abrdn Silver ETF Trust 10-K

Item 8. Financial Statements and Supplementary Data (Unaudited) Quarterly Income Statements Year Ended December 31, 2020 Three months ended Year ended (Amounts in 000's of US$, except for Share and per Share data) March 31 June 30 September 30 December 31 December 31 EXPENSES Sponsor's Fee $ 425 $ 500 $ 833 $ 923 $ 2,681 Less: Waiver of Sponsor’s Fee (Note 2.7) (142 ) (167 ) (278 ) (307 ) (894 ) Total expenses 283 333 555 616 1,787 Net investment loss (283 ) (333 ) (555 ) (616 ) (1,787 ) REALIZED AND UNREALIZED GAINS / (LOSSES) Realized (loss) / gain on silver transferred to pay expenses (3 ) (43 ) 84 136 174 Realized (loss) / gain on silver distributed for the redemption of Shares (112 ) (124 ) 3,029 1,953 4,746 Change in unrealized gain and loss on investment in silver (93,071 ) 103,126 160,261 87,763 258,079 Total (loss) / gain on investment in sliver (93,186 ) 102,959 163,374 89,852 262,999 Change in net assets from operations $ (93,469 ) $ 102,626 $ 162,819 $ 89,236 $ 261,212 Net increase / (decrease) in net assets per Share $ (3.95 ) $ 3.72 $ 5.06 $ 2.66 $ 8.93 Weighted average number of Shares 23,676,923 27,586,264 32,159,783 33,528,260 29,257,514 36 Year Ended December 31, 2019 Three months ended Year ended (Amounts in 000's of US$, except for Share and per Share data) March 31 June 30 September 30 December 31 December 31 EXPENSES Sponsor's Fee $ 375 $ 369 $ 424 $ 463 $ 1,631 Less: Waiver of Sponsor's Fee (Note 2.7) (125 ) (123 ) (141 ) (155 ) (544 ) Total expenses 250 246 283 308 1,087 Net investment loss (250 ) (246 ) (283 ) (308 ) (1,087 ) REALIZED AND UNREALIZED GAINS / (LOSSES) Realized loss on silver transferred to pay expenses (44 ) (54 ) (37 ) (15 ) (150 ) Realized loss on silver distributed for the redemption of Shares (2,027 ) — — (222 ) (2,249 ) Change in unrealized (loss) / gain on investment in silver (5,500 ) 2,885 44,369 18,153 59,907 Total (loss) / gain on investment in silver (7,571 ) 2,831 44,332 17,916 57,508 Change in net assets from operations $ (7,821 ) $ 2,585 $ 44,049 $ 17,608 $ 56,421 Net (decrease) / increase in net assets per Share $ (0.35 ) $ 0.11 $ 1.90 $ 0.74 $ 2.45 Weighted average number of Shares 22,395,556 22,491,758 23,147,826 23,901,087 22,988,630 Note: Quarterly balances may not add to totals due to independent rounding. The financial statements required by Regulation S-X, together with the report of the Trust’s independent registered public accounting firm appear on pages F-1 to F-13 of this filing. 37 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure None.