What to Know About GDX’s Index Change
05 June 2025
Read Time 3 MIN
Later this year, the VanEck Gold Miners ETF (GDX) will begin tracking a new index. Since its inception, GDX has tracked the NYSE Arca Gold Miners Index. After the market closes on September 19, 2025, GDX will transition to the MarketVector Global Gold Miners Index (MVGDXTR).
How will GDX holdings change following the index transition?
The use of free-float market capitalization and other methodology features such as listing exchange eligibility in the MarketVector Global Gold Miners Index mean there may be changes to GDX’s portfolio in September. The changes are scheduled to coincide with GDX’s regular index reconstitution and rebalance cycle. While the final list of changes will be available closer to the September transition, and the makeup of GDX and the new index are likely to change over the next several months, the table below offers a preliminary look at the key differences between the current and new index methodologies. The majority of the changes noted below are related to the new index’s market capitalization considerations.
Comparison of GDX Holdings vs. MarketVector Global Gold Miners Index as of 6/3/2025
| Ticker | GDX Weight | MVGDXTR Weight | Difference | |
| Newmont Corporation | NEM US | 11.52 | 8.95 | -2.57 |
| Agnico Eagle Mines Limited | AEM US | 11.39 | 11.48 | 0.10 |
| Wheaton Precious Metals Corp. | WPM US | 7.69 | 6.05 | -1.64 |
| Barrick Mining Corporation | B US | 6.41 | 6.47 | 0.06 |
| Franco-Nevada Corporation | FNV US | 6.28 | 5.25 | -1.02 |
| Anglogold Ashanti PLC | AU US | 4.90 | 5.20 | 0.30 |
| Gold Fields Limited Sponsored ADR | GFI US | 4.54 | 4.85 | 0.31 |
| Kinross Gold Corporation | KGC US | 4.00 | 4.94 | 0.95 |
| Northern Star Resources Ltd | NST AU | 3.30 | 5.20 | 1.90 |
| Zijin Mining Group Co., Ltd. Class H | 2899 HK | 2.90 | -- | -2.90 |
| Evolution Mining Limited | EVN AU | 2.56 | 2.58 | 0.01 |
| Royal Gold, Inc. | RGLD US | 2.55 | 2.26 | -0.29 |
| Alamos Gold Inc. | AGI US | 2.37 | 3.48 | 1.11 |
| Pan American Silver Corp. | PAAS US | 1.99 | 3.14 | 1.15 |
| Harmony Gold Mining Co. Ltd. Sponsored ADR | HMY US | 1.97 | 2.13 | 0.15 |
| Endeavour Mining PLC | EDV CN | 1.63 | -- | -1.63* |
| Zhaojin Mining Industry Co., Ltd. | 1818 HK | 1.51 | 1.23 | -0.27 |
| Coeur Mining, Inc. | CDE US | 1.18 | 1.52 | 0.34 |
| OR Royalties Inc. | OR US | 1.05 | 1.32 | 0.27 |
| B2Gold Corp. | BTG US | 0.99 | 1.42 | 0.43 |
| IAMGOLD Corporation | IAG US | 0.90 | 1.36 | 0.45 |
| Eldorado Gold Corporation | EGO US | 0.90 | 1.02 | 0.12 |
| Compania de Minas Buenaventura SAA Sponsored ADR | BVN US | 0.85 | 0.93 | 0.08 |
| New Gold Inc. | NGD US | 0.77 | 1.12 | 0.35 |
| Genesis Minerals Limited | GMD AU | 0.76 | -- | -0.76 |
| Hecla Mining Company | HL US | 0.76 | 1.00 | 0.24 |
| G Mining Ventures Corp. | GMIN CN | 0.75 | -- | -0.75 |
| Perseus Mining Limited | PRU AU | 0.74 | 0.91 | 0.16 |
| First Majestic Silver Corp. | AG US | 0.72 | 1.03 | 0.32 |
| OceanaGold Corporation | OGC CN | 0.69 | 1.11 | 0.42 |
| Equinox Gold Corp. | EQX US | 0.66 | 0.99 | 0.33 |
| Torex Gold Resources Inc. | TXG CN | 0.61 | 0.82 | 0.21 |
| Dundee Precious Metals Inc. | DPM CN | 0.59 | -- | -0.59 |
| Sandstorm Gold Ltd. | SAND US | 0.58 | 0.69 | 0.11 |
| Capricorn Metals Ltd | CMM AU | 0.55 | -- | -0.55 |
