At a glance
GDMN charges 0.45% a year, below the 0.48% average of the 4 funds most like it (the 2nd cheapest of 5). It has $209.5M in assets, the 5th largest of that group; it paid 10.83% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +6.8% with distributions reinvested (S&P 500: +11.5%), the weakest of those 5 funds; over three years it returned +57.3% a year. At its worst it fell 52.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 22 months after the low. Its ten largest positions make up 53.3% of the fund, out of 55 in all.
The short version
WisdomTree Efficient Gold Plus Gold Miners Strategy Fund (GDMN) is an actively managed ETF. It holds about 90% of its net assets in gold mining stocks such as Newmont and Barrick, plus gold futures covering roughly another 90%. That stacking gives more gold exposure per dollar than a plain miners fund, magnifying both gains and losses. Its 0.45% expense ratio sits below the 0.48% average of similar funds.
Price history
The interactive chart needs JavaScript.
GDMN +6.8% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| GDMN official prospectus, to Dec 31, 2024 | — | +27.89% | — | — | — | +11.22% |
| NYSE ARCA Gold Miners Index (Reflects no deduction for fees, expenses or taxes) index, same period | — | +11.08% | — | — | — | +7.49% |
| Index43 index, same period | — | +25.02% | — | — | — | +9.24% |
| GDMN price data to Oct 27, 2026 | -16.9% | +6.8% | +57.3% | — | — | +30.1% |
- Over the year to Oct 27, 2026, GDMN returned +6.8%, 5th of 5 among similar funds.
- Its worst full calendar year was 2022 (-14.6%); its best was 2025 (+237.0%).
- The deepest fall in its price history was 52.8% (Apr 18, 2022 to Sep 26, 2022), recovered by Jul 16, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -16.9% | — |
| 2025 | +237.0% | — |
| 2024 | +28.4% | +27.89% |
| 2023 | +13.1% | +13.21% |
| 2022 | -14.6% | -14.72% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 32% over that stretch · deepest drop along the way 52.8%, back to its old high 21.6 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $5.2800 | |
| 2025 | $2.5200 | -6.7% |
| 2024 | $2.7000 | +46.7% |
| 2023 | $1.8400 | +457.6% |
| 2022 | $0.3300 |
What's inside
As of May 31, 2026, the fund held 55 securities; the ten largest made up 53.34% of assets.
| Holding | Weight | |
|---|---|---|
| NEWMONT CORP | 10.91% | |
| BARRICK MINING CORP | 7.22% | |
| AGNICO EAGLE MINES LTD | 6.98% | |
| ANGLOGOLD ASHANTI PLC | 5.50% | |
| KINROSS GOLD CORP | 5.08% | |
| GOLD FIELDS LTD | 4.22% | |
| WHEATON PRECIOUS METALS CORP | 3.79% | |
| FRANCO-NEVADA CORP | 3.46% | |
| PAN AMERICAN SILVER CORP | 3.46% | |
| EVOLUTION MINING LTD | 2.73% | |
| ALAMOS GOLD INC | 2.69% | |
| NORTHERN STAR RESOURCES LTD | 2.58% | |
| ROYAL GOLD INC | 2.42% | |
| ENDEAVOUR MINING PLC | 1.95% | |
| COEUR MINING INC | 1.92% |
By country
Canada 45.9%United States 15.25%United Kingdom 8.83%Australia 8.62%South Africa 5.85%By asset type
Stocks 87.96%What changed recently
- Over the three months to May 31, 2026, investors added a net $5.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -27.97%, -3.92%, -0.57%.
How it works
WisdomTree runs GDMN with a model rather than tracking a published index. The fund aims for roughly equal exposure to two things. The first is stocks of gold miners, meaning companies that earn at least 50% of their revenue from gold mining. The second is U.S.-listed gold futures. A futures contract is an agreement to buy gold at a set price at a later date. It needs only a small deposit, so most of the fund's cash stays free. WisdomTree calls this "capital efficiency."
About 90% of net assets go into miners around the world, generally weighted by market value. The futures add exposure equal to about another 90% of net assets. That magnifies both gains and losses, and the prospectus lists leveraging risk. As of May 31, 2026, the fund held 55 stocks. The largest were Newmont (10.9%), Barrick Mining (7.2%) and Agnico Eagle Mines (7.0%), and Canadian companies made up 45.9% of the fund.
The model rebalances quarterly. It rebalances sooner if the mix drifts more than 5% from its targets. The gold futures sit in a wholly owned subsidiary in the Cayman Islands, which can hold no more than 25% of total assets at each fiscal quarter-end. This setup helps the fund meet U.S. tax rules for funds. Treasuries and other short-term investments back the futures. The fund does not own physical gold.
