Navigating Silver ETFs: Your Complete 2025 Investment Guide

The precious metals market surged in 2025 as investors sought safe-haven assets amid geopolitical tensions and evolving trade policies. Silver, in particular, captured significant attention when it shattered its 1980 all-time high of US$49.95, reaching a new peak of US$58.83 in late 2025. For those looking to capitalize on this momentum, silver ETFs offer an accessible and diversified approach to gaining exposure to both the metal itself and the companies that mine it. Understanding which silver ETF aligns with your investment objectives requires knowledge of the different options available in today’s market.

Why Silver ETFs Matter as a Diversification Tool

Unlike purchasing physical silver bars or navigating the complexities of futures contracts, silver ETFs provide a more practical alternative for most investors. These exchange-traded vehicles pool capital into a single holding, functioning similarly to mutual funds but with the added benefit of trading on exchanges like conventional stocks. This accessibility makes them particularly attractive to investors who want to add precious metals exposure without the storage complications or technical barriers of direct ownership.

The advantage of investing through ETFs lies in their built-in diversification and professional management. Many funds rebalance automatically, reducing the burden on individual investors to monitor their positions constantly. Additionally, expense ratios vary significantly across different silver ETFs, making cost comparison an essential part of your selection process.

Two Distinct Routes: Silver Spot Price vs. Mining Equities

When evaluating silver ETFs, investors face a fundamental choice. The first category tracks the price of physical silver directly, allowing you to benefit immediately from price appreciation. The second category focuses on silver-mining stocks and streaming companies, where returns depend not only on metal prices but also on company performance and industry dynamics.

This distinction matters because each approach carries different risk profiles and return potential. Physical silver ETFs provide straightforward price exposure but offer limited upside beyond the metal’s appreciation. Mining-focused ETFs can amplify gains when silver prices climb—since these companies’ revenues expand alongside commodity values—but they also introduce company-specific risks.

Physical Silver ETFs: Direct Metal Exposure

1. iShares Silver Trust (ARCA:SLV)

With approximately US$26.33 billion in total assets and a unit price of US$51.21 as of December 1, 2025, the iShares Silver Trust remains the largest silver ETF globally. The fund provides straightforward tracking of the London Bullion Market Association silver price, holding 508 million ounces of physical silver bullion. Investors should note that this trust operates outside standard investment company regulations, which some may view as a simpler operational structure.

2. Sprott Physical Silver Trust (ARCA:PSLV, TSX:PSLV)

For investors prioritizing security without storage complications, the Sprott Physical Silver Trust presents an compelling option. Managing US$11.61 billion in assets at a unit price of US$18.65, this trust safeguards 191.12 million ounces of silver in London Good Delivery bars. Notably, the fund’s full convertibility feature allows holders meeting the minimum requirement—roughly ten 1000-ounce bars—to claim physical silver directly, bridging the gap between ETF ownership and tangible metal possession.

3. Aberdeen Standard Physical Silver Shares ETF (ARCA:SIVR)

The Aberdeen Standard offering provides a streamlined alternative with US$3.71 billion in assets and unit pricing at US$53.71. Its 0.3 percent expense ratio stands among the lowest in the physical silver ETF category. The fund backs its shares with 45.51 million ounces held at JPMorgan Chase Bank in secured London vaults, maintaining full transparency regarding underlying asset holdings.

4. ProShares Ultra Silver ETF (ARCA:AGQ)

Launched in 2008, the ProShares Ultra Silver ETF targets a specific investor profile: those bullish on silver with capacity for active monitoring. With US$1.33 billion in assets and unit prices reaching US$107.32, this leveraged fund aims to deliver twice the daily performance of the Bloomberg Silver Subindex. The 0.95 percent expense ratio reflects the cost of maintaining these daily derivative strategies through futures contracts.

