At a glance
SIVR charges 0.45% a year, above the 0.21% average of the 7 funds most like it (the most expensive of 7). It has $3.95B in assets, the 7th largest of that group. Over the past year it returned +16.1% with distributions reinvested (S&P 500: +11.5%), the best of those 8 funds; over three years it returned +32.7% a year. At its worst it fell 35.6% in the 2020 crash (S&P 500: 33.7%) and 32.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 19 months after the lows.
The short version
abrdn Physical Silver Shares ETF (SIVR) is a grantor trust that holds only physical silver bullion. Its shares aim to track the price of silver, minus a 0.45% yearly sponsor fee. It may appeal to people who want silver itself rather than futures or mining stocks. The trade-offs are large: it once fell 75.9% from peak to low, it pays no income, and US long-term gains can be taxed at the collectibles rate of up to 28%.
Price history
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SIVR +16.1% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| SIVR price data to Oct 27, 2026 | -23.6% | +16.1% | +32.7% | +17.4% | +11.6% | +7.9% |
- Over the year to Oct 27, 2026, SIVR returned +16.1%, 1st of 8 among similar funds.
- Its 5-year annualized return was +17.4% and its 10-year +11.6%.
- In the 2020 COVID crash it fell 35.6% and regained its old high 3.7 months after the low.
- Its worst full calendar year was 2013 (-36.1%); its best was 2025 (+145.3%).
- The deepest fall in its price history was 75.9% (Apr 28, 2011 to Mar 18, 2020), recovered by Oct 13, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -23.6% |
| 2025 | +145.3% |
| 2024 | +21.1% |
| 2023 | -0.9% |
| 2022 | +2.6% |
| 2021 | -12.3% |
| 2020 | +47.5% |
| 2019 | +15.2% |
| 2018 | -9.0% |
| 2017 | +6.0% |
| 2016 | +15.0% |
| 2015 | -12.1% |
| 2014 | -19.6% |
| 2013 | -36.1% |
| 2012 | +9.2% |
| 2011 | -10.4% |
| 2010 | +82.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 28.4% over that stretch · deepest drop along the way 35.6%, back to its old high 3.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 16.7% over that stretch · deepest drop along the way 32.9%, back to its old high 19.1 months after the low |
What's inside
The trust holds physical silver directly, worth $3.95B as of Jun 30, 2026 (per its 10-Q). It does not hold stocks or bonds, so there is no holdings list.
How it works
SIVR does not follow an index or use a manager's picks. The trust's stated goal is for its shares to reflect the price of physical silver, less its expenses, and its assets consist solely of silver bullion. abrdn ETFs Sponsor LLC is the sponsor, ICBC Standard Bank Plc is the custodian that holds the metal, and The Bank of New York Mellon is the trustee. The trust has no directors or employees. It makes no attempt to profit from silver's price moves or to limit losses from them.
Large dealers called Authorized Participants create and redeem shares in blocks of 50,000, called Baskets, by delivering or receiving silver. That is how the share count follows demand: it rose from 51.5 million shares at December 31, 2024, to 79.25 million at December 31, 2025. The trust delivers or sells silver to pay the sponsor's fee, so the amount of silver behind each share slowly shrinks over time.
The trust is not registered under the Investment Company Act of 1940, the law that governs most mutual funds and ETFs, so some of those fund protections don't apply. It is not a commodity pool, and it holds no futures or other derivatives. The custodian does not lend out the trust's silver. A small amount, less than a whole bar, can sit in an unallocated account while shares are created or redeemed. That silver is not kept separate from the custodian's own assets. The trust reports the value of its holdings daily on its website.
What it really costs
- SIVR charges 0.45% a year, versus an average of 0.21% for the similar funds below (7th of 7, cheapest first).
Structure and tax notes
- Structured as a grantor trust registered under the Securities Act of 1933, not as a 1940 Act investment company, so it lacks some fund-specific investor protections.
- Physically backed precious-metal trusts are taxed like the metal itself: in the US, long-term gains can be taxed at the collectibles rate of up to 28% rather than the usual capital-gains rates.
In a retirement portfolio
SIVR gives direct exposure to silver, but its deep, long drops and lack of income make it a small, high-risk position rather than a foundation.
