VanEck Gold Miners ETF
941 hedge funds and large institutions have $7.18B invested in VanEck Gold Miners ETF in 2025 Q2 according to their latest regulatory filings, with 146 funds opening new positions, 253 increasing their positions, 378 reducing their positions, and 88 closing their positions.
66% more first-time investments, than exits
New positions opened: 146 | Existing positions closed: 88
5% more funds holding
Funds holding: 892 → 941 (+49)
2% more funds holding in top 10
Funds holding in top 10: 45 → 46 (+1)
1.19% more ownership
Funds ownership: 45.17% → 46.36% (+1.2%)
28% less capital inflows, than outflows
Capital inflows: $1.06B | Capital outflows: $1.48B
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: 378
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
JP Morgan Chase
New York
|
+$149M |
| 2 |
Slate Path Capital
New York
|
+$117M |
| 3 |
Rafferty Asset Management
New York
|
+$74.6M |
| 4 |
Two Sigma Investments
New York
|
+$72.9M |
| 5 |
Royal Bank of Canada
Toronto,
Ontario, Canada
|
+$60.6M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Bank of America
Charlotte,
North Carolina
|
-$137M |
| 2 |
Morgan Stanley
New York
|
-$133M |
| 3 |
Bank of Montreal
Toronto,
Ontario, Canada
|
-$79.1M |
| 4 |
BNP Paribas Financial Markets
Paris,
France
|
-$74.6M |
| 5 |
Banco Bilbao Vizcaya Argentaria
Madrid,
Spain
|
-$61.6M |
GDX Hedge Fund Activity: Q2 2025 in Review
941 of the 7,621 institutional investors tracked by Wall St. Rank reported a position in VanEck Gold Miners ETF (GDX) for Q2 2025, worth a combined $7.18B — up 6.6% from $6.74B a quarter earlier.
Buyers outnumbered sellers: 146 funds opened new GDX positions and 88 closed out — a net gain of 58 holders — while 253 added to existing stakes and 378 trimmed.
The largest buyer was JP Morgan Chase, adding an estimated $149M. The largest seller was Bank of America, cutting an estimated $137M.
- 941 institutional investors held VanEck Gold Miners ETF (GDX) as of Q2 2025, up from 892 in Q1 2025.
- Funds reported $7.18B of VanEck Gold Miners ETF stock for Q2 2025, up 6.6% quarter-over-quarter.
- 146 funds opened new VanEck Gold Miners ETF positions in Q2 2025 and 88 closed out, a net change of +58 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.