Silver has been one of the most volatile major assets over the past year, at times even outpacing Bitcoin in percentage swings.
Silver as an investable asset became extremely crowded as investors searched for alternatives to gold, betting on the “debasement trade” narrative in which persistent fiscal deficits and increasing money supply would erode the long-term purchasing power of the U.S. dollar.
One consequence was extraordinary demand for silver exchange-traded funds (ETFs), which briefly strained the structure’s in-kind creation and redemption process.
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Under typical conditions, authorized participants arbitrage by exchanging ETF shares for baskets of underlying silver and vice versa, keeping the market price close to net asset value, or NAV. That mechanism usually works efficiently, but unprecedented inflows and outflows can cause dislocations.
Notably, on Dec. 26, the market price of the iShares Silver Trust (ticker: SLV) traded at an 8.7% premium to NAV, an unusually wide gap for an open-ended, physically backed commodity ETF.
The reversal was just as dramatic. On Jan. 30, silver prices plunged more than 30% in a single trading session, an event some commentators described as “six sigma,” a statistical term referring to a move so extreme it falls far outside normal distribution expectations.
As investors rushed to exit, SLV’s market price plummeted to a 19.3% discount to NAV, reflecting heavy selling pressure. A smaller sell-off on Feb. 12 again pushed the ETF to a roughly 10.5% discount.
For investors still interested in silver exposure, those episodes underscore the importance of monitoring ETF premiums and discounts during periods of intense volatility. The creation and redemption mechanism is designed to align market price with NAV, but it is not immune to stress.
Here are seven of the best silver ETFs to buy in 2026:
| ETF | Expense ratio |
| iShares Silver Trust (SLV) | 0.50% |
| abrdn Physical Silver Shares ETF (SIVR) | 0.30% |
| Global X Silver Miners ETF (SIL) | 0.65% |
| Amplify Junior Silver Miners ETF (SILJ) | 0.69% |
| Sprott Silver Miners & Physical Silver ETF (SLVR) | 0.65% |
| iShares MSCI Global Silver and Metals Miners ETF (SLVP) | 0.39% |
| Themes Silver Miners ETF (AGMI) | 0.35% |
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.”
SLV is the largest physically backed silver ETF, with over $40 billion in assets under management (AUM). It tracks the LBMA Silver Price, owning over 498 million ounces of silver in trust. SLV is also extremely liquid, with a 30-day median bid-ask spread of just 0.01% and an options chain with weekly contracts. The ETF charges a 0.5% expense ratio, or around $50 in fee drag annually for a $10,000 investment.
abrdn Physical Silver Shares ETF (SIVR)
“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.” A silver ETF can be purchased from the comfort of your home on most brokerage apps, and can also be owned in tax-sheltered accounts like a Roth IRA.
SIVR offers a lower-cost alternative to SLV, with a reduced 0.3% expense ratio. This ETF has $5.8 billion in AUM and custodies its underlying silver reserves with ICBC Standard Bank in the U.K. Transparency is a key feature with SIVR — on the ETF’s webpage, investors can download documents showing serial numbers, fineness and storage locations for SIVR’s bullion, along with vault inspection attestations.
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.” Investors can invest in silver miners via SIL.
While SIL’s five-year beta of 0.6 versus the S&P 500 suggests lower sensitivity to broad U.S. equity market moves, that figure reflects correlation rather than absolute volatility. In practice, the ETF has exhibited a standard deviation of 36%, indicating sizable price swings. In other words, SIL may move somewhat independently from the broader market, but it is not a lower-volatility strategy in the slightest.
Amplify Junior Silver Miners ETF (SILJ)
“Silver’s recent rally has been driven by tight physical supply, strong industrial demand and a more supportive macro environment,” says Nathan Miller, vice president of product development at Amplify ETFs. “That backdrop can favor junior silver miners, which tend to exhibit higher operating leverage as prices rise.” Unsurprisingly, SILJ was among 2025’s list of the best performing ETFs.
SILJ tracks 62 small- and mid-cap stocks represented by the Nasdaq Junior Silver Miners Index. “SILJ provides diversified exposure to smaller silver producers and developers, offering a higher-beta way to express a bullish silver view,” Miller explains. “The trade-off is increased volatility, but sustained higher silver prices could disproportionately benefit junior miners.” The ETF charges a 0.69% expense ratio.
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Sprott Silver Miners & Physical Silver ETF (SLVR)
Investors looking for a hybrid approach to silver exposure can consider SLVR. About 17% of the fund is allocated to the Sprott Physical Silver Trust (PSLV), a closed-end fund that holds physical bullion. Unlike open-ended ETFs, PSLV does not use a continuous in-kind creation and redemption mechanism, which means its shares can frequently trade at either premiums or discounts to NAV.
The remainder of SLVR is invested in more than 60 silver mining equities that track the Nasdaq Sprott Silver Miners Index. The benchmark has a strong tilt toward Canadian miners, reflecting Canada’s established mining industry and regulatory framework. This structure gives investors exposure both to the metal itself and to companies leveraged to rising silver prices. SLVR charges a 0.65% expense ratio.
iShares MSCI Global Silver and Metals Miners ETF (SLVP)
Investors seeking silver miner exposure at a lower cost may consider SLVP, which carries a 0.39% expense ratio, undercutting SLVR. The ETF tracks the MSCI ACWI Select Silver Miners Investable Market Index, a more concentrated benchmark composed of just 30 stocks. That narrower focus results in a portfolio tilted toward the largest and most liquid global silver mining companies.
Similar to SLVR, Canada accounts for the majority of the portfolio, though at a more modest 51.7% weighting. The U.S. represents the second-largest allocation at roughly 22%. SLVP was among the top-performing ETFs in 2025, delivering a total return of 200.8% during the year, underscoring the torque that mining equities can exhibit in sustained and strong silver bull markets.
Themes Silver Miners ETF (AGMI)
The cheapest U.S.-listed silver miners ETF is AGMI, which tracks the Stoxx Silver Miners Index for a 0.35% expense ratio. The fund is relatively new, having launched in May 2024, and currently holds just under $18 million in AUM. Its portfolio spans 39 companies focused primarily on silver extraction and related activities.
Canada represents the largest country allocation at 42.9%, followed by the U.S. at 31.7%, reflecting where many publicly traded producers are headquartered. While the low fee is attractive, investors should be mindful of trading costs. In particular, AGMI’s 30-day median bid-ask spread has hovered around 1%, noticeably wider than more established peers, indicating thinner liquidity.
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7 Best Silver ETFs to Buy originally appeared on usnews.com
Update 02/23/26: This story was previously published at an earlier date and has been updated with new information.