GDX bid-ask spread and liquidity

VanEck Gold Miners ETF
ThemesVanEck$25.2bn net assets0.51% fee
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As of Oct 22, 2026, GDX closed −0.44% from its NAV, and on 95% of the 250 days to then it was within ±0.52%.

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Ask IQ about GDX bid-ask spread and liquidity

Answers cite the figures on this page.

OverviewHoldingsDividendsTradingFlowsCompare

IQ Liquidity Score

3 of 6 measured · Oct 22, 2026
·
Not scored
0 · Hard to trade100 · Trades like a giant

The IQ Liquidity Score: a fixed 0 to 100 scale of trading conditions, the same anchors for every fund; 100 is the easiest to trade. It measures how cheaply and reliably the fund trades, not whether to own it. Method →

Cost to trade
Not measured · the issuer's 30-day median spread is not read for this fund
·
Capacity
Holdings can absorb up to $10,040 a day; part of the book has no volume figure
·
Price fidelity
95% of days within ±0.52% of NAV, 250 days to Oct 22, 2026
70.2
Primary market
6 active dealers of 39; largest 42% of creations and redemptions, N-CEN to Dec 31, 2025
85.0
Bad-day behaviour
Premium 2.384× normal on the 10 worst S&P 500 days, to Oct 22, 2026
37.3
Depth
Not measured · needs trade and quote data (Phase 2)
·

Premium or discount to value

Daily, 250 days to Oct 22, 2026 · the ±1% band marked
GDX premium or discount to NAV, 250 days+1%0−1%Oct 23, 2025Oct 22, 2026
Latest close, Oct 22
−0.44%
95% of days within
±0.52%
Days more than 1% from NAV
0 of 250
Widest
+0.73%, Mar 23, 2026

Close against the NAV its issuer struck the same day, from the issuer. Source: ETFIQ.

Capacity

What the holdings can absorb a day, at 10% of each one’s volume
Holdings can absorb, at most
$10,040

GDX’s holdings can absorb up to $10,040 a day, measured on its own holdings, as of Oct 22, 2026. Part of its book has no volume figure, so this is an upper bound.

The holding that sets the limit: Evolution Mining Ltd (CAHPF), 1.49% of the fund, $1,498 a day traded, the median of 20 days to Oct 22, 2026. Capacity is the least of the holding-level ratios over the holdings making up 95% of the weight.

Dealers

Authorized participants · N-CEN, the year to Dec 31, 2025
Active dealers
6
of 39 authorized
Largest
42%
of creations and redemptions
One dealer
No
6 active

6 of 39 authorized participants created or redeemed GDX shares in the year to Dec 31, 2025. From the fund’s Form N-CEN, filed Mar 13, 2026.

The active authorized participants, largest first, by share of the dollars created and redeemed: Goldman Sachs & Co. LLC (42.2%), J.P. Morgan Securities LLC (23.6%), UBS Securities LLC (19.1%), BofA Securities, Inc. (12.9%), Jane Street Capital, LLC (2.2%), Morgan Stanley & Co. LLC (0.0%). 33 more were listed and created or redeemed nothing.

How to trade GDX

To buy or to sell, up to $100,000
When
ETF spreads are usually widest in the first minutes after the open and the last before the close.
Size
Part of its book has no volume figure, so the room for a large order is an upper bound.
Watch
The premium. On 95% of days it is within ±0.52%; beyond that a buyer pays more, and a seller gets less, than the holdings are worth.
Phase 2 · drawn now, filled when trade data arrives
Spread through the dayComing with trade data

Median spread by half hour, 30 days.

Buyers against sellersComing with trade data

Share of volume at the ask against at the bid.

Retail flow, estimatedComing with trade data

Sub-penny prints as a share of volume.

Large tradesComing with trade data

Prints above $500k, count and share.

Closing auctionComing with trade data

Share of the day’s volume at the close.

Questions people ask

Does GDX trade at a premium or discount to NAV?

It closed −0.44% from its NAV on Oct 22, 2026. On 95% of the 250 days to then it was within ±0.52%, and it closed more than 1% from NAV on 0 of them.

Who is the AP for GDX?

GDX’s latest Form N-CEN, for the period ending Dec 31, 2025, lists 39 authorized participants (APs), and 6 created or redeemed shares. The largest were Goldman Sachs & Co. LLC (42.2%), J.P. Morgan Securities LLC (23.6%), UBS Securities LLC (19.1%) of the dollars its APs created and redeemed.

Who is the LMM for GDX?

GDX’s lead market maker (LMM) on NYSE Arca is Virtu Americas LLC. Lead market maker per NYSE Arca, as of Oct 23, 2026.
Sources and dates
Premium to NAVETFIQ, close against the issuer’s NAV · Oct 23, 2025 to Oct 22, 2026
CapacityETFIQ, each holding’s 20-day median dollar volume · to Oct 22, 2026
DealersForm N-CEN · the year to Dec 31, 2025
Where to next
ETF trading costs and liquidity→Cost-to-trade checker→Why low volume does not mean illiquidguide →Limit orders vs market orders for ETFsguide →How the IQ Liquidity Score is builtmethod →GDX fund page→
Cite this pageCitation, APA and Markdown

ETFIQ, GDX trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/gdx/trading/

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The score measures trading conditions, not the fund. ETFIQ makes no recommendations.