VanEck Gold Miners ETF
1,051 hedge funds and large institutions have $11.4B invested in VanEck Gold Miners ETF in 2025 Q3 according to their latest regulatory filings, with 197 funds opening new positions, 334 increasing their positions, 311 reducing their positions, and 71 closing their positions.
177% more first-time investments, than exits
New positions opened: 197 | Existing positions closed: 71
66% more capital inflows, than outflows
Capital inflows: $2.03B | Capital outflows: $1.22B
43% more funds holding in top 10
Funds holding in top 10: 46 → 66 (+20)
12% more funds holding
Funds holding: 942 → 1,051 (+109)
5.28% more ownership
Funds ownership: 46.36% → 51.63% (+5.3%)
7% more repeat investments, than reductions
Existing positions increased: 334 | Existing positions reduced: 311
35% less call options, than puts
Call options by funds: $7.79B | Put options by funds: $12B
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Bank of Montreal
Toronto,
Ontario, Canada
|
+$438M |
| 2 |
D.E. Shaw & Co
New York
|
+$137M |
| 3 |
Jane Street
New York
|
+$132M |
| 4 |
Citigroup
New York
|
+$101M |
| 5 |
Susquehanna International Group
Bala Cynwyd,
Pennsylvania
|
+$87.8M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Slate Path Capital
New York
|
-$123M |
| 2 |
JP Morgan Chase
New York
|
-$123M |
| 3 |
Bank of America
Charlotte,
North Carolina
|
-$105M |
| 4 |
Two Sigma Investments
New York
|
-$77M |
| 5 |
Goldman Sachs
New York
|
-$72.5M |
GDX Hedge Fund Activity: Q3 2025 in Review
1,051 of the 7,652 institutional investors tracked by Wall St. Rank reported a position in VanEck Gold Miners ETF (GDX) for Q3 2025, worth a combined $11.4B — up 59% from $7.18B a quarter earlier.
Buyers outnumbered sellers: 197 funds opened new GDX positions and 71 closed out — a net gain of 126 holders — while 334 added to existing stakes and 311 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.
- 1,051 institutional investors held VanEck Gold Miners ETF (GDX) as of Q3 2025, up from 942 in Q2 2025.
- Funds reported $11.4B of VanEck Gold Miners ETF stock for Q3 2025, up 59% quarter-over-quarter.
- 197 funds opened new VanEck Gold Miners ETF positions in Q3 2025 and 71 closed out, a net change of +126 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.