2025 is in the books and the year made one thing clear: performance was driven by where you were invested, not just whether you were invested. Rate cuts arrived, which moved markets higher. Strength in areas such as artificial intelligence, infrastructure, and electrification sat alongside renewed commodity leadership and shifting income dynamics, rewarding investors who leaned into targeted exposures rather than broad-market beta as they look ahead to 2026.
In that environment, several Global X Canada ETFs stood out by aligning closely with the forces driving markets. Strategies tied to commodity upside, income generation, and long-term structural themes resonated as investors navigated policy shifts and persistent uncertainty. Supported by the global research and index-design capabilities of the broader Global X platform, these ETFs delivered differentiated performance in a year that rewarded precision.
This article highlights Global X Canada’s top-performing ETFs of 2025 and the market dynamics behind their results. By looking at what worked (and why) we could discover insights into the trends that may continue to matter as investors look ahead to 2026.
Global X Best Performing ETFs 2025
All Performance is 2025 Annual Return
- Global X Gold Producers Index ETF (GLDX): 176.90%
- Global X Gold Producer Equity Covered Call ETF (GLCC): 137.75%
- Global X Copper Producers Index ETF (COPP): 66.62%
- Global X Enhanced Equal Weight Banks Index ETF (BNKL) 55.26%
- Global X Big Data & Hardware Index ETF (HBGD): 52.95%
- Global X Lithium Producers Index ETF (HLIT): 47.78%
- Global X Artificial Intelligence Semiconductor Index ETF (CHPS): 46.03%
- Global X Equal Weight Canadian Banks Index ETF (HBNK): 43.69%
- Global X Uranium Index ETF (HURA): 42.89%
- Global X Enhanced S&P/TSX 60 Index ETF (CANL): 35.40%
CANADA’S BEST PERFORMING ETF in 2025*
Fund Facts (at Dec 31, 2025):
Inception Date: November 6, 2024
Net Assets: $245,273,257
Management Fee: 0.40% (Plus applicable sales tax)
Investment Objective: GLDX seeks to replicate, to the extent possible and net of expenses, the performance of a cap-weighted index designed to provide exposure to diversified North American listed gold producers (currently, the Mirae Asset North American Listed Gold Producers Index).
*Source: Morningstar Direct, December 31, 2025
Gold equities delivered exceptional returns in 2025, and GLDX finished the year as Canada’s best-performing ETF. Rising gold prices supported by a pivot toward monetary easing, lower real yields, and persistent geopolitical uncertainty drove strong fundamentals across the gold producer universe. While many gold equity ETFs benefited from this backdrop, GLDX stood out as the top performer, reflecting both the strength of the theme and the quality of exposure captured. That outperformance can be attributed in part to the construction of the Mirae Asset North American Listed Gold Producers Index, which emphasizes diversified, liquid North American gold producers with the scale and operational leverage to translate higher gold prices into earnings and free cash flow growth.
Looking ahead to 2026, the drivers that supported gold equities in 2025, including accommodative monetary policy, fiscal uncertainty, and ongoing demand for portfolio hedges, remain firmly in focus. In that environment, gold producers may continue to offer leveraged exposure to gold’s upside, which could potentially position GLDX as a compelling option for investors navigating the year ahead.
CANADA’S BEST PERFORMING COVERED CALL ETF in 2025*
Fund Facts (at Dec 31, 2025):
Inception Date: April 11, 2011
Net Assets: $596,016,214
Management Fee: 0.65% (Plus applicable sales tax)
Annualized Distribution Yield: 7.64%
Investment Objective: GLCC seeks to provide, to the extent possible and net of expenses: (a) exposure to the performance of an index of equity securities of diversified North American listed gold producers (currently, the Mirae Asset North American Listed Gold Producers Index); and (b) at least monthly distributions of dividend and call option income. To mitigate downside risk and generate income, GLCC will employ a dynamic covered call option writing program.
