Silver ETFs Topped All Funds Last Week on Hedge Demand

Geopolitical unrest, demand for silver products and diminishing hopes for multiple rate hikes boosted the metal.

Jeff_Benjamin
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Wealth Management Editor
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Reviewed by: etf.com Staff
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Edited by: Ron Day

Silver and silver mining ETFs were last week's top performing exchange-traded funds, surging as investors bought hedges on concerns that interest rates would likely not be cut as much as hoped this year. 

The pace was set by the $193 million iShares MSCI Global Silver and Metals Miners ETF (SLVP), which gained 8.3%, which compares to a 12.3% one-week gain for the spot price of silver. The S&P 500, by comparison, fell less than 1% last week, as measured by the SPDR S&P 500 ETF Trust (SPY).

"Silver is a beneficiary of a perfect storm of sticky inflation, falling supply and a growing demand as it's used
in many everyday appliances and consumer electronics," etf.com research lead Kent Thune said. He also said that silver generally does better than gold in an expanding economy, which is also an inflationary environment.

Another silver mining exchange traded fund, the $1 billion Global X Silver Miners ETF (SIL) gained 7.6% for the week.

The $1.2 billion abrdn Physical Silver Shares ETF (SIVR) gained 7.3%, while the $11.9 billion iShares Silver Trust (SLV), the largest silver ETF, gained 7.1%. SLV is up nearly 15% from the start of the year and recently hit a 52-week high.

Meanwhile, the $434 billion Vanguard 500 Index Fund (VOO) dominated the weekly net inflows, taking in more than $2.45 billion. SPY had the most outflows, with $2.59 billion flowing out. 

The next biggest draw for the week was the $115 billion iShares Core MSCI EAFE ETF (IEFA), which took in $775 million.  

Top 10 Weekly Performers, Excluding Leverage/Inverse Funds and <1,000 Shares Traded

TickerNameWeekly PerformanceWeekly VolumeAUM ($, mm)
SLVPiShares MSCI Global Silver and Metals Miners ETF8.25%1,073,464192.41
SILGlobal X Silver Miners ETF7.62%4,632,4071,000.47
SIVRabrdn Physical Silver Shares ETF7.28%10,054,4371,205.11
SLViShares Silver Trust7.13%184,487,81311,917.86
VIXYProShares VIX Short-Term Futures ETF6.83%26,492,217163.79
SILJAmplify Junior Silver Miners ETF6.72%12,823,643802.84
VXXiPath Series B S&P 500 VIX Short Term Futures ETN6.51%81,491,024326.19
GXGGlobal X MSCI Colombia ETF5.95%150,53647.08
IWMYDefiance R2000 Enhanced Options Income ETF5.05%2,314,292156.92
DBBInvesco DB Base Metals Fund4.71%728,622126.68



 

Disclaimer: All data as of 6 a.m. Eastern time the date the article is published. Data is believed to be accurate; however, transient market data is often subject to subsequent revision and correction by the exchanges.

Jeff Benjamin is the wealth management editor at etf.com, responsible for coverage related to the financial planning industry. This includes writing, hosting podcasts, webinars, video interviews and presenting at in-person events.


Jeff is a veteran journalist with more than 30 years’ experience covering the financial markets. He has won more than two dozen national and regional awards for his reporting. He most recently worked as a senior columnist at InvestmentNews where he wrote about investment products and strategies, as well as the broader financial planning industry. Prior to that, Jeff worked as an analyst at Cerulli Associates where he researched and wrote reports on the alternative investments industry. Jeff also worked as a money management reporter at Dow Jones Newswires, where he covered the mutual fund industry.


Based in North Carolina, Jeff is a former Marine and has a bachelor’s degree in journalism from Central Michigan University.