Top Silver ETFs to Watch in 2026: What Investors Need to Know (February 2026)

By Editorial Team - February 02, 2026

After its outsized gains in 2024–2025, silver experienced a sharp pullback entering February 2026 — a move that surprised many late-cycle buyers but was consistent with historical silver bull markets.

This correction was driven by several overlapping factors:

Profit-taking after extreme gains, particularly in leveraged and mining-linked products
A stronger U.S. dollar and shifting rate expectations, which temporarily pressured precious metals
Speculative positioning unwinds, as futures and options markets became crowded
Equity market rotation, drawing capital back toward risk assets

Importantly, the pullback did not coincide with a collapse in industrial demand or a sudden resolution of supply constraints. As a result, many analysts view the move as a volatility reset rather than a structural breakdown.

Physically backed silver ETFs saw price declines broadly in line with spot silver, while mining ETFs and leveraged products experienced significantly larger drawdowns — highlighting the importance of vehicle selection.

Investors use silver ETFs for various purposes. Other than its safe-haven benefits, some invest for speculative reasons, hoping to profit from potential increases in silver prices or as a hedge against geopolitical turmoil or currency devaluation.

Keep reading to learn more about investing in silver and see a list of top ETFs investing in the precious metal.

What Are Silver ETFs?

Silver ETFs are exchange-traded funds that provide exposure to the price of silver, a precious metal. These ETFs are designed to track the performance of silver prices, making it easier for investors to gain exposure to the silver market without physically owning and storing the metal itself.

Silver's unique combination of properties, including its electrical conductivity, thermal conductivity, reflectivity and antibacterial qualities, makes it a valuable material in various industries and applications.

Again, one of the advantages of investing in silver ETFs is that investors don't need to worry about storing and securing physical silver themselves. The ETF provider takes care of storage and custody in secure vaults, which can be a cost-effective and convenient way to invest in silver.

Types of Silver ETFs

There are several types of silver ETFs available to investors, each with its own investment approach and characteristics.

Physical silver ETFs: These ETFs hold physical silver bullion or coins in secure storage facilities. Each share of the ETF represents ownership of a certain amount of physical silver. Physical silver ETFs aim to closely track the spot price of silver.
Silver futures ETFs: These ETFs invest in silver futures contracts rather than physical silver. They can provide exposure to silver price movements without the need for physical storage.
Silver-mining ETFs: These ETFs invest in companies involved in the mining and production of silver. While not directly linked to the price of silver, the performance of silver-mining ETFs is influenced by factors such as production costs, exploration success and overall demand for silver.
Leveraged and inverse silver ETFs: These ETFs use derivatives to provide leveraged (e.g., 2x or 3x) or inverse (e.g., -1x) exposure to the daily movements of silver prices. Leveraged ETFs aim to amplify gains or losses, making them suitable for experienced traders with high risk tolerance looking to capitalize on short-term price movements.

Top Silver ETFs as of February 2026

1. iShares Silver Trust (SLV)

SLV remains the most widely used silver ETF globally.

Tracks the spot price of physical silver
Backed by vaulted bullion
Extremely high liquidity and tight bid‑ask spreads

SLV is often considered the benchmark silver ETF and is commonly used as a core allocation for investors seeking direct silver exposure without storage concerns.

Expense Ratio: 0.50%.
AUM: Over $35 billion.
1Year Performance: ~163% (tracks silver spot closely).
Why Top: Highest liquidity, most popular for direct silver exposure. Ideal for long-term holders seeking simplicity and low tracking error.

2. abrdn Physical Silver Shares ETF (SIVR)

SIVR offers similar exposure to SLV but with a key difference: lower fees.

Physically backed by silver bullion
Lower expense ratio than SLV
Strong tracking efficiency

For long‑term investors who prioritize cost efficiency, SIVR is frequently viewed as a superior alternative while maintaining comparable exposure.

Expense Ratio: 0.30% (lowest among major physical funds).
AUM: ~$3-5 billion (estimated growth).
1Year Performance: ~163% (tracks silver spot closely).
Why Top: Cheaper alternative to SLV with tight tracking. Great for cost-conscious investors wanting pure physical exposure.

3. Global X Silver Miners ETF (SIL)

SIL provides exposure to established silver mining companies rather than the metal itself.

Holds large and mid‑cap silver miners
Benefits from rising silver prices through expanding margins
Exposed to operational, geopolitical, and equity‑market risks

Mining ETFs like SIL tend to outperform physical silver during sustained bull markets — but they can also underperform during downturns.

Type: Silver mining companies (large-cap focus, e.g., Wheaton Precious Metals, Pan American Silver).
Expense Ratio: 0.65%.
AUM: Significant growth in 2025.
1Year Performance: ~167% (more volatile due to leverage).
Why Top: Best-performing major miner ETF; captures upside from rising margins in a bull market.

