What to Know About GDX’s Index Change
June 05, 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.
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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.
What are the key features of the MarketVector Global Gold Miners Index?
The MarketVector Global Gold Miners Index tracks the performance of companies involved in the gold and silver mining industry. To be initially eligible for the Index, companies must generate at least 50% of their revenues from gold and/or silver mining/royalties/streaming or have at least 50% of their mineral resources related to gold and/or silver.
Learn more about the changes in GDX’s regulatory update: Summary Prospectus.
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