abrdn Silver ETF Trust 10-K

Item 9A. Controls and Procedures The Trust maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in its Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and that such information is accumulated and communicated to the Chief Executive Officer and Chief Financial Officer of the Sponsor, and to the audit committee, as appropriate, to allow timely decisions regarding required disclosure. Under the supervision and with the participation of the Chief Executive Officer and the Chief Financial Officer of the Sponsor, the Sponsor conducted an evaluation of the Trust’s disclosure controls and procedures, as defined under Exchange Act Rules 13a-15(e) and 15d-15(e). Based on this evaluation, the Chief Executive Officer and the Chief Financial Officer of the Sponsor concluded that, as of December 31, 2020, the Trust’s disclosure controls and procedures were effective. Internal controls over financial reporting have been maintained throughout the Trust’s fiscal year ended December 31, 2020. There have been no changes that have materially affected, or are reasonably likely to materially affect, the Trust’s or Sponsor’s internal control over financial reporting. Management’s Report on Internal Control over Financial Reporting The Sponsor’s management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined under Exchange Act Rules 13a-15(f) and 15d-15(f). The Trust’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States. Internal control over financial reporting includes those policies and procedures that: (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the Trust’s assets; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that the Trust’s receipts and expenditures are being made only in accordance with appropriate authorizations; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Trust’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become ineffective because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. The Chief Executive Officer and Chief Financial Officer of the Sponsor assessed the effectiveness of the Trust’s internal control over financial reporting as of December 31, 2020. In making this assessment, they used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control—Integrated Framework (2013) . Their assessment included an evaluation of the design of the Trust’s internal control over financial reporting and testing of the operational effectiveness of its internal control over financial reporting. Based on their assessment and those criteria, the Chief Executive Officer and Chief Financial Officer of the Sponsor concluded that the Trust maintained effective internal control over financial reporting as of December 31, 2020. 38 KPMG LLP, the independent registered public accounting firm that audited and reported on the financial statements included in this Form 10-K, as stated in their report which is included herein, issued an attestation report on the effectiveness of the Trust’s internal control over financial reporting as of December 31, 2020. 39 Report of Independent Registered Public Accounting Firm To the Sponsor, Trustee and Shareholders Aberdeen Standard Silver ETF Trust: Opinion on Internal Control Over Financial Reporting We have audited Aberdeen Standard Silver ETF Trust’s (the Trust) internal control over financial reporting as of December 31, 2020, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the Trust maintained, in all material respects, effective internal control over financial reporting as of December 31, 2020, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the statements of assets and liabilities of the Trust, including the schedules of investments, as of December 31, 2020 and 2019, the related statements of operations and changes in net assets for each of the years in the three-year period ended December 31, 2020, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the three-year period ended December 31, 2020, and our report dated February 26, 2021 expressed an unqualified opinion on those financial statements and financial highlights. Basis for Opinion The Sponsor’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Trust’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Definition and Limitations of Internal Control Over Financial Reporting A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements and financial highlights for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements and financial highlights in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements and financial highlights. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. /s/ KPMG LLP New York, New York February 26, 2021 40 Item 9B. Other Information Not applicable. 