Exposure to silver miners and physical silver
Our Partner
Pure play exposure
The Silver Miners & Physical Silver ETF offers pure play exposure to silver mining companies and physical silver. Focusing on the upstream opportunity offered by silver miners, complemented by physical silver exposure, could stand to benefit from the next stage of a silver bull market.
One of the world’s oldest currencies
Silver has value as a precious metal investment with historically low correlation to other asset classes. Investments span coins, bars, jewellery and silverware.
Critical to Energy and Technology
Silver is a critical material that is used across a variety of advancing industries, including solar energy, AI, automotive technology and healthcare. Silver demand significantly exceeded supply in each of the last six years.
Focusing on the upstream opportunity offered by silver miners, complemented by physical silver exposure, could stand to benefit from the next stage of a silver bull market.
Sprott Silver Miners & Physical Silver UCITS ETF (SLVM) is the only UCITS ETF to provide pure play exposure to silver miners and physical silver.
Silver plays a unique role in global markets as both a precious metal and a critical industrial material, with growing demand across electronics, solar energy and other advanced applications. At the same time, silver continues to serve as a precious metal, benefiting from its monetary applications and from increased investment demand.
The Silver Miners and Physical Silver ETF tracks the Nasdaq Sprott Silver Miners and Physical Silver Index (NSLVRU), which is designed to track the performance of securities in the silver industry, including silver producers, developers, explorers and physical silver.
Key Risks
The exploration and development of mineral deposits involve significant financial risks over a significant period of time, which even a combination of careful evaluation, experience and knowledge may not eliminate. Few properties which are explored are ultimately developed into producing mines. Major expenditures may be required to establish reserves by drilling and to construct mining and processing facilities at a site. Mineral exploration companies typically operate at a loss and are dependent on securing equity and/or debt financing, which might be more difficult to secure for an exploration company than for a more established counterpart. Investors’ capital is fully at risk and may not get back the amount originally invested. Exchange rates can have a positive or negative effect on returns. For a complete overview of all the risks, please refer to the »Risk Factors » in the Prospectus.
Source: HANetf, data as of 31.08.2026. Please note that all performance figures are showing net data. Performance before inception is based on back-tested data. Back-testing is the process of evaluating an investment strategy by applying it to historical data to simulate what the performance of such a strategy would have been. Back-tested data does not represent actual performance and should not be interpreted as an indication of actual or future performance. Past performance for the index is in USD. Past performance is not an indicator for future results and should not be the sole factor of consideration when selecting a product. Investors should read the prospectus of the Issuer ( »Prospectus ») before investing and should refer to the section of the Prospectus entitled »Risk Factors » for further details of risks associated with an investment in this product. If fund is less than 12 months old, YTD field will be calculated since inception. When you invest in ETFs your capital is at risk.
No. of holdings: 65
The Nasdaq Sprott Silver Miners & Physical Silver Index tracks silver-related equities alongside a fixed allocation to physical silver. It includes silver producers, developers and explorers, and physical exposure via the Sprott Physical Silver Trust.
To qualify, companies must derive at least 25% of revenues from silver-related activities and meet minimum size, liquidity and listing requirements. Physical silver is set at 15% of the index, while the rest is weighted using a modified free-float market-cap approach that favours more silver-focused companies.
The index is rebalanced semi-annually and includes caps to limit concentration and maintain diversification.
Silver mining equity exposure refers to investments in companies involved in the exploration, extraction, and production of silver. These companies may operate primary silver mines or produce silver as a by-product of mining other metals such as gold, copper, or zinc. Performance is influenced by both the silver price and company-specific factors such as production costs, reserve quality, and operational efficiency. Performance is influenced by both the silver price and company-specific factors such as production costs, reserve quality, and operational efficiency; because mining companies have fixed operating costs, a given move in the silver price typically translates into a larger move in company earnings and share prices — meaning mining equities tend to offer leveraged, rather than one-to-one, exposure to the underlying metal.
Silver is mined both as a primary metal and as a by-product of other mining operations, particularly copper, lead, and zinc mines. A significant portion of global supply comes from polymetallic deposits, meaning silver output is often tied to broader base metal production rather than standalone silver projects. Major producing regions include Mexico, Peru, China, and Chile. Because much of silver supply is by-product driven, production does not always respond directly to changes in silver prices, which can contribute to structural supply constraints over time.
