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CANADIAN miner Lion One Metals, owner and operator of Tuvatu Gold Mine in Nadi, has reported an operating income of $C6,302,540 ($F10.5m) on the back of a $C17,993,020 ($F28.7m) revenues from gold sales for the quarter ended December 31, 2024.
The numbers represented increases of 312per cent and 72per cent respectively compared to the previous quarter and were attributed mainly to increases in gold production at the mine.
“The company is ramping up production at the Tuvatu gold mine in Fiji and this dramatic increase in mine operating income is primarily due to an increase in gold production,” Lion One announced early this month at the Toronto Stock Exchange (TSX), where it is listed.
“The company has achieved consistent quarter-over-quarter improvements in gold grades and gold recoveries since the Tuvatu processing plant was commissioned in early 2024, culminating in the record gold revenue reported for Q4 calendar year (CY) 2024.”
Lion One, founded and chaired by global mining magnate Walter Berukoff, had struck gold bonanza during its first year of mining at its Tuvatu project last year, culminating to a record quarterly gold sales of $C17,993,020 ($F28.7m) from 4741 ounces of gold sold during Q4 CY2024, according to its TSX January filing.
“Lion One Metals sold approximately 4741 oz of gold and 841 oz of silver during the three-month period ending December 31, 2024,” the company stated.
Gold revenue for the quarter was enhanced by higher gold prices, improved gold grades and recoveries, and the addition of unsold gold from the previous quarter, the company added.
The mine, whose gold system is deemed comparable to that of regional giants such as Barrick Gold’s 25-million oz. Porgera mine and Newmont’s 40-million oz.-plus Lihir mine in Papua New Guinea, is currently being expanded to 600 tonnes daily by next year.
“2024 was a pivotal year for Lion One Metals as we brought the Tuvatu mine in Fiji into production at the pilot plant level,” chairman Berukoff said.
“We are delighted to have achieved consecutive increases in production every quarter throughout 2024, culminating in a record $C18.0M of quarterly revenue at the end of the year.
“As we continue to develop the mine and unlock the higher-grade portions of the deposit, we look forward to continuing this trend of increased production at Tuvatu, and ultimately doubling our plant capacity from 300 tpd to 600 tpd in 2026.”
Lion One Metals had also implemented an aggressive cost-cutting program during the six months ended December 2024, which it said resulted in a 13 per cent reduction in cost of sales per ounce of gold for Q4 CY2024 compared to the previous quarter, with more savings expected this year.
The Toronto Stock Exchange (“TSX”) has published for comment proposed amendments (the “Proposed Amendments”) to Part III – Original Listing Requirements and Part V – Special Requirements for Non-Exempt Issuers (“Part V”) of the TSX Company Manual (the “Manual”), including certain ancillary changes. Comments are due by May 5, 2025.
The TSX recently conducted a review of its original listing requirements, which included a comparison of the requirements of other senior international exchanges, an analysis of previously granted waivers and exemptions and discussions with experts on sector-specific matters. The purpose of the review was to ensure that the rules: (i) continue to reflect the current needs and expectations of Canadian and global capital market participants; (ii) provide clear and pragmatic listing requirements; and (iii) reduce the need for discretionary waivers and exemptions, thereby reducing issuer burden, while maintaining sound requirements to protect marketplace quality.
The TSX believes that the current subcategories under the “Industrial” category do not always align with the businesses of applicant issuers and are unconventional compared to the listing categories of the TSX’s peer exchanges. As a result, the TSX is proposing to change the name of the Industrial category to “Diversified” and to replace the existing subcategories with three new subcategories: (i) “Income & Revenue-Producing”; (ii) “Pre Income-Producing”; and (iii) “New Enterprise” (excluding special acquisition corporations (SPACs)). The TSX views the primary elements of a successful listing to be operations, adequate funding and market support, along with management and governance-related matters. The proposed new listing subcategories contain requirements that would provide applicants with flexibility to satisfy these criteria in a variety of ways that correspond to where they are in the business cycle.
The new requirements associated with the proposed subcategories are set out below.
