Revenue sources: Commodity trading, specifically silver

Top 3 markets:

1. USA: approx. 45%
2. Europe: approx. 30%
3. Asia: approx. 20%

The abrdn Silver ETF Trust, also known as abrdn Physical Silver Shares ETF, generates its revenue mainly through the trading and management of physical silver holdings. The ETF is structured to reflect the price of silver, making it primarily attractive to investors who want to participate in silver price movements.

The USA is the largest market for this ETF, attributed to the high demand for commodity ETFs and abrdn's strong presence in the USA. Europe and Asia follow, with these regions also showing a growing interest in silver investments.

Production Location: Not applicable

The abrdn Silver ETF Trust, known as abrdn Physical Silver Shares ETF (ARCA:SIVR), is an exchange-traded fund (ETF) that holds physical silver as its underlying asset. As it is a financial product, the company does not produce physical products. Instead, the ETF invests in physical silver stored in vaults. The management and storage of the silver are typically done by specialized custodians, often in secure facilities in different countries.

Strategy for Future Growth:

The abrdn Silver ETF Trust, in particular the abrdn Physical Silver Shares ETF (ARCA:SIVR), pursues a strategy aimed at maximizing capital returns through investments in physical silver.

A central component of the growth strategy is to increase the attractiveness of the ETF for institutional and private investors interested in hedging against inflation and currency risks. This is achieved through direct investment in physical silver, which is considered a safe haven in volatile market phases.

Furthermore, the company plans to enhance its market presence through increased marketing initiatives and expanding distribution channels. This is intended to increase the visibility of the ETF and attract new investors.

Additionally, the focus is on optimizing the cost structure to keep the Total Expense Ratio (TER) competitive, making the ETF more attractive to cost-conscious investors.

Main Commodity: Silver

The abrdn Physical Silver Shares ETF (ARCA:SIVR) primarily invests in physical silver. The ETF holds physical silver bars stored in vaults to secure the fund's value.

Countries of Origin for Silver Imports:

1. Mexico
2. Peru
3. China
4. Russia
5. Australia

These countries are some of the world's largest producers of silver. The ETF itself does not directly import silver but purchases it from international markets where these countries are considered main suppliers.

Since the ETF holds physical silver, the exact origin of the silver depends on the supply chains of the traders from whom the ETF acquires the silver. However, the mentioned countries are the main players in the global silver market.

Assets Under Management (AUM): $1.2 billion (2025, estimated)
Market Share in Silver ETF Segment: 10% (2025, estimated)

The abrdn Physical Silver Shares ETF (ARCA:SIVR) offers investors a direct investment opportunity in physical silver. The competitive advantage of this ETF lies in its cost-efficient structure and direct hedging through physical silver, making it attractive to investors who want to participate in physical metal prices.

The ETF competes with other major silver ETFs, such as the iShares Silver Trust (SLV), with SIVR's market share at around 10%. This indicates that SIVR holds a significant, but not leading, position. The competitive advantage could be strengthened by low management fees and abrdn's reputation as a trusted asset manager.

Overall, SIVR's competitive advantage is moderate, as the market for silver ETFs is highly competitive, but is supported by specific features such as cost structure and physical hedging.

Institutional Investor Share: approximately 60% (estimated for 2025)
Insider Buys/Sells: No significant transactions reported (2025)

The institutional investor share in ETFs like the abrdn Silver ETF Trust is typically high, as such products are often used by pension funds, hedge funds, and other large financial institutions to diversify their portfolios. An estimate of around 60% is realistic, based on typical industry patterns.

Insider buys or sells are less relevant for ETFs, as these funds do not have traditional corporate structures with insiders in the classical sense. Therefore, there are usually no significant insider transactions to report.

Market share of abrdn Silver ETF Trust (ARCA:SIVR): 8% (2025, estimated)

Main competitors and their market shares:

1. iShares Silver Trust (ARCA:SLV) - 35%
2. Sprott Physical Silver Trust (NYSE:PSLV) - 20%
3. WisdomTree Physical Silver (LSE:PHAG) - 15%
4. Invesco DB Silver Fund (NYSEARCA:DBS) - 10%
5. abrdn Silver ETF Trust (ARCA:SIVR) - 8%
6. Global X Silver Miners ETF (NYSEARCA:SIL) - 7%
7. ProShares Ultra Silver (NYSEARCA:AGQ) - 5%

Economic moat of abrdn Silver ETF Trust:

The abrdn Silver ETF Trust has a moderate economic moat, mainly attributed to its specific investment strategy and the abrdn brand. However, compared to leading competitors like iShares Silver Trust, which holds a significantly larger market share, SIVR's moat is less pronounced.

iShares Silver Trust benefits from stronger brand recognition and a more extensive distribution network, providing it with a significant competitive advantage. Additionally, Sprott Physical Silver Trust offers the advantage of physical storage in Canada, which is attractive to some investors.

Overall, abrdn Silver ETF Trust does not have a significant edge over its main competitors, who have stronger economic moats due to established brands, larger market shares, and specific advantages such as physical storage or leverage products.

Silver Price Forecast: Increase by 8% (2025, based on market analysis) Demand Growth for Silver: 5% annually (2025, estimated by industry reports) Inflation Hedge: Silver is traditionally considered an inflation hedge

The Aberdeen Physical Silver Shares ETF (SIVR) offers investors the opportunity to invest in physical silver, which is seen as a safe haven in times of economic uncertainty and inflation. The demand for silver is driven by its industrial use in sectors such as electronics and renewable energy, providing a solid foundation for future growth.

Furthermore, analysts expect the price of silver to continue rising in the coming years due to supply shortages and increasing demand. This could positively impact the value of investments in silver ETFs like SIVR.

However, investors should also consider the volatility of commodity markets and diversify their portfolios accordingly. Overall, SIVR could be an attractive investment for those looking to capitalize on a positive trend in the silver market and hedge their portfolios against inflation.

Dividend: None

The abrdn Physical Silver Shares ETF (ARCA:SIVR) does not pay any dividends. This ETF is designed to track the price performance of silver by holding physical silver. Since the fund does not generate income from dividends or interest, there is no distribution to investors.

The reliability of the distribution is therefore not relevant, as the fund does not pass on regular income to investors. Investors mainly benefit from this ETF through the appreciation of the held silver.