Your Guide to Silver ETFs in 2025: Navigating the Options That Match Your Investment Strategy

Silver has made headlines in 2025, with prices reaching unprecedented levels. By late 2025, silver broke its 45-year record, climbing above US$58.83 after surpassing the previous all-time high of US$49.95 set back in 1980. This surge reflects a combination of factors: geopolitical tensions, economic uncertainty tied to US trade policies, safe-haven demand spillover from gold markets, and robust industrial sector consumption. For investors seeking to capitalize on silver’s momentum, exchange-traded funds (ETFs) represent an accessible pathway compared to holding physical metal or navigating futures contracts.

Why Silver ETFs Matter

Silver ETFs function similarly to mutual funds—pooling capital across multiple investors—yet trade on exchanges like stocks, offering greater flexibility and accessibility. Unlike individual stock ownership, these funds provide built-in diversification and professional management with regular rebalancing. Two primary categories dominate the market: funds that track the spot silver price and those offering exposure to silver-mining equities.

Silver Price ETFs: Direct Exposure to Market Movements

For investors wanting to track silver’s price performance without mining stocks, the following options rank highest by assets under management.

iShares Silver Trust (ARCA:SLV) stands as the category leader with US$26.33 billion in total assets and a unit price of US$51.21. This trust uses the London Bullion Market Association silver price as its benchmark and holds 508 million ounces of physical silver bullion. While not technically registered as an investment company under the Investment Company Act of 1940, it provides straightforward silver price exposure.

Sprott Physical Silver Trust (ARCA:PSLV,TSX:PSLV) offers an alternative with US$11.61 billion in assets at US$18.65 per unit. The appeal lies in its fully convertible structure—investors holding sufficient units can exchange their shares for actual physical metal stored in London Good Delivery bars (the fund requires holdings equivalent to ten 1000 oz bars). With 191.12 million ounces backing the fund, this option suits those seeking tangible asset security.

Aberdeen Standard Physical Silver Shares ETF (ARCA:SIVR) brings US$3.71 billion in assets with a unit price of US$53.71. Its 0.3 percent expense ratio is notably competitive, and the fund maintains 45.51 million ounces secured in JPMorgan Chase vaults in London. This structure mirrors iShares’ approach while offering a lower cost alternative.

For tactical traders seeking leverage, ProShares Ultra Silver ETF (ARCA:AGQ) delivers twice the daily performance of the Bloomberg Silver Subindex through derivatives and futures. Trading at US$107.32 with US$1.33 billion in assets, its 0.95 percent expense ratio reflects the cost of maintaining 2x leverage. This vehicle demands daily monitoring and suits only experienced traders with high risk tolerance.

On the inverse side, ProShares UltraShort Silver ETF (ARCA:ZSL) provides downside protection, targeting negative two times the daily index performance. With just US$73.71 million in assets at US$9.51 per unit, this 0.95 percent cost fund acts as a hedge instrument for traders expecting declines.

Silver Mining Stock ETFs: Leveraging Company Growth

Mining-focused funds capture upside when silver prices rise while companies simultaneously benefit from operational efficiencies and cost management.

Global X Silver Miners ETF (ARCA:SIL) anchors this category with US$3.93 billion in assets at US$77.66 per unit. Its 0.65 percent expense ratio reflects a diversified portfolio featuring Wheaton Precious Metals at 22.5 percent weight, Pan American Silver at 12.3 percent, and Coeur Mining at 8.1 percent. Geographic diversification spans continents, reducing single-jurisdiction risks.

Amplify Junior Silver Miners ETF (ARCA:SILJ) targets small-cap operators, positioning itself as the first ETF focused exclusively on this segment. At US$2.97 billion in total assets and US$26.09 per unit, its 0.69 percent fee accesses companies like Hecla Mining (11.3 percent), First Majestic Silver (10.3 percent), and Coeur Mining (8.7 percent), primarily domiciled in Canada, the US, and UK.

iShares MSCI Global Silver Miners ETF (BATS:SLVP) offers the lowest expense ratio at just 0.39 percent, managing US$630 million with shares priced at US$31.59. Its holdings concentrate heavily on Canadian-listed companies (69 percent), with Hecla Mining at 15.5 percent, Industrias Peñoles at 11.7 percent, and Fresnillo at 10 percent representing top positions.

Sprott Silver Miners & Physical Silver ETF (NASDAQ:SLVR) represents a hybrid approach, combining mining equities with physical metal exposure. Launched in January 2025, this US$453.7 million fund charges 0.65 percent and uniquely holds its sister fund Sprott Physical Silver Trust at 14.3 percent weight alongside First Majestic Silver (27.12 percent) and Endeavour Silver (10.6 percent).

Sprott Active Gold and Silver Miners ETF (NASDAQ:GBUG), established in February 2025, broadens reach by covering both precious metals. Its US$134.42 million in assets trades at US$41.18, with active management enabling more frequent rebalancing. Top holdings include OceanaGold (4.32 percent), G Mining Ventures (4.18 percent), and Equinox Gold (4.16 percent), with management fees at 0.89 percent.

Choosing Your Silver ETF Strategy

Investors face a fundamental choice: pursue direct silver price participation through bullion-backed vehicles or capture mining operational leverage through equity funds. Price-tracking funds suit conservative investors seeking straightforward commodity exposure, while mining stocks appeal to those expecting both precious metals appreciation and company profit growth. Leverage products demand sophisticated risk management and constant attention.

The silver ETF landscape in 2025 offers vehicles for every investor profile—from conservative long-term accumulators to active traders executing tactical positioning. Whatever your approach, these ten options represent the most substantial entries by assets, making them liquid and broadly accessible for portfolio diversification.