When most people think of the U.S. Department of the Interior, they think of national parks, public lands and wildlife conservation. One of its lesser-known responsibilities, however, is helping safeguard America’s supply of critical minerals through the U.S. Geological Survey.
Every few years, the agency publishes a list of minerals considered essential to the nation’s economic prosperity and national security that face meaningful supply chain risks.
A mineral generally earns “critical” status when it satisfies two conditions. First, it must play an essential role in industries that underpin the economy or national defense. Second, the U.S. must have meaningful import dependence or face elevated risks of supply disruption.
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The U.S. Geological Survey’s 2025 critical minerals list contains 60 minerals and adds 10 new entries, including boron, coal, copper, lead, phosphate, potash, rhenium, silicon, uranium and silver. Silver’s inclusion may surprise some investors, who primarily associate the metal with jewelry or bullion. In reality, silver has become one of the most widely used industrial metals in the global economy.
According to the Silver Institute, silver is used in everything from photovoltaic cells for solar panels, membrane switches found in buttons on electronics, silver-oxide batteries valued for their high energy-to-weight ratio, conductive inks used in radio-frequency identification tags, and industrial catalysts in the production of chemicals used to manufacture plastics, adhesives and textiles.
Not every country has reached the same conclusion, though. For example, Canada’s Department of Natural Resources maintains its own list of 34 critical minerals, but silver is not included.
The department has argued that global silver supplies are sufficiently robust that shortages are unlikely to threaten Canada’s economy. That assessment may partly reflect Canada’s position as home to many of the world’s largest silver mining companies. Whether other countries revisit their classifications as industrial demand grows and supply chains become increasingly strategic remains an open question.
For investors, silver sits at the intersection of industrial production, clean energy, and resource security, creating a unique investment case that differs from other precious metals.
Here are seven of the best silver exchange-traded funds, or ETFs, to buy in 2026:
| ETF | Expense Ratio |
| iShares Silver Trust (ticker: ) | 0.50% |
| abrdn Physical Silver Shares ETF () | 0.30% |
| Global X Silver Miners ETF () | 0.65% |
| Amplify Junior Silver Miners ETF () | 0.69% |
| Amplify SILJ Junior Silver Miners Covered Call ETF () | 0.76% |
| Sprott Silver Miners & Physical Silver ETF () | 0.65% |
| Themes Silver Miners ETF () | 0.35% |
iShares Silver Trust ()
“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 currently the largest U.S.-listed silver ETF, with $28 billion in assets under management, or AUM. That currently corresponds to physical ownership of about 480 million ounces of silver bullion held in trust. The ETF charges a 0.5% expense ratio and also trades with excellent liquidity thanks to a low 30-day median bid-ask spread of just 0.02%.
abrdn Physical Silver Shares ETF ()
“I really like silver ETFs over other ways to hold silver,” says Anessa Custovic, chief investment officer at Cardinal Retirement Planning. “You get the diversification benefits of holding silver without the headache of trying to purchase and store bullion.” Investors looking for lower fees may find SIVR more appealing than SLV. This ETF is significantly more affordable with a 0.3% expense ratio.
SIVR is smaller than SLV with $3.8 billion in AUM, but still sizable in its own right. The ETF’s silver bullion deposits are held by ICBC Standard Bank in the U.K., with the Bank of New York Mellon acting as trustee. On SIVR’s webpage, investors can find documents such as vault inspection letters and even a list of bars with serial numbers, which helps improve transparency and security.
Global X Silver Miners ETF ()
“ 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.” This makes miners more volatile than silver.
Investors can see this dynamic in play with SIL. During the 2025 silver bull market, SIL returned 166.3%, while SLV lagged at 144.7%. However, the operating leverage exhibited by miners can be a double-edged sword if silver prices hit a bear market. Unlike spot silver, silver miners can also pay modest dividends, although SIL currently lacks distributions because of the drag from a higher 0.65% expense ratio.
Amplify Junior Silver Miners ETF ()
“Silver’s 2025 rally was 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.” In 2025, SILJ strongly outperformed both SIL and SLV with a 184.4% total return.
“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.” However, investors preferring SILJ should be comfortable with greater exposure to small-cap stocks and a higher 0.69% expense ratio.
Amplify SILJ Junior Silver Miners Covered Call ETF ()
“SLJY is designed for investors who are constructive on silver but want a more income-oriented approach,” Miller explains. “By incorporating a covered-call strategy, the fund seeks to generate income while maintaining exposure to junior silver miners.” This ETF sells out-of-the-money covered calls on SILJ with the goal of targeting an 18% annualized yield. SLJY charges a 0.76% expense ratio.
“The options overlay adds an income stream that is potentially less correlated to traditional income sources like fixed-income and , helping position SLJY as a complementary allocation within a broader portfolio,” Miller says. However, prospective investors should understand that in a silver bull market, SLJY may lag SILJ and SLV as the covered calls cap upside appreciation.
Sprott Silver Miners & Physical Silver ETF ()
Unlike most silver ETFs, SLVR blends two forms of exposure in a single fund. Most of the portfolio is invested in silver mining companies through the Nasdaq Sprott Silver Miners Index, while a dedicated allocation to the Sprott Physical Silver Trust (PSLV) provides direct exposure to spot silver prices. The ETF charges a 0.65% expense ratio and currently manages around $650 million in AUM.
Unlike an ETF, PSLV is actually a closed-end fund, meaning it has a fixed pool of shares that can trade above or below its net asset value, or NAV. Investors buying PSLV directly should therefore monitor whether the fund is trading at a premium or discount to NAV. Investors should also note that SLVR has historically struggled somewhat with liquidity due to a higher 0.49% 30-day median bid-ask spread.
Themes Silver Miners ETF ()
Investors focused on minimizing fees may find AGMI appealing. The fund tracks the STOXX Global Silver Miners Index and charges a 0.35% expense ratio. This is equivalent to about $35 annually in fee drag on a $10,000 investment versus $65 for comparable funds such as SIL. Over long holding periods, that difference in fee drag can potentially compound into meaningful savings.
The trade-off is that AGMI remains a relatively small fund with just $11.6 million in AUM, well below the roughly $50 million threshold often viewed as reducing closure risk. It also carries a relatively wide 0.86% 30-day median bid-ask spread, meaning investors could give up more in trading costs when buying or selling. However, AGMI may still be useful as a tax-loss harvesting pair for the previous silver ETFs.
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Update 06/30/26: This story was previously published at an earlier date and has been updated with new information.
