OTTAWA — Shopify Inc. is moving its U.S. stock exchange listing to the Nasdaq from the New York Stock Exchange, beginning March 31.
The Canadian technology company says its TSX listing won’t be affected, and its SHOP stock ticker will remain the same.
The company did not provide a reason for the move.
Last month, Shopify listed a U.S. address alongside its Canadian headquarters for the first time in an annual regulatory filing with the U.S. Securities and Exchange Commission.
At the time, TD Cowen analyst Peter Haynes said the move could help Shopify gain membership to certain U.S. indexes.
However, a Shopify spokesperson said it was simply a way to align Shopify’s disclosures with its software peers.
This report by The Canadian Press was first published March 18, 2025.
Companies in this story: (TSX:SHOP)
The Canadian Press
Author of the article:
Published Mar 18, 2025 • 7 minute read
VANCOUVER, British Columbia, March 18, 2025 (GLOBE NEWSWIRE) — B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G) (“B2Gold” or the “Company”) is pleased to announce the Phase 2 expansion of the Fekola Solar Plant is complete and operational.
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B2Gold commenced construction of the Phase 2 Solar Plant expansion in June 2023 with initial land clearing and road construction, and ramped up to physical equipment construction in February 2024. The expansion of the Fekola Solar Plant was completed in the fourth quarter of 2024 and became operational in January 2025. The Phase 2 expansion included the construction of an additional 46,200 solar panels, increasing the total panel count of the Fekola Solar Plant to 142,912.
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At the peak of construction, over 120 local jobs were generated, and 13 individuals have been trained and employed to maintain the Fekola Solar Plant expansion area following completion. The Company also engaged with a local drilling company for services throughout the construction period, generating employment for local workers.
Operating at full capacity, the expansion to the Fekola Solar Plant will provide an additional 22 megawatts (“MW”) of solar capacity (52 MW total capacity) and 12.7 megawatt-hours (“MWh”) of battery capacity (27.7 MWh total capacity). The expanded Fekola Solar Plant is expected to reduce annual emissions by an estimated 63,000 tonnes of carbon dioxide equivalent (CO2e) and reduce the annual consumption of heavy fuel oil (“HFO”) by an estimated 20 million liters. The expanded Fekola Solar Plant is expected to supply approximately 30% of the site’s total electricity demand and is considered to be one of the largest off-grid solar/HFO hybrid power plants in the world.
Ken Jones, Director of Sustainability for B2Gold, commented, “The expansion of the Fekola Solar Plant is a significant initiative in support of B2Gold’s emission reduction target. The expanded facility will allow the Fekola site team to turn off the HFO plant for a portion of the day during times of sufficient solar radiation, a tremendous achievement for B2Gold and a testament to our commitment to implementing renewable energy solutions.”
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B2Gold continues to investigate and implement new and existing renewable energy sources to power operations globally and is actively pursuing additional decarbonization initiatives in an effort to mitigate climate risks and to progress towards achieving the Company’s target of a 30% reduction in Scope 1 and 2 greenhouse gas emissions by 2030 against a 2021 baseline. For details on how B2Gold takes action to manage its climate impacts and climate-related risks, please refer to the 2023 Climate Strategy Report located at www.b2gold.com.
About B2Gold
B2Gold is a responsible international senior gold producer headquartered in Vancouver, Canada. Founded in 2007, today, B2Gold has operating gold mines in Mali, Namibia and the Philippines, the Goose Project under construction in northern Canada and numerous development and exploration projects in various countries including Mali, Colombia and Finland. B2Gold forecasts total consolidated gold production of between 970,000 and 1,075,000 ounces in 2025.
ON BEHALF OF B2GOLD CORP.
“Clive T. Johnson”
President and Chief Executive Officer
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Source: B2Gold Corp.
The Toronto Stock Exchange and NYSE American LLC neither approve nor disapprove the information contained in this news release.
