abrdn Physical Silver Shares ETF
Key statistics
from XBRL data in SEC filingsAI briefing
from the latest 10-K, 10-Q and 8-K eventsabrdn Silver ETF Trust (SIVR) is a passive grantor trust that holds physical silver bullion and issues shares reflecting the performance of the silver price, less expenses.
What they do
The Trust holds solely silver bullion, with the Sponsor being abrdn ETFs Sponsor LLC and the custodian ICBC Standard Bank Plc. Shares are issued and redeemed only in Baskets of 50,000 Shares with Authorized Participants, and trade on NYSE Arca under the symbol 'SIVR'. The Trust does not trade commodity futures or other regulated instruments and has no directors, officers, or employees.
Revenue drivers
- Silver bullion holdings — The Trust's assets are solely silver bullion; its net income and NAV depend entirely on the market price of silver. Shares at redeemable value rose from $1.42B (Dec 31 2024) to $5.43B (Dec 31 2025), driven by both higher silver prices and increased share creations.
- Share creations and redemptions — New shares are issued only upon deposit of silver, and outstanding shares increased from 51.5 million to 79.25 million during 2025, indicating strong investor demand for silver exposure through the vehicle.
Recent performance
For fiscal 2025, the Trust reported net income of $2.84 billion and diluted EPS of $47.07, compared to $215.2 million and $4.46 in 2024, reflecting the significant rise in silver prices. Total assets were $3.95 billion as of June 30, 2026, with total liabilities of only $988,000, and shareholder equity of $3.95 billion. Shares at redeemable value increased sharply from $1.42 billion to $5.43 billion during 2025.
Strategy
The Trust is not actively managed; its objective is to reflect the performance of the price of physical silver, less Trust expenses, providing a cost-effective and accessible way to invest in silver. The Sponsor maintains a website for filings and does not engage in profit-seeking activities. The Trust has no fixed termination date and will distribute silver only to pay Sponsor fees, cover expenses, or upon liquidation.
Risks
- Silver price volatility — Net income and NAV are directly tied to silver prices, which can be highly volatile; a decline in silver prices would reduce the Trust's asset value and per-share NAV.
- No active management — The Trust does not attempt to mitigate losses or profit from price changes; investors bear the full downside of silver price declines.
- Custody and concentration risk — All assets are held by a single custodian (ICBC Standard Bank Plc); any failure or loss at the custodian could lead to loss of silver holdings.
- Regulatory and valuation risk — The Trust relies on the LBMA Silver Price for valuation; if that benchmark becomes unavailable or inappropriate, the Sponsor's alternative valuation could materially affect NAV.
Outlook
Management does not provide forward-looking performance guidance, as the Trust passively holds silver. The Sponsor expects that the Shares will continue to serve as a cost-effective investment vehicle relative to physical silver ownership. Future share creations and redemptions will depend on investor demand for silver exposure and prevailing silver prices.