At a glance
SLVR charges 0.65% a year, above the 0.52% average of the 4 funds most like it (the 3rd cheapest of 5). It has $645.8M in assets, the 4th largest of that group; it paid 4.27% of its price in distributions over the past 12 months, annual. Over the past year it returned +20.9% with distributions reinvested (S&P 500: +11.5%), 3rd of those 5 funds. Its ten largest positions make up 73.9% of the fund, out of 77 in all.
The short version
Sprott Silver Miners & Physical Silver ETF (SLVR) tracks the Nasdaq Sprott Silver Miners Index. The index mixes silver mining stocks with a stake in the Sprott Physical Silver Trust, a closed-end trust that holds silver bullion. As of June 30, 2026, that trust made up 16.9% of the fund and First Majestic Silver made up 21.8%. The fund charges 0.65% a year, above the 0.52% average of similar silver miner funds.
Price history
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SLVR +20.9% 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 | |
|---|---|---|---|---|---|---|
| SLVR price data to Oct 27, 2026 | -13.9% | +20.9% | — | — | — | +60.9% |
- Over the year to Oct 27, 2026, SLVR returned +20.9%, 3rd of 5 among similar funds.
- The deepest fall in its price history was 44.4% (Feb 27, 2026 to Oct 26, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -13.9% |
| 2025 | +170.6% |
| 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 | $2.0500 |
What's inside
As of Jun 30, 2026, the fund held 77 securities; the ten largest made up 73.87% of assets.
| Holding | Weight | |
|---|---|---|
| First Majestic Silver Corp | 21.78% | |
| Sprott Physical Silver Trust | 16.88% | |
| Aya Gold & Silver Inc | 7.07% | |
| Wheaton Precious Metals Corp | 4.94% | |
| Endeavour Silver Corp | 4.86% | |
| Silvercorp Metals Inc | 4.43% | |
| Abrasilver Resource Corp | 4.22% | |
| Americas Gold & Silver Corp | 3.87% | |
| Vizsla Silver Corp | 3.07% | |
| Gogold Resources Inc | 2.75% | |
| Coeur Mining Inc | 2.15% | |
| Highlander Silver Corp | 1.89% | |
| Hecla Mining Co | 1.77% | |
| Fresnillo Plc | 1.24% | |
| New Pacific Metals Corp | 1.15% |
By country
Canada 71.3%United States 21%Australia 3.05%United Kingdom 1.5%Peru 1.05%By asset type
Stocks 99.81%What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $43.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.08%, +6.71%, -20.24%.
How it works
SLVR is a Sprott index fund that aims to match the Nasdaq Sprott Silver Miners Index, before fees. The index mixes companies that get at least half their revenue or assets from silver with closed-end trusts (listed funds with a fixed number of shares) holding at least half their assets in physical silver. It holds no bullion directly; its silver comes through shares of the Sprott Physical Silver Trust, run by a Sprott affiliate.
The index resets in June and December. At each reset, physical silver is set to 17.5% and companies are weighted by free-float market value (the value of shares the public can trade). Caps apply: 24% for the largest company, 4.75% for any other, and 49% combined for holdings above 5%. Companies with 25% to 50% of revenue or assets tied to silver get scaled-down weights. Weights drift with prices between resets; as of June 30, 2026, First Majestic Silver was 21.8% of assets, the silver trust 16.9% and Aya Gold & Silver 7.1%.
Working with sub-adviser ALPS Advisors, the fund generally holds every index security at its index weight, but may hold a sample when that is impractical. Canadian issuers made up 71.3% of assets as of June 30, 2026, and the index can include emerging and frontier market stocks.
What it really costs
- SLVR charges 0.65% a year, versus an average of 0.52% for the similar funds below (3rd of 5, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $66 in the first year and $810 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SLVR | $66 | $208 | $362 | $810 |
In a retirement portfolio
It is a narrow, concentrated bet on silver miners and silver, with very large price swings, so it fits best as a small slice of a portfolio rather than its foundation.