Production guidance presented in this news release reflect total production at the mines B2Gold operates on a 100% project basis. Please see our Annual Information Form dated March 14, 2024, for a discussion of our ownership interest in the mines B2Gold operates.
This news release includes certain “forward-looking information” and “forward-looking statements” (“collectively forward-looking statements”) within the meaning of applicable Canadian and United States securities legislation, including: projections; outlook; guidance; forecasts; estimates; and other statements regarding future or estimated financial and operational performance, gold production and sales, revenues and cash flows, and capital costs (sustaining and non-sustaining) and operating costs, including projected cash operating costs and AISC, and budgets on a consolidated and mine by mine basis; future or estimated mine life, metal price assumptions, ore grades or sources, gold recovery rates, stripping ratios, throughput, ore processing; statements regarding anticipated exploration, drilling, development, construction, permitting and other activities or achievements of B2Gold; and including, without limitation: total consolidated gold production of between 970,000 and 1,075,000 ounces in 2025; the Company reducing its GHG emissions by 30% by 2030 against a 2021 baseline; the expanded Fekola Solar Plant reducing annual emissions by approximately 63,000 tonnes of CO2e; the expanded Fekola Solar Plant reducing the annual consumption of heavy fuel oil by an estimated
20 million liters; and the expanded Fekola Solar Plant supplying approximately 30% of the site’s total electricity demand. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as “expect”, “plan”, “anticipate”, “project”, “target”, “potential”, “schedule”, “forecast”, “budget”, “estimate”, “intend” or “believe” and similar expressions or their negative connotations, or that events or conditions “will”, “would”, “may”, “could”, “should” or “might” occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made.
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Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond B2Gold’s control, including risks associated with or related to: the volatility of metal prices and B2Gold’s common shares; changes in tax laws; the dangers inherent in exploration, development and mining activities; the uncertainty of reserve and resource estimates; not achieving production, cost or other estimates; actual production, development plans and costs differing materially from the estimates in B2Gold’s feasibility and other studies; the ability to obtain and maintain any necessary permits, consents or authorizations required for mining activities; environmental regulations or hazards and compliance with complex regulations associated with mining activities; climate change and climate change regulations; the ability to replace mineral reserves and identify acquisition opportunities; the unknown liabilities of companies acquired by B2Gold; the ability to successfully integrate new acquisitions; fluctuations in exchange rates; the availability of financing; financing and debt activities, including potential restrictions imposed on B2Gold’s operations as a result thereof and the ability to generate sufficient cash flows; operations in foreign and developing countries and the compliance with foreign laws, including those associated with operations in Mali, Namibia, the Philippines, Canada, and Colombia and including risks related to changes in foreign laws and changing policies related to mining and local ownership requirements or resource nationalization generally; remote operations and the availability of adequate infrastructure; fluctuations in price and availability of energy and other inputs necessary for mining operations; shortages or cost increases in necessary equipment, supplies and labour; regulatory, political and country risks, including local instability or acts of terrorism and the effects thereof; the reliance upon contractors, third parties and joint venture partners; the lack of sole decision-making authority related to Filminera Resources Corporation, which owns the Masbate Project; challenges to title or surface rights; the dependence on key personnel and the ability to attract and retain skilled personnel; the risk of an uninsurable or uninsured loss; adverse climate and weather conditions; litigation risk; competition with other mining companies; community support for B2Gold’s operations, including risks related to strikes and the halting of such operations from time to time; conflicts with small scale miners; failures of information systems or information security threats; the ability to maintain adequate internal controls over financial reporting as required by law, including Section 404 of the Sarbanes-Oxley Act; compliance with anti-corruption laws, and sanctions or other similar measures; social media and B2Gold’s reputation; risks affecting Calibre having an impact on the value of the Company’s investment in Calibre, and potential dilution of our equity interest in Calibre; as well as other factors identified and as described in more detail under the heading “Risk Factors” in B2Gold’s most recent Annual Information Form, B2Gold’s current Form 40-F Annual Report and B2Gold’s other filings with Canadian securities regulators and the U.S. Securities and Exchange Commission (the “SEC”), which may be viewed at www.sedar.com and www.sec.gov, respectively (the “Websites”). The list is not exhaustive of the factors that may affect B2Gold’s forward-looking statements.
