Data as declared by Invesco in the issuer’s official files and endpoints · collected on 2 September 2026 (monthly refresh). Facts only, no recommendation.
One email when new issuers, new metrics and new articles land. Double opt-in, zero spam, one-click unsubscribe.
Description
Invesco Physical Silver ETC tracks the issuer-declared underlying: LBMA Silver Price. The declared annual cost (TER) is 0.19%, plus 0.00% in transaction costs estimated by the issuer in the KID. Replication is physical replication (it buys the index constituents). The fund has assets of about 947 million euro, was launched on 13 April 2011 and is domiciled in Ireland. In our registry it is the largest by assets among the 2 ETFs declaring the same index.
The fund’s objective — in the issuer’s words
The Invesco Physical Silver ETC aims to provide the performance of the spot silver price through certificates collateralised with silver bullion. The base currency is USD. Term This product has a final maturity date of 31 December 2100. The Manufacturer has the right to terminate the product in a limited number of circumstances, as set out in the prospectus.
Keep reading the KID section ▾
Intended Retail InvestorThis product is intended for investors who are willing to invest for a long term and who plan to stay invested for at least 5 years. Investors should be prepared to take on a relatively high level of risk of loss to their original capital in order to get a higher potential return.
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.
Fund performance
issuer-declared net asset value (NAV) · USD · from Apr 2011 to Sept 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
+53.3%
Annualised
+2.8%
Volatility (ann.)
33.3%
Max drawdown
-76.19%
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.
Max drawdown
-76.19%
peak → trough
Trough
19 Mar 2020
from the 28 Apr 2011 peak
Recovery time
2,034 days
recovery only: trough to break-even · ≈ 5 years and 7 months
Underwater
5,282 days
decline + recovery: peak to break-even · ≈ 14 years and 6 months · → recovered on 13 Oct 2025
The five worst falls in the period
From the peak of
Trough
Depth
Back to break-even
Days underwater
28 Apr 2011
19 Mar 2020
-76.19%
13 Oct 2025
5,282
29 Jan 2026
17 Jul 2026
-53.36%
ongoing
215
17 Oct 2025
28 Oct 2025
-14.16%
01 Dec 2025
45
07 Jan 2026
08 Jan 2026
-4.79%
12 Jan 2026
5
30 Dec 2025
31 Dec 2025
-3.80%
05 Jan 2026
6
Calendar-year returns
2016
17.1%
2017
3.4%
2018
-8.7%
2019
16.2%
2020
46.2%
2021
-13.0%
2022
3.5%
2023
-0.8%
2024
21.3%
2025
148.6%
2026
-10.2%
Month-by-month returns
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sept
Oct
Nov
Dec
Year
2026
43.3
-12.8
-19.2
1.2
3.0
-22.4
-1.8
21.7
-7.8
-10.2
2025
9.3
-1.5
9.4
-5.4
2.6
8.7
0.7
7.1
19.0
6.0
10.1
33.5
148.6
2024
-3.0
-3.3
9.8
8.6
17.3
-6.1
-2.8
3.2
5.4
8.1
-8.6
-5.9
21.3
2023
-4.0
-10.8
16.4
3.7
-6.1
-3.4
8.4
0.7
-6.0
0.5
7.8
-4.9
-0.8
2022
-2.6
8.2
1.9
-5.5
-7.2
-6.2
-1.7
-10.6
6.0
0.7
12.5
11.0
3.5
2021
3.5
-2.7
-10.1
7.8
6.8
-6.8
-1.1
-5.7
-10.5
11.5
-4.8
0.9
-13.0
2020
-0.9
-3.9
-19.0
10.1
14.7
1.4
34.8
13.6
-13.3
-0.5
-6.3
19.5
46.2
2019
3.9
-1.6
-4.6
-0.8
-3.4
5.1
8.2
11.6
-6.2
4.6
-6.1
6.3
16.2
2018
2.1
-4.6
-1.0
0.6
1.0
-3.2
-3.8
-5.1
-2.4
0.2
-0.8
8.6
-8.7
2017
6.4
5.7
-1.2
-3.6
-0.6
-4.9
1.7
3.4
-2.8
-0.3
-1.5
1.7
3.4
2016
1.8
4.7
4.2
16.1
-10.1
14.3
9.1
-6.5
3.2
-8.2
-6.2
-2.6
17.1
2015
5.9
-2.3
0.4
-0.5
0.9
-5.9
-7.3
-0.9
1.4
6.7
-9.9
-1.9
-13.8
2014
-1.0
10.1
-6.1
-3.5
-1.5
9.8
-0.9
-5.9
-12.2
-5.3
-1.4
-0.0
-18.4
2013
6.9
-9.6
-1.1
-14.8
-7.6
-16.5
5.7
18.5
-8.3
2.4
-10.3
-2.2
-35.1
2012
28.4
10.8
-12.9
-3.8
-10.0
-3.7
4.1
8.2
13.5
-6.9
6.2
-12.7
14.0
2011
-20.7
-9.4
13.1
4.3
-26.4
12.4
-8.5
-16.6
-35.1
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.
