SIVR vs UX

SIVRAabrdn Physical Silver Shares ETF

UXDRoundhill Uranium ETF

In short

SIVR Silver bullion in a vault, wrapped in a ticker. SIVR has done that one job since 2009 at 0.30% a year, half the going rate for physical metal funds, and fee is most of the tracking gap here.

UX Uranium funds usually buy the miners. UX aims at the yellowcake itself, via swaps tied to Sprott's physical uranium trust and Yellow Cake plc: the first US-listed ETF built around the U3O8 price. Costs 0.77% a year, no waiver.

Stated mandate

SIVR The Trust seeks to track the price of physical silver, after deducting its expenses.

UX The fund seeks exposure to changes in the price of physical uranium, including through swap agreements linked to uranium-related trusts and other reference assets.

Why people hold it

• SIVR 0.30% a year, versus a 0.60% median across physical metal funds and 0.50% at the biggest silver trust, SLV. When the mandate is just holding metal, cost is the differentiator.
• The mandate is one sentence: track the price of physical silver after expenses. Real metal, not futures contracts, swaps, or miner stocks standing in for the metal.
• A multi-billion-dollar trust that trades actively, so entering and exiting is usually a routine order rather than a hunt for the other side.
• Running since 2009 and rated among the strongest implementations in the physical commodity group, on both cost and how closely it delivers its stated mandate.

• UX The first US-listed ETF designed to give exposure to the price of physical uranium (U3O8) rather than to the companies that mine it.roundhillinvestments.com
• No yellowcake in a warehouse. Exposure comes from swaps referencing the Sprott Physical Uranium Trust and Yellow Cake plc, collateralized with Treasury bills.sec.gov
• Spot-uranium swaps sit in a wholly owned Cayman subsidiary, capped at 25% of assets at each fiscal quarter-end to keep the fund's 1940 Act tax treatment.roundhillinvestments.com

Worth knowing

• SIVR One metal, one price. Silver moves hard in both directions and there is no diversification inside the trust to soften it.
• Bullion generates no cash flow, so this is a price-only holding rather than an income one.
• It is a commodity trust, not a registered 1940 Act fund, so the legal protections and tax treatment differ from a standard stock or bond ETF.

• UX At 0.77% with no fee waiver, it charges more than the typical physical-commodity fund, and more than vault-held metal peers SIVR (0.30%) and SLV (0.50%).
• Results lean on Sprott and Yellow Cake, which can trade at a premium or discount to their uranium holdings, so the fund can diverge from spot U3O8.sec.govroundhillinvestments.com
• A 2025 launch with a small asset base, thin on-screen trading and non-diversified status under the 1940 Act, which can mean wider spreads than big vault-based funds.sec.gov

Full SIVR profile⁠

Full UX profile⁠