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B2Gold’s forward-looking statements are based on the applicable assumptions and factors management considers reasonable as of the date hereof, based on the information available to management at such time. These assumptions and factors include, but are not limited to, assumptions and factors related to B2Gold’s ability to carry on current and future operations, including: development and exploration activities; the timing, extent, duration and economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; B2Gold’s ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs, including gold; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.
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B2Gold’s forward-looking statements are based on the opinions and estimates of management and reflect their current expectations regarding future events and operating performance and speak only as of the date hereof. B2Gold does not assume any obligation to update forward-looking statements if circumstances or management’s beliefs, expectations or opinions should change other than as required by applicable law. There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits or liabilities B2Gold will derive therefrom. For the reasons set forth above, undue reliance should not be placed on forward-looking statements.
For more information on B2Gold please visit the Company website at www.b2gold.com or contact: Michael McDonald VP, Investor Relations & Corporate Development +1 604-681-8371 investor@b2gold.com Cherry DeGeer Director, Corporate Communications +1 604-681-8371
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Raj DasGupta, CEO of Electrovaya, looks over the floor of the company’s assembly plant in Mississauga, Ont., on March 13, 2025.Christopher Katsarov/The Globe and Mail
When the Canadian government rejected Electrovaya Inc.’s 2021 request for financing to build a lithium-ion battery plant in Ontario, the leadership of the Mississauga-based technology pioneer was disappointed, but moved on.
The company instead secured a site in southwestern New York state and received US$50.8-million in loans from the U.S. government and millions more in subsidies from the state. The 137,000-square-foot plant, which begins operations this spring, will create 250 stateside jobs. Electrovaya is keeping its smaller Mississauga facility and 100-strong complement of Canadian employees, and will assemble products for overseas markets from there.
Then, just a year after the company’s funding request was rejected, Ottawa began committing tens of billions of dollars to foreign companies to set up EV battery plants in Canada. Electrovaya’s leaders were taken aback. Why was Canada funding them but not a domestic innovator in the same field?
“I look at that as a bit of folly, especially since Canadian companies have received little of those types of incentives to set up and scale manufacturing here,” Electrovaya chief executive Rajshekar DasGupta said in a December interview. “We were feeling unloved.”
It turns out the Canadian government may have unwittingly done Electrovaya a big favour.
Thanks to the trade war launched by U.S. President Donald Trump, products made at that New York factory, primarily destined for the American market, won’t be subject to the same tariffs that might apply if the plant was in Canada – subject to how the dispute evolves.
And Ottawa’s efforts to participate in global supply chains for EVs is looking like a shakier bet, after last week’s bankruptcy filing by Northvolt AB – one of the foreign battery makers the government agreed to subsidize – as well as the Trump administration’s push for automakers to shift production to the United States from Canada. Mr. Trump is also cooler on EVs than his predecessor Joe Biden – except those made by Tesla.
Electrovaya, meanwhile, is unaffected by political wrangling over EVs. It serves a different market: supplying batteries used in electrified forklifts that zip around warehouses and other material-handling vehicles. Walmart, Jabil, Target and Toyota are clients. Electrovaya foresees revenues increasing to US$60-million this year and US$100-million-plus next year, up from US$44.6-million in fiscal 2024.
“We’re going after markets which haven’t been susceptible to incentives. That has protected us from government policy changes,” Mr. DasGupta said earlier this month. “Ultimately this has worked out to our benefit.” If Electrovaya had built a Canadian factory “our anxiety would be much higher.”
