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Quick verdict: The best silver ETF in Canada for simple physical silver exposure is likely SBT from Purpose if you are comfortable with its fund size and current posted MER. PSLV is the strongest option for investors who specifically want a large physical silver trust, but it is not a regular ETF and can trade at a discount or premium to NAV. SVR is the straightforward iShares silver bullion ETF, but it is expensive. HUZ is a silver futures ETF, not a bullion fund. MNS is a Royal Canadian Mint exchange-traded receipt, not an ETF.
The best silver ETFs in Canada list is shorter and messier than the gold list. There are fewer physical silver products, fees are generally higher, and several funds that show up in silver searches are not actually silver bullion ETFs.
That matters because silver is already volatile. You do not want to accidentally buy a futures product or a basket of mining stocks when your intention was to own physical silver exposure.
This guide compares the main Canadian-listed silver funds and exchange-traded products, with a practical bias toward Canadian investors using a TFSA, RRSP, FHSA, or non-registered brokerage account.
Best silver ETFs in Canada: quick comparison
| Fund | Structure | Current fee data | Best fit |
|---|---|---|---|
| SBT / SBT.B | Purpose physical silver bullion fund | 0.21% MER; 0.40% management fee; about $164.9M AUM | Best simple physical silver ETF candidate |
| PSLV | Sprott physical silver trust | 0.51% MER; about $16.6B NAV | Large physical silver trust with premium/discount considerations |
| SVR / SVR.C | iShares physical silver bullion ETF | 0.66% MER; 0.50% management fee; about $543.1M net assets | Simple iShares option, but higher fee |
| MNS | Royal Canadian Mint silver exchange-traded receipt | 0.45% annual service fee | Mint-backed silver receipt, not a standard ETF |
| HUZ | Global X silver futures ETF | 0.96% MER plus 0.41% trading expense ratio; about $62.8M AUM | Tactical futures exposure, not physical silver |
| SLVX | Global X silver mining stock ETF | 0.50% management fee; newly launched, no full-year MER yet | Silver miners, not bullion |
Data reviewed May 31, 2026 from official provider pages and fund facts. Provider data used different as-of dates, commonly May 29, 2026 for market data and December 31, 2025 or fiscal-year data for MER. ETF fees, assets, spreads, tax characteristics, and holdings can change.
How to choose a silver ETF in Canada
Before picking a ticker, decide what type of silver exposure you actually want.
- Physical silver bullion: SBT, PSLV, SVR, and MNS are the products most directly tied to silver bullion, though PSLV and MNS are not conventional ETFs.
- Silver futures: HUZ uses silver futures. Futures-based products can behave differently from physical bullion because of contract roll costs and fund structure.
- Silver mining stocks: SLVX and similar miner funds own companies, not silver bars. Their performance depends on equity-market and business risk.
If you are a beginner, build the core portfolio first. Silver is a volatile satellite allocation. It should not replace broad-market ETFs. For the core, start with best Canadian ETFs and what an ETF is.
1. SBT: best simple physical silver ETF candidate
SBT, the Purpose Silver Bullion Fund, is the cleanest starting point for Canadians who want a physical silver ETF.
Purpose’s official page listed about $164.9 million in AUM as of May 29, 2026, with a 0.40% management fee and 0.21% MER as of December 31, 2025. That MER is unusually low relative to the management fee, so investors should verify the current fund page before buying and understand that expense figures can change.
The fund has multiple series, including Canadian-dollar, U.S.-dollar, and currency-hedged versions. Do not assume every SBT ticker behaves the same way. If you want unhedged Canadian-dollar silver exposure, check the exact series before placing the order.
Who SBT fits
- You want a Canadian-listed physical silver bullion fund.
- You want lower posted costs than SVR.
- You are comfortable with a smaller fund than PSLV.
- You will check the current ticker, spread, MER, and series before buying.
2. PSLV: best large physical silver trust
PSLV, the Sprott Physical Silver Trust, is one of the most recognized silver products available to Canadians. It is not a standard ETF. It is a closed-end trust that holds physical silver bullion.
Sprott’s official page listed about $16.6 billion in NAV and a 0.51% MER. The trust is much larger than the other Canadian silver products in this guide, which is part of its appeal.