41 PART III Item 10. Directors, Executive Officers and Corporate Governance The Trust has no directors or executive officers. The biographies of the President and Chief Executive Officer of the Sponsor and the Chief Financial Officer and Treasurer of the Sponsor are set out below: Christopher Demetriou – President and Chief Executive Officer Mr. Demetriou is Chief Executive Officer – Americas for ASII. Mr. Demetriou is a member of the Group Executive Committee as well as several other committees within the organization. Mr. Demetriou is based in Philadelphia and is responsible for Aberdeen Standard Investments’ operations across North and South America. Mr. Demetriou previously held the position of Deputy Chief Executive Officer – Americas for ASII from December 2016 to April 2018, Chief Financial Officer – Americas from January 2016 to December 2016, and Head of Finance – Americas from June 2014 to January 2016. Mr. Demetriou joined ASII in June 2014, as a result of Aberdeen’s acquisition of SVG, a FTSE 250 private equity investor based in London. While at SVG, from June 2010 to June 2014, Mr. Demetriou was Group Financial Controller and Deputy Head of Strategy. Prior to joining SVG, Mr. Demetriou worked at Ernst and Young, specializing in Asset and Wealth Management audits and transactions. Mr. Demetriou is a Chartered Accountant and has a BA in Politics from the University of York in England. Andrea Melia – Chief Financial Officer and Treasurer Ms. Melia is Vice President and Head of Fund Operations, Traditional Assets – Americas for ASII. Ms. Melia has managed the fund administration team since joining ASII in September 2009. Prior to joining ASII, Ms. Melia was Director of fund administration and accounting oversight for Princeton Administrators LLC, a division of BlackRock Inc. and had worked with Princeton Administrators since 1992. Ms. Melia holds a BS in Accounting from University of Scranton and a MBA from Rider University. As described under Item 1 above, ASII is the parent of the Sponsor. Item 11. Executive Compensation The Trust has no directors or executive officers. The only ordinary expense paid by the Trust is the Sponsor’s Fee. Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters Security Ownership of Certain Beneficial Owners There are no persons known by the Trust to own directly or indirectly beneficially more than 5% of the outstanding Shares of the Trust. Security Ownership of Management Not applicable. Change in Control Neither the Sponsor nor the Trustee knows of any arrangements which may subsequently result in a change in control of the Trust. 42 Item 13. Certain Relationships and Related Transactions, and Director Independence The Trust has no directors or executive officers. 43 Item 14. Principal Accounting Fees and Services Fees for services performed by KPMG LLP for the years ended December 31, 2020 and 2019 December 31, 2020 December 31, 2019 Audit fees – KPMG $ 77,825 $ 72,900 Audit related fees – KPMG 10,000 — $ 87,825 $ 72,900 Audit Fees are fees paid by the Sponsor to KPMG LLP for professional services for the audit of the Trust’s financial statements included in the Form 10-K and review of financial statements included in the Form 10-Qs, and for services that are normally provided by the accountants in connection with regulatory filings or engagements. Audit Related Fees are paid by the Sponsor to KPMG LLP for assurance and related services that are reasonably related to the performance of the audit or review of the Trust’s financial statements. These services include the accountant providing a consent letter related to the Trust's registration statement filing. Pre-Approval Policies and Procedures As referenced in Item 10 above, the Trust has no board of directors, and as a result, has no pre-approval policies or procedures with respect to fees paid to KPMG LLP. Such determinations are made by the Sponsor. 44 PART IV Item 15. Exhibits, Financial Statement Schedules 1. Financial Statements See Index to financial statements on Page F-1 for a list of the financial statements being filed herein. 2. Financial Statement Schedules Schedules have been omitted since they are either not required, not applicable, or the information has otherwise been included. 3. Exhibits Exhibit No. Description 4.1(a) Depositary Trust Agreement, incorporated by reference to Exhibit 4.1 filed with Registration Statement No. 333-156307 on July 21, 2009 4.1(b) Amendment to the Depositary Trust Agreement effective October 1, 2018 4.2 Form of Authorized Participant Agreement, effective as of September 5, 2017, incorporated by reference to Exhibit 4.2 filed with the Trust’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2017. 