Electrovaya was founded 29 years ago by Mr. DasGupta’s father Sankar DasGupta, a material scientist, and physicist James Jacobs, the son of legendary municipal affairs activist Jane Jacobs (Mr. DasGupta took over as CEO from his father in June, 2022).
The pair were lithium-ion battery pioneers: Electrovaya today uses a proprietary ceramic separator technology that keeps its batteries from igniting if they overheat – unlike rival products that use polymer separators – and chemistry that gives the product better energy density, a longer operating life and faster charging capabilities.
Electrovaya and its stock have experienced a series of ups and downs since going public on the Toronto Stock Exchange in 2000. The company developed batteries for early EVs and secured partnerships with General Motors, NASA and Microsoft. But a U.S. government-funded venture with Chrysler ended in 2012 after its EV batteries overheated when pushed to provide “reverse charging” to the grid from experimental Dodge Rams.
Four years later the company bought Europe’s largest lithium-ion battery plant, located in Germany, and negotiated contracts worth almost US$300-million to supply batteries for residential energy storage on the continent. Revenues in its 2016 fiscal year were US$19.5-million, up from U$7.4-million two years earlier.
But the Daimler EV car the German plant supplied sold poorly. The underused facility hemorrhaged money and Electrovaya put it into voluntary insolvency in 2018. Revenues dropped to less than US$5-million that year. The stock sank below $1.
The European retreat, however, saved the company. Electrovaya pivoted to selling to warehouse operators to power their load-carrying vehicles, where it was winning orders. It also outsourced some of its production. Battery cells were assembled in China, while commercially sensitive, intellectual property-protected components were made in Japan. They were shipped to Ontario, where the final assembly took place.
After the first Trump administration slapped tariffs on China, Electrovaya management thought it was best to onshore production. Canada didn’t look like a risky place to make products destined for the U.S. at the time, so it looked at options in both countries.
When Electrovaya applied for funding from Canada, it was a small, unprofitable technology vendor making a big bet. It had generated less than US$15-million in revenue the previous year, had US$2.5-million in cash and had just withdrawn its financial guidance owing to pandemic-related uncertainty. It was no longer focused on making batteries for road vehicles.
In his rejection letter to Electrovaya, Jean-Philippe Lapointe, director-general of the government’s Strategic Innovation Fund (SIF) gave no reason for the decision, saying only the unit funds “projects that will most impact Canada’s innovation performance while providing economic, innovation and public benefits to Canadians,” adding the application “will not receive further consideration.”
The company had no trouble securing support south of the border. The U.S. government’s Export-Import Bank funded Electrovaya through an initiative launched by the Biden administration to incentivize domestic manufacturing. When Electroyava announced its site in Jamestown, N.Y., in October of 2022 it was greeted with fanfare from Governor Kathy Hochul, who stated: “The race is on to capture the high-paying jobs that come with cleantech, and there is no place like New York for these manufacturers to grow, operate, and thrive.”
Meanwhile, Electrovaya’s decision to build in the U.S. for American markets makes it one of the few lithium-ion battery makers to do so, Raymond James analyst Daniel Magder said in a note last month. Tariffs “may impact the company in the short term, but provide a competitive edge in the long term,” he wrote. With its new factory, “Electrovaya is well on its way to completing its tariff mitigation strategy, regardless of U.S. policy outcomes.”
Said Mr. DasGupta: “We do want to increase our presence in the U.S. anyway. Geopolitics aside, it was the correct decision – tariffs or no tariffs.”
It turns out Canada’s oldest company hasn’t been Canadian for quite some time
Hudson’s Bay, a retailer with roots in Canada dating back more than 350 years, is facing liquidation after failing to secure the financing it needs to keep its stores open.
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The department store chain, which labels itself as Canada’s oldest company, fought to avoid a full shutdown in a Toronto courtroom on Monday. A lawyer for the company said the retailer’s efforts to resolve its cash crisis have “failed” and that without a workable solution for creditors and landlords, the company would be forced to fully liquidate.
