At a glance
AGMI charges 0.35% a year, below the 0.53% average of the 8 funds most like it (the cheapest of 8). It has $10.4M in assets, the 9th largest of that group; it paid 4.56% of its price in distributions over the past 12 months, annual. Over the past year it returned +29.2% with distributions reinvested (S&P 500: +11.5%), the best of those 9 funds. Its ten largest positions make up 63.0% of the fund, out of 38 in all.
The short version
Themes Silver Miners ETF (AGMI) is an index fund that tracks the STOXX Global Silver Mining Index. It holds 38 mining stocks, led by Newmont, Fresnillo and Industrias Peñoles. It owns mining companies, not silver itself. Its 0.35% expense ratio, or annual fee, is the lowest among the similar miner funds compared, but at $10.4 million in net assets as of June 30, 2026, it is also the smallest.
Price history
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AGMI +29.2% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| AGMI official prospectus, to Dec 31, 2025 | — | +174.99% | — | — | — | +83.28% |
| AGMI price data to Oct 27, 2026 | -3.0% | +29.2% | — | — | — | +48.3% |
- Over the year to Oct 27, 2026, AGMI returned +29.2%, 1st of 9 among similar funds.
- Its worst full calendar year was 2025 (+176.2%); its best was 2025 (+176.2%).
- The deepest fall in its price history was 35.7% (Feb 27, 2026 to Jul 16, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -3.0% | — |
| 2025 | +176.2% | +174.99% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $2.8600 |
What's inside
As of Jun 30, 2026, the fund held 38 securities; the ten largest made up 63.03% of assets.
| Holding | Weight | |
|---|---|---|
| Newmont Corp | 9.69% | |
| Fresnillo PLC | 9.64% | |
| Industrias Penoles SAB de CV | 9.54% | |
| Wheaton Precious Metals Corp | 6.98% | |
| Discovery Silver Corp | 6.30% | |
| First Majestic Silver Corp | 4.60% | |
| Aya Gold & Silver Inc | 4.36% | |
| Endeavour Silver Corp | 4.15% | |
| Pan American Silver Corp | 3.98% | |
| Silvercorp Metals Inc | 3.79% | |
| Southern Copper Corp | 3.64% | |
| Zijin Mining Group Co Ltd | 3.50% | |
| Coeur Mining Inc | 3.24% | |
| Triple Flag Precious Metals Co | 3.14% | |
| Freeport-McMoRan Inc | 2.65% |
By country
Canada 48.27%United States 23.09%Mexico 19.18%China 5.58%Poland 2.6%By asset type
Stocks 99.76%What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $3.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.83%, +6.25%, -15.56%.
How it works
AGMI is an index fund: instead of picking stocks, it aims to match the STOXX Global Silver Mining Index, run by STOXX Ltd. The index starts with global stocks trading at least $0.5 million a day on average. Tier 1 takes companies earning at least 25% of revenue from silver ore mining, up to 50 names. Tier 2 adds other companies ranking in the top 40% by silver mining revenue.
Stocks are weighted by the market value of their freely traded shares, then capped: no company above 10%, those above 4.5% at no more than 45% combined, and Tier 2 at no more than 30%. Companies heavily tied to silver must make up at least 80%. These caps are guidelines, and holdings can drift past them between reviews. STOXX reviews the lineup each September and resets weights quarterly. As of June 30, 2026, Newmont, Fresnillo and Industrias Peñoles were each near 10%.
The fund generally holds every index stock in the same proportions, though it may use a representative sample. It owns mining shares, not silver, so returns can lag or outrun the metal. Turnover, roughly the share of the portfolio traded in a year, was 124% per the prospectus. That can add trading costs not shown in the expense ratio. It uses no leverage or options.
What it really costs
- AGMI charges 0.35% a year, versus an average of 0.53% for the similar funds below (1st of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $36 in the first year and $443 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| AGMI | $36 | $113 | $197 | $443 |
In a retirement portfolio
With yearly price swings (volatility) of 54.1% as of October 27, 2026, and a 35.7% drop in 2026, this 38-stock mining fund fits as a small add-on, not a foundation.
AGMI could add a concentrated stake in silver mining stocks, which swing far more than the broad market. It launched on May 3, 2024, so it has no record through the 2008, 2020 or 2022 downturns. Its only full calendar year, 2025, gained about 175%, so it has no losing year on record. Its deepest drop was 35.7%, from February 27 to July 16, 2026, and it had not fully recovered as of October 27, 2026. Selling to fund spending during such a slide would lock in steep losses.
