abrdn Silver ETF Trust
For the period ended Dec 31, 2024. Filed Feb 28, 2025.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Feb 28, 2025
SIVR$49.33-0.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2023-12-31; filed 2024-02-29.
0001999371-24-002930
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2024-12-31; filed 2025-02-28.
0001839882-25-012450
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 42 previous paragraphs and 40 current paragraphs.
30 unchanged; 6 reworded; 4 added; 5 removed; 1 previous and 0 current paragraphs rearranged.
Tables are not compared: 2 previous and 2 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (4)
Current report
The Trust’s NAV increased from $1,060,402,598 at December 31, 2023 to $1,421,124,141 at December 31, 2024, a 34.02% increase for the year. The change in the Trust’s NAV resulted from an increase in outstanding Shares, which rose from 46,550,000 Shares at December 31, 2023 to 51,500,000 Shares at December 31, 2024, a result of 12,600,000 Shares (252 Baskets) being created and 7,650,000 Shares (153 Baskets) being redeemed during the year and a increase in the price per ounce of silver, which rose 21.52% from $23.79 at December 31, 2023 to $28.91 at December 31, 2024.
Current report
NAV per Share increased 21.12% from $22.78 at December 31, 2023 to $27.59 at December 31, 2024. The Trust’s NAV per Share rose slightly less than the price per ounce of silver on a percentage basis due to the Sponsor’s Fee, net of waiver, which was $3,923,620 for the year, or 0.30% of the Trust’s ANAV.
Current report
The NAV per Share of $32.96 at October 23, 2024 was the highest during the year, compared with a low of $21.14 at February 14, 2024.
Current report
The increase in net assets from operations for the year ended December 31, 2024 was $215,239,576, resulting from a realized gain of $812,072 on the transfer of silver to pay expenses, a realized gain on silver distributed for the redemption of Shares $50,349,812 and a change in unrealized gain on investment in silver of $168,001,312, offset by the Sponsor’s Fee, net of waiver, of $3,923,620. Other than the Sponsor’s Fee, the Trust had no expenses during the year ended December 31, 2024.
Removed paragraphs (5)
Previous report
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Previous report
Review of Financial Results
Previous report
The Trust’s NAV increased from $863,664,235 at December 31, 2020 to $995,151,629 at December 31, 2021, a 15.22% increase for the year. The change in the Trust’s NAV resulted primarily from an increase in outstanding Shares, which rose from 33,750,000 Shares at December 31, 2020 to 44,750,000 Shares at December 31, 2021, a result of 12,950,000 Shares (259 Baskets) being created and 1,950,000 Shares (39 Baskets) being redeemed during the year and a decrease in the price per ounce of silver, which fell 12.84% from $26.49 at December 31, 2020 to $23.09 at December 31, 2021.
Previous report
NAV per Share decreased 13.09% from $25.59 at December 31, 2020 to $22.24 at December 31, 2021. The Trust’s NAV per Share fell slightly more than the price per ounce of silver on a percentage basis due to the Sponsor’s Fee, net of waiver, which was $2,968,351 for the year, or 0.30% of the Trust’s ANAV.
Previous report
The NAV per Share of $28.58 at February 1, 2021 was the highest during the year, compared with a low of $20.75 at September 30, 2021.
Reworded paragraphs (6)
Previous wording
There can be no guarantee that the Sponsor or the Trust’s auditors and inspectors will be able to perform physical inspections of the Trust’s silver as planned. Local policies, regulations, or ordinances, as well as polices or restrictions adopted by the Custodian, the Zurich Sub-Custodian, or any other sub-custodian, may temporarily prevent, or otherwise impair the ability of, the Sponsor or the Trust’s auditors and inspectors, from performing a physical inspection of the Trust’s silver on a desired date. In those situations, the Sponsor or the Trust’s auditors and inspectors may seek to verify the silver held by the Trust by alternate means, including through virtual inspections of the Trust’s silver and/or a review of pertinent records.
Current wording
There can be no guarantee that the Sponsor or the Trust’s auditors and inspectors will be able to perform physical inspections of the Trust’s silver as planned. Local policies, regulations, or ordinances, as well as polices or restrictions adopted by the Custodian, or any other sub-custodian, may temporarily prevent, or otherwise impair the ability of, the Sponsor or the Trust’s auditors and inspectors, from performing a physical inspection of the Trust’s silver on a desired date. In those situations, the Sponsor or the Trust’s auditors and inspectors may seek to verify the silver held by the Trust by alternate means, including through virtual inspections of the Trust’s silver and/or a review of pertinent records.
Previous wording
The Trust’s NAV decreased from $1,118,817,327 at December 31, 2022 to $1,060,402,598 at December 31, 2023, a 5.22% decrease for the year. The change in the Trust’s NAV resulted from a decrease in outstanding Shares, which fell from 48,650,000 Shares at December 31, 2022 to 46,550,000 Shares at December 31, 2023, a result of 4,900,000 Shares (98 Baskets) being created and 7,000,000 Shares (140 Baskets) being redeemed during the year and a decrease in the price per ounce of silver, which fell 0.67% from $23.95 at December 31, 2022 to $23.79 at December 31, 2023.
