10-Q: abrdn Silver ETF Trust Q1 2026 Financial Results

The abrdn Physical Silver Shares ETF reported a net asset value of $4.97 billion for the quarter ended March 31, 2026, reflecting a decrease in total assets due to net share redemptions.

Summary

• Net assets decreased by 8.47% to $4.97 billion during the first quarter of 2026.
• The price per ounce of silver rose 0.97% to $72.69 as of March 31, 2026.
• Total shares outstanding declined from 79.25 million to 71.90 million during the quarter.
• The net asset value (NAV) per share increased by 0.89% to $69.13.
• The Trust recorded a net investment loss of $4.31 million, primarily driven by the Sponsor's fee.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral report, as the Trust is a passive vehicle whose performance is entirely dependent on the underlying commodity price rather than operational success.

Positives

• The NAV per share showed a positive return of 0.89% for the quarter.
• The Trust maintains a transparent, low-cost structure with a net expense ratio of 0.30%.
• The Trust continues to hold physical silver as its primary asset, providing direct exposure to the commodity.

Negatives

• Total net assets declined by approximately $460 million during the quarter.
• There was a net outflow of 7.35 million shares due to redemptions exceeding creations.
• The Trust reported a net investment loss of $4.31 million for the quarter.

Risks

• Concentration risk: The Trust's sole business activity is holding silver, making it highly sensitive to fluctuations in the price of silver.
• Market volatility: Factors such as global supply/demand, inflation, and interest rates can significantly impact silver prices.
• No assurance of long-term value maintenance in terms of purchasing power.

Future Outlook

The Trust does not provide specific forward-looking guidance, as its performance is designed to track the price of physical silver, less expenses. Management notes that the Trust is not managed like an active investment vehicle and will continue to issue or redeem shares based on market demand from Authorized Participants.

Management Comments

• Management confirms that disclosure controls and procedures were effective as of March 31, 2026.
• The Sponsor believes the Shares represent a cost-effective investment relative to traditional means of investing in silver.

Industry Context

StockSavvy.ai notes that the silver ETF sector continues to see volatility driven by macroeconomic factors, with SIVR maintaining its position as a standard physical-backed vehicle. The trend of net redemptions in Q1 2026 suggests a period of profit-taking or portfolio rebalancing by institutional investors in the precious metals space.

Comparison to Industry Standards

• The Trust's expense ratio of 0.30% remains competitive with other major physical silver ETFs like iShares Silver Trust (SLV).
• The use of the LBMA Silver Price as a benchmark is the industry standard for physical silver valuation.

Legal Proceedings

• None.

Related Party Transactions

• The Sponsor and Trustee are considered related parties; the Sponsor receives a fee for its services.

Stakeholder Impact

• Shareholders are directly exposed to the price fluctuations of physical silver.
• Authorized Participants continue to facilitate liquidity through the creation and redemption process.

Next Steps

• Continued daily valuation of silver holdings.
• Ongoing issuance and redemption of shares as requested by Authorized Participants.

Key Dates

Keywords

abrdn Physical Silver Shares ETF, SIVR, Silver ETF, Precious Metals, Commodity Investment, Physical Silver