Operations
(a) annual audited pre-tax net income from continuing operations of C$750,000 (the “Income Test”); or
(b) annual audited revenue of C$10,000,000 (the “Revenue Test”).
Funding
(a) if the Income Test is met, evidence of an appropriate capital structure; or
(b) if the Revenue Test is met,
(i) positive pre-tax cash flow from operations in the most recently completed audited annual and interim financial statements; or
(ii) 12-month run rate calculation demonstrating sufficient funding for the period.
Market support
C$100,000,000 market capitalization.
Operations
(a) management experience and expertise; and
(b) proof of business concept.
Funding
(a) equity raise of C$100,000,000 in the six months preceding the filing of the listing application along with a 12-month run rate calculation demonstrating sufficient funding to advance the project per stated targets identified in a feasibility report (the “12-month Test”); or
(b) a 24-month run rate calculation demonstrating sufficient funding to advance the project as per stated targets identified in a feasibility report (the “24-month Test”).
Market support
(a) if the 12-month Test is met, C$100,000,000 market capitalization; or
(b) if the 24-month Test is met, C$200,000,000 market capitalization.
The Proposed Amendments for mining companies would: (i) clarify certain terms; (ii) modernize certain requirements to better align with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”); and (iii) update certain monetary requirements to account for inflation and increase the required work program spend to better reflect current project costs. Other changes would include removing the net tangible asset requirement, adding a market capitalization requirement and framing the funding requirement in terms of a run rate calculation rather than a sources and uses of funds.
The revised criteria relating to mining companies is summarized below.
(a) proven and probable reserves to provide a mine life of at least three years on a Qualifying Property, detailed in a report by an independent qualified person, together with evidence satisfactory to the TSX indicating a reasonable likelihood of future profitability supported by a feasibility study or documented historical production and financial performance;
(b) either be in production or have made a production decision on the Qualifying Property referred to above;
(c) an 18-month run rate calculation demonstrating:
(i) sufficient funding to bring the Qualifying Property into commercial production; and
(ii) adequate working capital to fund all budgeted capital expenditures and carry on the business, signed by a qualified person;
(d) evidence of an appropriate capital structure; and
(e) market capitalization of at least C$50,000,000.
(a) an advanced property, detailed in a report prepared by an independent qualified person. The TSX will generally consider a Qualifying Property to be sufficiently advanced if it has or is supported by a current mineral resource estimate and/or a current reserve estimate, as defined in NI 43-101;
(b) planned work program of exploration and/or development, of at least C$5,000,000 that is satisfactory to the TSX, will sufficiently advance the property and is recommended by a qualified person;
(c) an 18-month run rate calculation demonstrating sufficient funds to:
(i) complete the planned program of exploration and/or development on the company’s property; and
(ii) meet estimated general and administrative costs, anticipated property payments and capital expenditures for the period, signed by a qualified person;
(d) evidence of an appropriate capital structure; and
(e) market capitalization of at least C$50,000,000.
(a) annual audited pre-tax net income from continuing operations in the fiscal year immediately preceding the filing of the listing application;
(b) pre-tax cash flow from operations of C$1,250,000 in the fiscal year immediately preceding the filing of the listing application and an average pre-tax cash flow from operations of C$900,000 for the two fiscal years immediately preceding the filing of the listing application;
(c) proven and probable reserves to provide a mine life of at least three years, detailed in a report prepared by an independent qualified person;
(d) adequate working capital to carry on the business and an appropriate capital structure; and
(e) market capitalization of at least C$100,000,000.
The TSX is proposing significant increases to the proved developed reserves requirement and intends to restructure the listing requirements for oil and gas companies in the same manner as the Diversified category (i.e., to include requirements for operations (reserves), funding (production or cash flow) and market support (market capitalization)).
The revised criteria, which would include the removal of the “Oil and Gas Development Stage Companies” subcategory, is summarized below.
