SILJ — ETFMG Prime Junior Silver Miners ETF
Data updated: 2024-02-28
SILJ — ETFMG Prime Junior Silver Miners ETF. Commodity · $707.07M AUM · 0.69% expense ratio · -4.6% 1-yr return. Holdings, fees, performance and SEC filings.
SILJ Fund Overview
SILJ — ETFMG Prime Junior Silver Miners ETF is a US ETF managed by ETF Managers Trust, categorised as Commodity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US ETF
- Manager: ETF Managers Trust
- Category: Commodity
- Assets under management: $707.07M
- 1-year return: -4.6%
- Ticker: SILJ
- SEC CIK: 0001467831
- SEC series ID: S000038223
- Share class ID: C000117864
SILJ Investment Objective and Strategy
ETFMG Prime Junior Silver Miners ETF describes its objective and strategy as follows, from its latest prospectus filed with the SEC by ETF Managers Trust.
Investment objective
The ETFMG Prime Junior Silver ETF (the Fund or the Junior Silver ETF) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Prime Junior Silver Miners & Explorers Index (the Index).
Principal investment strategy
The Fund uses a passive or indexing approach to try to achieve its investment objective. Unlike many investment companies, the Fund does not try to beat the Index and does not seek temporary defensive positions when markets decline or appear overvalued. The Fund uses a replication strategy. A replication strategy is an indexing strategy that involves investing in the securities of the Index in approximately the same proportions as in the Index. However, the Fund may utilize a representative sampling strategy with respect to the Index when a replication strategy might be detrimental to shareholders, such as when there are practical difficulties or substantial costs involved in compiling a portfolio of equity securities to follow the Index, in instances in which a security in the Index becomes temporarily illiquid, unavailable or less liquid, or as a result of legal restrictions or limitations (such as tax diversification requirements) that apply to the Fund but not the Index.
The Index tracks the performance of the equity securities (or corresponding American Depositary Receipts (ADRs) or Global Depositary Receipts (GDRs)) of small-capitalization companies actively engaged in silver refining, mining, or exploration (Junior Silver Companies). Junior is a common term used in Canada in reference to small capitalization exploration companies that generally have no mining operations. Junior Silver Companies include pure play companies that generate more than 50% of their revenue from silver mining activities and non-pure play companies that generate 50% or less of their revenue from silver mining activities. The stocks are weighted according to a modified market capitalization that is based upon the percentage of company revenues generated from silver mining activities such that, when weighting Junior Silver Companies, the market cap of a pure play company is multiplied by a factor of three and the market cap of a non-pure play company is multiplied by a factor of one.
The securities of each company in the Index must also be listed on a securities exchange. The initial universe of Junior Silver Companies is determined based on proprietary research and analysis conducted by Prime Indexes, the Index Provider. The Index Provider uses a variety of publicly available resources for such analysis, including financial statements and other reports published by issuers to determine whether a company is actively engaged as a Junior Silver Company. The Index Provider may exclude companies that meet the criteria for inclusion in the Index or include companies that do not meet such criteria if it determines that including them would be contrary to the objective of the Index (e.g., their inclusion would negatively affect the investibility of the Index, the companys economic fortunes are predominantly driven by a business not related to that of a Junior Silver Company, the company is expected to meet the inclusion criteria in the immediate future and plays an important role in the junior silver industry).
The Index has a quarterly review in March, June, September, and December of each year at which times the Index is reconstituted and rebalanced by the Index Provider. The composition of the Index and the constituent weights are determined on the second Friday of each March, June, September, and December (or the next business day if the second Friday is not a business day) (the Selection Day). Component changes are made after the market close on the third Friday of March, June, September, and December (or the next business day if the third Friday is not a business day) and become effective at the market opening on the next trading day. Changes are announced on the Index Provider's publicly available website or the website of Solactive AG. Junior Silver Companies are then screened as of the Selection Date for investibility (e.g., must not be listed on an exchange in a country which employs certain restrictions on foreign capital investment), a minimum market capitalization of $20 million, a maximum market capitalization of $3 billion, and an operating company structure (as opposed to a pass-through security).
The Index Provide may include companies in the Index with a market capitalization within 5% of the above thresholds as of the Selection Date to account for short term fluctuations in market capitalization resulting from changes in a securitys price. The weightings of the constituents of the Index are further modified in that each constituent weighting is capped at 10% of the Index (except as described below) and the cumulative weight of all constituents with an individual weight of 5% or greater may not in the aggregate account for more than 50% of the weight of the Index as of the Selection Day. Additionally, Index constituents with a market capitalization of less than US$60 million as of the Selection Day will have their weight reduced by 1070% depending on their specific market capitalization (collectively, the Liquidity Requirements).
