ETF Report: Themes Silver Miners ETF (AGMI)

The Themes Silver Miners ETF (AGMI) is designed to invest in companies that mine silver. It provides investors with a way to gain exposure to the silver mining industry, combining a moderate distribution yield with recent price growth.

What this ETF is trying to do

AGMI focuses on the silver mining sector. Instead of holding physical silver bars, it holds shares of companies that find and extract silver from the ground. This means the fund's value is tied to the success of mining companies.

Top Holdings (as of October 7, 2026): The fund holds 47 different assets. Its largest holdings include:

• Newmont Corp: 10.3%

• Industrias Penoles SAB DE CV: 9.14%

• Fresnillo PLC: 8.97%

• Discovery Mining Ltd: 7.38%

• Wheaton Precious Metals Corp: 7.36%

What the numbers show

The current price of AGMI is $69.44. Based on data from roughly one year ago, the estimated price was $54.14.

• Price Return: This measures only the change in the share price. The one-year price return is 28.25%, and the year-to-date (YTD) price return is 7.33%.

• Total Return: This reflects the overall return, including distributions. The one-year total return is 34.21%, and the YTD total return is 7.33%.

For a beginner, this means that over the last year, the share price grew significantly, and when you add the cash distributions, the overall return was even higher.

Income and Distribution Explanation

AGMI has a distribution yield of approximately 4.13%. In the last 12 months, it has made one payout totaling $2.87 per share. The distribution frequency is listed as irregular or less frequent.

It is important to remember that a distribution yield is not the same as a total return. While this ETF provides some cash income, the yield alone does not tell you if the investment is growing or shrinking.

NAV Erosion Explanation

"NAV erosion" happens when the net asset value of a fund drops over time, often because the fund pays out more than it earns.

The supplied data is sufficient to evaluate price erosion, but it does not include enough historical NAV-per-share data to confirm or rule out NAV erosion. However, based on price-based evidence, the erosion score is 100, and the label states "No price erosion detected." There is no severe erosion-risk flag for this ETF.

Pros

• Strong Recent Growth: The fund has seen a significant one-year price return of 28.25%.

• Positive Erosion Score: The price-based erosion severity is rated as "good."

• Income Potential: It provides a distribution yield of 4.13%.

Cons

• Irregular Income: Distributions are not paid on a steady schedule.

• Sector Risk: Because it only invests in silver miners, it is tied to one specific industry.

Beginner Takeaway

AGMI is a sector-specific ETF for those interested in silver mining. Recently, it has shown strong price growth and a healthy total return. While it pays out cash, the payments are irregular, so it may not be suitable for investors who need a steady, predictable monthly check.