abrdn Silver ETF Trust (SIVR) 10-K/A – Key Points and Investor Insights

Overview of the Filing

abrdn Silver ETF Trust filed its Annual Report on Form 10-K/A (Amendment No. 1) for the fiscal year ended December 31, 2025. This amendment was submitted solely to include KPMG’s Report regarding its opinion on the Financial Statements, which was inadvertently omitted in the original filing. No other changes were made to the original filing. The Certifications have also been re-executed and re-filed as of the date of this amendment.

Key Points for Investors

• Outstanding Shares and Market Value: As of February 26, 2026, abrdn Silver ETF Trust had 76,550,000 shares of abrdn Physical Silver Shares ETF outstanding. The aggregate market value held by non-affiliates as of June 30, 2025, was \$1,988,898,000, as reported by NYSE Arca.
• Significant Increase in Share Value: The Trust’s shares at redeemable value grew from \$1,421,124,141 at December 31, 2024, to \$5,430,445 at December 31, 2025. Outstanding shares increased from 51,500,000 to 79,250,000 in the same period, reflecting substantial growth and investor interest.
• Silver Price Surge: The spot price of silver rallied to \$71.99 per ounce on December 31, 2025—an increase of 149% from the prior year-end, driven by strong industrial demand, increased investor interest, and market speculation, including anticipation of tariffs on critical minerals and government decisions regarding ETPs in pension plans.
• Investment Objective: The Trust’s shares are designed to reflect the performance of physical silver, minus Trust expenses. They offer a simple, cost-effective means for investors to gain exposure to silver, with minimal credit risk.
• Trust Structure: The Trust does not operate as a corporation or active investment vehicle. It has no directors, officers, or employees and does not engage in activities to generate profits from silver price changes. The Trust’s sole purpose is to hold physical silver and facilitate share creation and redemption.
• Fee Structure: The Sponsor’s Fee (net of waivers) for 2025 was \$7,297,886, up from \$3,923,620 in 2024. The Sponsor may continue, change, or discontinue fee waivers at its discretion, and may rebate fees to certain institutional investors to foster stability in Trust assets.
• Liquidity & Trading: Shares trade on NYSE Arca under the symbol SIVR. Secondary market trading prices may differ from NAV, especially after COMEX closes, due to reduced liquidity and non-concurrent trading hours. This can result in wider trading spreads and premiums/discounts.
• Valuation & NAV Calculation: The Trust’s silver holdings are valued daily based on the LBMA Silver Price. NAV per share is calculated after 4:00 PM New York time, with fees and expenses deducted from the asset value.
• Market Risks: Silver prices are highly volatile and can be affected by central bank announcements, geopolitical events, and economic conditions. Historical price movements are not reliable indicators of future performance.
• Supply & Demand Dynamics: Silver’s balance of supply and demand is a fundamental driver of its price. Unique to silver, industrial demand (electronics, solar panels, medical equipment) is significant, alongside investment demand similar to gold.
• Baskets for Creation/Redemption: The minimum basket size for share creation/redemption was reduced from 100,000 to 50,000 shares (effective August 11, 2016).
• Regulatory Status: The Trust is not a commodity pool, and shares are not “commodity interests.” Neither the Sponsor nor the Trustee is regulated as a commodity pool operator or commodity trading advisor.
• Transparency: The Trust’s holdings and NAV are reported daily on its website, and the Trust does not use derivatives for exposure—its holdings are backed by physical silver.

Potential Price-Sensitive Information

• Omission and Inclusion of KPMG’s Audit Report: The inclusion of the independent auditor’s report in the amendment restores full transparency and regulatory compliance, but the omission was not related to financial errors or misstatements.
• Substantial Growth in Assets & Shares: Rapid growth in outstanding shares and NAV may reflect increasing investor demand and confidence, which could positively affect share prices.
• Silver Price Rally: The dramatic rise in silver price and market factors (government policies, tariffs, industrial demand) are likely to be important drivers for the ETF’s share performance.
• Fee Structure Changes: Any future changes in fee waivers or rebates could impact net returns to shareholders and affect the attractiveness of the ETF.
• Liquidity Risks: Trading premiums and discounts, especially after hours, could affect investor returns and share price volatility.
• Market Risks & Volatility: Continued volatility in the silver market, driven by both global industrial demand and macroeconomic factors, is a material risk and opportunity for shareholders.

Important Additional Information for Shareholders

• Trust Expenses: All deliveries or sales of silver to pay fees or expenses are taxable events for shareholders.
• Transparency and Access: abrdn Silver ETF Trust’s reports and information are available on its website and at www.sec.gov.
• No Update on Other Developments: This amendment does not provide an update or discussion of any developments after the original filing.
• Document Incorporation: No other documents are incorporated by reference in this filing.

Conclusion

The abrdn Silver ETF Trust’s 10-K/A reveals substantial growth in assets and shares, a dramatic surge in silver prices, and continued transparency with the inclusion of KPMG’s audit report. Investors should be aware of the volatility in silver prices, potential shifts in fee structures, and unique risks associated with trading hours and liquidity. All these factors are potentially price-sensitive and could affect the value of SIVR shares.

Disclaimer: This article is provided for informational purposes only and does not constitute investment advice. Investors should conduct their own due diligence and consult with a financial advisor before making investment decisions. The information is based on the abrdn Silver ETF Trust’s public filings and may be subject to change or further updates.

View abrdn Silver ETF Trust Historical chart here