Silver mining equities tend to be more volatile than the underlying silver price because they combine commodity exposure with corporate operating leverage. When silver prices rise, revenues can increase faster than costs, potentially amplifying earnings growth. However, the reverse is also true: falling silver prices can quickly compress margins and profitability. Additional factors such as geopolitical risk, energy costs, and mine-specific operational issues further contribute to volatility. This means mining equities can exhibit sharper ups and downs compared with the physical metal.
Long-term silver demand is driven by a combination of industrial and investment uses. Industrial demand accounts for a significant share, including applications in solar panels, electronics, semiconductors, and electrical infrastructure due to silver’s high conductivity. Investment demand also plays a role, as silver is often viewed as both a precious and industrial metal, attracting interest during periods of macroeconomic uncertainty or inflation concerns. Jewellery and silverware demand provide additional support, although industrial applications are increasingly the dominant driver of growth.
Industrial demand plays a key role in shaping silver prices because it accounts for a large and growing share of total consumption. Sectors such as solar energy rely heavily on silver for photovoltaic cells, while electronics and electric vehicles also contribute to structural demand. As these industries expand, they can create sustained pressure on available supply. However, silver prices are also influenced by investment flows and macroeconomic conditions, meaning industrial demand is only one component of a broader demand profile.
Silver supply is often considered structurally constrained because a large proportion is produced as a by-product of mining other metals. This means output is not always responsive to silver price signals alone, but instead depends on production decisions in copper, lead, and zinc mining. Additionally, developing new primary silver mines can be capital-intensive and time-consuming due to permitting, exploration risk, and infrastructure requirements. As a result, supply growth can lag demand growth during periods of strong industrial consumption.
Key risks include commodity price volatility, operational risk at individual mines, geopolitical exposure in producing regions, and cost inflation in energy and labour. Silver mining companies are also exposed to currency fluctuations, particularly where revenues are in US dollars but costs are local. Because many producers are by-product miners, performance may also depend on conditions in other commodity markets such as copper or zinc. Environmental and permitting risks can further affect project timelines and production growth.
Silver mining companies generate revenue by selling mined silver on global commodity markets, often at prices linked to benchmark silver spot or futures prices. Some companies produce silver directly, while others derive revenue from silver that is recovered as part of broader mining operations. Revenue is therefore influenced by both production volumes and realised silver prices. Companies may also use hedging strategies to manage price risk, although the extent of hedging varies by producer — heavily hedged producers will typically show less sensitivity to silver price movements, while unhedged producers offer closer to full leveraged exposure, making a company’s hedging policy an important factor for investors seeking direct silver price exposure through equities.
Relevant silver mining stocks may include producers, royalty and streaming companies, developers and explorers with material silver exposure. Examples include First Majestic Silver, Aya Gold & Silver, Silvercorp Metals, Wheaton Precious Metals, Endeavour Silver, Americas Gold & Silver, AbraSilver Resource, Vizsla Silver and GoGold Resources. These companies may be affected by silver prices, mine grades, production growth, operating costs, permitting, jurisdictional risk and access to capital. Investors should also assess whether a company is a primary silver miner or a diversified precious-metals producer, because by-product exposure can dilute sensitivity to silver. Physical silver exposure can behave differently from mining equities, which carry operational and company-specific risk.
Disclaimer: These FAQs have been generated with the assistance of AI and may contain errors or omissions. They are provided for general information only and do not constitute investment advice, a recommendation, or an invitation to buy or sell any investment.
Explore our expert-written monthly fund reports, periodic reviews, and key insights.
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Silver ETF Report | September 2026
September 2026
Silver ETF Report | August 2026
Silver ETF Report | July 2026
August 2026
About Partner
Sprott Asset Management LP (“SAM”) is a fully owned subsidiary of Sprott Inc. (“Sprott”). Sprott is a global asset manager providing clients with access to highly differentiated precious metals and critical materials investment strategies. We are specialists; we believe our in-depth knowledge, experience and relationships separate us from the generalists.
Sprott’s specialized investment products include innovative physical bullion and commodity trusts, managed equities and mining ETFs. Sprott has offices in Toronto, New York, Connecticut and California and the company’s common shares are listed on the New York Stock Exchange and the Toronto Stock Exchange under the symbol “SII”. For more information, please visit www.sprott.com.
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