abrdn Silver ETF Trust Files 2023 Annual Report

TL;DR

<b>abrdn Silver ETF Trust (SIVR) has filed its 2023 annual report, confirming compliance with SEC filing requirements.</b>

AI Summary

abrdn Silver ETF Trust (SIVR) filed a Annual Report (10-K) with the SEC on February 29, 2024. The abrdn Silver ETF Trust (SIVR) filed its 10-K for the fiscal year ended December 31, 2023. The ETF is registered under the Securities Exchange Act of 1934. It is not a well-known seasoned issuer but has filed all required reports for the preceding 12 months. The ETF has submitted all Interactive Data Files required by Rule 405 of Regulation S-T. The ETF's shares are traded on the NYSE Arca under the symbol SIVR.

Why It Matters

For investors and stakeholders tracking abrdn Silver ETF Trust, this filing contains several important signals. This filing provides investors with the official financial performance and operational details of the abrdn Silver ETF Trust for the fiscal year 2023. As a 10-K filing, it offers a comprehensive overview of the ETF's structure, holdings, risks, and management, crucial for investment decisions.

Risk Assessment

Risk Level: low — abrdn Silver ETF Trust shows low risk based on this filing. The filing is a standard annual report for an ETF, indicating routine operations and compliance rather than significant new risks or opportunities.

Analyst Insight

Review the full 10-K filing for detailed information on the ETF's holdings, performance, and any disclosed risks related to silver commodity prices and market conditions.

Key Numbers

• 2023-12-31 — Fiscal Year End (abrdn Silver ETF Trust)
• 2024-02-29 — Filing Date (abrdn Silver ETF Trust)
• 001-34412 — Commission File Number (abrdn Silver ETF Trust)

Key Players & Entities

• abrdn Silver ETF Trust (company) — Registrant
• SIVR (company) — Trading Symbol
• abrdn ETFs Sponsor LLC (company) — Sponsor
• NYSE Arca (company) — Exchange
• Securities Exchange Act of 1934 (regulator) — Act
• Rule 405 of Regulation S-T (regulator) — Rule

FAQ

Risk Factors

• Market Risk [high — market]: The value of the Trust's investments in silver may fluctuate significantly based on changes in the price of silver.
• Operational Risks [medium — operational]: Risks associated with the Custodian, the Trustee, and other service providers could impact the Trust's operations.
• Regulatory Changes [medium — regulatory]: Changes in laws or regulations related to commodities or ETFs could adversely affect the Trust.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-29: Filing Date — Date the 10-K was officially submitted to the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (Provides investors with a detailed overview of the ETF's financial health and operations for the fiscal year.)

ETF

Exchange-Traded Fund. A type of security that involves a collection of securities—such as stocks—that often tracks a benchmark index. (The abrdn Silver ETF Trust is an ETF designed to track the price of silver.)

Silver

A precious metal and a commodity that is traded on global markets. (The primary asset held by the abrdn Silver ETF Trust.)

Key Financial Figures

• $1,118,817,327 — ares at redeemable value decreased from $1,118,817,327 at December 31, 2022 to $1,060,402,598
• $1,060,402,598 — $1,118,817,327 at December 31, 2022 to $1,060,402,598 at December 31, 2023, the Trust's fisca
• $48.44 — arly 2011, when silver prices peaked at $48.44 per ounce, silver prices began a downwa
• $26.49 — 2020, as prices rose 46.75%, closing at $26.49 per ounce. In 2021, silver took a sligh
• $26.41 — The price of silver reached as high as $26.41 per ounce in the weeks following Russia
• $17.81 — her. The price of silver fell as low as $17.81 per ounce at the beginning of September
• $23.95 — % over the quarter to close the year at $23.95 per ounce as of December 31, 2022. Desp
• $20.09 — omic recovery drove the price as low as $20.09 on March 10, 2023, before a U.S. bankin
• $25.84 — uts and drove the spot price as high as $25.84 per ounce on May 5, 2023, as investors
• $22.34 — o the price of silver falling as low as $22.34 per ounce on June 23, 2023. The price o
• $25 — dollar pushed the spot price back above $25 per ounce on July 19, 2023; however, th
• $22.55 — s, leading the price to close as low as $22.55 per ounce on September 28, 2023. The sp
• $21.06 — he start of Q4 2023, reaching as low as $21.06 per ounce on October 3, 2023, before th
• $23.22 — y-rate tightening, the price climbed to $23.22 per ounce on October 20, 2023. The spot
• $25.17 — ove the spot price of silver as high as $25.17 per ounce on December 4, 2023. The pric

