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CEO's Investment
Outlook

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GDX
VanEck Gold Miners ETF

Market Updates*

  • Vaccine news and the stimulus bill has created an outlook for strong economic growth, which dampens our near-term outlook for gold.
  • We expect catalysts to emerge in the second half of 2021, which may include excessive inflationary expectations, continued Central Bank asset purchases and rising commodity prices. Our long-term bull market view for gold remains intact.
  • Gold companies remain a compelling value buy, in our view. Balance sheets continue to get stronger and miners are remaining disciplined in their capital investment.

Learn More | Gold Heats Up on Warming Inflation

Fund Description

VanEck Gold Miners ETF (GDX®) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the NYSE Arca Gold Miners Index (GDMNTR), which is intended to track the overall performance of companies involved in the gold mining industry.

 
 

  • Fund Ticker

    GDX
  • Exchange

    NYSE Arca
  • ETF Structure

    Physical
  • Administrator

    Van Eck Associates
  • Custodian

    State Street Bank and Trust Company
  • Index Ticker

    GDMNTR
  • Index Rebalancing

    Quarterly

 
as of 09/24/21

  • 30-Day SEC Yield1

    1.41%
  • Total Net Assets

    $12.6B
  • Number of Holdings

    55
  • Options

    Available
  • Gross Expense Ratio2

    0.51%
  • Net Expense Ratio/TER2

    0.51%
  • Distribution Frequency

    Annual

Morningstar™ Ratings3
as of 08/31/2021

Category Overall 3 Year 5 Year
Equity Precious Metals
3 stars of 62 funds
3 stars of 62 funds
4 stars of 59 funds

Key Points

  • Nation's First Gold Miners ETF
    Highly liquid ETF and most popular investment product of its kind6

  • High Beta Exposure to Gold Prices7
    Gold miners have historically provided leveraged exposure to gold prices

  • Industry Leaders
    Portfolio of the largest global gold mining companies

Trading Information

  • Fund Ticker

    GDX
  • Index Total Return Ticker

    GDMNTR
  • NAV

    GMINV
  • Intraday NAV (IIV)4

    GMI
  • Shares Outstanding

    424,102,500
  • Estimated Cash

    GMIEU
  • Total Cash

    GMITC
  • CUSIP

    92189F106
  • ISIN

    US92189F1066
Source: Bloomberg

Fees and Expenses2

  • Management Fee

    0.50%
  • Other Expenses

    0.01%
  • Gross Expense Ratio

    0.51%
  • Fee Waivers and
    Expense Reimbursement

    --
  • Net Expense Ratio/TER2

    0.51%
2Expenses for GDX are capped contractually at 0.53% until May 1, 2022. Cap excludes acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses.

Investment Professionals

  • Portfolio Manager and Head of Equity ETFs
  • Oversees the Equity ETF Investment Management Team including development and management of index replication and optimization strategies
  • Joined VanEck in 2005
  • CFA charterholder; member of the CFA Society New York
  • BA, Mathematics and Economics, New York University
  • Portfolio Manager and Analyst for Equity ETFs
  • Joined VanEck in 2007
  • Prior to his current role, held a portfolio administration position at VanEck
  • Previously, Portfolio Analyst at Evaluation Associates
  • BS, Business Administration (concentration in Financial Analysis), State University of New York at Buffalo
  • Analyst for Equity ETFs
  • Joined VanEck in 2018
  • Prior to joining VanEck, ETF Basket Operations Analyst at JPMorgan
  • BS, Finance, Providence College
  • Analyst for Equity ETFs
  • Joined VanEck in 2019
  • Prior to VanEck, Intermediate Representative, Exchange Traded Funds at BNY Mellon.
  • BS, Accounting, Hunter College

Prices as of 09/24/21

NAV/
Market Price
Volume
30-Day Avg./
Last Trading Day
Daily Change
NAV/
Last Price
YTD Change
NAV/
Last Price
Premium/
Discount
Prem/Discount
Distribution Charts
NAV &
Prem/Discount
History
30-Day
Median
Bid Ask
Spread
NAV
Chart
GDX $29.68
$29.68
23,080,558
14,280,709
-$0.37 / -1.22%
$-0.21 / -0.70%
-17.52%
-17.60%
$0.00
0.00%
0.03%

Premium/Discount History as of 09/24/21

Calendar Year 2020 3Q 2020 4Q 2020 1Q 2021 2Q 2021 Premium/Discount Charts NAV & Prem/Discount History
Days closed at a premium 128 34 31 15 31
GDX Days closed at NAV 13 1 4 4 3
Days closed at a discount 112 29 29 42 29


Performance History: Average Annual Total Returns* (%)

1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
05/16/06
GDX (NAV) -6.63 -16.87 -9.37 -22.32 21.21 5.64 -5.73 -0.68
GDX (Share Price) -6.64 -17.30 -9.49 -22.47 21.35 5.62 -5.74 -0.68
GDMNTR (Index) -6.65 -16.85 -9.16 -22.08 21.73 6.05 -5.32 -0.23
Performance Differential (NAV - Index) 0.02 -0.02 -0.21 -0.24 -0.52 -0.41 -0.41 -0.45
1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
05/16/06
GDX (NAV) -13.52 4.76 -5.72 -6.85 15.71 4.69 -4.04 -0.43
GDX (Share Price) -13.80 4.55 -5.66 -6.87 15.70 4.73 -4.01 -0.42
GDMNTR (Index) -13.59 4.94 -5.60 -6.29 16.15 5.13 -3.62 0.02
Performance Differential (NAV - Index) 0.07 -0.18 -0.12 -0.56 -0.44 -0.44 -0.42 -0.45

Top 10 Holdings (%) as of 08/31/21 Daily Holdings

Total Holdings: 55
Swipe
to view
full data
Holding Name
Ticker
Shares Market Value
(US$)
% of Net
Assets
NEWMONT CORP
NEM US
34,891,131
2,023,336,687 14.77
BARRICK GOLD CORP
GOLD US
77,449,253
1,554,406,508 11.35
FRANCO-NEVADA CORP
FNV US
8,319,192
1,213,354,153 8.86
WHEATON PRECIOUS METALS CORP
WPM US
19,599,961
882,782,243 6.44
NEWCREST MINING LTD
NCM AU
36,961,264
666,689,012 4.87
AGNICO EAGLE MINES LTD
AEM US
10,182,234
585,682,100 4.27
KIRKLAND LAKE GOLD LTD
KL CN
13,124,149
522,514,886 3.81
GOLD FIELDS LTD
GFI US
43,625,924
413,573,760 3.02
NORTHERN STAR RESOURCES LTD
NST AU
57,176,075
406,357,808 2.97
ZIJIN MINING GROUP CO LTD
2899 HK
281,892,000
398,875,721 2.91
Top 10 Total (%) 63.27
These are not recommendations to buy or to sell any security. Securities and holdings may vary.

Country Weightings (%) as of 08/31/21

  • Country

    % of Net Assets
  • Canada

    44.06
  • United States

    19.46
  • Australia

    12.60
  • Brazil

    7.98
  • South Africa

    4.16
  • China

    3.68
  • Tanzania

    2.56
  • Côte D'Ivoire

    2.21
  • Kyrgyzstan

    0.79
  • Peru

    0.68
  • Turkey

    0.57
  • Egypt

    0.57
  • Burkina Faso

    0.41
  • Other/Cash

    0.29

Sector Weightings (%) as of 08/31/21

  • Sector

    % of Net Assets
  • Materials

    99.7
  • Other/Cash

    0.3