World Metal & Mining ETFs – Q1 2025 in Review

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