List of Silver ETFs and ETNs
Compare physical silver trusts, mining ETFs, and leveraged ETNs in 2026 as industrial demand and supply deficits drive market momentum.
Navigating the List of Silver ETFs and ETNs is essential for investors seeking exposure to the "white metal," which serves as both a monetary asset and a critical industrial component for solar and EV technologies. As of April 2026, market leaders like the iShares Silver Trust (SLV) dominate liquidity, while specialized vehicles like the Sprott Physical Silver Trust (PSLV) offer unique physical redemption features. The landscape has shifted recently with the delisting of high-risk vehicles like USLV and DSLV, leading to a more concentrated market focused on physical backing and mining leverage. With silver forecasts targeting $36-50/oz amid a 200M oz supply deficit, understanding the nuances between spot tracking and operating leverage is vital for portfolio construction.
Key Takeaways
Core physical ETFs like abrdn Physical Silver Shares (SIVR) hold vaulted bars, avoiding the negative -2.1% roll yield associated with futures-based funds.
Miners ETFs like SIL provide 2-3x operating leverage to silver prices; miners returned +18% YTD in 2026 compared to spot silver's +12% gain.
Unlike grantor trusts, Sprott Physical Silver Trust (PSLV) allows for physical bar redemption and may offer tax advantages for U.S. investors.
Silver maintains an elevated VIX of 28% in 2026. Leveraged ETNs like ProShares Ultra Silver (AGQ 2x) are strictly for short-term tactical trades.
Top List of Silver ETFs and ETNs by Market Cap (2026)
The 2026 silver market is characterized by massive inflows into physical trusts and junior mining hybrids as spot prices test multi-year highs.
| Rank | Ticker | Fund Name | Asset Type | AUM | YTD Return | Expense Ratio | Redemption |
|---|---|---|---|---|---|---|---|
| 1 | SLV | iShares Silver Trust | Physical Silver | $26.3B | +12.4% | 0.50% | Institutional Only |
| 2 | SIL | Global X Silver Miners | Mining Stocks | $7.7B | +18.2% | 0.65% | None |
| 3 | PSLV | Sprott Physical Silver | Physical Silver | $5.2B | +12.6% | 0.59% | Physical Bar |
| 4 | SIVR | abrdn Physical Silver | Physical Silver | $2.1B | +12.4% | 0.30% | None |
| 5 | SILJ | Amplify Junior Silver Miners | Junior Miners | $980M | +22.5% | 0.69% | None |
| 6 | SLVR | Sprott Silver Miner Hybrid | Mixed Hybrid | $454M | +15.8% | 0.75% | None |
| 7 | AGQ | ProShares Ultra Silver | Leveraged (2x) | $320M | +24.1% | 0.95% | None |
| 8 | ZSL | ProShares UltraShort Silver | Inverse (-2x) | $110M | -25.2% | 0.95% | None |
List of Silver ETFs and ETNs — Complete Company List
Silver ETFs and ETNs
- ETFS Physical Silver Shares Trust ETF (SIVR)
- iShares Silver Trust (SLV) (This trust is designed to move in the same direction as the price of silver)
- PowerShares DB Silver Fund (DBS)
- Sprott Physical Silver Trust ETV (PSLV) (Designed for investors who want to hold physical silver)
- UBS E-TRACS CMCI Silver Total Return ETN (USV) (This ETN is designed to track the performance of the UBS Bloomberg CMCI Silver Total Return)
Silver ETFs and ETNs: Covered Call Strategy
Silver ETFs and ETNs: Leveraged
- ProShares Ultra Silver (AGQ) (Daily Target: 2x)
- VelocityShares 3x Long Silver ETN (USLV) (Daily Target: 3x)
Silver ETFs and ETNs: Short
- ProShares UltraShort Silver (ZSL) (Daily Target: -2x)
- VelocityShares 3x Inverse Silver ETN (DSLV) (Daily Target: -3x)
Risks & Considerations
Contango & Negative Roll Yield
Futures-based ETFs (rare in the core silver space but common in leveraged products) lose value over time when rolling contracts into higher-priced future months, regardless of the spot price.
Mining Operational Risk
Miners ETFs like SIL provide leverage but also expose investors to geopolitical risks, labor strikes, and rising AISC (all-in sustaining costs) that may not affect physical silver.
Volatility Decay in Leveraged ETNs
Daily reset mechanisms in products like ProShares UltraShort Silver (ZSL -2x) cause "decay" in trending markets. These are not buy-and-hold investments and can trend to zero over long periods.
Industrial Demand Sensitivity
Unlike gold, silver derives over 50% of its demand from industrial applications. A global manufacturing slowdown in 2026 could depress silver prices even if inflation remains high.