abrdn Silver ETF Trust
For the period ended Jun 30, 2024. Filed Aug 9, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 9, 2024
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-Q
Period ended 2024-03-31; filed 2024-05-09.
0001999371-24-005864
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-06-30; filed 2024-08-09.
0001999371-24-009838
Item 2. 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 31 previous paragraphs and 30 current paragraphs.
21 unchanged; 8 reworded; 1 added; 1 removed; 1 previous and 0 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 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 (1)
Current report
The Six Months Ended June 30, 2024
Removed paragraphs (1)
Previous report
The Quarter EndedMarch 31, 2024
Reworded paragraphs (8)
Previous wording
The Trust’s NAV increased from $1,060,402,598 at December 31, 2023 to $1,095,363,927 at March 31, 2024, a 3.30% increase for the quarter. The change in the Trust's NAV resulted from an increase in the price per ounce of silver, which rose 3.15% from $23.79 at December 31, 2023 to $24.54 at March 31, 2024 and an increase in outstanding Shares, which rose from 46,550,000 Shares at December 31, 2023 to 46,650,000 Shares at March 31, 2024 as a result of 700,000 Shares (14 Baskets) being created and 600,000 Shares (12 Baskets) being redeemed during the quarter.
Current wording
The Trust’s NAV increased from $1,095,363,926 at March 31, 2024 to $1,336,653,067 at June 30, 2024, a 22.03% increase for the quarter. The change in the Trust's NAV resulted from an increase in the price per ounce of silver, which rose 19.68% from $24.54 at March 31, 2024 to $29.37 at June 30, 2024 and an increase in outstanding Shares, which rose from 46,650,000 Shares at March 31, 2024 to 47,600,000 Shares at June 30, 2024 as a result of 1,150,000 Shares (23 Baskets) being created and 200,000 Shares (4 Baskets) being redeemed during the quarter.
Previous wording
The NAV per Share increased 3.07% from $22.78 at December 31, 2023 to $23.48 at March 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 $784,373 for the quarter, or 0.30% of the Trust’s ANAV on an annualized basis.
Current wording
The NAV per Share increased 19.59% from $23.48 at March 31, 2024 to $28.08 at June 30, 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 $964,425 for the quarter, or 0.30% of the Trust’s ANAV on an annualized basis.
Previous wording
The NAV per Share of $24.33 at March 21, 2024 was the highest during the quarter, compared with a low of $21.14 at February 14, 2024.
Current wording
The NAV per Share of $30.61 at May 29, 2024 was the highest during the quarter, compared with a low of $23.48 at April 1, 2024.
Previous wording
The increase in net assets from operations for the quarter ended March 31, 2024 was $32,464,284, resulting from a change in unrealized gain on investment in silver of $32,638,269, a realized gain of $49,472 on the transfer of silver to pay expenses and a realized gain on silver distributed for the redemption of Shares of $560,916, offset by the Sponsor's Fee, net of waiver, of $784,373. Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended March 31, 2024.
Current wording
The increase in net assets from operations for the quarter ended June 30, 2024 was $215,646,241, resulting from a realized gain of $180,060 on the transfer of silver to pay expenses, a realized gain on silver distributed for the redemption of Shares of $1,314,224 and a change in unrealized gain on investment in silver of $215,116,382, offset by the Sponsor’s Fee, net of waiver, of $964,425. Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended June 30, 2024.
Previous wording
The Trust’s NAV decreased from $1,118,817,327 at December 31, 2022 to $1,110,602,848 at March 31, 2023, a 0.73% decrease for the quarter. The change in the Trust's NAV resulted from a decrease in the price per ounce of silver, which fell 0.25% from $23.95 at December 31, 2022 to $23.89 at March 31, 2023 and a decrease in outstanding Shares, which fell from 48,650,000 Shares at December 31, 2022 to 48,450,000 Shares at March 31, 2023, as a result of 2,450,000 Shares (49 Baskets) being created and 2,650,000 Shares (53 Baskets) being redeemed during the quarter.
Current wording
The Trust’s NAV increased from $1,060,402,598 at December 31, 2023 to $1,336,653,067 at June 30, 2024, a 26.05% increase for the period. The change in the Trust’s NAV resulted from an increase in the price per ounce of silver, which rose 23.46% from $23.79 at December 31, 2023 to $29.37 at June 30, 2024 and an increase in outstanding Shares, which rose from 46,550,000 Shares at December 31, 2023 to 47,600,000 Shares at June 30, 2024, as a result of 1,850,000 Shares (37 Baskets) being created and 800,000 Shares (16 Baskets) being redeemed during the period.
Previous wording
The NAV per Share decreased 0.35% from $23.00 at December 31, 2022 to $22.92 at March 31, 2023. 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 $794,578 for the quarter, or 0.30% of the Trust’s ANAV on an annualized basis.
Current wording
The NAV per Share increased 23.27% from $22.78 at December 31, 2023 to $28.08 at June 30, 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 $1,748,798 for the period, or 0.30% of the Trust’s ANAV on an annualized basis.
Previous wording
The NAV per Share of $23.46 at February 2, 2023 was the highest during the quarter, compared with a low of $19.28 at March 10, 2023.
Current wording
The NAV per Share of $30.61 at May 29, 2024 was the highest during the period, compared with a low of $21.14 at February 14, 2024.
Previous wording
The decrease in net assets from operations for the quarter ended March 31, 2023 was $3,371,707, resulting from a change in unrealized loss on investment in silver of $5,448,194 and the Sponsor’s Fee, net of waiver, of $794,578, a realized gain of $60,463 on the transfer of silver to pay expenses and a realized gain on silver distributed for the redemption of Shares of $2,810,602.
Current wording
The increase in net assets from operations for the period ended June 30, 2024 was $248,110,524, resulting from a realized gain of $229,532 on the transfer of silver to pay expenses, a realized gain on silver distributed for the redemption of Shares of $1,875,140 and a change in unrealized gain on investment in silver of $247,754,650, offset by the Sponsor's Fee, net of waiver, of $1,748,798. Other than the Sponsor’s Fee, the Trust had no expenses during the period ended June 30, 2024.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended March 31, 2023.