31.Dec.2024 – 31.Mar.2025
231 ETFs
Metal ETFs, Miners ETFs, Metal and Miners Hedged & Leveraged ETFs
Total Assets (AUM) ~ $362.9 B USD
Total assets for the World’s 231 Metal & Mining ETFs finished Q1.2025, at USD $362.9 B. This is an increase of +11.0% from the Q4.2024, year end close of USD $330.7 B. Growth in Metal & Mining ETF assets over Q1.2025, was driven principally by gains in Gold ETFs which still make up ~72% of all Metal & Mining ETF assets worldwide.
There was 1 new Mining ETF launched in Q1.2025, Sprott Active Gold & Silver Miners ETF (NASDAQ: GBUG) (first day of trading, February 20th, 2025). 0 ETFs were retired or delisted.
Performance Leaders, Q1 2025
Leveraged Gold Metal Miners ETFs (Miners Leveraged ETFs, subcategory) lead the performance tables for Q1.2025.
| Q1 2025 | Ticker | Ccy. | |||
| Leveraged | MINERS | Direxion Gold Miners Index Bull 2X | 76.7% | NUGT | USD |
| Leveraged | MINERS | Direxion Junior Gold Miners Index Bull 2X | 68.2% | JNUG | USD |
| Leveraged | MINERS | BetaPro Canadian Gold Miners Bull 2X | 71.2% | HGU | CAD |
Performance Laggards, Q1 2025
Inverse Leveraged Gold Miners ETFs (Miners Leveraged ETFs, subcategory) were performance laggards for Q1. 2025.
| Q1 2025 | Ticker | Ccy. | |||
| Leveraged | MINERS | Direxion Junior Gold Miners Index Bear -2X | -47.8% | JDST | USD |
| Leveraged | MINERS | Direxion Gold Miners Index Bear -2X | -47.7% | DUST | USD |
| Leveraged | MINERS | BetaPro Canadian Gold Miners Daily Bear -2X | -46.6% | HGD | CAD |
Metal and Mining ETFs, Q1 2025
The best performing Gold ETF and the best performing Silver ETF internationally for Q1.2025 were QNB Finans Portföy Gold ETF (Borsa Istanbul: GLDTR.F) +24.1% and QNB Finans Portföy Silver ETF (Borsa Istanbul: GMSTR.F) +29.4% respectively. Outperformance of these ETFs, which are denominated in Turkish Lira (TRY, ₺), resulted from Turkish Lira (TRY, ₺) depreciation against other major currencies during Q1.2025. Turkish Lira depreciation enhanced domestic performance for both gold and silver resulting in ETF outperformance when measured in Lira (TRY, ₺).
The best performing physical metal ETC for Q1.2025 was Xtrackers Physical Rhodium ETC (London Stock Exchange: XRH0) +51.9%. Rhodium prices finally bounced in Q1.2025 after a multi-year sell off following all-time highs for Rhodium which were set in February 2021.
The worst performing physical metal ETF for Q1.2025 was Sprott Physical Uranium Trust $USD (Toronto Stock Exchange: U.UN) -17.5%. This performance, as Uranium bottomed completing retracement after hitting a 17 year high of $106/lb. in February 2024. Pursuant to tariff induced volatility, most analysts expect Uranium prices to recover through the balance of 2025.
The lead performing sub-category for Q1.2025 was Miners Leveraged ETFs +21.9% followed closely by Precious Metal Miners ETFs +16.8%, as precious metal miners began the process of closing the valuation gap with metals. Many analysts expect this revaluation of miners against underlying metals to continue with an ascendant market pursuant to an extended multi-year period of underinvestment in mineral exploration and development.
World Metal & Mining ETFs – Q1 2025
| METAL & MINING ETFs | |||||||
| 231 ETFs (Exchange Traded Funds) | March 31, 2025 | ||||||
| Q1 | |||||||
| Avg. ETF Size | # ETFs | Assets ($USD) | % of Assets | % chg. | 31.Dec.24 | ||
| $USD M | METAL ETFs | ||||||
| $3,738 | Gold ETFs | 70 | $261,656,302,958 | 72.2% | 10.3% | $237,299,897,093 | |
| $1,449 | Silver ETFs | 19 | $27,524,869,337 | 7.6% | 9.9% | $25,055,625,061 | |
| $1,404 | Precious Metal ETFs | 5 | $7,021,627,574 | 1.9% | 10.7% | $6,343,357,787 | |
| $1,726 | Uranium & Battery Metal ETFs | 3 | $5,179,404,356 | 1.4% | -17.2% | $6,252,946,698 | |
| $215 | Platinum Group Metal ETFs | 13 | $2,799,131,598 | 0.8% | 4.9% | $2,669,538,357 | |
| $219 | Base Metal ETFs | 11 | $2,412,095,464 | 0.7% | 9.8% | $2,196,965,871 | |
| 121 | $306,593,431,287 | 84.6% | 9.6% | $279,818,330,867 | |||
| $USD M | MINERS ETFs | ||||||
| $1,205 | Precious Metal Miners ETFs | 24 | $28,911,916,982 | 8.0% | 16.8% | $24,759,028,471 | |
| $430 | Uranium & Battery Metal Miners ETFs | 18 | $7,748,200,685 | 2.1% | -8.9% | $8,506,195,114 | |
| $614 | Base Metal Miners ETFs | 10 | $6,139,897,279 | 1.7% | 1.6% | $6,044,367,522 | |
| 52 | $42,800,014,947 | 11.8% | 8.9% | $39,309,591,107 | |||
| $USD M | HEDGED & LEVERAGED METAL ETFs | ||||||
| $442 | Currency Hedged Metal ETFs | 22 | $9,734,663,061 | 2.7% | 11.0% | $8,770,198,534 | |
| $66 | Metals Leveraged ETFs | 28 | $1,848,571,058 | 0.5% | 4.5% | $1,768,501,640 | |
| $182 | Miners Leveraged ETFs | 8 | $1,453,629,038 | 0.4% | 21.9% | $1,192,957,821 | |
| 58 | $13,036,863,157 | 3.6% | 12.6% | $11,580,320,948 | |||
| 231 | $362,430,309,391 | 100.0% | 9.6% | $330,708,242,922 |
Fully ~ 84.6% of Assets in Metal & Mining ETFs are Physical Metal ETFs. A further ~ 11.8% of Assets are Mining Company ETFs and a final ~ 3.6% of Assets are Hedged or Leveraged ETFs.
