$SIVR vs $SLV: Weighing Cost Efficiency Against Liquidity in Silver ETFs Both SIVR and SLV are physically backed grantor trusts that provide direct exposure to the price of silver bullion by tracking the LBMA Silver Price. SIVR offers a lower expense ratio of 0.30% compared with SLV’s 0.50%, resulting in lower ongoing costs for long-term holders. Each ETF holds only physical silver bullion as its single asset, with no equity holdings, sector diversification, or active management.