Vault-13

ABRDN SILVER ETF TRUST SIVR

PHYSCL SILVR SHS · ETP · CUSIP 003264108

367 institutional holders +90 vs Q3 2025
25,708,72925.7m shares reported held*
$1.7bnreported value*
89 new 113 added 99 reduced 16 sold out net sold ≈ $226.9m (-3.4m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($13.7m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $67.79. Options: 7 managers hold calls ($56.7m notional), 8 hold puts ($66.5m).

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

0200400Q3 22: 130Q4 22: 148Q1 23: 151Q2 23: 157Q3 23: 158Q4 23: 158Q1 24: 162Q2 24: 191Q3 24: 196Q4 24: 209Q1 25: 211Q2 25: 236Q3 25: 277Q4 25: 367367Q3 22Q2 23Q1 24Q4 24Q4 25
Numbers
QuarterHolders
Q3 2022130
Q4 2022148
Q1 2023151
Q2 2023157
Q3 2023158
Q4 2023158
Q1 2024162
Q2 2024191
Q3 2024196
Q4 2024209
Q1 2025211
Q2 2025236
Q3 2025277
Q4 2025367

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
4000400Q1 24: 68 bought or addedQ1 24: 61 cut or sold outQ2 24: 90 bought or addedQ2 24: 50 cut or sold outQ2 24Q3 24: 96 bought or addedQ3 24: 64 cut or sold outQ4 24: 97 bought or addedQ4 24: 62 cut or sold outQ4 24Q1 25: 85 bought or addedQ1 25: 74 cut or sold outQ2 25: 120 bought or addedQ2 25: 68 cut or sold outQ2 25Q3 25: 151 bought or addedQ3 25: 74 cut or sold outQ4 25: 202 bought or addedQ4 25: 115 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 20246861
Q2 20249050
Q3 20249664
Q4 20249762
Q1 20258574
Q2 202512068
Q3 202515174
Q4 2025202115

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$20m$40m$60m$80mQ1 25 calls: $9.9mQ1 25 puts: $2.2mQ1 25P/C 0.22Q2 25 calls: $19.5mQ2 25 puts: $3.0mQ2 25P/C 0.15Q3 25 calls: $15.5mQ3 25 puts: $4.0mQ3 25P/C 0.26Q4 25 calls: $56.7mQ4 25 puts: $66.5mQ4 25P/C 1.17
Numbers
QuarterCallsPutsP/C
Q1 2025$9.9m$2.2m0.22
Q2 2025$19.5m$3.0m0.15
Q3 2025$15.5m$4.0m0.26
Q4 2025$56.7m$66.5m1.17

Biggest buyers

JANE STREET GROUP, LLC New +2,675,974+2.7m
Tradewinds Capital Management, LLC Added +695,185+695.2k
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added +487,176+487.2k
BANCO BILBAO VIZCAYA ARGENTARIA, S.A. Added +460,062+460.1k
Southeast Asset Advisors, LLC New +442,290+442.3k
LPL Financial LLC Added +221,859+221.9k
GUARDIAN POINT CAPITAL, LP Added +175,000+175.0k
BANK OF AMERICA CORP /DE/ Added +135,341+135.3k
ASSETMARK, INC Added +81,696+81.7k
MML INVESTORS SERVICES, LLC Added +72,926+72.9k

Biggest sellers

JPMORGAN CHASE & CO Reduced -8,879,478-8.9m
Quadrature Capital Ltd Reduced -241,722-241.7k
Empowered Funds, LLC Sold out -132,478-132.5k
Kiker Wealth Management, LLC Reduced -131,025-131.0k
HighTower Advisors, LLC Reduced -126,894-126.9k
McIlrath & Eck, LLC Reduced -85,153-85.2k
UBS Group AG Reduced -69,644-69.6k
COMMONWEALTH EQUITY SERVICES, LLC Reduced -60,864-60.9k
Vestmark Advisory Solutions, Inc. Reduced -49,519-49.5k
ELEVATION POINT WEALTH PARTNERS, LLC Reduced -49,303-49.3k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $25.2m372.7k shares
CITADEL ADVISORS LLC Added $15.6m231.2k shares
IMC-Chicago, LLC Added $6.2m91.3k shares
SIMPLEX TRADING, LLC Added $4.2m62.7k shares
JANE STREET GROUP, LLC Added $2.8m40.9k shares
GROUP ONE TRADING LLC Added $2.5m36.7k shares
Belvedere Trading LLC Added $216.4k3.2k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $31.6m467.3k shares
JANE STREET GROUP, LLC Added $10.2m150.1k shares
CITADEL ADVISORS LLC Added $7.4m109.5k shares
IMC-Chicago, LLC Added $5.7m84.7k shares
GROUP ONE TRADING LLC Added $4.7m69.6k shares
SIMPLEX TRADING, LLC Added $4.4m65.4k shares
Belvedere Trading LLC Added $2.3m34.4k shares
NewEdge Wealth, LLC New $122.4k32.2k shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Insider purchases and sales in Q4 2025

Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.