*Source: Morningstar Direct, December 31, 2025
In a year when dividend-producing assets and income-oriented strategies were in high demand, GLCC delivered strong results by combining exposure to the same gold producer universe as GLDX with a disciplined covered call overlay. Gold itself typically doesn’t generate yield, so traditional bullion or gold equities alone can leave income-focused investors wanting; the covered call nature of GLCC helped capture premium income in addition to underlying price appreciation. That income component stood out in 2025’s rate-sensitive environment, where investors balanced the search for return with the need for dependable cash flow.
Against a backdrop of elevated volatility and persistent demand for yield, GLCC emerged as one of Canada’s best-performing covered call ETFs in 2025. By harvesting option premiums on a diversified set of North American listed gold producers, GLCC was able to deliver attractive total returns while differentiating itself from both traditional gold equity funds and other covered call products.
Looking ahead to 2026, investors focused on income in an uncertain macro landscape may continue to see value in strategies that blend growth exposure with yield-enhancing overlays, particularly in areas where underlying assets do not inherently produce dividends.
CANADA’S BEST PERFORMING COPPER ETF in 2025*
Fund Facts (at Dec 31, 2025):
Inception Date: May 16, 2022
Net Assets: $56,324,075
Management Fee: 0.65%
(Plus applicable sales tax)
Investment Objective: COPP seeks to replicate, to the extent possible and net of expenses, the performance of an index that is designed to provide exposure to the performance of companies active in copper ore mining that are listed on select North American stock exchanges. Currently, COPP seeks to replicate the performance of the Solactive North American Listed Copper Producers Index, net of expenses. COPP seeks to hedge any U.S. dollar portfolio exposure back to the Canadian dollar at all times.
*Source: Morningstar Direct, December 31, 2025
Copper was one of 2025’s most dynamic industrial commodities, with prices surging to record levels as demand outpaced constrained supply. The metal’s essential role in electrification, renewable energy, infrastructure and artificial intelligence-related construction drove sustained industrial consumption, while supply disruptions and geopolitical factors tightened markets, helping the Global X Copper Producers Index ETF (COPP) deliver a 66.62% return for the year, making it one of the standout materials-focused ETFs for Canadian investors in 2025. Global copper prices climbed sharply — at times exceeding $12,000 per tonne, marking one of the strongest annual performances in more than a decade — which lifted miner equities and related producer indexes in tandem with the underlying metal rally. COPP’s performance reflects broad strength across the copper producer universe, as equities captured both the fundamental upswing in copper markets and investor appetite for exposure to industrial metals tied to long-term structural trends. By tracking the performance of North American listed copper producers, COPP offered investors diversified exposure to companies benefitting from the metal’s renewed momentum without the direct complexities of raw commodity trading.
Looking ahead to 2026, if supply constraints persist and demand tied to electrification and data-center expansion remains robust, copper and its producers may continue to attract attention as essential inputs to the global energy transition and industrial growth — reinforcing COPP’s role in materials allocations for diversified portfolios.
Fund Facts (at Dec 31, 2025):
Inception Date: July 5, 2023
Net Assets: $10,719,475
Management Fee : 0.35%
(Plus applicable sales tax)
Investment Objective: BNKL seeks to replicate, to the extent reasonably possible and net of expenses, 1.25 times (125%) the performance of an index of equal-weighted equity securities of diversified Canadian banks (currently, the Solactive Equal Weight Canada Banks Index). BNKL will use leverage in order to seek to achieve its investment objective. Leverage will be created through the use of cash borrowings or as otherwise permitted under applicable securities legislation.
Source: Morningstar Direct, December 31, 2025
Canada’s major banks delivered a strong year in 2025, supported by resilient earnings, steady loan growth, and improving investor sentiment as rate pressures eased. In that environment, BNKL generated a 55.26% return, materially outperforming traditional bank exposures and highlighting how structure can influence outcomes within a familiar sector. By comparison, its non-leveraged counterpart, HBNK, returned 43.69% over the same period — underscoring the impact of BNKL’s design during a year of broad-based strength in Canadian financials.
