Summary
Themes Silver Miners ETF is an ETF - a fund traded on an exchange like a stock - run by Themes. Positions inside: 56. The ten largest make up 65% of the fund.
- Yearly costs
- 0.35%
- Fund size
- $9.38M
- Positions
- 56
- Dividend yield
- 4.28%
- Running since
- 2024
What speaks for it
- Costs of 0.35% a year are below the middle of comparable funds (0.44%).
What to watch
- The ten largest positions make up 65% of the fund, so its result rests on a few names.
- 99% of the fund is in one sector (Basic materials).
- In the last five years its price once dropped by 36% from its high.
- A young fund: it has been running only since 2024.
- A small fund with $9.38M under management; small funds get closed more often.
- It trades little: only about $95.3K changes hands a day.
A fund has no Bulios Score and no Fair Price of its own - both are computed from the results of a single company. This page shows what is inside the fund and what it costs instead.
Price
Performance
- 1 month
- -11%
- 3 months
- +16%
- This year
- +3.4%
- 1 year
- +16%
- Avg. market cap
- $44.2B
- P/E
- 15.8x
- Forward P/E
- 13.5x
- P/S
- 2.8x
- P/B
- 3.3x
- P/FCF
- 13.0x
- EV/EBITDA
- 8.3x
- Dividend yield
- 0.63%
- ROIC
- 199.4%
- ROE
- 20.2%
- Gross margin
- 50.2%
- Operating margin
- 40.7%
- Net margin
- 25.3%
- Payout ratio
- 10.0%
- Net debt/EBITDA
- -0.1x
- Beta
- 0.54
Weighted average of the 44 largest companies, which make up 95% of the fund. Banks and insurers are left out of the gross margin, the ROIC and the EBITDA figures.
What is inside?
Concentrated- 1 NENewmont NEM 11%
- 2 PEIndustrias Peñoles, S.A.B. de C.V. PE&OLES.MX 10%
- 3 PAPan American Silver Corp. PAAS 9.9%
- 4 WPWheaton Precious Metals Corp. WPM.TO 6.8%
- 5 SCSouthern Copper Corporation SCCO 5.1%
- 6 AYAya Gold & Silver Inc. AYA.TO 4.8%
- 7 Fresnillo PLC 4.6%
- 8 28Zijin Mining Group Co., Ltd. 2899.HK 4.3%
- 9 AGFirst Majestic Silver Corp. AG.TO 4.1%
- 10 EXEndeavour Silver EXK 3.8%
Positions in the fund: 56. The ten largest make up 65% of it.
Composition as of Oct 18, 2026.
Where is it spread?
One sector dominatesBy sector
- Basic materials 99%
- Financials 1.1%
- Other 0.06%
By country
- Canada 49%
- United States 25%
- Mexico 15%
- China 6.7%
- Other countries 4.5%
By company size
- Large cap 65%
- Mid cap 22%
- Small cap 11%
- Micro cap 0.7%
By the company's market value: Mega cap from $200B, Large cap from $10B, Mid cap from $2B, Small cap from $300M, Micro cap below $300M. Counted from the companies that make up 95% of the fund.
Largest sector: Basic materials (99%). Largest country: Canada (49%). Largest size group: Large cap (65%).
What does it cost me?
Cheap- A year from $10,000
- $35.00
- Over 20 years
- $1,714
From every $10,000 invested the fund takes $35.00 a year. You do not pay it separately - it is taken out of the fund's value. Over 20 years at 5% yearly growth that adds up to about $1,714.
How has it done?
Growing over the long run- Over the last year
- +16%
- Deepest drop
- -36%
- Yearly volatility
- 55%
Growth over the last year: 16%. Deepest drop in these years: 36% below the earlier high.
Does it pay dividends?
Yes, it pays out- Yield
- 4.28%
- Last payment
- $2.86
Over the last 12 months it paid $2.86 per share, which is 4.28% of today's price. The last payment was $2.86 on Dec 18, 2025.
Is it easy to buy and sell?
It trades little- Traded a day
- $95.3K
- Shares a day
- 1.4K
On an average day about $95.3K of the fund changes hands.
How expensive are the companies inside?
Usual valuation- P/E of the companies inside
- 15.8
- Average Bulios Score
- 76 out of 100
Weight by Bulios Fair Price
- Undervalued 19%
- Fairly valued 23%
- Overvalued 58%
On average the companies inside trade for 15.8 times their yearly profit. By Fair Price, 58% of the rated weight comes out as overvalued.
Counted from its largest companies (44), which make up 95% of the fund. Each company counts by its weight. We use the metrics, the Bulios Score and the Fair Price of the companies themselves.
Similar funds
Funds that hold much of the same. The overlap says how much of their weight they share with this fund.
| Fund | Domicile | Size | 1-year change | Dividends | ||
|---|---|---|---|---|---|---|
SL SLVP iShares MSCI Global Silver and Metals Miners ETF | United States | 0.39% | $858.8M | +13% | Pays out | 46% |
SI SIL Global X Silver Miners ETF | United States | 0.65% | $4.16B | +8.6% | Pays out | 41% |
SL SLVR.F Global X Silver Miners UCITS ETF USD Acc | Ireland | 0.65% | $75.0M | - | Reinvests | 37% |
SL SLVR.DE Global X Silver Miners UCITS ETF USD Acc | Ireland | 0.65% | $1.77B | +11% | Reinvests | 37% |
MN MNRS.AX BetaShares - Global Gold Miners Currency Hedged ETF | Australia | 0.57% | $172.2M | +1.2% | Pays out | 30% |
GD GDX.AX VanEck Gold Miners ETF | Australia | 0.53% | $1.05B | -11% | Pays out | 29% |
