abrdn Silver ETF Trust
For the period ended Sep 30, 2026. Filed Nov 6, 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.
Sep 30, 2026 · Filed Nov 6, 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 2026-06-30; filed 2026-08-07.
0001999371-26-017415
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-06.
0001999371-26-024826
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 Nine Months Ended September 30, 2026
Removed paragraphs (1)
Previous report
The Six Months Ended June 30, 2026
Reworded paragraphs (8)
Previous wording
The Trust’s NAV decreased from $4,970,486,736 at March 31, 2026 to $3,950,569,678 at June 30, 2026, a 20.52% decrease for the quarter. The change in the Trust's NAV resulted from a decrease in the price per ounce of silver, which fell 19.12% from $72.69 at March 31, 2026 to $58.80 at June 30, 2026, and a decrease in outstanding Shares, which fell from 71,900,000 Shares at March 31, 2026 to 70,700,000 Shares at June 30, 2026 as a result of 3,200,000 Shares (64 Baskets) being created and 4,400,000 Shares (88 Baskets) being redeemed during the quarter.
Current wording
The Trust’s NAV increased from $3,950,569,678 at June 30, 2026 to $4,259,168,351 at September 30, 2026, a 7.81% increase for the quarter. The change in the Trust's NAV resulted from an increase in the price per ounce of silver, which rose 3.28% from $58.80 at June 30, 2026 to $60.73 at September 30, 2026 and an increase in outstanding Shares, which rose from 70,700,000 Shares at June 30, 2026 to 73,850,000 Shares at September 30, 2026 as a result of 4,300,000 Shares (86 Baskets) being created and 1,150,000 Shares (23 Baskets) being redeemed during the quarter.
Previous wording
The NAV per Share decreased 19.17% from $69.13 at March 31, 2026 to $55.88 at June 30, 2026. The Trust’s NAV per Share fell slightly more than the price per ounce of silver on a percentage basis due to the Sponsor’s Fee, net of waiver, which was $3,738,176 for the quarter, or 0.30% of the Trust’s ANAV on an annualized basis.
Current wording
The NAV per Share increased 3.20% from $55.88 at June 30, 2026 to $57.67 at September 30, 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 $3,318,537 for the quarter, or 0.30% of the Trust’s ANAV on an annualized basis.
Previous wording
The NAV per Share of $82.51 at May 14, 2026 was the highest during the quarter, compared with a low of $54.52 at June 25, 2026.
Current wording
The NAV per Share of $66.74 at August 28, 2026 was the highest during the quarter, compared with a low of $52.54 at July 17, 2026.
Previous wording
The decrease in net assets from operations for the quarter ended June 30, 2026 was $946,623,466, resulting from a change in unrealized loss on investment in silver of $1,084,420,973 and the Sponsor's Fee, net of waiver, of $3,738,176, offset by a realized gain of $2,053,538 on the transfer of silver to pay expenses and a realized gain of $139,482,145 on silver distributed for the redemption of Shares. Other than the Sponsor's Fee, the Trust had no expenses during the quarter ended June 30, 2026.
Current wording
The increase in net assets from operations for the quarter ended September 30, 2026 was $113,596,687, resulting from a realized gain of $1,236,294 on the transfer of silver to pay expenses, a realized gain of $25,796,768 on silver distributed for the redemption of Shares and a change in unrealized gain on investment in silver of $89,882,162, offset by the Sponsor's Fee, net of waiver, of $3,318,537. Other than the Sponsor's Fee, the Trust had no expenses during the quarter ended September 30, 2026.
Previous wording
The Trust’s NAV decreased from $5,430,232,445 at December 31, 2025 to $3,950,569,678 at June 30, 2026, a 27.25% decrease for the period. The change in the Trust’s NAV resulted from a decrease in the price per ounce of silver, which fell 18.32% from $71.99 at December 31, 2025 to $58.80 at June 30, 2026 and a decrease in outstanding Shares, which fell from 79,250,000 Shares at December 31, 2025 to 70,700,000 Shares at June 30, 2026 as a result of 9,200,000 Shares (184 Baskets) being created and 17,750,000 Shares (355 Baskets) being redeemed during the period.
Current wording
The Trust’s NAV decreased from $5,430,232,445 at December 31, 2025 to $4,259,168,351 at September 30, 2026, a 21.57% decrease for the period. The change in the Trust’s NAV resulted from a decrease in the price per ounce of silver, which fell 15.64% from $71.99 at December 31, 2025 to $60.73 at September 30, 2026 and a decrease in outstanding Shares, which fell from 79,250,000 Shares at December 31, 2025 to 73,850,000 Shares at September 30, 2026 as a result of 13,500,000 Shares (270 Baskets) being created and 18,900,000 Shares (378 Baskets) being redeemed during the period.
Previous wording
The NAV per Share decreased 18.45% from $68.52 at December 31, 2025 to $55.88 at June 30, 2026. The Trust’s NAV per Share fell slightly more than the price per ounce of silver on a percentage basis due to the Sponsor’s Fee, net of waiver, which was $8,047,139 for the period, or 0.30% of the Trust’s ANAV on an annualized basis.
Current wording
The NAV per Share decreased 15.83% from $68.52 at December 31, 2025 to $57.67 at September 30, 2026. The Trust’s NAV per Share fell slightly more than the price per ounce of silver on a percentage basis due to the Sponsor’s Fee, net of waiver, which was $11,365,676 for the period, or 0.30% of the Trust’s ANAV on an annualized basis.
Previous wording
The NAV per Share of $112.71 at January 29, 2026 was the highest during the period, compared with a low of $54.52 at June 25, 2026.
Current wording
The NAV per Share of $112.71 at January 29, 2026 was the highest during the period, compared with a low of $52.54 at July 17, 2026.
Previous wording
The decrease in net assets from operations for the period ended June 30, 2026 was $834,766,376, resulting from a change in unrealized loss on investment in silver of $1,575,497,323 and the Sponsor's Fee, net of waiver, of $8,047,139, offset by a realized gain of $4,483,544 on the transfer of silver to pay expenses and a realized gain of $744,294,542 on silver distributed for the redemption of Shares. Other than the Sponsor’s Fee, the Trust had no expenses during the period ended June 30, 2026.
Current wording
The decrease in net assets from operations for the period ended September 30, 2026 was $721,169,688, resulting from a change in unrealized loss on investment in silver of $1,485,615,161 and the Sponsor's Fee, net of waiver, of $11,365,676, offset by a realized gain of $5,719,838 on the transfer of silver to pay expenses and a realized gain of $770,091,311 on silver distributed for the redemption of Shares. Other than the Sponsor’s Fee, the Trust had no expenses during the period ended September 30, 2026.