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ETF sheet · Issuer-declared data
🇮🇹 Effective capital-gains rate: 26.00%details →

UBS Solactive US Listed Gold & Silver Miners UCITS ETF USD accIndex, costs, backtest, listings and taxation

ISIN: IE000EPIJ442Ticker: GSM (Borsa Italiana) · BCFR (Xetra) · GLDSL (SIX)Issuer: UBS

North America Equity tracking the Solactive Gold & Silver Miners US Listings Carbon Tilted Index NTR, physical, full replication, accumulating. Share class in US dollars (USD).

0.36% + 0.00%
Flat fee + KID transaction costs ✓ declared by the issuer
28
rows published by the issuer · holdings ↓ ✓ declared by the issuer
84 m €
share-class assets ✓ declared by the issuer
Every figure carries its provenance: ✓ declared by the issuer in its documents · ≈ computed by Rebalix on the declared data.

Fund

Name
UBS Solactive US Listed Gold & Silver Miners UCITS ETF USD acc
Management
Passive (index-tracking) (from the KID)
Domicile
Ireland

Share class · this page

ISIN
IE000EPIJ442
Ticker
GSM (Borsa Italiana) · BCFR (Xetra) · GLDSL (SIX)
Share-class currency
US dollars (USD)
Flat fee
0.36% (not the TER)
Transaction costs
0.00% (issuer estimate, from the KID)
Income policy
Share-class assets
83.7 mln EUR
NAV
14.92 USD
Share-class launch
21 January 2025
Data as declared by UBS in the issuer’s official files and endpoints · collected on 17 October 2026 (monthly refresh). Facts only, no recommendation.
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Quick reads

  • 28 rowspublished by the issuer; completeness of the list not declared✓ declared by the issuer
  • Top 10 = 73.1%of the fund✓ declared by the issuer
  • Effective rate 26.00%on capital gains for Italian tax residents: from the declared white-list share≈ computed by Rebalix
✓ declared by the issuer · ≈ computed by Rebalix on the declared data in our census. They describe the past and are not indicative of future results.

Description and fund objective

UBS Solactive US Listed Gold & Silver Miners UCITS ETF USD acc tracks the issuer-declared index: Solactive Gold & Silver Miners US Listings Carbon Tilted Index NTR. The issuer-declared “Flat fee” (not the TER) is 0.36%, plus 0.00% in transaction costs estimated by the issuer in the KID. Replication is full physical replication; income is accumulated and reinvested in the fund. The fund has assets of about 84 million euro, was launched on 21 January 2025 and is domiciled in Ireland.

The fund’s objective — in the issuer’s words

The investment policy of the Fund is to seek to track the performance of the Solactive Gold & Silver Miners US Listings Carbon Tilted Index (Net Total Return) (or any other index determined by the Directors from time to time to track substantially the same market as the Solactive Gold & Silver Miners US Listings Carbon Tilted Index (Net Total Return) and which is considered by the Directors to be an appropriate index for the Fund to track), in accordance with the Prospectus (the “Index”) as closely as possible, while seeking to minimise as far as possible the difference in performance between the Fund and the Index.

Keep reading the KID section ▾

The Fund seeks to achieve the objective by tracking the Index and, with regard to ESG criteria, giving exposure to global companies with lower carbon intensity and excluding the ones with negative social, governmental and environmental impact. The return of the fund depends mainly on the performance of the tracked index. Fund income is not paid out, but instead will be reinvested.

Intended retail investorThis fund applies to retail investors with a basic financial understanding, who can accept a possible loss on the investment amount. The fund is aimed at growing the investment value, while granting daily access to the capital under normal market conditions. With their investment in this fund, investors can satisfy long term investment needs. The fund is suited to be acquired by the target client segments without any restriction of the distribution channel or platform. Depositary State Street Custodial Services (Ireland) Limited Further Information Information about UBS Solactive US Listed Gold & Silver Miners UCITS ETF and the available share classes, the full prospectus, and the latest annual and semi-annual reports, as well as additional information can be obtained free of charge from the fund management company, the central administrator, the custodian bank, the fund distributors or online at www.ubs.com/etf. Latest price can be found at www.ubs.com/etf

From the KID’s “Objectives” section · KID acquired on 2 October 2026 · original document ↓
Text generated from the data the issuer declares in official product lists. No recommendation.

What has changed in the fund over time

Every month we snapshot the register and the holdings and keep the picture. The history shows how the fund changes, not only what it is today.

