Their otherwise recent moves higher track an extraordinary run in the underlying metals: gold has jumped roughly 95% over the past year while silver has soared more than 270%, making the two largest assets in the world by market value. Here’s what investors need to know.Newmont shares are retreating from recent levels. Why is NEM stock dropping?Historic Gold and Silver Moves Behind The RallyThe latest leg higher has been driven by fears over U.S. fiscal sustainability and the independence of the Federal Res ...

Core Insights - Total ETF assets under management (AUM) reached $713 billion by the end of 2025, reflecting a compound annual growth rate of 23% over the past decade, compared to $90 billion at the end of 2015 [1] - The traded value of ETFs surged to $1.2 trillion in 2025, marking a 47% increase from the previous record set in 2024 [2] ETF Inflows and Performance - Equity ETFs led fund inflows in 2025, gathering $66.5 billion, surpassing the previous record of $44.6 billion from 2024 [3] - International equity funds attracted $33.3 billion of the inflows, while U.S. and Canadian equity funds received $19.7 billion and $13.5 billion, respectively [3] - Fixed-income ETFs saw inflows of $37.3 billion, up from $24.1 billion in 2024 [4] - Inverse/leveraged ETFs achieved $6 billion in creations, a significant increase from $1.7 billion the previous year [5] - Commodity ETFs recorded inflows of $2.3 billion, up from $995 million in 2024 [5] - Multi-asset ETFs had $12.5 billion in creations, increasing from $6 billion a year prior [5] - Crypto-asset ETFs saw a turnaround with $933 million in creations, compared to $1.1 billion in outflows the previous year [5] ETF Market Dynamics - Active ETFs continued to drive new inflows due to ongoing innovation in product strategies [6] - A record 364 new ETFs were launched in 2025, bringing the total number of ETFs in Canada to 1,792, compared to 414 in 2015 [6] - Four new providers entered the ETF market in 2025, increasing the total number of ETF providers to 48, up from nine a decade ago [7] Leading ETF Providers - RBC iShares maintained its position as the top ETF provider by market share at 27% in 2025, followed by BMO Global Asset Management at 21% and Vanguard Investments Canada Inc. at 15% [8] - Global X Investments Canada Inc. ranked fourth with 6% market share, while TD Asset Management moved up to fifth place with 4% [9] December 2025 Highlights - Canadian ETFs achieved net inflows of $16.9 billion in December 2025, setting a new monthly inflow record [10] - Equity ETFs led the inflows with $9.9 billion, while fixed-income ETFs recorded $4.5 billion in inflows [10]

Core Insights - The U.S. ETF market experienced record inflows of nearly $1.5 trillion in 2025, surpassing the previous record of $1.12 trillion in 2024 [1][2] - December 2025 saw a particularly strong performance with $225.3 billion in inflows, setting a new monthly record [2] ETF Market Overview - Total assets under management for U.S.-listed ETFs reached $13.5 trillion [3] - U.S. equity ETFs led inflows with over $650 billion, while international equity ETFs attracted $270 billion, benefiting from strong overseas stock performance [4] - The FTSE Global All Cap ex US Index returned 32%, significantly outperforming the S&P 500's 18% return [4] Economic Factors - A weaker dollar, which declined over 9%, contributed to enhanced returns alongside improved global equity sentiment [5] - U.S. fixed income ETFs saw inflows of $330.6 billion, supported by three rate cuts from the Federal Reserve and solid bond market returns [6] - The Bloomberg U.S. Aggregate Bond Index gained 7.3%, marking its best performance since 2020 [6] Inflows by Asset Class - Commodity ETFs received $56.8 billion, with gold ETFs accounting for $47.6 billion of that total [7] - Currency ETFs attracted $38.7 billion, including $33.5 billion into U.S.-listed spot crypto ETFs [7] - International fixed income ETFs pulled in $100.5 billion, while alternatives ETFs gathered $25 billion [7] Issuer Performance - Vanguard led the issuer rankings with $420.8 billion in inflows, followed by iShares with $373 billion [8] - Other notable issuers included SPDR ($86.1 billion), Invesco ($69.9 billion), JPMorgan ($69.4 billion), and Capital Group ($47.2 billion) [8] - Direxion experienced the largest outflows at $11 billion, with Pacer and Grayscale also seeing significant losses [8]

