Overview
Smaller gold and silver mining companies. Higher risk/reward than GDX — junior miners have more exploration upside but less production stability.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| PAAS | Pan American Silver | 6.8% |
| KGC | Kinross Gold | 6.4% |
| GFI | Gold Fields | 5.8% |
| AGI | Alamos Gold | 5.4% |
| HL | Hecla Mining | 4.8% |
| CDE | Coeur Mining | 4.4% |
| HMY | Harmony Gold | 4.2% |
| ELD | Eldorado Gold | 3.8% |
| AR | Argonaut Gold | 3.4% |
| MAG | MAG Silver | 3.2% |
Fund Details
Investment Thesis
Junior gold and silver miners offer the highest leverage to precious metals price increases through operational leverage. As the gold price rises above a miner's all-in sustaining costs, profit margins expand exponentially. GDXJ's portfolio of smaller miners also includes significant acquisition targets, as major miners routinely acquire proven junior deposits to replenish reserve pipelines.
Who It's For
Aggressive investors with high risk tolerance and a strong conviction in a precious metals bull market. Junior miners can deliver 3-5x the return of physical gold in a sustained uptrend but can also fall 50-80% in downturns. Best held as a tactical satellite position during confirmed gold bull cycles rather than as a permanent core portfolio allocation.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | $32.18 | -- |
| 2017 | $33.82 | +5.1% |
| 2018 | $30.42 | -10.1% |
| 2019 | $40.18 | +32.1% |
| 2020 | $52.18 | +29.9% |
| 2021 | $46.82 | -10.3% |
| 2022 | $33.42 | -28.6% |
| 2023 | $40.82 | +22.1% |
| 2024 | $53.82 | +31.8% |
| 2025 | $90.82 | +68.7% |
| Year | Yield |
|---|---|
| 2016 | 0.52% |
| 2017 | 0.44% |
| 2018 | 0.52% |
| 2019 | 0.44% |
| 2020 | 0.38% |
| 2021 | 0.32% |
| 2022 | 0.44% |
| 2023 | 0.38% |
| 2024 | 0.62% |
| 2025 | 0.84% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | $3B | -- |
| 2017 | $4B | +33.3% |
| 2018 | $4B | +0.0% |
| 2019 | $4B | +0.0% |
| 2020 | $6B | +50.0% |
| 2021 | $5B | -16.7% |
| 2022 | $4B | -20.0% |
| 2023 | $5B | +25.0% |
| 2024 | $7B | +40.0% |
| 2025 | $12B | +71.4% |
Historical figures are ETFHub estimates modelled from asset-class return patterns and may differ from official fund records. Data as of August 2026.
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