  1. Share-class launch
    21 January 2025
    declared by the issuer
  2. Basket snapshots
    3 monthly
    since June 2026
  3. Dated events
    none so far
    TER, index, name, tax: every change is an event
Open the history →

Italian taxation

Effective rate on capital gains
26.00%
White-list share
0.00%
From the government-bond («white list») share certified by the issuer every semester: 12.5% on that portion, 26% on the rest.
Deep-dive into this fund’s taxation →
PerformanceIn this sectionChartBacktest

Fund performance

issuer-declared net asset value (NAV) · USD (loading exchange rates) · from Jan 2025 to Oct 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
+151.1%
Annualised
+70.1%
Volatility (ann.)
48.6%
Max drawdown
-41.79%
-3%+64%+132%+200%+267%Jan 2025Jun 2025Dec 2025May 2026Oct 2026The break-even line: the value at the start of the period. Above it you are in gain, below in loss.break-even (0%)+151.1%
21 Jan 2025 → 16 Oct 20261 year and 9 months · +151.1%
21 Jan 202516 Oct 2026Jan 2025Oct 2026
Accumulating class: income is reinvested inside the fund and already reflected in the NAV; no distribution is left out of the chart.
Calculations on the NAV: issuer total-return series not available.
Note — currency risk: the fund is denominated (or hedged) in USD and the chart is in USD. For a euro investor, returns also depend on the EUR/USD exchange rate, up or down.
Tip: drag across the chart to zoom into a period.

Drawdown — distance from previous peak

This isn’t the return: it shows how far the fund is below its previous peak. 0% = you’re at the peak; below zero = how much you’re down and haven’t recovered yet.
0%-10%-20%-30%-40%-50%20252026−41.79% · 20 Jul 2026
Max drawdown
-41.79%
peak → trough
Trough
20 Jul 2026
from the 27 Feb 2026 peak
Recovery time
not yet
recovery only: trough to break-even
Underwater
231 days
decline + recovery: peak to break-even · ≈ 8 months · (ongoing)

The five worst falls in the period

From the peak ofTroughDepthBack to break-evenDays underwater
27 Feb 202620 Jul 2026-41.79%ongoing231
16 Oct 202504 Nov 2025-20.21%28 Nov 202543
28 Jan 202605 Feb 2026-18.73%24 Feb 202627
16 Apr 202514 May 2025-14.15%02 Jun 202547
02 Apr 202508 Apr 2025-11.61%10 Apr 20258

Calendar-year returns

2025
155.9%
since launch, 21 Jan
2026
-1.9%
2025: the share class was launched on 21 January 2025; the return runs from launch to 31 December 2025 and is not a full year.

Month-by-month returns

2026Year -1.9%
Jan
9.5
Feb
27.2
Mar
-22.0
Apr
-4.2
May
2.8
Jun
-17.8
Jul
-4.3
Aug
35.8
Sept
-13.2
Oct
-1.1
Nov
·
Dec
·
2025Year 155.9%(since launch)
Jan
·
Feb
0.7
Mar
17.6
Apr
5.7
May
1.4
Jun
7.5
Jul
-0.6
Aug
26.9
Sept
21.2
Oct
-5.0
Nov
18.8
Dec
3.5
JanFebMarAprMayJunJulAugSeptOctNovDecYear
20269.527.2-22.0-4.22.8-17.8-4.335.8-13.2-1.1-1.9
20250.717.65.71.47.5-0.626.921.2-5.018.83.5155.9(since launch)
From month-end NAVs, over the fund’s full history, on the series shown in the chart (dividends reinvested: where declared). Deeper colour = larger move.

Method and sources

Source: UBS. Issuer-declared historical series; inflation: Eurostat and national statistical institutes, latest available August 2026 — for later days the index stays at the last published value (institutes publish with a few weeks’ lag). The «adjusted for inflation» view expresses value in today’s purchasing power for the selected country; volatility always stays nominal, as elsewhere on the site (deflating it would add artificial swings caused by the monthly cadence of the price index). Past performance is not indicative of future results: these are facts, not a recommendation.
RiskIn this sectionRisk

Risk indicators· EUR

Last year
Volatility (ann.)52.19%
Max drawdown-40.13%
Sharpe0.32
Sortino0.44
Full history
Volatility (ann.)47.04%
Max drawdown-40.13%
Sharpe1.22
Sortino1.73
Last yearFull history
Volatility (ann.)52.19%47.04%
Max drawdown-40.13%-40.13%
Sharpe0.321.22
Sortino0.441.73
Windows longer than the available price history cannot be computed and are not shown: they will appear on their own as time passes. The max drawdown is identical across windows because the deepest fall is recent (peak 2 Mar 2026 → trough 20 Jul 2026): one episode dominates every look-back period. Computed from the daily NAV series, always in nominal terms. Sharpe and Sortino use the ECB main refinancing rate averaged over the period (last year: 2.25%), weighted by days in force, as the risk-free rate. Same formulas as our public methodology: sample standard deviation annualised over 252 days; Sortino with downside deviation. Past performance is not indicative of future results. Figures in EUR — series converted day by day at ECB reference rates; the table follows the currency selected in the chart.
PortfolioIn this sectionHoldings

