Wealthy PotSIVR vs SLV: Two Silver ETFs and a Fee Waiver Worth Reading
SIVR and SLV both hold physical silver bullion, so both track the price of silver minus their fees. SLV is BlackRock's iShares Silver Trust, launched in 2006. SIVR is the abrdn Physical Silver Shares ETF. On cost, SIVR charges 0.30% and SLV 0.50%. There is one detail worth knowing before you treat SIVR's price as fixed: it depends on a voluntary fee waiver.
The Short Answer
- Same metal: both hold physical silver.
- SIVR is cheaper today: 0.30% against 0.50%, or $30 against $50 a year on $10,000.
- SIVR's fee relies on a waiver of 0.15% of the sponsor's fee, which abrdn says continues "until further notice."
- Both are generally taxed as collectibles, with long-term gains taxed at up to 28%.
SIVR vs SLV Side by Side
| Feature | SIVR | SLV |
|---|---|---|
| Full name | abrdn Physical Silver Shares ETF | iShares Silver Trust |
| Annual fee | 0.30% (after voluntary waiver) | 0.50% (sponsor fee) |
| Holds | Physical silver | Physical silver |
| Valuation | Price of silver bullion, less expenses | LBMA Silver Price |
The Waiver Behind SIVR's Fee
abrdn's own wording: "Since inception, the fund has always charged 30bps. There has been a voluntary waiver that has been in effect since the formation of the trust. The Sponsor has continued to waive a portion of its fee (0.15%) and will continue to do so until further notice." Voluntary means the sponsor could end it; if it did, SIVR's cost would rise by the waived 0.15%. It has held since the trust began, and there is no sign it is ending, but a buy-and-hold investor should know the 0.30% is a policy, not a fixed contract.
Even without the waiver, SIVR would cost 0.45%, still less than SLV's 0.50%. The fee matters for the same reason as with gold: silver trusts pay expenses by selling metal, so the silver behind each share declines over time, a point iShares makes explicitly for SLV. As a hypothetical illustration ignoring price changes, over 20 years SLV's 0.50% fee would consume about 9.5% of a position and SIVR's 0.30% about 5.8%.
Silver ETFs Are Taxed as Collectibles
For U.S. tax purposes, shares of a physical metal trust are generally treated like the metal itself, and the IRS taxes long-term gains on collectibles at a maximum 28% rather than the 20% top rate on most long-term capital gains. Check each trust's prospectus for its specific tax discussion. The rule applies to both funds, so it affects where you hold silver more than which fund you choose.
Which One Fits You
- Choose SIVR for a long-term silver position at the lower fee, knowing the fee depends on a voluntary waiver.
- Choose SLV if you prefer iShares or already hold it at a gain in a taxable account.
- Do not hold both. They own the same metal.
Silver prices can swing sharply; read is silver a good investment before sizing a position.
FAQ
Is SIVR cheaper than SLV?
Yes, at 0.30% against 0.50%. SIVR's fee reflects a voluntary 0.15% waiver of the sponsor's fee.
Could SIVR's fee go up?
It could if the sponsor ended the waiver, which abrdn describes as continuing "until further notice." It has been in place since the trust was formed.
Do SIVR and SLV hold real silver?
Yes. Both hold physical silver bullion.
How are silver ETFs taxed?
Generally as collectibles: long-term gains are taxed at up to 28% federally.
Should I switch from SLV to SIVR?
In a retirement account there is no tax cost. In a taxable account, selling at a gain triggers collectibles tax, which can outweigh the fee savings for years.
This article is for general information and is not investment or tax advice. Fund figures were taken from abrdn's and iShares' published fund pages on 2026-09-23 and can change; the fee illustration is hypothetical. Confirm current figures before you invest.