GDX
VanEck Gold Miners ETF
Is GDX Halal?
Gold mining companies — extraction of halal metal.
What You Should Know
GDX's December 31, 2025 report shows $25.879 billion of assets. Disclosed interest and securities-lending income is about 1.04% of investment income, while debt, liquidity and receivables-plus-cash ratios are low. Gold mining is generally permissible, but each miner's financing, hedging, streaming and ancillary revenue profile still requires review.
⚠️ Concerns
- •Mining companies carry conventional debt
- •Indirect halal gold exposure
Current quantitative Sharia screen
Based on N-CSR figures for the period ended 2025-12-31; calculated 2026-07-14.
0 / 25,879.206
95.609 / 25,879.206
32.137 / 25,879.206
2.485 / 238.675
- Financial
- Pass
- Overall
- Incomplete
Debt/assets is 0.00%, liquidity/assets is 0.37%, receivables plus cash/assets is 0.12% and disclosed incidental income is about 1.04%; underlying activity remains incomplete.
- Financial
- Pass
- Overall
- Incomplete
Debt/assets, liquidity/assets and receivables plus cash/assets are below the examined MSCI asset limits, but underlying issuer activity is not classified by a universal prohibited-revenue numerator.
- Financial
- Pass
- Overall
- Incomplete
Debt/assets and liquidity/assets are below the examined Malaysia limits; the pass-through mining portfolio remains qualitatively incomplete.
- Financial
- Not calculated
- Overall
- Incomplete
A licensed historical market-cap series and a fund-level prohibited-income convention are not stored.
Business-activity disclosure
GDX is a pass-through ETF holding gold-mining companies. Mining and extracting gold are generally permissible activities, while each miner's debt, hedging, streaming, environmental and ancillary revenue profile requires issuer-level review.
Limitation: The report provides holdings and income lines but no universal prohibited-revenue allocation across every underlying mining issuer.
Purification
GDX discloses incidental interest and securities-lending income, but no scholar-approved purification percentage is inferred from the aggregate fund distribution.
Inputs, assumptions and primary sources
- Amounts are USD millions from GDX's December 31, 2025 annual shareholder report.
- The report shows USD 25,879.206 million of total assets, USD 30.641 million of cash and foreign currency, USD 64.969 million of short-term collateral investments and USD 1.496 million of dividend and interest receivables.
- Interest and securities-lending income totals USD 2.485 million against USD 238.675 million of total investment income, or about 1.04%.
- Gold mining is generally a permissible operating activity, but the fund does not provide a school-neutral prohibited-revenue allocation for every miner or mine.
- ETF look-through ratios are not an official FTSE, MSCI or Malaysia classification.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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