iShares Physical Silver ETC
Best for liquidityThe most traded silver ETC on the London Stock Exchange
- Competitive 0.20% TER for a silver product
- Highest trading volume of UK silver ETCs
- Physically backed by silver bars in London vaults
- Available on all major UK ISA/SIPP platforms
0.20%
ISLN
LSE
at ishares.com
Why #1?
iShares ISLN takes the top spot for the same reasons as its gold counterpart — excellent liquidity, BlackRock backing, and wide platform availability. It also provides a crucial VAT advantage: no 20% VAT unlike physical silver.
WisdomTree Physical Silver
Largest AUMThe largest silver ETC by assets under management
- Largest silver ETC by AUM globally
- Long track record dating back to 2007
- Physical silver in London vaults
- Strong institutional following
0.49%
PHAG
LSE
at wisdomtree.eu
Why #2?
PHAG has the largest AUM of any silver ETC, providing excellent stability. The 0.49% TER is higher than iShares, which is why it sits second, but its size and track record make it a close rival.
Invesco Physical Silver ETC
Lowest costThe lowest TER among UK silver ETCs at just 0.19%
- Industry-lowest 0.19% TER for a silver ETC
- Invesco institutional backing and quality
- Physical silver in JP Morgan London vaults
- Growing AUM and improving liquidity
0.19%
SSLV
LSE
at invesco.com
Why #3?
Invesco offers the lowest TER at 0.19%, but its lower AUM and trading volume compared to iShares and WisdomTree mean wider spreads. For long-term holders, the fee savings can outweigh the spread cost.
Xtrackers Physical Silver ETC
DWS qualityDWS Group-backed silver ETC with physical allocation
- DWS Group institutional backing
- Physical silver in London vaults
- Available on multiple European exchanges
- Competitive 0.40% TER
0.40%
XSLR
LSE
at etf.dws.com
Why #4?
Xtrackers offers solid DWS Group backing with a competitive TER. Lower UK trading volumes compared to leaders keep it in fourth, but it's a reliable diversification choice across ETC providers.
WisdomTree Core Physical Silver
Budget WisdomTreeWisdomTree's lower-cost alternative to PHAG
- Lower 0.19% TER than PHAG (0.49%)
- Same WisdomTree quality and vault infrastructure
- Physical silver backing
- Growing AUM as investors seek lower fees
0.19%
WSLV
LSE
at wisdomtree.eu
Why #5?
WisdomTree's Core range offers the same physical silver structure as PHAG at a much lower 0.19% TER. Lower AUM and trading volumes keep it behind the leaders, but it's catching up quickly.
Aberdeen Standard Physical Silver Shares ETC
Aberdeen qualityabrdn institutional expertise applied to silver
- abrdn (Aberdeen Standard) institutional backing
- Competitive 0.30% TER
- Physical silver in London vaults
- Strong governance standards
0.30%
SSLN
LSE
at abrdn.com
Why #6?
Aberdeen's silver ETC offers reliable institutional governance at a mid-range TER. Lower UK platform availability compared to iShares and WisdomTree limits its appeal for retail investors.
HANetf etc Group Physical Silver ETC
Independent providerIndependent European ETC provider with competitive pricing
- Independent from the major asset managers
- Competitive 0.29% TER
- Physical silver in secure vaults
- Growing European distribution network
0.29%
PHSI
LSE
at hanetf.com
Why #7?
HANetf's silver ETC offers an independent alternative to the big asset managers. Competitive pricing at 0.29% and growing distribution, but lower AUM and trading volumes limit its current ranking.
GPF Physical Silver ETC
Swiss providerSwiss-based provider with physical silver in Swiss vaults
- Silver stored in Switzerland
- Swiss regulatory framework
- Jurisdictional diversification
- Competitive TER structure
0.39%
TAGS
LSE
at gpf.global
Why #8?
GPF offers Swiss-vaulted silver for investors seeking jurisdictional diversification. Lower UK trading volumes and platform availability limit accessibility, but the Swiss structure appeals to cautious investors.