Physical Metal ETFs make up the majority (~ 84.6%) of World Metal & Mining ETF (231) Assets
70 Gold ETFs make up the vast majority of Physical Metal ETF Assets (~ 85%). 19 Silver ETFs make up a further ~ 9% of Assets.
Gold ETFs make up the majority (~ 85%) of Physical Metal ETF (121) Assets
| Avg. Size | # ETFs | Assets ($USD) | % of Assets | ||||
| $USD M | EXCHANGE | ||||||
| $4,184 | NYSE Arca | 49 | $205,009,477,792 | 56.5% | |||
| $1,299 | London Stock Exchange | 56 | $72,731,193,383 | 20.0% | |||
| $2,857 | Deutsche Börse Xetra | 7 | $19,995,959,704 | 5.5% | |||
| $443 | Toronto Stock Exchange | 34 | $15,045,252,136 | 4.1% | |||
| $1,469 | SIX Swiss Exchange | 10 | $14,685,778,398 | 4.0% | |||
| $5,874 | Euronext Paris | 1 | $5,874,264,891 | 1.6% | |||
| $661 | Shanghai Stock Exchange | 8 | $5,286,277,212 | 1.5% | |||
| $794 | Tokyo Stock Exchange | 5 | $3,968,958,318 | 1.1% | |||
| $346 | Bombay Stock Exchange | 11 | $3,800,579,325 | 1.0% | |||
| $539 | Shenzhen Stock Exchange | 7 | $3,771,920,196 | 1.0% | |||
| $531 | National Stock Exchange of India | 7 | $3,715,320,495 | 1.0% | |||
| $676 | CBOE BZX Exchange | 3 | $2,029,083,262 | 0.6% | |||
| $796 | Johannesburg Stock Exchange | 2 | $1,591,568,507 | 0.4% | |||
| $142 | Nasdaq Stock Market | 11 | $1,559,339,656 | 0.4% | |||
| $411 | New York Stock Exchange | 3 | $1,234,241,073 | 0.3% | |||
| $284 | Australian Securities Exchange | 3 | $852,863,066 | 0.2% | |||
| $273 | Borsa Istanbul | 2 | $546,532,597 | 0.2% | |||
| $128 | Borsa Italiana | 4 | $512,363,381 | 0.1% | |||
| $158 | Deutsche Boerse AG | 2 | $315,266,566 | 0.1% | |||
| $112 | Hong Kong Exchanges & Clearing | 2 | $224,714,009 | 0.1% | |||
| $56 | Euronext Amsterdam | 3 | $168,833,115 | 0.0% | |||
| $25 | Bursa Malaysia | 1 | $24,596,006 | 0.0% | |||
| 231 | $362,944,383,088 | 100.0% |
NYSE Arca Exchange and the London Stock Exchange together hold almost ~ 76.5% of global Metal & Mining ETF Assets.
~ 56.5% of World Metal & Mining ETF Assets trade on NYSE Arca Exchange
| currency symbol | code | units | FX rate | ||||
| USD | 1.00 | ||||||
| Swiss Franc SFr | CHF | SFr / $USD | 0.88 | ||||
| Euro € | EUR | € / $USD | 0.92 | ||||
| Mexican Peso $ | MXN | $ / $USD | 20.48 | ||||
| Japanese Yen ¥ | JPY | ¥ / $USD | 149.72 | ||||
| Pound Sterling £ | GBP | £ / $USD | 0.77 | ||||
| Canadian Dollar $ | CAD | $ / $USD | 1.44 | ||||
| Australian Dollar $ | AUD | $ / $USD | 1.60 | ||||
| Rupees Indian Rupee ₹ | INR | ₹ / $USD | 85.47 | 1 Core = 10M Rupees, 1 lakh = 100K Rupees | |||
| Chinese Yuan ¥ | CNY | ¥ / $USD | 7.26 | ||||
| South African Rand R | ZAR | R / $USD | 18.32 | ||||
| Hong Kong Dollar HK$ | HKD | HK$ / $USD | 7.78 | ||||
| Malaysian Ringgit RM | MYR | RM / $USD | 4.44 | ||||
| Turkish Lira ₺ | TRY | ₺ / $USD | 37.92 | ||||
Source: MineralFunds.com
Reported by: Christopher J. Berlet BSc, CFA Supported By: Khadijah Samnani, Analyst
For further information please contact:
(416) 525 – 6869
[email protected]
Live real-time prices and a complete list of ETFs, ETCs and Exchange Traded Trusts traded on all Exchanges and across all transaction currencies can be reviewed at: https://mineralfunds.com
Data Fields Including: ISIN, Bloomberg, Reuters, SEDOL, LEI, WKN, CUSIP numbers and symbols, Management Fees, Total MERs, Web Pages, All Exchange Listings and Outstanding Shares for ETFs, ETCs and Exchange Traded Trusts are available to Substack subscribers only.
Leave a Reply