(a) proved and probable reserves of C$100,000,000, the majority of which is proved;
(b) either (i) positive pre-tax cash flow from operations evidenced in the most recently completed audited annual and interim financial statements or (ii) a 12-month run rate calculation demonstrating sufficient funding for the period; and
(c) market capitalization of at least C$50,000,000.
(a) proved reserves of C$100,000,000;
(b) both (i) average production rate of 10,000 boepd for the most recently completed quarter and (ii) positive pre-tax cash flow from operations evidenced in the most recently completed audited annual and interim statements; and
(c) market capitalization of at least C$100,000,000.
The Proposed Amendments would remove the C$4 million public float requirement in sections 310, 315 and 320 of the Manual. Given the proposed minimum market capitalization requirements of C$50-$200 million (depending on the listing category), the TSX believes that the C$4 million public float requirement may no longer be viewed as a meaningful threshold impacting liquidity.
The TSX is proposing to make the sponsorship requirements simpler and more transparent and to decouple sponsorship from the determination of whether an issuer is Exempt or Non-Exempt. Sponsorship would be required for all applications:
The TSX would maintain discretion to require sponsorship for other reasons.
The TSX is proposing to remove Part V from the Manual. Part V is intended to protect minority security holders of Non-Exempt issuers in connection with transactions between the issuer and related parties that do not involve the issuance or potential issuance of listed securities. Since the implementation of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions, security holders are protected under securities law, and the TSX believes that it would be redundant and burdensome for both issuers and TSX staff to continue to comply with Part V of the Manual.
Subject to regulatory approval, the Proposed Amendments are expected to become effective in the second quarter of 2025. If the Proposed Amendments are implemented, the TSX intends to conduct a similar analysis of the continued listing requirements.
[View source.]
US Fed Meeting LIVE: The US Federal Reserve will announce its second policy decision for 2024 after a two-day Federal Open Market Committee (FOMC) meeting today amid stagflationary risks threatening the US economy due to US President Donald Trump‘s tariff hikes which have escalated a global trade war.
Wall Street eyes the US central bank to hold the benchmark interest rate steady in today’s monetary policy verdict amid the volatile trade policy and economic uncertainty hurting the world’s largest economy. Economists have sounded alarm about ‘stagflation’—a combination of still-high inflation and a weak or stagnant economy after sharp cuts to government spending and layoffs.
US Fed eyes interest rate pause?
Earlier this month, US Fed chief Jerome Powell said at a New York research conference that the US Federal Reserve is likely to keep its benchmark interest rate unchanged in the coming months as it waits for widespread uncertainty stemming from Donald Trump’s policies. Powell signalled potential tweaks for the closely watched ‘dot plot’ interest-rate projections as part of the policy review.
Economists use those dots to guide what the US Fed sees as most likely to happen regarding interest rates. US Fed policymakers on the rate-setting committee will also publish updated economic forecasts today, with many analysts anticipating trade uncertainty could cause them to increase their inflation outlook slightly and downgrade their predictions for growth.
US Fed policy decision in January
The rate pause estimates come after US Fed chair Jerome Powell-led rate-setting panel voted unanimously to hold the federal funds rates unchanged at 4.25 – 4.50 per cent in January—the first interest rate decision of the US central bank since Donald Trump took charge as the 47th US President on January 20.
US Fed Chair Jerome Powell said in the post-policy press conference that the central bank does not need to be in a hurry to adjust the policy stance and that the rate pause is to see further progress on inflation. The US Fed lowered the key overnight interest rates by a full percentage point in the final months of 2024.
After raising the policy rate by 5.25 percentage points since March 2022 in one of the swiftest Fed reactions to combat the worst outbreak of inflation in 40 years, the central bank held the rate on hold between July 2023-2024 to anchor in high inflation and consistently bring it down toward the two per cent target range.
Stay tuned to LiveMint for all live updates on US Federal Reserve policy decision today
US Fed Meeting LIVE: Donald Trump on Monday picked Michelle Bowman to be the Federal Reserve’s next vice chair for supervision, tapping someone seen as favoring a lighter touch to banking regulation. The central bank role requires confirmation by the Senate, which is controlled by Trump’s Republican party.
