Gold miners ETF: Global X launches Responsible Gold Miners UCITS ETF in London

Index methodology and sustainability screens

The index combines a revenue-based eligibility test with several sustainability filters. A company must generate more than 50% of its revenue from gold mining to be included. Existing constituents can remain in the index if their gold revenue stays above 40%. Some gold miners with targets validated by the Science Based Targets initiative are also eligible.

Global X says the index applies screens for:

carbon intensity;

water consumption;

waste generation;

alignment with UN Sustainable Development Goal 15 (life on land);

compliance with the UN Global Compact and OECD guidelines;

exposure to controversial weapons, sanctions, and thermal coal.

The issuer also cites alignment with frameworks such as the World Gold Council’s Responsible Gold Mining Principles.

Once the screening process is complete, the index adjusts constituent weights according to responsible-mining criteria. According to the fund page, companies are systematically reweighted based on their alignment with the Sustainable Development Goals. Weights are increased or reduced depending on the sustainability indicators used in the methodology.

Initial holdings

The portfolio published on Global X’s website at launch was led by Canadian-listed producers. The ten largest positions, including cash, were:

Source: Global X ETFs Europe, holdings as published on the fund page on 15 October 2026. Holdings are subject to change.

Investors should note that the ticker GLDX is also used in Canada by a different product, the Global X Gold Producers Index ETF listed in Toronto, which tracks another index. The UCITS fund discussed here is identified by ISIN IE000O8MVTJ6.

Gold market backdrop: central banks and mining margins

In its launch announcement, Global X highlighted gold’s role as a store of value and a portfolio diversifier, supported by demand from investors, consumers, and central banks. The issuer cites World Gold Council research to support this view.

The World Gold Council’s Central Bank Gold Reserves Survey 2026, published on 16 June 2026, gathered 76 central bank responses, the highest number since the survey began. The survey found that:

89% of respondents expect global central bank gold holdings to increase over the next 12 months;

a record 45% expect their own institution’s gold reserves to rise;

74% expect the US dollar’s share of global reserves to be moderately or significantly lower within five years.

Global X expects continued central bank demand to support gold over the long term.

Mining costs, margins, and the investment case

Global X presents gold miners as an alternative way to access the gold market. Investors in these companies are exposed to businesses whose earnings and cash flows depend on both the gold price and production costs. The gap between the two determines margins, while operational efficiency and capital allocation also influence company performance.

Recent data from the World Gold Council and Metals Focus, cited by the issuer, show how this relationship has played out. In the first quarter of 2026:

global average all-in sustaining costs rose 5% quarter on quarter and 16% year on year to US$1,785 per ounce, the 28th consecutive year-on-year increase;

the average gold price rose 17% quarter on quarter and 70% year on year, after spot prices briefly hit US$5,595 per ounce in January;

average AISC margins rose 25% quarter on quarter and 134% year on year to a record US$3,076 per ounce.

The World Gold Council attributed part of the cost increase to higher royalties and to energy and supply-chain disruptions linked to the conflict in the Middle East.

George Taylor, Co-Head and Chief Operating Officer at Global X ETFs Europe, said responsible mining is playing a growing role in the investment case for gold mining companies. He argued that strong environmental management, high worker safety standards, solid corporate governance, and good community relations can help companies manage risks and improve operational resilience. These factors, he added, are becoming more important alongside traditional metrics such as margins and cash flows.

Zack Bezuidenhoudt, Head of Sales EMEA and APAC at MerQube, said the index provider is proud to work with Global X on indices that offer scalable and liquid access to responsible gold mining. He explained that MerQube’s technology and partnerships use advanced data, screening, and weighting methods to identify issuers that meet higher sustainability standards. He added that the collaboration helps open access to more responsible industry practices for a wide range of investors.

Global X’s European commodity range

GLDX joins other mining-related UCITS ETFs in Global X’s European lineup, including the Global X Silver Miners UCITS ETF and the Global X Copper Miners UCITS ETF, both listed on Xetra. The new fund adds ESG screening and sustainability-based reweighting to Global X’s mining range.

Conclusion

The Global X Responsible Gold Miners UCITS ETF provides exposure to listed gold producers selected through revenue thresholds, environmental screens, and norms-based exclusions, with constituent weights adjusted for sustainability indicators. The fund is listed in London in US dollars, has a TER of 0.55%, and is eligible for ISAs and SIPPs. Additional listings in Milan and Zurich are expected shortly.