Top Silver ETFs for 2025: Your Guide to Precious Metal and Mining Stock Investments

Investors seeking to diversify their portfolios with silver exposure have several compelling options through exchange-traded funds. As the silver market strengthened significantly throughout 2025—driven by geopolitical uncertainties and shifting trade policies—silver ETF offerings have expanded, giving traders and long-term investors multiple pathways to gain silver exposure without holding physical bullion or managing mining stocks individually.

Silver has emerged as an attractive alternative to gold-only strategies, particularly in 2025 when the precious metal surged to historic levels. In the fourth quarter of 2025, silver prices broke through their 1980 record and reached an intraday high near $58.83 per ounce, signaling renewed investor interest in this often-overlooked precious metal. While silver typically trails gold in terms of overall appreciation, its recent momentum stems from industrial demand rebounds and safe-haven positioning amid economic uncertainty.

Why Silver ETFs? Understanding Your Investment Options

Before examining specific silver ETF vehicles, it’s worth understanding why these funds differ from alternative silver investment methods. Investors can access silver through several channels: purchasing physical bars or coins, trading silver futures contracts, investing in mining company stocks directly, or choosing ETF structures.

ETFs offer a middle-ground solution, similar to mutual funds in pooling capital but traded throughout the day like equities. This structure provides several advantages: institutional-level management, built-in diversification, daily liquidity, and lower barriers to entry compared to purchasing 1,000-ounce bars of physical bullion. Most silver ETFs undergo regular rebalancing to maintain their stated objectives, whether tracking spot silver prices or mining company performance.

However, investors must recognize the tradeoffs. While ETFs eliminate storage and insurance concerns associated with physical holdings, they come with expense ratios and tracking differences. Some specialized funds employ leveraged strategies or derivatives, introducing additional complexity and daily monitoring requirements.

Direct Silver Price Access: Five Core ETF Vehicles

iShares Silver Trust (ARCA:SLV)—The Industry Leader

Total assets approach $26.33 billion, making this the largest and most liquid silver ETF available. The trust benchmarks against the London Bullion Market Association silver fixing and holds approximately 508 million ounces of physical bullion in allocated storage. At roughly $51.21 per unit, this vehicle appeals to investors wanting straightforward silver price correlation.

An important disclosure: the iShares Silver Trust operates as a grantor trust, not as a registered investment company under 1940 legislation or as a commodity pool. This structure means it sidesteps certain regulatory requirements applicable to traditional mutual funds, though it maintains strict silver allocation standards.

Sprott Physical Silver Trust (ARCA:PSLV, TSX:PSLV)—Premium Conversion Features

With approximately $11.61 billion in assets and unit prices near $18.65, this Canadian-based trust attracts investors prioritizing physical backing and redemption rights. The fund secures 191.12 million ounces of silver in London Good Delivery bars through JPMorgan Chase custody arrangements.

What distinguishes Sprott’s offering: unit holders may convert their shares into physical silver delivery, provided they accumulate sufficient units (equivalent to ten 1,000-ounce bars). This feature appeals to investors initially seeking ETF convenience but potentially wanting tangible bullion down the line.

Aberdeen Standard Physical Silver Shares ETF (ARCA:SIVR)—Lowest-Cost Direct Alternative

This $3.71 billion fund targets silver price tracking with a competitive 0.30% expense ratio. Individual shares trade near $53.71 and hold 45.51 million ounces in secured vault storage at JPMorgan Chase’s London facilities. The Aberdeen Standard vehicle carries similar regulatory disclosures as the iShares trust, emphasizing its non-registered investment company status.

ProShares Ultra Silver ETF (ARCA:AGQ)—Leveraged Upside Play

Established in 2008, this $1.33 billion fund pursues twice-daily silver price performance through derivatives and futures strategies. The 0.95% expense ratio reflects the complexity of maintaining 2x leverage through daily rebalancing. Share prices near $107.32 primarily appeal to active traders with high risk tolerance and capacity for daily portfolio monitoring. This vehicle is explicitly designed for bullish directional traders, not buy-and-hold investors.

