Medical device ETFs to consider

Investors keen on medical device ETFs only have three choices, according to ETFdb.com. Other life science ETFs can include medical device stocks in their holdings but cover a broad range of firms, while these three funds offer sector-specific exposure.

Here’s a brief look at the three medical device ETFs available to investors on US exchanges.

1. iShares US Medical Devices ETF (ARCA:IHI)

Total assets under management: US$4.24 billion

The iShares US Medical Devices ETF was launched in 2006 and tracked 50 holdings as of January 8, 2026. IHI has an expense ratio of 0.38 percent.

The majority of its portfolio is made up of large-cap US stocks. Its top three holdings, which combine for over 45 percent of its holdings, are:

2. SPDR S&P Health Care Equipment ETF (ARCA:XHE)

Total assets under management: US$161.1 million

Formed on January 26, 2011, the SPDR S&P Health Care Equipment ETF tracks 67 holdings as of January 8, 2026. This SPDR ETF has an expense ratio of 0.35 percent.

XHE offers exposure to medical device companies of all sizes, with 30 percent of its holdings being large-cap, 28 percent mid-cap, 37 percent small-cap and about 5 percent being micro stocks. The majority are US-based.

Its 67 holdings are relatively equally weighted, and its top holdings include UFP Technologies (NASDAQ:UFPT), Lantheus Holdings (NASDAQ:LNTH) and QuidelOrtho (NASDAQ:QDEL).

3. First Trust Indxx Medical Devices ETF (BATS:MDEV)

Total assets under management: US$2.2 million

The First Trust Indxx Medical Devices ETF launched on June 22, 2021, and aims to replicate the performance of the Indxx Medical Devices Index. MDEV has an expense ratio of percent.

This medical device ETF holds a portfolio of global life science stocks, with significant exposure to North America, European and Asian companies. Its 51 holdings are predominantly large-cap companies at 70 percent, with the remaining 30 percent being mid-cap firms.

The First Trust Indxx Medical Devices ETF’s top holdings include Exact Sciences (NASDAQ:EXAS), Globus Medical (NYSE:GMED) and Intuitive Surgical (NASDAQ:ISRG).

Meeting demand through supply

‘Primary production—mining—remains the irreplaceable foundation of copper supply,’ said Global Head of Critical Minerals and Energy Transition Consulting at S&P Global Energy Eleonor Kramarz.

‘Bridging the impending supply gap depends not only on geology, engineering, and logistics and investment, but also on governance and policies. That translates into timeliness in permitting and consultation, a time clock on litigation and stability in governance and regulation. The alternative is uncertainty, and uncertainty comes at a hefty cost.’

The report added that output from existing mines will keep declining without significant new investment.

Recycling is regarded as the “secondary supply,” but however provides at best only about a third of the total supply by 2040.

Processing also remains critical in this scenario. Smelting and refining capacity is still concentrated in China, accounting for about 40 to 50 percent total capacity or 12 of the 29 million metric tons to be specific.

“(This) geographic concentration amplifies systemic risks and exposes the supply chain to geopolitical shocks.”

“While recycling could possibly meet up to a quarter of total demand by 2040, it cannot close the gap – primary mined supply remains essential,” the report concluded.

Copper and electrification

S&P Global wrote that copper also plays a huge role in meeting the growing requirements of electrification and technologies such as AI and data centers.

It noted that while AI is not creating the largest of copper demand, its requirements highlight the need for expanded electricity supply.

Still, there is a need to hold space for how AI will affect the generation of industrial, commercial, creative and even personal applications that require more electricity.

For data centers, the electricity demand in the US could rise from the current 5 percent to 14 percent by 2030.

“Data centers are electricity-intensive, and their proliferation is driving massive investments in both direct copper use (for power delivery, cooling, and IT infrastructure) and in the electric grid infrastructure that supports them.”

The report illustrated that to meet the global power demand of 2040, the world will need to build the equivalent of roughly 330 Hoover Dams, or over 650 one-gigawatt nuclear reactors each year between now and then.

