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KSLV Vs. SLVP: A 26% Yield Hasn't Been Enough
SLVP (iShares MSCI Global Silver and Metals Miners ETF) is rated Buy, while KSLV (Kurv Silver Enhanced Income ETF) is rated Hold due to superior total return potential. SLVP's miner holdings demonstrate strong earnings leverage to elevated silver prices, with realized prices and margins well above cost bases in Q2. KSLV's 25.8% trailing yield is mostly return of capital and has not compensated for weaker total returns versus SLVP, especially as option strategies limit upside.
SLVP: The Debasement Trade Is Back, Turning Bullish On Silver Again (Upgrade)
I am upgrading the iShares MSCI Global Silver and Metals Miners ETF to a buy, citing attractive valuation and improved technicals. SLVP trades at 16x earnings with >17% long-term EPS growth, yielding a PEG comfortably below 1.0x. The ETF is highly concentrated, with over 70% in the top 10 holdings and 77% international exposure, requiring careful position sizing.
SLVP: Silver Momentum Can Be Misleading
SLVP tracks the MSCI ACWI Select Silver Miners IMI, offering targeted exposure to global silver mining companies. Both P/E and P/B express a holding distribution with valuations clearly above average. The reason should be sought in expectations, following a record year for silver.
iShares MSCI Global Silver and Metals Miners ETF Investors
| Name | Quantity | Cost | Value | Profit ($) | Gain (%) |
|---|---|---|---|---|---|
| BZ Brandon Zatopek Commonwealth Equity Services LLC | 187,217 | $5.77M | $6.29M | $516,716.04 | 8.95% |
| JD Jim Dushek HARBOUR INVESTMENTS Inc. | 5,359 | $186,915.93 | $180,008.81 | -$6,907.12 | -3.7% |
| YA Yinka Akinsola Blue Trust Inc. | 400 | $5,304 | $13,436 | $8,132 | 153.32% |
 Jeff Ameen Spire Wealth Management | 1,004 | $35,583.84 | $33,724.36 | -$1,859.48 | -5.23% |
 Suzanne Cross JTC Employer Solutions Trustee Ltd | 5,450 | $57,279.5 | $183,147.25 | $125,867.75 | 219.74% |
iShares MSCI Global Silver and Metals Miners ETF (SLVP) FAQ
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iShares MSCI Global Silver and Metals Miners ETF Profile
| BATS Exchange | US Country |
Overview
This fund is designed for investors looking to gain exposure to the silver mining and exploration sector. By committing at least 80% of its assets to securities that make up the underlying index, as well as to investments with similar economic characteristics, the fund aims to closely track the performance of around 25 companies selected by MSCI Inc. These companies are at the forefront of silver mining or exploration across both developed and emerging markets. Given its focus on a specific subset of the market, the fund is classified as non-diversified, indicating a concentration of investments in this industry as opposed to spreading risks across various sectors.
Products and Services
- Investment in Component Securities of the Underlying Index
This core service involves allocating at least 80% of the fund's assets to the securities that constitute the underlying index. This strategy ensures that the fund's performance closely mirrors that of the index, offering investors a targeted investment in the silver mining sector.
- Investments with Economic Characteristics Identical to Component Securities
In addition to direct investment in the index's component securities, the fund also seeks out other investments that have economic characteristics substantially identical to those securities. This approach allows for broader exposure to the silver mining sector while still aligning closely with the fund's strategic objective of tracking the underlying index.
- Exposure to Developed and Emerging Markets
The underlying index is specifically designed to include companies involved in silver mining and exploration across both developed and emerging markets. This provides investors with a balanced exposure to the global silver mining industry, leveraging opportunities in both stable economies and growth-oriented markets.
- Non-Diversified Fund Structure
The fund's non-diversified status highlights its focused investment approach, channeling assets predominantly into the silver mining and exploration sector. This strategy is suitable for investors with a specific interest in silver and who are seeking concentrated exposure to its market dynamics.
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