“I am pleased to announce that Michelle ‘Miki’ Bowman will be the US Federal Reserve’s new Vice Chair of Supervision,” Trump wrote in a post on his Truth Social site. “Miki has the ‘know-how’ to get it done,” he said. Bowman, a former community banker, was nominated by Trump to the Fed’s governing board in 2018.
The US Fed vice chair for supervision must be nominated from the ranks of the bank’s seven-strong Board of Governors, which currently has three Republican appointees: US Fed chair Jerome Powell, Bowman, and governor Christopher Waller.
US Fed Meeting LIVE: The price of gold, seen as a safe-haven investment, struck a record high above $3,045 an ounce on fears of a fresh upsurge in hostilities in the Middle East after Israel launched its most intense strikes on Gaza since a ceasefire with Hamas took effect.
US Fed Meeting LIVE: Canada’s main stock index rose about one per cent on Wednesday, mirroring the positive sentiment on Wall Street as investors awaited the US Federal Reserve’s interest rate verdict due later in the day.
The Toronto Stock Exchange’s S&P/TSX composite index was up 0.96 per cent at 24,925.55 points. The Wall Street’s tech-heavy Nasdaq index gained 0.9 per cent. Canada’s information technology sector was the biggest gainer among sectors on Wednesday, adding two per cent, boosted by a seven per cent jump in index heavyweight Shopify.
The pressure on Canadian equities reflects markets globally as investors try to price in risks of recession due to US President Donald Trump’s tariffs and the resulting trade war. The Bank of Canada, at its policy meeting last week, had warned that the domestic economy could be hit by trade uncertainties.
US Fed Meeting LIVE: US stocks advanced and bitcoin rebounded on Wednesday as markets awaited the rate decision from the US Federal Reserve, which could provide insight regarding the state of the economy and the central bank’s next monetary policy moves.
Megacap tech-related momentum stocks rebounded in a risk-on revival that put the Nasdaq out front, strengthened the dollar and put gold on the defensive. The Dow Jones Industrial Average rose 246.54 points, or 0.60 per cent, to 41,829.45, the S&P 500 rose 36.30 points, or 0.65 per cent, to 5,650.99 and the Nasdaq Composite rose 159.22 points, or 0.90 per cent, to 17,661.27.
The US dollar index, which measures the greenback against a basket of currencies including the yen and the euro, rose 0.34 per cent to 103.65, with the euro down 0.43 per cent at $1.0896. Against the Japanese yen, the dollar strengthened 0.42 per cent to 149.89. The Turkish lira was last trading down 3.55 per cent at 37.987 per dollar.
US Fed Meeting LIVE: UK’s FTSE 100 edged lower on Wednesday after five consecutive sessions of gains, with investors maintaining caution ahead of the US Federal Reserve interest-rate decision later in the day. The blue-chip FTSE 100 fell 0.2 per cent by 7.40 GMT. In a week packed with central bank meetings, the Federal Reserve’s policy decision takes center stage in the day. The US top bank is expected to keep rates unchanged, with any signals on future rate cuts to support growth being crucial.
US Fed Meeting LIVE: Wall Street’s main indexes rose on Wednesday ahead of the Federal Reserve’s widely anticipated monetary policy decision, at a time when worries linger about trade policies and their impact on the economy.
At 09:48 a.m. ET the Dow Jones Industrial Average rose 211.05 points, or 0.51 per cent, to 41,792.36, the S&P 500 gained 23.94 points, or 0.43 per cent, to 5,638.60, and the Nasdaq Composite gained 96.19 points, or 0.55 per cent, to 17,600.31.
Eight of the 11 S&P 500 sectors rose, led by a 0.8 per cent gain in consumer discretionary stocks. Tesla gained 3.1 per cent after the EV maker logged declines over the past two sessions.
US Fed Meeting LIVE: US Treasury yields gained on Wednesday and two-year yields hit a three-week high before the Federal Reserve is expected to keep rates on hold and policymakers are due to update their economic and interest rate projections.
