SLV vs UX

SLVBiShares Silver Trust

UXDRoundhill Uranium ETF

In short

SLV Silver, unbundled: real bars sitting with a custodian, a share price that shadows the LBMA Silver Price less a 0.50% fee. Trading since 2006 and one of the busiest commodity funds on the tape, it's the default way people put silver in a brokerage account.

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

SLV The Trust seeks to reflect the performance of silver prices before its expenses and liabilities. Its assets consist primarily of silver held by a custodian.

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

• SLV The deep end of the silver pool: running since 2006, a multi-billion-dollar trust, and very actively traded, which is what keeps spreads tight and the options market busy.
• Metal, not machinery. Assets are physical silver held by a custodian and priced off the LBMA Silver Price. No futures roll, no miner earnings, no swap counterparty.sec.gov
• 0.50% a year, under the typical physical-metal trust, and the design is about as plain as it gets: bullion price minus expenses, tracked closely.

• 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

• SLV SIVR runs the same physical-silver idea for 0.30%. The extra fee here buys size and trading depth, not different metal.
• No income. Bullion pays nothing, and the trustee sells silver to cover expenses, so the metal behind each share slowly shrinks.sec.gov
• One metal, one price. Nothing inside the trust cushions a silver drawdown, and silver is a jumpy market by nature.

• 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 SLV profile⁠

Full UX profile⁠