Commodities: Precious Metals Silver

USV Top Performer Intra-day
Price $22.57
Today’s Change -0.00%(-0.00)
1:02pm 04/27/2017
SLV Bottom Performer Intra-day
Price $16.37
Today’s Change -0.20%(-1.21)
4:00pm 04/27/2017
  • Overview
  • Efficiency
  • Tradability
  • Fit

ETF.com Insight

The best silver fund overall is SIVR, with its physical silver-based portfolio, best-in-class 30 bp expense ratio, and sufficient liquidity. If you're looking for exposure to silverThe best silver fund overall is SIVR spot prices, it simply does not get any better. That said, active traders might prefer the more-expensive SLV, which trades in greater volume by two orders of magnitude, with slightly narrower spreads. Both funds hold physical silver and thus do a perfect job tracking spot silver prices after their respective expenses.
SLVO, launched in Apr 2013, is the newcomer of the segment. SLVO charges 65 bps to hold SLV and write front month calls. It is a novel strategy that tries to generate yield from call premia on a yield-less asset. The novel strategy has generated a modest amount of investor interest.
The other two products—DBS and USV—that compete in the segment hold futures contracts on silver, rather than silver itself, so they don't track silver as well. Due to a persistent contango, each fund has underperformed their physical counterparts, SIVR and SLV. While USV charges a reasonable 40 bp expense ratio, DBS's 72 bps makes it far more expensive than its peers. In addition, neither are particularly liquid, making both unattractive vehicles for exposure in the space. (Insight updated 04/27/17)

All Funds (5)

SLV $5.89 B 5891232000 Most liquid

A 99
E
89
89
T
98
98
F
99
99

SIVR $353.81 M 353808700 Best in class

A 100
E
94
94
T
98
98
F
100
100

DBS $27.37 M 27366502.796327 Most expensive

C 46
E
74
74
T
66
66
F
46
46

USV $4.12 M 4115646 Futures-based, low volume

D 44
E
81
81
T
38
38
F
44
44

SLVO $48.24 M 48240308.21248 Use caution trading

D 41
E
60
60
T
73
73
F
41
41

ETF.com Grade as 04/20/17

Commodities: Precious Metals Silver

1 Year Total Return NAV
Performance  [as of 04/26/17] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years
Benchmark: Silver Spot Price--------------
A 99SLV5891232000SLViShares Silver Trust-1.43%4.02%9.66%1.72%-4.36%-11.33%2.26%
A 100SIVR353808700SIVRETFS Physical Silver Shares-1.44%4.01%9.69%1.91%-4.15%-11.16%--
C 46DBS27366502.796327DBSPowerShares DB Silver Fund-1.74%3.55%9.09%0.18%-5.83%-12.91%0.76%
D 44USV4115646USVETRACS UBS Bloomberg CMCI Silver Total Return ETN-2.14%2.88%7.48%0.46%-5.62%-12.39%--
D 41SLVO48240308.21248SLVOCredit Suisse X-Links Silver Shares Covered Call ETN-1.10%2.99%8.65%-1.96%-6.04%----
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

ETF.com Efficiency Insight

The most Efficient fund in the segment is SIVR, with the lowest expense ratio (30 bps) and nearly-perfect tracking record. SLV clocks in right behind, with a 50 bp expense ratio andThe most Efficient fund in the segment is SIVR similarly strong tracking after expenses. On the other hand, the two futures-based funds struggle. USV charges a reasonable 40 bps, but has some trouble tracking its underlying index consistently. DBS has even more trouble tracking its index, mostly due to its segment-high 72 bp expense ratio. SLVO, which follows a covered-call strategy, tracks well on a median basis but with significant variability.
The five silver ETFs also fall into three different legal structures. SIVR and SLV are both grantor trusts, which means that they're taxed as collectibles, with a higher long-term gains tax rate (a maximum of 28%). DBS is a commodity pool, so it is taxed at a blended rate (60% long-term, 40% short-term) regardless of the holding period. DBS also distributes K-1s at year-end. The others, USV and SLVO, are ETNs and are taxed like equities, with long-term gains taxed at a maximum rate of 20% and short-term gains taxed as ordinary income. (Insight updated 04/27/17)

All Funds (5)

94
94.407003
89
88.528476
81
80.769225
74
74.145103
60
59.865432

ETF.com Grade as 04/20/17

Commodities: Precious Metals Silver

Tracking Difference (12 Month)

Ticker Expense Ratio Median Max. Upside Max. Downside Max LT/ST Cap Gains Rate Rule Legal Structure Fund Closure Risk Efficiency
DBS PowerShares DB Silver Fund 0.29% -1.50% -0.28% -1.95% 27.84% / 27.84% Low 74.145103
SIVR ETFS Physical Silver Shares 0.30% -0.25% -0.21% -0.34% 28.00% / 39.60% Low 94.407003
SLV iShares Silver Trust 0.50% -0.42% -0.34% -0.59% 28.00% / 39.60% Low 88.528476
SLVO Credit Suisse X-Links Silver Shares Covered Call ETN 0.65% -0.83% -0.06% -3.03% 20.00% / 39.60% Low 59.865432
USV ETRACS UBS Bloomberg CMCI Silver Total Return ETN 0.40% -- -- -- 20.00% / 39.60% High 80.769225

ETF.com Tradability Insight

SLV is the big kahuna of the group, with a massive number of shares changing hands each day. Frequent traders need look no further, since its spreads are also best in class. SIVR can alsoSLV is the big kahuna of the group be traded with relative ease.
The other three funds (DBS, USV and SLVO) are much harder to trade. Their volumes are mediocre at best, and spread are often wide, so limit orders are an absolute must.
All funds in the segment earn perfect block liquidity scores, so can be easily traded in size with the aid of a market maker. (Insight updated 04/27/17)

All Funds (5)

98
97.68326
98
97.537384
73
73.339935
66
66.083615
38
37.5008

ETF.com Grade as 04/20/17

Commodities: Precious Metals Silver

Ticker Median Daily Volume ($) Average Spread Creation Unit/Day Market Hours Overlap Underlying Volume/Unit % Creation Cost Per Unit (%) Impediment to Creations Score - Tradability
DBS PowerShares DB Silver Fund $47.16 K 0.19% 0.01 100.00% -- 0.01% None 66.083615
SIVR ETFS Physical Silver Shares $1.76 M 0.07% 1.98 100.00% -- 0.06% None 97.537384
SLV iShares Silver Trust $104.75 M 0.06% 124.82 100.00% -- 0.06% None 97.68326
SLVO Credit Suisse X-Links Silver Shares Covered Call ETN $352.67 K 0.28% 0.80 100.00% -- 0.13% None 73.339935
USV ETRACS UBS Bloomberg CMCI Silver Total Return ETN $0 1.17% 0.00 100.00% -- 0% Potential 37.5008
Spread History
Premium/Discount History

ETF.com/ Block Liquidity

DBS
5
4
3
2
1
SIVR
5
4
3
2
1
SLV
5
4
3
2
1
SLVO
5
4
3
2
1
USV
5
4
3
2
1

This measurement shows how easy it is to trade 25,000 shares of each ETF.

ETF.com Fit Insight

The segment has 3 strategies: Physical silver holding, futures contract, and silver covered call.
SIVR and SLV are clear Fit leaders since they hold physical silver, thus giving aSIVR and SLV are the perfect silver funds direct and precise exposure to silver spot price. In contrast, USV and DBS hold silver futures contracts, which are imperfect proxies for spot. Further, they don't hold the front-month futures contracts on the metal, which are the most responsive to spot price movements. Instead, both try to beat contango by picking different contracts: USV uses a set of 5 futures contracts of different maturities while DBS just picks the 1 with the most attractive position on the futures curve. As such, they have trouble tracking spot silver and indeed have underperformed the physical metal over most time periods.
SLVO's combination of holding physical-silver and writing calls has created an interesting product. The strategy should outperform spot silver in a sideways or down market but underperform in a sharply upward market as the options will be called away. (Insight updated 04/27/17)

All Funds (5)

99
99
46
46
44
44
41
41
100
100

ETF.com Grade as 04/20/17

Commodities: Precious Metals Silver