What it really costs
- GDMN charges 0.45% a year, versus an average of 0.48% for the similar funds below (2nd of 5, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $46 in the first year and $567 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| GDMN | $46 | $144 | $252 | $567 |
In a retirement portfolio
Leveraged exposure to gold and gold mining stocks in one concentrated fund makes GDMN a small, high-risk add-on rather than a foundation.
GDMN could add a magnified bet on gold to a broader portfolio, but it does not hold steady the way a hedge might. It launched in December 2021, so it missed the 2008 and 2020 crashes. In the 2022 bear market it fell 52.8% between April 18 and September 26, 2022. It took about 21.6 months to recover, finally doing so on July 16, 2024. Its weakest calendar year was 2022, at −14.6%. It then gained 237% in 2025, and it was down 16.9% for 2026 through October 27. Anyone who has to sell shares in a slump like that could lock in deep losses.
The trailing yield was 10.83% as of October 27, 2026. The fund pays twice a year, and payouts can swing widely. It costs 0.45% a year, or $46 in the first year on the SEC's standard $10,000 example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want exposure to both gold mining stocks and the gold price in one fund, via futures layered on a roughly 90% miners stake.
- Investors keeping it to a small add-on position who can live with deep drops, such as the 52.8% fall between April and September 2022.
- Cost-conscious gold-miner investors: the 0.45% expense ratio, about $46 in the first year on $10,000 under the SEC example, is below GDX's 0.51%.
Look elsewhere if
- Retirees seeking dependable income: despite a 10.83% trailing yield as of October 27, 2026, payouts arrive only semiannually and the share price is highly volatile.
- Investors who want gold miners without the extra gold-futures layer and its leverage risk, which the prospectus says magnifies gains and losses.
- Investors seeking diversification: it concentrates in one industry, with 45.9% in Canadian companies and the top 10 holdings at 53.3% as of May 31, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| GDMN this fund | — | 0.45% | $209.5M | +6.8% | +57.3% |
| GDX VanEck Gold Miners ETF | 78% | 0.51% | $22.75B | +10.6% | +42.6% |
| RING iShares MSCI Global Gold Miners ETF | 59% | 0.39% | $2.52B | +22.8% | +49.4% |
| SGDM Sprott Gold Miners ETF | 55% | 0.5% | $558.7M | +24.9% | +43.9% |
| GDXJ VanEck Junior Gold Miners ETF | 29% | 0.52% | $7.08B | +15.8% | +46.9% |
Questions investors ask
Is GDMN a leveraged ETF?
Not in the usual sense, but it does use leverage. GDMN does not promise a multiple of daily returns. Instead, it invests about 90% of net assets in gold mining stocks and adds U.S.-listed gold futures with notional exposure of about 90% of net assets. Notional exposure is the full value of gold the contracts track, which is far more than the cash posted as collateral. The prospectus warns that this leverage magnifies gains and losses. The fund gets its gold exposure wholly or partly through a Cayman Islands subsidiary.
What's the difference between GDMN and GDX?
The biggest difference is gold futures. GDMN pairs gold mining stocks with U.S.-listed gold futures, and its stock holdings overlap 78% with VanEck Gold Miners ETF (GDX). GDMN charges 0.45% a year versus 0.51% for GDX, but it is far smaller: $209.5 million in net assets as of May 31, 2026, against $22.8 billion for GDX as of June 30, 2026. Over three years, GDMN returned 57.3% a year as of October 27, 2026, versus 40.5% for GDX as of October 30, 2026.
Does GDMN pay dividends?
Yes. GDMN pays distributions twice a year. Payouts over the year to October 27, 2026 totaled $7.80 per share, a trailing yield of 10.83%. Trailing yield divides the past year's payouts by the share price, so it only looks backward. Distributions from a fund holding gold futures and mining stocks can change sharply from year to year. With only two payments a year and large price swings, the fund may not suit investors who rely on regular income.
How has GDMN performed since it launched?
GDMN has posted large gains along with large swings. According to its prospectus, it returned 11.22% a year from its December 16, 2021 launch through December 31, 2024, ahead of 7.49% for the NYSE Arca Gold Miners Index. The index figure reflects no fees or expenses. Calendar-year returns were a 14.72% loss in 2022, a 13.21% gain in 2023 and a 27.89% gain in 2024. Based on market prices, it gained 237% in 2025, then fell 16.9% year to date through October 27, 2026.
Is GDMN good for retirement?
GDMN is a narrow, high-risk fund, so it fits better as a small add-on than as a core retirement holding. It concentrates in gold mining. Its worst drop was 52.8% between April and September 2022, and it did not fully recover until July 2024. It fell as much as 52% again in the year to October 27, 2026. Costs are modest: the SEC's standard example puts expenses on $10,000 at $46 after one year and $567 after 10 years, assuming 5% annual returns.