In a move that reflects the growing sophistication of the Brazilian retail market, XP Asset has launched SLVR11 on the B3 exchange. As the first silver-focused ETF created by a Brazilian manager, the fund arrives at a moment of intense price action for the metal, which saw a staggering 118% appreciation in 2025. By offering a low-cost entry point—shares began trading at R$ 50 with a 0.3% annual fee—the fund democratizes access to a commodity that has historically been overshadowed by its more lustrous cousin, gold.
The structure of SLVR11 mirrors XP’s existing gold ETF (GOLD11), tracking the LBMA Silver price via the Intercontinental Commodities Exchange (ICE) while maintaining exposure to currency fluctuations. This dual exposure is a critical component for domestic investors seeking a hedge against both local economic shifts and global geopolitical instability. The timing is deliberate; after a period of explosive growth, silver has entered a phase of heightened volatility in 2026, driven by tightening supply chains and shifting macro-sentiments.
Beyond its role as a store of value, silver’s utility is increasingly tied to its industrial applications. Leonardo Vasques, a portfolio manager at XP Asset, notes that the metal occupies a unique niche in a diversified portfolio, bridging the gap between a defensive asset and a play on industrial demand. As global manufacturing and technological infrastructure continue to evolve, silver’s role as a conductive backbone ensures it remains more than just a speculative instrument.
With reporting from InfoMoney.
Source · InfoMoney
