Updated Analysis Ahead of GDX Index Change
25 September 2025
Read Time 4 MIN
Key Risks: Risk of investing in natural resources companies, industry or sector concentration risk, risk of investing in smaller companies. Please refer to the KID and Prospectus for other important information before investing.
VanEck Gold Miners ETF (GDX) is set to begin tracking the MarketVector Global Gold Miners Index (MVGDXTR) after the close of markets on September 19, 2025. Following the initial announcement of this index change in July 2025, we provided an analysis of the differences between GDX’s holdings and its soon to be new index, MVGDXTR.
The July 2025 analysis was based on exposures at the time. MarketVector Indexes has now publicly announced the anticipated MVGDXTR quarterly reconstitution (the periodic process of adding and removing securities from an index to keep it aligned with its methodology) and rebalance (the adjustment of index weights to maintain the desired allocation among constituents) effective at the time of the forthcoming index change. Below is an updated analysis of the anticipated differences between GDX’s current exposure and the exposure expected from its new index, MVGDXTR. The MVGDXTR data below is based on its “pro forma” portfolio (a hypothetical set of holdings built to illustrate the fund’s expected composition once the index change takes effect) effective after the close of markets on September 19, 2025.
Comparison of GDX Holdings vs. MarketVector Global Gold Miners Index Pro Forma
Investing is subject to risk, including the possible loss of principal. For detailed information on all investment risks, please refer to the dedicated risk disclosure section in this document.
| Company | Ticker | GDX Weight | MVGDXTR Weight | Difference |
| Newmont Corporation | NEM UN | 12.99 | 6.95 | -6.04 |
| Agnico Eagle Mines Limited | AEM UN | 11.41 | 8.05 | -3.36 |
| Barrick Mining Corporation | B UN | 7.35 | 5.00 | -2.35 |
| Wheaton Precious Metals Corp | WPM UN | 7.13 | 5.00 | -2.13 |
| Franco-Nevada Corporation | FNV UN | 5.69 | 5.00 | -0.69 |
| Gold Fields Limited Sponsored ADR | GFI UN | 4.96 | 5.00 | 0.04 |
| Anglogold Ashanti PLC | AU UN | 4.59 | 5.00 | 0.41 |
| Kinross Gold Corporation | KGC UN | 4.21 | 5.00 | 0.79 |
| Zijin Mining Group Co., Ltd. Class H | 2899 HK | 3.38 | -- | -3.38 |
| Northern Star Resources Ltd | NST AT | 2.96 | 4.24 | 1.28 |
| Pan American Silver Corp. | PAAS UN | 2.29 | 4.03 | 1.74 |
| Alamos Gold Inc. | AGI UN | 2.04 | 3.70 | 1.66 |
| Evolution Mining Limited | EVN AT | 1.93 | 1.82 | -0.11 |
| Royal Gold, Inc. | RGLD UW | 1.84 | 2.01 | 0.17 |
| Zhaojin Mining Industry Co., Ltd. Class H | 1818 HK | 1.64 | 1.59 | -0.04 |
| Coeur Mining, Inc. | CDE UN | 1.46 | 2.16 | 0.70 |
| Harmony Gold Mining Co. Ltd. Sponsored ADR | HMY UN | 1.40 | 1.75 | 0.35 |
| Endeavour Mining PLC* | EDV CA | 1.37 | -- | -1.37 |
| Equinox Gold Corp. | EQX UA | 1.18 | 2.22 | 1.04 |
| Hecla Mining Company | HL UN | 1.04 | 1.59 | 0.55 |
| OR Royalties Inc. | OR UN | 0.99 | 1.41 | 0.41 |
| IAMGOLD Corporation | IAG UN | 0.95 | 1.60 | 0.65 |
| B2Gold Corp. | BTG UA | 0.87 | 1.39 | 0.52 |
| Eldorado Gold Corporation | EGO UN | 0.85 | 1.23 | 0.38 |
| New Gold Inc. | NGD UA | 0.76 | 1.38 | 0.62 |
| First Majestic Silver Corp. | AG UN | 0.75 | 1.13 | 0.38 |
| Compania de Minas Buenaventura SAA Sponsored ADR | BVN UN | 0.75 | 1.00 | 0.25 |
| OceanaGold Corporation | OGC CT | 0.70 | 1.17 | 0.47 |