The weight of any individual Index constituent whose weight is reduced due to the Liquidity Requirements will be redistributed equally among all other Index constituents whose weights have not been reduced due to the Liquidity Requirements. Further, the cumulative weight of all components with a market capitalization of less than US$100 million may not in the aggregate account for more than 10% of the weight of the Index as of the Selection Day. If after all weight adjustments due to the Liquidity Requirements, more than four Index constituents would each have a weight greater than 4.5%, each Index constituent with a weight greater than 4.5% other than the four most heavily weighted constituents will have its weight reduced to 4.5% with any excess weight redistributed equally among the four most heavily weighted constituents.
Consequently, the Fund expects that the Index will generally have one or more constituents with a weight of more than 10%. The Index is developed and owned by the Index Provider, and the Index is calculated and maintained by Solactive AG. The Index Provider is independent of Solactive AG, the Fund, and the Funds investment adviser. As of January 17, 2018, the Index had 28 constituents, 24 of which were foreign companies. The three largest stocks and their weightings in the Index were Coeur DAlene Mines Corp. (12.65%), Hecla Mining Co. (12.36%), and Pan American Silver Corp. (11.89%). The Fund invests at least 80% of its total assets in the component securities of the Index and in ADRs and GDRs based on the component securities in the Index. The Fund may invest up to 20% of its total assets in securities that are not in the Funds Index to the extent that the Funds adviser believes such investments should help the Funds overall portfolio track the Index.
Correlation: Correlation is the extent to which the values of different types of investments move in tandem with one another in response to changing economic and market conditions. An index is a theoretical financial calculation, while the Fund is an actual investment portfolio. The performance of the Fund and the Index may vary somewhat due to transaction costs, asset valuations, foreign currency valuations, market impact, corporate actions (such as mergers and spin-offs), legal restrictions or limitations, illiquid or unavailable securities, and timing variances. The Funds investment adviser expects that, over time, the correlation between the Funds performance and that of the Index, before fees and expenses, will exceed 95%. A correlation percentage of 100% would indicate perfect correlation.
If the Fund uses a replication strategy, it can be expected to have greater correlation to the Index than if it uses a representative sampling strategy. Industry Concentration Policy: The Fund will concentrate its investments ( i.e ., hold 25% or more of its net assets) in a particular industry or group of related industries to approximately the same extent that the Index is concentrated. As of January 17, 2018, the Index was concentrated in companies in the metals and mining industries group.
SILJ Holdings
Top 10 holdings of ETFMG Prime Junior Silver Miners ETF by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Pan American Silver Corp | 13.94% |
| First Majestic Silver Corp | 11.18% |
| Harmony Gold Mining Co Ltd | 9.12% |
| Hecla Mining Co | 5.10% |
| Cia de Minas Buenaventura SAA | 4.97% |
| Capstone Copper Corp | 4.89% |
| SilverCrest Metals Inc | 3.85% |
| Eldorado Gold Corp | 3.81% |
| MAG Silver Corp | 3.54% |
| Aya Gold & Silver Inc | 3.45% |
SILJ Portfolio Allocation
Asset-class allocation of ETFMG Prime Junior Silver Miners ETF by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Equity | 99.2% |
| Cash & Equivalents | 0.8% |
SILJ Performance
Total returns for SILJ (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | -4.6% |
| 3 years (annualised) | -14.7% |
SILJ Risk Information
Risk metrics for SILJ, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 35.1%
SILJ Costs and Fees
SILJ costs about $69 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.69%
- Gross expense ratio: 0.69%
- Portfolio turnover: 69%
- Brokerage commissions: 24.50 bps of average net assets (SEC N-CEN)
SILJ Cashflows
Over the 12 months to 2023-12, ETFMG Prime Junior Silver Miners ETF had net inflows of $73.46M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2023-12 | $0 |
| 2023-11 | $8.80M |
| 2023-10 | $7.59M |
| 2023-09 | $4.22M |
| 2023-08 | $465.31K |
| 2023-07 | $0 |
SILJ Debt Constituents
No individual debt constituents are reported in ETFMG Prime Junior Silver Miners ETF's latest SEC N-PORT filing.
SILJ Prospectus and SEC Filings
Official ETFMG Prime Junior Silver Miners ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2022-01-28
- Prospectus (485BPOS) — filed 2021-01-29
- Prospectus supplement (497) — filed 2023-01-31
- Portfolio holdings (N-PORT) — filed 2024-02-28
- Portfolio holdings (N-PORT) — filed 2023-11-28
- Portfolio holdings (N-PORT) — filed 2023-08-25
- Annual census (N-CEN) — filed 2023-12-14
- Annual census (N-CEN) — filed 2022-12-15
Related Funds
Other Commodity funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.