Overview
Fully allocated physical silver bullion — over 215 million ounces vaulted at the Royal Canadian Mint, redeemable in metal by large holders.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| AG | Physical silver bullion | 99.7% |
| -- | Cash & equivalents | 0.3% |
Fund Details
Investment Thesis
PSLV is the purist's silver vehicle: every unit is backed by numbered bars in Canadian government vaults, unit-holders of size can redeem for physical metal, and the trust structure gives US investors potentially favourable capital-gains treatment versus bullion ETFs. With silver in the $60s and the trust's assets at records, the +50% year made it one of 2026's best macro trades — with silver's trademark volatility attached.
Who It's For
Hard-asset conviction investors who want silver itself — not miners, not futures — with auditable, allocated backing. The vehicle of choice for the monetary-metals crowd.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | $5.37 | -- |
| 2017 | $5.64 | +5.0% |
| 2018 | $5.08 | -9.9% |
| 2019 | $5.79 | +14.0% |
| 2020 | $8.45 | +45.9% |
| 2021 | $7.35 | -13.0% |
| 2022 | $7.57 | +3.0% |
| 2023 | $7.42 | -2.0% |
| 2024 | $8.91 | +20.1% |
| 2025 | $11.40 | +27.9% |
| Year | Yield |
|---|---|
| 2016 | 0.00% |
| 2017 | 0.00% |
| 2018 | 0.00% |
| 2019 | 0.00% |
| 2020 | 0.00% |
| 2021 | 0.00% |
| 2022 | 0.00% |
| 2023 | 0.00% |
| 2024 | 0.00% |
| 2025 | 0.00% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | $1B | -- |
| 2017 | $1.2B | +20.0% |
| 2018 | $1B | -16.7% |
| 2019 | $1.3B | +30.0% |
| 2020 | $3B | +130.8% |
| 2021 | $3.5B | +16.7% |
| 2022 | $3.5B | +0.0% |
| 2023 | $3.5B | +0.0% |
| 2024 | $5B | +42.9% |
| 2025 | $9B | +80.0% |
Historical figures are ETFHub estimates modelled from asset-class return patterns and may differ from official fund records. Data as of September 2026.
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