PSLV's net asset value surpassed US$10 billion as of October 14, 2025. The Trust only holds fully allocated and unencumbered silver, with metal held in custody by the Royal Canadian Mint, a Federal Crown Corporation of the Government of Canada. Unitholders can redeem their units for physical silver bullion on a monthly basis, subject to certain minimum requirements.
Cyborg Score Rationale
PSLV maintains strong fundamentals with over $10 billion NAV, full physical silver backing, and established market presence since 2010. However, it trades at a discount (4.78% as of May 2026) and carries a higher expense ratio (0.51%) compared to competing silver ETFs, limiting competitiveness.
Top Insights
As of June 8, 2026, PSLV holds over 218.6 million ounces of physical silver with full allocation and no encumbrances
Trust surpassed $10 billion NAV in October 2025, reflecting increased silver demand and rising precious metals valuations
PSLV trades at significant discounts to NAV (4.78% as of May 2026), creating potential timing challenges for investors
Higher expense ratio (0.51%) compared to competing silver ETF alternatives limits cost efficiency relative to other silver exposure options
Named Competitors
iShares Silver Trust — Silver ETF with lower expense ratio
Aberdeen Standard Physical Precious Metals — Physical silver and precious metals trust