Welcome to our dedicated page for Sprott Physical Silver Trust SEC filings (Ticker: PSLV), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
Sprott Physical Silver Trust filings document a foreign private issuer structured as a closed-end mutual fund trust that invests primarily in physical silver bullion. Its Form 6-K reports include management reports of fund performance and unaudited interim financial statements, and those materials are incorporated by reference into the Trust's Form F-10 registration statement.
The filings describe a bullion-backed trust whose assets are intended to be long-term holdings of unencumbered, fully allocated physical silver. Disclosure themes include fund performance, financial position, trust structure, registration matters, and the financial reporting framework for an exchange-traded physical silver investment vehicle.
Sprott Physical Silver Trust reported a sharp decline in equity for the six months ended June 30, 2026, driven by lower silver prices. A net change in unrealized losses on physical silver bullion of $3,110.9 million and net realized gains of $204.7 million resulted in a net loss of $2,947.9 million, compared with net income of $1,310.7 million a year earlier.
Net asset value was $12,642.0 million or $20.01 per unit, down from $15,108.9 million or $24.59 per unit at December 31, 2025. The Trust held 215.6 million troy ounces of physical silver bullion, up from 210.7 million ounces, while the silver spot price fell from $71.66 to $58.60 per ounce. The Trust’s total return was -18.6%, close to spot silver’s -18.2%.
During the period, the Trust issued 30.3 million units via its at-the-market program for gross proceeds of $833.6 million and redeemed 12.9 million units for $342.7 million of bullion (including $8.9 million in cash). Units traded at an average discount of 5.4% to net asset value, wider than 2.8% in 2025. Operating expenses were low relative to assets, with an annualized management expense ratio of 0.52% and portfolio allocation remaining essentially 100% physical silver bullion.
Sprott Physical Silver Trust reported strong Q1 2026 results driven by higher silver prices and unit issuance. Net assets rose to $16,344.7 million, with net income of $658.3 million and net asset value of $25.71 per unit as of March 31, 2026.
The Trust held 216,833,101 troy ounces of physical silver bullion, up from 210,706,099 ounces at year-end 2025, as the spot silver price increased to $75.17 per ounce. The Trust returned 4.5% for the quarter versus 4.9% for spot silver.
During the quarter, it issued 25,103,740 units under its at-the-market program for gross proceeds of $694.5 million and redeemed 3,737,232 units for $107.9 million of silver bullion. Units traded at an average 4.8% discount to NAV, while the management expense ratio was 0.51% on an annualized basis.
Sprott Physical Silver Trust filed its annual report on Form 40-F covering the fiscal year ended December 31, 2025. The filing incorporates the Annual Information Form, Management's Discussion and Analysis, audited financial statements and KPMG LLP's attestation reports, all filed as exhibits dated March 13, 2026. The report states 614,415,855 units outstanding.
Sprott Physical Silver Trust furnished a Form 6-K to provide investors with updated materials. The filing includes Exhibit 99.1, which contains the Interim Management Report of Fund Performance and unaudited interim financial statements as of September 30, 2025.
Exhibit 99.1 is incorporated by reference into the Trust’s Form F-10 (File No. 333-286897), aligning these interim disclosures with its Canadian shelf registration framework.