Share-split context: A reverse split was recorded on Nov 18, 2015 with coefficient 0.333333. A reverse split combines multiple old shares into fewer new shares and mechanically raises the quoted price per share. That mechanical increase does not restore lost investment value. The returns in this report are already split-adjusted, while reverse-split history remains a separate structural warning.

What this ETF is trying to do

The Global X Silver Miners ETF (ticker: SIL) is designed to provide exposure to companies involved in silver mining. Instead of owning physical silver, this ETF invests in the businesses that find and extract it.

What the numbers show

The current price of SIL is $83.56. When looking at how the fund has performed, it is important to distinguish between "price return" (the change in share price) and "total return" (which includes the value of distributions).

• Year-to-Date (YTD): The price return is approximately 4.79%, while the total return is approximately 18.75%.

• One-Year: The price return was approximately 17.56%, and the total return was approximately 18.97%.

• Three-Year: The price return was approximately 258.78%, and the total return was approximately 274.29%.

• Five-Year: The five-year total return is approximately 147.99%.

Because this ETF has a history of reverse splits, we use split-adjusted returns to understand its performance. A reverse split occurs when multiple old shares are combined into fewer new shares, which causes the per-share price to rise mechanically. This does not mean the investment value increased; it is simply a structural change.

Income and distribution explanation

SIL provides cash distributions to investors, but the frequency is described as "irregular" or "less frequent." Over the last 12 months, there were two payouts. The distribution yield is approximately 1.22%.

It is important to remember that a distribution yield shows the cash paid out relative to the share price, but it is not the same as total return. Total return provides a more complete picture by including both price changes and these cash payments.

NAV erosion explanation

"NAV erosion" refers to a decline in the Net Asset Value (the actual value of the fund's underlying assets). 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, regarding price-based evidence, the fund has an erosion score of 100, which is labeled as "No price erosion detected." The erosion severity is rated as "good," and there is no severe erosion-risk flag.

Top Holdings

The following are the top holdings in the portfolio (note that this list is partial):

• WHEATON PRECIOUS METALS CORP: 23.47%

• PAN AMERICAN SILVER CORP: 11.32%

• COEUR MINING INC: 10.69%

• HECLA MINING CO: 4.78%

• INDUSTRIAS PENOLES SAB DE CV: 4.69%

• FIRST MAJESTIC SILVER: 4.52%

• SSR MINING INC: 4.28%

• OR ROYALTIES INC: 4.11%

• FRESNILLO PLC: 4.00%

• COMPANIA DE MINAS BUENAVENTURA SAA ADR: 3.73%

Holdings can change over time.

Pros

• The fund has shown significant positive total returns over the one, three, and five-year periods.

• The erosion-risk measurements suggest no current detection of price erosion.

Cons

• Distributions are irregular and less frequent rather than being a steady monthly or quarterly payment.

Beginner takeaway

SIL focuses on silver mining companies rather than the metal itself. While it has provided significant total returns in recent years, investors should note that distributions are irregular and the fund's price can move based on the mining sector's performance.