VanEck Gold Miners ETF
1,159 hedge funds and large institutions have $13.3B invested in VanEck Gold Miners ETF in 2025 Q4 according to their latest regulatory filings, with 199 funds opening new positions, 359 increasing their positions, 428 reducing their positions, and 68 closing their positions.
193% more first-time investments, than exits
New positions opened: 199 | Existing positions closed: 68
17% more capital invested
Capital invested by funds: $11.4B → $13.3B (+$1.96B)
10% more funds holding
Funds holding: 1,049 → 1,159 (+110)
6% more funds holding in top 10
Funds holding in top 10: 66 → 70 (+4)
0.24% more ownership
Funds ownership: 51.63% → 51.87% (+0.24%)
16% less repeat investments, than reductions
Existing positions increased: 359 | Existing positions reduced: 428
55% less call options, than puts
Call options by funds: $6.18B | Put options by funds: $13.9B
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Bank of Montreal
Toronto,
Ontario, Canada
|
+$407M |
| 2 |
Citadel Advisors
Miami,
Florida
|
+$272M |
| 3 |
Caisse de Depot et Placement du Quebec (CDPQ)
Montreal,
Quebec, Canada
|
+$202M |
| 4 |
Goldman Sachs
New York
|
+$158M |
| 5 |
Wells Fargo
San Francisco,
California
|
+$153M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
D.E. Shaw & Co
New York
|
-$174M |
| 2 |
UBS Group
Zurich,
Switzerland
|
-$159M |
| 3 |
Bank of America
Charlotte,
North Carolina
|
-$122M |
| 4 |
Balyasny Asset Management
Chicago,
Illinois
|
-$114M |
| 5 |
JP Morgan Chase
New York
|
-$92.9M |
GDX Hedge Fund Activity: Q4 2025 in Review
1,159 of the 8,284 institutional investors tracked by Wall St. Rank reported a position in VanEck Gold Miners ETF (GDX) for Q4 2025, worth a combined $13.3B — up 17% from $11.4B a quarter earlier.
Buyers outnumbered sellers: 199 funds opened new GDX positions and 68 closed out — a net gain of 131 holders — while 359 added to existing stakes and 428 trimmed.
The largest buyer was Bank of Montreal, adding an estimated $407M. The largest seller was D.E. Shaw & Co, exiting entirely with an estimated $174M sold.
- 1,159 institutional investors held VanEck Gold Miners ETF (GDX) as of Q4 2025, up from 1,049 in Q3 2025.
- Funds reported $13.3B of VanEck Gold Miners ETF stock for Q4 2025, up 17% quarter-over-quarter.
- 199 funds opened new VanEck Gold Miners ETF positions in Q4 2025 and 68 closed out, a net change of +131 holders.
- The largest VanEck Gold Miners ETF buyer in Q4 2025 was Bank of Montreal, an estimated $407M added.
- The largest VanEck Gold Miners ETF seller in Q4 2025 was D.E. Shaw & Co, an estimated $174M sold.
Based on aggregated 13F filings for Q4 2025.