None reported in Q4 2025.

Holders, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 JPMORGAN CHASE & CO 0.01% of their portfolio NEW YORK, NY 3,053,3423.1m $206.5m $206.5m 0.01% Reduced -8.9m -8,879,478
2 JANE STREET GROUP, LLC 0.21% of their portfolio NEW YORK, NY 2,675,9742.7m $181.0m $181.0m 0.21% New
3 BANK OF AMERICA CORP /DE/ 0.01% of their portfolio CHARLOTTE, NC 1,762,4531.8m $119.2m $119.2m 0.01% Added +135.3k +135,341
4 LPL Financial LLC 0.02% of their portfolio FORT MILL, SC 1,209,4951.2m $81.8m $81.8m 0.02% Added +221.9k +221,859
5 BANCO BILBAO VIZCAYA ARGENTARIA, S.A. 0.51% of their portfolio Madrid, U3 1,060,0621.1m $73.1m $73.1m 0.51% Added +460.1k +460,062
6 WELLS FARGO & COMPANY/MN 0.01% of their portfolio SAN FRANCISCO, CA 953,967954.0k $64.5m $64.5m 0.01% Reduced -12.2k -12,237
7 UBS Group AG 0.01% of their portfolio ZURICH, V8 738,110738.1k $49.9m $49.9m 0.01% Reduced -69.6k -69,644
8 Tradewinds Capital Management, LLC 9.93% of their portfolio BELLINGHAM, WA 696,246696.2k $47.1m $47.1m 9.93% Added +695.2k +695,185
9 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.06% of their portfolio BALA CYNWYD, PA 621,645621.6k $42.0m $42.0m 0.06% Added +487.2k +487,176
10 AMG National Trust Bank 0.98% of their portfolio GREENWOOD VILLAGE, CO 613,613613.6k $41.5m $41.5m 0.98% Reduced -13.7k -13,724
11 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 536,624536.6k $36.3m $36.3m 0.00% Added +53.1k +53,097
12 GUARDIAN POINT CAPITAL, LP 9.94% of their portfolio CHARLOTTESVILLE, VA 475,000475.0k $32.1m $32.1m 9.94% Added +175.0k +175,000
13 Gradient Investments LLC 0.50% of their portfolio ARDEN HILLS, MN 462,030462.0k $31.3m $31.3m 0.50% Added +59.9k +59,890
14 Southeast Asset Advisors, LLC 2.84% of their portfolio THOMASVILLE, GA 442,290442.3k $29.9m $29.9m 2.84% New
15 HighTower Advisors, LLC 0.03% of their portfolio CHICAGO, IL 418,252418.3k $28.3m $28.3m 0.03% Reduced -126.9k -126,894
16 Cetera Investment Advisers 0.03% of their portfolio SCHAUMBURG, IL 382,936382.9k $25.9m $25.9m 0.03% Reduced -17.7k -17,714
17 ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio Berwyn, PA 315,845315.8k $21.4m $21.4m 0.01% Added +63.4k +63,373
18 Capital Management Associates, Inc 4.57% of their portfolio MINNEAPOLIS, MN 305,697305.7k $20.7m $20.7m 4.57% Reduced -2.3k -2,254
19 Mission Creek Capital Partners, Inc. 4.16% of their portfolio SAN FRANCISCO, CA 304,416304.4k $20.6m $20.6m 4.16% Added +46.8k +46,818
20 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 267,341267.3k $18.1m $18.1m 0.00% Added +37.7k +37,747
21 OSAIC HOLDINGS, INC. 0.02% of their portfolio SCOTTSDALE, AZ 251,229251.2k $17.0m $17.0m 0.02% Added +43.8k +43,750
22 Advocacy Wealth Management, LLC 0.69% of their portfolio ATLANTA, GA 242,213242.2k $16.4m $16.4m 0.69% Added +29.0k +29,006
23 McIlrath & Eck, LLC 1.52% of their portfolio ARLINGTON, WA 242,170242.2k $16.4m $16.4m 1.52% Reduced -85.2k -85,153
