7 Best Silver ETFs to Buy

Silver has quietly kept pace with gold over the past year. While the price of gold surged 40.2% and now trades above $3,300 per ounce, silver returned 37.2% in the same period.

But based on one key metric, silver may still be undervalued. That metric is the gold-silver ratio, calculated by dividing the price of one ounce of gold by the price of one ounce of silver.

As of July 28, the ratio sits at 87, still well above its long-term average. That suggests silver remains inexpensive relative to gold. For context, the ratio peaked at 105 in April 2025 during the tariff sell-off, which preceded a strong recent rally in silver prices.

[Sign up for stock news with our Invested newsletter.]

But keep in mind, these performance figures reflect spot market prices. In practice, buying and selling physical silver, even with perfect timing, can eat into your net returns.

First, there’s the dealer spread. Most retailers sell silver above spot and buy it below spot, meaning you’re paying a markup when you buy and taking a haircut when you sell.

Second, if you plan to hold physical silver, you’ll face storage costs. That might mean paying for a safety deposit box or investing in a home safe, plus insurance premiums to protect your stash.

Third, there are tax considerations. Silver is classified as a collectible in the U.S., so long-term gains are taxed at your marginal tax rate, up to a maximum of 28%.

In contrast, silver exchange-traded funds (ETFs) can significantly reduce these frictions. Bid-ask spreads on popular silver ETFs can be as low as 1 cent, and their annual expense ratios are generally lower than what it would cost to store and insure physical metal on your own.

Many silver ETFs are also eligible to be held in tax-sheltered accounts like Roth IRAs, where gains can be realized tax-free. On top of that, silver ETFs are regularly audited and provide clear financial disclosures, making them more transparent and accessible than physical bullion.

“I really like silver ETFs over other ways to hold silver,” says Anessa Custovic, chief investment officer at Cardinal Retirement Planning Inc. “You get the diversification benefits of holding silver without the headache of trying to purchase and store bullion.”

Here are seven of the best silver ETFs to buy in 2025:

iShares Silver Trust (SLV)

“Physically backed silver ETFs offer three significant advantages over other types of silver investments: transparency, liquidity and convenience,” says Sean August, CEO of the August Wealth Management Group. “These ETFs regularly disclose the amount of silver held, are easily traded on major exchanges and grant exposure to silver prices without the need to store and insure bullion.”

With just shy of $19 billion in assets under management (AUM), SLV is the dominant U.S.-listed spot silver ETF. It currently holds 15,230 metric tons of silver in trust and tracks the LBMA Silver Price index as its benchmark. SLV is highly liquid, with a 30-day median bid-ask spread of just 0.03%, and features an options chain for advanced traders. It charges a 0.5% sponsor fee, which is fairly average.

abrdn Physical Silver Shares ETF (SIVR)

SLV isn’t expensive, but it’s not the cheapest option, either. A 0.5% sponsor fee means a $10,000 investment would incur $50 in annual costs. In contrast, competitor SIVR undercuts SLV with a lower 0.3% expense ratio. This ETF still provides the same exposure to spot silver prices, so all else equal, investors can expect better long-term net returns simply due to the reduced fee drag.

SIVR is also physically backed, with its silver bullion stored in vaults managed by ICBC Standard Bank in the U.K. While it’s smaller than SLV at $2.2 billion in AUM, it’s still a major player with a solid track record dating back to July 2009. Aberdeen Investments also has similar ETFs for gold, platinum, palladium and a diversified option combining all four precious metals.

Global X Silver Miners ETF (SIL)

“Silver mining stocks can offer indirect exposure to silver prices and tend to be leveraged plays on silver prices, owing to the fixed costs of extracting the metal,” explains Roberta Caselli, commodities investment strategist at Global X ETFs. “Unlike investing directly in silver, miners can expand production as profit margins grow, which can benefit their share prices.” For silver miners, Global X ETFs offers SIL.

SIL tracks 40 companies represented by the Solactive Global Silver Miners Total Return Index. About 65% of the portfolio is allocated to Canadian-domiciled companies, which is not surprising given the country’s prominence in the precious metals mining industry. SIL charges a 0.65% expense ratio and trades with a fairly liquid 0.06% 30-day median bid-ask spread. The ETF has just over $2.2 billion in AUM.

Amplify Junior Silver Miners ETF (SILJ)

“SILJ provides focused exposure to small-cap companies driving silver production, exploration and development,” explains Christian Magoon, CEO of Amplify ETFs. “By tracking the Nasdaq Junior Silver Miners Index, SILJ captures the amplified performance potential of junior miners, which often move more sharply than silver itself.” The ETF charges a 0.69% expense ratio.

The 57 holdings in SILJ are largely earlier-stage companies that are either exploring for silver or just beginning production. Twenty-five percent of SILJ’s holdings fall within the small-cap category, with market capitalizations between $300 million and $2 billion. Canada dominates the portfolio at 53%, but SILJ also includes a heavier tilt toward Latin America via countries like Brazil, Mexico and Peru.

[READ: 4 Best Copper ETFs to Buy]

Sprott Silver Miners & Physical Silver ETF (SLVR)

Investing in silver ETFs doesn’t have to mean choosing between bullion-backed products or silver miner funds. A hybrid ETF like SLVR offers a “best of both worlds” approach. Most of its portfolio tracks the Nasdaq Sprott Silver Miners Index, with a heavy 91.5% weighting toward Canadian silver miners and a strong tilt to small-cap silver miners, which make up approximately 46% of the fund.

What sets SLVR apart is its 15.6% allocation to the Sprott Physical Silver Trust (PSLV). Unlike traditional ETFs, PSLV is a closed-end fund that holds physical silver bullion. While investors can buy PSLV on its own, it may trade at a premium or discount to its net asset value, which can introduce an extra layer of risk. SLVR charges a 0.65% expense ratio and has $170 million in AUM.

ProShares Ultra Silver (AGQ)

Leveraged long exposure to silver prices can be achieved in several ways, including buying call options on SLV, investing in junior mining stocks or using a margin account. A fourth alternative is through leveraged ETFs like AGQ, which aims to deliver twice the daily return of the Bloomberg Silver Subindex. The fund charges a relatively high 0.95% expense ratio due to its complexity.

AGQ does not hold any physical silver or shares of silver miners. Instead, it uses a synthetic approach, relying on a portfolio of derivatives such as silver futures contracts and index swaps. This structure introduces tracking error risk, meaning performance can deviate from the price of silver, especially during periods of heightened volatility. However, the ETF itself is liquid, with a 0.04% bid-ask spread.

ProShares UltraShort Silver (ZSL)

Betting on falling silver prices offers several approaches. You could buy put options on SLV or short-sell physically backed silver ETFs or silver mining stocks in a margin account. But for a simpler directional trade, inverse ETFs like ZSL provide an alternative. ZSL targets twice the inverse of the Bloomberg Silver Subindex’s daily return, the same benchmark used by its bullish counterpart AGQ.

ZSL’s structure mirrors that of AGQ, using silver futures and index swaps to achieve exposure. As with all daily inverse leveraged ETFs, ZSL is not meant to be held long-term. The effects of daily compounding can lead to unpredictable performance if held beyond a single trading session. The fund is also relatively expensive, with a 0.95% expense ratio, and is less liquid than AGQ, with a 0.09% median bid-ask spread.

More from U.S. News

5 of the Best Gold Stocks to Buy Now

$3,000 Gold Price: What It Says About Expectations for the Economy

The 7 Best Copper Stocks to Buy Today

7 Best Silver ETFs to Buy originally appeared on usnews.com

Update 07/28/25: This story was published at an earlier date and has been updated with new information.