WisdomTree Physical Swiss Silver
Swiss-vaultedSilver stored in Swiss vaults from trusted WisdomTree
- Silver stored in Switzerland (not London)
- WisdomTree brand and track record
- Jurisdictional diversification benefit
- 0.25% TER — competitive for Swiss-vaulted
0.25%
SSLG
LSE
at wisdomtree.eu
Why #9?
Like its gold counterpart, WisdomTree's Swiss silver product offers jurisdictional diversification. Lower volumes and niche appeal place it in ninth, but it serves its target audience well.
Amundi Physical Silver ETC
European giantEurope's largest asset manager offers silver exposure
- Amundi — Europe's largest asset manager
- Physical silver backing
- Competitive TER
- Cross-listed on European exchanges
0.35%
SLVR
LSE
at amundietf.co.uk
Why #10?
Amundi's silver ETC benefits from their massive European distribution network. UK-specific liquidity is limited, placing it last on our list, but it's a solid option for European-focused portfolios.
Quick answer
The best UK silver ETC in 2026 is iShares Physical Silver ETC (ISLN), scoring 9.5/10 for its strong liquidity and competitive 0.20% TER. WisdomTree Physical Silver (PHAG) has the largest AUM, while Invesco Physical Silver offers the lowest fees.
How we test & rank
We evaluate silver ETCs on TER, liquidity, AUM, physical backing structure, and platform availability. Silver ETCs generally have higher TERs and lower liquidity than gold equivalents due to silver's lower market capitalisation.
Summary
For UK silver investors, iShares ISLN offers the best liquidity while WisdomTree PHAG provides the largest fund size. Silver ETCs are particularly useful for avoiding the 20% VAT that applies to physical silver purchases in the UK.
Frequently asked questions
Do silver ETCs avoid the 20% VAT on physical silver?
Yes! This is one of the biggest advantages of silver ETCs in the UK. Physical silver purchases are subject to 20% VAT, which significantly increases your cost basis. Silver ETCs are not subject to VAT, making them much more cost-efficient for pure silver price exposure.
Why are silver ETC fees higher than gold ETC fees?
Silver is bulkier and heavier per unit of value than gold, making it more expensive to store, transport, and insure. This higher physical handling cost is reflected in the TER. A £1 million investment in silver requires roughly 80x more vault space than the same investment in gold.
Can I hold silver ETCs in my ISA?
Yes, all silver ETCs on our list are eligible for Stocks & Shares ISAs and SIPPs on major UK platforms. This means any gains from silver price appreciation are tax-free within your ISA wrapper.
Quick comparison
| # | Product | Score | Rating | TER | Ticker | Action |
|---|---|---|---|---|---|---|
| 1 | iShares Physical Silver ETC Best for liquidity | 9.5 | 4.7 | 0.20% | ISLN | Visit |
| 2 | WisdomTree Physical Silver Largest AUM | 9.2 | 4.5 | 0.49% | PHAG | Visit |
| 3 | Invesco Physical Silver ETC Lowest cost | 8.9 | 4.5 | 0.19% | SSLV | Visit |
| 4 | Xtrackers Physical Silver ETC DWS quality | 8.7 | 4.4 | 0.40% | XSLR | Visit |
| 5 | WisdomTree Core Physical Silver Budget WisdomTree | 8.5 | 4.3 | 0.19% | WSLV | Visit |
| 6 | Aberdeen Standard Physical Silver Shares ETC Aberdeen quality | 8.3 | 4.3 | 0.30% | SSLN | Visit |
| 7 | HANetf etc Group Physical Silver ETC Independent provider | 8.1 | 4.2 | 0.29% | PHSI | Visit |
| 8 | GPF Physical Silver ETC Swiss provider | 7.9 | 4.1 | 0.39% | TAGS | Visit |
| 9 | WisdomTree Physical Swiss Silver Swiss-vaulted | 7.7 | 4.1 | 0.25% | SSLG | Visit |
| 10 | Amundi Physical Silver ETC European giant | 7.5 | 4.0 | 0.35% | SLVR | Visit |
Scores out of 10 based on our testing. Ratings reflect verified customer reviews.