Top Silver ETFs for Canadian Investors in 2026

Canadian investors seeking exposure to precious metals have increasingly turned to silver exchange-traded funds as a practical way to gain market access without managing physical inventory. The best silver ETF for Canada investors depends on individual risk tolerance, investment horizon, and whether they prefer direct commodity exposure or equity-focused strategies.

Throughout 2025, silver experienced remarkable momentum, particularly in the latter half of the year. Driven by geopolitical tensions and evolving trade policies, the metal surged to unprecedented heights, breaking through the previous record of US$49.95 set in 1980 and reaching US$58.83 by year-end. This resurgence has reignited interest in silver investing across North American markets, with Canadian-based investors increasingly exploring diversified entry points through ETF structures.

Understanding Silver ETF Options for Canadian Investors

Silver ETFs operate similarly to mutual funds but trade on exchanges like individual stocks, offering greater liquidity and accessibility. For Canadian investors, the appeal lies not only in operational flexibility but also in potential tax-efficiency and regulatory oversight. ETFs holding physical silver typically track the London Bullion Market Association price benchmarks, while mining-focused versions provide equity exposure to companies benefiting from rising commodity prices.

The mechanics are straightforward: pool investor capital into a single fund, manage operational costs efficiently, and allow daily trading. Unlike purchasing physical bars or coins—which requires secure storage and involves premiums—ETFs eliminate these logistical complications. Canadian investors particularly appreciate ETFs listed on Toronto and US exchanges, as these provide familiar settlement processes and tax-reporting structures.

Two fundamental approaches exist. The first targets silver commodity prices directly, giving investors pure metal exposure without equity risk. The second focuses on silver mining companies and royalty firms, adding an equity component where operational excellence and cost management drive returns independent of commodity prices alone.

Physical Silver Exposure: Best Canadian-Listed Silver ETFs

Several Canadian-listed ETFs offer straightforward physical silver access and rank among the best choices for commodity-focused investors.

iShares Silver Trust (ARCA:SLV) stands as the largest player by assets under management at approximately US$26.3 billion. This trust holds roughly 508 million ounces of silver bullion, directly backing each unit. The fund tracks the spot silver price, making it ideal for investors wanting pure commodity exposure. Canadian investors can access this instrument through major brokers.

Sprott Physical Silver Trust (TSX:PSLV) offers a compelling alternative specifically structured for Canadian investors, with primary listing on the Toronto Ventures Exchange. Managing approximately US$11.6 billion in assets, PSLV holds 191 million ounces of London Good Delivery bars in allocated storage. What distinguishes this ETF is its full convertibility feature—investors accumulating sufficient units (representing ten 1,000-ounce bars) can request physical delivery, appealing to those seeking insurance characteristics.

Aberdeen Standard Physical Silver Shares ETF (ARCA:SIVR) provides another solid physical option with US$3.7 billion in managed assets. Maintaining 45.51 million ounces stored with JPMorgan Chase in London, this fund emphasizes transparency and security. Its 0.3 percent expense ratio compares favorably within the physical silver category.

For Canadian investors prioritizing tax efficiency in registered accounts (RRSPs, TFSAs), these physical funds offer straightforward trust structures avoiding certain complications that arise with derivatives-based products.

Silver Mining Stocks: Sector Plays for Canadian Portfolios

Investors preferring equity exposure to silver’s value chain should consider mining-focused ETFs. These vehicles provide diversification across operational mining companies, exploration firms, and streaming businesses—entities generating returns when silver prices appreciate but also benefiting from management quality and cost efficiency.

Global X Silver Miners ETF (ARCA:SIL) manages US$3.9 billion and offers balanced exposure to major and intermediate producers. Top holdings include Wheaton Precious Metals (22.5 percent weighting), Pan American Silver (12.3 percent), and Coeur Mining (8.1 percent). The 0.65 percent expense ratio remains competitive. Canadian investors benefit from significant Canadian company exposure through these holdings.

Amplify Junior Silver Miners ETF (ARCA:SILJ) targets small-cap operations across Canada, the US, and the UK, distinguishing itself as the dedicated small-cap silver mining vehicle. With US$3.0 billion under management and a 0.69 percent fee structure, SILJ concentrates on emerging producers like Hecla Mining (11.3 percent), First Majestic Silver (10.3 percent), and Coeur Mining (8.7 percent). This approach appeals to growth-oriented investors accepting higher volatility for potential outsized returns.

iShares MSCI Global Silver Miners ETF (BATS:SLVP) takes a global approach while maintaining significant Canadian weighting (approximately 69 percent of holdings). The lowest-cost mining-focused option at 0.39 percent expense ratio, SLVP tracks diversified silver exploration and mining companies. Primary holdings include Hecla Mining (15.5 percent), Industrias Peñoles (11.7 percent), and Fresnillo (10 percent).

Specialized Strategies for Advanced Investors

Sprott Silver Miners & Physical Silver ETF (NASDAQ:SLVR) represents a hybrid approach, combining physical silver holdings with mining equity exposure. Launched in January 2025, this relatively new entrant allows portfolio builders to balance commodity and equity risk within a single vehicle. First Majestic Silver constitutes the largest equity holding at 27.12 percent.

For those seeking leveraged exposure, ProShares Ultra Silver ETF (ARCA:AGQ) delivers twice-daily silver price performance through futures-based strategies. However, this instrument demands active monitoring and suits only experienced traders with robust risk management discipline.

Conversely, ProShares UltraShort Silver ETF (ARCA:ZSL) provides inverse exposure, benefiting from price declines. Both leveraged products carry 0.95 percent expense ratios and require constant attention to decay effects inherent in inverse instruments.

Cost Comparison and Performance Considerations

Expense ratios meaningfully impact long-term returns. Physical silver ETFs generally charge 0.3 to 0.95 percent annually, while mining-focused funds range from 0.39 to 0.89 percent. Over decades, selecting the best silver ETF involves balancing lower costs against desired exposure characteristics.

Canadian investors should evaluate total assets under management—larger funds offer better liquidity and lower tracking error. Similarly, assessing underlying holdings ensures alignment with personal values and risk tolerance. A mining-heavy portfolio concentrates commodity upside but adds operational risk; pure physical exposure provides simplicity but eliminates equity-driven gains from cost management improvements.

The decision ultimately reflects individual circumstances. Growth-oriented investors might favor junior mining exposure through SILJ or dividend-seeking investors might explore diversified mining plays through SIL. Conservative investors preferring straightforward commodity tracking should evaluate PSLV for Canadian tax efficiency or SLV for size and liquidity.

Making Your Silver ETF Selection

The best silver ETF for Canadian investors remains context-dependent. Those prioritizing simplicity and direct metal exposure should examine the major physical trusts—particularly PSLV for its Canadian listing and structural advantages. Investors seeking growth through mining equities can access this category through SIL or SILJ depending on capitalization preferences.

Before committing capital, Canadian investors should review fund documentation, understand fee structures, and consider tax implications within their specific account types. Silver continues attracting interest as portfolio diversification and geopolitical hedge, making careful selection of the optimal silver ETF increasingly important for Canadian wealth builders.