Understanding Silver ETFs: A 2025 Investor's Guide to 10 Popular Options

Silver investment opportunities have expanded significantly in recent years, particularly as the precious metal gained substantial traction throughout 2025. The landscape shifted dramatically when silver surpassed its historic 1980 peak of US$49.95, climbing to US$58.83 by Q4—a milestone driven by geopolitical tensions and shifting trade policies. For investors seeking exposure to either the silver price or silver mining equities, exchange-traded funds represent an accessible vehicle compared to direct physical ownership or futures trading.

Why Silver ETFs Matter in Today’s Market

The silver market tells an interesting story. While traditionally overshadowed by gold due to its lower per-ounce price point, silver has commanded renewed attention in 2025. This surge reflects both safe-haven demand amid global uncertainty and industrial sector appetite—a combination that distinguishes silver’s recent performance from its previous years of underperformance against precious metals.

ETFs offer distinct advantages for portfolio diversification. Unlike mutual funds, these instruments trade on exchanges like stocks, providing greater accessibility and transparency. They also deliver built-in diversification and professional management, though they come with their own risk considerations. The silver ETF universe now includes two primary categories: those holding physical silver bullion and those investing in silver mining, streaming, and exploration companies.

Physical Silver ETFs: Direct Bullion Exposure

Leading by Assets: iShares Silver Trust

The iShares Silver Trust (ARCA:SLV) commands the largest position in the physical silver ETF space with US$26.33 billion in total assets. Trading at US$51.21 per unit, this trust benchmarks against the London Bullion Market Association silver price and maintains 508 million ounces of physical silver bullion. Important to note: this structure operates outside the Investment Company Act framework, meaning it doesn’t face the same regulatory requirements as traditional mutual funds.

Security-Focused Alternative: Sprott Physical Silver Trust

With US$11.61 billion in assets, the Sprott Physical Silver Trust (ARCA:PSLV, TSX:PSLV) appeals to investors prioritizing vault storage security. At US$18.65 per unit, it holds 191.12 million ounces of London Good Delivery silver bars. A notable feature: holders can convert their ETF units into physical silver directly, provided they hold sufficient units (equivalent to ten 1000-ounce bars minimum).

Cost-Conscious Pick: Aberdeen Standard Physical Silver Shares

The Aberdeen Standard Physical Silver Shares ETF (ARCA:SIVR) operates with a 0.3 percent expense ratio—competitive within the physical silver space. Priced at US$53.71, it manages US$3.71 billion in assets and holds 45.51 million ounces of silver in JPMorgan Chase Bank’s London vault. Its objective tracks silver price performance minus operational costs.

Leveraged and Inverse Positions: Trading-Focused Options

Investors with different market outlooks have specialized options. The ProShares Ultra Silver ETF (ARCA:AGQ) targets 2x daily performance of the Bloomberg Silver Subindex, making it suitable for bullish traders willing to monitor positions daily. With US$1.33 billion in assets and trading at US$107.32, it carries a 0.95 percent expense ratio.

Conversely, the ProShares UltraShort Silver ETF (ARCA:ZSL) delivers negative 2x daily returns, designed as a hedge against silver price declines. Though smaller at US$73.71 million in assets and US$9.51 per unit, it serves traders seeking protection. Both instruments use derivatives and require active management.

Silver Mining Equities: Growth Through Company Performance

Diversified Miners: Global X Silver Miners ETF

The Global X Silver Miners ETF (ARCA:SIL) presents a different approach with US$3.93 billion in assets. At US$77.66 per unit, it provides exposure to silver mining and royalty company equities—a strategy benefiting when the metal appreciates while offering geographical and company-level diversification. The 0.65 percent expense ratio covers holdings like Wheaton Precious Metals (22.5 percent), Pan American Silver (12.3 percent), and Coeur Mining (8.1 percent).

Small-Cap Opportunity: Amplify Junior Silver Miners

Small-cap silver miners gain representation through the Amplify Junior Silver Miners ETF (ARCA:SILJ). Managing US$2.97 billion with units at US$26.09, this 0.69 percent expense fund focuses exclusively on public small-cap companies. Top holdings include Hecla Mining Company (11.3 percent), First Majestic Silver (10.3 percent), and Coeur Mining (8.7 percent), with geographic reach spanning North America and the UK.

Global Equities Focus: iShares MSCI Global Silver Miners

At US$630 million in assets, the iShares MSCI Global Silver Miners ETF (BATS:SLVP) offers the lowest expense ratio at 0.39 percent. Trading at US$31.59, it tracks companies primarily engaged in silver exploration and metals mining globally. Canadian companies dominate at 69 percent of holdings, while US and Mexican exchanges comprise 27 percent. Hecla Mining leads at 15.5 percent, followed by Industrias Peñoles (11.7 percent) and Fresnillo (10 percent).

Hybrid Approaches: Combining Physical and Equities

New Entrant: Sprott Silver Miners & Physical Silver

Launched in January 2025, the Sprott Silver Miners & Physical Silver ETF (NASDAQ:SLVR) broke new ground by blending physical silver with mining equities. With US$453.7 million in assets at US$51.31 per unit, it allocates 14.3 percent to its sister fund (Sprott Physical Silver Trust) for bullion exposure, 27.12 percent to First Majestic Silver, and 10.6 percent to Endeavour Silver. The 0.65 percent management fee reflects this hybrid structure.

Active Management Strategy: Sprott Active Gold and Silver Miners

Established in February 2025, the Sprott Active Gold and Silver Miners ETF (NASDAQ:GBUG) represents the newest entry to this list. Managing US$134.42 million at US$41.18 per share, its active management approach enables frequent rebalancing to potentially enhance returns. Mining-focused holdings include OceanaGold (4.32 percent), G Mining Ventures (4.18 percent), and Equinox Gold (4.16 percent), with a 0.89 percent management fee.

Selecting Your Silver ETF Strategy

The proliferation of silver ETF options reflects market maturity and investor demand. Direct bullion holders prioritize security and simplicity; mining equity investors seek leveraged exposure to industry fundamentals; while specialized traders employ leveraged or inverse instruments for tactical positioning. Each approach carries distinct risk-return profiles and cost structures—factors essential to evaluate against your investment horizon and risk tolerance.