As we head into the end of the year, heavy metal investment themes have emerged as big winners in 2025. When investors think “heavy metal,” they might be looking for exposure in the MUSQ Global Music Industry ETF (MUSQ ). However, we are not talking about Metallica; rather we are referring to precious metals like gold and silver, critical materials, and battery metals. And clearly, 2025 has been a good year for those heavy metals.
1. Gold & Silver Miners
Gold and silver mining stocks have been on a bull run this year as part of the debasement trade to hedge against a weaker dollar. Also fueling this trade are declining interest rates and a flight to safe-haven assets against a backdrop of rising economic uncertainty. Instead of buying government bonds, central banks are buying gold, especially in emerging markets.
Demand for silver has been further boosted by its industrial uses for clean energy applications such as solar panels and electric vehicles. Gold and silver prices sit at record highs thanks to rising demand amid constrained production and supply. These metals’ miners are a leveraged play on this trend given their fixed-cost structure (all-in sustaining costs, AISC), driving profit margins higher.
Gold & Silver Mining ETF Plays
Speaking of leverage, the leveraged ETFs associated with this theme have delivered astronomically high returns this year, with the MicroSectors Gold Miners 3X Leveraged ETF (GDXU ) up 675% YTD. Assets in the ETF have also increased to over $1.8 billion. Direxion’s 2X ETFs covering gold miners, the Direxion Daily Junior Gold Miners Bull 2X (JNUG ) and Direxion Daily Gold Miners Index 2X (NUGT ), are up 400% and 376%, respectively.
Non-leveraged gold and silver mining ETFs also delivered “levered-like” returns this year, and investors sought them out as a macroeconomic hedge.
2. Critical Materials
Critical metals such as copper and other critical materials have been winners this year as well. Copper was added to the list of U.S. critical minerals for 2025 by the U.S. Geological Survey. Among ETFs with targeted exposure to copper, the Sprott Junior Copper Miners ETF (COPJ ) is up 102% YTD followed by the Global X Copper Miners ETF (COPP ) with a 64% return.
ETFs with exposure to critical materials such as the VanEck Rare Earth and Strategic Metals ETF (REMX ), the Sprott Critical Materials ETF (SETM ), and Global X Disruptive Materials ETF (DMAT ) are each up over 70% YTD.
Copper and critical metals have been in the crosshairs of tariff negotiations given China’s metal dominance. The U.S. government under the Trump administration has been acquiring stakes in critical minerals companies. For example, U.S. rare earth producer MP Materials is now partially government owned. In addition, supply chain disruptions in Indonesia and Chile have further bolstered metal prices.
3. Battery Metals
Battery metals, the supply chain for electric vehicles, have also been a surprise top theme this year. Despite the fact that EV sales have been challenged by tariff policy and the elimination of rebates and incentives in the U.S., global EV sales hit a record 2.1 million units in September 2025, a 26% year-over-year increase driven by strong sales in China. That country represents almost two-thirds of global EV sales. EVs and hybrids have 50% of the auto market share in China.
ETFs to consider include the iShares Lithium Miners and Producers ETF (ILIT), up 71% for the year, and for broader metal exposure and exposure to electric vehicles as well, there is the Amplify Lithium & Battery Technology ETF (BATT), up 52%.
Metals, whether precious metals or strategic metals, have benefited this year from strong demand amid scarcity of supply. Fortunately for investors, there is no scarcity of targeted ETF options to get exposure to these trends.
VettaFi LLC (“VettaFi”) is the index provider for MUSQ, GDXU and BATT for which it receives an index licensing fee. However, MUSQ, GDXU and BATT are not issued, sponsored, endorsed or sold by VettaFi, and VettaFi has no obligation or liability in connection with the issuance, administration, marketing, or trading of MUSQ, GDXU or BATT.
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