Investors will focus on whether US Fed officials have soured on the economic outlook as uncertainty about the implementation and impact of trade tariffs dents consumer sentiment.
The yield on benchmark US 10-year notes was last up 2.5 basis points on the day at 4.306 per cent.
The 2-year note yield, which typically moves in step with interest rate expectations, rose 4 basis points to 4.082 per cent, the highest since February 27. The yield curve between two-year and 10-year notes flattened by around two basis points to 22 basis points.
US Fed Meeting LIVE: Gold prices were little changed on Wednesday, after touching a fresh record level earlier in the day on continued safe-haven demand, as investors awaited the US Federal Reserve’s interest rate decision due later in the day.
Spot gold fell 0.1 per cent to $3,030.13 an ounce, as of 09:35 a.m. ET (1335 GMT). Bullion surged to an all-time high of $3,045.24 earlier in the session, marking its 15th record peak this year. US gold futures shed 0.1 per cent to $3,038.00.
Gold, traditionally viewed as a safe-haven investment during times of inflation or economic volatility, has climbed over 15 per cent so far this year. Spot silver dropped 1.2 per cent to $33.61 an ounce, platinum lost 1.6 per cent to $980.90 and palladium fell 0.8 per cen to $959.20.
US Fed Meeting LIVE: Wall Street’s main indexes opened higher on Wednesday ahead of the Federal Reserve’s widely anticipated monetary policy decision, at a time when worries about trade policies and their impact on the economy have rattled investors.
The Dow Jones Industrial Average rose 84.73 points, or 0.20 per cent, to 41,666.04, the S&P 500 gained 18.29 points, or 0.33 per cent, to 5,632.95, and the Nasdaq Composite gained 84.20 points, or 0.50 per cent, to 17,588.32 at the opening bell.
US Fed Meeting LIVE: Focus will be on new economic projections from policymakers that will give an idea of how they feel US President Donald Trump’s policies will affect economic growth, inflation and unemployment. Traders see the Fed lowering borrowing costs by at least two 25-basis point cuts by December, with the first expected in July, according to data compiled by LSEG.
US stocks have come under severe selling pressure in the recent weeks after a raft of economic indicators signaled a cooling of the US economy amid trade policy uncertainties. The benchmark S&P 500 index confirmed last week it was in correction following a 10 per cent drop from its recent high. The tech-heavy Nasdaq also confirmed a correction on March 6, while the blue-chip Dow is about two per cent away from the correction threshold.
US Fed Meeting LIVE: Wall Street’s main indexes were poised for a higher open on Wednesday ahead of the Federal Reserve’s widely anticipated monetary policy decision, at a time when worries about trade policies and their impact on the economy have rattled investors.
The central bank is expected to leave its benchmark overnight interest rate unchanged in the 4.25 per cent-4.50 per cent range, when it releases its policy statement at 2 p.m. ET. At 08:47 a.m. ET, Dow E-minis were up 34 points, or 0.08 per cent, S&P 500 E-minis were up 12.75 points, or 0.23 per cent, and Nasdaq 100 E-minis were up 68.5 points, or 0.35 per cent.
US Fed Meeting LIVE: US Fed ‘in no hurry’ to cut rates
“While there have been recent developments in some of these areas, especially trade policy, uncertainty around the changes and their likely effects remains high,” said US Fed’s Powell. “As we parse the incoming information, we are focused on separating the signal from the noise as the outlook evolves. We do not need to be in a hurry, and are well positioned to wait for greater clarity.
In the January US Fed verdict, Powell said in the post-policy press conference that the US central bank had paused the interest rates to see further progress on inflation. The US Fed policymakers had stated that labour market conditions remain solid, and US inflation remains ‘somewhat elevated’ in January.
US Fed Meeting LIVE: US Fed’s ‘dot plot’ projections to be tweaked
US Fed Chair Jerome Powell signalled potential changes for the US Fed’s closely watched “dot plot” interest-rate projections as part of a policy framework review underway at the US central bank and expected to wrap up by the end of summer.