24 COMMONWEALTH EQUITY SERVICES, LLC 0.02% of their portfolio WALTHAM, MA 227,025227.0k $15.4m $15.4m 0.02% Reduced -60.9k -60,864
25 AE Wealth Management LLC 0.09% of their portfolio TOPEKA, KS 221,479221.5k $15.0m $15.0m 0.09% Added +60.1k +60,111
26 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 213,259213.3k $14.4m $14.4m 0.00% Reduced -27.5k -27,549
27 ELEVATION POINT WEALTH PARTNERS, LLC 0.66% of their portfolio DENVER, CO 202,335202.3k $13.7m $13.7m 0.66% Reduced -49.3k -49,303
28 Vestmark Advisory Solutions, Inc. 0.18% of their portfolio Wakefield, MA 202,119202.1k $13.7m $13.7m 0.18% Reduced -49.5k -49,519
29 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 164,832164.8k $11.1m $11.1m 0.00% Added +28.7k +28,700
30 180 WEALTH ADVISORS, LLC 1.27% of their portfolio FEDERAL WAY, WA 164,812164.8k $11.1m $11.1m 1.27% Added +1.5k +1,495
31 World Investment Advisors 0.18% of their portfolio LINCROFT, NJ 162,119162.1k $11.0m $11.0m 0.18% Reduced -1.6k -1,643
32 NewEdge Advisors, LLC 0.04% of their portfolio NEW ORLEANS, LA 150,288150.3k $10.2m $10.2m 0.04% Added +20.7k +20,720
33 Merit Financial Group, LLC 0.08% of their portfolio ALPHARETTA, GA 149,453149.5k $10.1m $10.1m 0.08% Added +18.1k +18,074
34 MML INVESTORS SERVICES, LLC 0.02% of their portfolio SPRINGFIELD, MA 146,143146.1k $9.9m $9.9m 0.02% Added +72.9k +72,926
35 Cambridge Investment Research Advisors, Inc. 0.03% of their portfolio FAIRFIELD, IA 142,003142.0k $9.6m $9.6m 0.03% Added +31.3k +31,318
36 Systelligence, LLC 1.72% of their portfolio BLOOMINGTON, MN 133,250133.2k $9.0m $9.0m 1.72% Reduced -938 -938
37 Avior Wealth Management, LLC 0.25% of their portfolio OMAHA, NE 119,411119.4k $8.1m $8.1m 0.25% Reduced -19.3k -19,254
38 ASSETMARK, INC 0.01% of their portfolio CONCORD, CA 102,825102.8k $7.0m $7.0m 0.01% Added +81.7k +81,696
39 Pettinga Financial Advisors LLC 1.28% of their portfolio EVANSVILLE, IN 99,89599.9k $6.8m $6.8m 1.28% Reduced -14.9k -14,905
40 Copley Financial Group, Inc. 4.10% of their portfolio SAN DIEGO, CA 97,91397.9k $6.6m $6.6m 4.10% Reduced -4.0k -4,011
41 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 91,87391.9k $6.2m $6.2m 0.00% Added +58.6k +58,576
42 Encompass More Asset Management 1.12% of their portfolio Danville, CA 89,28589.3k $6.0m $6.0m 1.12% Added +11.8k +11,842
43 OneDigital Investment Advisors LLC 0.06% of their portfolio OVERLAND PARK, KS 88,57588.6k $6.0m $6.0m 0.06% Added +55.1k +55,121
44 JONES FINANCIAL COMPANIES LLLP 0.00% of their portfolio DES PERES, MO 88,54388.5k $6.0m $6.0m 0.00% Reduced -74 -74
45 NATIONS FINANCIAL GROUP INC, /IA/ /ADV 0.30% of their portfolio CEDAR RAPIDS, IA 85,11985.1k $5.8m $5.8m 0.30% Added +22.1k +22,052
46 Fielder Capital Group LLC 1.16% of their portfolio NASHVILLE, TN 80,86280.9k $5.5m $5.5m 1.16% Reduced -18.2k -18,217
47 SEEDS INVESTOR LLC 1.01% of their portfolio NEW YORK, NY 77,99478.0k $5.3m $5.3m 1.01% Added +11.6k +11,556
48 Thrivent Financial for Lutherans 0.01% of their portfolio Minneapolis, MN 77,76877.8k $5.5m $5.5m 0.01% Added +2.5k +2,480
