VanEck’s GDX ETF Prepares for Major Portfolio Reshuffle Amid Gold Surge

VanEck Gold Miners ETF US92189F1066

The VanEck Gold Miners ETF (GDX) is gearing up for its scheduled quarterly rebalancing this March. This routine adjustment arrives during a period of exceptional momentum for gold-related investments, potentially leading to significant shifts within the fund's holdings of global gold and silver mining companies. The upcoming reshuffling of a portfolio valued at nearly $5 billion is poised to send ripples across the sector.

This rebalancing occurs against a backdrop of remarkable investor activity. Global gold ETFs witnessed record net inflows of $19 billion in January alone, with $7 billion of that total directed into US-based funds. These substantial investments pushed the total assets under management for gold ETFs worldwide to an all-time high of $669 billion.

Gold prices have exhibited notable volatility alongside this demand. After reaching a peak of $5,608 per ounce in January, the price corrected to $4,405 in early February before recovering to approximately $4,870 by February 7. Despite these market fluctuations, optimism persists among key industry players. Gold Fields, for instance, anticipates a substantial increase in earnings per share for fiscal 2025, fueled by higher realized prices and increased production volume.

Key Details of the March Rebalancing

Market analysts highlight several critical aspects of the impending portfolio adjustment:
* Projected Turnover: An estimated 6.8% of the ETF's holdings are expected to be reconfigured.
* Trading Volume: The total value of transactions needed to execute the rebalance is projected to reach roughly $4.93 billion.
* Index Changes: Two new stocks are anticipated to join the fund's underlying benchmark, the MarketVector Global Gold Miners Index.

A Core Holding for Precious Metals Exposure

With a net asset value of $30.44 billion as of February 6, the GDX remains a cornerstone vehicle for gaining exposure to the mining sector. Its largest positions include industry giants Agnico Eagle Mines, Newmont Corp., and Barrick Gold Corp.

The fund's strategy evolved in September 2025 when it began tracking the MarketVector Global Gold Miners Index. This shift broadened its investment universe beyond pure gold producers to include silver miners as well as royalty and streaming companies, offering a more comprehensive representation of the precious metals landscape. The ETF carries an expense ratio of 0.51%, with a fee waiver guaranteed until at least May 2027.

The March reweighting will ensure the fund accurately mirrors the current market capitalization and liquidity dynamics of the industry. Given that mining stocks have historically provided leveraged exposure to movements in the gold price, the precise composition of the GDX continues to be a pivotal factor for its performance, especially within today's volatile market environment.

@ boerse-global.de | US92189F1066 VANECK’S