List of Silver ETFs and ETNs
Compare physical silver trusts, mining funds, and leveraged ETNs in 2026 as industrial demand and supply deficits drive market momentum.
Success in investing in silver requires a deep understanding of the diverse precious metals landscape. As of May 2026, the market offers various vehicles including physically-backed trusts, mining-equity baskets, and sophisticated exchange traded fund etf options. Market leaders like the iShares Silver Trust (SLV) provide liquidity, while the Sprott Physical Silver Trust (PSLV) offers unique physical redemption features.
The "white metal" is currently testing multi-year highs as industrial demand for solar and EV technologies outstrips supply. Understanding the difference between spot price tracking and the operating leverage of miners is critical for any investing strategy. With silver forecasts targeting $36-$50/oz, choosing the right instrument can significantly impact your portfolio's risk-adjusted returns.
Key Takeaways
Core vehicles like abrdn Physical Silver Shares (SIVR) hold vaulted bullion. This ensures they track the lbma silver price without the roll-yield decay of futures.
Miner funds provide operating leverage. While physical silver rose +12% YTD, miners like SIL often see 2x amplified returns due to fixed production costs.
Sprott Physical Silver Trust (PSLV) allows for physical bar redemption. It is also structured to potentially avoid the "collectibles" tax rate for certain U.S. taxpayers.
The management fee varies widely across the sector. For a 10,000 investment, annual expenses can range from $30 (SIVR) to nearly $100 for leveraged products like AGQ.
Silver Market Trends & Industrial Demand
In 2026, silver remains in a persistent supply deficit, with demand expected to exceed 1.2 billion ounces. Over 50% of this demand stems from industrial applications, specifically photovoltaic (PV) cells for solar energy and electronic components for electric vehicles.
While solar manufacturers are attempting to reduce silver "thrifts" in panels, the massive expansion of global solar capacity continues to drive high consumption. Additionally, the increasing net asset value of silver-backed products is supported by its dual role as both an industrial commodity and a safe-haven asset during currency debasement cycles.
Top Silver-Backed Funds and Miner ETFs (2026)
Investors can choose between "pure-play" physical trusts and mining stock baskets. The table below compares the leading options by AUM and performance.
| 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 |
| 7 | AGQ | ProShares Ultra Silver | Leveraged (2x) | $320M | +24.1% | 0.95% | None |
Understanding Taxation & Capital Gains
Taxation of precious metals depends heavily on the fund's structure. Physically-backed vehicles organized as grantor trusts (like SLV and SIVR) are often treated as collectibles by the IRS. This means long-term capital gains may be taxed at a maximum rate of 28%, rather than the standard 15% or 20% applicable to most stocks.
Conversely, miner ETFs are equity funds. They generally qualify for the standard long-term capital gains tax rates. Understanding these distinctions is a vital part of your investing strategy to maximize after-tax returns. Always consult a tax professional regarding NIIT surcharges for high earners in 2026.
Complete Directory of Silver-Linked Products
Physical and Spot-Tracking Funds
- ETFS Physical Silver Shares Trust ETF (SIVR)
- iShares Silver Trust (SLV) (Directly tracks the spot price by holding physical bullion in vaults)
- PowerShares DB Silver Fund (DBS)
- Sprott Physical Silver Trust ETV (PSLV) (Closed-end trust allowing investors to redeem shares for physical bars)
- UBS E-TRACS CMCI Silver Total Return ETN (USV) (An ETN tracking the UBS Bloomberg CMCI Silver Total Return index)
Yield and Income Strategies
Tactical Leveraged Instruments
- ProShares Ultra Silver (AGQ) (Daily Target: 2x long exposure)
- VelocityShares 3x Long Silver ETN (USLV) (Daily Target: 3x long exposure)
Inverse and Short Positions
- ProShares UltraShort Silver (ZSL) (Daily Target: -2x short exposure)
- VelocityShares 3x Inverse Silver ETN (DSLV) (Daily Target: -3x short exposure)
Risks & Considerations
Contango & Negative Roll Yield
Futures-based products lose value over time when rolling contracts into higher-priced future months. This can decouple fund returns from the actual spot price of the metal.
Mining Equity Risk
Miners like SIL provide precious metals exposure but add geopolitical risks and labor concerns. Rising operational costs can compress margins even if silver prices increase.
Leverage Decay
Daily reset mechanisms in products like ProShares UltraShort Silver (ZSL -2x) cause performance erosion in choppy markets. These are tactical tools, not long-term holds.
Industrial Correlation
Silver is highly sensitive to the global manufacturing cycle. A slowdown in green energy infrastructure could depress silver prices more severely than it would affect gold.