SLVR launched in January 2025. That means it has no record through the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. In its only full calendar year, 2025, it returned 170.6%. It then fell 44.4% between February 27 and October 26, 2026, and it had not recovered as of October 27, 2026. Its one-year volatility was 67.9% and its beta was 2.55, meaning it moved about two and a half times as much as the broad market. Anyone forced to sell in a bad stretch could lock in a deep loss. The trailing yield was 4.27% as of October 27, 2026, but the fund pays once a year, so it isn't a steady income source. Costs run $66 in the first year on $10,000 under the SEC example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want silver miners and physical silver in one fund, with the Sprott Physical Silver Trust reset to 17.50% at each rebalance.
- Holders of a small precious-metals slice who can accept drops like the 44.4% fall between February and October 2026.
- People comfortable with concentration: First Majestic Silver alone was 21.8%, and Canadian holdings 71.3%, as of June 30, 2026.
Look elsewhere if
- Cost-focused investors: SLVP charges 0.39% and AGMI 0.35%, compared with SLVR's 0.65% expense ratio.
- Anyone needing regular income: the 4.27% trailing yield arrives as a single annual payment, not monthly or quarterly.
- Investors who want a long track record: SLVR launched January 14, 2025, and has never been through a broad bear market.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| SLVR this fund | — | 0.65% | $645.8M | +20.9% | — |
| SILJ Amplify Junior Silver Miners ETF | 42% | 0.69% | $3.40B | +12.4% | +45.5% |
| SLVP iShares MSCI Global Silver Miners ETF | 39% | 0.39% | $1.02B | +26.0% | +53.8% |
| AGMI Themes Silver Miners ETF | 39% | 0.35% | $10.4M | +29.2% | — |
| SIL Global X Silver Miners ETF | 30% | 0.65% | $3.95B | +19.5% | +48.2% |
Questions investors ask
Does SLVR hold physical silver?
Yes, but indirectly. SLVR doesn't store silver bars itself. It owns shares of the Sprott Physical Silver Trust, a closed-end trust that holds bullion and is run by a Sprott affiliate. The index sets physical silver at 17.50% at each semi-annual selection date, and the trust was 16.9% of the fund as of June 30, 2026. Most of the rest is silver mining stocks, led by First Majestic Silver at 21.8%.
What's the difference between SLVR and SILJ?
SILJ, the Amplify Junior Silver Miners ETF, has the most holdings overlap with SLVR, at 42%. SILJ charges 0.69% compared with SLVR's 0.65%. It is also much larger, with $3.4 billion in net assets against SLVR's $645.8 million. Over the year to October 27, 2026, SLVR returned 20.9% and SILJ returned 12.4%. SLVR also holds a set stake in a physical silver trust alongside its miners.
Does SLVR pay a dividend?
Yes, once a year. As of October 27, 2026, its trailing 12-month payout was $2.05 per share, a 4.27% yield. Because it pays in one annual distribution, the amount can vary a lot from year to year. Investors looking for regular monthly or quarterly income may find it a poor fit. Silver mining stocks are mainly owned for price exposure, not steady income.
What is SLVR's expense ratio?
SLVR's expense ratio is 0.65%, according to its prospectus filed April 30, 2026. In the SEC's standard example, with $10,000 invested and a 5% yearly return, costs come to about $66 after one year, $208 after three years, $362 after five and $810 after ten. That is above the 0.52% average of similar funds. It is cheaper than SILJ at 0.69% but costs more than SLVP at 0.39% and AGMI at 0.35%.
Is SLVR too risky for retirement?
For most retirement portfolios, SLVR is a high-risk holding that would make up a small slice at most. Its one-year volatility was 67.9% as of October 27, 2026. It fell 44.4% between February 27 and October 26, 2026, after gaining 170.6% in 2025. The fund is concentrated in one industry and mostly in Canadian companies. It also launched in 2025, so it has no history through a major market crash.