VanEck Gold Miners ETF (ASX-listed)

GDX.AX is the VanEck Gold Miners ETF (ASX-listed) — Australian wrapper around the same underlying portfolio as the US-listed GDX. Tracks the NYSE Arca Gold Miners Index, holding ~50 large- and mid-cap global gold mining companies (Newmont, Barrick, Agnico Eagle, Franco-Nevada, etc). TER is 0.53%, distributions paid annually. Yield ~1.2%. Settles in AUD on the ASX.

Same underlying portfolio. GDX.AX is ASX-listed at 0.53% TER with annual AUD distributions; US-listed GDX is at 0.51% TER with annual USD distributions. Holdings are essentially identical. For NZ investors who already trade ASX, GDX.AX is convenient. For NZ investors with USD positions or AUD-FX-cost concerns, US-listed GDX may be marginally cheaper. From a NZ-tax view, both are FIF; both attract foreign withholding (NZ-AU treaty for ASX, NZ-US treaty for US-listed).

GDX.AX holds gold MINING COMPANIES — operational leverage on the gold price. Physical-gold ETFs on the ASX (PMGOLD, GOLD, QAU) hold actual bullion. Miners typically amplify gold-price moves both ways (10% rise in gold can produce 15-25% rise in miners; conversely on the downside) and carry company-specific risk that bullion doesn't. GDX.AX is the higher-volatility, higher-leverage choice in the gold-exposure space.

Above NZ$50,000 cost basis FIF rules apply (FDR method most common). Annual AUD distributions carry 15% Australian withholding (under NZ-AU treaty with TFN supplied). The fund holds non-AU mining companies, so distributions don't carry Australian franking credits.