iShares MSCI Global Gold Miners ETF (RING)

Gold's Windfall Isn't Enough: Why RING Needs More Time

RING: The Consolidation Looks Bullish; Don't Dump Gold Stocks Now

IDGT, WCBR, UTES, BDRY, MKOR & RING led last week's ETF gains as AI rotation, Japan optimism, shipping strength and defensive demand drove standout performance.

Sold 528,148 shares of RING; estimated transaction value $35.65 million based on quarterly average pricing. Quarter-end position value decreased by $26.64 million, reflecting both selling activity and price movement effects.

In my equity watchlist there will not be only the USA, I will closely follow global markets, especially factor strategies. In the bond segment, I really appreciate active management; I think passive ones will remain poorly able to capture the evolutions of 2026. Among the segments with alpha potential, I identify the small cap value segment due to lower valuations and better earnings expectations.

BlackRock's extensive ETF lineup, comprising roughly 200 funds, is offering a broad view of how long-term thematic and sector exposures have evolved.

Gold stabilized above $4,200/oz and behaved like a new price range rather than a short rally, strengthening the case for miners heading into 2026. RING captured that shift quickly, rising 62.4% since July and another 14.4% after September, clearly outperforming broad equity indexes. The ETF is anchored in mature operators like Newmont, Agnico Eagle, and Barrick, while its top ten holdings represent about 67%, supported by solid liquidity and over $2.7B AUM.

Silver and gold have delivered extraordinary momentum in 2025, driven by soaring spot prices and supportive monetary signals, including a near-90% implied probability of a December 10 rate cut. While miner ETFs can outperform their underlying metals during strong bull cycles, they also carry amplified downside risk, which is greater now as silver and gold trade near all-time highs. Year-to-date, my five silver and gold ETFs are up an average of 153% and offer an average five-year dividend growth rate of nearly 26%.

Acquired 76,223 shares in an estimated $4.93 million trade Post-trade holding: 76,223 shares valued at $4.93 million RING enters the portfolio but does not rank among the fund's top five positions by value

RING invests in the main gold mining companies worldwide, a sector that amplifies gold's movements. In the bullish phases of gold, strong demand pushes the ETF to trade at a premium on P/E and EV/EBITDA (rightly so). I don't see anything wrong with that, except for the fact that RING is a cyclical ETF, not a growth one.

The S&P 500 has served as an excellent benchmark for the state of U.S.

The S&P 500 has served as an excellent benchmark for the state of U.S.

The iShares MSCI Global Gold Miners ETF has outperformed peers, but long-term fundamentals remain weak. Top holdings show erratic free cash flows and poor historical share price performance. RING trades at a ~24x P/E despite exposure to cyclical, capital-intensive, and low-quality businesses.

In 2025, the best-performing ETF themes include gold and silver mining (SLVP, RING), bitcoin miners (WGMI), uranium (URA) and defense (EUAD, SHLD).

Gold surged to a record $3,700/oz after the Fed's “risk management cut,” reinforcing its role as a safe haven and boosting miners' profitability. RING advanced more than 34% since July, far outperforming the S&P 500, as mining companies converted higher gold prices into amplified margins, cash generation, and stronger balance sheets. With 55 holdings and 66.7% concentrated in top miners like Newmont, Agnico Eagle, and Barrick, RING offers global exposure, strong liquidity, and competitive costs in a capital-intensive sector.

It may not be the end of the quarter yet, but we have made it through summer, and that seems like a good checkpoint to evaluate the top ETF investment themes YTD. Let's take a moment to look in this year's thematic ETF rearview mirror.