4.3 Global Certificate, incorporated by reference to Exhibit 4.3 filed with Registration Statement No. 333-156307 on July 21, 2009 10.1 Allocated Account Agreement, incorporated by reference to Exhibit 10.1 filed with the Trust’s Current Report on Form 8-K on March 29, 2019 10.2 Unallocated Account Agreement, incorporated by reference to Exhibit 10.2 filed with the Trust’s Current Report on Form 8-K on March 29, 2019 10.3 Depository Agreement, incorporated by reference to Exhibit 10.3 filed with Registration Statement No. 333-156307 on July 21, 2009 10.4(a) Marketing Agent Agreement, incorporated by reference to Exhibit 10.4 filed with Registration Statement No 333-156307 on July 21, 2009 10.4(b) Novation of and Amendment No. 1 to the Marketing Agent Agreement effective October 1, 2018 99.1 Novation Agreement, incorporated by reference to Exhibit 99.1 filed with Commission File No. 001-34412 on December 18, 2014 23.1 Consent of KPMG LLP, Independent Registered Public Accounting Firm 31.1 Chief Executive Officer’s Certificate, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 31.2 Chief Financial Officer’s Certificate, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 32.1 Chief Executive Officer’s Certificate, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 32.2 Chief Financial Officer’s Certificate, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 101 The following financial statements from the Trust’s Annual Report on Form 10-K for the year ended December 31, 2020, formatted in Inline XBRL: (i) Statements of Assets and Liabilities, (ii) Statements of Operations, (iii) Statements of Changes in Net Assets, and (iv) Notes to the Financial Statements. 101.SCH XBRL Taxonomy Extension Schema Document 101.CAL XBRL Taxonomy Extension Calculation Document 101.DEF XBRL Taxonomy Extension Definitions Document 101.LAB XBRL Taxonomy Extension Labels Document 101.PRE XBRL Taxonomy Extension Presentation Document 104 The cover page from the Trust’s Annual Report on Form 10-K for the year ended December 31, 2020, formatted in Inline XBRL (included as Exhibit 101). 45 Item 16. Form 10-K Summary Not applicable. 46 ABERDEEN STANDARD SILVER ETF TRUST FINANCIAL STATEMENTS AS OF DECEMBER 31, 2020 INDEX Page Report of Independent Registered Public Accounting Firm F-2 Statements of Assets and Liabilities at December 31, 2020 and 2019 F-3 Schedules of Investments at December 31, 2020 and 2019 F-4 Statements of Operations for the years ended December 31, 2020, 2019 and 2018 F-5 Statements of Changes in Net Assets for the years ended December 31, 2020, 2019 and 2018 F-6 Financial Highlights for the years ended December 31, 2020, 2019 and 2018 F-7 Notes to the Financial Statements F-8 F- 1 Report of Independent Registered Public Accounting Firm To the Sponsor, Trustee and Shareholders Aberdeen Standard Silver ETF Trust: Opinion on the Financial Statements We have audited the accompanying statements of assets and liabilities of Aberdeen Standard Silver ETF Trust (the Trust), including the schedules of investments, as of December 31, 2020 and 2019, the related statements of operations and changes in net assets for each of the years in the three-year period ended December 31, 2020, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the three-year period ended December 31, 2020. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Trust as of December 31, 2020 and 2019, and the results of its operations and the changes in its net assets, for each of the years in the three-year period ended December 31, 2020, and the financial highlights for each of the years in the three-year period ended December 31, 2020, in conformity with U.S. generally accepted accounting principles. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Trust’s internal control over financial reporting as of December 31, 2020, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 26, 2021 expressed an unqualified opinion on the effectiveness of the Trust’s internal control over financial reporting. Basis for Opinion These financial statements and financial highlights are the responsibility of the Sponsor’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion. Critical Audit Matter The critical audit matter communicated below is a matter arising from the current period audit of the financial statements and financial highlights that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and the financial highlights and (2) involved our especially challenging, subjective, or complex judgment. The communication of a critical audit matter does not alter in any way our opinion on the financial statements and the financial highlights, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates. Evaluation of the Evidence Pertaining to the Existence of the Silver Holdings As presented on the December 31, 2020 schedule of investments, the fair value of the Trust’s investment in silver was $863.88 million, representing 100% of the Trust’s total assets, and 32,617,862 ounces of silver holdings. The investment in silver is held by a third-party custodian (the custodian). We identified the evaluation of the evidence pertaining to the existence of the silver holdings as