abrdn Silver ETF Trust
For the period ended Dec 31, 2025. Filed Mar 2, 2026.
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.
FY2025 · Filed Mar 2, 2026
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 2024-12-31; filed 2025-02-28.
0001839882-25-012450
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2025-12-31; filed 2026-03-02.
0001999371-26-004884
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 40 previous paragraphs and 39 current paragraphs.
32 unchanged; 4 reworded; 2 added; 4 removed; 0 previous and 1 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 (2)
Current report
The Trust’s NAV increased from $1,421,124,141 at December 31, 2024 to $5,430,232,445, a 282.11% increase for the year. The change in the Trust’s NAV resulted from an increase in outstanding Shares, which rose from 51,500,000 Shares at December 31, 2024 to 79,250,000 at December 31, 2025, a result of 37,750,000 Shares (755 Baskets) being created and 10,000,000 Shares (200 Baskets) being redeemed during the year and an increase in the price per ounce of silver, which rose 149.01% from $28.91 at December 31, 2024 to $71.99 at December 31, 2025.
Current report
The NAV per Share of $71.23 at December 30, 2025 was the highest during the year, compared with a low of $27.59 at January 2, 2025.
Removed paragraphs (4)
Previous report
Financial Highlights
Previous report
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 report
The NAV per Share of $25.20 at March 9, 2022 was the highest during the year, compared with a low of $17.08 at September 1, 2022.
Previous report
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.
Reworded paragraphs (4)
Previous wording
The financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements relies on estimates and assumptions that impact the Trust’s financial position and results of operations. These estimates and assumptions affect the Trust’s application of accounting policies. Below we describe the valuation of silver bullion, a critical accounting policy that we believe is important to understanding the results of operations and financial position. In addition, please refer to Note 2 to the Financial Statements for further discussion of our accounting policies.
Current wording
The financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements relies on estimates and assumptions that impact the Trust’s financial position and results of operations. These estimates and assumptions affect the Trust’s application of accounting policies. Below we describe the valuation of silver bullion, a critical accounting policy that we believe is important to understanding the results of operations and financial position. In addition, please refer to Note 2 to the Financial Statements for further discussionof our accounting policies.
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 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.
Current wording
NAV per Share increased 148.35% from $27.59 at December 31, 2024 to $68.52. 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 $7,297,886 for the year, or 0.30% of the Trust’s ANAV.
Previous wording
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 wording
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.
Previous wording
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.
Current wording
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.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
The increase in net assets from operations for the year ended December 31, 2025 was $2,836,673,963, resulting from a realized gain of$1,960,662 on the transfer of silver to pay expenses, a realized gain on silver distributed for the redemption of Shares $194,526,844 and a change in unrealized gain on investment in silver of $2,647,484,343, offset by the Sponsor’s Fee, net of waiver, of $7,297,886. Other than the Sponsor’s Fee, the Trust had no expenses during the year ended December 31, 2025.