Top Silver ETFs to Watch in 2025: Best Picks for Strong Returns and Low Costs

By Editorial Team - December 29, 2025

Silver hits record $83 per ounce before sharp pullback (TradingView) with Shanghai silver prices hit new all-time high of $88 (X.com). The metal surged over 6% intraday amid physical supply shortages in China, Dubai, and Australia, pushing its total market value to about $4.3 trillion and past Apple and Microsoft. Prices then plunged nearly 10% to $75 before recovering to around $77 by early December 29, after shattering the prior high of $54 from October. This capped a remarkable 2025 with 170% year-to-date gains, fueled by booming industrial demand from solar, EVs, and AI, alongside investment as an inflation hedge—though experts like Robert Kiyosaki warn of a potential FOMO bubble.

These levels reflect ongoing drivers: geopolitical tensions, central bank purchases, ETF inflows, monetary easing expectations, and—for silver—acute supply deficits coupled with surging industrial demand from solar panels, EVs, and electronics.

Investment buying through ETFs, safe-haven flows from geopolitical tensions, and bets on looser U.S. policy fueled the boom, pushing silver's market cap past Apple's briefly. Grok (xAI) estimated the spot price could stabilize around $85-95/oz if shortages persist into 2026, but market shifts could push it higher or lower.

Silver ETFs have delivered massive returns, far outpacing gold ETFs and the broader stock market (S&P 500 up ~15% YTD). Physically backed funds have risen ~130%, while silver miner ETFs have leveraged the rally for even higher gains (~160%+), benefiting from fixed mining costs amplifying profit margins on higher prices.

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 December 2025

iShares Silver Trust (SLV)
- Type: Physically backed (largest holder of physical silver).
- Expense Ratio: 0.50%.
- AUM: Over $35 billion.
- 2025 YTD Performance: ~113-132% (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.
abrdn Physical Silver Shares ETF (SIVR)
- Type: Physically backed.
- Expense Ratio: 0.30% (lowest among major physical funds).
- AUM: ~$3-5 billion (estimated growth).
- 2025 YTD Performance: Similar to SLV, ~110-130%.
- Why Top: Cheaper alternative to SLV with tight tracking. Great for cost-conscious investors wanting pure physical exposure.
Global X Silver Miners ETF (SIL)
- Type: Silver mining companies (large-cap focus, e.g., Wheaton Precious Metals, Pan American Silver).
- Expense Ratio: 0.65%.
- AUM: Significant growth in 2025.
- 2025 YTD Performance: ~142-158% (outperformed physical silver due to leverage).
- Why Top: Best-performing major miner ETF; captures upside from rising margins in a bull market.
Amplify Junior Silver Miners ETF (SILJ)
- Type: Small-cap/junior silver miners (higher-risk pure-play explorers/producers).
- Expense Ratio: ~0.69%.
- AUM: Over $3 billion (surpassed milestone in late 2025).
- 2025 YTD Performance: Strong outperformance, often exceeding SIL due to smaller companies' higher sensitivity.
- Why Top: Only ETF focused on junior miners; explosive potential in supply-constrained rallies.
ProShares Ultra Silver (AGQ)
- Type: 2x leveraged daily silver exposure (via futures/swaps).
- Expense Ratio: 0.95%.
- 2025 YTD Performance: ~272% (amplified physical silver gains).
- Why Top: For aggressive traders; delivered insane returns but with high volatility – not for holding long-term.

These silver ETFs have benefited from silver price gains hitting all-time highs in 2025 amid geopolitical tensions, tariff concerns, and robust industrial demand. Silver ETFs overall have outpaced gold ETFs in 2025, with an average return of more than 100% reflecting silver's dual role as a precious and industrial metal amid geopolitical uncertainty and tariff concerns.

Outlook: Silver at $79/oz marks continued strength from supply shortages and demand tailwinds. Physical ETFs remain the lowest-risk way to participate.
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.

Market Outlook into 2026 for Silver

Analysts project continued deficits, with industrial demand potentially consuming 85-90% of reserves by mid-century at current growth rates. Prices could push higher if supply remains constrained. However, risks include economic slowdowns reducing industrial use or resolved geopolitics easing safe-haven flows.

Silver ETFs offer compelling exposure in uncertain times, but align with your risk tolerance and diversify accordingly. Always conduct personal research or consult an advisor – past performance (even 2025's blockbuster) is no guarantee of future results.

Bottom Line on Investing in Silver ETFs

Investing in silver ETFs is a way to gain exposure to the silver market with ease and liquidity. Silver prices can be influenced by various factors, including economic conditions, industrial demand, currency movements, geopolitical events and investor sentiment. Therefore, investing in silver ETFs carries market risk and, like all investments, it's important to conduct thorough research and consider your investment objectives and risk tolerance before investing in them.

Editor's note: This article has been updated to reflect current market conditions.

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