| SSR Mining Inc | SSRM UW | 0.67 | 1.13 | 0.46 |
| Genesis Minerals Limited | GMD AT | 0.63 | 0.76 | 0.13 |
| G Mining Ventures Corp | GMIN CA | 0.58 | -- | -0.58 |
| Perseus Mining Limited | PRU AT | 0.58 | 0.81 | 0.23 |
| Orla Mining Ltd. | ORLA US | 0.56 | -- | -0.56 |
| Dundee Precious Metals Inc. | DPM CA | 0.54 | -- | -0.54 |
| Capricorn Metals Ltd | CMM AT | 0.52 | 0.66 | 0.14 |
| Sandstorm Gold Ltd. | SAND UN | 0.51 | 0.77 | 0.26 |
| Torex Gold Resources Inc. | TXG CT | 0.49 | 0.76 | 0.27 |
| Vault Minerals Limited | VAU AU | 0.44 | -- | -0.44 |
| Regis Resources Limited | RRL AU | 0.43 | -- | -0.43 |
| Discovery Silver Corp | DSV CA | 0.42 | -- | -0.42 |
| K92 Mining, Inc. | KNT CT | 0.42 | 0.66 | 0.24 |
| Ramelius Resources Limited | RMS AT | 0.41 | 1.18 | 0.77 |
| Fortuna Mining Corp. | FSM UN | 0.38 | 0.65 | 0.27 |
| Cash/Other | - | 0.37 | -- | -0.37 |
| Gold Road Resources Ltd | GOR AU | 0.37 | -- | -0.37 |
| Westgold Resources Ltd | WGX AT | 0.36 | 0.49 | 0.13 |
| West African Resources Ltd | WAF AU | 0.34 | -- | -0.34 |
| Pan African Resources PLC | PAN ZA | 0.31 | -- | -0.31 |
| Wesdome Gold Mines Ltd. | WDO CT | 0.31 | 0.56 | 0.25 |
| DRDGOLD Ltd. Sponsored ADR | DRD US | 0.29 | -- | -0.29 |
| Centerra Gold Inc. | CG CA | 0.28 | -- | -0.28 |
| Emerald Resources NL | EMR AU | 0.27 | -- | -0.27 |
| Allied Gold Corporation | AAUC CA | 0.26 | -- | -0.26 |
| Endeavour Silver Corp. | EXK US | 0.26 | -- | -0.26 |
| Aris Mining Corp | ARMN US | 0.26 | -- | -0.26 |
| Aya Gold & Silver Inc. | AYA CA | 0.22 | -- | -0.22 |
| Pantoro Gold Limited | PNR AU | 0.21 | -- | -0.21 |
| Catalyst Metals Limited | CYL AU | 0.19 | -- | -0.19 |
| Resolute Mining Limited | RSG AU | 0.18 | -- | -0.18 |
| Silvercorp Metals Inc. | SVM US | 0.17 | -- | -0.17 |
| Chifeng Jilong Gold Mining Co., Ltd. Class H | 6693 HK | 0.15 | -- | -0.15 |
| Bellevue Gold Limited | BGL AU | 0.14 | -- | -0.14 |
| Artemis Gold Inc | ARTG CV | -- | 1.12 | 1.12 |
| Endeavour Mining PLC* | EDV LN | -- | 1.65 | 1.65 |
| Fresnillo PLC | FRES LN | -- | 1.59 | 1.59 |
| Industrias Penoles SAB de CV | PE&OLES MF | -- | 2.28 | 2.28 |
| Lundin Gold Inc. | LUG CT | -- | 1.58 | 1.58 |
| PT Amman Mineral Internasional Tbk | AMMN IJ | -- | 1.92 | 1.92 |
| PT Bumi Resources Minerals Tbk Class A | BRMS IJ | -- | 0.61 | 0.61 |
| Seabridge Gold Inc | SA UN | -- | 0.41 | 0.41 |
* This difference represents a listing difference. GDX currently holds the Canadian listing of Endeavour Mining while MVGDXTR will include the London listing.
Source: VanEck, MarketVector Indexes GmbH. GDX holdings as of 12/09/2025. MVGDXTR holdings based on pro forma announcement on 9/12/2025 and effective after the close of markets on 19/09/2025. Index holdings are not representative of fund holdings. Fund holdings will vary. Visit vaneck.com for complete fund holdings information. Not intended as a recommendation to buy or sell any securities mentioned herein. All data subject to change.
Anticipated Overlap with GDXJ, the VanEck Junior Gold Miners ETF
GDX invests mainly in larger, established gold mining companies, while GDXJ focuses on smaller, junior and mid-tier miners. Because both funds invest in gold mining stocks, some overlap in holdings may occur, but each targets a different segment of the industry. Below are the anticipated common holdings and weights with the VanEck Junior Gold Miners ETF (GDXJ) before and after the forthcoming index change. These figures are subject to change.
