abrdn Silver ETF Trust
For the period ended Jun 30, 2025. Filed Aug 7, 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.
Jun 30, 2025 · Filed Aug 7, 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 2025-03-31; filed 2025-05-08.
0001999371-25-005708
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-07.
0001999371-25-010852
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.
21 unchanged; 8 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 Six Months Ended June 30, 2025
Removed paragraphs (1)
Previous report
The Quarter Ended March 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 $1,640,598,594 at March 31, 2025 to $1,982,135,764 at June 30, 2025, a 20.82% increase for the quarter. The change in the Trust's NAV resulted from an increase in the price per ounce of silver, which rose 5.64% from $34.06 at March 31, 2025 to $35.98 at June 30, 2025 and an increase in outstanding Shares, which rose from 50,500,000 Shares at March 31, 2025 to 57,800,000 Shares at June 30, 2025 as a result of 7,300,000 Shares (146 Baskets) being created and no Shares redeemed during the quarter.
Previous 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.
Current wording
The NAV per Share increased 5.54% from $32.49 at March 31, 2025 to $34.29 at June 30, 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 $1,267,638 for the quarter, or 0.30% of the Trust’s ANAV on an annualized basis.
Previous 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.
Current wording
The NAV per Share of $35.42 at June 18, 2025 was the highest during the quarter, compared with a low of $28.79 at April 9, 2025.
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, 2025 was $100,048,334, resulting from a realized gain of $308,685 on the transfer of silver to pay expenses, no realized gain or loss on silver distributed for the redemption of Shares and a change in unrealized gain on investment in silver of $101,007,287, offset by the Sponsor's Fee, net of waiver, of $1,267,638. Other than the Sponsor's Fee, the Trust had no expenses during the quarter ended June 30, 2025.
Previous 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.
Current wording
The Trust’s NAV increased from $1,421,124,141 at December 31, 2024 to $1,982,135,764 at June 30, 2025, a 39.48% increase for the period. The change in the Trust’s NAV resulted from an increase in the price per ounce of silver, which rose 24.46% from $28.91 at December 31, 2024 to $35.98 at June 30, 2025 and an increase in outstanding Shares, which rose from 51,500,000 Shares at December 31, 2024 to 57,800,000 Shares at June 30, 2025, as a result of 10,850,000 Shares (217 Baskets) being created and 4,550,000 Shares (91 Baskets) being redeemed during the period.
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 24.28% from $27.59 at December 31, 2024 to $34.29 at June 30, 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 $2,420,680 for the period, 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 $35.42 at June 18, 2025 was the highest during the period, compared with a low of $27.59 at January 1, 2025.
Previous 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.
Current wording
The increase in net assets from operations for the period ended June 30, 2025 was $347,183,421, resulting from a realized gain of $547,243 on the transfer of silver to pay expenses, a realized gain of $29,039,831 on silver distributed for the redemption of Shares and a change in unrealized gain on investment in silver of $320,017,027, offset by the Sponsor's Fee, net of waiver, of $2,420,680. Other than the Sponsor's Fee, the Trust had no expenses during the period ended June 30, 2025.