a critical audit matter. Given the nature and volume of the silver holdings, subjective auditor judgment was required to evaluate the extent and nature of evidence obtained to assess the existence of silver held by the custodian. The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls over the Trust’s silver holdings process, including controls over (1) the comparison of the Trust’s records of silver held to the custodian’s records, (2) the approval of silver deposits and withdrawals by the trustee of the Trust and (3) the roll forward of silver holdings from the date of the Trust’s most recent physical inspection through December 31, 2020. We obtained a schedule directly from the custodian of the Trust’s silver holdings held by the custodian as of December 31, 2020. We compared the total ounces on such schedule to the Trust’s record of silver holdings. We also tested the Trust’s roll forward of silver holdings from August 14, 2020 (the date of the Trust’s most recent physical inspection performed at the custodian’s locations by a third party engaged by the Trust’s sponsor (the inspector)) through December 31, 2020 by (1) agreeing the Trust’s records of silver holdings as of the last inspection date to the inspector’s and/or custodian’s records, (2) agreeing silver holdings transactions to order confirmations and trade tickets, and (3) comparing the Trust’s expected holdings to the schedule obtained directly from the custodian of the Trust’s silver holdings at December 31, 2020. We have served as the Trust’s auditor since 2015. /s/ KPMG LLP New York, New York February 26, 2021 F- 2 ABERDEEN STANDARD SILVER ETF TRUST Statements of Assets and Liabilities At December 31, 2020 and 2019 December 31, 2020 December 31, 2019 (Amounts in 000’s of US$, except for Share and per Share data) ASSETS Investment in silver (cost: December 31, 2020: $ 608,877 ; December 31, 2019: $ 422,010 ) $ 863,884 $ 418,938 Total assets 863,884 418,938 LIABILITIES Fees payable to Sponsor 220 107 Silver payable – 11,367 Total liabilities 220 11,474 NET ASSETS (1) $ 863,664 $ 407,464 (1) Authorized share capital is unlimited with no par value per Share. Shares issued and outstanding at December 31, 2020 were 33,750,000 and at December 31, 2019 were 23,300,000 . Net asset values per Share at December 31, 2020 and December 31, 2019 were $ 25.59 and $ 17.49 , respectively. See Notes to the Financial Statements F- 3 ABERDEEN STANDARD SILVER ETF TRUST Schedules of Investments At December 31, 2020 and 2019 December 31, 2020 Description oz Cost Fair Value % of Net Assets Investment in silver (in 000’s of US$, except for oz and percentage data) Silver 32,617,862.0 $ 608,877 $ 863,884 100.03 % Total investment in silver 32,617,862.0 $ 608,877 $ 863,884 100.03 % Less liabilities ( 220 ) ( 0.03 )% Net Assets $ 863,664 100.00 % December 31, 2019 Description oz Cost Fair Value % of Net Assets Investment in silver (in 000’s of US$, except for oz and percentage data) Silver 23,216,266.6 $ 422,010 $ 418,938 102.82 % Total investment in silver 23,216,266.6 $ 422,010 $ 418,938 102.82 % Less liabilities ( 11,474 ) ( 2.82 )% Net Assets $ 407,464 100.00 % See Notes to the Financial Statements F- 4 ABERDEEN STANDARD SILVER ETF TRUST Statements of Operations For the years ended December 31, 2020, 2019, and 2018 Year Ended December 31, 2020 Year Ended December 31, 2019 Year Ended December 31, 2018 (Amounts in 000’s of US$, except for Share and per Share data) EXPENSES Sponsor’s Fee $ 2,681 $ 1,631 $ 1,477 Less: Waiver ( 894 ) ( 544 ) ( 492 ) Total expenses 1,787 1,087 985 Net investment loss ( 1,787 ) ( 1,087 ) ( 985 ) REALIZED AND UNREALIZED GAINS / (LOSSES) Realized gain / (loss) on silver transferred to pay expenses 174 ( 150 ) ( 179 ) Realized gain / (loss) on silver distributed for the redemption of Shares 4,746 ( 2,249 ) ( 4,374 ) Change in unrealized gain / (loss) on investment in silver 258,079 59,907 ( 22,626 ) Total gain / (loss) on investment in silver 262,999 57,508 ( 27,179 ) Change in net assets from operations $ 261,212 $ 56,421 $ ( 28,164 ) Net increase / (decrease) in net assets per Share $ 8.93 $ 2.45 $ ( 1.31 ) Weighted average number of Shares 29,257,514 22,988,630 21,487,534 See Notes to the Financial Statements F- 5 ABERDEEN STANDARD SILVER ETF TRUST Statements of Changes in Net Assets For the years ended December 31, 2020, 2019 and 2018 Year Ended December 31, 2020 (Amounts in 000’s of US$, except for Share data) Shares Amount Opening balance at January 1, 2020 23,300,000 $ 407,464 Net investment loss ( 1,787 ) Realized gain on investment in silver 4,920 Change in unrealized gain on investment in silver 258,079 Change in unrealized (loss) on unsettled creations or redemptions ( 84 ) Creations 11,500,000 218,306 Redemptions ( 1,050,000 ) ( 23,234 ) Closing balance at December 31, 2020 33,750,000 $ 863,664 Year Ended December 