49 INTREPID FAMILY OFFICE LLC 5.01% of their portfolio SARASOTA, FL 77,00077.0k $5.2m $5.2m 5.01% Reduced -23.0k -23,000
50 Global Wealth Management, LLC 2.78% of their portfolio KINGSTON, NJ 76,29176.3k $5.2m $5.2m 2.78% Added +48.4k +48,388
51 Apeiron RIA LLC 1.10% of their portfolio Dallas, TX 72,50472.5k $5.4m $5.4m 1.10% Added +7.1k +7,112
52 SMART Wealth LLC 1.41% of their portfolio Omaha, NE 68,24068.2k $4.6m $4.6m 1.41% Reduced -10.7k -10,723
53 US BANCORP \DE\ 0.01% of their portfolio MINNEAPOLIS, MN 66,20666.2k $4.5m $4.5m 0.01% Reduced -1.5k -1,468
54 WT Wealth Management 1.17% of their portfolio SCOTTSDALE, AZ 59,95960.0k $4.1m $4.1m 1.17% Reduced -14.7k -14,651
55 CWM, LLC 0.01% of their portfolio OMAHA, NE 59,52559.5k $4.0m $4.0m 0.01% Added +126 +126
56 Richard C. Young & CO., LTD. 0.36% of their portfolio NEWPORT, RI 58,69158.7k $4.0m $4.0m 0.36% Reduced -1.4k -1,420
57 Arcus Capital Partners, LLC 1.41% of their portfolio ATLANTA, GA 58,06458.1k $3.9m $3.9m 1.41% Added +27.8k +27,774
58 PRINCIPAL SECURITIES, INC. 0.06% of their portfolio DES MOINES, IA 56,31056.3k $3.8m $3.8m 0.06% Reduced -5.2k -5,201
59 MYECFO, LLC 1.61% of their portfolio La Jolla, CA 56,10756.1k $3.8m $3.8m 1.61% Reduced -8.2k -8,207
60 Simplicity Wealth,LLC 0.23% of their portfolio SUMMIT, NJ 55,90755.9k $3.8m $3.8m 0.23% Added +640 +640
61 Marble Harbor Investment Counsel, LLC 0.40% of their portfolio BOSTON, MA 55,60055.6k $3.8m $3.8m 0.40% Reduced -5.1k -5,100
62 Janney Montgomery Scott LLC 0.01% of their portfolio PHILADELPHIA, PA 55,32555.3k $3.7m $3.7m 0.01% Added +47.8k +47,822
63 Mutual Advisors, LLC 0.08% of their portfolio OMAHA, NE 54,76554.8k $3.7m $3.7m 0.08% Added +4.6k +4,566
64 STABLEFORD CAPITAL II LLC 1.33% of their portfolio SCOTTSDALE, AZ 54,45354.5k $3.7m $3.7m 1.33% Reduced -10.7k -10,749
65 Stratos Wealth Partners, LTD. 0.04% of their portfolio BEACHWOOD, OH 53,61253.6k $3.6m $3.6m 0.04% Reduced -3.4k -3,386
66 Silver Coast Investments LLC 1.24% of their portfolio SAN DIEGO, X1 53,15953.2k $3.6m $3.6m 1.24% Reduced -27.8k -27,845
67 Asset One Wealth Management LLC 0.55% of their portfolio BELLEVUE, WA 52,87552.9k $4.0m $4.0m 0.55% First filing
68 Focus Partners Wealth 0.00% of their portfolio ST LOUIS, MO 51,68951.7k $3.5m $3.5m 0.00% Added +27.8k +27,832
69 Private Advisor Group, LLC 0.02% of their portfolio MORRISTOWN, NJ 51,18351.2k $3.5m $3.5m 0.02% Added +23.9k +23,944
70 FLP Wealth Management, LLC 7.94% of their portfolio BENTONVILLE, AR 49,59049.6k $3.4m $3.4m 7.94% Added +1.0k +1,043
71 Rockefeller Capital Management L.P. 0.01% of their portfolio NEW YORK, NY 49,48349.5k $3.3m $3.3m 0.01% Reduced -7.3k -7,317
72 Scarborough Advisors, LLC 0.56% of their portfolio ANNAPOLIS, MD 49,16449.2k $3.3m $3.3m 0.56% Added +1.2k +1,185
73 FOREFRONT WEALTH MANAGEMENT INC. 2.35% of their portfolio MALVERN, PA 48,51048.5k $3.3m $3.3m 2.35% Added +565 +565
74 Miller Global Investments, LLC 2.89% of their portfolio DALLAS, TX 47,24847.2k $3.2m $3.2m 2.89% First filing