5. ProShares UltraShort Silver ETF (ARCA:ZSL)

Trading the opposite direction, the ProShares UltraShort Silver ETF provides portfolio insurance against declining silver prices. Its US$73.71 million in assets and US$9.51 unit price reflect its specialized use case. Designed to capture negative two times the daily Bloomberg Silver Subindex performance, this fund suits experienced traders with high risk tolerance and disciplined daily oversight.

Mining and Streaming: Leveraging Company Performance

1. Global X Silver Miners ETF (ARCA:SIL)

The Global X Silver Miners ETF opens doors to equity growth within the mining sector. Controlling US$3.93 billion with a unit price of US$77.66, this fund assembles premier silver-mining and royalty companies. Top holdings include Wheaton Precious Metals at 22.5 percent weighting, Pan American Silver at 12.3 percent, and Coeur Mining at 8.1 percent. The 0.65 percent expense ratio remains reasonable given the portfolio’s complexity and the geographic diversification spanning multiple mining jurisdictions.

2. Amplify Junior Silver Miners ETF (ARCA:SILJ)

Targeting the small-cap segment, the Amplify Junior Silver Miners ETF distinguishes itself as “the first and only ETF designed specifically for small-cap silver miners.” With US$2.97 billion in assets and a unit price of US$26.09, it offers exposure to emerging players in the industry. Key holdings include Hecla Mining Company at 11.3 percent, First Majestic Silver at 10.3 percent, and Coeur Mining at 8.7 percent, with operations spanning Canada, the US, and the UK.

3. iShares MSCI Global Silver Miners ETF (BATS:SLVP)

Maintaining the lowest expense ratio among mining-focused silver ETFs at just 0.39 percent, the iShares offering provides efficient global exposure. With US$630 million in assets and unit pricing at US$31.59, roughly 69 percent of holdings trade on Canadian exchanges. Hecla Mining leads at 15.5 percent weighting, followed by Industrias Peñoles at 11.7 percent and Fresnillo at 10 percent.

4. Sprott Silver Miners & Physical Silver ETF (NASDAQ:SLVR)

A relative newcomer launched in January 2025, the Sprott combination fund merges physical silver holdings with mining equities—a hybrid approach differentiating it from pure mining funds. Managing US$453.7 million with unit pricing at US$51.31, its dual exposure includes Sprott Physical Silver Trust at 14.3 percent weighting, First Majestic Silver at 27.12 percent, and Endeavour Silver at 10.6 percent. The 0.65 percent management fee reflects this blended strategy.

5. Sprott Active Gold and Silver Miners ETF (NASDAQ:GBUG)

Launched in February 2025, the Sprott Active Gold and Silver Miners ETF represents the newest entry among these vehicles. With US$134.42 million in assets, a unit price of US$41.18, and a 0.89 percent management fee, its active management approach enables more frequent rebalancing than passive peers. Current top holdings include OceanaGold at 4.32 percent, G Mining Ventures at 4.18 percent, and Equinox Gold at 4.16 percent, providing diversified exposure to both precious metals mining.

Selecting Your Silver ETF: A Strategic Framework

The choice between silver ETFs ultimately depends on your investment horizon, risk tolerance, and market outlook. Physical silver ETFs suit conservative investors prioritizing direct commodity exposure with minimal company-specific risk. Mining-focused silver ETFs appeal to growth-oriented investors who believe mining companies will outpace the physical metal during bull markets.

New investors often start with the largest, most liquid vehicles like SLV or PSLV before potentially exploring specialized mining funds. Experienced traders might employ leveraged or inverse ETFs for tactical positioning. Regardless of your choice, comparing expense ratios—which can range from 0.39 to 0.95 percent—ensures you maximize long-term returns after costs.

As 2025 demonstrated, silver’s relevance in a diversified portfolio extends beyond nostalgic collector interest. Whether you prioritize physical metal ownership, mining sector participation, or tactical leverage, silver ETFs offer structures suited to virtually every investment philosophy and timeline.