The minerals trade has shown significant financial activity, with money tied to metal and mining exchange-traded funds (ETFs) climbing past $750 billion by the end of 2025. This substantial figure, according to data from the Critical Minerals Institute, represents real allocations within these investment vehicles.
Christopher Berlet, President and Chief Investment Officer of MineralFunds.com, highlighted that 2025 marked the third year MineralFunds published its annual ETF report. By the close of that year, the firm tracked 249 metal and mining ETFs globally. Assets within these funds crossed the $750 billion threshold twice in December, with the first instance occurring early in the month and the second around December 20. Although assets experienced a brief dip at year-end, they quickly rebounded, solidifying the $750 billion mark.
ETF Assets Surge as Gold and Silver Attract Significant Capital
The total assets across the metal and mining ETF sector saw a remarkable increase of approximately 117% during 2025. Precious metals were the primary drivers of this surge. Christopher Berlet noted that the firm tracks 79 gold ETFs worldwide, which collectively hold more than $500 billion in assets.
Silver ETFs experienced even more rapid growth. Assets associated with silver ETFs escalated from approximately $25 billion to $75 billion by the end of the year, representing a 200% increase within a single year. Berlet pointed to rising shares outstanding as a key indicator, stating, "That shows capital allocations increasing to the sector." This trend signifies growing demand for exposure to minerals through ETFs.
ETF Structure and Exchanges Influence Critical Mineral Supply and Demand
The geographical distribution of ETF assets offered a surprising insight. Despite Canada's strong mining reputation, it does not dominate ETF capital. Berlet indicated that the New York Stock Exchange, particularly NYSE Arca, and the London Stock Exchange collectively host about 75% of all assets across the 249 tracked ETFs, with NYSE Arca alone holding approximately 55% of global assets.
Within the metal ETF landscape, metal ETFs constitute about 85% of total assets. Mining-company ETFs account for roughly 12%, equating to approximately $70 billion, while hedged and leveraged products make up the remaining 3%.
A significant concentration exists within metal ETFs, where gold and silver together represent about 95% of metal ETF assets. Platinum group metals, critical minerals, and industrial metals each hold a share of around 2% or less.
Berlet emphasized that issuance data provides more valuable insights than price charts. During 2025, nine new ETFs were launched, with five originating from Canada, following a wave of launches in India and China the preceding year. He identified the growth in the number of shares outstanding within existing funds as a more potent signal. "The biggest indicator for us is the growth in the number of shares outstanding, which tells you more about capital flows than price changes," he explained.
Asset managers are increasingly focusing on this sector, leading to rising fees and the introduction of new products, particularly across Asia. Berlet also noted that ETF demand has a direct impact on physical supply.
When an investor purchases a metal ETF, they are effectively acquiring ownership of the underlying physical metal, which is then held in storage. This metal, if not allocated to an ETF, could have been utilized by manufacturers in sectors like battery production or steel manufacturing. Consequently, these funds absorb physical supply, diverting it from industrial use. Over time, this trend has reduced the financial incentives for increasing new supply, leading to decreased investment in exploration, fewer discoveries, and consequently, tighter physical supply chains.