75 Wealth Watch Advisors, INC 1.15% of their portfolio ENGLEWOOD, CO 45,83445.8k $3.1m $3.1m 1.15% Added +15.8k +15,789
76 SPROTT INC. 0.11% of their portfolio TORONTO, A6 45,25845.3k $3.1m $3.1m 0.11% Added +9.0k +9,010
77 MATAURO, LLC 0.46% of their portfolio NEW YORK, NY 44,79244.8k $3.0m $3.0m 0.46% Reduced -2.8k -2,785
78 Mariner, LLC 0.00% of their portfolio Overland Park, KS 44,52044.5k $3.0m $3.0m 0.00% Added +31.8k +31,789
79 GTS SECURITIES LLC 0.10% of their portfolio NEW YORK, NY 44,00144.0k $3.0m $3.0m 0.10% New
80 Sowell Financial Services LLC 0.10% of their portfolio NORTH LITTLE ROCK, AR 40,84340.8k $2.8m $2.8m 0.10% Reduced -26.0k -26,038
81 New York Life Investment Management LLC 0.02% of their portfolio New York, NY 39,62639.6k $2.7m $2.7m 0.02% New
82 Cardinal Strategic Wealth Guidance 0.66% of their portfolio LOUISVILLE, KY 37,12337.1k $2.5m $2.5m 0.66% New
83 Clearstead Advisors, LLC 0.03% of their portfolio CLEVELAND, OH 34,13834.1k $2.3m $2.3m 0.03% Added +4.5k +4,500
84 Alpine Bank Wealth Management 0.33% of their portfolio GRAND JUNCTION, CO 34,00034.0k $2.3m $2.3m 0.33% Unchanged
85 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 32,27832.3k $2.5m $2.5m 0.00% Reduced -7.6k -7,619
86 RFG Advisory, LLC 0.04% of their portfolio BIRMINGHAM, AL 31,79331.8k $2.2m $2.2m 0.04% Added +1.1k +1,086
87 Farther Finance Advisors, LLC 0.02% of their portfolio SAN FRANCISCO, CA 31,33631.3k $2.1m $2.1m 0.02% Added +4.4k +4,386
88 Leo Wealth, LLC 0.15% of their portfolio HURST, TX 30,75030.8k $2.1m $2.1m 0.15% Reduced -2.1k -2,132
89 IMC-Chicago, LLC 0.04% of their portfolio CHICAGO, IL 30,42430.4k $2.1m $2.1m 0.04% Reduced -3.8k -3,768
90 Proficio Capital Partners LLC 0.14% of their portfolio NEWTON, MA 30,10530.1k $2.0m $2.0m 0.14% Reduced -11.3k -11,280
91 HARBOUR INVESTMENTS, INC. 0.04% of their portfolio MADISON, WI 29,83429.8k $2.0m $2.0m 0.04% Added +16.7k +16,655
92 CreativeOne Wealth, LLC 0.05% of their portfolio OVERLAND PARK, KS 29,76729.8k $2.0m $2.0m 0.05% Added +271 +271
93 Baird Financial Group, Inc. 0.00% of their portfolio MILWAUKEE, WI 29,69629.7k $2.0m $2.0m 0.00% Unchanged
94 Global View Capital Management LLC 0.37% of their portfolio WAUKESHA, WI 29,43329.4k $2.0m $2.0m 0.37% Added +6.1k +6,135
95 IFG Advisory, LLC 0.09% of their portfolio ATLANTA, GA 29,40629.4k $2.0m $2.0m 0.09% Reduced -2.5k -2,483
96 Robinson Value Management, Ltd. 1.07% of their portfolio SAN ANTONIO, TX 29,37129.4k $2.0m $2.0m 1.07% Reduced -13.4k -13,400
97 Transamerica Financial Advisors, LLC 0.16% of their portfolio CEDAR RAPIDS, IA 29,21529.2k $2.0m $2.0m 0.16% Reduced -369 -369
98 Legacy Wealth Asset Management, LLC 0.48% of their portfolio WOODBURY, MN 28,95829.0k $2.0m $2.0m 0.48% Reduced -1.8k -1,789
99 Blue Capital, Inc. 1.36% of their portfolio OMAHA, NE 28,13628.1k $1.9m $1.9m 1.36% Reduced -7.9k -7,888
100 Corient Private Wealth LP 0.00% of their portfolio MIAMI, FL 27,82327.8k $1.9m $1.9m 0.00% Added +19.0k +19,030