Silver ETFs/Futures abnormal spread compared to spot

J_R_Dinesh · November 30, 2025, 2:01pm

Anyone has got anyclue as to why spread b/w silverbees and spot silver is continuously increasing. Silverbees not going up inline with spot silver and spread is huge 20 points which is around 15%. Why is it trading at such huge discount to spot.

BB789 · November 30, 2025, 2:42pm

Expense ratios and tracking error.

J_R_Dinesh · November 30, 2025, 3:53pm

hmm but as per this they are quoting only 2% tracking error

https://mf.nipponindiaim.com/TotalExpenseRatio/Tracking-Error-and-Tracking-Difference-of-ETFs-and-Index-Funds.xlsx

J_R_Dinesh · November 30, 2025, 3:55pm

and expense ratio is only 0.56%

considering this spread huge in past 2 years

BB789 · December 1, 2025, 2:06am

Part of it is probably due to overnight increase in silver friday and today morning. Maybe @VishalJain can explain as it’s the same with SILVERCASE too at 18% difference currently.

J_R_Dinesh · December 1, 2025, 4:51am

Any idea what reference rate is taken for silver etf i see xaginr at 180/gm
whereas mcx future is around 174/gm

and bangalore refinery is quoting 187/gm