The tradeoff is structure. Because PSLV is a closed-end trust, it can trade at a premium or discount to net asset value. That means your entry price matters. Before buying PSLV, compare the market price with NAV and do not treat it exactly like an open-end ETF.
Who PSLV fits
- You specifically want Sprott’s physical silver trust structure.
- You want a very large physical silver product.
- You understand premiums and discounts to NAV.
- You are comfortable with a trust rather than a standard ETF.
The same structural point applies to gold. If you are comparing both metals, read best gold ETFs in Canada as well.
3. SVR and SVR.C: simple iShares silver exposure, higher fee
SVR and SVR.C are iShares Silver Bullion ETF series. BlackRock’s official page listed a 0.50% management fee, 0.66% MER, and about $543.1 million in net assets as of May 29, 2026.
The case for SVR is simplicity and the iShares brand. The case against SVR is cost. A 0.66% MER is expensive compared with SBT’s current posted MER and higher than PSLV’s 0.51% MER.
SVR can still make sense for an investor who wants the iShares product specifically. But if you are choosing purely on cost, it is not the first place I would start.
Who SVR fits
- You prefer iShares products.
- You want a simple Canadian-listed silver bullion ETF.
- You are comfortable paying a higher MER.
- You want to choose between the available iShares silver series carefully.
4. MNS: Royal Canadian Mint silver receipts
MNS is the Canadian Silver Reserves exchange-traded receipt from the Royal Canadian Mint. It is backed by physical silver held by the Mint, but it is not a regular ETF.
The Mint lists a 0.45% annual service fee for silver exchange-traded receipts. Investors should also review the current silver entitlement, NAV per receipt, and premium or discount before buying.
MNS is worth considering if the Mint receipt structure itself is part of the appeal. If you simply want a plain silver ETF, SBT or SVR is easier to understand.
5. HUZ: silver futures ETF, not physical silver
HUZ, the Global X Silver ETF, is often grouped with silver funds, but it should not be confused with physical silver bullion ETFs.
Global X’s official page says HUZ seeks to provide investment results that correspond to the Solactive Silver Front Month MD Rolling Futures Index ER. The same page listed a 0.96% MER, 0.41% trading expense ratio, and about $62.8 million in AUM.
That is a very different product from SBT or SVR. Futures products can be useful for tactical traders, but they are not my preferred option for a long-term silver allocation. The cost is higher, the structure is more complex, and returns may differ from spot silver because of futures roll dynamics.
Who HUZ fits
- You intentionally want silver futures exposure.
- You understand futures indexes and roll effects.
- You are making a tactical allocation, not building a simple long-term metals sleeve.
- You are comfortable with higher fees and trading expense ratio.
6. SLVX and silver miner ETFs: stocks, not silver
SLVX, the Global X Silver Miners ETF, launched in 2026 and targets silver mining companies. Global X listed a 0.50% management fee, but because the ETF is new, investors should verify updated MER data once a full reporting period is available.
This kind of fund is not a replacement for physical silver exposure. Silver mining companies can rise sharply when silver prices rise, but they also carry company risk, cost inflation, debt risk, jurisdiction risk, and stock-market risk.
Mining ETFs may fit experienced investors who want leverage to silver-company profitability. They are not the cleanest answer for someone searching for the best silver ETF in Canada for bullion exposure.
If you are trying to decide between owning a commodity fund and owning companies, our stocks vs ETFs guide is a useful baseline.
Physical silver vs silver futures vs silver miners
| Type | What you own | Main risk | Good for |
|---|---|---|---|
| Physical silver product | Fund, trust, or receipt backed by silver bullion | Silver price volatility, fees, spreads, premium/discount | Simple silver exposure |
| Silver futures ETF | Futures contracts linked to silver | Roll costs, futures curve, higher complexity | Tactical traders |
| Silver miner ETF | Shares of silver mining companies | Company risk, market risk, cost inflation, leverage | Investors intentionally betting on miners |
For most Canadian investors searching this topic, physical silver exposure is probably the intended answer. Futures and miner funds belong in the article because they show up in searches, but they are not interchangeable.
Should Canadians invest in silver ETFs?
Silver can make sense as a small speculative or diversification position, but it is not a core holding for most long-term portfolios.