That performance reflects two key elements of BNKL’s approach. First, its equal-weight structure avoids the concentration risk of market-cap-weighted bank ETFs, allowing gains to be driven by the full breadth of Canada’s banking sector rather than just the largest names. Second, BNKL employs modest leverage of approximately 25%, which can increase volatility but also enhance upside when fundamentals are supportive. In 2025, that combination helped amplify returns as bank earnings remained durable and investor confidence improved, demonstrating how a carefully calibrated structure can translate sector strength into greater reward.
Looking ahead to 2026, analysts expect Canadian banks to continue benefiting from resilient earnings and stable provisions and loan growth, with strong results in investment banking and wealth management helping offset ongoing concerns around consumer credit and mortgage renewals. Recent quarterly financial results underpin confidence in the sector, even as the Bank of Canada holds rates steady and broader economic growth is expected to remain modest. That mix of structural strength and economic nuance suggests Canadian banks may remain a core focus for investors next year, particularly within diversified financial exposures.
Fund Facts (at Dec 31, 2025):
Inception Date: July 20, 2018
Net Assets: $36,182,573
Management Fee: 0.65%
(Plus applicable sales tax)
Investment Objective:HBGD seeks to replicate, to the extent possible, the performance of the Solactive Big Data & Hardware Index, net of expenses. The Solactive Big Data and Hardware Index tracks a portfolio of global companies focusing directly on data development, storage, and management-related services and solutions as well as hardware and hardware-related services used in data-intensive applications such as blockchain.
Source: Morningstar Direct, December 31, 2025
HBGD delivered strong returns in 2025, with the ETF gaining 52.95% for the year as global markets continued to reward technology and data-driven sectors. The fund tracks the Solactive Big Data & Hardware Index, giving investors exposure to companies at the heart of data development, storage, management and hardware infrastructure – areas that are fundamental to the ongoing expansion of digital transformation, artificial intelligence and blockchain-related applications. As demand for data-intensive technologies accelerated throughout the year, equities tied to this theme outpaced broader markets, helping HBGD stand out as a compelling thematic equity exposure for Canadian investors. Part of what resonated with investors in 2025 was the structural nature of the big data opportunity, which spans both software and hardware ecosystems supporting the global data economy. HBGD’s diversified, rules-based index approach allowed participation across this ecosystem, with holdings in both established technology names and companies focused on infrastructure that underpins next-generation workloads.
Looking ahead to 2026, continued investment in AI, cloud services and data infrastructure – alongside strong secular growth forecasts for big data analytics – may keep demand high for companies exposed to these trends, positioning HBGD as a strategic option for growth-oriented equity allocations.
Fund Facts (at Dec 31, 2025):
Inception Date: June 21, 2021
Net Assets: $154,416,133
Management Fee: 0.45%
(Plus applicable sales tax)
Investment Objective: CHPS seeks to replicate, to the extent reasonably possible and net of expenses, the performance of an index designed to provide exposure to public companies listed on select US exchanges that are engaged in the AI semiconductor value chain (currently, the PHLX US AI Semiconductor Index).
Source: Morningstar Direct, December 31, 2025
After several years of pressure and oversupply, the lithium market turned a corner in 2025 as prices and industry sentiment began to recover meaningfully. Lithium carbonate and spodumene prices rallied through the back half of the year as inventory drawdowns, regulatory actions in China, and rising demand from both electric vehicles and grid-scale energy storage helped tighten an otherwise oversupplied market. By late 2025, lithium prices had climbed sharply from mid-year lows, reflecting a shift in fundamentals that rewarded producers and related equities after an extended correction in prior years. This broader backdrop supported strong performance in lithium-linked equities and positioned lithium-focused strategies like HLIT to capture renewed interest from investors seeking exposure to the metal that sits at the heart of the global energy transition.
