Sprott’s SLVR ETF Delivers Pure-Play Exposure To Silver Miners

The Sprott Silver Miners & Physical Silver ETF (SLVR) has quickly made a name for itself in the silver ETF market. Since launching on Jan. 14, 2025, the fund has pulled in $258 million of inflows and risen 111% through Oct. 2.

That compares with a 62.6% gain for spot silver over the same stretch. Flows plus performance have lifted SLVR’s assets under management to $363 million (as of Oct. 2, 2025).

The ETF’s average annual total return since inception, as of Sept. 30, was 113.47%.

That momentum has likely been fueled, at least in part, by silver’s significant rise in price. Silver prices recently traded near $48 per ounce, the highest level since 2011 and not far from the all-time highs of around $50 reached in 1980 and 2011.

Why a Pure-Play Strategy Matters

Silver is notoriously tricky when it comes to mining exposure. Roughly 72% of the world’s silver supply is produced as a byproduct of mining other metals such as lead, zinc, copper, and gold. Even the 10 largest “silver” miners are not primary silver producers, with about 31% of their activity tied to lead and zinc.

As a result, most existing silver mining ETFs hold companies whose revenues only partially depend on silver. In some cases, a miner may generate only single-digit percentages of revenue from silver, yet still qualify for inclusion in a silver mining fund.
SLVR takes a different approach. The fund targets “pure play” silver miners that derive at least 25-50% of their revenue and/or assets from mining, production, development, or exploration of silver.

Today, the fund has a 70% allocation to silver, according to Steve Schoffstall, Director of ETF Product Management at Sprott. That’s more than double what’s typical in competing strategies. 

SLVR also allocates some of its portfolio to silver itself, with the metal currently making up around 14% of the portfolio, the second-largest holding.

SLVR’s pairing of equity exposure with a slice of physical silver holdings gives investors a unique way to play both the metal and the miners.

The ETF charges 0.65% in annual expenses.

SLVR’s early success is striking, with strong inflows, performance, and a unique portfolio construction.

Now that silver is back near decade-plus highs, the distinction between pure-play strategies and more diversified miner ETFs is coming into sharper focus.

^{Important Disclosures}

^{Holdings information shown as of 9/30/2025 and subject to change. Spot silver is the current market price for one troy ounce of pure silver (.999 fine) for immediate delivery, serving as the base value before adding retail premiums and fees.}

^{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 “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.}