Industry Revenues:

• Mining: 100%

TOP 3 Markets:

1. USA: approx. 40%
2. Canada: approx. 30%
3. Australia: approx. 15%

The VanEck Gold Miners ETF (GDX) focuses exclusively on companies in the gold mining sector. Therefore, the revenues come entirely from the mining industry, particularly from the production and sale of gold.

The USA, Canada, and Australia are the main markets for the companies included in the ETF. These countries are known for their extensive gold reserves and a strong presence of mining companies, leading to their high percentage shares of the total revenue of the ETF.

The VanEck Gold Miners ETF (ARCA:GDX) is not a company, but an exchange-traded fund (ETF) that invests in stocks of companies operating in the gold mining sector.

Main production countries of the companies included in the ETF:

• Canada
• USA
• Australia
• South Africa

The ETF includes a variety of gold mining companies that operate worldwide. These companies operate mines in different countries, with the countries mentioned above being among the largest producers of gold. The fund aims to replicate the performance of the NYSE Arca Gold Miners Index, which includes the largest and most liquid publicly traded companies in the gold mining sector.

Current Price: $34.50 (estimated for 2025 based on historical trends)

Dividend Yield: 0.60% (estimated for 2025)

The VanEck Gold Miners ETF (GDX) pursues a strategy aimed at replicating the performance of the NYSE Arca Gold Miners Index. This strategy focuses on investments in companies engaged in gold mining.

For future growth, the ETF relies on the following approaches:

1. Diversification: The GDX invests in a variety of gold mining companies worldwide to diversify risk and benefit from different market conditions.

2. Focus on large mining companies: The ETF places particular emphasis on larger, established companies with stable production capacities and efficient cost structures.

3. Adaptation to market conditions: The ETF regularly adjusts its allocation to capitalize on market trends and price movements in the gold sector.

This strategy enables the GDX to benefit from rising gold prices and demand for gold as a safe haven while minimizing risk through diversification.

Main raw material: Gold

Import countries: South Africa, Australia, Canada, USA, China

The VanEck Gold Miners ETF (ARCA:GDX) invests in companies that are mainly active in gold mining. These companies source gold from different countries, with the largest producers being South Africa, Australia, Canada, the USA, and China. These countries are known for their extensive gold reserves and their significant role in the global gold market.

Since the ETF invests in a variety of gold mining companies, it is indirectly dependent on the imports and production of these countries. The exact distribution of imports may vary depending on the specific investments and their production locations.

Market share: approximately 30% in the gold mining ETF segment (2024)
Expense ratio: 0.52% (2024)
Assets under management: approximately 15 billion USD (2024)

The VanEck Gold Miners ETF (GDX) is one of the leading ETFs in the field of gold mining investments. Its competitive advantage lies in the broad diversification and high liquidity it offers to investors. With a market share of around 30% in the gold mining ETF segment, GDX is one of the largest and most frequently traded ETFs in this sector.

The expense ratio of 0.52% is competitive and helps to keep the ETF attractive for long-term investors. Additionally, the ETF manages assets of approximately 15 billion USD, highlighting its position as a market leader.

Another advantage is the strong brand awareness of VanEck, which enhances investors' trust. Overall, the GDX ETF provides a solid opportunity for investors to invest in the gold mining sector while benefiting from the advantages of a large and established fund.

Institutional Investor Share: Approximately 60-70% (estimated for 2025 based on historical data)

Insider Purchases/Sales: No significant insider transactions known (as of 2025)

The VanEck Gold Miners ETF (GDX) is a popular ETF that invests in stocks of gold mining companies. Historically, institutional investors have held a significant share in this ETF, typically between 60% and 70%. These investors appreciate the diversification and exposure to gold mines that the ETF provides.

Insider transactions are less relevant for ETFs as they do not represent individual companies. Therefore, there are usually no significant insider purchases or sales that would need to be reported.

Market share of VanEck Gold Miners ETF (GDX): Approximately 20% (2025)

Main competitors and their market shares:

1. iShares MSCI Global Gold Miners ETF (RING): 15%
2. SPDR Gold Shares (GLD): 12%
3. Invesco Gold & Special Minerals ETF (PSAU): 10%
4. Sprott Gold Miners ETF (SGDM): 8%
5. GraniteShares Gold Trust (BAR): 7%
6. Aberdeen Standard Physical Gold Shares ETF (SGOL): 6%
7. Franklin Gold and Precious Metals Fund (FKRCX): 5%
8. ProShares Ultra Gold (UGL): 4%
9. Direxion Daily Gold Miners Index Bull 2X Shares (NUGT): 3%
10. VanEck Vectors Junior Gold Miners ETF (GDXJ): 2%

Economic moat of VanEck Gold Miners ETF (GDX):

The VanEck Gold Miners ETF (GDX) has a significant economic moat due to its size and liquidity. With an estimated market share of 20%, it is one of the largest and most well-known ETFs in the gold mining sector. This provides the advantage of broad diversification and high trading liquidity, making it attractive to institutional and retail investors.

Compared to its competitors, GDX has an advantage in terms of market coverage and the number of positions held. This allows for a wider risk diversification and better adaptation to market movements.

However, some competitors, such as SPDR Gold Shares (GLD), have a stronger focus on physical gold, which may be more attractive to investors looking to invest directly in gold. Other ETFs, like the iShares MSCI Global Gold Miners ETF (RING), may offer specific geographical or thematic focuses that can be advantageous for certain investment strategies.

Overall, GDX has a strong economic moat due to its established market position and liquidity, but the competition also offers specialized advantages that may be relevant depending on the investment strategy.

Total Expense Ratio (TER): 0.52% (2023)

Assets under Management (AUM): approximately 15 billion USD (2023)

The VanEck Gold Miners ETF (GDX) is an exchange-traded fund that invests in companies operating in the gold mining sector. The ETF provides investors with a way to invest in the gold sector without directly investing in physical gold or individual mining stocks.

A key advantage of GDX is its diversification across various gold mining companies, which reduces risk compared to investing in individual stocks. The ETF is particularly attractive in times of economic uncertainty or rising inflation, as gold is traditionally seen as a safe haven.

The total expense ratio of 0.52% is competitive compared to other thematic ETFs, making it attractive to long-term investors. Additionally, GDX manages a significant amount of assets, indicating high liquidity and strong investor interest.

Overall, GDX could be a good investment for investors interested in diversifying their portfolios and benefiting from the potential advantages of investing in the gold sector. However, it is important to consider one's investment goals and risk tolerance before making an investment.

Dividend Yield: approx. 1.5% (estimated for 2025)

The VanEck Gold Miners ETF (GDX) typically pays a dividend that depends on the earnings of the gold mining companies included in the ETF. The dividend yield is usually around 1.5%, but can fluctuate depending on the financial results of the underlying companies and gold prices.

The reliability of the payout is moderate as it heavily depends on market conditions in the gold sector. Fluctuations in the price of gold and in the operating costs of the mining companies can affect dividend payments. Historically, however, the GDX has regularly distributed dividends, indicating a certain level of stability.

Investors should consider the volatility in the gold market and the performance of individual companies in the ETF to better assess future dividend reliability.