HLIT offers diversified exposure across global lithium producers, allowing investors to participate in the commodity’s rebound without the operational challenges of raw commodity trading. As demand for lithium-ion batteries continued to grow — underpinned by accelerating EV adoption and expanding stationary storage deployments — the sector’s improved pricing dynamics and tightening supply narratives helped drive performance.
Looking ahead to 2026, market participants are watching whether supply expansions can keep pace with demand growth; if inventories continue to normalize and demand remains robust, lithium producers may sustain momentum and reinforce the structural case for exposure through a diversified vehicle like HLIT.
Fund Facts (at Dec 31, 2025):
Inception Date: July 22, 2021
Net Assets: $19,871,101
Management Fee: 0.75%
(Plus applicable sales tax)
Investment Objective: HLIT seeks to replicate, to the extent possible and net of expenses, the performance of an index that is designed to provide exposure to the performance of global, publicly listed companies engaged in the mining and/or production of lithium, lithium compounds, or lithium related components. Currently, HLIT seeks to replicate the performance of the Solactive Global Lithium Producers Index, net of expenses. HLIT seeks to hedge the U.S. dollar value of its portfolio to the Canadian dollar at all times.
Source: Morningstar Direct, December 31, 2025
As Canada’s first semiconductor-focused ETF, CHPS offered Canadian investors direct exposure to the foundational technology powering the ongoing artificial intelligence revolution and broader digital transformation. In 2025, the semiconductor sector delivered one of its strongest years in memory, logic, and AI-related demand as chip sales surged and stocks participated in that momentum — with leading names like Nvidia up roughly 50% for the year amid extraordinary appetite for AI training and inference hardware. Global data suggests semiconductor sales approached record levels as demand from data centres, cloud services, and next-generation computing applications lifted revenue and market sentiment across the ecosystem. This broad structural growth helped CHPS capture both cyclical strength and secular investment themes tied to compute, connectivity and AI deployment.
Unlike broad technology ETFs, CHPS zeroes in on the core “picks and shovels” of the digital age — the companies designing, fabricating, and enabling the chips that power everything from generative AI models to autonomous vehicles and edge computing. By focusing on semiconductor fundamentals rather than adjacent software or services, CHPS allowed investors to participate in a sector entering a potential multi-year growth cycle, with industry reports forecasting continued acceleration in chip demand as AI workloads expand and advanced nodes enter production.
Looking ahead to 2026, semiconductors are expected to remain a strategic pillar of technology growth as the industry marches toward ever-higher compute requirements — reinforcing CHPS’s role as a core vehicle for exposure to the hardware backbone of tomorrow’s AI and digital economy.
Fund Facts (at Dec 31, 2025):
Inception Date: July 5. 2023
Net Assets: $1,044,090,376
Management Fee: 0.09%
(Plus applicable sales tax)
Investment Objective: HBNK seeks to replicate, to the extent reasonably possible and net of expenses, the performance of an index of equal-weighted equity securities of diversified Canadian banks (currently, the Solactive Equal Weight Canada Banks Index).
Source: Morningstar Direct, December 31, 2025
As the only $1 billion+ AUM ETF on this year’s list, HBNK underscores the strong investor demand for core Canadian financial exposures. In 2025, Canada’s major banks delivered resilient performance driven by healthy net interest income, robust loan growth, and diversified revenue streams that helped offset pressures in other parts of the market. Strong quarterly earnings results and improving investor sentiment lifted valuations across the sector, with the Big Six reporting continued momentum in capital markets and wealth-management businesses that complemented traditional lending income. This backdrop helped HBNK deliver a 43.69% return for the year — a noteworthy result for a benchmark equal-weight bank exposure.
HBNK’s equal-weight methodology avoids the concentration risk of market-cap-weighted bank indexes, allowing performance to be driven by the full breadth of Canada’s banking sector rather than being dominated by the largest issuers alone. This structure captured gains across both the largest and mid-tier lenders, offering a balanced reflection of sector strength in 2025 without the added volatility of leverage. In contrast with leveraged alternatives, HBNK’s focused, unlevered exposure provided a core building block for diversified portfolios seeking broad bank participation.