31, 2019 (Amounts in 000’s of US$, except for Share data) Shares Amount Opening balance at January 1, 2019 22,600,000 $ 339,734 Net investment loss ( 1,087 ) Realized (loss) on investment in silver ( 2,399 ) Change in unrealized gain on investment in silver 59,907 Change in unrealized gain on unsettled creations or redemptions 84 Creations 2,250,000 36,430 Redemptions ( 1,550,000 ) ( 25,205 ) Closing balance at December 31, 2019 23,300,000 $ 407,464 Year Ended December 31, 2018 (Amounts in 000’s of US$, except for Share data) Shares Amount Opening balance at January 1, 2018 21,350,000 $ 351,051 Net investment loss ( 985 ) Realized (loss) on investment in silver ( 4,553 ) Change in unrealized (loss) on investment in silver ( 22,626 ) Creations 3,000,000 44,194 Redemptions ( 1,750,000 ) ( 27,347 ) Closing balance at December 31, 2018 22,600,000 $ 339,734 See Notes to the Financial Statements F- 6 ABERDEEN STANDARD SILVER ETF TRUST Financial Highlights For the years ended December 31, 2020, 2019 and 2018 Year Ended December 31, 2020 Year Ended December 31, 2019 Year Ended December 31, 2018 Per Share Performance (for a Share outstanding throughout the entire period) Net asset value per Share at beginning of period $ 17.49 $ 15.03 $ 16.44 Income from investment operations: Net investment loss ( 0.06 ) ( 0.05 ) ( 0.05 ) Total realized and unrealized gains or losses on investment in silver 8.16 2.51 ( 1.36 ) Change in net assets from operations 8.10 2.46 ( 1.41 ) Net asset value per Share at end of period $ 25.59 $ 17.49 $ 15.03 Weighted average number of Shares 29,257,514 22,988,630 21,487,534 Expense ratio (1) 0.30 % 0.30 % 0.30 % Net investment loss ratio ( 0.30 )% ( 0.30 )% ( 0.30 )% Total return, net asset value 46.31 % 16.37 % ( 8.58 )% (1) The expense ratio is calculated net of the voluntary waiver (refer to Note 2.7). The Gross Expense Ratio is 0.45 %. See Notes to the Financial Statements F- 7 ABERDEEN STANDARD SILVER ETF TRUST Notes to the Financial Statements 1. Organization The Aberdeen Standard Silver ETF Trust (the “Trust”) is a common law trust formed on July 20, 2009 (the "Date of Inception”) under New York law pursuant to a depositary trust agreement (the “Trust Agreement”) executed by Aberdeen Standard Investments ETFs Sponsor LLC (the “Sponsor”) and The Bank of New York Mellon as Trustee (the “Trustee”). The Trust holds silver bullion and issues Aberdeen Standard Physical Silver Shares ETF (“Shares”) in minimum blocks of 50,000 Shares (also referred to as “Baskets”) in exchange for deposits of silver and distributes silver in connection with the redemption of Baskets. Shares represent units of fractional undivided beneficial interest in and ownership of the Trust which are issued by the Trust. The Sponsor is a Delaware limited liability company and a wholly-owned subsidiary of Aberdeen Standard Investments Inc. (“ASII”). ASII is a wholly-owned indirect subsidiary of Standard Life Aberdeen plc. The Trust is governed by the Trust Agreement. The investment objective of the Trust is for the Shares to reflect the performance of the price of silver, less the Trust’s expenses and liabilities. The Trust is designed to provide an individual owner of beneficial interests in the Shares (a “Shareholder”) an opportunity to participate in the silver market through an investment in securities. 2. Significant Accounting Policies The preparation of financial statements in accordance with U.S. GAAP requires those responsible for preparing financial statements to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Trust. 2.1. Basis of Accounting The Sponsor has determined that the Trust falls within the scope of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946, Financial Services—Investment Companies , and has concluded that for reporting purposes, the Trust is classified as an Investment Company. The Trust is not registered as an investment company under the Investment Company Act of 1940 and is not required to register under such act. 2.2. Valuation of Silver The Trust follows the provisions of ASC 820, Fair Value Measurement (“ASC 820”). ASC 820 provides guidance for determining fair value and requires increased disclosure regarding the inputs to valuation techniques used to measure fair value. