abrdn Silver ETF Trust
For the period ended Mar 31, 2026. Filed May 8, 2026.
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, 2026 · Filed May 8, 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-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 OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-08.
0001999371-26-010350
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, 2025
Removed paragraphs (1)
Previous report
The Nine Months Ended September 30, 2025
Reworded paragraphs (9)
Previous wording
On each day that the NYSE Arca is open for regular trading, as promptly as practicable after 4:00 p.m. New York time on such day (the “Evaluation Time”), the Trustee evaluates the silver held by the Trust and determine both the ANAV and the NAV of the Trust.
Current wording
On each day that the NYSE Arca is open for regular trading, as promptly as practicable after 4:00 p.m. New York time on such day (the “Evaluation Time”), the Trustee evaluates the silver held by the Trust and determines both the ANAV and the NAV of the Trust.
Previous 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.
Current wording
The Trust’s NAV decreased from $5,430,232,445 at December 31, 2025 to $4,970,486,736 at March 31, 2026, an 8.47% decrease for the quarter. The change in the Trust’s NAV resulted from an increase in the price per ounce of silver, which rose 0.97% from $71.99 at December 31, 2025 to $72.69 at March 31, 2026 and a decrease in outstanding Shares, which fell from 79,250,000 Shares at December 31, 2025 to 71,900,000 Shares at March 31, 2026 as a result of 6,000,000 Shares (120 Baskets) being created and 13,350,000 Shares (267 Baskets) being redeemed during the quarter.
Previous 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.
Current wording
The NAV per Share increased 0.89% from $68.52 at December 31, 2025 to $69.13 at March 31, 2026. 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 $4,308,963 for the quarter, or 0.30% of the Trust’s ANAV on an annualized basis.
Previous 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.
Current wording
The NAV per Share of $112.71 at January 29, 2026 was the highest during the quarter, compared with a low of $63.95 at March 23, 2026.
Previous 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.
Current wording
The increase in net assets from operations for the quarter ended March 31, 2026 was $111,857,092, resulting from a realized gain of $2,430,007 on the transfer of silver to pay expenses, a realized gain of $604,812,398 on silver distributed for the redemption of Shares, offset by a change in unrealized loss on investment in silver of $491,076,350 and the Sponsor’s Fee, net of waiver, of $4,308,963. Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended March 31, 2026.
Previous 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.
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, a 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 December31, 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 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.
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 of $44.72 at September 29, 2025 was the highest during the period, compared with a low of $27.59 at January 1, 2025.
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 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.
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.