Looking ahead to 2026, analysts expect Canadian banks to remain supported by solid capital positions and diversified earnings engines, making equal-weight exposures like HBNK a compelling option for investors targeting both stability and sector participation as macro conditions evolve.
Fund Facts (at Dec 31, 2025):
Inception Date: May 15, 2019
Net Assets: $115,129,151
Management Fee: 0.75% (Plus applicable sales tax)
Investment Objective: HURA seeks to replicate, to the extent possible, the performance of the Solactive Global Uranium Pure-Play Index, net of expenses. The Solactive Global Uranium Pure-Play Index is designed to provide exposure to the performance of a basket of issuers which (a) are primarily involved in the uranium mining and exploration industry, or (b) invest and participate directly in the physical price of uranium.
Source: Morningstar Direct, December 31, 2025
In 2025, uranium markets captured renewed investor attention as the outlook for nuclear energy shifted from structural concern to strategic growth. Nuclear power — long viewed as a stable, low-carbon baseload source — gained traction globally as governments and utilities looked to secure energy independence and meet climate goals, driving increased uranium demand. Spot and term uranium prices climbed throughout the year as utilities began rebuilding inventories and supply remained constrained by underinvestment in new mine capacity and regulatory hurdles, supporting a tighter fundamental backdrop for the fuel that powers reactors. This momentum helped thematic exposures like HURA participate in one of the most compelling commodities stories of 2025, capturing gains from both mining and physical price appreciation tied to the Solactive Global Uranium Pure-Play Index’s diversified basket of issuers.
Demand drivers in 2025 were reinforced by strategic policy shifts and long-term nuclear expansion commitments that broadened uranium’s investment case. Notably, the United States reinstated uranium on its Critical Minerals List, aiming to accelerate permitting, capital allocation and domestic fuel supply chain development — a move that underscored uranium’s significance in energy security and supply diversification. Many countries are also advancing new reactor projects and exploring next-generation designs such as small modular reactors, creating a multi-year horizon of structural demand growth.
Looking ahead to 2026, if utilities continue to secure long-term contracts amid ongoing supply constraints and policy support for nuclear power deepens, uranium’s fundamental story may stay intact, offering continued relevance for investors seeking exposure to this strategic fuel through a diversified vehicle like HURA
Fund Facts (at Dec 31, 2025):
Inception Date:July 5, 2023
Net Assets: $14,931,704
Management Fee: 0.35%
(Plus applicable sales tax)
Investment Objective: CANL seeks to replicate, to the extent reasonably possible and net of expenses, 1.25 times (125%) the performance of an index of equity securities representing the large-cap market segment of the Canadian equity market (currently, the S&P/TSX 60™ Index). CANL will use leverage in order to seek to achieve its investment objective. Leverage will be created through the use of cash borrowings or as otherwise permitted under applicable securities legislation.
Source: Morningstar Direct, December 31, 2025
Canadian equities staged a decisive rebound in 2025, marked by a sharp revival in capital markets activity. Equity issuance more than doubled from 2024 levels, returning close to its long-term average after hitting record lows a year earlier. Corporate borrowing also surged, supported by a strong December that saw record debt issuance. Elevated refinancing needs, attractive bond rates and rising issuance from foreign borrowers underscored robust demand for Canadian capital markets. Mergers and acquisitions activity remained elevated, second only to the dealmaking peak of 2021, with public-to-private transactions playing a central role.
Market performance mirrored this resurgence. The S&P/TSX Index delivered one of its strongest years on record, rising sharply from an April low and notching a high number of record closes. Materials and financials led gains, supported by strength in precious metals and improved bank profitability, while technology also contributed. Canadian equities outperformed U.S. peers over the year, aided by rate cuts, resilient earnings and renewed global investor attention, positioning the market firmly back on the international investment radar. Volatility and policy uncertainty punctuated the advance but failed to derail broader participation across sectors nationwide markets.