First we look at current ETF holdings.
Common Holding: GDX vs. GDXJ as of 9/12/2025
| Count | Weight | |
| GDX | 46 | 32.32 |
| GDXJ | 46 | 79.47 |
Overlap includes three companies in which GDX holds a different issuer listing than GDXJ (Endeavour Mining, Centerra Gold, and Pan African Resources). Source: VanEck; 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.
Next we look at the pro forma reconstitution files published by MarketVector for both MVGDXTR and GDXJ’s underlying index, MVIS Global Gold Miners Index (MVGDXJTR). Both pro forma files are set to go into effect after the close of markets on September 19, 2025.
Pro Formas: MVGDXTR vs. MVGDXJTR
| Count | Weight | |
| MVGDXTR | 34 | 47.25 |
| MVGDXJTR | 34 | 77.55 |
Source: MarketVector Indexes GmbH. 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. Pro forma portfolios were announced on September 12, 2025 and are meant to indicated the reconstitutiona and rebalance of both indexes effective after the close of markets on Septebember 19, 2025. All data subject to change.
How can investors assess the new MarketVector indexes?
MarketVector publishes daily index constituents on its website, www.marketvector.com. The MVGDXTR index guide can be viewed here: Index Methodology.
To receive more Gold Investing insights, sign up to our newsletter.
IMPORTANT INFORMATION
This is marketing communication. Please refer to the prospectus of the UCITS and to the KID/KIID before making any final investment decisions. These documents are available in English and the KIDs/KIIDs in local languages and can be obtained free of charge at www.vaneck.com, from VanEck Asset Management B.V. (the “Management Company”) or, where applicable, from the relevant appointed facility agent for your country.
For investors in Switzerland: VanEck Switzerland AG, with registered office in Genferstrasse 21, 8002 Zurich, Switzerland, has been appointed as distributor of VanEck´s products in Switzerland by the Management Company. A copy of the latest prospectus, the Articles, the Key Information Document, the annual report and semi-annual report can be found on our website www.vaneck.com or can be obtained free of charge from the representative in Switzerland: Zeidler Regulatory Services (Switzerland) AG, Stadthausstrasse 14, CH-8400 Winterthur, Switzerland. Swiss paying agent: Helvetische Bank AG, Seefeldstrasse 215, CH-8008 Zürich.
For investors in the UK: This is a marketing communication targeted to FCA regulated financial intermediaries. Retail clients should not rely on any of the information provided and should seek assistance from a financial intermediary for all investment guidance and advice. VanEck Securities UK Limited (FRN: 1002854) is an Appointed Representative of Sturgeon Ventures LLP (FRN: 452811), which is authorised and regulated by the Financial Conduct Authority (FCA) in the UK, to distribute VanEck´s products to FCA regulated firms such as financial intermediaries and Wealth Managers.
This information originates from VanEck (Europe) GmbH, which is authorized as an EEA investment firm under MiFID under the Markets in Financial Instruments Directive (“MiFiD). VanEck (Europe) GmbH has its registered address at Kreuznacher Str. 30, 60486 Frankfurt, Germany, and has been appointed as distributor of VanEck products in Europe by the Management Company. The Management Company is incorporated under Dutch law and registered with the Dutch Authority for the Financial Markets (AFM).
This material is only intended for general and preliminary information and shall not be construed as investment, legal or tax advice. VanEck (Europe) GmbH and its associated and affiliated companies (together “VanEck”) assume no liability with regards to any investment, divestment or retention decision on the basis of this information. The views and opinions expressed are those of the author(s) but not necessarily those of VanEck. Opinions are current as of the publication date and are subject to change with market conditions. Information provided by third party sources is believed to be reliable and have not been independently verified for accuracy or completeness and cannot be guaranteed.
VanEck Gold Miners UCITS ETF (the "ETF") is a sub-fund of VanEck UCITS ETFs plc, an open-ended variable capital umbrella investment company with limited liability between sub-funds. The ETF is registered with the Central Bank of Ireland, passively managed and tracks an equity index. The product described herein aligns to Article 6 Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector. Information on sustainability-related aspects pursuant to that regulation can be found on www.vaneck.com. Investors must consider all the fund's characteristics or objectives as detailed in the prospectus or related documents before making an investment decision.
