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GDX
VanEck Gold Miners ETF

Fund Description

VanEck Gold Miners ETF (GDX®) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the NYSE Arca Gold Miners Index (GDMNTR), which is intended to track the overall performance of companies involved in the gold mining industry.

 
 

  • Fund Ticker

    GDX
  • Exchange

    NYSE Arca
  • Inception Date

    05/16/2006
  • ETF Structure

    Physical
  • Administrator

    Van Eck Associates
  • Index Ticker

    GDMNTR
  • Index Rebalancing

    Quarterly

  as of 11/25/22

  • 30-Day SEC Yield1

    1.72%
  • Total Net Assets

    $11.8B
  • Number of Holdings

    49
  • Options

    Available
  • Gross Expense Ratio2

    0.51%
  • Net Expense Ratio/TER2

    0.51%
  • Distribution Frequency

    Annual
  • Next Distribution Date

    12/16/2022

Fund Highlights

  • Nation's First Gold Miners ETF
    Highly liquid ETF and most popular investment product of its kind6

  • High Beta Exposure to Gold Prices7
    Gold miners have historically provided leveraged exposure to gold prices

  • Industry Leaders
    Portfolio of the largest global gold mining companies

Trading Information

  • Fund Ticker

    GDX
  • Index Total Return Ticker

    GDMNTR
  • NAV

    GMINV
  • Intraday NAV (IIV)4

    GMI
  • Shares Outstanding

    413,752,500
  • Estimated Cash

    GMIEU
  • Total Cash

    GMITC
  • CUSIP

    92189F106
  • ISIN

    US92189F1066
Source: Bloomberg

Fees and Expenses2

  • Management Fee

    0.50%
  • Other Expenses

    0.01%
  • Gross Expense Ratio

    0.51%
  • Fee Waivers and
    Expense Reimbursement

    --
  • Net Expense Ratio/TER2

    0.51%

2Expenses for GDX are capped contractually at 0.53% until May 1, 2023. Cap excludes acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses.

Morningstar™ Ratings3 as of 08/31/2022

Category Overall 3 Year 5 Year
Equity Precious Metals

Morningstar Ratings: When applicable, ratings shown when the ETF is rated three stars or more for any given period. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics.

© Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Investment Professionals

  • Portfolio Manager and Head of Equity ETFs
  • Oversees the Equity ETF Investment Management Team including development and management of index replication and optimization strategies
  • Joined VanEck in 2005
  • CFA charterholder; member of the CFA Society New York
  • BA, Mathematics and Economics, New York University
  • Analyst for Equity ETFs
  • Joined VanEck in 2018
  • Prior to joining VanEck, ETF Basket Operations Analyst at JPMorgan
  • BS, Finance, Providence College
  • Analyst for Equity ETFs
  • Joined VanEck in 2019
  • Prior to VanEck, Intermediate Representative, Exchange Traded Funds at BNY Mellon.
  • BS, Accounting, Hunter College

Prices as of 11/25/22

NAV/
Market
Price
Volume
30-Day Avg./
Last Trading Day
Daily Change
NAV/
Last Price
YTD Change NAV/
Last Price
Premium/
Discount
30-Day
Median
Bid Ask
Spread
NAV
Chart
GDX $28.43
$28.44
27,480,592
19,297,892
$-0.15 / -0.51%
$-0.27 / -0.94%
-11.14%
-11.21%
$0.01
0.02%
0.04%

Premium/Discount History as of 11/25/22

Calendar Year 2021 4Q 2021 1Q 2022 2Q 2022 3Q 2022 Premium/Discount Charts NAV & Prem/Discount History
GDX Days closed at a premium 98 33 25 27 24
Days closed at NAV 18 2 1 1 4
Days closed at a discount 136 29 36 34 36

Performance History: Average Annual Total Returns* (%)

  1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
05/16/06
GDX (NAV) 0.83 -7.64 -24.27 -22.36 -3.86 2.35 -6.78 -2.31
GDX (Share Price) 0.17 -8.03 -24.57 -22.51 -4.05 2.29 -6.81 -2.33
GDMNTR (Index) 0.92 -7.55 -24.09 -22.19 -3.51 2.69 -6.43 -1.89
Performance Differential (NAV - Index) -0.09 -0.09 -0.18 -0.17 -0.35 -0.34 -0.35 -0.42
  1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
05/16/06
GDX (NAV) 0.71 -12.54 -24.89 -16.98 -2.70 1.74 -7.00 -2.37
GDX (Share Price) 1.34 -11.91 -24.70 -16.76 -2.41 1.83 -6.96 -2.35
GDMNTR (Index) 0.43 -12.63 -24.78 -16.83 -2.44 2.07 -6.65 -1.95
Performance Differential (NAV - Index) 0.28 0.09 -0.11 -0.15 -0.26 -0.33 -0.35 -0.42

Top 10 Holdings (%) as of 10/31/22

Daily Holdings
Total Holdings: 49
Holding Name
Ticker
Shares
Market Value
(US$)
% of Net
Assets
Newmont Corp
NEM US
30,251,472
1,280,242,295 12.89
Barrick Gold Corp
GOLD US
67,821,072
1,019,350,712 10.27
Franco-Nevada Corp
FNV US
7,301,277
902,291,812 9.09
Agnico Eagle Mines Ltd
AEM US
17,372,114
763,678,131 7.69
Wheaton Precious Metals Corp
WPM US
17,216,455
562,805,914 5.67
Newcrest Mining Ltd
NCM AU
38,378,027
424,914,330 4.28
Gold Fields Ltd
GFI US
48,167,423
379,559,293 3.82
Northern Star Resources Ltd
NST AU
62,959,976
351,275,943 3.54
Royal Gold Inc
RGLD US
3,546,909
336,814,479 3.39
Zijin Mining Group Co Ltd
2899 HK
310,072,000
295,750,942 2.98
Top 10 Total (%) 63.61
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These are not recommendations to buy or to sell any security. Securities and holdings may vary.

Country Weightings (%)
as of 10/31/22

Country % of Net Assets
Canada 43.32
United States 18.34
Australia 12.78
Brazil 7.96
South Africa 5.00
China 4.15
Tanzania 2.97
United Kingdom 2.39
Peru 0.96
Egypt 0.64
Turkey 0.56
Kyrgyzstan 0.55
Burkina Faso 0.38
Other/Cash 0.00

Sector Weightings (%)
as of 10/31/22

Sector % of Net Assets
Materials 100.00
Other/Cash 0.00

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