Silver has always played second fiddle to gold (GCZ24), when it comes to the precious metals pecking order. Despite boasting several industrial applications, silver has generally traded at a discount to gold. However, that scenario is expected to change in the foreseeable future, driven by the metal's critical role in burgeoning technologies like solid-state batteries for electric vehicles (EV) and artificial intelligence (AI).

Moreover, an ongoing supply-demand mismatch in silver could help to fuel further upside, even as December silver futures (SIZ24) - the most active contract - have already surged more than 32% this year, and are hovering just 5% from new decade-plus highs above $33. 

For investors looking to add exposure to silver, here's a look at three top exchange-traded funds (ETFs) to capitalize on continued highs.

#1. iShares Silver Trust ETF

The iShares Silver Trust (SLV) is possibly the best-known of the silver ETFs, and is designed to provide investors with a cost-effective way to gain exposure to the price of silver. Managed by BlackRock (BLK), SLV was launched in April 2006, and is structured as a grantor trust. This structure means that each share of the ETF represents a fractional undivided beneficial interest in the net assets of the trust, which primarily consists of physical silver bullion held in a vault by JPMorgan Chase (JPM), the custodian institution.

SLV tracks the price of silver as determined by the London Bullion Market Association's (LBMA) Silver Price, offering investors a direct play on the silver market without the complexities of futures contracts. This physically backed methodology eliminates issues such as contango and backwardation, which can affect ETFs that derive their value from futures contracts. SLV has total assets under management (AUM) of approximately $14.57 billion, with a relatively low annual expense ratio of 0.50%.

Over the past year, SLV is up 40.5%, and the fund has surged more than 31% on a YTD basis. SLV offers robust liquidity, as well, with an average volume of over 20 million shares, and an active options market.

#2. Global X Silver Miners ETF

The Global X Silver Miners ETF (SIL) was established in April 2010 by Global X Management Company, a well-known investment firm that specializes in thematic ETFs. The primary objective of the Global X Silver Miners ETF is to track the investment performance of the Solactive Global Silver Miners Total Return Index. This index is designed to measure the performance of a group of publicly traded companies that derive a significant portion of their revenue from silver mining activities.

In other words, while SLV tracks the price of physical silver, SIL offers broad exposure to a basket of silver mining stocks.

With AUM of $1.19 billion, shares of SIL are up 24.5% on a YTD basis, and 47.8% over the past 52 weeks. SIL also offers a dividend yield of 0.41%, though its expense ratio is on the higher side, at 0.65%.

With an average daily volume of roughly 700,000 shares, SIL's top five holdings include Wheaton Precious Metals (WPM), at 23.51%; Pan American Silver (PAAS), at 13.56%; Korea Zinc, at 6.05%; Coeur Mining (CDE), at 5.58%; and Hecla Mining (HL), at 5.28%.

#3. Amplify Junior Silver Miners ETF

The Amplify Junior Silver Miners ETF (SILJ) is designed to provide investors with exposure to the performance of so-called “junior” silver mining companies. The ETF was founded in November 2012, and its AUM currently stands at $1.04 billion.

SILJ is designed to track the Nasdaq Junior Silver Miners Index, which tracks silver mining stocks that derive most of their revenue from new silver production. By investing in this ETF, shareholders gain exposure to the junior silver mining sector, which is known for higher risk and volatility compared to larger, established mining companies. The ETF focuses on smaller, exploratory companies, which typically offer greater growth potential, but also come with higher risk.

Shares of the SILJ ETF are up 30.6% on a YTD basis, and 54% over the past 52 weeks. The fund carries an expense ratio of 0.69%, and its average daily volume is healthy, topping 2 million shares.

It's worth pointing out that there's some notable overlap in the top holdings of SIL and SILJ. The biggest names in SILJ's portfolio include Pan American Silver (PAAS), at 8.44%; Coeur Mining (CDE), at 7.92%; Harmony Gold Mining (HMY), at 7.69%; Hecla Mining (HL), at 5.06%; and Aya Gold & Silver (AYA.TO), at 4.58%.