This silver ETF has grown investors’ money 2.6x in 3 years

The Kotak Silver ETF has completed three years with a 2.6x return since launch, as silver prices continued their sharp multi-year rally. A ₹10,000 investment made at inception in December 2022 would be worth ₹26,132 as of November 30, 2025 — translating to a CAGR of over 37%, according to data shared by Kotak Mutual Fund.

The scheme’s Assets Under Management (AUM) crossed ₹2,630 crore at the end of November, marking one of the largest asset bases among silver-focused passive funds in the country. The ETF aims to mirror the domestic price of silver, based on the LBMA silver spot price, subject to tracking error. It may also invest in silver-related instruments.

The fund is managed by Jeetu Valechha Sonar and Abhishek Bisen, and carries an expense ratio of 0.45%. Its performance has largely been driven by a strong upswing in silver, supported by robust industrial demand, precious metals inflows, and global macro trends.

While the ETF has delivered strong historical returns, analysts generally caution that silver prices can be volatile, influenced by global interest rates, geopolitical developments, and industrial demand cycles. Commodity ETFs, including silver, can experience sharp drawdowns, and past performance may not be indicative of future outcomes.

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