The news has many mourning the potential loss of 9,000 jobs and a brand that has been part of the country’s history for centuries. However, while Hudson’s Bay has long been a symbol of Canadian retail, it has not been Canadian-owned for years. Here’s what you need to know about Husdon’s Bay.
Hudson’s Bay is older than Canada. It was established in 1670 as a fur trading company under a royal charter from England’s King Charles II. At its height, it controlled vast parts of what would become Canada, operating trading posts and engaging in commerce with First Nations.
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The company transitioned into retail in 1881, when it opened its first department store in Winnipeg. Over the following decades, Hudson’s Bay expanded across the country, becoming one of Canada’s most recognized brands and a frequent outfitter for Canada’s Olympic team.
Hudson’s Bay is owned by NRDC Equity Partners, a U.S.-based private equity firm founded by real estate investor Richard Baker. NRDC acquired the retailer in 2008.
Although Hudson’s Bay has continued to operate in Canada, its decision-making and corporate ownership have been based outside the country for years.
In 2020, Hudson’s Bay was taken private, meaning it was no longer publicly traded on the Toronto Stock Exchange. The move ended its status as a Canadian-controlled company, though its branding remained focused on Canada.
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Hudson’s Bay cited multiple factors in court filings as reasons for its financial troubles, including:
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Hudson’s Bay is nearly $1 billion in debt and has filed for creditor protection. The company owes $950 million to almost 2,000 creditors, including major brands, such as Nike Canada, Ralph Lauren and Adidas Canada, according to the CBC.
Court filings show that Hudson’s Bay had just $3 million in cash at the start of the year and carries $1.1 billion in secured debt, including $724.4 million in mortgages. It also owes more than $1 million to Canada Post and is in debt to several municipalities and government agencies. The amount owed to employees has yet to be determined.
CBC reported that secured creditors, such as banks, will be prioritized for repayment as they hold company assets as collateral, while unsecured creditors — including suppliers and employees — may receive only a fraction of what they’re owed. Employees terminated during the process will likely receive reduced severance pay, as unsecured claims are typically lower in priority.
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Expect big liquidation sales in the near future as Hudson’s Bay prepares to close many or all of its 88 stores across Canada. Even if all physical stores close, the Hudson’s Bay’s brand may not disappear entirely. Some analysts speculate that a new buyer could acquire the name and relaunch it as an online retailer, similar to what happened with Sears and Zellers. However, Hudson’s Bay has not confirmed whether it plans to continue operating its e-commerce platform after store closures.
Hudson’s Bay has said it remains hopeful that a deal can be reached with key stakeholders, particularly landlords, to save some of its operations. However, if no agreement is reached by June 15, all stores could close.
The collapse of Hudson’s Bay would mark the end of a retail giant that predates Confederation. While its logo and branding have remained familiar to generations of Canadians, its financial struggles and foreign ownership mean its fate has been out of Canadian hands for some time.
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(MENAFN– PR Newswire)
The Amalgamation constituted the subsequent Acquisition transaction contemplated by Agnico Eagle’s board-supported take-over bid to acquire O3 Mining. Under the Amalgamation, shareholders of O3 Mining, other than Agnico Eagle, will receive $1.67 in cash per Common Share (the ” Consideration “).
It is expected that the Common Shares will be delisted from the TSX Venture Exchange on or around March 20, 2025 and O3 mining will file an application to cease to be a reporting issuer under Canadian securities laws.
Additional Information and How to Receive the Consideration
Additional information concerning the Amalgamation is contained in the notice of special meeting and management information circular of O3 Mining (the ” Circular “) dated February 13, 2025. The Circular is available under O3 Mining’s issuer profile on SEDAR+ at .
