Governments' strategic mineral stockpiling boosts metals mining ETF returns in 2025-26

Governments worldwide are increasingly treating metals and minerals as strategic assets, driving steady demand that benefits mining companies. The iShares MSCI Global Metals & Mining Producers ETF, which excludes gold and silver, gained over 50% in 2025 and continues to rise in 2026 despite some volatility. Major miners like BHP, Rio Tinto, and Freeport-McMoRan, which make up a significant portion of the fund, stand to gain from government stockpiling initiatives aimed at securing critical minerals for defense and manufacturing. Investors should watch for changes in the fund's top holdings and sector exposure, as shifts away from copper and diversified mining toward steel could weaken the sovereign demand impact.