Updated Analysis Ahead of GDX Index Change
September 17, 2025
Read Time 4 MIN
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 early June 2025, we provided an analysis of the differences between GDX’s holdings and its soon to be new index, MVGDXTR.
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.
GDX | VanEck Gold Miners ETF
Anticipated Overlap with GDXJ, the VanEck Junior Gold Miners ETF
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.
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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.
GDXJ | VanEck Junior Gold Miners ETF
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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Important Disclosures
This is not an offer to buy or sell, or a recommendation to buy or sell any of the securities, financial instruments or digital assets mentioned herein. The information presented does not involve the rendering of personalized investment, financial, legal, tax advice, or any call to action. Certain statements contained herein may constitute projections, forecasts and other forward-looking statements, which do not reflect actual results, are for illustrative purposes only, are valid as of the date of this communication, and are subject to change without notice. Actual future performance of any assets or industries mentioned are unknown. Information provided by third party sources are believed to be reliable and have not been independently verified for accuracy or completeness and cannot be guaranteed. VanEck does not guarantee the accuracy of third party data. The information herein represents the opinion of the author(s), but not necessarily those of VanEck or its other employees.
MarketVector Global Gold Miners Index is the exclusive property of MarketVector Indexes GmbH (a wholly owned subsidiary of the Adviser), 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, Solactive AG has no obligation to point out errors in the Index to third parties. The VanEck Gold Miners ETF is not sponsored, endorsed, sold or promoted by MarketVector Indexes GmbH and MarketVector Indexes GmbH makes no representation regarding the advisability of investing in the Fund.
The NYSE Arca Gold Miners Index tracks the overall performance of companies involved in the gold mining industry. NYSE Arca Gold Miners Index is a service mark of ICE Data Indices, LLC or its affiliates (“ICE Data”) and has been licensed for use by VanEck ETF Trust (the “Trust”) in connection with VanEck Gold Miners ETF (the “Fund”). Neither the Trust nor the Fund is sponsored, endorsed, sold or promoted by ICE Data. ICE Data makes no representations or warranties regarding the Trust or the Fund or the ability of the NYSE Arca Gold Miners Index to track general stock market performance.
ICE DATA MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO THE NYSE ARCA GOLD MINERS INDEX OR ANY DATA INCLUDED THEREIN. IN NO EVENT SHALL ICE DATA HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.
An investment in the VanEck Gold Miners ETF (GDX) and VanEck Junior Gold Miners ETF (GDXJ) may be subject to risks which include, but are not limited to, risks related to investments in gold and silver mining companies, special risk considerations of investing in Australian and Canadian issuers, foreign securities, emerging market issuers, foreign currency, depositary receipts, micro-, small- and medium-capitalization companies, equity securities, market, operational, index tracking, authorized participant concentration, no guarantee of active trading market, trading issues, passive management, fund shares trading, premium/discount risk and liquidity of fund shares, non-diversified, and index-related concentration risks, all of which may adversely affect the Funds. Emerging market issuers and foreign securities may be subject to securities markets, political and economic, investment and repatriation restrictions, different rules and regulations, less publicly available financial information, foreign currency and exchange rates, operational and settlement, and corporate and securities laws risks. Micro-, small- and medium-capitalization companies may be subject to elevated risks. Index returns are not Fund returns and do not reflect any management fees or brokerage expenses. Certain indices may take into account withholding taxes. Investors cannot invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses. Index returns assume that dividends have been reinvested.
Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of the Fund carefully before investing. To obtain a prospectus and summary prospectus, which contains this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing. Past performance is no guarantee of future results.
© Van Eck Securities Corporation, Distributor, a wholly owned subsidiary of Van Eck Associates Corporation
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Important Disclosures
This is not an offer to buy or sell, or a recommendation to buy or sell any of the securities, financial instruments or digital assets mentioned herein. The information presented does not involve the rendering of personalized investment, financial, legal, tax advice, or any call to action. Certain statements contained herein may constitute projections, forecasts and other forward-looking statements, which do not reflect actual results, are for illustrative purposes only, are valid as of the date of this communication, and are subject to change without notice. Actual future performance of any assets or industries mentioned are unknown. Information provided by third party sources are believed to be reliable and have not been independently verified for accuracy or completeness and cannot be guaranteed. VanEck does not guarantee the accuracy of third party data. The information herein represents the opinion of the author(s), but not necessarily those of VanEck or its other employees.
MarketVector Global Gold Miners Index is the exclusive property of MarketVector Indexes GmbH (a wholly owned subsidiary of the Adviser), 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, Solactive AG has no obligation to point out errors in the Index to third parties. The VanEck Gold Miners ETF is not sponsored, endorsed, sold or promoted by MarketVector Indexes GmbH and MarketVector Indexes GmbH makes no representation regarding the advisability of investing in the Fund.
The NYSE Arca Gold Miners Index tracks the overall performance of companies involved in the gold mining industry. NYSE Arca Gold Miners Index is a service mark of ICE Data Indices, LLC or its affiliates (“ICE Data”) and has been licensed for use by VanEck ETF Trust (the “Trust”) in connection with VanEck Gold Miners ETF (the “Fund”). Neither the Trust nor the Fund is sponsored, endorsed, sold or promoted by ICE Data. ICE Data makes no representations or warranties regarding the Trust or the Fund or the ability of the NYSE Arca Gold Miners Index to track general stock market performance.
ICE DATA MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO THE NYSE ARCA GOLD MINERS INDEX OR ANY DATA INCLUDED THEREIN. IN NO EVENT SHALL ICE DATA HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.
An investment in the VanEck Gold Miners ETF (GDX) and VanEck Junior Gold Miners ETF (GDXJ) may be subject to risks which include, but are not limited to, risks related to investments in gold and silver mining companies, special risk considerations of investing in Australian and Canadian issuers, foreign securities, emerging market issuers, foreign currency, depositary receipts, micro-, small- and medium-capitalization companies, equity securities, market, operational, index tracking, authorized participant concentration, no guarantee of active trading market, trading issues, passive management, fund shares trading, premium/discount risk and liquidity of fund shares, non-diversified, and index-related concentration risks, all of which may adversely affect the Funds. Emerging market issuers and foreign securities may be subject to securities markets, political and economic, investment and repatriation restrictions, different rules and regulations, less publicly available financial information, foreign currency and exchange rates, operational and settlement, and corporate and securities laws risks. Micro-, small- and medium-capitalization companies may be subject to elevated risks. Index returns are not Fund returns and do not reflect any management fees or brokerage expenses. Certain indices may take into account withholding taxes. Investors cannot invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses. Index returns assume that dividends have been reinvested.
Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of the Fund carefully before investing. To obtain a prospectus and summary prospectus, which contains this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing. Past performance is no guarantee of future results.
© Van Eck Securities Corporation, Distributor, a wholly owned subsidiary of Van Eck Associates Corporation