Silver Bulls Were Ringing in 2025 With Strong Inflows
Given gold’s stratospheric rally last year, it might seem that ETF provider Sprott would see the most inflows in their funds related to the precious metal. However, after 2025 was said and done, it was the Sprott Silver Miners & Physical Silver ETF (SLVR) at the top spot with about $450 million inflows.
Alongside gold, silver also saw a strong rally in 2025 with an over 140% gain. Silver’s duality as a precious and industrial metal gives it the potential for greater momentum from additional tailwinds. If market uncertainty persists, its cheaper price relative to gold makes it a value-focused safe haven asset. Furthermore, its usage in a wide variety of applications opens the metal to further upside potential. SLVR tracks the performance of the Nasdaq Sprott Silver Miner Index. The index tracks the performance of the silver miners industry, including silver producers, developers, and explorers, as well as physical silver itself. This makes the fund a more all-encompassing option to capture upside in both physical silver as well as miners.
At runner up with close to $170 million inflows was the Sprott Critical Materials ETF (SETM), setting the stage for further upside given its focus on companies operating within the critical minerals space. Constituents within the index it tracks (the Nasdaq Sprott Critical Materials Index) include mining companies necessary for the production of uranium, lithium, copper, nickel, silver, manganese, cobalt, graphite, and other rare earth elements.
Coming in third at just over $95 million inflows was the Sprott Active Gold & Silver Miners ETF (GBUG), which gives exposure to miners in both gold as well as silver. This allows for greater diversification, allowing investors to obtain exposure to price upside in both metals indirectly through miners.
Copper and Small-Cap Miners
Electricity demand surged in 2025, giving copper the tailwinds it needed for momentum. That said, coming in fourth for inflows in 2025 was the Sprott Copper Miners ETF (COPP). Copper could see more upside this year, especially if the trend towards heavier usage of artificial intelligence (AI) continues. Big tech companies spent heavily on their capital expenditures (CapEx) to build out their AI infrastructures. In turn, this should help spur demand for copper, given its electrical conductivity properties.
Rate cuts could further fuel small-caps in 2026, after three consecutive rate cuts to end 2025. Less debt servicing costs mean that small cap companies could reinvest excess capital into growing their operations. That said, one fund worth noting is the Sprott Junior Copper Miners ETF (COPJ). The fund tracks the Nasdaq Sprott Junior Copper Miner Index (NSCOPJ), which includes mid, small- and microcap companies in copper-mining related businesses. The addition of midcap companies adds market-cap diversification, which should help temper some of the volatility that could arise with small- and microcap companies.
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Past performance is no guarantee of future results. One cannot invest directly in an index.
Funds that emphasize investments in small/mid-cap companies will generally experience greater price volatility.
Diversification does not eliminate the risk of investment losses. ETFs are considered to have continuous liquidity because they allow an individual to trade throughout the day. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses, affect the Fund’s performance.
Sprott Asset Management USA, Inc. is the Investment Adviser to the ETFs. ALPS Distributors, Inc. is the Distributor for the ETFs and is a registered broker-dealer and FINRA Member. ALPS Distributors, Inc. is not affiliated with Sprott Asset Management USA, Inc. or VettaFi.
Exchange Traded Funds (ETFs): SETM, LITP, URNM, URN, COPP, COPJ, NIKL, SGDM, SGDJ, SLVR, GBUG, METL
Physical Bullion Funds: PHYS, PSLV, CEF, and SPPP.
Gold and precious metals are referred to with terms of art like store of value, safe haven and safe asset. These terms should not be construed to guarantee any form of investment safety. While “safe” assets like gold, Treasuries, money market funds and cash generally do not carry a high risk of loss relative to other asset classes, any asset may lose value, which may involve the complete loss of invested principal.