Portfolio holdings

Rows in the published list
28
Top-10 weight
73.1%

Top 10 holdings

AGNICO EAGLE MINES LTD
10.84%
NEWMONT CORP
10.60%
ANGLOGOLD ASHANTI PLC
10.08%
BARRICK MINING CORP
7.70%
PAN AMERICAN SILVER CORP
6.85%
GOLD FIELDS LTD-SPONS ADR
6.81%
KINROSS GOLD CORP
6.73%
ALAMOS GOLD INC-CLASS A
4.96%
COEUR MINING INC
4.62%
EQUINOX GOLD CORP
3.94%

Countries· index breakdown declared by the issuer

AfghanistanAngolaAlbaniaUnited Arab EmiratesArgentinaArmeniaFrench Southern and Antarctic LandsAustraliaAustriaAzerbaijanBurundiBelgiumBeninBurkina FasoBangladeshBulgariaThe BahamasBosnia and HerzegovinaBelarusBelizeBoliviaBrazilBruneiBhutanBotswanaCentral African RepublicCanada: 64.6%SwitzerlandChileChinaIvory CoastCameroonDemocratic Republic of the CongoRepublic of the CongoColombiaCosta RicaCubaCyprusCzech RepublicGermanyDjiboutiDenmarkDominican RepublicAlgeriaEcuadorEgyptEritreaSpainEstoniaEthiopiaFinlandFijiFalkland IslandsFranceGabonUnited KingdomGeorgiaGhanaGuineaGambiaGuinea BissauEquatorial GuineaGreeceGreenlandGuatemalaFrench GuianaGuyanaHondurasCroatiaHaitiHungaryIndonesiaIndiaIrelandIranIraqIcelandIsraelItalyJamaicaJordanJapanKazakhstanKenyaKyrgyzstanCambodiaSouth KoreaKosovoKuwaitLaosLebanonLiberiaLibyaSri LankaLesothoLithuaniaLuxembourgLatviaMoroccoMoldovaMadagascarMexicoMacedoniaMaliMyanmarMontenegroMongoliaMozambiqueMauritaniaMalawiMalaysiaNamibiaNew CaledoniaNigerNigeriaNicaraguaNetherlandsNorwayNepalNew ZealandOmanPakistanPanamaPeruPhilippinesPapua New GuineaPolandPuerto RicoNorth KoreaPortugalParaguayQatarRomaniaRussiaRwandaWestern SaharaSaudi ArabiaSudanSouth SudanSenegalSolomon IslandsSierra LeoneEl SalvadorSomaliaRepublic of SerbiaSurinameSlovakiaSloveniaSwedenSwazilandSyriaChadTogoThailandTajikistanTurkmenistanEast TimorTrinidad and TobagoTunisiaTurkeyTaiwanUnited Republic of TanzaniaUgandaUkraineUruguayUnited States of America: 15.6%UzbekistanVenezuelaVietnamVanuatuWest BankYemenSouth Africa: 9.7%ZambiaZimbabwe
up to 1%1–5%5–15%15–30%over 30%
Hover a country for its percentage.
Countries
Canada64.6%
United States15.6%
South Africa9.7%
Top 3 countries declared by the issuer — sum of the weights shown: 89.9%.
⬇ Download the published holdings — Excel, 28 rows
Positions as declared by UBS’s source, holdings as at 30 September 2026. The source warns that the positions shown may differ from the ETF’s actual positions. Values are not rescaled. Total weight of the positions shown by the source: 100.0%. How Rebalix verifies portfolio holdings →
StructureIn this sectionIndexExchanges

Index tracked

Solactive Gold & Silver Miners US Listings Carbon Tilted Index NTR
This fund belongs to the gold (ETCs and miners) family: compare all census ETFs in this family →

