Silver Mines are the New ETF Income Play With KSLV, SVCC (TSX), and SVCL (TSX)

Mining has long been a notoriously cost intensive industry. The profits derived from extracted mining products, whether they be precious or industrial metals or minerals, have long been dependent on the unstable balance between supply and demand on one side and variable costs ranging from machinery, labor disputes, regulatory red-tape, political policies, and other factors, on the other. 

According to a May 17th comparison published by analyst Tavi Costa with data from Bloomberg, the mining sector seems to be in a solid bull run, fueled by silver, copper, and gold at the front end, with rare earth minerals and others pushing from the rear. The mining sector is presently registering a +31% profit margin. This is nearly double that of technology or financials (+17%), and more than double that of utilities (+15%), energy (+13%), and industrials (+12%). 

This surge has not been lost on Wall Street’s analysts, who have created loads of financial products to appeal to an investing public hungry for gains and income. With high-yielding covered call ETFs the current flavor of the week for new products, it was only a matter of time before silver mines caught their attention as a potential volatility sector that could generate fat option premiums. With silver prices gaining over +145% in 2025 and physical product shortages becoming increasingly apparent, the following silver mine income play ETFs were launched accordingly:

• Kurv Silver Enhanced Income ETF (CBOE: KSLV)
• Global X Silver Miners Covered Call ETF (TSX: SVCC)
• Global X Enhanced Silver Miners Covered Call Call ETF (TSX: SVCL)

Kurv Silver Enhanced Income ETF

Founded by CEO Howard Chan a scant 22 months ago, Kurv Investment Management, LLC is the proverbial new kid on the block. Specializing in high-yield income ETFs, its menu caters demographically to investors seeking high weekly or monthly income from volatile sector ETFs, such as technology, precious metals, and single stocks. Kurv also provides 351 conversion tax transfer documents to defer capital gains taxes.

KSLV, Kurv’s silver mining ETF, has an inception date of September 29, 2025.  Kurv maintains an offshore subsidiary in the Cayman Islands that invests in derivatives and gets its long-range silver exposure through a combination of Exchange Trade Product (ETP), silver futures contracts, and physical metal. The hybrid/synthetic long silver portfolio then serves as the collateralization for the covered calls, whose premiums generate the dividends. Although its history has been short, its performance to date has been competitive with its older peers.  For example, going into May, 2026, KSLV had generated a total return of 51.95% vs. UBS Ag Etracs Silver Shares Covered Call ETN Exp 21 April 2033 (NASDAQ: SLVO), which lodged a 26.74% return.

A $10,000 investment made in KSLV at its July 2025 inception would be worth $15,560 as of the time of this writing.

Global X Silver Miners Covered Call ETF

When it comes to commodity resource companies, especially in the mining, timber, and cannabis industries, Canada is often a first exchange choice for an IPO, pursuant to a US listing once the stock has developed a market investor base and analyst coverage. This is due to familiarity with those sectors, lower costs, and time zone equivalence with the US, among other factors.

SVCC is a spanking new silver mining ETF trading on the Toronto Exchange. It made its official debut on May 11, 2026. Issuer Global X has a sizable menu of ETFs, including one that specializes in Canadian companies, so its Canadian connections are solid. SVCC’s approach is fairly standard: it writes covered calls against its portfolio of mining stocks and its shares in its  sister ETF, the Global X Silver Miners Index ETF (TSX: SLVX). Distributions are monthly. 

Aside from its 70.53% portfolio allocation to SLVX, SVCC also holds the following:

• Coeur Mining: 4.31%
• OR Royalties: 4.29%
• Pan American Silver: 4.20%
• Wheaton Precious Metals: 4.17%
• Hecla Mining: 4.17%
• First Majestic Silver: 4.13%
• SSR Mining: 4.12%

Global X Enhanced Silver Miners Covered Call Call ETF

When it comes to new silver mining ETFs, Global X has struck twice this month: SVCL is, for all intents and purposes, the leveraged version of its SVCC. Its inception date is May 13, 2026. Its dividend yield is derived from covered call options it writes against its holdings of SVCC at 125%. As a result, there is a subsequent additional +/-25% gain or loss with every trade, so that magnification factor represents the “enhanced” extra risk. Distributions are semi-monthly. 

Since  Global X Silver Miners Index ETF (CA: SLVX) provides such a huge part of the portfolio collateral for both SVCC and SVCL, its $3.7 million portfolio’s top holdings include the following:

• Wheaton Precious Metals: 21.42%
• Pan American Silver: 13.10%
• Coeur Mining: 10.34%
• Industrias Penoles SAB de CV: 5.22%
• First Majestic Silver: 4.86%
• Fresnillo PLC: 4.84%
• Hecla Mining: 4.63%
• OR Royalties: 4.14%
• Cia de MInas Buenaventura SAA – ADR: 3.84%
• SSR Mining: 3.79%

As both SVCL and SVCC are Canadian listed, prospective US investors should be aware of the foreign currency and tax differences that will be applicable. 

Why Silver Analysts Remain Bullish

SIlver’s importance to technology and finance is escalating at the same time its supply is dwindling.

There are multiple reasons why silver analysts are anticipating a sustained bullish run on silver prices. Bank of America recently projected a target price of $309/oz. by December of this year, while the current price at present is in the mid $70s. Some of the main justifications are:

• Demand is outpacing supply for what will be its 7th consecutive year going into January, with production falling further behind demand, and the 2026 shortfall anticipated to be as high as 216 million oz.
• As silver is primarily a by-product of mining operations for copper and other minerals, geologists have yet to identify any silver-exclusive deposits, so production increases are improbable for the foreseeable future.
• China controls 70% of current silver bullion supply and 40% of sulfuric acid supply, which is necessary for silver extraction. The CCP had silver added to its list of rare earth minerals, drastically limiting further exports and escalating scarcity. 

With new physical silver supply so much in demand, mines – which are the only global conduit at present for obtaining it, warrant the current investor attention they are garnering. Global X and Kurv are surfing that wave, and those that invest in their ETFs may soon be cheering “Cowabunga!” if they don’t wipe out along the way.