Before introducing the Sprott Active Gold & Silver Miners ETF (GBUG), Sprott Asset Management launched the Sprott Silver Miners & Physical Silver ETF (SLVR).

It’s the only¹ ETF to provide pure-play² exposure to silver miners and physical silver.

SLVR comes at an opportune time for two major reasons.  

First, it may make sense for many investors given the current economic backdrop. Stocks and exchange-traded funds that did nothing but go up for months have faltered, and investors are seeking alternatives. Second, SLVR is likely well-positioned as a long-term investment because physical silver is an undervalued precious metal in high demand for various uses—even artificial intelligence.  

What is the SLVR ETF?

Sprott’s new SLVR ETF tracks the performance of the Nasdaq Sprott Silver Miners Index^TM (NSLVR^TM). Created in conjunction with Nasdaq, the index provides exposure to silver miners alongside an allocation in physical silver.

When you invest in the SLVR ETF, you’re getting exposure to one of the world’s oldest currencies with a historically low correlation to other asset classes and the companies leading the exploration, production and development of physical silver, a low-supply/high-demand material critically essential to the energy and technology sectors.  

The Opportunity in Silver  

The Current Economic Uncertainty Opportunity  

Silver and gold have performed well during periods of inflation, falling interest rates and general economic and geopolitical uncertainty.  

During these rallies, silver has historically outperformed gold. For example, during the post-Covid reflation bull market, silver returned 143.1%, 3.6 times larger than gold’s 40.3% rise.  

At the moment, silver appears undervalued relative to gold. On average, gold has historically been priced at 70x the price of silver. As of the end of March, gold is priced at 91x silver, indicating a potential catch-up opportunity.

On its own, silver sits considerably below its $50 all-time high. Up 35% over the last year, Silver’s rally could sustain for several reasons, including the current economic environment, its discount to gold and the fact that, next to oil, it’s the world’s most widely used commodity.  

The Long-Term Silver Opportunity in Any Economy  

Among more than 10,000 uses, the artificial intelligence industry relies on silver to create the semiconductor chips that power the technology. As the most conductive metal in the world, silver is used in electronics. Due to its antibacterial and antimicrobial properties, it is widely used in medicine. Control rods, found in nuclear reactors, contain approximately 80% silver.  

Silver’s primary driver is the green economy, particularly solar power. Based on the latest data, the Silver Institute expects a 20% rise in photovoltaic (solar energy) demand for silver in 2024, following a 64% increase in 2023.  

Overall, the Silver Institute expects total silver supply to be less than demand for the fifth consecutive year in 2025, driven by industrial demand.  

Coupled with this demand is stagnant supply, which favors silver miners and positions them to benefit from this disequilibrium.  

The Bottom Line on SLVR

Investors look for ways to diversify when economic uncertainty impacts the stock market. However, this doesn’t have to be a duck-and-cover, ride-out-the-storm proposition.

The key to diversifying your portfolio is finding opportunities that complement a broad market core. Investing in more of the same with a different name isn’t the answer.  

The SLVR ETF provides:

• Exposure to physical silver, which has performed well during economic times similar to what we’re seeing today.  
• A well-rounded allocation to companies prepared to benefit from silver’s supply/demand dynamics and its position as the second-most-used commodity worldwide.  
• An investment with a low correlation to other popular asset classes, which is a key metric to measure how diversified you are.  

For investors seeking exposure to silver as a hedge in the current, uncertain environment and as a long-term investment opportunity, SLVR offers a potential way to participate in the upside of physical silver and the stocks that stand to benefit from its anticipated upside. 

¹ Based on Morningstar’s universe of Precious Metals Sector Equity ETFs as of 3/31/2025. 

^{2 †}The term “pure play” relates directly to the exposure that the Fund has to the total universe of investable, publicly listed securities in the investment strategy. 

^{Important Disclosures}

^{The standardized performance of SLVR can be found here.}

^{Performance data quoted represents past performance. Past performance does not guarantee future results. Current performance may be higher or lower than actual data quoted. Call 888.622.1813 or visit www.sprottetfs.com for current month end performance. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.}

^{An investor should consider the investment objectives, risks, charges and expenses carefully before investing. To obtain a Sprott Silver Miners & Physical Silver ETF Statutory Prospectus, which contains this and other information, visit https://sprottetfs.com/slvr/prospectus, contact your financial professional or call 1.888.622.1813. Read the Prospectus carefully before investing.}

^{The Sprott Silver Miners & Physical Silver ETF is new and has limited operating history. Investors in the Fund should be willing to accept a high degree of volatility in the price of the Fund’s shares and the possibility of significant losses. The Fund will be concentrated in the silver mining industry. As a result, the Fund will be sensitive to changes in, and its performance will depend to a greater extent on, the overall condition of the silver mining industry, highly dependent on the price of silver bullion. The silver and precious metals industry can be significantly affected by competitive pressures, central bank operations, events relating to international political developments, the success of exploration projects, commodity prices, adverse environmental developments and tax and government regulations. An investment in the Fund involves a substantial degree of risk. The Fund is not suitable for all investors. The Fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in share price than would occur in a diversified fund.}

^{Shares are not individually redeemable. Investors buy and sell shares of the Sprott Silver Miners & Physical Silver ETF on a secondary market. Only market makers or “authorized participants” may trade directly with the Fund, typically in blocks of 10,000 shares.}

^{Funds that emphasize investments in small/mid-cap companies will generally experience greater price volatility. Diversification does not eliminate the risk of investment losses. ETFs are considered to have continuous liquidity because they allow an individual to trade throughout the day. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses, affect the Fund’s performance.}

^{One cannot invest directly in an index.}

^{The Sprott Silver Miners & Physical Silver ETF seeks to provide investment results that, before fees and expenses, generally correspond to the total return performance of the Nasdaq Sprott Silver Miners™ Index (NSLVR™). Nasdaq®, Nasdaq Sprott Silver Miners™ Index, and NSLVR™ are registered trademarks of Nasdaq, Inc. (which with its affiliates is referred to as the “Corporations”) and are licensed for use by Sprott Asset Management LP. The Product(s) have not been passed on by the Corporations as to their legality or suitability. The Product(s) are not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE PRODUCT(S).}

^{Sprott Asset Management USA, Inc. is the Investment Adviser to the Sprott Silver Miners & Physical Silver ETF. ALPS Distributors, Inc. is the Distributor for the Sprott ETFs and is a registered broker-dealer and FINRA Member. ALPS Distributors, Inc. is not affiliated with Sprott Asset Management USA, Inc. ®Registered trademark of Sprott Inc. 2025.}