SLVY — FT Vest Silver Strategy & Target Income ETF

Data updated: 2026-06-30

SLVY — FT Vest Silver Strategy & Target Income ETF. Commodity · 0.85% expense ratio. Holdings, fees, performance and SEC filings.

SLVY Fund Overview

SLVY — FT Vest Silver Strategy & Target Income ETF is a US ETF managed by First Trust Exchange-Traded Fund, categorised as Commodity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

SLVY Investment Objective and Strategy

FT Vest Silver Strategy & Target Income ETF describes its objective and strategy as follows, from its latest prospectus filed with the SEC by First Trust Exchange-Traded Fund.

Investment objective

The FT Vest Silver Strategy & Target Income ETF seeks to provide investors with current income and capital appreciation.

Principal investment strategy

"The Fund seeks to deliver partial participation in the price returns of the iShares Silver Trust (the Underlying ETF ) while providing a consistent level of income through a portfolio substantially composed of options contracts, including FLexible EXchange options ( FLEX Options ), short-term U.S. Treasury securities and cash and cash equivalents. The Fund does not invest directly in the Underlying ETF or silver. Rather, the Fund will invest in options contracts that utilize the Underlying ETF as the reference asset in seeking to provide partial participation in the price returns of the Underlying ETF and in seeking to generate income. The Fund may also utilize options as part of a box spread, described in further detail below, in seeking to generate income. Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in investments that provide exposure to silver or income-producing investments.

For purposes of compliance with this investment policy, derivative contracts will be valued at their notional value. The Funds investment sub-advisor is Vest Financial LLC ( Vest or the Sub-Advisor ). For additional information on the Underlying ETF, please see below and in the section entitled Additional Information on the Funds Investment Objective and Strategies. In seeking to provide partial participation in the price returns of the Underlying ETF, the Fund will purchase and sell options that utilize the Underlying ETF as the reference asset. Such options may include FLEX Options. FLEX Options are customized equity or index option contracts that trade on an exchange but provide investors with the ability to customize key contract terms like exercise prices, styles and expiration dates.

In general, an option gives the purchaser of the option the right to purchase (for a call option) or sell (for a put option) the underlying asset (or deliver cash equal to the value of an underlying asset) at a specified price (the strike price ). The Fund will gain exposure to increases in value experienced by the Underlying ETF through the purchase of call options. As a buyer of these options, the Fund pays a premium to the seller of the options. The Fund will gain exposure to decreases in value experienced by the Underlying ETF through the sale of put options. As the seller of these options, the Fund receives a premium from the buyer of the options. Each of these options is expected to have a term of one year or less and will be rolled to maintain exposure to the Underlying ETF ( i.e., allow the existing option on the Underlying ETF to expire and open another option on the Underlying ETF that will expire at a later date).

In combination, the purchased call and sold put options generally provide exposure to price returns of the Underlying ETF both on the upside and downside. However, as a result of the partial covered call strategy utilized by the Fund discussed in further detail below, the Fund will not fully participate in the gains experienced by the Underlying ETF. In addition, performance of the Underlying ETF is expected to be lower than the performance of silver because of the fees and expenses charged by the Underlying ETF. Please also note that while the returns of the Underlying ETF can be expected to be significantly correlated with silver, there will not be perfect correlation. The rolling of the Fund's options positions may cause the Fund to experience higher levels of portfolio turnover. Additionally, as a means to generate income, the Fund will employ a partial covered call strategy that seeks to sell call options having a strike price roughly equal to the value of the Underlying ETF at the inception of the Fund and roughly equal to the value of the Underlying ETF on each subsequent roll of the partial covered call strategy (such options are said to be at-the-money).

Such sold call options are expected to have a notional value less than or equal to the total notional value of the Funds investments in purchased call options and sold put options on the Underlying ETF, such that the short position in each sold call option is ""covered"" by a portion of the purchased call options and sold put options on the Underlying ETF. However, the total notional value of the sold call options will not exceed 100% of the notional value of the Funds investments in purchased call options and sold put options on the Underlying ETF. This strategy effectively converts a portion of the upside price return growth of the Underlying ETF into current income. By doing so, the Fund is giving up full participation potential in Underlying ETF gains in exchange for call option premiums.

Conversely, if the price of the Underlying ETF is flat or declines during the Target Income Period, the Fund will retain the full premium received from writing the sold call options, which are expected to expire worthless, and the Funds NAV is expected to remain flat or decline, as the investments that deliver participation in the price returns of the Underlying ETF will experience a corresponding lack of growth or decline. To execute this strategy, the Fund will sell call options with an expiration date less than or equal to approximately one month in the future (the Target Income Period ). The amount of call options sold by the Fund is based on a calculation designed to result in the Fund making a distribution over the Target Income Period on the average assets of the Fund from premiums from selling call options that is approximately 4.0% higher annually than the annual yield from one-month U.S.