Income comes in one lump: the trailing 12-month yield was 4.56% as of October 27, 2026, paid once a year. The 0.35% expense ratio, or annual fee, is below the 0.53% average of similar funds. In the SEC's standard $10,000 example, that is $36 in the first year. Past results don't predict future ones, and a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting a targeted slice of silver mining shares, with about 48% in Canadian companies and 19% in Mexican ones as of June 30, 2026.
- Cost-conscious investors: its 0.35% expense ratio was the lowest among similar miner funds compared, below SLVP's 0.39% and SIL's 0.65%.
- Investors with long horizons who can ride out drops like the 35.7% fall from February to July 2026 without needing to sell.
Look elsewhere if
- Anyone wanting silver's price itself: AGMI owns mining stocks, which can lag or outrun the metal and carry company and currency risks.
- Investors who prefer larger, longer-tested funds: AGMI had $10.4 million in net assets as of June 30, 2026, and launched in May 2024.
- Those needing steady income: it pays once a year, and its 4.56% trailing yield as of October 27, 2026, may not repeat.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| AGMI this fund | — | 0.35% | $10.4M | +29.2% | — |
| SLVP iShares MSCI Global Silver Miners ETF | 54% | 0.39% | $1.02B | +26.0% | +53.8% |
| SIL Global X Silver Miners ETF | 44% | 0.65% | $3.95B | +19.5% | +48.2% |
| SILJ Amplify Junior Silver Miners ETF | 44% | 0.69% | $3.40B | +12.4% | +45.5% |
| SLVR Sprott Silver Miners & Physical Silver ETF | 39% | — | $645.8M | +20.9% | — |
| GDX VanEck Gold Miners ETF | 30% | 0.51% | $22.75B | +10.6% | +42.6% |
| RING iShares MSCI Global Gold Miners ETF | 25% | 0.39% | $2.52B | +22.8% | +49.4% |
| GOAU US Global GO GOLD and Precious Metal Miners… | 25% | 0.6% | $164.8M | +13.3% | +39.5% |
Questions investors ask
Does AGMI hold physical silver?
No. AGMI owns shares of mining companies, not silver bullion. It tracks the STOXX Global Silver Mining Index and held 38 stocks as of June 30, 2026, with Newmont, Fresnillo and Industrias Peñoles each near 10% of assets. Its prospectus warns that miners can do better or worse than the silver price over both short and long periods. Miners also carry company risks that bullion does not, such as exploration costs. The fund uses no leverage or derivatives.
What's the difference between AGMI and SLVP?
Both hold global silver mining stocks, but AGMI is cheaper and far smaller. AGMI charges 0.35% a year, versus 0.39% for the iShares MSCI Global Silver Miners ETF (SLVP), and about 54% of their holdings overlap. SLVP had about $1.0 billion in net assets as of August 31, 2026, against AGMI's $10.4 million as of June 30, 2026. In the year to October 27, 2026, AGMI returned 29.2% and SLVP 26%. SLVP also has a longer record.
How often does AGMI pay dividends?
Once a year. AGMI paid $2.86 per share over the 12 months to October 27, 2026, a trailing yield of 4.56%. A trailing yield looks back at past payouts, so it doesn't promise the next one. With a single yearly payment, the amount can change a lot from one year to the next. That makes AGMI an awkward fit for anyone who needs regular monthly or quarterly cash.
Is AGMI good for retirement?
AGMI is a narrow, high-risk fund, so it may suit only a small slice of a retirement portfolio. It launched in May 2024 and has no record through the 2008, 2020 or 2022 downturns. Its one-year volatility, a measure of how widely returns swing, was 54.1% as of October 27, 2026. It fell 35.7% between February 27 and July 16, 2026, and had not fully recovered by October 27, 2026. Retirees selling in a slump could lock in losses.
What is AGMI's expense ratio?
AGMI's expense ratio is 0.35% a year, according to its prospectus filed January 27, 2026. The SEC's standard example assumes $10,000 invested earning 5% a year. On that basis, total costs come to about $36 after one year, $197 after five years and $443 after ten. That is below the 0.53% average of the similar funds compared. Turnover of 124% may add trading costs that the expense ratio does not include.