Silver may add an asset that doesn't depend on company profits. But SIVR has not cushioned stock sell-offs. It fell 35.6% from February 24 to March 18, 2020, then recovered by July 2020. In 2022 it dropped 32.9% and needed about 19 months to recover, until April 2024. It launched in July 2009, so it has no 2008 record. Its worst calendar year was 2013, at -36.1%. Its deepest fall, 75.9% from April 2011 to March 2020, was not fully made up until October 2025. The fund pays no income, so anyone drawing cash in a bad year would have to sell shares at low prices. Its 0.45% fee is above the 0.21% average of the gold trusts it was compared with. Past results don't predict the future, and a retirement plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a small slice of silver itself, backed by bullion held by a custodian rather than futures or mining stocks.
- People who would rather hold silver in a brokerage account than buy, store and insure coins or bars themselves.
- Holders who can live with swings like a 145.3% gain in 2025 and a 23.6% loss in 2026 through October 27.
Look elsewhere if
- Retirees who need regular income: SIVR has paid no distributions, so getting cash means selling shares.
- Cost-focused precious-metals buyers: its 0.45% fee is higher than every gold trust it was compared with, including GLDM at 0.10%.
- Investors who can't wait years to recover: after peaking in April 2011, it fell 75.9% and didn't fully recover until October 2025.
Close alternatives
Matched by other funds that hold gold directly.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| SIVR this fund | 0.45% | $3.95B | +16.1% | +32.7% |
| GLD SPDR Gold Shares | 0.4% | $130.10B | -1.8% | +25.2% |
| IAU iShares Gold Trust | 0.25% | $60.11B | -1.6% | +25.4% |
| GLDM SPDR Gold MiniShares Trust | 0.1% | $27.30B | -1.5% | +25.6% |
| PHYS Sprott Physical Gold Trust | — | $10.70B | +2.4% | +25.4% |
| SGOL abrdn Physical Gold Shares ETF | 0.17% | $6.74B | +1.7% | +26.3% |
| IAUM iShares Gold Trust Micro ETF of Benef Inter… | 0.09% | $6.31B | +1.8% | +26.4% |
| OUNZ VanEck Merk Gold ETF | 0.25% | $2.54B | +1.6% | +26.2% |
Questions investors ask
Does SIVR pay dividends?
No. SIVR has paid no distributions. The trust holds only silver bullion, and bullion pays no interest or dividends. The trust actually sells or delivers small amounts of silver to pay its 0.45% sponsor fee, so the silver behind each share slowly declines. Any return comes from changes in the price of silver. An investor who needs cash would have to sell shares, possibly when prices are down.
Is SIVR backed by real silver?
Yes. According to its annual report, the trust's assets consist solely of silver bullion held by its custodian, ICBC Standard Bank Plc. The custodian does not lend the silver out, and the trust holds no futures or derivatives. One caveat: a small amount, less than a whole bar, can sit in an unallocated account while shares are created or redeemed. That silver is not kept separate from the custodian's own assets, which creates some credit risk.
What's the difference between SIVR and GLD?
They hold different metals. SPDR Gold Shares (GLD) holds gold, and SIVR holds silver. GLD's expense ratio is 0.40%, compared with SIVR's 0.45%. Silver has large industrial uses, and solar panels alone made up 17% of demand in 2024. Gold is driven more by investment demand. SIVR returned an average of 32.7% a year over three years as of October 27, 2026, against 25.6% for GLD as of October 29, 2026. SIVR was also far more volatile.
Is SIVR a good hedge in a stock market crash?
Its record says not reliably. In the 2020 COVID crash, SIVR fell 35.6% between February 24 and March 18, 2020. In the 2022 bear market it dropped 32.9% and took about 19 months to recover. Over the year to October 27, 2026, its volatility was 65.5%. Volatility measures how widely returns swing, and that level is very high. Silver can act as a long-term diversifier, but it has often fallen hard at the same time as stocks.
How is SIVR taxed?
In the US, SIVR is taxed much like owning silver directly. It is a grantor trust that holds physical metal, so long-term gains can be taxed at the collectibles rate of up to 28%. Most stocks and stock ETFs get lower long-term capital-gains rates. This can matter most in a taxable brokerage account. A tax professional can explain how it applies to a particular situation.