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GDX

$125.24-0.61%Gold Miners47/100
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VanEck Gold Miners ETF · VanEck

Data as at 29 March 2026

TL;DR

Tracks global gold mining companies including major international producers. Unhedged, so AUD weakness provides an additional tailwind to the gold price exposure.

MER (Annual Fee)
0.53%
#1 lowest in Gold Miners
1Y Return
+70.4%
3Y Return (p.a.)
+38.3%
Dividend Yield
0.38%
Trailing 12 months
AUM
$1,924.4M
Assets under management
Avg Daily Turnover
$5.1M
Avg shares × unit price
Unit Price
$125.24
As at 29 March 2026
Provider
VanEck
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Strategy

Follows the NYSE Arca Gold Miners Index. Unhedged, meaning AUD/USD exchange rate movements also affect AUD returns. Includes Australian miners like Evolution and Northern Star alongside global producers.

Top Holdings

Newmont
17.2%
Agnico Eagle
13.1%
Barrick Gold
11.5%
Franco-Nevada
8.1%
Wheaton Precious Metals
7.5%
Evolution Mining
3.2%
Northern Star
2.8%
Kinross
3.4%
Royal Gold
3.0%
Key Fact

GDX differs from MNRS in two key ways: GDX is unhedged (currency movements affect returns) while MNRS is AUD-hedged, and they track different indexes (NYSE Arca versus S&P Global), which creates slightly different company weightings.

Suited for

Investors who want global gold mining exposure and are comfortable with — or positive about — the AUD/USD currency exposure as an additional return driver.

Risks

More volatile than physical gold or hedged mining ETFs. Mining operations introduce risks beyond the gold price. GDX can fall significantly even when gold prices are flat if mining operating costs rise sharply.

ETFCheck Score47/100
Fees (40%)21
Fund Size (25%)59
Liquidity (20%)48
Yield (15%)100
How scores are calculated →
Other Gold Miners ETFs
MNRS
0.57% MER
33
NUGG
0.57% MER
17View all Gold Miners ETFs →

Frequently Asked Questions - GDX

What is the key difference between GDX and MNRS for ASX-listed gold miner ETFs?+
The critical distinction is currency exposure. GDX is unhedged, meaning returns reflect both gold miner share performance and AUD/USD currency movements, while MNRS hedges out currency impact. This explains GDX's 98.4% return versus MNRS's 120.1% over the past year - the AUD's movements dampened GDX's result. GDX's slightly lower 0.53% MER offers a small cost advantage, and its 1.25% yield is meaningfully higher than MNRS's 0.17%, suiting income-oriented investors.
Why does GDX pay a 1.25% yield when gold bullion ETFs pay nothing?+
Unlike bullion ETFs, GDX holds shares in gold mining companies that generate revenue, profits, and dividends. Major holdings like Newmont, Agnico Eagle, and Barrick Gold pay regular dividends from mining cash flows, which GDX passes through to unitholders. These distributions are typically unfranked foreign income for Australian tax purposes, meaning no franking credits apply. SMSF and individual investors should note these payments are taxed as ordinary income at their applicable marginal rate.
Is GDX the ASX-listed version of the US VanEck Gold Miners ETF, and does it hold identical stocks?+
Yes, GDX on the ASX is VanEck's Australian-domiciled feeder fund providing access to the same NYSE Arca Gold Miners Index tracked by the iconic US-listed GDX, the world's largest gold mining ETF. The underlying holdings are essentially identical, including Newmont, Barrick Gold, and Agnico Eagle. The advantage for Australian investors is ASX trading in AUD, Australian tax reporting, and eligibility for SMSF and CHESS-sponsored holding structures without needing an international brokerage account.
How would a rising Australian dollar impact GDX returns compared to hedged alternatives?+
A strengthening AUD would negatively impact GDX returns because its unhedged structure means USD-denominated mining stocks are worth fewer Australian dollars upon conversion. For example, if gold miners gained 10% in USD terms but the AUD rose 5% against the USD, GDX's AUD return would be roughly halved. In this scenario, hedged alternatives like MNRS would capture the full 10% gain. Investors with a bearish AUD outlook should prefer GDX, while those expecting AUD strength should consider MNRS instead.