Core Insights - The ETF industry experienced significant growth in 2025, with nearly 800 new ETFs launched in the first three quarters, surpassing the total of 746 in 2024, indicating a robust expansion in the market [2] - Global ETF flows reached over $1.4 trillion this year, with US trading volumes nearing $60 trillion, highlighting the increasing popularity and utilization of ETFs among investors [2] Industry Trends - ETFs are evolving from mere portfolio building blocks to tools for managing taxes, hedging against inflation, and reducing risk, reflecting a shift in their application within investment strategies [3] - Buffered and defined outcome ETFs are expected to gain traction, particularly among pre-retirees and cautious investors, as they offer downside protection while providing better upside potential compared to cash or fixed income [4] Client Concerns - Inflation concerns are prompting advisors to incorporate ETF-based hedges such as gold, TIPS, and commodities into client portfolios, with gold serving as both crisis insurance and an inflation hedge [5] - Advisors are advised to conduct thorough due diligence on new ETF products, particularly those with complex structures, to ensure clients have realistic expectations regarding their performance and protective features [4]

Market Overview - The S&P 500 has increased approximately 18% year-over-year, indicating significant portfolio gains for many investors [1] - Concerns exist regarding market valuation, as rising stock prices may not be supported by corresponding profit growth, suggesting potential market vulnerability [1] Economic Conditions - Inflation remains high, with the Consumer Price Index rising 3% year-over-year as of September [2] - The U.S. unemployment rate, while historically low, is higher than it was two years ago, contributing to economic instability [2] Investment Opportunities - Investors are encouraged to focus on sectors that can provide solid growth and stability amid economic uncertainty [2] - The metals sector is highlighted as promising, driven by demand from AI and the clean energy revolution, particularly for copper and lithium [3] - Metals are considered tangible assets with inherent value due to limited supply, although they are subject to risks such as price fluctuations from tariffs and supply chain issues [3] Infrastructure and Investment Strategies - General infrastructure relies heavily on metals, making this sector a potential avenue for stable long-term growth [4] - Investment options in metals include purchasing shares of commodity ETFs or stocks of refinery and mining companies [4] - Due diligence is essential when investing in individual company stocks, focusing on balance sheets and business stability [5]

Investment Rating - The report indicates a negative sentiment towards the market, with institutional clients being the largest net sellers of equities, particularly in the Technology and Financial sectors [1][10][20]. Core Insights - Institutional and hedge fund clients led the selling activity, with significant outflows from Technology and Financials, while retail clients showed a tendency to buy [1][10][20]. - The report highlights that the rolling four-week average net flows for Financials are more than two standard deviations below the historical average, indicating a significant decline in interest [3][10]. - Consumer Staples, Real Estate, and Materials sectors saw the largest inflows, contrasting with the outflows in Technology and Financials [10][17]. Summary by Relevant Sections Client Flows - Institutional clients were the biggest net sellers, with cumulative flows showing a significant negative trend since 2008 [6][8]. - Retail clients were net buyers for the second consecutive week, indicating a divergence in behavior compared to institutional clients [10][20]. Sector Performance - Outflows were observed in six of the eleven sectors, with Technology and Financials leading the declines [10][17]. - Consumer Staples experienced the largest inflows, followed by Real Estate and Materials, which have shown persistent buying trends since July [10][17]. ETF and Stock Trends - Clients favored equity ETFs over individual stocks, with a preference for Value over Growth styles for five consecutive weeks [10][12]. - The report noted record inflows into Commodity ETFs, driven by a rally in precious metals [10][12]. Size Segmentation - Large and small/micro-cap stocks faced outflows, while mid-cap stocks saw inflows, indicating a shift in client preferences [10][25].

Investment Rating - The report indicates a positive investment sentiment with a focus on buying the dip in US equities, particularly in single stocks, which saw significant inflows [9][18]. Core Insights - Institutional and retail clients were net buyers of US equities, with a notable $4.1 billion inflow into single stocks, marking the fifth highest weekly inflow since 2008 [9][18]. - The report highlights a shift back to large-cap stocks, with inflows observed across all market cap sizes, particularly in Communication Services and Health Care sectors [9][18]. - Hedge funds continued to sell US equities for the fifth consecutive week, contrasting with the buying behavior of institutional and retail clients [9][18]. Summary by Sections Client Flows - Institutional clients led the buying activity, marking the largest weekly inflow since November 2022, while retail clients also participated after a period of selling [9][18]. - Hedge funds were the largest net sellers, with cumulative flows showing a significant outflow trend [5][22]. Sector Performance - Inflows were recorded across all 11 sectors, with Communication Services and Health Care leading the way, alongside notable inflows in the Energy sector [9][18]. - The report notes that clients sold equity ETFs for a second week, with outflows primarily from Tech and Materials sectors, while defensive sectors like Health Care and Real Estate saw inflows [9][18]. Size Segmentation - All market cap segments (large, mid, small) experienced inflows, with small caps showing resilience with inflows in five of the last seven weeks [9][18]. - The report indicates a preference for small-cap and value ETFs, contrasting with the outflows from large and mid-cap ETFs [9][18]. Corporate Buybacks - Corporate buybacks have slowed but are expected to pick up during the earnings season, with a focus on Tech and Financials dominating the buyback activity over the last three months [9][18].