The indicative net asset value (iNAV) of the UCITS is available on Bloomberg. For details on the regulated markets where the ETF is listed, please refer to the Trading Information section on the ETF page at www.vaneck.com. Investing in the ETF should be interpreted as acquiring shares of the ETF and not the underlying assets.
VanEck Junior Gold Miners UCITS ETF (the "ETF") is a sub-fund of VanEck UCITS ETFs plc, an open-ended variable capital umbrella investment company with limited liability between sub-funds. The ETF is registered with the Central Bank of Ireland, passively managed and tracks an equity index. The product described herein aligns to Article 6 Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector. Information on sustainability-related aspects pursuant to that regulation can be found on www.vaneck.com. Investors must consider all the fund's characteristics or objectives as detailed in the prospectus or related documents before making an investment decision.
The indicative net asset value (iNAV) of the UCITS is available on Bloomberg. For details on the regulated markets where the ETF is listed, please refer to the Trading Information section on the ETF page at www.vaneck.com. Investing in the ETF should be interpreted as acquiring shares of the ETF and not the underlying assets.
The MarketVector™ Global Gold Miners Index is the exclusive property of MarketVector Indexes GmbH (a wholly owned subsidiary of Van Eck Associates Corporation), which has contracted with Solactive AG to maintain and calculate the Index. Solactive AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards MarketVector Indexes GmbH (“MarketVector”), Solactive AG has no obligation to point out errors in the Index to third parties. VanEck’s ETF is not sponsored, endorsed, sold or promoted by MarketVector and MarketVector makes no representation regarding the advisability of investing in the ETF. Effective September 19, 2025 the NYSE Arca Gold Miners Index has been replaced with the MarketVector™ Global Gold Miners Index. It is not possible to invest directly in an index.
MVIS® Global Junior Gold Miners Index is the exclusive property of MarketVector Indexes GmbH (a wholly owned subsidiary of Van Eck Associates Corporation), which has contracted with Solactive AG to maintain and calculate the Index. Solactive AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards MarketVector Indexes GmbH (“MarketVector”), Solactive AG has no obligation to point out errors in the Index to third parties. VanEck’s ETF is not sponsored, endorsed, sold or promoted by MarketVector and MarketVector makes no representation regarding the advisability of investing in the ETF. It is not possible to invest directly in an index.
Investing is subject to risk, including the possible loss of principal. Investors must buy and sell units of the UCITS on the secondary market via an intermediary (e.g. a broker) and cannot usually be sold directly back to the UCITS. Brokerage fees may incur. The buying price may exceed, or the selling price may be lower than the current net asset value. The Management Company may terminate the marketing of the UCITS in one or more jurisdictions. The summary of the investor rights is available in English at: complaints-procedure.pdf (vaneck.com). For any unfamiliar technical terms, please refer to ETF Glossary | VanEck.
No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of VanEck.
© VanEck (Europe) GmbH ©VanEck Switzerland AG © VanEck Securities UK Limited
Important Disclosure
This is a marketing communication. Please refer to the prospectus of the UCITS and to the KID before making any final investment decisions.
This information originates from VanEck (Europe) GmbH, which has been appointed as distributor of VanEck products in Europe by the Management Company VanEck Asset Management B.V., incorporated under Dutch law and registered with the Dutch Authority for the Financial Markets (AFM). VanEck (Europe) GmbH with registered address at Kreuznacher Str. 30, 60486 Frankfurt, Germany, is a financial services provider regulated by the Federal Financial Supervisory Authority in Germany (BaFin).
The information is intended only to provide general and preliminary information to investors and shall not be construed as investment, legal or tax advice VanEck (Europe) GmbH, VanEck Switzerland AG, VanEck Securities UK Limited and their associated and affiliated companies (together “VanEck”) assume no liability with regards to any investment, divestment or retention decision taken by the investor on the basis of this information. The views and opinions expressed are those of the author(s) but not necessarily those of VanEck. Opinions are current as of the publication date and are subject to change with market conditions. Certain statements contained herein may constitute projections, forecasts and other forward-looking statements, which do not reflect actual results. Information provided by third party sources is believed to be reliable and have not been independently verified for accuracy or completeness and cannot be guaranteed. Brokerage or transaction fees may apply.
All performance information is based on historical data and does not predict future returns. Investing is subject to risk, including the possible loss of principal.
No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of VanEck.
© VanEck (Europe) GmbH / VanEck Asset Management B.V.
Related Insights
Related Insights
14 November 2025
16 October 2025
14 November 2025
16 October 2025