In order to receive the Consideration (less applicable withholdings), each registered shareholder must properly complete and duly execute the letter of transmittal enclosed with the Circular and deliver such letter of transmittal, together with all other necessary documents and instruments to Odyssey Trust Company, in its capacity as depositary for the Amalgamation, at the address specified in the letter of transmittal and otherwise in accordance with the instructions contained in the letter of transmittal. Non-registered shareholders whose Common Shares are registered in the name of an investment advisor, broker, bank, trust company, custodian, nominee or other intermediary must contact such intermediary for instructions and assistance in exchanging their Common Shares for the Consideration.
If you have any questions or require assistance, please contact Laurel Hill Advisory Group, by phone at 1-877-452-7187 or by e-mail at [email protected] .
Information for Warrantholders
Any warrants to acquire Common Shares (the ” Warrants “) that remain outstanding may be exercised prior to the expiry time thereof in accordance with the terms of the Warrant Indenture governing the Warrants, as amended, and will receive on exercise, in lieu of Common Shares, $1.67 in cash. The Warrant Indenture has been amended by a supplemental indenture to give effect to the foregoing. In connection such amendment, the exercise form to be used by holders of outstanding Warrants has been amended and replaced with an amended exercise form attached as Appendix E to the Circular. For additional information, please contact [email protected] or call (416) 947-1212.
About Agnico Eagle Mines Limited
Agnico Eagle is a Canadian based and led senior gold mining company and the third largest gold producer in the world, producing precious metals from operations in Canada, Australia, Finland and Mexico, with a pipeline of high-quality exploration and development projects. Agnico Eagle is a partner of choice within the mining industry, recognized globally for its leading sustainability practices. Agnico Eagle was founded in 1957 and has consistently created value for its shareholders, declaring a cash dividend every year since 1983.
Cautionary Note Regarding Forward-Looking Information
This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation that is based on current expectations, estimates, projections, and interpretations about future events as at the date of this news release. Forward-looking information and statements are based on estimates of management by Agnico Eagle and O3 Mining, at the time they were made, and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information or statements. Forward-looking statements in this news release include, but are not limited to, statements regarding: the timing for the delisting of O3 Mining from the TSX Venture Exchange and for O3 Mining to cease to be a reporting issuer; and the receipt of $1.67 in cash on the exercise of Warrants. Material factors or assumptions that were applied in formulating the forward-looking information contained herein include, without limitation, expectations relating to the timing for the delisting of the Common Shares and O3 Mining (or its successor) filing an application to cease to be a reporting issuer under applicable securities laws; and expectations concerning the outstanding Warrants. Agnico Eagle and O3 Mining caution that the foregoing list of material factors and assumptions is not exhaustive. Although the forward-looking information contained in this news release is based upon what Agnico Eagle and O3 Mining believe, or believed at the time, to be reasonable expectations and assumptions, there is no assurance that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither O3 Mining, nor Agnico Eagle nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. Agnico Eagle and O3 Mining do not undertake, and assume no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by applicable law. These statements speak only as of the date of this news release. Nothing contained herein shall be deemed to be a forecast, projection or estimate of the future financial performance of Agnico Eagle or any of its affiliates or O3 Mining.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
SOURCE Agnico Eagle Mines Limited
MENAFN18032025003732001241ID1109328851
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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Plans to liquidate and shut down all 80 Hudson’s Bay stores and e-commerce operations in Canada, along with three Saks Fifth Avenue and 13 Saks Off 5th Avenue locations there, could begin today unless a financial lifeline is found to sustain some operations — a prospect that appears increasingly unlikely, according to CBC.
On March 7, the Hudson’s Bay Company filed for creditor protection under the Companies’ Creditors Arrangement Act (CCAA), the Canadian equivalent to Chapter 11 bankruptcy, while it sought to secure additional financing to pursue a restructuring transaction.
Initial plans were to shutter about half of the company’s operations, but on March 14, Hudson’s Bay Company announced it would undergo full liquidation unless an alternative financial solution was found forthwith.