Silver can be more volatile than gold because demand is split between investment demand and industrial use. It can have sharp rallies and ugly drawdowns. It also does not produce income. That means your return depends heavily on price movement.
For most investors, broad stock and bond ETFs should come first. Silver is usually a side position after the core portfolio is handled.
Tax and account considerations
Silver ETFs and related exchange-traded products can be held in registered accounts if they are eligible securities, but you should still check the specific product and your brokerage.
- TFSA: gains and withdrawals are tax-free, but the opportunity cost can be high if silver underperforms for years.
- RRSP: taxes are deferred until withdrawal. Silver can fit as a small diversifier, but it is not a retirement plan by itself.
- FHSA: silver is usually too volatile if your home purchase timeline is short.
- Non-registered account: track adjusted cost base and review tax slips. Trusts, receipts, futures ETFs, and bullion ETFs may report income differently.
For account basics, see TFSA vs RRSP. For fees, read what MER means before comparing products only by ticker.
Where to buy silver ETFs in Canada
You can buy Canadian-listed silver ETFs, trusts, and receipts through most Canadian online brokerages. Use the exact ticker, review the quote, and consider limit orders because precious-metals products can have wider spreads than broad-market ETFs.
If you are buying ETFs regularly, brokerage workflow matters. Questrade can make sense for Canadian DIY investors who want broad account support, ETF investing, and CAD/USD flexibility. You can open a Questrade account here. Bonus offers and pricing can change, so compare current terms before signing up.
If you are newer to the process, start with how to buy stocks in Canada and our Wealthsimple vs Questrade comparison.
Final verdict: best silver ETF Canada
For a Canadian investor who wants simple physical silver exposure, SBT is the first ETF I would research because its current posted MER is much lower than SVR’s. The important caveat is that SBT is smaller than PSLV and its MER should be rechecked before buying.
PSLV is the strongest choice if you specifically want a large physical silver trust and understand premium/discount risk. SVR is the simple iShares bullion ETF, but the fee is high. MNS is interesting if you like the Mint receipt structure. HUZ and SLVX are different products entirely: futures and miners, not physical silver bullion.
The cleanest rule is this: if you want silver bullion exposure, buy a silver bullion product. Do not buy a futures ETF or miner ETF by accident.
Best silver ETFs in Canada FAQ
What is the best silver ETF in Canada?
For simple physical silver exposure, SBT is a strong starting point because its posted MER is lower than SVR’s. PSLV is the better-known large physical silver trust, but it is not a regular ETF and can trade at a premium or discount to NAV.
What is the cheapest silver ETF in Canada?
Based on official provider data reviewed May 31, 2026, Purpose SBT listed a 0.21% MER. Because fund expenses can change and the listed management fee is higher than the posted MER, investors should verify current details before buying.
Is PSLV a silver ETF?
PSLV trades like an exchange-listed fund, but it is a closed-end physical silver trust, not a conventional ETF. That means it can trade above or below its net asset value.
Is SVR a good silver ETF?
SVR is a straightforward iShares silver bullion ETF, but it has a higher MER than SBT and PSLV based on the latest official data reviewed. It may fit investors who prefer iShares, but it is not the low-cost leader.
Is HUZ a physical silver ETF?
No. HUZ is a silver futures ETF. It tracks a futures index, not physical silver bullion, and has higher costs and more complex return behaviour.
Are silver miner ETFs the same as silver ETFs?
No. Silver miner ETFs hold shares of mining companies. They can be influenced by silver prices, but they also carry company, cost, debt, jurisdiction, and stock-market risks.
Should I hold silver ETFs in a TFSA?
You can hold eligible silver ETFs in a TFSA, but silver is volatile and does not produce income. For most investors, it should be a small satellite position after the core ETF portfolio is already built.
Sources checked
- Purpose Silver Bullion Fund page
- Sprott Physical Silver Trust page
- iShares Silver Bullion ETF page
- Royal Canadian Mint Canadian Silver Reserves receipts
- Global X HUZ Silver ETF page
- Global X SLVX Silver Miners ETF page
Disclaimer: This is general information, not personalized financial advice. Silver ETFs and related products can be volatile, fees and holdings can change, and tax treatment depends on your situation. Verify current fund details before investing.
Last updated: May 31, 2026