Current wording
The Trust’s NAV decreased from $1,118,817,327 at December 31, 2022 to $1,060,402,598 at December 31, 2023, a 5.22% decrease for the year. The increase in the Trust’s NAV resulted primarily from an increase in outstanding Shares, which fell from 48,650,000 Shares at December 31, 2022 to 46,550,000 Shares at December 31, 2023, a result of 4,900,000 Shares (49 Baskets) being created and 7,000,000 Shares (140 Baskets) being redeemed during the year. There was an increase in the price per ounce of silver, which fell 0.67% from $23.95 at December 31, 2022 to $23.79 at December 31, 2023.
Previous wording
The decrease in net assets from operations for the year ended December 31, 2023 was $13,383,307, resulting from a realized gain of $251,586 on the transfer of silver to pay expenses, a realized gain on silver distributed for the redemption of Shares $10,650,576, offset by a change in unrealized loss on investment in silver of $21,037,955 and the Sponsor’s Fee, net of waiver, of $3,247,514. Other than the Sponsor’s Fee, the Trust had no expenses during the year ended December 31, 2023.
Current wording
The decrease in net assets from operations for the year ended December 31, 2023 was $13,383,307, resulting from a realized gain of $251,586 on the transfer of silver to pay expenses and a realized gain of 10,650,576 on silver distributed for the redemption of shares, offset by a change in unrealized gain and loss on investment in silver of $21,037,955, and the Sponsor’s Fee, net of waiver, of $3,247,514. Other than the Sponsor’s Fee, the Trust had no expenses during the year ended December 31, 2023.
Previous wording
The Trust’s NAV increased from $995,151,629 at December 31, 2021 to $1,118,817,327 at December 31, 2022, a 12.43% increase for the year. The change in the Trust’s NAV resulted primarily from an increase in outstanding Shares, which rose from 44,750,000 Shares at December 31, 2021 to 48,650,000 Shares at December 31, 2022, a result of 15,150,000 Shares (152 Baskets) being created and 11,250,000 Shares (113 Baskets) being redeemed during the year, and an increase in the price per ounce of silver, which rose 3.73% from $23.09 at December 31, 2021 to $23.95 at December 31, 2022.
Current wording
The Trust’s NAV increased from $995,151,629 at December 31, 2021 to $1,118,817,327 at December 31, 2022, a 12.43% increase for the year. The increase in the Trust’s NAV resulted primarily from an increase in outstanding Shares, which rose from 44,750,000 Shares at December 31, 2021 to 48,650,000 Shares at December 31, 2022, a result of 15,150,000 Shares (152 Baskets) being created and 11,250,000 Shares (113 Baskets) being redeemed during the year. There was an increase in the price per ounce of silver, which rose 3.73% from $23.09 at December 31, 2021 to $23.95 at December 31, 2022.
Previous wording
NAV per Share increased 13.09% from $22.24 at December 31, 2021 to $23.00 at December 31, 2022. The Trust’s NAV per Share fell slightly more than the price per ounce of silver on a percentage basis due to the Sponsor’s Fee, net of waiver, which was $3,061,148 for the year, or 0.30% of the Trust’s ANAV.
Current wording
NAV per Share increased 13.09% from $22.24 at December 31, 2021 to $23.00 at December 31, 2022. The Trust’s NAV per Share rose slightly more than the price per ounce of silver on a percentage basis due to the Sponsor’s Fee, net of waiver, which was $3,061,148 for the year, or 0.30% of the Trust’s ANAV.
Previous wording
The increase in net assets from operations for the year ended December 31, 2022 was $6,279,132, resulting from a realized gain of $50,262 on the transfer of silver to pay expenses, a change in unrealized gain on investment in silver of $14,959,321 offset by a realized loss of $5,669,303 on silver distributed for the redemption of Shares, and the Sponsor’s Fee, net of waiver, of $3,061,148. Other than the Sponsor’s Fee, the Trust had no expenses during the year ended December 31, 2022.
Current wording
The increase in net assets from operations for the year ended December 31, 2022 was $6,279,132, resulting from a realized gain of $50,262 on the transfer of silver to pay expenses and a change in unrealized gain on investment in silver of $14,959,321 offset by a realized loss of $5,669,303 on silver distributed for the redemption of Shares, and the Sponsor’s Fee, net of waiver, of $3,061,148. Other than the Sponsor’s Fee, the Trust had no expenses during the year ended December 31, 2022.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
The decrease in net assets from operations for the year ended December 31, 2021 was $143,267,723, resulting from a realized gain of $593,507 on the transfer of silver to pay expenses and a realized gain of $14,271,606 on silver distributed for the redemption of Shares, offset by a change in unrealized gain and loss on investment in silver of $155,164,485, and the Sponsor’s Fee, net of waiver, of $2,968,351. Other than the Sponsor’s Fee, the Trust had no expenses during the year ended December 31, 2021.