“Copper is the material enabling this massive growth in power demand – unlocking the age of AI and the electrified future of which it is characteristic.”

A report by Benchmark on annual EV sales revealed that 20.7 million units were sold in 2025, but that the same growth rate of 20 percent “is not expected” to be the same in 2026.

Noting, “manufacturers (will) focus their efforts on the deadline year, 2027.’

In terms of overall demand for copper and how it relates to EVs, S&P Global said that demand for ICE vehicles declines due to the growing share of EVs.

“Construction and machinery continue to be the largest contributors to core economic demand.”

Australia’s copper developments

As a nation, Australia is making moves that relate to copper in terms of demand and investment.

Its Critical Minerals Strategy and Resource Industry Growth Initiative, along with its partnership with Japan, prioritize joint investment and regulatory simplification.

Using public finance bodies such as the Japan Bank for International Cooperation (JBIC) and JOGMEC, Japan is backing Australian projects to secure long-term access to critical minerals, including copper.

Firms such as Lynas Rare Earths (ASX:LYC,OTCQX:LYSDY) and their projects also play a role, assisting in securing stable supplies of rare earths, lithium and copper.

In 2024 and 2025, cooperation under the Japan–Australia Critical Minerals Partnership expanded further, with new processing and infrastructure initiatives announced in Western Australia.

Large-scale infrastructure projects are also adding to future copper demand. One high-profile example is the proposed AAPowerLink subsea cable project, which would connect Australia to Singapore and Indonesia.

If developed as planned, the project could consume tens of thousands of tonnes of copper, highlighting how Australia’s export-focused energy and infrastructure strategy is translating into material demand growth.

Together, these developments underscore how government-backed partnerships and major infrastructure investments are reinforcing Australia’s role as a reliable copper supplier, while creating longer-term opportunities for investors across the copper value chain.

Addressing the basics

The demand for copper arises from the fact that it is essential for the generation, transmission and use of electricity.

The irony is that the metal which enables electrification is having a hard time catching up to the accelerating pace of electrification itself.

While S&P Global did not have policy recommendations, it implied that current policies may be slowing things down.

“Average copper mine takes 17 years from discovery to production, with much time spent on permitting, environmental reviews and community consultations.”

It cited that changing government terms, tariffs and regulatory frameworks are bringing uncertainty to the resource sector, slowing investment and project development.

The report also noted that while mining is the primary driver of supply, it is only a part of the picture. It’s also about what happens to copper when it leaves mines.

The conclusion is that the requirement is for multilateral cooperation and increased regional diversification.

“The future is not just copper-intensive, it is copper-enabled,” S&P Global concluded.

“As electrification and digital intelligence become defining characteristics of global development, copper is indeed an ever-more critical mineral, carrying the electric currents that are connecting, conducting, and catalyzing innovation and economic advance.”

Target rate probabilities for January Fed meeting.

Chart via CME Group.

Trump has frequently criticized Powell for not lowering rates quickly enough, and Powell’s replacement, who has not yet been announced, is widely expected to be more in line with Trump’s views.

“We see increased interference with the Fed as a key bullish wildcard for the precious metals in 2026,” Carsten Menke, head of next-generation research at Julius Baer Group, told Bloomberg. He noted that because silver is a smaller market than gold, it typically reacts “more strongly to such concerns.”

Silver price chart, January 6 to 14, 2026.

Silver and its sister metal gold tend to fare better when rates are lower, meaning rate cut expectations coupled with the investigation of Powell and the Fed have helped to stoke prices for the precious metals.

While silver is known for lagging behind gold before outperforming, it’s now ahead in terms of percentage gains — silver is up about nearly 200 percent year-over-year, while gold has risen around 72 percent.

The yellow metal also hit a new all-time high on Wednesday, peaking at US$4,641.40 per ounce.

In addition to rate-related factors, silver’s breakout this year has been driven by various other elements.

As a precious metal, it’s influenced by many of the same factors as gold, but its October price jump, which took it past the US$50 level, was also driven by a lack of liquidity in the London market.

While that issue appears to have resolved, silver remains in a multi-year supply deficit. Tariff concerns and silver’s new status as a critical mineral in the US have also provided support.