| K92 Mining, Inc. | KNT CN | 0.55 | 0.71 | 0.17 |
| Regis Resources Limited | RRL AU | 0.55 | -- | -0.55 |
| SSR Mining Inc | SSRM US | 0.53 | 0.75 | 0.22 |
| Gold Road Resources Ltd | GOR AU | 0.50 | -- | -0.50 |
| Ramelius Resources Limited | RMS AU | 0.46 | -- | -0.46 |
| Wesdome Gold Mines Ltd. | WDO CN | 0.44 | 0.60 | 0.16 |
| West African Resources Ltd | WAF AU | 0.44 | -- | -0.44 |
| Emerald Resources NL | EMR AU | 0.44 | -- | -0.44 |
| MAG Silver Corp. | MAG US | 0.43 | 0.50 | 0.07 |
| Calibre Mining Corp. | CXB CN | 0.43 | -- | -0.43 |
| Fortuna Mining Corp. | FSM US | 0.43 | 0.65 | 0.22 |
| Vault Minerals Limited | VAU AU | 0.42 | -- | -0.42 |
| Westgold Resources Ltd | WGX AU | 0.41 | 0.53 | 0.13 |
| Centerra Gold Inc. | CG CN | 0.33 | -- | -0.33 |
| DRDGOLD Ltd. Sponsored ADR | DRD US | 0.29 | -- | -0.29 |
| Pan African Resources PLC | PAN SJ | 0.28 | -- | -0.28 |
| Aya Gold & Silver Inc. | AYA CN | 0.26 | -- | -0.26 |
| Aris Mining Corp. | ARMN US | 0.25 | -- | -0.25 |
| U.S. Dollar | - | 0.24 | -- | -0.24 |
| Endeavour Silver Corp. | EXK US | 0.22 | -- | -0.22 |
| Silvercorp Metals Inc. | SVM US | 0.19 | -- | -0.19 |
| Resolute Mining Limited | RSG AU | 0.18 | -- | -0.18 |
| Bellevue Gold Limited | BGL AU | 0.17 | -- | -0.17 |
| Artemis Gold Inc | ARTG CV | -- | 1.06 | 1.06 |
| Endeavour Mining PLC | EDV LN | -- | 1.48 | 1.48* |
| Fresnillo PLC | FRES LN | -- | 1.14 | 1.14 |
| Industrias Penoles SAB de CV | PE&OLES*MF | -- | 1.55 | 1.55 |
| Lundin Gold Inc. | LUG CT | -- | 1.58 | 1.58 |
| PT Bumi Resources Minerals Tbk | BRMS IJ | -- | 0.65 | 0.65 |
| Seabridge Gold Inc | SA UN | -- | 0.35 | 0.35 |
* This difference represents a listing difference. GDX currently holds the Canadian listing of Endeavour Mining while MVGDXTR includes the London listing.
Source: MarketVector Indexes GmbH; FactSet. Index holdings are not representative of fund holdings. Fund holdings will vary. Visit vaneck.com/gdx for complete fund holdings information. Not intended as a recommendation to buy or sell any securities mentioned herein.
How does the GDX index change impact the overlap between GDX and GDXJ, the VanEck Junior Gold Miners ETF?
Below is a preliminary view of the common holdings and weight, which may change as we approach the September transition date.
Common Holdings: GDX vs GDXJ as of 6/3/2025
| Count | Weight (%) | |
| GDX | 46 | 34.29 |
| GDXJ | 46 | 78.84 |
Overlap includes three companies in which GDX holds a different issuer listing than GDXJ (Endeavour Mining, Centerra Gold, and Pan African Resources). Source: MarketVector Indexes GmbH; FactSet. Index holdings are not representative of fund holdings. Fund holdings will vary. Visit vaneck.com/gdx or vaneck.com/gdxj for complete fund holdings information. Not intended as a recommendation to buy or sell any securities mentioned herein.
Common Holdings: MVGDXTR vs GDXJ as of 6/3/2025
| Count | Weight (%) | |
| MVGDXTR | 32 | 39.05 |
| GDXJ | 32 | 72.72 |
Source: MarketVector Indexes GmbH; FactSet. Index holdings are not representative of fund holdings. Fund holdings will vary. Visit vaneck.com/gdxj for complete fund holdings information. Not intended as a recommendation to buy or sell any securities mentioned herein.
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