abrdn Silver ETF Trust
For the period ended Mar 31, 2025. Filed May 8, 2025.
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.
Mar 31, 2025 · Filed May 8, 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-Q
Period ended 2024-09-30; filed 2024-11-12.
0001999371-24-014551
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-03-31; filed 2025-05-08.
0001999371-25-005708
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 30 previous paragraphs and 30 current paragraphs.
20 unchanged; 9 reworded; 1 added; 1 removed; 0 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 Quarter Ended March 31, 2024
Removed paragraphs (1)
Previous report
The Nine Months Ended September 30, 2024
Reworded paragraphs (9)
Previous wording
The Trust’s NAV increased from $1,336,653,067 at June 30, 2024 to $1,453,261,073 at September 30, 2024, an 8.72% increase for the quarter. The change in the Trust’s NAV resulted from an increase in the price per ounce of silver, which rose 5.82% from $29.37 at June 30, 2024 to $31.08 at September 30, 2024 and an increase in outstanding Shares, which rose from 47,600,000 Shares at June 30, 2024 to 48,950,000 Shares at September 30, 2024 as a result of 2,400,000 Shares (48 Baskets) being created and 1,050,000 Shares (21 Baskets) being redeemed during the quarter.
Current wording
The Trust’s NAV increased from $1,421,124,141 at December 31, 2024 to $1,640,598,594 at March 31, 2025, an 15.44% increase for the quarter. The change in the Trust’s NAV resulted from an increase in the price per ounce of silver, which rose 17.81% from $28.91 at December 31, 2024 to $34.06 at March 31, 2025 and a decrease in outstanding Shares, which fell from 51,500,000 Shares at December 31, 2024 to 50,500,000 Shares at March 31, 2025 as a result of 3,550,000 Shares (71 Baskets) being created and 4,550,000 Shares (91 Baskets) being redeemed during the quarter.
Previous wording
The NAV per Share increased 5.73% from $28.08 at June 30, 2024 to $29.69 at September 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 $1,040,755 for the quarter, or 0.30% of the Trust’s ANAV on an annualized basis.
Current wording
The NAV per Share increased 17.76% from $27.59 at December 31, 2024 to $32.49 at March 31, 2025. 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 $1,153,042 for the quarter, or 0.30% of the Trust’s ANAV on an annualized basis.
Previous wording
The NAV per Share of $31.03 at September 26, 2024 was the highest during the quarter, compared with a low of $25.74 at August 8, 2024.
Current wording
The NAV per Share of $32.81 at March 28, 2025 was the highest during the quarter, compared with a low of $28.07 at January 2, 2025.
Previous wording
The increase in net assets from operations for the quarter ended September 30, 2024 was $79,795,336, resulting from a realized gain of $253,435 on the transfer of silver to pay expenses, a realized gain on silver distributed for the redemption of Shares of $8,462,558, and a change in unrealized gain on investment in silver of $72,120,098, offset by the Sponsor’s Fee, net of waiver, of $1,040,755. Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended September 30, 2024.
Current wording
The increase in net assets from operations for the quarter ended March 31, 2025 was $247,135,087, resulting from a realized gain of $238,557 on the transfer of silver to pay expenses, a realized gain on silver distributed for the redemption of Shares of $29,039,831, and a change in unrealized gain on investment in silver of $219,009,741, offset by the Sponsor’s Fee, net of waiver, of $1,153,042. Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended March 31, 2025.
Previous wording
The Trust’s NAV increased from $1,060,402,598 at December 31, 2023 to $1,453,261,073 at September 30, 2024, a 37.05% increase for the period. The change in the Trust’s NAV resulted from an increase in the price per ounce of silver, which rose 30.64% from $23.79 at December 31, 2023 to $31.08 at September 30, 2024 and an increase in outstanding Shares, which rose from 46,550,000 Shares at December 31, 2023 to 48,950,000 Shares at September 30, 2024, as a result of 4,250,000 Shares (85 Baskets) being created and 1,850,000 Shares (37 Baskets) being redeemed during the period.
Current 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.
Previous wording
The NAV per Share increased 30.33% from $22.78 at December 31, 2023 to $29.69 at September 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 $2,789,553 for the period, or 0.30% of the Trust’s ANAV on an annualized basis.
Current 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.
Previous wording
The NAV per Share of $31.03 on September 26, 2024 was the highest during the period, compared with a low of $21.14 at February 14, 2024.
Current 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.
Previous wording
The increase in net assets from operations for the period ended September 30, 2024 was $327,905,860, resulting from a realized gain of $482,967 on the transfer of silver to pay expenses, a realized gain on silver distributed for the redemption of Shares of $10,337,698, and a change in unrealized gain on investment in silver of $319,874,748, offset by the Sponsor’s Fee, net of waiver, of $2,789,553. Other than the Sponsor’s Fee, the Trust had no expenses during the period ended September 30, 2024.
Current 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.
Previous wording
The Trust has no off-balance sheet arrangements.
Current wording
The Trust is not a party to any off-balance sheet arrangements.