What Are the Best Silver ETFs?

For investors seeking silver exposure, exchange-traded funds (ETFs) provide a straightforward, low-maintenance path. They can diversify a portfolio and act as a partial hedge against inflation. An important question to ask yourself is, what is the best silver ETF for my budget and portfolio, and is investing with OneGold the better option? 

What Is a Silver ETF? 

A silver ETF holds investment-grade physical silver, or in some cases silver futures, and issues shares that mirror the metal’s spot price. Each share typically represents around one gram of silver stored in a secure vault, although the precise amount varies by fund. 

When investors sell ETF shares, they almost always receive cash rather than metal, except in large institutional redemptions. Because silver prices often move more sharply than gold, some investors choose silver ETFs for greater upside potential while accepting the additional volatility. 

Large silver ETFs are generally liquid and simple to trade. For example, SLV averaged about 15 million shares in daily volume in August 2025, compared with roughly 8.5 million for the gold ETF GLD. This provides most traders with ample liquidity for sizable orders. 

The Difference Between ETFs and ETNs 

Silver ETFs track the spot price without requiring owners to handle storage fees. Exchange-traded notes (ETNs), by contrast, are unsecured debt issued by a bank; they promise returns linked to an index but hold no bullion, so buyers also bear the issuer’s credit risk. 

Silver futures are standardized contracts that set quantity, quality, and delivery terms for a future date. They can lead to larger gains or losses because the final settlement price may differ from today’s quote. 

Silver Mining Company ETFs 

Silver mining company ETFs are exchange-traded funds that invest in stocks of companies that are involved in the exploration, development, and production of silver.  These ETFs provide exposure to silver indirectly through equities, offering potentially higher returns but also higher risk compared to physical silver ETFs. 

Top Physically Backed Silver ETFs 

Listed below are leading U.S.-based silver ETFs. Data reflects fund documents and market information through mid-2025. 

iShares Silver Trust (SLV) 

The iShares Silver Trust (SLV), launched in 2006 by BlackRock, offers fractional interest in physical silver bullion stored mainly in London vaults. Shares cannot be redeemed for bars, so the fund functions as a financial instrument that tracks the spot price rather than direct metal ownership. 

Pros: 

• Very liquid with a tight bid-ask spread, making trading straightforward. 

• Provides exposure to silver price movements without storage or insurance logistics. 

• Useful for portfolio diversification with simple market access. 

Cons: 

• Sponsor fee of 0.50%. 

• Can show modest tracking error and above-average volatility versus broad-market ETFs. 

• No yield or dividends. 

• Shares cannot be exchanged for physical silver. 

Additional details: 

• Sponsor fee is 0.50%. 

• Among the most liquid silver ETFs, generally featuring tight spreads. 

• Exposure solely to physical silver bullion, not mining stocks. 

• Shares are not redeemable for metal. 

Aberdeen Standard Physical Silver Shares (SIVR) 

The abrdn Physical Silver Shares ETF (SIVR), launched in 2009, seeks to track the LBMA Silver Price. The trust holds allocated physical silver and aims for close price replication. 

Pros: 

• Expense ratio of 0.30%, reducing cost drag. 

• Long-term performance closely matches and sometimes slightly surpasses SLV.   

• Solid choice for investors seeking straightforward silver exposure with lower fees. 

Cons: 

• Does not distribute dividends or yield. 

• Price may deviate slightly from spot because of ETF mechanics. 

• Liquidity is somewhat lower than SLV, but still sufficient for most trades. 

Additional details: 

• Expense ratio is 0.30%. 

• Holds allocated physical silver; minor deviations from spot possible. 

• Exposure only to bullion, not miners. 

• Shares cannot be redeemed for physical bars. 

Global X Silver Miners ETF (SIL)

The Global X Silver Miners ETF (SIL) provides equity exposure to silver-focused mining companies rather than direct bullion ownership. Performance reflects both silver prices and the operational results of the underlying firms. 

