abrdn Silver ETF Trust
abrdn Silver ETF Trust is a U.S.-based exchange-traded trust that holds physical silver and issues shares designed to reflect the price of that silver, less trust expenses. Its shares trade on NYSE Arca, and the trust’s structure links investor returns directly to movements in the silver market and the mechanics of holding and valuing bullion.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueShares that provide investors with direct exposure to the price of silver held by the Trust.
Basket-based issuance and redemption mechanics used by authorized participants to trade the ETF.
Storage, safekeeping, valuation, and administrative functions tied to the silver holdings.
Customers
The Trust’s investors are market participants seeking liquid exposure to silver without buying, storing, or insuring bullion directly. Buyers include retail investors, advisors, and institutions that use the shares for portfolio allocation, trading, or hedging against silver price movements.
Buy shares for convenient exposure to silver prices without handling physical metal.
Use the ETF as a portfolio building block for commodity allocation and diversification.
Use the shares for tactical positioning, hedging, or commodity exposure within larger portfolios.
Create and redeem baskets to support liquidity and keep trading close to NAV.
Strategy
The Trust’s core objective is to provide a simple, exchange-traded vehicle that tracks the price of physical silver as closely as possible. Its competitive position depends on efficient creation/redemption mechanics, reliable silver custody, and accurate daily valuation against the benchmark silver price.
Investor demand depends on the ETF behaving like a direct silver proxy.
Liquid trading helps reduce premiums/discounts and improves investor access.
The Trust’s value depends on secure, accessible physical silver holdings.
Geography
The Trust is U.S.-based and its shares trade on NYSE Arca in the United States. Its economic exposure is global because silver is priced in international markets, with valuation tied to the LBMA Silver Price and trading conditions in major silver markets such as London and COMEX.
Risks
The Trust is exposed to silver price volatility, which directly drives the value of its shares and can be influenced by macroeconomic, currency, and investor-flow factors. It also faces operational and market-structure risks, including custody loss, valuation disruptions, trading-hour mismatches, and premiums or discounts to NAV when silver-market liquidity is thin.
- Silver price volatilityImpact: HighLikelihood: Medium
The Trust’s shares are designed to track physical silver, so price swings flow directly into NAV and trading value.
Exposure: All shareholders
- Custody and access riskImpact: HighLikelihood: Low
Silver could be lost, damaged, stolen, or inaccessible due to natural or human events, with limited recourse and no insurance protection.
Exposure: Trust assets
- Benchmark and valuation disruptionImpact: HighLikelihood: Low
If the LBMA Silver Price is unreliable or unavailable, the Trust may have difficulty valuing holdings and calculating NAV.
Exposure: NAV calculation and trading
- Premium/discount volatilityImpact: MediumLikelihood: Low
Non-concurrent trading hours between NYSE Arca and silver markets can widen spreads and distort trading price versus NAV.
Exposure: Secondary market investors
- Competition from alternative silver investmentsImpact: MediumLikelihood: Low
Other silver-linked securities or direct bullion ownership can draw assets away from the Trust and affect liquidity.
Exposure: Investor demand
Accounting
Judgemental itemsThe Trust’s assets are marked to market, so silver price changes flow directly into reported net assets and NAV per share.
Impact: Primary driver of reported asset value
Estimated unpaid expenses reduce net assets and can create small timing differences between reported and economic value.
Impact: NAV per share
Silver is delivered or sold to pay fees and expenses, gradually reducing the amount of silver represented by each share.
Impact: Per-share silver backing
Basket activity affects shares outstanding and can influence liquidity, tracking, and per-share calculations.
Impact: Shares outstanding and market tracking
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Last updated: 24/09/2026