Looking ahead to 2026, Canadian equities enter the year with constructive but more balanced prospects. Elevated valuations in select sectors, softer domestic growth and lingering trade uncertainty may temper returns after several outsized years. However, ongoing rate cuts, resilient corporate earnings and continued interest from global investors remain supportive. Commodity exposure, financial sector profitability and steady deal activity could provide buffers against volatility, though performance is expected to be more moderate and sensitive to macro developments than in 2025. The outlook favours selectivity, diversification and disciplined expectations across cyclical and defensive segments.
HONOURABLE MENTIONS
While the funds highlighted above stood out for their performance in 2025, several newer additions to the Global X Canada lineup are also worth watching. Although these ETFs have not yet reached a full one-year track record and therefore are not included in the performance discussion, they were launched to address emerging investor needs and long-term market themes.
Fund Facts (at Dec 31, 2025):
Inception Date: April 29, 2025
Net Assets: $11, 868,237
Management Fee: 0.25%
(Plus applicable sales tax)
UBNK provides equal-weighted exposure to the largest U.S.-listed banks, offering balanced access to a sector that performed strongly in 2025 as easing rate pressure, resilient economic growth, and robust capital markets activity supported earnings across the industry. By avoiding the concentration risk of market-cap-weighted approaches, the ETF delivers more even exposure across major U.S. financial institutions through the Mirae Asset Equal Weight U.S. Banks Index
Looking ahead to 2026, analysts expect U.S. banks to remain supported by solid capital positions, improving loan demand, and a more constructive rate environment, making equal-weight exposure a compelling way to participate in the sector as the fund continues to build its performance history.
Fund Facts (at Dec 31, 2025):
Inception Date: October 7, 2025
Net Assets: $9,017,113
Management Fee: 0.60%
(Plus applicable sales tax)
AGCC is the world’s first silver covered call ETF, offering a differentiated approach to silver by combining direct bullion exposure with an income-generating covered call strategy. Silver’s dual role as both a precious metal and an industrial input makes it a compelling diversifier in today’s uncertain markets.
AGCC seeks to add monthly cash distributions by writing call options on a portion of its silver exposure — introducing yield to an asset class that typically does not generate income. The ETF also provides currency-hedged exposure, allowing Canadian investors to capture silver price movements without U.S. dollar risk.
Compared with HUZ, which provides pure, unhedged price exposure to silver, AGCC is designed for investors who want to trade some upside potential for income and reduced currency volatility.
Looking ahead to 2026, as investors continue to seek diversification, inflation protection, and cash flow in uncertain markets, income-enhanced precious metals strategies like AGCC may play an increasingly important role in portfolio construction.
Fund Facts (at Dec 31, 2025):
Inception Date: April 29, 2025
Net Assets: $146,503,328
Management Fee: 0.49%
(Plus applicable sales tax)
SHLD tapped directly into one of 2025’s most powerful real-world trends: governments stepping up defence spending and modernizing military capabilities, with a growing emphasis on defence technology. SHLD is one of Global X’s fastest-growing funds, reflecting how quickly Canadian investors gravitated toward the theme as geopolitical risk stayed elevated and procurement pipelines expanded. Just as importantly for portfolio construction.
SHLD is Canada’s only ETF offering a global approach to defence tech, with diversified exposure spanning Europe, North America, and Asia rather than a single-country lens.
Looking ahead to 2026, the investment case for defence tech remains intact, because the spending outlook is still moving higher. NATO notes that Allies have shifted from a 2% guideline toward a 5% GDP defence investment commitment by 2035, signalling multi-year budget momentum across member nations (including Canada). We’re already seeing that translate into new commitments: Japan approved a record defence budget for the coming year, while countries on the front line of regional security risks continue to accelerate hard-defence and counter-drone investments.