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Effective March 29, 2019, the Trust’s silver is held by JPMorgan Chase Bank, N.A. (the “Custodian”). Prior to March 29, 2019, the Trust’s silver was held by HSBC Bank plc. Silver may also be held by another firm selected by the Custodian to hold the Trust's silver in the Trust's allocated account in the firm's vault premises on a segregated basis and whose appointment has been approved by the Sponsor. At December 31, 2020, none of the Trust's silver was held by a sub-custodian. Silver is recorded at fair value. The cost of silver is determined according to the average cost method and the fair value is based on the LBMA Silver Price. Realized gains and losses on transfers of silver, or silver distributed for the redemption of Shares, are calculated on a trade date basis as the difference between the fair value and average cost of silver transferred. F- 8 ABERDEEN STANDARD SILVER ETF TRUST The ICE Benchmark Administration (“IBA”) conducts an electronic, over-the-counter silver auction in London, England to establish a fixing price for an ounce of silver once each trading day, which is disseminated by major market vendors (the “LBMA Silver Price”). The LBMA Silver Price is established by the LBMA-authorized bullion banks and market makers participating in the auction. Once the value of silver has been determined, the net asset value (the “NAV”) is computed by the Trustee by deducting all accrued fees, expenses and other liabilities of the Trust, including the remuneration due to the Sponsor (the “Sponsor’s Fee”), from the fair value of the silver and all other assets held by the Trust. The Trust recognizes changes in fair value of the investment in silver as changes in unrealized gains or losses on investment in silver through the Statement of Operations. The per Share amount of silver exchanged for a purchase or redemption is calculated daily by the Trustee, using the LBMA Silver Price to calculate the silver amount in respect of any liabilities for which covering silver sales have not yet been made, and represents the per Share amount of silver held by the Trust, after giving effect to its liabilities, to cover expenses and liabilities and any losses that may have occurred. Fair Value Hierarchy ASC 820 establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs are as follows: – Level 1. Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access. – Level 2. Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments and similar data. – Level 3. Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Trust’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The investment in silver is classified as a level 1 asset, as the value of the Trust’s investment in silver is calculated using unadjusted quoted prices from primary market sources. F- 9 ABERDEEN STANDARD SILVER ETF TRUST The categorization of the Trust’s assets is as shown below: (Amounts in 000's of US$) December 31, 2020 December 31, 2019 Level 1 Investment in silver $ 863,884 $ 418,938 Based on its continuous assessment of the valuation techniques used to value the Trust's silver, the Sponsor determined that the inputs used in determining the value of the Trust's silver are more representative of Level 1 inputs, rather than Level 2 inputs. Therefore, all of the Trust's silver was transferred from Level 2 to Level 1 at December 31, 2020. The December 31, 2019 information has been reclassified to level 1 for comparative purposes. 2.3. Silver Receivable and Payable Silver receivable or payable represents the quantity of silver covered by contractually binding orders for the creation or redemption of Shares respectively, where the silver has not yet been transferred to or from the Trust’s account. Generally, ownership of silver is transferred within two business days of the trade date. At December 31, 2020, the Trust had no silver receivable or payable for the creation or redemption of Shares. At December 31, 2019, the Trust had no silver receivable for the creation of shares and $ 11,367,104 of silver payable for the redemption of Shares. 2.4. Creations and Redemptions of Shares The Trust expects to create and redeem Shares from time to time, but only in one or more Baskets (a Basket equals a block of 50,000 Shares). The Trust issues Shares in Baskets to Authorized Participants on an ongoing basis. Individual investors cannot purchase or redeem Shares in direct transactions with the Trust. An Authorized Participant is a person who (1) is a registered broker-dealer or other securities market participant such as a bank or other financial institution which is not required to register as a broker-dealer to engage in securities transactions; (2) is a participant in The Depository Trust Company; (3) has entered into an Authorized Participant Agreement with the Trustee and the Sponsor; and (4) has established an Authorized Participant Unallocated Account with the Trust’s Custodian or other silver bullion clearing bank to effect transactions in silver bullion. An Authorized Participant Agreement is an agreement entered into by each Authorized Participant, the Sponsor and the Trustee which provides the procedures for the creation and redemption of Baskets and for the delivery of the silver required for such creations and redemptions. An Authorized Participant Unallocated Account is an unallocated silver account established with the Custodian or a silver bullion clearing bank by an Authorized