abrdn Silver ETF Trust
For the period ended Sep 30, 2025. Filed Nov 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.
Sep 30, 2025 · Filed Nov 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 2025-06-30; filed 2025-08-07.
0001999371-25-010852
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-07.
0001999371-25-017270
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.
19 unchanged; 10 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 Nine Months Ended September 30, 2025
Removed paragraphs (1)
Previous report
The Six Months Ended June 30, 2025
Reworded paragraphs (10)
Previous wording
Shares of the Trust trade on the New York Stock Exchange (the “NYSE”) Arca under the symbol “SIVR”.
Current wording
Shares of the Trust trade on the NYSE Arca, Inc. (“NYSE Arca”) under the symbol “SIVR”.
Previous wording
Once the value of the silver has been determined, the Trustee subtracts all estimated accrued but unpaid fees (other than the fees accruing for such day on which the valuation takes place that are computed by reference to the value of the Trust or its assets), expenses and other liabilities of the Trust from the total value of the silver and all other assets of the Trust. The resulting figure is the adjusted net asset value (the “ANAV”) of the Trust. The ANAV of the Trust is used to compute the Sponsor’s Fee.
Current wording
Once the value of the silver has been determined, the Trustee subtracts all estimated accrued but unpaid fees (other than the fees accruing for such day on which the valuation takes place that are computed by reference to the value of the Trust or its assets), expenses and other liabilities of the Trust from the total value of the silver and all other assets of the Trust. The resulting figure is the ANAV of the Trust. The ANAV of the Trust is used to compute the Sponsor’s Fee.
Previous 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.
Current wording
The Trust’s NAV increased from $1,982,135,764 at June 30, 2025 to $3,004,024,528 at September 30, 2025, a 51.55% increase for the quarter. The change in the Trust’s NAV resulted from an increase in the price per ounce of silver, which rose 28.35% from $35.98 at June 30, 2025 to $46.18 at September 30, 2025 and an increase in outstanding Shares, which rose from 57,800,000 Shares at June 30, 2025 to 68,300,000 Shares at September 30, 2025 as a result of 10,500,000 Shares (210 Baskets) being created and no Shares redeemed during the quarter.
Previous 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.
Current wording
The NAV per Share increased 28.26% from $34.29 at June 30, 2025 to $43.98 at September 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 $1,830,490 for the quarter, or 0.30% of the Trust’s ANAV on an annualized basis.
Previous 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.
Current wording
The NAV per Share of $44.72 at September 29, 2025 was the highest during the quarter, compared with a low of $34.52 at July 31, 2025.
Previous 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.
Current wording
The increase in net assets from operations for the quarter ended September 30, 2025 was $623,655,725, resulting from a realized gain of $472,923 on the transfer of silver to pay expenses, and a change in unrealized gain on investment in silver of $625,013,292, offset by the Sponsor’s Fee, net of waiver, of $1,830,490. Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended September 30, 2025.
Previous 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.
Current wording
The Trust’s NAV increased from $1,421,124,141 at December 31, 2024 to $3,004,024,528 at September 30, 2025, a 111.38% increase for the period. The change in the Trust’s NAV resulted from an increase in the price per ounce of silver, which rose 59.74% from $28.91 at December 31, 2024 to $46.18 at September 30, 2025 and an increase in outstanding Shares, which rose from 51,500,000 Shares at December 31, 2024 to 68,300,000 Shares at September 30, 2025, as a result of 21,350,000 Shares (427 Baskets) being created and 4,550,000 Shares (91 Baskets) being redeemed during the period.
Previous 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.
Current wording
The NAV per Share increased 59.41% from $27.59 at December 31, 2024 to $43.98 at September, 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 $4,251,170 for the period, or 0.30% of the Trust’s ANAV on an annualized basis.
Previous 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.
Current wording
The NAV per of $44.72 at September 29, 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 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.
Current wording
The increase in net assets from operations for the period ended September 30, 2025 was $970,839,146, resulting from a realized gain of $1,020,166 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 $945,030,319, offset by the Sponsor’s Fee, net of waiver, of $4,251,170. Other than the Sponsor’s Fee, the Trust had no expenses during the period ended September 30, 2025.