In addition to its appeal as a precious metal, silver’s industrial side shouldn’t be forgotten — according to the Silver Institute, the white metal’s ‘global silver industrial demand is poised to grow further as demand from vital technology sectors accelerates over the next five years. Sectors such as solar energy, automotive electric vehicles and their infrastructure, and data centers and artificial intelligence will drive industrial demand higher through 2030.’

LME lead price, 2025.

Chart via the LME.

Shanghai Metals Market notes that the tariff announcement came during the traditional off season for lead, with battery producers reducing production and weakening overall demand for the metal.

However, the lead price had rebounded as of the end of April, with rising demand driving down inventories in downstream industries. By the end of Q2, lead was once again trading above US$1,900.

Trade concerns remained present, and although lead ultimately wasn’t included in reciprocal tariffs, considerable uncertainty dampened sentiment during the metal’s normally peak August-to-September period.

During the year’s third quarter, a significant 45,150 MT delivery to LME warehouses in November pushed total volume to 266,125 MT, leading to a collapse in the lead price amid oversupply concerns.

Lead stabilized in the US$1,930 to US$2,050 range as the year drew to a close, spiking to US$2,078.84 on November 12 and to US$1,910.48 on December 12.

What trends will move the lead market in 2026?

According to the International Lead and Zinc Study Group (ILZSG), global demand for refined lead is expected to increase by 0.9 percent to 13.37 million MT in 2026 after rising 1.8 percent in 2025.

In an October report, the organization projects a 6.6 percent rise in US lead demand for 2025, driven by higher domestic battery production. The ILZSG is also expecting greater 2025 lead usage in the Czech Republic, Germany, Poland and the UK, with a 1.8 percent gain in demand across the European Union.

However, a rise in Chinese demand in the first half of 2025, supported by a government trade-in policy for cars and e-bikes, was offset by lower exports of lead-acid batteries, which fueled demand growth of just 0.9 percent.

Many of these same factors are expected to carry over into 2026, with gains in Europe, Vietnam and the US expected to be offset by a forecast 1.7 percent decrease in Chinese demand.

On the supply side, mining output is expected to increase 2.2 percent to 4.67 million MT in 2026, with a 2.5 percent rise from Chinese operations, along with further gains from Europe and output recoveries in Australia and the US.

Refined supply is forecast to increase by 1 percent to 13.47 million MT over the next year, with gains from smelters in Brazil, India and Kazakhstan partially offset by lower production in China and the UK.

Overall, the ILZSG is expecting the lead surplus to grow to 102,000 MT in 2026.

Lead price forecast for 2026

According to a report from market intelligence firm Mordor Intelligence, lead-acid batteries are set to see increasing demand from data centers and 5G applications, where they are used as back-up power systems. The firm is calling for a 0.4 percent compound annual growth rate (CAGR) over the next two to four years.

In terms of EV sector demand, Mordor sees a 0.3 percent CAGR over the next two years as low-speed EVs like rickshaws and golf carts gain greater uptake in emerging markets in Southeast Asia.

Lead’s supply side could be affected by changing dynamics in the silver market.

In a December 12 article, Fastmarkets notes that a high silver price is prompting producers to accelerate project development timelines, pointing to Silver Mountain Resources’ (TSXV:AGMR,OTCQB:AGMRF) Reliquias project, which is expected to enter commercial production in Q3 2026.

As far as 2026 goes, Fastmarkets is expecting balance in the refined lead metal market, with little supply growth and the price rangebound at around the US$2,000 mark.

1. iShares Global Clean Energy ETF (NASDAQ:ICLN)

Total assets under management: US$2 billion
Expense ratio: 0.39 percent

The iShares Global Clean Energy ETF was created on June 24, 2008, and has a large portfolio of domestic and international stocks. An analyst report on the ETF states that it ‘likely doesn’t deserve’ a large weighting in an investor’s long-term portfolio. It suggests that the fund could instead be useful as a satellite holding that looks at a fraction of the market that is often overlooked by less focused ETFs.