Participant. The creation and redemption of Baskets is only made in exchange for the delivery to the Trust or the distribution by the Trust of the amount of silver represented by the Baskets being created or redeemed, the amount of which is based on the combined NAV of the number of Shares included in the Baskets being created or redeemed determined on the day the order to create or redeem Baskets is properly received. Authorized Participants may, on any business day, place an order with the Trustee to create or redeem one or more Baskets. The typical settlement period for Shares is two business days. In the event of a trade date at period end, where a settlement is pending, a respective account receivable and/or payable will be recorded. When silver is exchanged in settlement of a redemption, it is considered a sale of silver for financial statement purposes. The amount of silver represented by the Baskets created or redeemed can only be settled to the nearest 1/1000th of an ounce. As a result, the value attributed to the creation or redemption of Shares may differ from the value of silver to be delivered or distributed by the Trust. In order to ensure that the correct amount of silver is available at all times to back the Shares, the Sponsor accepts an adjustment to its management fees in the event of any shortfall or excess on each transaction. For each transaction, this amount is not more than 1/1000th of an ounce of silver. As the Shares of the Trust are subject to redemption at the option of Authorized Participants, the Trust has classified the outstanding Shares as Net Assets. Changes in the number of Shares outstanding are presented in the Statement of Changes in Net Assets. F- 10 ABERDEEN STANDARD SILVER ETF TRUST 2.5. Income Taxes The Trust is classified as a “grantor trust” for U.S. federal income tax purposes. As a result, the Trust itself will not be subject to U.S. federal income tax. Instead, the Trust’s income and expenses will “flow through” to the Shareholders, and the Trustee will report the Trust’s proceeds, income, deductions, gains, and losses to the Internal Revenue Service on that basis. The Sponsor has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined that no reserves for uncertain tax positions are required as of December 31, 2020 and December 31, 2019. 2.6. Investment in Silver Changes in ounces of silver and their respective values for the years ended December 31, 2020 and 2019 are set out below: Year Ended December 31, 2020 Year Ended December 31, 2019 (Amounts in 000's of US$, except for ounces data) Ounces of silver Opening balance 23,216,266.6 21,973,640.6 Creations 11,129,847.0 2,183,968.2 Redemptions ( 1,645,663.9 ) ( 874,529.4 ) Transfers of silver to pay expenses ( 82,587.7 ) ( 66,812.8 ) Closing balance 32,617,862.0 23,216,266.6 Investment in silver Opening balance $ 418,938 $ 339,822 Creations 218,306 36,430 Redemptions ( 34,601 ) ( 13,838 ) Realized gain on silver distributed for the redemption of Shares 4,746 ( 2,249 ) Transfers of silver to pay expenses ( 1,674 ) ( 1,068 ) Realized gain on silver transferred to pay expenses 174 ( 150 ) Change in unrealized gain on investment in silver 258,079 59,907 Change in unrealized gain on unsettled creations or redemptions ( 84 ) 84 Closing balance $ 863,884 $ 418,938 2.7. Expenses / Realized Gains / Losses The primary expense of the Trust is the Sponsor’s Fee, which is paid by the Trust through in-kind transfers of silver to the Sponsor. The Trust will transfer silver to the Sponsor to pay the Sponsor’s Fee that accrues daily at an annualized rate equal to 0.45 % of the adjusted net asset value (“ANAV”) of the Trust, paid monthly in arrears. Presently, the Sponsor is continuing to voluntarily waive a portion of its fee and reduce the Sponsor’s Fee to 0.30 % (which it has done since the Date of Inception). The Sponsor has agreed to assume administrative and marketing expenses incurred by the Trust, including the Trustee’s monthly fee and out of pocket expenses, the Custodian’s fee and the reimbursement of the Custodian’s expenses, exchange listing fees, United States Securities and Exchange Commission (the “SEC”) registration fees, printing and mailing costs, audit fees and up to $ 100,000 per annum in legal expenses. F- 11 ABERDEEN STANDARD SILVER ETF TRUST For the years ended December 31, 2020, 2019 and 2018, the Sponsor’s Fee, net of fees waived by the Sponsor, was $ 1,787,310 , $ 1,087,303 and $ 984,811 , respectively. At December 31, 2020 and at December 31, 2019, the fees payable to the Sponsor were $ 219,813 and $ 106,796 , respectively. As a result of the waiver, the Sponsor’s Fee waived for the year ending December 31, 2020, 2019, and 2018 was $ 893,655 , $ 543,652 and $ 492,406 , respectively. With respect to expenses not otherwise assumed by the Sponsor, the Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust’s