4. Amplify Junior Silver Miners ETF (SILJ)

SILJ focuses on smaller, growth‑oriented mining companies.

Higher volatility than large‑cap miner ETFs
Greater sensitivity to silver price movements
Exposure to exploration and development risk

This ETF is best suited for aggressive investors or as a satellite position rather than a core holding.

Expense Ratio: ~0.69%.
AUM: Over $3 billion (surpassed milestone in late 2025).
1Year Performance: ~182% (more volatile due to smaller companies' higher sensitivity).
Why Top: Only ETF focused on junior miners; explosive potential in supply-constrained rallies.

5. ProShares Ultra Silver (AGQ)

AGQ is a leveraged silver ETF designed to deliver twice the daily price movement of silver.

Uses derivatives and futures
High potential returns in strong trends
Significant downside risk during volatility

AGQ is intended strictly for short‑term tactical trades. Due to daily reset and compounding effects, it is generally unsuitable for long‑term investors.

Expense Ratio: 0.95%.
1Year Performance: ~284% (amplified physical silver gains).
Why Top: For aggressive traders; delivered insane returns but with high volatility – not for holding long-term.

Recommendation: Consider a Hold or Small Dip-Buy, Not a Full Aggressive Entry.

Pros & Cons of Investing in Silver ETFs

Investing in silver ETFs offers various advantages and disadvantages, depending on an investor’s goals, risk tolerance and overall financial strategy. Here are some of the pros and cons of investing in silver ETFs.

Pros of Investing in Silver ETFs

Accessibility: Silver ETFs provide an accessible and convenient way for investors to gain exposure to the price of silver without the need to physically buy, store or transport the metal.
Liquidity: Silver ETFs are traded on stock exchanges, making them highly liquid investments. You can buy and sell shares during regular trading hours, allowing for flexibility in managing your investment.
Diversification: Many silver ETFs hold a diversified portfolio of silver assets, which can help spread risk. This diversification can be especially beneficial compared to owning a single silver item or coin.
Lower costs: Silver ETFs often have lower expense ratios compared to actively managed funds or owning physical silver. This can result in cost savings for investors over time.
Transparency: ETFs provide transparency into their holdings, allowing investors to know exactly what they own within the fund.
No storage costs: When you invest in a physical silver ETF, you don't need to worry about storage costs or the security of physical silver, which can be a concern for those who buy and hold physical metals.

Cons of Investing in Silver ETFs

Market risk: The performance of silver ETFs is closely tied to the price of silver, which can be volatile. Economic conditions, industrial demand, currency movements and geopolitical events can all impact silver prices.
Tracking error: Silver ETFs aim to track the price of silver, but they may not perfectly mirror the spot price due to factors like tracking error or the use of derivatives. This can result in discrepancies between the ETF's performance and the actual price of silver.
Lack of income: Most silver ETFs do not generate income through dividends or interest. Investors rely on capital appreciation driven by silver price movements, which may not provide regular income.
Taxation: Silver ETFs are considered to be investments in a precious metal, which means that gains may be taxed as a collectible and are subject to up to a 31.8% long-term capital gains rate. Silver ETFs held in tax-advantaged accounts, such as IRAs, are not subject to this tax.
Not a physical asset: While some investors prefer the tangibility of owning physical silver, investing in silver ETFs represents ownership in a financial instrument rather than a physical asset.

How Investors Are Positioning Silver in 2026

Investor behavior suggests three dominant use cases:

Portfolio hedge: Physical silver ETFs used alongside gold to hedge inflation and monetary risk
Growth exposure: Mining ETFs for leverage during commodity upcycles
Short‑term speculation: Leveraged ETFs for experienced traders managing volatility

A diversified approach often combines physical silver with selective miner exposure, rather than relying on a single vehicle.

Risks and Considerations

While silver ETFs offer convenience, they are not risk‑free:

Silver prices are highly volatile
Mining ETFs add company‑specific and geopolitical risk
Leveraged ETFs can amplify losses rapidly
In some jurisdictions, physically backed silver ETFs may be taxed as collectibles

Investors should align ETF selection with time horizon and risk tolerance.

Bottom Line

Silver ETFs remain one of the most efficient ways to gain exposure to silver in 2026. Physically backed funds like SLV and SIVR are best suited for long‑term investors, while mining ETFs such as SIL and SILJ offer leverage during bullish cycles. Leveraged products like AGQ should be approached with caution and used only for short‑term strategies.

As silver continues to sit at the intersection of monetary hedging and industrial growth, ETF selection — not just silver itself — may determine investment outcomes.

Editor's note: This article has been updated to reflect current market conditions. This article is for informational purposes only and does not constitute financial advice.

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