Source: Invesco. Issuer-declared historical series; inflation: Eurostat and national statistical institutes, latest available July 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.
Tracking difference — fund vs underlying
How much the product returned above (+) or below (−) the price of its underlying, year by year. It measures the actual deviation: the combined effect of costs (TER and transaction), securities-lending revenue and replication optimisations — which is why it can beat the TER. Tracking difference was positive in 0 of the last 10 calendar years: a past observation, not an indication of future outperformance.
Average TD (last 3 years)
-0.30% /anno
Declared TER
0.19%
Year
Fund
Underlying
Difference
2025
+148.58%
+149.06%
-0.47%
2024
+21.27%
+21.50%
-0.23%
2023
-0.84%
-0.65%
-0.19%
2022
+3.53%
+3.73%
-0.20%
2021
-13.03%
-12.84%
-0.20%
2020
+46.20%
+46.77%
-0.57%
2019
+16.23%
+16.68%
-0.46%
2018
-8.66%
-8.30%
-0.36%
2017
+3.44%
+3.85%
-0.40%
2016
+17.05%
+17.51%
-0.46%
Total-return figures from issuer-declared series (primary source); complete calendar years. TD is not comparable across sites using different methodologies or index variants. Past performance is not indicative of future results. What is tracking difference? →
Risk indicators· EUR
Last year
Last 3 years
Last 5 years
Last 10 years
Full history
Volatility (ann.)
57.68%
39.40%
34.20%
30.02%
31.31%
Max drawdown
-51.19%
-51.19%
-51.19%
-51.19%
-67.39%
Sharpe
1.08
0.89
0.69
0.50
0.26
Sortino
1.42
1.20
0.94
0.69
0.36
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: 2.20%), 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.
2 ETFs in our census declare this index (including this fund). Funds declaring the exact same index, word for word, in official product lists. Differently-worded variants (or other index versions) are not shown: a short list beats a wrong match. Sorted by TER. A dash “—” = not declared by the issuer in the files we read — not a zero.
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.
+ 13 more trading venues (MTFs and professional platforms).
Trading venues from the official ESMA register (FIRDS); per-exchange tickers from the issuer’s tax documents and official listings. A dash “—” = that venue does not publish the item (ticker, currency or start date) in the sources we read. The same fund may trade in different currencies depending on the exchange: check the trading currency with your broker. Non-EU listings (e.g. UK, Mexico) not included.
Frequently asked questions
What is the underlying of Invesco Physical Silver ETC?
The issuer Invesco declares the underlying: LBMA Silver Price.
How much does SSLV cost?
The issuer-declared TER is 0.19% per year; the transaction costs estimated in the KID are 0.00%.
How is SSLV 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 SSLV?
The fund size declared by Invesco is about 947 million euro.
When was SSLV launched?
The fund was launched on 13 April 2011: it has 15 years of history.
How does SSLV replicate its index?
Physical (issuer wording: “Physical”).
Does SSLV pay dividends?
No: it is an accumulating share class — income stays in the fund and is reinvested automatically (issuer wording: “None”).
Where does SSLV trade?
Per the official ESMA register it trades on 9 main exchanges, including Borsa Italiana (ETFplus) (SSLV), Börse Düsseldorf (8PSB), Börse Frankfurt (8PSB), Börse Hamburg (8PSB), Börse Hannover (8PSB), Börse München / gettex (8PSB).
What was SSLV's worst fall?
Over the available history (since 2011), the maximum drawdown was -76.19%, reached in March 2020. Past performance is not indicative of future results.
What is SSLV's tracking difference?
Over the last 3 complete calendar years the fund returned on average -0.30% per year versus its index (from issuer-declared series).
Transparency note
The data in this sheet is declared by Invesco 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.