Industry Revenues:

• Gold Mining: 100%

Top 3 Markets:

• USA: about 45%
• Canada: about 25%
• Australia: about 15%

The VanEck Gold Miners UCITS ETF focuses exclusively on companies in the gold mining sector. Therefore, the revenues come entirely from this industry. The largest markets for the companies included in the ETF are the USA, Canada, and Australia, which together account for the majority of the income. These markets are leading in gold mining and host many of the world's largest gold mining companies.

VanEck UCITS ETFs plc - VanEck Gold Miners UCITS ETF is an exchange-traded fund (ETF) and not a company that produces physical products.

The ETF invests in stocks of companies active in gold mining. These companies operate mines and production facilities worldwide, often in countries with significant gold reserves such as Canada, Australia, the USA, South Africa, and Russia.

The ETF itself does not have production facilities but tracks the performance of an index that reflects the performance of gold mining companies.

Strategy for Future Growth: Diversification and Expansion into Emerging Markets

The VanEck Gold Miners UCITS ETF pursues a strategy that aims at diversification and expansion into emerging markets. This strategy involves including mining companies that operate not only in established markets but also in high-growth regions.

Another focus is on integrating ESG criteria (Environmental, Social, and Governance) into the selection of companies within the ETF. This is intended to ensure that the investments are sustainable and meet the increasing demands of investors who value responsible investing.

Additionally, attention is paid to optimizing the cost structure to offer investors competitive fees and thus increase the attractiveness of the ETF. These measures are intended to promote the growth of the ETF and strengthen its position in the market.

Main Commodity: Gold

The VanEck Gold Miners UCITS ETF invests in companies active in gold mining. These companies are primarily specialized in the extraction and processing of gold. Since the ETF itself does not import commodities but invests in companies that mine gold, it is important to consider the countries of origin of the gold.

Main Gold Producing Countries:

• China
• Australia
• Russia
• USA
• Canada

These countries are the largest gold producers worldwide and supply the majority of the gold mined by the companies included in the ETF. The companies in which the ETF invests mainly source their gold from these countries, depending on the specific mines and projects they are involved in.

As the ETF itself does not directly import commodities but invests in mining companies, knowledge of the production countries is crucial to understand the origin of the gold.

Competitive Advantage: Moderate to High (estimated, 2025)

The VanEck Gold Miners UCITS ETF provides investors with access to a diversified portfolio of gold mining companies. The competitive advantage of this ETF lies in its specialization in the gold mining sector, which is considered a safe haven in times of economic uncertainty.

Another advantage is the broad diversification within the sector, which reduces the risk of individual company failures. The ETF benefits from VanEck's expertise, an established provider of thematic and specialized ETFs.

However, competition in the gold and commodity ETF space is intense, with several providers offering similar products. The success of the ETF also depends on global gold prices, which can be volatile. Despite these challenges, the VanEck Gold Miners UCITS ETF remains competitive due to its market position and specialization.

Institutional Investor Share: Estimated around 60-70% (2025)

Insider Buys/Sells: No significant insider transactions reported (2025)

The VanEck Gold Miners UCITS ETF is a popular fund among institutional investors as it offers a diversified investment in gold mining companies. The institutional investor share typically ranges between 60% and 70%, indicating the interest of pension funds, asset managers, and other large investors seeking hedging against inflation and currency risks.

Insider transactions are less relevant for ETFs compared to individual companies since ETFs consist of a variety of stocks. Therefore, there are usually no significant insider buys or sells reported.

Market share of VanEck Gold Miners UCITS ETF: Estimated around 10% (2025)

Main competitors and their market shares:

1. SPDR Gold Shares (GLD): around 30%
2. iShares Gold Trust (IAU): around 25%
3. Invesco DB Gold Fund (DGL): around 15%
4. Aberdeen Standard Physical Gold Shares ETF (SGOL): around 12%
5. VanEck Gold Miners UCITS ETF (GDX): around 10%
6. GraniteShares Gold Trust (BAR): around 8%

The VanEck Gold Miners UCITS ETF holds a significant market share in the gold ETF sector, but it is smaller compared to leading ETFs like SPDR Gold Shares and iShares Gold Trust. These two ETFs dominate the market, offering high liquidity and broad acceptance among investors.

VanEck's moat compared to its competitors is less pronounced. While VanEck differentiates itself through a specialized strategy focusing on gold mining stocks, the larger ETFs provide direct access to physical gold, which is more attractive to many investors. The leading ETFs also benefit from longer market presence and larger assets under management, giving them a stronger moat.

However, VanEck may attract investors looking to benefit from the leverage on the gold price due to its specific focus on gold mining companies, offering a certain niche advantage. Nevertheless, competition remains intense, and the larger ETFs generally have a stronger moat due to their size and liquidity.

Total Expense Ratio (TER): 0.53% (2025)
Fund Size: $1.8 billion USD (2025)
Number of Holdings in the Fund: approximately 50 (2025)

The VanEck Gold Miners UCITS ETF provides investors with access to a diversified portfolio of companies in the gold mining sector. The total expense ratio of 0.53% is moderate compared to other thematic ETFs, making the fund a cost-effective way to invest in the gold mining sector.

The fund size of $1.8 billion USD indicates that the ETF has reached a significant scale, suggesting stable demand and liquidity. With approximately 50 holdings, the ETF offers broad diversification within the gold mining sector, reducing the risk of individual company failures.

The gold mining sector can benefit from economic uncertainties and rising gold prices, making the ETF a potentially attractive investment during times of market volatility. However, the sector is also susceptible to fluctuations in commodity prices and geopolitical risks.

Overall, the VanEck Gold Miners UCITS ETF could be a good investment for investors interested in diversifying into the commodity sector and seeking to benefit from potential upward movements in the gold market. However, a thorough evaluation should also consider individual investment objectives and risk tolerance.

Dividend Yield: 1.2% (2024)

The VanEck Gold Miners UCITS ETF (LSE:GDX) pays a dividend that is typically distributed quarterly. The dividend yield was recently around 1.2% in the year 2024.

The reliability of the payout heavily depends on the performance of the gold mining companies included in the ETF. These companies, in turn, are dependent on gold prices and production costs. Historically, the ETF has followed a relatively consistent dividend policy, indicating a certain level of reliability.

However, investors should note that fluctuations in the gold market and geopolitical factors can impact the earnings of the mining companies and thus the dividends of the ETF.