Core Insights - The Global X - Silver Miners ETF (SIL) and the iShares Gold Trust (IAU) provide different investment approaches to precious metals, with SIL focusing on silver mining companies and IAU holding physical gold [2][8]. Cost & Size Comparison - SIL has an expense ratio of 0.65% and assets under management (AUM) of $6.7 billion, while IAU has a lower expense ratio of 0.25% and AUM of $81.2 billion [3]. - The one-year total return for SIL is 216.7%, compared to 76.64% for IAU [3]. Performance & Risk Analysis - SIL has a maximum drawdown of -24.59% over five years, while IAU has a higher maximum drawdown of -42.18% [4]. - An investment of $1,000 in SIL would grow to $2,432 over five years, whereas the same investment in IAU would grow to $2,834 [4]. Fund Structure - IAU is designed to closely mirror the price of physical gold, holding 16.07 ounces in trust as of February 20, and has been operational for 21 years [5]. - SIL holds a diversified portfolio of 39 silver mining stocks, with its largest positions in Wheaton Precious Metals, Pan American Silver, and Coeur Mining, which together account for over 40% of the fund [6]. Investment Implications - IAU serves as a direct investment in gold, making it a safer option for investors looking to gain exposure to gold without the complexities of physical ownership [9][12]. - SIL provides indirect exposure to silver prices through mining stocks, which can be influenced by individual company performance and market conditions, but comes with a higher expense ratio that may affect long-term returns [12][11].