In court proceedings on Monday, March 17, Hudson’s Bay lawyer Ashley Taylor said it planned to begin liquidation immediately because a “quick start” will maximize the value of the business and “preserve whatever chance there is of a restructuring.”
The closures will impact some 9,300 employees and bring to an end a legendary Canadian institution and one of North America’s oldest continually-operating businesses, founded in 1670 to trade striped wool blankets, a company icon that it still sells today, to Indigenous people for beaver pelts.
Hudson’s Bay Company is owned by American real-estate mogul Richard Baker. His NRDC Equity Partners investment firm acquired the retailer in 2008, combining it under HBC with Lord & Taylor, which it acquired in 2006. Saks Fifth Avenue was added to HBC’s holdings in 2013, shortly after going public on the Toronto Stock Exchange in 2012. Following a number years of weakening performance, HBC went private in 2020. Then, at the close of last year, HBC acquired Neiman Marcus Group, and spun off Hudson’s Bay Company and Saks Global as separate entities with Baker as chairman of both. Saks Global includes Saks stores, the off-price Saks Off 5th Avenue chain, its independent Saks e-commerce online company, the flagship Neiman Marcus stores and Bergdorf Goodman.
Over the years, Richard Baker has been transparent that his interest in retail is about its real estate. “Our largest business is our real estate business. Everyone seems to have forgotten that I was a real estate guy, still am, and that HBC is primarily a real estate company,” he said in a 2023 interview with WWD.
Baker has proved he isn’t a retail guy with a track record of running retail businesses into the ground. He sold off Lord & Taylor operations to Le Tote for $100 million before it went completely under and the Lord & Taylor flagship Fifth Avenue building to WeWork for some $850 million. He acquired Germany’s Galeria Kaufhof chain in 2015, which didn’t turn out too well, and was sold off in 2019. He also has Gilt Group, Fortunoff and Home Outfitters on his list of failed retail acquisitions. Saks Global is not involved in the Hudson’s Bay proceedings other than tangentially, through the Saks and Saks Off 5th Avenue store operations that it leases to Hudson’s Bay. Nonetheless, Saks Global has its own performance and financial issues to deal with.
“Baker’s real estate roots put him in the long line of retail interlopers, including Robert Campeau (Federated) and ‘Fast Buck’ Lampert (Kmart and Sears) who got into the retail business only for the real estate. At least Baker has been smart enough to take HBC private so nobody can watch what’s going on under the covers,” observed The Robin Report’s Warren Shoulberg.
A last-minute financial lifeline could still be found to avoid liquidation. In yesterday’s court proceedings, Hudson’s Bay attorney Taylor said the company had approached 19 potential lenders and major landlords to get rent concessions, all of which failed. Attorney Andrew Hatnay, representing company employees, argued that the liquidation of Hudson’s Bay would amount to the largest mass job loss in the country since the folding of Sears Canada. He asked that the liquidation be delayed by a week saying, “Once liquidation starts, it becomes a self-fulfilling prophecy. The business will be finished.” Ontario Superior Court Judge Peter Osborne seemed to share the same sentiment. “I want to make sure we haven’t sold the jewels in the crowns, so to make a better outcome possible.” Note: Hudson’s Bay did not respond to a request for comment.
Hudson’s Bay Liquidation Of All Stores Could Start As Soon As Tuesday (CBC, 3/17/2025)
Hudson’s Bay, Canada’s Oldest Retail Chain, Nears Bankruptcy (Wall Street Journal, 3/7/2025)
Richard Baker Puts Real Estate Back in the Retail Spotlight (WWD, 10/31/2017)
Saks Parent HBC Raises $340M Through ‘Real Estate Monetizations’ (WWD, 11/19/2023)
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IntraFish supplies the breaking news and insight to inform better business decisions throughout the value chain, from the sea to the supermarket shelf. Our global team of experts are focused on the needs of industry professionals, delivering news at speed and explaining why it matters – unrivalled intelligence to help you thrive within a rapidly changing global industry.
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