iShares MSCI Global Silver Miners ETF

The iShares MSCI Global Silver Miners ETF (SLVP) is an index fund that tracks the MSCI ACWI Select Silver Miners Investable Market Index. The index holds silver mining and exploration companies around the world, led by Hecla Mining, Industrias Peñoles and First Majestic Silver. At 0.39% a year, it costs less than most similar miner funds, which average 0.53%. It owns mining companies, not silver itself, and swings sharply: it lost 80.5% between 2012 and 2016.

• Over the year to Oct 27, 2026, SLVP returned +26.0%, 2nd of 9 among similar funds.
• Its 5-year annualized return was +18.3% and its 10-year +11.2%.
• In the 2020 COVID crash it fell 46.8% and regained its old high 1.8 months after the low.
• Its worst full calendar year was 2013 (-50.7%); its best was 2025 (+202.8%).
• The deepest fall in its price history was 80.5% (Feb 28, 2012 to Jan 20, 2016), recovered by Sep 2, 2025.

As of Aug 31, 2026, the fund held 44 securities; the ten largest made up 71.08% of assets. It also reported 8.76% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.

• Over the three months to Aug 31, 2026, investors withdrew a net $49.8M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: -16.73%, -3.60%, +34.05%.

SLVP tracks an index built by MSCI. MSCI starts with a broad index of large, mid-size and small companies in developed and emerging markets. From that list it picks companies that mainly mine silver. The target is about 25 companies. If there aren't enough, MSCI adds gold and precious-metals companies in this order: those earning at least 25% of revenue from silver, then silver explorers, then those with smaller silver revenue. If it still needs more, it adds micro-cap (very small) stocks.

Each company's weight depends on its free-float market value, meaning the value of shares available to the public. Gold companies count at only 5% of that value. No company may go above 25%, and companies over 5% may not add up to more than 50% combined. MSCI reviews the index every quarter. As of August 31, 2026, the fund held 44 stocks, and the top 10 made up about 71% of assets. The largest were Hecla Mining (13.7%), Industrias Peñoles (10.2%) and First Majestic Silver (9.9%). Canadian companies made up about 58%.

BlackRock Fund Advisors uses representative sampling, so the fund may not own every stock in the index. At least 80% of assets go into index stocks or close equivalents. Up to 20% may go into futures, swaps, cash or other securities. The fund may lend out up to one-third of its assets. Portfolio turnover was 74%, which is high for an index fund.

• SLVP charges 0.39% a year, versus an average of 0.53% for the similar funds below (2nd of 9, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $40 in the first year and $493 over 10 years (assuming a 5% annual return).

SLVP is a concentrated bet on silver and precious-metals miners with very deep past drops, so it fits best as a small side position, if at all.

SLVP adds focused exposure to silver miners at a low cost for its category: 0.39% a year. It paid a trailing yield of 2.26% as of October 27, 2026, in two payments a year. But the swings have been severe. In the 2020 COVID crash it fell 46.8% in under three weeks, then recovered by May 2020. In 2022 it fell 47.7% and took about 25 months to recover. Its worst calendar year was 2013, at -50.7%. Its deepest drop was 80.5%, from February 2012 to January 2016, and it took about 115 months to recover, until September 2025. It launched in 2012, so it has no record from 2008. Someone who has to sell shares or draw income during a slump could lock in steep losses. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.