The iShares Global Clean Energy ETF has 103 holdings. Three of its top-weighted holdings are Bloom Energy (NYSE:BE), First Solar (NASDAQ:FSLR) and Sunrun (NASDAQ:RUN). In terms of performance, this ETF has a one year return rate of 59.37 percent.

2. Invesco WilderHill Clean Energy ETF (ARCA:PBW)

Total assets under management: US$761.07 million
Expense ratio: 0.64 percent

Launched on March 3, 2005, the Invesco WilderHill Clean Energy ETF focuses on clean energy companies using green and renewable energy, and technologies that help with cleaner energy. Its holdings also include mineral companies focused on critical metals necessary for clean energy.

Currently, of the 64 stocks it holds, this ETF’s top-weighted holdings include Bloom Energy, Lifezone Metals (NYSE:LZM), and Lithium Argentina (TSX:LAR). Its one year return rate comes in at 69.48 percent.

3. First Trust NASDAQ Clean Edge Green Energy (NASDAQ:QCLN)

Total assets under management: US$572.57 million
Expense ratio: 0.56 percent

The First Trust NASDAQ Clean Edge Green Energy Index Fund, which came into existence on February 14, 2007, is a unique member of the alternative energy category, according to ETFdb.com. Why? Because it offers broad exposure by also investing in companies across a wide range of green energy subsectors, including biofuels, solar energy and advanced batteries.

Three of its 50 holdings with the highest weights are Bloom Energy, ON Semiconductor (NASDAQ:ON) and Rivian Automotive (NASDAQ:RIVN). The one year return rate for this ETF is 43.45 percent.

4. State Street SPDR S&P Kensho Clean Power ETF (ARCA:CNRG)

Total assets under management: US$195.57 million
Expense ratio: 0.45 percent

The SPDR S&P Kensho Clean Power ETF was launched in October 2018 and tracks companies whose products and services are driving innovation in the clean energy sector, including the areas of solar, wind, geothermal and hydroelectric power. It has 44 holdings.

Three of the fund’s top holdings include Bloom Energy, SolarEdge Technologies (NASDAQ:SEDG), and Ormat Technologies (NYSE:ORA). Its one year return performance stands at 55.67 percent.

5. ALPS Clean Energy ETF (ARCA:ACES)

Total assets under management: US$112.07 million
Expense ratio: 0.55 percent

The ALPS Clean Energy ETF was formed fairly recently, on June 29, 2018. The fund tracks the CIBC Atlas Clean Energy Index, providing exposure to a diverse set of US and Canadian companies involved in the clean energy sector, including renewables and clean technology.

This ALPS ETF has 39 holdings, and some of its top holdings are Albemarle (NYSE:ALB), Ormat Technologies and Sunrun. It has a one year return of 31.92 percent.

Bitcoin and Ether price update

Bitcoin (BTC) was priced at US$97,611.39, up by 3.3 percent over 24 hours.

Bitcoin price performance, January 14, 2025.

Chart via TradingView.

Ether (ETH) was priced at US$3,380.29, up by 5.5 percent over the last 24 hours.

Altcoin price update

• XRP (XRP) was priced at US$2.15, up by 0.6 percent over 24 hours.

• Solana (SOL) was trading at US$147.38, up by 2.7 percent over 24 hours.

Today’s crypto news to know

Senate Committee puts crypto bill on January clock

The US Senate Committee on Agriculture has scheduled January 27 for its markup of a sweeping crypto market structure bill aimed at clarifying regulatory oversight of digital assets.

The bill text is due to be released on January 21, giving lawmakers less than a week to review and propose amendments before the committee vote. Committee Chair John Boozman said the compressed schedule is designed to balance transparency with momentum as Congress looks to reduce regulatory uncertainty.

The agriculture committee plays a central role because it oversees the Commodity Futures Trading Commission, which would gain expanded authority under the proposal.

If approved, the bill would still need to clear the Senate Banking Committee, pass the full Senate and House and ultimately be signed into law. While momentum has improved compared to last year, unresolved disputes remain around stablecoin yield and decentralized finance provisions.

