How do the fees of SLV and SLVP compare?

SLV charges 0.50% and SLVP charges 0.39%. On $10,000 that is about $50 a year for SLV and $39 for SLVP, a difference of roughly $11. Both are higher than broad index funds, which is normal for a commodity trust that stores metal and for a small sector equity ETF.

What does each fund hold?

SLV is a commodity trust that holds physical silver bullion in vaults and tracks the LBMA Silver Price. It owns no shares, so it is not an index fund of stocks. SLVP tracks the MSCI ACWI Select Silver Miners IMI and holds 50 mining companies, including HL, AG, WPM, NEM and AEM.

Do SLV and SLVP overlap?

No. SLV holds only silver bullion and has no stock holdings, so there are no shared positions with SLVP. They are linked because silver miner shares tend to move with the silver price, but SLVP also reflects company earnings, costs and broader stock market sentiment that SLV does not.

Which fund pays a dividend?

Only SLVP pays a dividend, with a yield of 1.86%, because the mining companies it holds distribute part of their profits. SLV pays nothing, since silver produces no cash flow. SLV investors depend entirely on the silver price for any return.

Which fund suits which goal?

SLV suits investors who want a straightforward way to track the silver price, for example as a hedge or diversifier. SLVP suits investors who want equity exposure to silver producers and accept that miners can be more volatile than the metal. Some investors combine both to hold metal and miners together.

How do size and liquidity compare?

SLV is very large at about $32.81 billion in net assets and is heavily traded. SLVP is much smaller at roughly $986 million, so its spreads can be wider, especially in volatile markets. Both have traded for more than a decade, SLV since 2006 and SLVP since 2012.

How concentrated is SLVP?

SLVP holds 50 stocks, but HL alone is 14.60%, followed by Peñoles (PE&OLES) at 10.83% and AG at 10.56%. The top three total about 36% and the top 10 about 72%. Several holdings are gold-focused miners such as NEM and AEM, so SLVP is not a pure silver play.

Can I hold both SLV and SLVP?

Yes. Pairing SLV for direct metal exposure with SLVP for miner equity is a common way to diversify the type of silver risk held. The two do not always move together, since SLVP responds to company results and equity markets as well as the silver price, so holding both smooths some of that difference.

Are there tax or account differences?

Commodity trusts like SLV may be taxed differently from stock ETFs in some countries, sometimes as collectibles or as a non-equity asset. SLVP is taxed like a normal equity fund, and non-US investors may face withholding on its dividends. Check how your local rules and account wrapper treat each structure.

Why does SLV not track silver perfectly?

SLV pays its 0.50% expense ratio by selling a little silver each year, so the amount of metal behind each share falls slowly. Over time the fund lags the spot silver price by roughly its fee. Trading activity can also push the share price briefly above or below the value of the silver held.

SLV vs SLVP

Two funds, one decision: we compare cost, performance and what each ETF actually holds in September 2026.

SLV holds physical silver bullion tracking the LBMA Silver Price for a 0.50% expense ratio and pays no dividend, while SLVP holds 50 silver mining stocks led by HL at 14.60% for 0.39% and yields 1.86%. SLV suits investors who want a direct proxy for the silver price in a $32.81 billion trust, and SLVP suits those who want equity exposure to the companies that mine it. Educational content, not financial advice.

SLV holds physical silver bullion tracking the LBMA Silver Price for a 0.50% expense ratio and pays no dividend, while SLVP holds 50 silver mining stocks led by HL at 14.60% for 0.39% and yields 1.86%...

Fund Snapshot

Key Fund Metrics

SLV

Metric

SLVP

0.50%

Expense Ratio

0.39%

–

Dividend Yield

1.86%

$32.81B

Net Assets

$985.57M

–

Holdings

50

Apr 21, 2006

Inception Date

Jan 31, 2012

LBMA Silver Price

Index Tracked

MSCI ACWI Select Silver Miners IMI

Commodities Focused

Fund Category

Equity Precious Metals

SLVP costs about $11.00 less per year for every $10,000 invested.

Shared Top Holdings

These funds do not share any of their top holdings.

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Investment Analysis

SLV

Pros

Tracks the LBMA Silver Price directly by holding physical silver in vaults
Very large trust at about $32.81 billion, trading since April 2006
No company-specific risk, only exposure to the metal price and the fee

Considerations

Higher 0.50% expense ratio, about $11 more per $10,000 than SLVP
Pays no dividend, since silver bullion generates no income
Fee is paid by selling silver, so the metal per share slowly declines

SLVP

Pros

Lower 0.39% expense ratio, about $39 a year per $10,000
Pays a 1.86% dividend yield from mining company distributions
Miners can rise more than silver when prices climb, thanks to operating leverage

Considerations

Very concentrated, with HL at 14.60% and the top three near 36%
Small fund at about $986 million in net assets
Company risks such as costs, debt and mine operations add to silver price risk

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About SLV and SLVP

SLV (SLV)

SLVP (SLVP)

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