Stock exchange listings

Exchanges with a ticker available· in alphabetical order
ExchangeTickerExchange sourceRegistered since
Borsa Italiana (ETFplus)GSMfrom tax documentESMA register (FIRDS)1 Apr 2025
Börse HamburgBCFRfrom mappingESMA register (FIRDS)19 Jun 2026
SIX Swiss ExchangeGLDSLfrom tax documentissuer’s tax document (exchange outside the FIRDS perimeter)—
Xetra (Deutsche Börse)BCFRfrom tax documentESMA register (FIRDS)2 May 2025
from tax document — ticker from the half-yearly document the issuer publishes for the Italian tax authority, one ticker per exchange: where the exchange trades several lines (different currencies) the others do not appear.
from mapping — ticker obtained by ISIN→exchange mapping under the open FIGI standard, not read from the exchange’s list.
Each row is one exchange: the operator with all its markets and segments (regulated market and Freiverkehr included). “Registered since”: admission date in the ESMA register (FIRDS), not necessarily the first trading day; a dash = date not recorded in the sources.
Other exchanges on record · 1 · show
ExchangeTickerExchange sourceRegistered since
Börse München / gettexnot availableESMA register (FIRDS)15 Sept 2026
For these exchanges none of the listing sources Rebalix covers provides a ticker; the listing is known from the ESMA register (FIRDS) or declared by the issuer. For Börse München / gettex the ESMA register records the listing on 2 segments of the same operator, shown as a single row.
+ 5 other trading platforms (platforms for professional participants and segments without admission to listing, such as an exchange operator’s dark books or auctions): they are not exchanges and are not listed.
Exchanges are taken from the official ESMA register (FIRDS) and, where FIRDS does not cover the exchange (London, Zurich) or does not record the current listing, from the issuers’ product lists and documents: the “Exchange source” column says so row by row. Each exchange is a single row, with all its markets and segments. Tickers come from the issuers’ product lists and tax documents or, where indicated, from ISIN→exchange mapping under the open FIGI standard (OpenFIGI). Activity on a dark book, an auction or an ancillary platform does not prove a listing on the exchange that operates it. Rebalix mainly covers venues in the European Economic Area, Switzerland and the United Kingdom: when the issuer declares current listings in other jurisdictions too, they appear with their source, outside the ESMA register perimeter. Terminated or cancelled listings are not shown. The same fund may trade in different currencies depending on the exchange: check the trading currency with your broker.
DocumentsIn this sectionDocumentsFAQ

Official documents

Key Information Document (KID)PDF in English, from the issuer’s site — always the latest filed versionProspectusPDF in English, from the issuer’s site — the fund’s full legal documentFactsheetPDF in Italian, from the issuer’s site — the fund’s monthly snapshot
The KID is the document the law requires you to read before investing: 3 pages covering risks, costs and scenarios. The link opens the issuer’s published PDF.

Frequently asked questions

Which index does UBS Solactive US Listed Gold & Silver Miners UCITS ETF USD acc track?
The issuer UBS declares the benchmark: Solactive Gold & Silver Miners US Listings Carbon Tilted Index NTR.
How much does GSM cost?
The issuer-declared Flat fee is 0.36% per year (not the TER); the transaction costs estimated in the KID are 0.00%.
How is GSM taxed in Italy?
On sale, the capital gain is taxed at an effective 26.00% rate (white-list share 0.00%): 12.5% on the government-bond “white list” portion, 26% on the rest.
What is the fund size of GSM?
The fund size declared by UBS is about 84 million euro.
When was GSM launched?
The fund was launched on 21 January 2025: it has 1 year of history.
How does GSM replicate its index?
It is a passively managed ETF: it follows the declared index. Physical (full replication) (issuer wording: “Fisica (Replica completa)”).
Does GSM pay dividends?
No: it is an accumulating share class — income stays in the fund and is reinvested automatically (issuer wording: “Accumulating”).
Where does GSM trade?
Per the official ESMA register (FIRDS) and the issuer’s documents it is listed on 4 exchanges with a ticker available, including Borsa Italiana (ETFplus) (GSM), Börse Hamburg (BCFR), SIX Swiss Exchange (GLDSL), Xetra (Deutsche Börse) (BCFR).
What was GSM's worst fall?
Over the available history (since 2025), the maximum drawdown was -41.79%, reached in July 2026. Past performance is not indicative of future results.
How many positions does GSM publish?
The list published by the issuer and archived by Rebalix has 28 rows; the top 10 weigh 73.1%. The issuer does not declare the list as complete: rows are reported as published, weights included, even where a position has zero weight.
Transparency note
The data in this sheet is declared by UBS in the issuer’s official files and endpoints, collected by Rebalix with a monthly refresh; taxation derives from the issuer’s tax documents (Italian Law Decree 138/2011). This is factual information for informational purposes only: it is not financial or tax advice, nor an investment recommendation. Read the fund’s KID and prospectus before investing.
Do you represent the issuer? Report a correction or an update