“On the communications…particularly our post-meeting communications, we’re going to take a close look at the SEP and also compare ourselves to what other central banks around the world do,” Jerome Powell said at a research conference in New York, referring to the US Fed’s summary of economic projections.
US Fed Meeting LIVE: US Fed chair Jerome Powell signals rate pause
US Federal Reserve Chair Jerome Powell said that the US Federal Reserve is likely to keep its benchmark interest rate unchanged in the coming months as it waits for widespread uncertainty stemming from President Donald Trump’s policies.
US Fed chair Powell said the Trump administration is making policy changes in several areas, including trade, taxes, government spending, immigration and regulation, and added that the “net effect” of those changes are what will matter for the US economy and the US Fed’s interest rate policies.
US Fed Meeting LIVE: The FOMC conducts eight scheduled meetings each year, with additional sessions as necessary. The upcoming two-day meeting is set for March 18 and 19, with the key interest rate announcement expected on March 19 at 2 p.m. ET (March 20, 12:30 a.m. IST). The committee will also release its economic projections alongside the decision.
After the meeting concludes, US Federal Reserve Chair Jerome Powell will hold a post-policy press conference on March 19 at 2:30 p.m. ET (March 20, 1 a.m. IST) to discuss the policy outlook and answer questions from the media
US Fed Meeting LIVE: The US Federal Reserve has a dual mandate to act independently and keep inflation and employment in check, primarily by raising and lowering short-term interest rates. Experts believe that under Trump’s presidency, there has been a distinct shift in the dynamics between the administration and the US Fed.
US Fed Meeting LIVE: The US Federal Reserve’s rate-setting panel led by US Fed chair Jerome Powell will reveal the second monetary policy decision for 2025 today amid broad economic uncertainty in the US due to Donald Trump’s tariff hikes and trade policies. Wall Street analysts and market experts foresee an interest rate pause for to gauge the impact of tariffs on US inflation and economic growth.
Canadian e-commerce giant Shopify is moving its U.S. stock market presence from the New York Stock Exchange (NYSE) to the Nasdaq.
The transition will take effect on Monday, 31 March 2025, with trading on the NYSE ceasing at market close on Friday, 28 March. However, Shopify’s listing on the Toronto Stock Exchange (TSX) will remain unchanged, while the company continues to trade under the ticker symbol “SHOP” on both exchanges.
The statement read: “Shopify expects that its Class A Subordinate Voting Shares will cease trading on the NYSE at market close on Friday, March 28, 2025 and that its Class A Subordinate Voting Shares will commence trading on the Nasdaq on Monday, March 31, 2025.
Shopify’s listing on the Toronto Stock Exchange (“TSX”) will not be impacted, and its Class A Subordinate Voting Shares will continue to be listed under the ticker symbol “SHOP” on both the TSX and Nasdaq.”
The company did not provide a specific reason for the switch in its filing with the U.S. Securities and Exchange Commission (SEC). However, a spokesperson for Shopify stated, “We’re excited to join the Nasdaq community and be listed among the most innovative tech companies in the world.”
This change comes as Shopify stands on strong financial performance. In its latest quarterly report, the company posted a 31% year-on-year revenue increase, bringing in $2.8 billion in Q4 2024. Shopify’s market capitalisation now stands at $121 billion, a 55% surge compared to the previous year.
The move to Nasdaq places Shopify alongside some of the world’s biggest technology firms. Nasdaq is often favoured by tech companies due to its high concentration of growth-oriented businesses and advanced trading infrastructure.
While companies switch exchanges for various reasons, ranging from cost savings to strategic positioning, Shopify’s decision is in alignment with Nasdaq’s reputation as a hub for innovation-driven firms.
Shopify, which provides digital infrastructure for millions of businesses globally, has been steadily expanding its influence in the e-commerce sector. The company’s platform powers brands like SKIMS, Supreme, and Meta.
Trusted News Since 1995
A service for global professionals
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Wednesday, March 19, 2025
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Trusted News Since 1995
A service for global professionals
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Wednesday, March 19, 2025
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Articles
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Freegold Ventures Limited (TSX: FVL) has announced that in connection with its previously announced best efforts private placement offering, the company and Paradigm Capital Inc., have agreed to increase the size of the offering.
The company will now issue up to 42,492,000 units of the company at a price of C$0.85 per unit for total gross proceeds of up to C$36,500,700. Each unit will be comprised of one common share of the company and one half of one common share purchase warrant of the company.
Each Warrant will be exercisable to acquire one common share of the company for 24 months from the closing date at an exercise price of C$1.30 per warrant share. The warrants shall be callable by the company should the daily volume-weighted average trading price of the common shares of the company on the Toronto Stock Exchange exceed C$1.30 for a period of 20 consecutive trading days, at any time during the period (i) beginning on the date that is six months from the closing date of the offering, and (ii) ending on the date the warrants expire.
Following a call trigger, the company may give notice to the holders of the warrants that any warrant that remains unexercised by the holder thereof shall expire 30 days following the date on which the call notice is given.
To find out more, please visit www.freegoldventures.com
To read more articles like this, please visit www.theassay.com/news
ETFGI, a leading independent research and consultancy firm renowned for its expertise in subscription research, consulting services, events, and ETF TV on global ETF industry trends, reported today that assets invested in the Global ETFs industry reached a new record of US$15.50 trillion at the end of February, according to ETFGI’s February 2025 Global ETFs and ETPs industry landscape insights report, the monthly report which is part of an annual paid-for research subscription service. (All dollar values in USD unless otherwise noted)
March 9th marked the 35th anniversary of the listing of the first ETF. The Toronto 35 Index Participation Units “TIPS” began trading on the Toronto Stock Exchange (TSX) on March 9, 1990. TIPs tracked the performance of the 35 largest stocks on the TSX. On March 6, 2000 the TIPs ETF and the TSE 100 Index Participation Fund merged and is now known as the S&P/TSE Index Participation Fund (ticker XIU).
Highlights
“The S&P 500 index decreased by 1.30% in February bit is up by 1.44% YTD in 2025. The developed markets excluding the US index increased by 1.31% in February and is up 6.08% YTD in 2025. Luxembourg (up 14.10%) and Spain (up 8.87%) saw the largest increases amongst the developed markets in February. The emerging markets index decreased by 0.04% during February but is up 0.26% in 2025. Indonesia (down 15.94%) and Thailand (down 9.48%) saw the largest decreases amongst emerging markets in February”, according to Deborah Fuhr, managing partner, founder, and owner of ETFGI.
Growth in assets in the Global ETFs industry as of the end of February
The Global ETFs industry has 13,630 products, with 27,015 listings, assets of $15.50 Tn, from 841 providers on 81 exchanges in 63 countries at the end of February.
During February, ETFs gathered net inflows of $152.13 Bn. Equity ETFs gathered net inflows of $59.96 Bn, bringing YTD net inflows to $125.29 Bn, lower than the $140.22 Bn in net inflows YTD point in 2024. Fixed income ETFs reported net inflows of $35.47 Bn during February, bringing net inflows YTD to $65.57 Bn, higher than the $45.03 Bn in net inflows fixed YTD in 2024. Commodities ETFs reported net inflows of $10.75 Bn during February, bringing YTD net inflows to $12.47 Bn, much higher than the $7.34 Bn in net outflows YTD in 2024. Active ETFs attracted net inflows of $51.72 Bn during the month, gathering net inflows for the year of $103.69 Bn, much higher than the $46.40 Bn in net inflows YTD in 2024.
Substantial inflows can be attributed to the top 20 ETFs by net new assets, which collectively gathered $61.67 Bn during February. SPDR S&P 500 ETF Trust (SPY US) gathered $8.67 Bn, the largest individual net inflow.