silver as necessary to pay these expenses. When selling silver to pay expenses, the Trustee will endeavor to sell the smallest amounts of silver needed to pay these expenses in order to minimize the Trust’s holdings of assets other than silver. Other than the Sponsor’s Fee, the Trust had no expenses during the years ended December 31, 2020, 2019 and 2018. Unless otherwise directed by the Sponsor, when selling silver the Trustee will endeavor to sell at the price established by the LME PM Fix. The Trustee will place orders with dealers (which may include the Custodian) through which the Trustee expects to receive the most favorable price and execution of orders. The Custodian may be the purchaser of such silver only if the sale transaction is made at the next LBMA PM Silver Price or such other publicly available price that the Sponsor deems fair, in each case as set following the sale order. A gain or loss is recognized based on the difference between the selling price and the average cost of the silver sold. Neither the Trustee nor the Sponsor is liable for depreciation or loss incurred by reason of any sale. Realized gains and losses result from the transfer of silver for Share redemptions and / or to pay expenses and are recognized on a trade date basis as the difference between the fair value and average cost of silver transferred. 2.8. Subsequent Events In accordance with the provisions set forth in FASB ASC 855-10, Subsequent Events , the Trust’s management has evaluated the possibility of subsequent events impacting the Trust’s financial statements through the filing date. During this period, no material subsequent events requiring adjustment to or disclosure in the financial statements were identified. 3. Related Parties The Sponsor and the Trustee are considered to be related parties to the Trust. The Trustee and the Custodian and their affiliates may from time to time act as Authorized Participants and purchase or sell Shares for their own account, as agent for their customers and for accounts over which they exercise investment discretion. In addition, the Trustee and the Custodian and their affiliates may from time to time purchase or sell silver directly, for their own account, as agent for their customers and for accounts over which they exercise investment discretion. The Trustee’s and Custodian’s fees are paid by the Sponsor and are not separate expenses of the Trust. 4. Concentration of Risk The Trust’s sole business activity is the investment in silver, and substantially all the Trust’s assets are holdings of silver, which creates a concentration of risk associated with fluctuations in the price of silver. Several factors could affect the price of silver, including: (i) silver supply and demand, which is influenced by factors such as forward selling by silver producers, purchases made by silver producers to unwind silver hedge positions, central bank purchases and sales, and production and cost levels in major global silver-producing countries; (ii) investors’ expectations with respect to the rate of inflation; (iii) currency exchange rates; (iv) interest rates; (v) investment and trading activities of hedge funds and commodity funds; and (vi) global or regional political, economic or financial events and situations. In addition, there is no assurance that silver will maintain its long-term value in terms of purchasing power in the future. In the event that the price of silver declines, the Sponsor expects the value of an investment in the Shares to decline proportionately. Each of these events could have a material effect on the Trust’s financial position and results of operations. F- 12 ABERDEEN STANDARD SILVER ETF TRUST 5. Indemnification Under the Trust’s organizational documents, the Trustee (and its directors, employees and agents) and the Sponsor (and its members, managers, directors, officers, employees and affiliates) are indemnified by the Trust against any liability, cost or expense it incurs without gross negligence, bad faith, willful misconduct or willful malfeasance on its part and without reckless disregard on its part of its obligations and duties under the Trust’s organizational documents. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. F- 13 ABERDEEN STANDARD SILVER ETF TRUST SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned in the capacities thereunto duly authorized. ABERDEEN STANDARD INVESTMENTS ETFs SPONSOR LLC Date: February 26, 2021 /s/ Christopher Demetriou Christopher Demetriou * President and Chief Executive Officer (Principal Executive Officer) Date: February 26, 2021 /s/ Andrea Melia Andrea Melia * Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer) * The Registrant is a trust and the persons are signing in their capacities as officers of Aberdeen Standard Investments ETFs Sponsor LLC, the Sponsor of the Registrant.