Pros: 

• Offers leveraged exposure to rising silver prices through mining stocks. 

• Diversifies risk across multiple companies. 

• May provide dividend income from profitable miners. 

• Mining stocks can reduce correlation with broader equity markets. 

Cons: 

• Subject to operational, management, and geopolitical risks specific to mining firms. 

• Company factors can affect returns independent of silver prices. 

• More volatile than bullion-backed ETFs. 

• Total expense ratio is 0.65%. 

Additional details: 

• Expense ratio 0.65%. 

• Liquidity is adequate but lower than large bullion ETFs. 

• Exposure limited to mining equities, not physical metal. 

Sprott Physical Silver Trust (PSLV) 

The Sprott Physical Silver Trust (PSLV) is a closed-end trust holding fully allocated silver bars in Royal Canadian Mint vaults. Unlike most ETFs, units in this ETF can be redeemed for physical silver once investors meet minimum thresholds. 

Pros: 

• Fully backed by allocated bullion, offering transparency and security. 

• Convertible to physical bars for large holders. 

• Trades on NYSE Arca with strong liquidity and institutional support. 

• Lower volatility than mining or leveraged ETFs. 

Cons: 

• Closed-end structure may trade at a premium or discount to NAV. 

• Physical redemption requires sizable holdings and fees. 

• The management expense ratio is 0.57%, which is slightly higher than some ETFs.   

Additional details: 

• MER 0.57%. 

• Holds roughly $6.9 billion in silver (June 30, 2025). 

• Allows monthly physical redemption subject to minimums. 

Silver mining ETFs have a few key drawbacks. Company problems, political issues, or poor management can hurt returns even if silver prices rise. These funds swing more in price than bullion ETFs and charge higher fees, which eat into gains. Because they own mining stocks, they also react to the stock market and to problems like strikes or new regulations. The trading volume is good, but still lighter than that of the largest physical silver ETFs. 

Physical silver ETFs come with different trade-offs. Their fees are lower than mining ETFs, yet still higher than storing metal yourself. Fund rules and costs can make prices drift a little from the spot price of silver, and they pay no dividends. They trade less than the largest stock ETFs and do not give you hands-on metal, though they remove the worries of guarding, insuring, and shipping silver. 

Why Choose OneGold?    

Exchange-traded funds give investors simple exposure to gold and silver, yet their annual fees are usually steeper, and they rarely allow everyday holders to collect actual bars or coins. The OneGold mobile app, powered by APMEX, allows users to own specific ounces of gold, silver, and platinum that are fully allocated, typically at costs below those of most precious-metal ETFs. Customers can also request that APMEX ship their metal whenever they choose. 

Buying vaulted silver through OneGold generally costs less than using the better-known ETFs. As a benchmark, SLV’s expense ratio is 0.50 percent per year, while OneGold holds the metal for 0.30 percent, with lower storage fees as well. Paying lower carrying costs allows investors to retain more of their gains over time, which can enhance results for a multi-year strategy, not short term. 

OneGold delivers two additional benefits: direct liquidity and around-the-clock trading. The platform is not a secondary market like an exchange. Selling or purchasing an ETF requires finding a counterparty through a broker during open hours. With OneGold, you trade straight with the platform at any hour, every day of the week. If market-moving news hits at 7 p.m. on Friday after Wall Street closes, an ETF holder must sit tight until Monday morning, while a OneGold account holder can react immediately, helping preserve gains or limit downside. 

Lower expenses, continuous access, and direct settlement combine to improve both risk control and return potential when you buy vaulted silver through OneGold. Buying vaulted silver means your bullion is stored for you, fully insured, independently audited, and easy to sell whenever you want.  

By comparison, silver kept in a home safe or bank box is usually uninsured and harder to turn into cash. Many investors choose to hold both forms, but adding vaulted silver through OneGold gives your portfolio a more secure and liquid option alongside the metal you keep at home. 

Check out our vaulted silver pricing to learn more about USS.