position in VanEck Gold Miners ETF (GDX) for Q1 2025, worth a combined $6.74B — up 7.8% from $6.25B a quarter earlier.
Buyers outnumbered sellers: 149 funds opened new GDX positions and 81 closed out — a net gain of 68 holders — while 251 added to existing stakes and 302 trimmed.
The largest buyer was Banco Bilbao Vizcaya Argentaria, adding an estimated $83M. The largest seller was JP Morgan Chase, cutting an estimated $263M.
- 890 institutional investors held VanEck Gold Miners ETF (GDX) as of Q1 2025, up from 835 in Q4 2024.
- Funds reported $6.74B of VanEck Gold Miners ETF stock for Q1 2025, up 7.8% quarter-over-quarter.
- 149 funds opened new VanEck Gold Miners ETF positions in Q1 2025 and 81 closed out, a net change of +68 holders.
- The largest VanEck Gold Miners ETF buyer in Q1 2025 was Banco Bilbao Vizcaya Argentaria, an estimated $83M added.
- The largest VanEck Gold Miners ETF seller in Q1 2025 was JP Morgan Chase, an estimated $263M sold.
Based on aggregated 13F filings for Q1 2025.