Aberdeen Standard Physical Silver Shares ETF (SIVR) is a commodity trust that holds physical silver bullion as its sole asset, giving shareholders a proportional interest in silver held in custody. Revenue accrues entirely to the Sponsor, abrdn Inc., through a Sponsor's Fee charged against trust assets; a fee waiver partially offsets the gross fee, with net expenses totaling $7.298 million for the year ended December 31, 2024. The Trust has no directors, no employees, and no operations beyond holding silver. Its only expense is the Sponsor's Fee. Changes in net assets result almost entirely from changes in the silver spot price: for the year ended December 31, 2025, total gain on investment in silver was $2.844 billion. The Trust does not invest in derivatives, engage in foreign-currency transactions, or carry long-term debt. Shares are created and redeemed in-kind through authorized participants, tracking the silver price directly. The Trust's auditor is KPMG LLP.

Revenue model

The Sponsor earns a gross Sponsor's Fee charged as a percentage of trust net assets, paid by transferring small amounts of physical silver out of the Trust. A fee waiver reduced gross fees of $10.947 million to net expenses of $7.298 million for the year ended December 31, 2024. The Trust itself generates no revenue; investor returns derive solely from silver price appreciation.

Products and services

A single exchange-traded product backed by physical silver bullion held in custody. Silver is held in the form of LBMA-standard Good Delivery Bars, each containing 750 to 1,100 troy ounces of silver with a minimum fineness of 999.0 parts per 1,000.

Customers and end markets

Shares are available to investors seeking direct silver price exposure without holding physical metal. No individual beneficial owner held more than 5% of outstanding shares as of the filing date (10-K filed 2026-03-02). The Trust does not disclose retail versus institutional shareholder composition.

Value-chain role

Passive custodial vehicle. The Trust holds physical silver, issues and redeems shares through authorized participants, and charges a Sponsor's Fee. It takes no active trading positions and holds no derivatives.

Geographic exposure

The Trust is a U.S.-registered entity filing with the SEC. Silver is priced in U.S. dollars against the LBMA Silver Price benchmark, administered by ICE Benchmark Administration (IBA) and regulated by the UK Financial Conduct Authority. The Trust itself has no foreign operations.

Source: SEC 10-K, filed 2026-03-02

Industry: Commodity Contracts Brokers & Dealers