AGMI
Themes Silver Miners ETF
The Themes Silver Miners ETF seeks to provide investment results that correspond to the performance of companies engaged in silver mining and related activities.
International
EQUITY
Passive
MANAGEMENT STYLE
1.1 M
ASSETS UNDER MGMT
35 bp
EXPENSES
Fund Basics
| Fund sponsor | Themes |
| Category | International |
| Asset class | Equity |
| Website | link... |
| Inception date | May 02, 2024 |
| Assets (mns) | $1 |
| Expense ratio | 35 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | |
| Taxation | 1099 |
| Stock selection | |
| Weighting | |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| NEWMONT MINING CORP | 10.3 % |
| FRANCO-NEVADA CORP | 9.5 % |
| SILVER WHEATON CORP | 8.9 % |
| ZIJIN MINING GROUP CO LTD-H | 8.3 % |
| SOUTHERN COPPER CORP | 4.8 % |
| KGHM POLSKA MIEDZ S.A. | 4.7 % |
| TECK RESOURCES LTD-CLS B | 4.7 % |
| FRESNILLO PLC | 4.5 % |
| FIRST MAJESTIC SILVER CORP | 4.4 % |
| HECLA MINING CO | 4.4 % |
Constituent Breakdown
| Number of holdings | 24 |
| Herfindahl-Hirschman Index | 572 |
| Wgt avg mkt cap (mns) | $21,782 |
| Large cap (>$10bn) | 53.6% |
| Mid cap ($2-10bn) | 35.2% |
| Small cap (<$2bn) | 10.5% |
| Developed mkts. | 77.6% |
| Emerging mkts. | 21.4% |
Country Exposure
 |
CANADA | 44.1 % |
 |
UNITED STATES | 23.7 % |
 |
CHINA | 13.3 % |
 |
BRITAIN | 6.0 % |
 |
POLAND | 4.7 % |
 |
MEXICO | 4.3 % |
 |
HONG KONG | 2.5 % |
Historical Performance
Standardized Performance (as of 06/30/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 47.7% | 41.9% | -- | -- | -- | -- | -- | 37.0% |
| Dividend Yield | 0.0% | 0.0% | -- | -- | -- | -- | -- | 0.0% |
| Total Returns | 47.7% | 41.9% | -- | -- | -- | -- | -- | 37.0% | Ann. Volatility | 37.5% | 38.2% | -- | -- | -- | -- | -- | 38.4% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | -0.64 | 6% |
| MSCI EAFE | 0.68 | 8% |
| MSCI Emg Mkts | 1.13 | 13% |
Liquidity Measures
| Avg. volume (000) | 1 |
| ADV traded (mns) | $0 |
| Turnover | 3.3% |
| Avg. Bid/Ask (% of price) | 0.00% |
Technical Indicators
| Recent close | $37.15 |
| 30d moving avg. | $34.79 |
| Annualized volatility | 30.6% |
| Relative strength (RSI) | 64 |
| Short interest | 5.3% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. |
Expenses vs. |
ALTAR Score™ vs. |
|---|---|---|---|---|
| SILJ | ETFMG Prime Junior Silver Miners ETF | 39.7% | +34 bp | +3.0% |
| SLVP | iShares MSCI Global Silver Miners ETF | 35.1% | +4 bp | +8.0% |
| SIL | Global X Silver Miners ETF | 30.7% | +30 bp | +3.6% |
| SGDM | Sprott Gold Miners ETF | 30.6% | +15 bp | +3.8% |
| RING | iShares MSCI Global Gold Miners ETF | 25.6% | +4 bp | +5.4% |
| COPX | Global X Copper Miners ETF | 22.7% | +30 bp | +8.2% |
| ICOP | iShares Copper and Metals Mining ETF | 15.5% | +12 bp | +9.1% |
| GDX | VanEck Gold Miners ETF | 15.2% | +16 bp | +4.1% |
| GOEX | Global X Gold Explorers ETF | 14.3% | +30 bp | +3.8% |
| EPU | iShares MSCI Peru and Global Exposure ETF | 14.2% | +24 bp | +7.1% |
Risk and Returns: vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
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Valuation Metrics
| Fwd Est | 2024 | 2025 | 2026 | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 7/8/2025
Peer Group Comparison Sample data. Subscribe for access.
Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
UNDERWEIGHT
Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.
ALTAR Score™
AGMI
6.3%
Cat. Avg
7.3%
ALTAR Score™ Calculation
Category Overview
There are 259 funds in the International Equity category, with an average ALTAR Score™
of 7.3% and a standard deviation of
1.9%. AGMI's ALTAR Score™ is approximately
0.5 standard deviations
below
the category average. This places AGMI in the 29th percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
AGMISELL
U/W
HOLD
O/W
BUY
Expense Analysis
| Peer Group | Passive International Equity ETFs |
| # of ETFs | 77 |
| Avg. Expense Ratio | 38.8 bp |
| Std. Deviation | 21.2 bp |
| (35 bp) Percentile rank | 42 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| AGMI | 35.0 | 0.0 | 35 |
| Peer Avg. | 43.2 | 18.4 | 61.5 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .