abrdn Silver ETF Net Assets Soar 111% on Silver Price Rally
Ticker: SIVR · Form: 10-Q · Filed: Nov 7, 2025 · CIK: 1450922
Sentiment: bullish
Topics: Silver ETF, Commodity, Precious Metals, Investment Company, Asset Growth, Unrealized Gains, SIVR
Related Tickers: SLV, PSLV, GLD, IAU
TL;DR
**SIVR is crushing it, buy the dip if you believe in silver's run, because this ETF is riding the wave.**
AI Summary
abrdn Silver ETF Trust (SIVR) experienced substantial growth in the nine months ended September 30, 2025, driven by a significant increase in the fair value of its silver holdings. The Trust's net assets surged to $3,004,025,000 as of September 30, 2025, up from $1,421,124,000 at December 31, 2024, representing a 111.38% increase. This was primarily due to a change in unrealized gain on investment in silver of $945,030,000 for the nine months ended September 30, 2025, compared to $319,875,000 in the prior year period. The Trust also saw a substantial increase in silver ounces, rising from 48,939,346.4 ounces at December 31, 2024, to 65,072,933.3 ounces at September 30, 2025, largely through creations totaling 20,592,304.1 ounces. Net asset value per Share increased from $27.59 at December 31, 2024, to $43.98 at September 30, 2025. The Sponsor's Fee, net of waivers, increased to $4,251,000 for the nine months ended September 30, 2025, from $2,790,000 in the same period of 2024, reflecting the larger asset base.
Why It Matters
This significant growth in SIVR's net assets and share value reflects a strong bullish sentiment in the silver market, impacting investors seeking exposure to precious metals. The substantial increase in silver holdings and unrealized gains suggests robust demand and price appreciation, potentially signaling broader inflationary pressures or safe-haven demand. For investors, this performance underscores the potential for commodity ETFs to deliver substantial returns during periods of market volatility or specific commodity rallies. The competitive landscape for silver ETFs means SIVR's strong performance could attract more capital, further solidifying its market position against rivals.
Risk Assessment
Risk Level: medium — The Trust's performance is directly tied to the price of physical silver, making it highly susceptible to commodity market volatility. While the current period shows significant gains, a downturn in silver prices, as noted in the 'Change in unrealized gain on investment in silver' which can fluctuate wildly, would directly and negatively impact net assets and share value. The concentration in a single commodity, silver, inherently carries higher risk than a diversified portfolio.
Analyst Insight
Investors should consider SIVR if they are bullish on silver prices and seeking direct commodity exposure. Given the substantial unrealized gains, current investors might consider rebalancing if their portfolio allocation to silver has become overweight. New investors should conduct due diligence on silver market trends and global economic factors influencing precious metals before investing.
Financial Highlights
- debt To Equity
- 0.00
- revenue
- $0
- operating Margin
- N/A
- total Assets
- $3,004,025,000
- total Debt
- $0
- net Income
- $945,030,000
- eps
- $11.39
- gross Margin
- N/A
- cash Position
- $1,078,000
- revenue Growth
- N/A
Key Numbers
- $3.00B — Net Assets (Increased by 111.38% from $1.42B at December 31, 2024, to $3.00B at September 30, 2025.)
- $945.03M — Change in unrealized gain on investment in silver (Significant driver of net asset growth for the nine months ended September 30, 2025.)
- 65.07M oz — Ounces of silver held (Increased from 48.94M oz at December 31, 2024, reflecting strong demand and creations.)
- $43.98 — Net asset value per Share (Increased from $27.59 at December 31, 2024, indicating substantial share price appreciation.)
- 59.41% — Total return, net asset value (For the nine months ended September 30, 2025, demonstrating strong performance.)
- 20.59M oz — Silver ounces created (For the nine months ended September 30, 2025, indicating significant inflows.)
- $4.25M — Sponsor's Fee (net of waiver) (For the nine months ended September 30, 2025, reflecting increased asset base.)
- 0.30% — Expense ratio (Consistent expense ratio, net of voluntary waiver, for all periods presented.)
Key Players & Entities
- abrdn Silver ETF Trust (company) — registrant
- SIVR (company) — trading symbol
- abrdn ETFs Sponsor LLC (company) — Sponsor of the Trust
- The Bank of New York Mellon (company) — Trustee
- ICBC Standard Bank Plc (company) — custodian of silver
- NYSE Arca, Inc. (regulator) — exchange where shares are registered
- Internal Revenue Service (regulator) — tax authority
- United States Securities and Exchange Commission (regulator) — regulatory body
- $3,004,025,000 (dollar_amount) — Net Assets at September 30, 2025
- $1,421,124,000 (dollar_amount) — Net Assets at December 31, 2024
FAQ
What caused the significant increase in abrdn Silver ETF Trust's net assets?
The significant increase in abrdn Silver ETF Trust's net assets was primarily driven by a $945,030,000 change in unrealized gain on investment in silver for the nine months ended September 30, 2025, coupled with substantial creations of 20,592,304.1 ounces of silver.
How did the net asset value per Share of SIVR change during the period?
The net asset value per Share of SIVR increased from $27.59 at December 31, 2024, to $43.98 at September 30, 2025, reflecting a strong appreciation in the underlying silver price.
What is the current expense ratio for abrdn Silver ETF Trust?
The current expense ratio for abrdn Silver ETF Trust, net of the voluntary waiver by the Sponsor, is 0.30% for the three and nine months ended September 30, 2025, and 2024.
Who is the custodian for abrdn Silver ETF Trust's silver holdings?
As of September 30, 2025, all of abrdn Silver ETF Trust's silver was held at ICBC Standard Bank Plc or a sub-custodian selected by ICBC, following an agreement effective May 23, 2024.
What are the primary risks associated with investing in abrdn Silver ETF Trust?
The primary risk associated with investing in abrdn Silver ETF Trust is its direct correlation to the price of physical silver, making it highly susceptible to volatility in the global silver market. A decline in silver prices would directly reduce the Trust's net assets and share value.
How does abrdn Silver ETF Trust handle creations and redemptions of Shares?
The Trust creates and redeems Shares in minimum blocks of 50,000 Shares (Baskets) exclusively with Authorized Participants in exchange for deposits or distributions of physical silver, based on the combined Net Asset Value of the Shares.
Is abrdn Silver ETF Trust subject to U.S. federal income tax?
No, abrdn Silver ETF Trust is classified as a 'grantor trust' for U.S. federal income tax purposes, meaning the Trust itself is not subject to U.S. federal income tax. Instead, income and expenses flow through to the Shareholders.
What was the total return for abrdn Silver ETF Trust for the nine months ended September 30, 2025?
The total return, net asset value, for abrdn Silver ETF Trust for the nine months ended September 30, 2025, was 59.41%, significantly higher than the 30.33% for the same period in 2024.
How much silver was created by abrdn Silver ETF Trust during the nine months ended September 30, 2025?
During the nine months ended September 30, 2025, abrdn Silver ETF Trust saw creations of 20,592,304.1 ounces of silver, contributing to its increased holdings.
What is the role of the Sponsor, abrdn ETFs Sponsor LLC, for the Trust?
abrdn ETFs Sponsor LLC is responsible for forming the Trust, managing its operations, and assuming administrative and marketing expenses, including the Trustee's fees, Custodian's fees, and SEC registration fees, in exchange for a Sponsor's Fee.
Risk Factors
- Volatility of Silver Prices [high — market]: The Trust's net assets are primarily composed of investments in silver. The price of silver can be highly volatile and is influenced by numerous factors, including industrial and jewelry demand, speculative trading, and monetary policy. A significant decline in silver prices could materially and adversely affect the Trust's net asset value and the trading price of its Shares.
- Correlation with Broader Markets [medium — market]: While silver is often considered a precious metal, its price can also be affected by broader economic conditions and investor sentiment towards commodities and financial markets. A general downturn in financial markets could negatively impact silver prices, even if underlying demand remains stable.
- Custodial and Operational Risks [medium — operational]: The Trust relies on third-party custodians to hold its silver. Any failure or disruption in the services provided by these custodians, including theft or loss of silver, could have a material adverse effect on the Trust's ability to meet its investment objective and could result in a loss of assets.
- Counterparty Risk [low — financial]: The Trust may engage in transactions with various counterparties. The insolvency or default of a counterparty could result in a loss of assets or a failure to receive payments due to the Trust.
- Changes in Regulations [low — regulatory]: The regulatory landscape for ETFs and commodity-linked products can change. New regulations or changes to existing ones could impact the Trust's operations, costs, or ability to function as intended.
Industry Context
The silver ETF market is competitive, with several products tracking the price of silver. Performance is largely dictated by the spot price of silver, which is influenced by global industrial demand, jewelry consumption, investment flows, and macroeconomic factors. Recent performance indicates a strong bullish sentiment in the silver market.
Regulatory Implications
As an ETF, SIVR is subject to securities regulations. Changes in regulations concerning commodity ETFs or financial instruments could impact its structure, fees, or operational requirements. Compliance with SEC and other relevant financial regulations is paramount.
What Investors Should Do
- Monitor silver price volatility: Given that the Trust's value is directly tied to silver prices, investors should closely track factors influencing silver's market price.
- Assess creation/redemption activity: Significant creation activity (20.59M oz) indicates strong investor demand, which can be a positive signal, but should be viewed in conjunction with market trends.
- Evaluate expense ratio: The consistent expense ratio of 0.30%, net of waivers, is a key factor in long-term returns. Understand the impact of any future changes to waivers.
- Review custodian and counterparty risk: While currently low, investors should be aware of the reliance on third-party custodians and potential counterparty risks.
Key Dates
- 2025-09-30: Nine months ended September 30, 2025 — Reported substantial growth in net assets driven by unrealized gains on silver and increased silver holdings.
- 2024-12-31: December 31, 2024 — Starting point for net asset and silver ounce comparison, with net assets at $1,421,124,000 and 48,939,346.4 ounces of silver.
Glossary
- Net Assets
- The total value of an investment fund's assets minus its liabilities. (Represents the overall size and value of the abrdn Silver ETF Trust.)
- Unrealized Gain
- An increase in the value of an asset that has not yet been sold. (A primary driver of the Trust's net asset growth, reflecting the appreciation of its silver holdings.)
- Creation Unit
- A block of ETF shares, typically 25,000 or 50,000, that authorized participants exchange for the underlying basket of securities or commodities. (The mechanism by which the Trust increased its silver holdings, indicating investor demand.)
- Net Asset Value (NAV) per Share
- The value of one share of a fund, calculated by dividing the total value of the fund's assets by the number of outstanding shares. (Indicates the per-share performance and value of the Trust.)
- Sponsor's Fee
- The fee paid to the entity that sponsors and manages the ETF. (An expense of the Trust that impacts overall returns; the increase reflects the larger asset base.)
Year-Over-Year Comparison
The abrdn Silver ETF Trust has experienced a dramatic increase in net assets, more than doubling from $1.42 billion to $3.00 billion in the first nine months of 2025. This growth was primarily driven by a substantial unrealized gain on its silver holdings ($945.03M) and a significant increase in silver ounces held, up by over 16 million ounces. Consequently, Net Asset Value per Share rose from $27.59 to $43.98. The Sponsor's Fee also increased in absolute terms to $4.25 million, reflecting the larger asset base, though the expense ratio remained consistent.
Filing Stats: 4,723 words · 19 min read · ~16 pages · Grade level 10.5 · Accepted 2025-11-07 16:46:52
Key Financial Figures
- $ — ember 31, 2024 (Amounts in 000's of US$, except for Share and per Share data)
Filing Documents
- slvr-10q_093025.htm (10-Q) — 343KB
- ex31-1.htm (EX-31.1) — 14KB
- ex31-2.htm (EX-31.2) — 14KB
- ex32-1.htm (EX-32.1) — 9KB
- ex32-2.htm (EX-32.2) — 7KB
- 0001999371-25-017270.txt ( ) — 2048KB
- sivr-20250930.xsd (EX-101.SCH) — 20KB
- sivr-20250930_cal.xml (EX-101.CAL) — 14KB
- sivr-20250930_def.xml (EX-101.DEF) — 28KB
- sivr-20250930_lab.xml (EX-101.LAB) — 190KB
- sivr-20250930_pre.xml (EX-101.PRE) — 133KB
- slvr-10q_093025_htm.xml (XML) — 251KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION Item 1.
Financial Statements
Financial Statements 1 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 13 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 15 Item 4.
Controls and Procedures
Controls and Procedures 15
OTHER INFORMATION
PART II. OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 16 Item 1A.
Risk Factors
Risk Factors 16 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 16 Item 3. Defaults Upon Senior Securities 16 Item 4. Mine Safety Disclosures 16 Item 5. Other Information 16 Item 6. Exhibits 16
SIGNATURES
SIGNATURES 17 abrdn Silver ETF Trust PART I. FINANCIAL INFORMATION Item 1. Financial Statements of Assets and Liabilities At September 30, 2025 (Unaudited) and December 31, 2024 September 30, 2025 December 31, 2024 (Amounts in 000's of US$, except for Share and per Share data) ASSETS Investment in silver (cost: September 30, 2025: $ 1,797,947 ; December 31, 2024: $ 1,152,826 ) $ 3,004,743 $ 1,414,591 Silver receivable — 6,899 Total assets 3,004,743 1,421,490 LIABILITIES Fees payable to Sponsor 718 366 Total liabilities 718 366 NET ASSETS (1) $ 3,004,025 $ 1,421,124 (1) Authorized share capital is Unlimited with no par value per Share. Shares issued and outstanding at September 30, 2025 were 68,300,000 and at December 31, 2024 were 51,500,000 . Net asset values per Share at September 30, 2025 and December 31, 2024 were $ 43.98 and $ 27.59 , respectively. See Notes to the Financial Statements 1 abrdn Silver ETF Trust Schedules of Investments At September 30, 2025 (Unaudited) and December 31, 2024 September 30, 2025 Description oz Cost Fair Value % of Net Assets Investment in silver (in 000's of US$, except for oz and percentage data) Silver 65,072,933.3 $ 1,797,947 $ 3,004,743 100.02 % Total investment in silver 65,072,933.3 $ 1,797,947 $ 3,004,743 100.02 % Less liabilities ( 718 ) ( 0.02 )% Net Assets $ 3,004,025 100.00 % December 31, 2024 Description oz Cost Fair Value % of Net Assets Investment in silver (in 000's of US$, except for oz and percentage data) Silver 48,939,346.4 $ 1,152,826 $ 1,414,591 99.54 % Total investment in silver 48,939,346.4 $ 1,152,826 $ 1,414,591 99.54 % Other assets less liabilities 6,533 0.46 % Net Assets $ 1,421,124 100.00 % See Notes to the Financial Statements 2 abrdn Silver ETF Trust of Operations (Unaudited) For the three and nine months ended September 30, 2025 and 2024 Three Mont