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VanEck Gold Miners ETF

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: 4662 (+16)

11% more funds holding

Funds holding: 9381,045 (+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
Name Holding Trade Value Shares
Change
Change in
Stake
Bank of Montreal
1
Bank of Montreal
Ontario, Canada
$1.09B +$438M +7,269,864 +104%
Morgan Stanley
2
Morgan Stanley
New York
$977M -$69M -1,145,664 -8%
UBS Group
3
UBS Group
Switzerland
$837M +$27.8M +460,915 +4%
Bank of America
4
Bank of America
North Carolina
$690M -$105M -1,751,699 -16%
Rafferty Asset Management
5
Rafferty Asset Management
New York
$498M +$462K +7,666 +0.1%
Wells Fargo
6
Wells Fargo
California
$303M +$45.3M +753,020 +23%
LPL Financial
7
LPL Financial
California
$273M +$22.6M +375,322 +12%
Royal Bank of Canada
8
Royal Bank of Canada
Ontario, Canada
$228M -$30.1M -499,719 -14%
Jane Street
9
Jane Street
New York
$204M +$132M +2,199,135 +463%
Citigroup
10
Citigroup
New York
$184M +$101M +1,669,979 +225%
D.E. Shaw & Co
11
D.E. Shaw & Co
New York
$174M +$137M +2,282,185 New
JP Morgan Chase
12
JP Morgan Chase
New York
$148M -$123M -2,038,403 -51%
Susquehanna International Group
13
Susquehanna International Group
Pennsylvania
$131M +$87.8M +1,457,312 +565%
National Bank of Canada
14
National Bank of Canada
Quebec, Canada
$122M +$30.7M +509,464 +47%
Raymond James Financial
15
Raymond James Financial
Florida
$116M +$1.3M +21,629 +1%
Balyasny Asset Management
16
Balyasny Asset Management
Illinois
$115M +$36M +597,945 +66%
BNP Paribas Financial Markets
17
BNP Paribas Financial Markets
France
$90.4M +$50.5M +838,391 +243%
Stifel Financial
18
Stifel Financial
Missouri
$85.7M -$2.71M -44,973 -4%
GI
19
GLOBALT Investments
Georgia
$82.6M -$1.17M -19,393 -2%
Ameriprise
20
Ameriprise
Minnesota
$82.3M +$1.55M +25,688 +2%
Commonwealth Equity Services
21
Commonwealth Equity Services
Massachusetts
$78.4M -$2.48M -41,202 -4%
CI Investments Inc
22
CI Investments Inc
Ontario, Canada
$76.4M +$46.8M +777,067 +348%
Schroder Investment Management Group
23
Schroder Investment Management Group
United Kingdom
$74.4M -$15.9M -264,253 -21%
Cetera Investment Advisers
24
Cetera Investment Advisers
Illinois
$72.5M +$6.92M +114,841 +14%
MMH
25
Menora Mivtachim Holdings
Israel
$70.2M +$55.4M +919,250 New

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.