Polygon to acquire Coinme, Sequence for ‘one-stop shop’ payments

Polygon Labs has entered into definitive agreements to acquire Coinme and Sequence, bringing together licensed fiat on- and off-ramps, enterprise wallets and onchain orchestration in one integrated solution.

Coinme provides licensed cash-to-digital at retail locations, while Sequence has the simplified ‘smart wallet’ technology needed to move that money easily. By acquiring these two companies, Polygon believes it is building a “one-stop shop” for moving money, allowing users to turn physical cash into digital money, and vice versa, at over 50,000 retail locations in the US; they can also create a digital wallet using an email or social media account.

In addition to that, Polygon said the acquisition will allow crypto users to send money across the world in seconds, without the need for complicated background steps.

Figure launches OPEN, a blockchain-based stock exchange network

Figure Technology Solutions (NASDAQ:FIGR) has launched a new system called the On-Chain Public Equity Network (OPEN), providing a new way for companies to list and trade shares using blockchain technology.

According to the announcement, OPEN is a new system where official stock ownership is recorded directly on a public blockchain, meaning the blockchain record is the stock, unlike a digital copy. It allows continuous, peer-to-peer trading via a limit order book, eliminating reliance on traditional banks and clearinghouses that close.

Investors can self-custody their stocks in a digital wallet, which aims to reduce fees and costs.

The network also allows shareholders to use their stocks as collateral for borrowing or lending, a role typically held by prime brokers. Figure said it is planning for these blockchain stocks to be ‘exchangeable’ with Nasdaq-traded stocks, ensuring price parity and liquidity across both markets.

Figure is the first company to use OPEN, and is offering some of its own shares to demonstrate the technology’s viability for large-scale public investing.

CleanSpark expands into AI data centers with Texas acquisition

CleanSpark (NASDAQ:CLSK), a company primarily known for Bitcoin mining, announced an expansion to build data centers for artificial intelligence (AI) with the purchase of 447 acres of land in Brazoria County, Texas.

This is its second major land purchase in the area following a similar deal nearby in Austin County.

The company has secured a long-term deal to get up to 600 megawatts of electricity for this new site, enough power to run hundreds of thousands of homes.

While the company is known for mining Bitcoin, it is now using its expertise in building large “computer warehouses” to support the AI boom. These new sites are being designed as AI factories, places filled with powerful computers that process the complex data needed for things like ChatGPT and other advanced tech.

The deal is expected to close in early 2026. Once finished, CleanSpark will have nearly 1 gigawatt of potential capacity in the Houston area, making it a major player in the infrastructure that runs the modern internet.

Strategy’s US$1.3 billion Bitcoin haul lifts price

Bitcoin climbed back above US$95,000 after Michael Saylor’s Strategy (NASDAQ:MSTR) disclosed a US$1.3 billion Bitcoin purchase, its largest single acquisition since July.

The purchase pushed Strategy’s shares up about 7 percent, reinforcing its reputation as a high-beta proxy for Bitcoin. The company now holds roughly US$66 billion worth of Bitcoin at an average purchase price near US$75,000.

Strategy funded the purchase by issuing more than US$1 billion in new shares rather than tapping existing cash.

The rally was reinforced by a surge in institutional demand, with US-listed spot Bitcoin exchange-traded funds recording their strongest single-day inflows since October.

European crypto exchange Bitpanda targets 2026 Frankfurt IPO

European crypto exchange Bitpanda is reportedly preparing for an initial public offering (IPO) in the first half of 2026, with a potential valuation of up to 5 billion euros.

Bloomberg reported that the Vienna-based firm is said to be eyeing a Frankfurt listing, positioning itself in one of Europe’s deepest capital markets. Founded in 2014, Bitpanda has grown into a major retail platform with more than 7 million users and a dominant share of Austria’s domestic crypto trading activity.

The company has reportedly engaged major investment banks to advise on the deal, though it has yet to formally confirm its IPO plans. A Frankfurt listing would align Bitpanda with a broader trend of European firms prioritizing liquidity and investor depth over traditional UK venues