Spotlight: VanEck Gold Miners AUD ETF (ASX: GDX)
Each month in our ETF Spotlight series, we put the focus on one of the ETFs inside our ETF portfolios or available through InvestSMART Custom.
This time, we're looking at the VanEck Gold Miners AUD ETF (ASX: GDX), which is part of our Custom offering. Here's what you need to know.
About the VanEck Gold Miners AUD ETF (ASX: GDX)
The VanEck Gold Miners ETF (ASX: GDX) gives investors exposure to a diversified portfolio of large- to mid-sized global companies involved in the gold mining industry.
VanEck says the ETF is designed for investors seeking capital growth and is best used as a minor or satellite allocation in a portfolio. It has a suggested investment timeframe of at least five years and a very high risk/return profile. ETF is not hedged, so investors will also be exposed to currency fluctuations.
Here are a few quick facts about GDX:
- Investment manager: VanEck Investments
- Inception date: 26 June 2015
- Size: $1.6 billion
- Management fee: 0.53% p.a.
- Benchmark: NYSE Arca Gold Miners Index AUD
- InvestSMART rating: 3 stars
- Distribution frequency: Annually
Where is GDX invested?
The ETF is currently invested in 107 securities. The top 10 holdings, which make up 58.3% of the portfolio, are listed below.
Top 10 holdings
|
Company |
Weight |
|
Newmont Corp |
12.1% |
|
Agnico Eagle Mines Ltd |
10.4% |
|
Barrick Mining Corp |
7.0% |
|
Wheaton Precious Metals Corp |
6.1% |
|
AngloGold Ashanti plc |
5.0% |
|
Franco-Nevada Corp |
4.8% |
|
Gold Fields Ltd |
4.2% |
|
Kinross Gold Corp |
3.7% |
|
Zijin Mining Group Co Ltd |
2.7% |
|
Pan American Silver Corp |
2.3% |
Source: VanEck. Holdings as of 31 March 2026.
From a country perspective, as of March 2026, GDX's biggest exposure by far is Canada (44.3%), followed by the United States (23.7%), Australia (8.4%) and Brazil (6.1%).
What is GDX's management fee?
At 0.53%, GDX's annual management fee is slightly lower than that of its closest ASX-listed peer, Betashares Global Gold Miners ETF - Currency Hedged (ASX: MNRS), at 0.57%. While both offer exposure to global gold miners, GDX is unhedged and includes Australian stocks, whereas MNRS is currency hedged and excludes Australia.
How has GDX performed?
GDX has delivered exceptional returns over recent years, helped by strong gains in gold mining stocks. For the year to the end of March 2026, the ETF returned 84.61%, while its three-year annualised return was 42.30%. Since inception in June 2015, it has returned 18.65% a year. While the ETF does generate some income, returns have come overwhelmingly from capital growth rather than distributions.
GDX performance
|
1 year |
3 yrs p.a. |
5 yrs p.a. |
10 yrs p.a. |
SI p.a.1 |
|
|
Price return |
83.16% |
40.29% |
26.17% |
17.98% |
17.64% |
|
Income return |
1.45% |
2.01% |
1.46% |
0.99% |
1.01% |
|
Total return |
84.61% |
42.30% |
27.63% |
18.97% |
18.65% |
|
GDX index |
85.55% |
42.83% |
28.15% |
19.45% |
19.12% |
Source: VanEck. Returns for the period ending 31 March 2026. 1Since inception on 26 Jun 2015.
Key takeouts
GDX offers exposure to global gold mining companies in a single ASX-listed ETF. It's a high-risk, high-volatility option that is best viewed as a satellite holding rather than a core portfolio building block. The management fee is reasonable for a specialist sector ETF, and GDX has delivered very strong returns in the recent gold rally. Of course, past performance is not a reliable indicator of future returns.
Want to compare ETFs? Check out our handy online ETF filter tool. It can help you narrow down your options based on filters such as investment category or InvestSMART's star rating.
If you'd like help selecting the right InvestSMART ETF portfolio for you, try our free statement of advice quiz. It will show you which one may best suit your goals and investment timeframe
.
Frequently Asked Questions about this Article…
The VanEck Gold Miners AUD ETF (ASX: GDX) gives investors exposure to a diversified portfolio of large- to mid-sized global companies in the gold mining industry. VanEck positions GDX for investors seeking capital growth as a minor or satellite holding, with a suggested investment timeframe of at least five years and a very high risk/return profile. The ETF is unhedged, so investors are also exposed to currency fluctuations.
As of 31 March 2026, GDX held 107 securities with the top 10 holdings making up 58.3% of the portfolio. The top 10 companies and their weights are: Newmont Corp 12.1%, Agnico Eagle Mines Ltd 10.4%, Barrick Mining Corp 7.0%, Wheaton Precious Metals Corp 6.1%, AngloGold Ashanti plc 5.0%, Franco-Nevada Corp 4.8%, Gold Fields Ltd 4.2%, Kinross Gold Corp 3.7%, Zijin Mining Group Co Ltd 2.7% and Pan American Silver Corp 2.3%.
As of March 2026, GDX’s largest country exposures are Canada (44.3%), the United States (23.7%), Australia (8.4%) and Brazil (6.1%).
GDX’s management fee is 0.53% p.a. That is slightly lower than its closest ASX-listed peer mentioned in the article, Betashares Global Gold Miners ETF - Currency Hedged (ASX: MNRS), which charges 0.57% p.a. Key differences: GDX is unhedged and includes Australian stocks, while MNRS is currency hedged and excludes Australia.
GDX delivered very strong recent returns driven mainly by capital growth in gold mining stocks. For the year to 31 March 2026 the ETF’s total return was 84.61%, its three‑year annualised return was 42.30%, and its since‑inception (26 June 2015) annualised return was 18.65%. The ETF generates some income, but most returns have come from price appreciation rather than distributions.
GDX distributes income annually. While the ETF does produce some income, the article notes that returns have come overwhelmingly from capital growth rather than distributions.
According to the article, GDX is best viewed as a satellite or minor allocation rather than a core portfolio building block because it is a specialist, high‑risk, high‑volatility sector ETF. VanEck suggests a minimum timeframe of about five years and cautions investors about the higher risk/return profile and currency exposure.
The article recommends using InvestSMART’s online ETF filter tool to compare ETFs by investment category, InvestSMART star rating and other filters. It also suggests trying InvestSMART’s free statement of advice quiz to help identify which InvestSMART ETF portfolio might suit your goals and investment timeframe.
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