2 Canadian Silver ETFs Better Than the Sprott Physical Silver Trust

are once again reaching record levels—a reflection of the times, given ongoing central bank demand for precious metals, geopolitical instability, and persistent concerns about the weakening and ballooning government debt across much of the developed world.

But as an ETF proponent, it pains me to see new investors still flocking to closed-end funds (CEFs) for their silver exposure. I’ll admit my bias here: with very few exceptions, CEFs are outdated, overpriced, and often erode shareholder value through inflated return-of-capital distributions.

I mention this because there’s been renewed interest in the Sprott Physical Silver Trust (NYSE:). While I respect many of Sprott’s newer ETF offerings, PSLV isn’t one of them.

Sure, it’s popular, with roughly $9.9 billion in assets, but a 0.57% expense ratio and the ability to trade at a premium or discount to its NAV—currently around -4.29%—make it hard to justify in 2025.

For Canadian investors looking for spot silver price exposure in a brokerage account, there are far better options. Here are two I particularly like for their simplicity, tight spreads, and low fees from iShares and Purpose Investments.

1. iShares Silver Bullion ETF (SVR)

iShares Silver Bullion ETF (CAD-Hedged) (TSX:) is one of the longest-standing silver ETFs available to Canadian investors and remains one of the most straightforward ways to gain exposure to physical silver in a brokerage account.

SVR seeks to replicate the price of physical silver bullion, net of fees, by directly holding the metal rather than using synthetic exposure. This is important because futures-based products introduce additional costs and tracking risks from contract rollovers, which can eat into returns over time.

As of October 24, 2025, it holds about CAD $281.7 million in net assets across 12.5 million units, backed by 4,209,215 ounces—or roughly 130.9 tonnes—of silver held securely in trust.

SVR is hedged to the Canadian dollar, meaning the fund uses currency contracts to neutralize the impact of CAD-USD exchange rate movements. Since silver prices are quoted in U.S. dollars, a rising or falling loonie would normally affect performance for Canadian investors.

The hedging helps ensure that returns more closely reflect silver’s true movement, not currency fluctuations. For investors comfortable taking on that exchange-rate exposure—especially if they expect a weaker Canadian dollar—the unhedged version (SVR.C) may be the better choice.

At a 0.66% management expense ratio, SVR is pricier than PSLV at 0.57%. But in my view, it’s worth paying slightly more to avoid PSLV’s closed-end structure and its potential to trade at a premium or discount to NAV.

ETFs like SVR can sidestep that issue thanks to their open-ended creation and redemption mechanism. When demand for the ETF rises, authorized participants can deliver physical silver to the fund in exchange for new ETF units (creation). When demand falls, they can redeem those units for silver (redemption).

This process keeps the market price of the ETF tightly aligned with its underlying NAV, ensuring investors always trade close to fair value—something CEFs like PSLV can’t guarantee.

2. Purpose Silver Bullion Fund (SBT)

Many investors naturally gravitate toward big global brands like iShares when choosing ETFs—the liquidity and name recognition are hard to ignore. But if you look beyond the largest issuers, there are often better deals from Canadian homegrown providers. Silver Bullion Trust ETF Currency Hedged Units (TSX:) is a good example.

SBT is backed by real, physical metal rather than derivatives. All bullion is held on a fully allocated and segregated basis, meaning each bar is specifically identified and owned by the fund—not pooled with anyone else’s silver or used as collateral. Storage is handled through secure treasury vaults at a Canadian chartered bank, which adds another layer of institutional oversight.

The base version of SBT is currency-hedged to the Canadian dollar, minimizing the effect of fluctuations on performance. For those who want exposure to the U.S. dollar—typically when expecting a weaker loonie—there’s also an unhedged option available under the ticker SBT.B.

SBT’s management expense ratio is 0.36%, making it cheaper than SVR and PSLV. The fee even declines as the fund grows, reflecting Purpose’s commitment to scale-driven efficiency.