Choosing Silver ETFs in 2025: Your Guide to Physical Bullion and Mining Stock Investments

Investors seeking exposure to silver or silver-mining companies have multiple paths forward, and silver ETFs represent one of the most accessible approaches. These fund structures allow you to gain silver exposure without managing physical storage or individual stock risk. In late 2025, silver surprised many observers by breaking through its previous record set decades earlier. The precious metal surged past the $49.95 peak from 1980, climbing to $58.83 in Q4 2025 as geopolitical tensions and economic uncertainty drove safe-haven demand. Though silver has historically underperformed gold, 2025 marked a turning point where silver-backed investments captured significant investor attention.

Understanding Your Silver ETF Options: Physical Bullion vs. Mining Stocks

Silver ETFs fall into two distinct categories, each serving different investment objectives. The first group holds physical silver directly—bullion stored in secure vaults. These products track the spot price of silver and provide straightforward price exposure. The second group invests in companies that mine silver, process it, or hold streaming rights. Mining-focused ETFs offer potential upside beyond the metal’s spot price since mining firms benefit from operational leverage and exploration success.

Before selecting specific silver ETFs, consider your investment timeline, risk tolerance, and whether you want direct precious metal exposure or indirect company equity exposure. Each approach carries different costs, liquidity characteristics, and regulatory considerations.

Five Silver ETFs Offering Direct Price Exposure

For investors prioritizing straightforward silver price tracking, physical silver ETFs represent the foundation of precious metals portfolios.

SLV (iShares Silver Trust) remains the largest in this category with $26.33 billion in assets and a unit price of $51.21 as of December 2025. This fund tracks the London Bullion Market Association silver price and holds 508 million ounces of physical bullion. The iShares trust operates outside standard mutual fund regulation, which affects investor protections but also fee structures. Its size ensures tight bid-ask spreads and reliable liquidity.

PSLV (Sprott Physical Silver Trust) offers an alternative with $11.61 billion under management. Trading at $18.65 per unit, it holds 191.12 million ounces of London Good Delivery bars and allows full conversion to physical metal (with a 10,000-ounce minimum threshold). This convertibility appeals to investors wanting an eventual exit to physical possession.

SIVR (Aberdeen Standard Physical Silver Shares) manages $3.71 billion and trades at $53.71. With a 0.3% expense ratio—among the lowest available—this ETF holds 45.51 million ounces stored with JPMorgan Chase in London. The lower fee makes it attractive for long-term holders.

AGQ (ProShares Ultra Silver ETF) targets aggressive traders through 2x daily leverage, with $1.33 billion in assets and a $107.32 unit price. Established in 2008, it uses derivatives to amplify returns and carries a 0.95% expense ratio. This product suits only active traders monitoring positions daily.

ZSL (ProShares UltraShort Silver ETF) provides portfolio hedging through -2x daily leverage, with just $73.71 million in assets and a $9.51 unit price. Created alongside AGQ in 2008, it’s designed for traders with high risk capacity who can trade actively. Both ProShares leveraged products demand constant attention due to decay in sideways markets.

Silver Mining ETFs: Five Ways to Build Mining Sector Exposure

For those seeking mining company exposure rather than direct bullion holdings, mining-focused silver ETFs provide equity participation in the exploration, production, and streaming sectors.

SIL (Global X Silver Miners ETF) leads this group with $3.93 billion under management and a $77.66 unit price. This ETF emphasizes mining companies and streaming organizations like Wheaton Precious Metals (22.5% weighting), Pan American Silver (12.3%), and Coeur Mining (8.1%). The 0.65% expense ratio reflects active management and diversification benefits across multiple jurisdictions.

SILJ (Amplify Junior Silver Miners ETF) focuses on small-cap miners with $2.97 billion in assets priced at $26.09. This niche category targets companies earlier in their development cycle. Top positions include Hecla Mining (11.3%), First Majestic Silver (10.3%), and Coeur Mining (8.7%). The 0.69% fee captures this specialized focus. Canadian, US, and UK companies comprise its holdings.

SLVP (iShares MSCI Global Silver Miners ETF) offers the lowest cost mining exposure at 0.39% expense ratio with $630 million in assets. Trading at $31.59, it emphasizes global silver explorers and mining operators. About 69% of holdings trade on Canadian exchanges, while US and Mexican exchanges account for 27%. Top holdings include Hecla Mining (15.5%), Industrias Peñoles (11.7%), and Fresnillo (10%).

SLVR (Sprott Silver Miners & Physical Silver ETF) uniquely combines physical silver holdings with mining equities. Launched in January 2025, this newer product manages $453.7 million at $51.31 per unit. Its 0.65% fee covers hybrid exposure. First Majestic Silver dominates at 27.12%, while the companion Sprott Physical Silver Trust represents 14.3% as a physical hedge. Endeavour Silver comprises 10.6%.

GBUG (Sprott Active Gold and Silver Miners ETF) represents the newest entry, established in February 2025 with $134.42 million under management. Trading at $41.18, it actively manages gold and silver mining exposure with frequent rebalancing. The 0.89% management fee reflects active stewardship. Top positions include OceanaGold (4.32%), G Mining Ventures (4.18%), and Equinox Gold (4.16%).

Comparing Cost and Performance: Making Your Decision

Silver ETFs vary dramatically in size, fees, and investment approach. Physical bullion silver ETFs cost between 0.3% and 0.95% annually, though leveraged products carry the higher end. Mining-focused funds range from 0.39% to 0.89%, with active strategies commanding premium fees.

When evaluating silver ETFs, total assets matter significantly for liquidity. Funds under $500 million face wider spreads and less daily volume. Your investment horizon determines whether daily rebalancing (ProShares leveraged products) suits your strategy or whether buy-and-hold physical bullion ETFs make sense.

Consider these factors in parallel: How long do you plan to hold? Can you monitor positions daily, or do you prefer quarterly reviews? Do you want direct metal exposure or company equity potential? Is diversification across multiple miners important, or does concentrated exposure appeal to you? What percentage of silver exposure matches your overall portfolio risk?

The data collected on December 1, 2025, provides a snapshot of these liquid investment vehicles, but your personal risk tolerance and investment objectives should drive the final choice. Silver ETFs remain accessible tools for precious metals investing across multiple investor styles and experience levels.

Disclosure: This analysis draws on fund information available through official fund websites and data providers.