GDX Fees and Costs — VanEck Gold Miners ETF
Data updated: 2026-08-26
The net expense ratio is 0.51%: a 0.50% management fee plus 0.01% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $10.5M in broker commissions, 0.0599% of average net assets, and portfolio turnover was 50%.
GDX Fees and Expenses
Annual operating expenses and sales charges of GDX. Prospectus, as of May 1, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.50% |
| 12b-1 fee | — |
| Other expenses | 0.01% |
| Gross expense ratio | 0.51% |
| Fee waiver | — |
| Net expense ratio | 0.51% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
GDX Costs Over Time
On $10,000 invested in GDX, assuming 5% a year before costs, total costs come to $360 over 5 years, cutting the return by 0.60% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.51%) | $54 | $168 | $292 |
| Trading costs (broker commissions) | $6 | $20 | $34 |
| Lost growth on money paid in costs | $0 | $9 | $33 |
| Total costs | $60 | $197 | $360 |
| Value after costs | $10,440 | $11,379 | $12,403 |
| Impact on return, per year | 0.60% | 0.60% | 0.60% |
GDX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0599%
- Total broker commissions: $10.5M
- Bought from dealers (principal trades, not a cost): $9.3B
- Portfolio turnover (prospectus): 50%
- Securities on loan, average value: $802.5M
- Net income from securities lending: $2.0M (0.011% of average net assets)
GDX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Morgan Stanley & Co. LLC | $4.0M | 38.17% |
| BofA Securities, Inc. | $3.7M | 35.18% |
| Citigroup Global Markets Inc. | $1.5M | 14.66% |
| J.P. Morgan Securities LLC | $1.0M | 9.70% |
| Jefferies LLC | $200K | 1.90% |
| UBS Securities LLC | $37K | 0.35% |
| Goldman Sachs & Co. LLC | $4K | 0.04% |
GDX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Goldman Sachs & Co. LLC | $3.9B | 42.23% |
| J.P. Morgan Securities LLC | $2.2B | 23.60% |
| UBS Securities LLC | $1.8B | 19.11% |
| BofA Securities, Inc. | $1.2B | 12.85% |
| Jane Street Capital, LLC | $203.0M | 2.18% |
| Morgan Stanley & Co. LLC | $1.9M | 0.02% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.