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The world’s largest gold mining exchange-traded fund, the VanEck Gold Miners ETF (NYSEARCA:GDX), is set to undergo a major change later this year as it will begin to track the MarketVector Global Gold Miners Index instead of the NYSE Arca Gold Miners Index.
With $16.54B in assets under management, GDX will officially make the switch on September 19, marking a pivotal change in the fund’s strategy and exposure. “The changes are scheduled to coincide with GDX’s regular index reconstitution and rebalance cycle,” VanEck said on Seeking Alpha on Friday.
Since its inception, GDX has tracked the NYSE Arca Gold Miners Index. But the shift to the MarketVector Global Gold Miners Index will result in a reshuffling of holdings, introducing new constituents, removing others, and altering the weight of current members. The new index will feature a more streamlined portfolio of 49 stocks, down from the current 58.
Newmont Will See Biggest Hit to Weighting Among Top 5 Holdings
Newmont (NYSE:NEM) will potentially see the biggest hit to weight in GDX’s transition, among the ETF’s current top five holdings.
Newmont (NYSE:NEM) currently has the biggest weighting in GDX at 11.52%, but that will decrease to 8.95% when the ETF begins to track the MarketVector Global Gold Miners Index.
Agnico Eagle, Barrick Will See Minimal Change to Weighting
Agnico Eagle Mines (NYSE:AEM) currently has the second-biggest weight in GDX at 11.39%, while Wheaton Precious Metals (NYSE:WPM) comes in at third with 7.69%, Barrick Mining (NYSE:B) at fourth with 6.41%, and Franco-Nevada (NYSE:FNV) at fifth with 6.28%.
After the transition, Agnico’s (NYSE:AEM) weight will be 11.48% and Barrick’s (NYSE:B) will be 6.47%.
Wheaton’s (NYSE:WPM) weighting will fall to 6.05%, while Franco-Nevada’s (NYSE:FNV) will fall to 5.25%.
GDX Up Nearly 60% YTD as Gold Prices Soar
GDX has delivered a standout performance in 2025, surging +56.7% YTD up to its last close. The rally has been fueled by soaring gold prices (XAUUSD:CUR), as investors flock to the precious metal amid a volatile macroeconomic climate defined by trade tensions, inflationary pressures, recession fears, and geopolitical uncertainty.
For investors that have further interest towards exposure to gold mining names, outlined below are a group of other related ETFs that may be worth further analysis:
Gold Mining ETFs: (NYSEARCA:GDXJ), (NASDAQ:RING), (NYSEARCA:SGDM), (NYSEARCA:SGDJ), (NYSEARCA:GOAU), (NYSEARCA:GOEX), (NYSEARCA:JNUG), (NYSEARCA:GDXU), (NYSEARCA:NUGT), and (NYSEARCA:DUST).