Although ETFs have been around since 1993, it took another 15 years before the first actively managed ETF was made available to the public.

Since then, ETFs' popularity has increased due to the fact that they are more cost-effective than traditional mutual funds. There are now a great range of exchange-traded funds (ETFs) available, with an emphasis on things like derivatives, bonds, and commodities.

Silver exchange traded funds (ETFs) are a popular investment option in the commodities market. Some exchange-traded funds, for instance, invest exclusively in silver bullion, while others invest in silver futures contracts. Others investigate the silver mining industry specifically.

Investors' use of ETFs shows signs of steady growth. Here are 5 best silver ETFs to think about if you are interested.

1. iShares Silver Trust

Investing in silver via the iShares Silver Trust (SLV) is another common practice, with SLV boasting AUM of little over $10 billion as of this writing. This trust, which has been around since April 2006 and now holds over 459 million ounces of silver, follows the LBMA Silver Price index. The fund has a larger sponsor fee than the standard in the industry, at 0.5%.

Traders looking for high liquidity may find more success with SLV, despite its higher costs. Over the last 90 days, the fund's average trading volume has been over 17 million shares, and the median bid-ask spread has been 0.05%. SLV also provides a robust options chain where investors may purchase and sell calls and puts for increased exposure or hedging purposes.

2. Aberdeen Standard Physical Silver Shares ETF

The Aberdeen Standard Physical Silver Shares Exchange Traded Fund (ETF) is also not your conventional ETF; rather, it operates similarly to the iShares Silver Trust. Investors who prefer to have physical silver in their possession will benefit from this. Aberdeen Standard Physical Silver Shares ETF aims to replicate the performance of the silver price, net of the trust's operating expenditures, through its share price.

Silver bullion for the fund is stored in a safe at the London branch of JPMorgan Chase Bank. It has been said that this ETF does a decent job of replicating the performance of the spot price of silver. It has had an annualized return of 10.7 percent over the past five years.

The net asset value of the Aberdeen Standard Physical Silver Shares ETF is based on the silver ounce price calculated by the London Bullion Market Association around noon GMT. Calculated daily at 4:00 PM New York Time by dividing London Time by the number of shares outstanding in the fund.

3. Sprott Physical Silver Trust (PSLV)

PSLV is not an exchange-traded fund by definition. A closed-end fund (CEF) is more accurate. Shares of a CEF cannot be created or redeemed after its original offering, unlike those of an ETF. Therefore, extreme buying or selling pressure may occasionally cause their share price to trade at a discount or premium to their NAV. PSLV is trading at a discount of 3.2 percent to net asset value right now.

PSLV, like the other listed ETFs and funds, allows investors to gain exposure to silver through ownership of bars held by the Royal Canadian Mint as custodian. The current amount of gold in the CEF's vaults is 171 million ounces. Those who own enough PSLV shares can even exchange them for physical silver if they so want. PSLV has a cost of 0.6% each year.

4. Global X Silver Miners ETF

The Global X Silver Miners Exchange Traded Fund (ETF) provides exposure to companies involved in the silver mining industry. The fact that such businesses stand to gain rapidly from a rising metal price is an added bonus. It is a great way for investors to diversify their holdings beyond just a few companies and spread their money around the world.

Wheaton Precious Metals (TSX:WPM,NYSE:WPM), a streaming company, makes up 22.45 percent of this ETF's weight, followed by Pan American Silver (TSX:PAAS,NASDAQ:PAAS) at 9.42 percent and First Majestic Silver (TSX:FR,NYSE:AG) at 5 percent. The expense ratio of this ETF is 0.65 percent.

5. ETFMG Prime Junior Silver ETF (SILJ)

Mining businesses are classified as either senior or junior, as indicated by the ETFMG Prime Junior Silver ETF (SILJ). Junior miners are publicly traded, low-capitalization businesses whose primary focus is the discovery and development of new silver resources. These businesses raise capital in the hopes of getting lucky and making a killing. Investment in junior miners can be as volatile as biotech stocks due to the high-risk, high-reward nature of their activities.

Investors can purchase SILJ to hedge against the potential loss of capital from the failure of a single junior miner. This ETF follows the performance of an index composed of 61 junior silver mining equities from around the world (the Prime Junior Silver Miners & Explorers Index). Again, this ETF places a significant emphasis on Canadian companies because of the country's rich mineral resources. SILJ has a low expense ratio of 0.69%.