Filing Documents

• sivr-10k_123123.htm (10-K) — 708KB
• ex23-1.htm (EX-23.1) — 4KB
• ex31-1.htm (EX-31.1) — 7KB
• ex31-2.htm (EX-32.1) — 7KB
• ex32-1.htm (EX-32.1) — 4KB
• ex32-2.htm (EX-32.2) — 4KB
• ex97-1.htm (EX-97.1) — 47KB
• sivr10k123123001.jpg (GRAPHIC) — 41KB
• sivr10k123123002.jpg (GRAPHIC) — 67KB
• 0001999371-24-002930.txt (&nbsp;) — 2547KB
• sivr-20231231.xsd (EX-101.SCH) — 19KB
• sivr-20231231_cal.xml (EX-101.CAL) — 14KB
• sivr-20231231_def.xml (EX-101.DEF) — 20KB
• sivr-20231231_lab.xml (EX-101.LAB) — 165KB
• sivr-20231231_pre.xml (EX-101.PRE) — 120KB
• sivr-10k_123123_htm.xml (XML) — 158KB

Business

Item 1. Business 3 Trust Objective 3 Overview of the Silver Industry 4 Operation of the Silver Bullion Markets 6 Secondary Market Trading 9 Valuation of Silver and Computation of Net Asset Value 9 Trust Expenses 10 Creation and Redemption of Shares 11 Creation and Redemption Transaction Fee 15 The Sponsor 15 The Trustee 16 The Custodian 17 Inspection of Silver 17 Description of the Shares 17 Custody of the Trust's Silver 18 United States Federal Income Tax Consequences 19 ERISA and Related Considerations 22

Risk Factors

Item 1A. Risk Factors 23

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 32

Cybersecurity

Item 1C. Cybersecurity 33

Properties

Item 2. Properties 33

Legal Proceedings

Item 3. Legal Proceedings 33

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 33 PART II 34

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 34

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 36

Quantitative and Qualitative Disclosures about Market Risk

Item 7A. Quantitative and Qualitative Disclosures about Market Risk 40

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 40

Changes in and Disagreements with Accountants on Accounting and Financial Disclosures

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures 42

Controls and Procedures

Item 9A. Controls and Procedures 42

Other Information

Item 9B. Other Information 46 PART III 47

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 47

Executive Compensation

Item 11. Executive Compensation 47

Security

Item 12. Security 47

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 48

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 50 PART IV 50

Exhibits, Financial Statement Schedule

Item 15. Exhibits, Financial Statement Schedule 50

Form 10K Summary

Item 16. Form 10K Summary 51 2 PART I

Business

Item 1. Business The purpose of the abrdn Silver ETF Trust (the "Trust") is to own silver transferred to the Trust in exchange for shares issued by the Trust ("Shares"). Each Share represents a fractional undivided beneficial interest in and ownership of the Trust. The assets of the Trust consist solely of silver bullion. The Trust was formed on July 20, 2009 when an initial Creation and was made in exchange for the issuance of two Baskets (a "Basket" consists of 50,000 Shares). The sponsor of the Trust is abrdn ETFs Sponsor LLC (the "Sponsor"). The trustee of the Trust is The Bank of New York Mellon (the "Trustee"). The number of shares that constitutes a Basket for the purpose of creations and redemptions was reduced from 100,000 Shares to 50,000 Shares effective on August 11, 2016. The Trust's Shares at redeemable value decreased from $1,118,817,327 at December 31, 2022 to $1,060,402,598 at December 31, 2023, the Trust's fiscal year end. Outstanding Shares in the Trust decreased from 48,650,000 Shares at December 31, 2022 to 46,550,000 Shares outstanding at December 31, 2023. The Trust is not managed like a corporation or an active investment vehicle. The Trust has no directors, officers or employees. It does not engage in any activities designed to obtain a profit from or to improve the losses caused by changes in the price of silver. The silver held by the Trust will only be delivered to pay the remuneration due to the Sponsor (the "Sponsor's Fee"), distributed to Authorized Participants (defined below) in connection with the redemption of Baskets or sold (1) on an as-needed basis to pay Trust expenses not assumed by the Sponsor, (2) in the event the Trust terminates and liquidates its assets, or (3) as otherwise required by law or regulation. The Trust is not registered as an investment company under the Investment Company Act of 1940 and is not required to register under such act. The Trust does not and will not hold or trade in commodities futures cont

View Full Filing

View this 10-K filing on SEC EDGAR