Silver Miners ETFs: First Majestic and Wheaton in every fund

What are silver miners ETFs?

Silver miners are companies that find and produce silver, often alongside other metals. The five ETFs in this guide own shares of those companies rather than silver bars, with one partial exception noted below. Four stocks appear in all five funds: First Majestic Silver, Wheaton Precious Metals, Aya Gold & Silver and Coeur Mining. Hecla Mining, Endeavour Silver and Silvercorp Metals are in four of the five, and Pan American Silver is in three.

All five track an index, and none uses leverage, inverse bets or options. They differ most in how concentrated they are. Global X's SIL follows the Solactive Global Silver Miners Total Return Index and holds 79.53% in its 10 largest positions. Wheaton leads at 22.38%. Amplify's SILJ follows the Nasdaq Junior Silver Miners Index, which leans toward smaller miners. It is the most spread out, with 64 holdings and 55.54% in its top 10. iShares' SLVP tracks an MSCI index of silver explorers and wider metals miners, led by Hecla at 13.7%. Sprott's SLVR launched in January 2025. It puts 16.88% in the Sprott Physical Silver Trust, which holds the metal itself, and 21.78% in First Majestic. Themes' AGMI launched in May 2024, and its largest holding is Newmont at 9.69%.

The median expense ratio is 0.65%. That is the yearly fee, taken as a share of your investment. AGMI charges the least at 0.35%, followed by SLVP at 0.39%. SILJ charges the most at 0.69%.

There are only five funds, so the five largest hold 100% of the group's roughly $9.02 billion in assets as of October 27, 2026. SIL, at about $3.95 billion, and SILJ, at about $3.40 billion, hold most of it. AGMI has about $10.4 million.

Silver miners ETF holdings: the stocks most funds own

The stocks that show up most often among the largest positions of the 5 biggest silver miners ETFs with holdings reports, from their latest N-PORT filings.

Typical weight is the median share of each fund’s assets in the stock, among the funds that hold it in their 25 largest positions.

The largest silver miners ETFs, side by side

Swipe the table to see all 5 funds.

The largest ordinary funds by net assets (leveraged and inverse funds are listed further down). Holdings from each fund’s latest N-PORT report; returns include reinvested distributions, as of Oct 27, 2026.

Head to head

How much do the largest silver miners ETFs overlap?

Owning two funds that hold the same stocks adds little diversification. Overlap here is the share of assets two funds have in common: for each stock both own, the smaller of its two weights, added up.

From each fund’s full holdings in its latest N-PORT report.

How have silver miners ETFs performed?

The five largest ordinary funds: growth from the start of the range, distributions reinvested. The dashed gray line is the S&P 500 (SPY).

Best-performing silver miners ETFs over the past year

Funds with at least $25 million in net assets; leveraged and inverse funds left out. Past returns don’t predict future returns.

How silver miners ETFs did in past market crashes

Total return from the stock market’s peak to its low in each fall, distributions reinvested.

What drives silver miners ETFs?

Silver miners' profits depend on the price of silver. They often depend on gold, copper and zinc too, because many mines produce several metals. Mining costs such as labor and fuel are largely fixed, so a modest move in metal prices can cause a much bigger swing in profits. Demand for silver comes from industry, such as solar panels, and from investors who see it as a store of value. Silver pays no interest, so higher interest rates and a stronger US dollar have tended to weigh on it. Miners also face production setbacks and changes to tax and permit rules.

These forces do not always track the stock market. In the 2020 COVID crash, SIL fell 32.3% and SLVP fell 33.5%, close to the S&P 500's 33.7% drop. SILJ, which follows an index of junior (smaller) miners, fell 41.5%. In the 2022 bear market the order flipped. SILJ lost 22.4%, a bit less than the S&P 500's 24.5%, while SLVP lost 25.6% and SIL lost 31.1%. SLVR and AGMI are too new to have faced either downturn. Over the year to October 27, 2026, the funds' worst peak-to-trough drops ranged from 35.7% (AGMI) to 44.4% (SLVR).

Silver miners ETFs with the lowest expense ratios

Ordinary funds with at least $10 million in net assets. The median ordinary silver miners ETF charges 0.65% a year; leveraged and inverse funds usually charge more.

Do silver miners ETFs pay dividends?

5 of the 5 ordinary silver miners ETFs with a page here paid distributions over the last 12 months, with a median yield of 2.26%.

Distributions over the last 12 months divided by the price; funds with at least $25 million in net assets.

How to choose a silver miners ETF

• Annual fees from 0.35% to 0.69%. AGMI charges 0.35% and SLVP 0.39%. SIL and SLVR charge 0.65%, and SILJ charges 0.69%. Savings from lower fees add up over many years, but AGMI's small size can mean wider trading spreads.
• How much rides on a few stocks. SIL holds 79.53% in its top 10, with Wheaton Precious Metals alone at 22.38%. First Majestic is 21.78% of SLVR. SILJ spreads across 64 holdings, with 55.54% in its top 10.
• Which index and which kind of miner. SIL tracks the Solactive Global Silver Miners Total Return Index. SILJ tracks the Nasdaq Junior Silver Miners Index, which leans toward smaller companies. SLVP's global MSCI index also admits broader metals miners.
• Miners only, or some physical silver. SLVR tracks the Nasdaq Sprott Silver Miners Index. It holds 16.88% in the Sprott Physical Silver Trust alongside mining stocks. That ties part of the fund directly to the metal, while the other four focus on mining companies.
• Fund size and track record. SIL, launched in 2010, holds about $3.95 billion, and SILJ holds about $3.40 billion. AGMI, launched in May 2024, has about $10.4 million. SLVR dates only to January 2025. Very small funds are more likely to close.
• Dividend yields vary widely. As of October 27, 2026, AGMI yielded 4.56% and SLVR 4.27%. SILJ and SLVP yielded 2.26%, and SIL 1.32%. Mining payouts move with metal prices, so yields can change quickly.

What are the risks of silver miners ETFs?

• A few stocks dominate every fund. First Majestic, Wheaton Precious Metals, Aya Gold & Silver and Coeur Mining sit in all five funds. SIL holds 79.53% in its top 10, and First Majestic alone is 21.78% of SLVR. Owning two adds less variety than it seems.
• Very large price swings. In the year to October 27, 2026, volatility, a gauge of how widely prices swing, ran from 54.1% for AGMI to 67.9% for SLVR. Every fund fell at least 35.7% from a peak, and SLVR fell 44.4%.
• Profits magnify moves in silver. Mining costs are largely fixed, so a fall in the silver price can cut miners' profits by a larger share. In 2026 through October 27, all five funds lost ground, from 3% for AGMI to 13.9% for SLVR.
• Mine-level and foreign risks. One accident, strike, permit denial or tax change can hit a miner hard, and in a concentrated fund that matters. SIL and SLVP follow global indexes, which adds currency swings and political risk abroad.
• Small and young funds. AGMI has about $10.4 million in assets. That can mean wider bid-ask spreads (the gap between what buyers pay and sellers get) and a higher chance of closure. SLVR launched in January 2025, so its record is short.

List of all silver miners ETFs, by size

All 5 silver miners ETFs, compared →

More commodities & materials guides

Gold Miners17 ETFsBroad Materials13 ETFsMetals & Mining4 ETFsCopper Miners5 ETFsLithium3 ETFsAgribusiness5 ETFsBattery & Energy Storage5 ETFs