What is a major difference between a Special Purpose Vehicle (SPV) and a Structured Investment Vehicle (SIV)? The SPV has stockholders that share in the profits; the SIV only has debt. The SPV is allowed to accept deposits while the SIV must rely solely on other borrowings. The SIV ceases to exist when the loans in its portfolio cease to exist; the SPV outlives its loan portfolio. The SIV raises funds first and then acquires loans from the sponsoring Fl; the SPV receives the loans first and creates an asset-backed security which it sells and transfers the funds back to the sponsoring Fl. There is no difference; these are just two different names for the same type of subsidiary