Updated Analysis Ahead of GDX Index Change
17 September 2025
Read Time 4 MIN
The June 2025 analysis was based on exposures at the time. MarketVector Indexes has now publicly announced the anticipated MVGDXTR quarterly reconstitution and rebalance 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, which it will begin tracking at the end of this week. The MVGDXTR data below is based on its “pro forma” portfolio effective after the close of markets on September 19, 2025.
Comparison of GDX Holdings vs. MarketVector Global Gold Miners Index Pro Forma
| 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 9/12/2025. MVGDXTR holdings based on pro forma announcement on 9/12/2025 and effective after the close of markets on 9/19/2025. 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. All data subject to change.
Anticipated Overlap with GDXJ, the VanEck Junior Gold Miners ETF
Below are the anticipated common holdings and weights with the VanEck Junior Gold Mineres 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.
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