VanEck Vectors Gold Miners ETF (GDX US) – Portfolio Construction Methodology

The underlying NYSE Arca Gold Miners Index offers modified market-cap exposure to globally listed companies primarily engaged in gold (and, secondarily, silver) mining. Eligibility requires minimum full market cap typically ≥ USD 750m and liquidity screens that include ≥50,000 shares average daily volume and ≥USD 1m ADTV over the prior three months; tradability and listing continuity standards apply. The index is reviewed and rebalanced quarterly, applying a modified market-cap weighting scheme with constituent and industry constraints to avoid over-concentration; the aggregate weight of companies more significantly exposed to silver is limited to a defined cap at each rebalance. Corporate actions and float updates are reflected per index rules. The construction yields a capacity-aware, tradable gold-miners universe emphasizing larger, liquid producers with explicit concentration controls.

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