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The Best Silver ETFs and ETCs for UK Investors in 2026
Ruby Layram
27th Sep 2026
Silver has had a wild couple of years. It was one of the standout performers of 2025, then briefly climbed above $90 an ounce earlier in 2026 before correcting sharply. As of early September 2026, it was trading at around $65.88 an ounce.
If you want exposure to silver without buying bars or coins, an exchange-traded product is one of the simplest and cheapest ways to do it. You can hold it in a stocks and shares ISA, and you avoid the 20% VAT you’d pay on physical silver.
But there’s a catch many “best silver ETF” lists miss. Most of the big silver funds you’ll see mentioned online, like SLV and SIVR, are listed in the US, and UK investors usually can’t buy them through a UK platform. So in this guide, we focus on the silver ETCs and ETFs you can actually buy in the UK, and explain why the US funds are off limits.
Best silver ETFs and ETCs UK: at a glance
| Fund | Ticker (LSE) | Type | Annual fee | Best for |
|---|---|---|---|---|
| iShares Physical Silver ETC | SSLN | Physical silver | 0.20% | Lowest-cost core holding |
| Invesco Physical Silver ETC | SSLV | Physical silver | 0.19% | Low-cost alternative to SSLN |
| WisdomTree Physical Silver | PHSP (GBP) / PHAG (USD) | Physical silver | 0.49% | Trading in pounds |
| Xtrackers Physical Silver ETC | XSLR | Physical silver | Another physical option | |
| Global X Silver Miners UCITS ETF | SILG (GBP) / SILV (USD) | Silver mining shares | 0.65% | Higher risk, higher potential reward |
Fees checked September 2026.
Silver ETF or silver ETC: what’s the difference?
You’ll mostly see silver trackers in the UK called ETCs (exchange-traded commodities), not ETFs. They work in a very similar way. You buy and sell them on the stock exchange, just like a share.
The reason for the different name is regulation. UK and European funds sold to everyday investors have to be diversified, and a fund holding only one metal doesn’t meet those rules. So single-commodity trackers are set up as ETCs instead.
Physical silver ETCs are backed by real silver bars held in a vault. For example, WisdomTree Physical Silver is backed by allocated silver bullion held by HSBC. You can’t lose more than you invest, and you don’t need to worry about storage or insurance.
1. iShares Physical Silver ETC (SSLN)
SSLN tracks the price of silver by holding physical metal. At 0.20% a year, it’s one of the cheapest ways for UK investors to get silver exposure. It doesn’t pay dividends, because silver doesn’t produce income.
It’s widely available on major UK platforms and can be held in an ISA or SIPP.
Best for: A low-cost, long-term core silver holding
Your money is at risk.
2. Invesco Physical Silver ETC (SSLV)
Invesco’s physical silver ETC works in the same way as SSLN, tracking the silver price with physically held metal. With a fee of around 0.19% a year, it’s a strong low-cost alternative. Check which one your platform offers.
Best for: Cost-conscious investors
Your money is at risk.
3.WisdomTree Physical Silver (PHSP / PHAG)
WisdomTree Physical Silver has been around since 2007 and is one of the largest silver ETCs in Europe. It’s backed by allocated silver bars that meet London Bullion Market Association Good Delivery standards.
It’s available in two versions: PHSP trades in pounds, and PHAG trades in US dollars. The fee is 0.49% a year, higher than SSLN or SSLV, so it’s worth comparing if you plan to hold long term.
Best for: Investors who want a well-established product priced in pounds
Your money is at risk.
Also read: How to Buy Silver in 2026
4. Xtrackers Physical Silver ETC (XSLR)
Another physically backed silver ETC listed in London, tracking the silver price. [CHECK: fee, currency and platform availability]
Best for: Investors whose platform offers it at a competitive price
Your money is at risk.
5. iShares Physical Silver ETC (LSE:ISLN)
This one is different. Instead of holding silver, it invests in companies that explore, mine and refine silver. It’s the UCITS version of the popular US fund SIL, so UK investors can buy it. SILG trades in pounds, and SILV trades in US dollars. The fee is 0.65% a year.
Miners’ profits can rise faster than the silver price when silver goes up. But the reverse is true too, and you also take on company risks like costs, management and politics in the countries they mine in.
Best for: Investors with a higher risk tolerance who want amplified exposure
Your money is at risk.
Why can’t I buy SLV, SIVR or other US silver ETFs?
Many “best silver ETF” lists feature US funds like iShares Silver Trust (SLV), abrdn Physical Silver Shares (SIVR) and Amplify Junior Silver Miners (SILJ). They’re popular, but UK retail investors generally can’t access US-domiciled ETFs through UK brokers.
This comes down to product disclosure rules. The UK’s new Consumer Composite Investments regime replaced the old PRIIPs rules in 2026, but it hasn’t opened the door to US ETFs.
The good news is that the UK-listed ETCs above track the same silver price, so you’re not missing out on exposure.
A note on leveraged silver products: Products like ProShares Ultra Silver (AGQ) and London-listed 2x or 3x leveraged silver trackers aim to multiply daily moves. They can lose value quickly, even if silver ends up flat over time. They’re designed for short-term traders, not long-term investors.
How to choose the right silver ETC for you
- Physical or miners? Physical ETCs track the silver price. Miners ETFs can move two to three times as much in either direction.
- Fees. On a long-term holding, a fee of 0.20% rather than 0.49% makes a real difference.
- Currency. Pound-denominated versions (like PHSP and SILG) are easier to follow, but you’re still exposed to the dollar, because silver is priced in dollars.
- Your platform. Not every platform offers every ETC. Search by ticker before you decide.
- Your risk tolerance. Silver moves far more sharply than gold, often by double digits in a single month.
Silver ETCs vs physical silver
Physical silver bars and coins attract 20% UK VAT, unlike investment-grade gold. That means you’re immediately well behind on your purchase.
Silver ETCs don’t charge VAT, and they can be held in a stocks and shares ISA or SIPP, where any gains are free of capital gains tax. Outside a tax wrapper, gains above the £3,000 annual allowance may be taxed.
For most UK investors, that makes an ETC the cheaper, simpler route.
Final Thoughts
Silver ETFs give UK investors a flexible, liquid way to gain exposure to one of the most dynamic commodities in financial markets.
Whether you want straight silver price exposure, diversification into mining equities, or balanced blended strategies, the options above offer a range of ways to participate in silver’s potential in 2026.
Always remember to do your own research and consider your risk tolerance before investing.
Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here, including opinions, commentary, suggestions or strategies, are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence. When investing your capital is at risk.
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