Here are the 10-K annual reports from abrdn Physical Silver Shares ETF (SIVR) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow SIVR and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full SIVR filings page.
abrdn Silver ETF Trust filed an amended annual report for the year ended December 31, 2025 to add KPMG’s previously omitted audit opinion and re-execute related officer certifications. All other disclosures remain unchanged from the original filing.
The Trust is a grantor trust that holds only physical silver bullion, with Shares designed to track the price of silver less expenses. Redeemable value of the Shares rose from $1.42 billion at December 31, 2024 to $5.43 billion at December 31, 2025, as outstanding Shares increased from 51.5 million to 79.25 million. Aggregate market value of Shares held by non‑affiliates was $1.99 billion based on the June 30, 2025 NYSE Arca price, and there were 76.55 million Shares outstanding as of February 26, 2026.
The Trust’s objective is to provide a simple, cost‑efficient way to gain exposure to physical silver. The Sponsor’s fee is 0.45% of adjusted net asset value, with a voluntary waiver reducing it to 0.30% through February 28, 2027. Extensive disclosure explains the silver market, valuation using the LBMA Silver Price benchmark, creation and redemption in 50,000‑Share Baskets, and US federal income tax treatment of the Shares.
abrdn Silver ETF Trust is a grantor trust that holds only physical silver bullion, aiming for its Shares to mirror the price of silver, minus expenses. Each Share represents a fractional undivided beneficial interest in the silver owned by the Trust.
The Trust’s Shares at redeemable value rose from $1,421,124,141 at December 31, 2024 to $5,430,232,445 at December 31, 2025, while outstanding Shares increased from 51,500,000 to 79,250,000 over the same period. Aggregate market value of Shares held by non‑affiliates was $1,988,898,000 based on the June 30, 2025 NYSE Arca closing price, and 76,550,000 Shares were outstanding as of February 26, 2026.
The Trust does not use futures, is not a commodity pool or investment company, and has no directors or employees. The Sponsor charges an annual fee of 0.45% of adjusted NAV but has voluntarily reduced it to 0.30% through February 28, 2027, with the fee paid in silver. Silver price movements, industrial demand, and global supply–demand dynamics are highlighted as key drivers of Share value.