The Top Silver ETFs in Canada for March 2025

ByDan Kent Published On:

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        Key takeaways

        Silver’s Role in Inflation Protection – Silver is seen as both an industrial metal and a monetary hedge, making silver ETFs attractive during inflationary or economic uncertainty periods.

        Physical vs. Mining Exposure – Some ETFs hold physical silver, while others invest in silver mining companies, leading to different risk-return profiles.

        Junior vs. Senior Miners – Funds that focus on junior miners tend to be more volatile but offer higher growth potential than funds with established miners.

        One ETF I like way better than the ones on this list.

        Commodity-based exchange-traded funds, like silver ETFs, are quickly winning folks over.

        Why? Many investors new to buying stocks have heard that commodities perform exceptionally well in higher inflation environments. In addition, rapidly increasing government spending bodes well for precious metals, as it always has.

        Silver hasn’t necessarily been the haven that gold has been. Still, it has undoubtedly driven strong returns over the last five years. When we consider that silver is used in more industrial applications than gold, there is more of an economical use case for it, which leads many investors to be interested in getting exposure.

        What types of silver ETFs are available in Canada?

        Generally, when you’re looking at silver ETFs or any commodity ETF for that matter, there are three particular types:

        • Physical ETFs
        • Equity ETFs
        • Futures based ETFs

        You want to purchase an ETF with physical silver ETFs that hold the underlying commodity.

        With equity silver ETFs, you want to gain exposure to silver miners by buying an ETF that holds their stocks.

        And finally, futures-based silver ETFs will use futures contracts to bet on pricing movements in the metal.

        I don’t speak much about futures ETFs in this article, as they are advanced investment products. However, I provide a nice mix of physical and equity-based silver ETFs that should help you decide which one you want to buy today.

        Why an ETF over an individual silver stock

        Picking individual silver stocks is hard. Mining companies are exceptionally volatile, and many investors won’t have the stomach to hold them through the ebbs and flows to make reasonable profits.

        So, in this situation, many Canadian ETF investors have been searching for the best silver ETFs in Canada to gain exposure to the precious metal in their portfolio. ETFs allow investors to spread their capital across numerous holdings, reducing individual equity risk and lowering volatility.

        Don’t take this the wrong way. Silver ETFs will still be volatile themselves. However, risk is reduced when you spread your money across 20 companies rather than 1.

        Lets dig into the top Canadian silver ETFs available on the TSX today.

        The best silver ETFs in Canada to buy now

        Direct ownership of physical silver

        Sprott Physical Silver Trust ETF (TSE:PSLV)

        This ETF provides investors with direct exposure to physical silver bullion, held in secure vaults. Unlike silver mining ETFs, it tracks the price of silver itself, offering a pure-play alternative to investing in futures or mining stocks.

        • Direct Exposure to Silver Prices – Since PSLV holds actual silver, its value closely follows the spot price of silver, making it an ideal choice for those who want pure silver exposure without mining-related risks.
        • Tangible Asset Backing – Unlike synthetic ETFs, this trust holds fully allocated silver, which can be redeemed for physical metal under certain conditions.
        • Inflation & Currency Hedge – Silver has historically been a hedge against inflation and fiat currency devaluation, making PSLV attractive in uncertain economic periods.
        • No Management of Mining Risks – Unlike mining ETFs, this fund doesn’t deal with operational risks, production costs, or geopolitical issues that affect mining stocks.
        • Tax Advantages – PSLV is structured as a closed-end trust, which may offer favorable tax treatment in Canada compared to other silver investment vehicles.
        • Rising Industrial Demand – Silver is crucial in solar panels, electronics, and EVs, increasing its long-term demand outlook.
        • Geopolitical Uncertainty & Inflation – Investors often turn to precious metals like silver during inflationary or economic uncertainty periods.
        • Potential Supply Shortages – With increasing industrial use and limited new discoveries, silver shortages could drive higher prices.
        • Price Volatility – Silver prices can be highly volatile, moving sharply based on market sentiment, inflation data, and central bank policy.
        • No Yield or Cash Flow – Unlike mining ETFs, PSLV does not generate dividends, making it purely a capital appreciation play.
        • Premium/Discount to NAV – Since it trades as a trust, its price may not always match the exact silver spot price.