Top 20 ETFs by net new assets February 2025: Global
|
Name |
Ticker |
Assets |
NNA |
NNA |
|
|
SPDR S&P 500 ETF Trust |
SPY US |
624,480.35 |
(10,749.43) |
8,666.13 |
|
|
Vanguard S&P 500 ETF |
VOO US |
620,570.99 |
27,654.71 |
7,269.81 |
|
|
AMUNDI MSCI WORLD UCITS ETF – USD |
MWOF GY |
10,968.85 |
7,335.15 |
6,936.57 |
|
|
Invesco QQQ Trust |
QQQ US |
321,465.99 |
4,578.06 |
3,874.77 |
|
|
SPDR Gold Shares |
GLD US |
82,394.16 |
3,107.54 |
3,768.57 |
|
|
iShares 0-3 Month Treasury Bond ETF |
SGOV US |
35,509.93 |
5,649.40 |
3,465.18 |
|
|
iShares 10-20 Year Treasury Bond ETF |
TLH US |
9,809.84 |
2,616.27 |
2,385.56 |
|
|
iShares Core U.S. Aggregate Bond ETF |
AGG US |
125,526.91 |
2,826.71 |
2,312.44 |
|
|
iShares S&P 100 ETF |
OEF US |
17,248.46 |
2,435.82 |
2,248.07 |
|
|
Vanguard Total Stock Market ETF |
VTI US |
464,305.20 |
6,255.30 |
2,070.45 |
|
|
iShares S&P 500 Value ETF |
IVE US |
38,001.13 |
1,922.92 |
2,063.37 |
|
|
Vanguard Total Bond Market ETF |
BND US |
127,251.30 |
3,344.55 |
2,012.21 |
|
|
Janus Henderson AAA CLO ETF |
JAAA US |
21,881.12 |
5,200.56 |
2,008.14 |
|
|
iShares Core MSCI Emerging Markets ETF |
IEMG US |
81,266.28 |
1,942.71 |
1,942.71 |
|
|
JPMorgan Ultra-Short Income ETF |
JPST US |
30,877.11 |
2,671.77 |
1,917.34 |
|
|
iShares High Yield Muni Active ETF |
HIMU US |
1,826.92 |
1,814.09 |
1,814.09 |
|
|
SPDR Dow Jones Industrial Average ETF |
DIA US |
39,217.30 |
(340.05) |
1,809.10 |
|
|
iShares Gold Trust |
IAU US |
37,476.62 |
1,736.80 |
1,801.06 |
|
|
KraneShares CSI China Internet ETF |
KWEB US |
8,014.62 |
1,818.40 |
1,787.15 |
|
|
Vanguard Total International Stock Index Fund ETF |
VXUS US |
80,642.37 |
1,680.16 |
1,520.49 |
The top 10 ETPs by net new assets collectively gathered $1.80 Bn over February. ProShares UltraShort DJ-UBS Natural Gas (KOLD US) gathered $535.25 Mn, the largest individual net inflow.
Top 10 ETPs by net new assets February 2025: Global
|
Name |
Ticker |
Asset |
NNA |
NNA |
|
|
KOLD US |
684.44 |
546.07 |
535.25 |
||
|
WisdomTree Physical Silver |
PHAG LN |
1,930.07 |
474.10 |
350.80 |
|
|
iShares Physical Silver ETC |
SSLN LN |
1,354.69 |
290.50 |
205.39 |
|
|
Hana Securities Hana CD Interest Rate Investment ETN 26 |
700026 KS |
671.74 |
141.42 |
141.42 |
|
|
Japan Physical Gold ETF |
1540 JP |
3,874.69 |
196.91 |
139.18 |
|
|
iShares Ethereum Trust |
ETHA US |
2,860.91 |
749.28 |
137.25 |
|
|
CoinShares Physical Bitcoin |
BITC SW |
1,271.08 |
154.11 |
75.37 |
|
|
Fidelity Ethereum Fund |
FETH US |
975.44 |
(90.79) |
72.87 |
|
|
Global X Physical Gold |
GOLD AU |
2,426.69 |
92.16 |
69.60 |
|
|
WisdomTree Brent Crude Oil |
BRNT LN |
311.57 |
(253.72) |
68.34 |
Investors have tended to invest in Equity ETFs during February.
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