VanEck's Gold Miners ETF (GDX) marked its 20th anniversary on May 16, 2026, a milestone for the fund that launched as the asset manager's first exchange-traded product. As of April 30, VanEck oversaw approximately $224.8 billion across ETFs, mutual funds, and institutional accounts, with GDX alone accounting for $26.66 billion in total net assets as of May 15.
The fund seeks to replicate the price and yield performance of the MarketVector Global Gold Miners Index (MVGDXTR), which tracks companies involved in gold mining. As of mid-May, GDX's top holdings included Newmont Corp. (NEM), Agnico Eagle Mines Ltd. (AEM), Barrick Mining Corp. (B), and Wheaton Precious Metals Corp. (WPM). Year-to-date returns stood at 1.8% through May 15.
VanEck CEO Jan van Eck said in a statement that the fund's history reflects the firm's approach to identifying long-term opportunities. "Bringing GDX to market was more than a product launch. It reflected our approach to identifying long-term opportunities, drawn from decades of deep thematic expertise, and delivering them to investors in an accessible and efficient way," he said.
The ETF industry has grown dramatically since GDX's debut in 2006, when the total U.S. ETF market held roughly $400 billion in assets. Today, that figure exceeds $8 trillion, according to industry data. VanEck now offers more than 80 ETFs, spanning sectors from gold to emerging markets.
GDX's longevity comes as gold prices have experienced significant volatility. The metal traded near $2,400 per ounce in mid-May 2026, up from around $600 per ounce when the fund launched. Analysts note that gold mining equities have not always kept pace with the metal's price gains, but GDX remains a key tool for advisors seeking exposure to the sector.
Advisors using GDX often pair it with other commodity or equity holdings to manage portfolio risk. The fund's expense ratio of 0.51% is competitive among gold miners ETFs, though some newer entrants offer lower fees. VanEck has also launched a junior gold miners ETF (GDXJ) and other thematic products since GDX's introduction.
The milestone arrives as direct indexing assets hit $1.2 trillion, outpacing ETFs and mutual funds in growth, according to recent data. Meanwhile, Capital Group filed for two multi-asset income ETFs, targeting advisor demand for active management.
VanEck's broader business has also expanded through partnerships and product innovation. The firm's ETF lineup now includes strategies focused on digital assets, healthcare, and infrastructure, reflecting a shift toward thematic investing that began with GDX two decades ago.