ProShares UltraShort Silver ETF (ARCA:ZSL)—Hedging Downside Exposure

The bearish counterpart established alongside AGQ, this fund targets negative two-times daily silver performance. With only $73.71 million in assets and shares trading near $9.51, ZSL functions as a hedging instrument for investors fearing silver price declines. The matching 0.95% expense ratio again reflects derivative complexity. This vehicle demands daily active management and suits only sophisticated traders.

Mining Company Exposure: Five Equity-Based Silver ETFs

Global X Silver Miners ETF (ARCA:SIL)—Diversified Operator Portfolio

Managing approximately $3.93 billion, this $77.66-per-share fund provides diversified access to silver mining and royalty companies globally. The 0.65% expense ratio funds professional management of a carefully weighted portfolio. Leading positions include Wheaton Precious Metals (22.5% weighting), Pan American Silver (12.3%), and Coeur Mining (8.1%). These streaming and producer companies typically multiply silver price moves through operational leverage and cost advantages.

Amplify Junior Silver Miners ETF (ARCA:SILJ)—Small-Cap Focused Strategy

Branded as the first ETF exclusively targeting small-cap silver miners, this $2.97 billion vehicle addresses investors seeking higher-growth mining exposure. At $26.09 per share with a 0.69% expense ratio, SILJ concentrates on emerging silver producers. Its portfolio spans Canada, the US, and the UK, with Hecla Mining (11.3% weight), First Majestic Silver (10.3%), and Coeur Mining (8.7%) representing core holdings. Small-cap mining stocks carry greater volatility than large producers but offer outsized upside potential during silver bull markets.

iShares MSCI Global Silver Miners ETF (BATS:SLVP)—Lowest-Cost Mining Alternative

Operating at just 0.39% annually, this $630 million fund offers the most economical way to track global silver mining equities. Shares trade near $31.59 and represent companies primarily engaged in silver exploration or production. The portfolio tilts heavily Canadian (69% exposure), with US and Mexican holdings comprising 27%. Hecla Mining leads at 15.5%, followed by Industrias Peñoles at 11.7% and Fresnillo at 10.0%.

Sprott Silver Miners & Physical Silver ETF (NASDAQ:SLVR)—Hybrid Allocation Model

Launched in early 2025, this newer $453.7 million offering uniquely combines physical silver holdings with mining equities at its $51.31 share price. The 0.65% management fee covers active blending of two asset categories. Holdings include a 14.3% position in the companion Sprott Physical Silver Trust (providing bullion exposure), First Majestic Silver at 27.12%, and Endeavour Silver at 10.6%.

Sprott Active Gold and Silver Miners ETF (NASDAQ:GBUG)—Diversified Precious Metals Play

Among the newest entrants, this February 2025 launch offers actively managed exposure to both gold and silver equities at $41.18 per share. The $134.42 million fund employs active management to dynamically allocate between gold and silver mining opportunities based on relative valuations. Its 0.89% management fee supports frequent rebalancing aimed at optimizing risk-adjusted returns. Leading holdings span OceanaGold (4.32%), G Mining Ventures (4.18%), and Equinox Gold (4.16%).

Making Your Selection: Key Decision Framework

Direct Price Tracking vs. Mining Leverage: Investors comfortable with silver’s near-term price volatility gravitate toward physical ETFs, while those believing mining companies will outperform during silver rallies prefer equity vehicles.

Cost Sensitivity: Expense ratios range from 0.30% to 0.95%, with lower-cost options best for long-term holders while active traders may justify premium fees for leverage or active management.

Geographic Preference: Mining ETFs vary dramatically in geographic concentration—from Canadian-heavy portfolios to more globally distributed strategies.

Risk Tolerance: Leveraged vehicles (AGQ, ZSL) and small-cap miners (SILJ) suit aggressive traders, while physical silver trusts and large-cap mining funds serve conservative allocators.

Timeframe: Multi-year investors benefit from lower-cost passive vehicles, whereas active traders find value in leveraged or actively managed structures despite higher fees.

The silver ETF landscape in 2025 presents opportunities across investor profiles and strategies. Whether seeking direct silver price participation or mining company upside, these ten vehicles offer accessible entry points to capitalize on silver’s renewed investment appeal amid global economic shifts.