        Broad exposure to silver mining giants

        Global X Silver Miners ETF (ARCA:SIL)

        This ETF invests in large and mid-cap silver mining companies worldwide, providing exposure to companies that explore, mine, and refine silver. It tracks the Solactive Global Silver Miners Index, which includes some of the most established players in the sector.

        • Established Miners with Stable Revenue – The fund primarily holds large silver producers, reducing the extreme volatility seen in junior miners.
        • Leverage to Silver Prices – Mining stocks tend to amplify silver price movements, meaning when silver rises, mining stocks often rise even more.
        • Diversified Geographic Exposure – This ETF holds global silver miners, reducing country-specific risks while capitalizing on international silver demand.
        • Dividend Potential – Unlike physical silver ETFs, some mining companies in this ETF pay dividends, offering an income stream to investors.
        • Cost-Efficiency vs. Active Funds – SIL provides a low-cost alternative to actively managed silver mining funds, offering broad exposure without high fees.
        • Strong Silver Price Movements – Higher silver prices benefit miners significantly due to operational leverage.
        • Rising Industrial Demand – With silver’s crucial role in green energy and technology, major silver miners could benefit from increasing demand.
        • Mergers & Acquisitions in the Sector – Larger miners may continue acquiring smaller exploration companies to maintain reserves and production.
        • Mining Operational Risks – Production issues, rising costs, or political risks in mining-heavy regions can impact stock prices.
        • Leverage Works Both Ways – While silver miners can outperform silver during rallies, they also decline more sharply when silver prices fall.
        • Regulatory and Environmental Scrutiny – Stricter environmental laws could increase costs for silver mining companies, affecting profitability.

        High-growth potential through junior miners

        ETFMG Prime Junior Silver Miners ETF (ARCA:SILJ)

        SILJ focuses on small-cap and junior silver miners, which are often exploration-stage or early-production companies. These firms offer higher growth potential but also come with higher risk and volatility.

        • Leverage to Silver Price Spikes – Junior miners can experience explosive growth during silver bull markets, often outperforming larger miners.
        • Early-Stage Exploration Gains – Many of these companies are in the discovery or expansion phase, meaning they could see substantial gains if they uncover large silver deposits.
        • Acquisition Targets – Junior miners are often bought out by larger mining firms, leading to premium valuations for early investors.
        • Diversified Small-Cap Silver Exposure – Instead of picking individual junior miners, this ETF provides a broad basket, reducing company-specific risks.
        • High Risk, High Reward – Junior miners typically outperform in bull markets but underperform in downturns, making this ETF suitable for risk-tolerant investors.
        • Exploration Boom – Rising silver prices can lead to an increase in exploration spending, benefiting junior miners.
        • Acquisition Activity – Large mining firms often acquire successful juniors to replenish reserves, boosting share prices.
        • Geopolitical & Regulatory Changes – Since many junior miners operate in high-risk regions, political stability and mining policies will impact future growth.
        • Extreme Volatility – Junior miners can see wild price swings, making them riskier than established silver producers.
        • Operational & Financing Risks – Many juniors rely on external funding to continue exploration, which can be a challenge in weak markets.
        • Low Liquidity & Stock Delisting Risks – Some junior miners are thinly traded, and weaker companies may go bankrupt or get delisted.

        Overall, these top Canadian silver ETFs are perfect for exposure to the metal

        If you’re bullish on silver, these will be the silver ETFs you want to look at. Because of the security and the way physical silver is held, Sprott’s PSLV is the best way to hold actual silver through an ETF.

        An alternate is the iShares Silver Trust (ARCA:SLV). However, regulatory situations with this one, like it not being registered as a commodity pool, tend to have me leaning toward Sprott’s version. However, the iShares Silver Trust is the most liquid physical silver ETF on the market. So, it is an option.

        Just understand what you’re buying before you buy it. Make sure you read the prospectus of any ETF before you buy. Also, be aware of brokerage commissions and transaction costs, especially if you’re an active trader.

        We’re limited here regarding silver ETFs regarding producers, so the two US-listed ETFs I showed you here are arguably your best exposure to miners, whether major producers in SIL or juniors in SILJ.

        Overall, I hope you enjoyed this list of the top silver ETFs, and if you find any more that are of use, feel free to contact us, and we’ll add them to the list.

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