Treasury securities, before Fund fees and expenses. As of May 29, 2026, the annual yield from one-month U.S. Treasury securities was 3.6075%. There is no guarantee that the Funds income target will be achieved. The Advisor will periodically assess whether the Funds income target remains reasonable as market conditions change. There may be circumstances where a significant portion of a distribution made by the Fund is characterized as return of capital for tax purposes. This may result from the timing of certain creation and redemption activity in the Fund shares, mark-to-market valuations of the Fund's options positions at year end or other dynamics. Return of capital represents a return of a portion of a Fund shareholders invested capital and is not taxable in the year it is received unless the distribution exceeds a shareholders basis in the Fund.

The Funds sale of call options to generate the desired level of income affects the degree to which the Fund will participate in increases in value experienced by the Underlying ETF over the Target Income Period. The more call options the Fund needs to sell in order to generate the desired level of income, the less the Fund will participate in Underlying ETF gains. This means that if the Underlying ETF experiences an increase in value, the Fund will likely not experience that increase to the same extent, and may significantly underperform the Underlying ETF over the Target Income Period. The degree of participation in Underlying ETF gains will depend on prevailing market conditions, especially market volatility, at the time the Fund enters into the call options. The sale of call options to generate income will not have the same impact on any decreases experienced by the Underlying ETF over the Target Income Period.

The Funds rate of participation in Underlying ETF gains is approximately the ratio of the notional value of the Funds purchased call options to the notional value of the Funds sold call options. For instance, if the notional value of the Funds purchased call options is approximately 75% greater than the notional value of the Funds sold call options, the Fund would be expected to participate in approximately 75% of the price return gains experienced by the Underlying ETF over the Target Income Period, in addition to providing the consistent level of income. In that same example, for every 10% increase in the value of the Underlying ETF, the Fund would experience an approximately 7.5% increase in value (before Fund fees and expenses). In general, the Fund expects to participate in between 50% and 100% of Underlying ETF gains (before fees and expenses), although such participation is subject to market conditions and may be below those levels.

Excluding the premiums received from the Funds sale of call options, the Fund expects to fully participate in all Underlying ETF losses (e.g. if the Underlying ETF decreases in value by 5%, the Fund should be expected to decrease in value by approximately 5%, before Fund fees and expenses). The Fund may also invest in short-term U.S. Treasury securities and cash and cash-equivalents or may utilize a box spread. A box spread is an offsetting set of options that have risk and return characteristics similar to cash equivalents. A box spread consists of a synthetic long position coupled with an offsetting synthetic short position through a combination of options contracts on a reference asset at the same expiration date. The synthetic long position consists of (i) buying a call option and (ii) selling a put option, each on the same reference asset and each with the same strike price and expiration date.

The synthetic short position consists of (i) buying a put option and (ii) selling a call option, each on the same reference asset and each with the same expiration date as the synthetic long but with a different strike price from the synthetic long. The difference between the strike prices of the synthetic long and the synthetic short determines the expiration value (or value at maturity) of the box spread. The underlying reference asset of the options comprising the box spread is expected to be the S&P 500 Index. The Funds investments in U.S. Treasury securities, cash and cash-equivalents, or options comprising a box spread will be classified as income-producing investments for purposes of the Funds 80% investment test. The Fund is classified as non-diversified under the Investment Company Act of 1940, as amended (the 1940 Act ).

The Fund will not invest 25% or more of the value of its total assets in securities of issuers in any one industry or group of industries. This restriction does not apply to obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities, or securities of other investment companies. Nevertheless, the Fund invests in instruments that provide the Fund with more than 25% of its economic exposure to silver. General Information on Options The Fund will utilize FLEX Options and traditional exchange-listed options. FLEX Options are customizable exchange-traded option contracts guaranteed for settlement by the Options Clearing Corporation (the OCC ). The OCC guarantees performance by each of the counterparties to the FLEX Options, becoming the buyer for every seller and the seller for every buyer, protecting clearing members and options traders from counterparty risk.

The FLEX Options that the Fund will hold that reference the Underlying ETF will give the Fund the right to receive or deliver shares of the Underlying ETF or cash-settle the FLEX Options on the option expiration date at a strike price, depending on whether the option is a put or call option and whether the Fund purchases or sells the option. The FLEX Options held by the Fund are European style options, which are exercisable at the strike price only on the FLEX Option expiration date. Traditional exchange-listed options have standardized terms, such as the type, the reference asset, the strike price and expiration date. Exchange-listed options are also guaranteed for settlement by the OCC. Over-the-counter options are options that are exchanged between private parties in the over-the-counter market rather than on exchanges.

The Fund intends to use traditional exchange-listed options when utilizing box spreads.

SLVY Costs and Fees

SLVY costs about $85 per $10,000 invested per year in fund expenses.

  • Net expense ratio: 0.85%
  • Gross expense ratio: 0.85%

SLVY Debt Constituents

No individual debt constituents are reported in FT Vest Silver Strategy & Target Income ETF's latest SEC N-PORT filing.

SLVY Prospectus and SEC Filings

Official FT Vest Silver Strategy & Target Income ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

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.