Metal & Mining ETFs (Exchange Traded Funds), 2025

At 31.Dec.2025 we record 249 Metal and Mining ETFs worldwide holding total assets of ~ $716 B USD.

On the 26^th of December, 2025 assets in the World’s 249 Metal & Mining ETFs exceeded $750B USD (¾ Trillion USD) for the first time. At 31.Dec.2025, after a year of significant rerating higher for many metal prices, total Metal & Mining ETF assets were ~ 117% higher than at year-end 2024.

Growth in Metal & Mining ETF assets through 2025 was driven principally by gains in unhedged Gold ETFs and unhedged Silver ETFs which make up ~ 80% of all Metal & Mining ETF assets worldwide.

Performance, 2025

Gold and Silver price gains were the key drivers of ETF performance in 2025. Miner ETFs outperformed Metal ETFs with 3 Leveraged Gold Miner ETFs leading performance tables.

 

Short Leveraged Gold Miner ETFs naturally led the underperformers.

 
ETF New Issues, 2025

During 2025 we recorded 9 new ETF product launches in the Metal & Mining ETF sector. This brought our year-end total to 249 Metal & Mining ETFs worldwide. We see a trend toward higher fees for new ‘Actively Managed’ ETFs such as the Sprott Active Gold & Silver Miners ETF and we see continuing innovation with yield chasing structures such as BMO Covered Call Spread Gold Bullion ETF.The Canadian market was most active for new listings of Metal & Mining ETF investment products in 2025.

 
79 Gold ETFs, 2025

At year-end 2025 we record 79 unhedged Gold ETFs holding assets of ~ $494 B USD. This was an increase in assets of ~ 108% over the year-end 2024.For the second year running currency depreciation was the driver of outperformance for the Turkish Lira (₺ TRY) denominated QNB Finans Portföy Gold Participation ETF which returned +104% on the year. This was the highest absolute performance amongst Gold ETFs in 2025 and compares to a USD gold price appreciation of +64.5%.Similarly, 19 India domiciled Gold ETFs followed up the performance tables with a weighted average return +76%. This outperformance resulted from Indian Rupee (₹ INR) depreciation against the USD in 2025.

 
36 Silver ETF Products, 2025

At year-end 2025 we record 21 unhedged Silver ETFs holding assets of ~ $75 B USD. This was an increase in assets of ~ 199% over the year-end 2024.In addition to 21 unhedged Silver ETFs, we track 15 additional silver ETF investment products comprised of: Silver Miner ETFs,  Currency Hedged Silver ETFs and Leveraged long/short Silver ETFs. In total we track 36 silver ETF investment products and have witnessed substantial growth and new interest in 2025 with the rerating in silver markets.Currency depreciation was the driver of outperformance for Turkish Lira (₺ TRY) denominated QNB Finans Portföy Silver ETF.

 
15 Additional Silver ETF Products, 2025

We track a total of 15 Silver related ETF investment products that are in addition to the 21 unhedged Silver ETFs.

Exceptional annual performances for these investment products result from silver’s significant price rerating to higher levels over the year, and silver’s inclusion on the US Geological Survey Critical Mineral List in November of 2025.

 
ETF Assets, Year-End 2025

At 31.Dec.2025 249 Metal & Mining ETFs held assets under management (AUM) of ~ $716 B USD. This was an increase of ~ 117% from the 2024 year-end close of ~ $330 B USD. Gains in Metal & Mining ETF assets over 2025 were driven principally by growth in Gold ETFs and Silver ETFs which make up ~ 80% of all Metal & Mining ETF assets worldwide.
79 Gold ETFs closed the year with ~ $494 B USD in assets, an increase of ~ 108% over 2024. This increase resulted from both price increases as well as increases in number of shares outstanding, the latter signifying net new buying of Gold ETFs.
Similarly, 21 Silver ETFs closed the year with ~ $75 B USD in assets, an increase of ~ 199% over 2024. Silver ETF asset increases also resulted from both silver price increases as well as increases in number of shares outstanding for each ETF, the latter signifying net new buying of Silver ETFs.

World Metal & Mining ETF Assets

2025 vs. 2024

 
ETF Shares Outstanding Growth, 2025

Net new share purchases of an ETFs are reflected in an increase in the number of shares outstanding for that ETF. Similarly, a decrease in the number of shares outstanding for an ETF indicates net sales or redemptions of an ETF, and a concurrent reduction in investor holdings.There were some substantial net increases in investor holdings for several Metal & Mining ETFs during 2025. The 10 largest increases in net new shares across 249 Metal & Mining ETFs show a robust trend towards net new investment capital to the sector. This is reflected in both G7 and BRICS economies. The table below compares shares outstanding at the end of 2025 with shares outstanding at the end of 2024, for the 10 largest percentage (%) changes in 2025.

Metal & Mining ETFs by Exchange of Listing

The NYSE Arca Exchange and the London Stock Exchange combined hold over 70% (73.2%) of listed assets for the world’s 249 Metal & Mining ETFs. These exchanges are followed in order by the Swiss Exchange, Germany’s Börse Xetra, the Toronto Stock Exchange and the National Stock Exchange of India. A further 11 international stock exchanges support listings for a small number of international Metal & Mining ETFs.

Metal ETFs Comprise ~ 84% of Metal & Mining ETF Assets

Metal ETFs (133) hold the vast majority of assets in Metal & Mining ETFs (83.7%). Mining Company ETFs (56) represent a relatively smaller percentage of all Metal & Mining ETF assets (12.5%) and are considered to be underrepresented across the Metal & Mining ETF investment landscape.133 Metal ETFs hold 83.7% of assets, 56 Miner ETFs hold a further 12.5% of assets and 60 Hedged and Leveraged Metal & Miner ETFs hold the remaining 3.8% of assets.