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Item 1. Financial Statements

2021-08-06 compared with 2021-05-07 · 344 added, 293 removed, 68 unchanged (90% of the section changed)

Financial Statements

of Assets and Liabilities

March 31, 2021 (Unaudited) and December 31, 2020

in 000's of US$, except for Share and per Share data)

in silver (cost:

March 31, 2021:

Statements of Assets and Liabilities

At June 30, 2021 (Unaudited) and December 31, 2020

June 30, 2021

December 31, 2020

payable to Sponsor

share capital is unlimited with no par value per Share.

Shares issued and outstanding at March 31, 2021 were 38,250,000 and

at December 31, 2020 were 33,750,000 .

Net asset values per Share at March 31, 2021 and December 31, 2020 were $ 23.17 and $ 25.59 ,

respectively.

Notes to the Financial Statements

STANDARD SILVER ETF TRUST

of Investments

March 31, 2021 (Unaudited) and December 31, 2020

(Amounts in 000’s of US$, except for Share and per Share data)

Investment in silver (cost:

June 30, 2021:

December 31, 2020:

Fees payable to Sponsor

Silver payable

Total liabilities

NET ASSETS (1)

Authorized share capital is unlimited with no par value per Share.

Shares issued and outstanding at June 30, 2021 were 41,700,000 and at December 31, 2020 were 33,750,000 .

Net asset values per Share at June 30, 2021 and December 31, 2020 were $ 24.86 and $ 25.59 , respectively.

See Notes to the Financial Statements

ABERDEEN STANDARD SILVER ETF TRUST

Schedules of Investments

At June 30, 2021 (Unaudited) and December 31, 2020

June 30, 2021

% of Net Assets

Investment in

silver (in 000's of US$, except for oz and percentage data)

investment in silver

in silver (in 000’s of US$, except for oz and percentage data)

Total investment in silver

Less liabilities

December 31, 2020

% of Net Assets

Investment in silver (in 000's of US$, except for oz and percentage data)

in silver (in 000’s of US$, except for oz and percentage data)

Total investment in silver

Less liabilities

Notes to the Financial Statements

STANDARD SILVER ETF TRUST

of Operations (Unaudited)

the three months ended March 31, 2021 and 2020

See Notes to the Financial Statements

ABERDEEN STANDARD SILVER ETF TRUST

Statements of Operations (Unaudited)

For the three and six months ended June 30, 2021 and

Three Months Ended

March 31, 2021

June 30, 2021

Three Months Ended

March 31, 2020

June 30, 2020

Six Months Ended

June 30, 2021

Six Months Ended

June 30, 2020

(Amounts in 000’s of US$, except for Share and per Share data)

5 unchanged sentences

Realized gain / (loss) on silver distributed for the redemption of Shares

Change in unrealized (loss) on investment in silver

Change in unrealized gain / (loss) on investment in silver

Total gain/(loss) on investment in silver

3 unchanged sentences

Notes to the Financial Statements

STANDARD SILVER ETF TRUST

of Changes in Net Assets (Unaudited)

the three months ended March 31, 2021 and 2020

Three Months Ended

March 31, 2021

ABERDEEN STANDARD SILVER ETF TRUST

Statements of Changes in Net Assets (Unaudited)

For the three and six months ended June 30, 2021 and

Three Months Ended June 30, 2021

Three Months Ended June 30, 2020

(Amounts in 000’s of US$, except for Share data)

Opening balance at January 1, 2021

Opening balance

Net investment loss

Realized gain on investment in silver

Change in unrealized (loss) on investment in silver

( 1,700,000 )

Closing balance at March 31, 2021

Three Months Ended

March 31, 2020

Realized gain / (loss) on investment in silver

Change in unrealized gain on investment in silver

Closing balance

Six Months Ended June 30, 2021

Six Months Ended June 30, 2020

(Amounts in 000’s of US$, except for Share data)

Opening balance at January 1, 2020

Opening balance

Net investment loss

Realized (loss) on investment in silver

Change in unrealized (loss) on investment in silver

Realized gain / (loss) on investment in silver

Change in unrealized (loss)/gain on investment in silver

Change in unrealized (loss) on unsettled creations or redemptions

Closing balance at March 31, 2020

Notes to the Financial Statements

STANDARD SILVER ETF TRUST

Highlights (Unaudited)

the three months ended March 31, 2021 and 2020

( 1,950,000 )

Closing balance

See Notes to the Financial Statements

ABERDEEN STANDARD SILVER ETF TRUST

Financial Highlights (Unaudited)

For the three and six months ended June 30, 2021 and

Three Months Ended

March 31, 2021

June 30, 2021

Three Months Ended

March 31, 2020

June 30, 2020

Six Months Ended

June 30, 2021

Six Months Ended

June 30, 2020

Per Share Performance (for a Share outstanding throughout the entire period)

9 unchanged sentences

Total return, net asset value (3)

for periods less than one year.

The expense ratio

is calculated net of the voluntary waiver (refer to Note 2.7).

Annualized for periods less than one year.

The expense ratio is calculated net of the voluntary waiver (refer to Note 2.7).

The Gross Expense Ratio is 0.45 %.

is not annualized.

Notes to the Financial Statements

STANDARD SILVER ETF TRUST

to the Financial Statements (Unaudited)

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 is a wholly-owned indirect subsidiary of Standard Life Aberdeen

Total return is not annualized.

See Notes to the Financial Statements

ABERDEEN STANDARD SILVER ETF TRUST

Notes to the Financial Statements (Unaudited)

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 is a wholly-owned indirect

subsidiary of abrdn (formerly known as Standard Life Aberdeen) plc.

The Trust is governed by the Trust Agreement.

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.

The fiscal year end for the Trust

is December 31.

accompanying financial statements were prepared in accordance with the accounting principles generally accepted in the United

States of America (“U.S.

GAAP”) for interim financial information and with the instructions for Form 10-Q.

opinion of the Trust’s management, all adjustments (which consist of normal recurring adjustments) necessary to present

fairly the financial position and results of operations as of and for the three months ended March 31, 2021 and

for all periods presented have been made.

financial statements should be read in conjunction with the Trust’s Annual Report on Form 10-K for the fiscal year ended

December 31, 2020.

The results of operations for the three months ended March 31, 2021 are not necessarily indicative

of the operating results for the full year.

Accounting Policies

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.

June 25, 2021, Christopher Demetriou resigned as President and Chief Executive Officer of the Sponsor.

Demetriou had served as Principal

Executive Officer of the Registrant.

Effective June 25, 2021, Steven Dunn was appointed President and Chief Executive Officer of the Sponsor.

Dunn will serve as Principal Executive Officer of the Registrant.

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.

The fiscal year end for the Trust is December 31.

The accompanying financial statements were prepared in accordance

with the accounting principles generally accepted in the United States of America (“U.S.

GAAP”) for interim financial information

and with the instructions for Form 10-Q.

In the opinion of the Trust’s management, all adjustments (which consist of normal recurring

adjustments) necessary to present fairly the financial position and results of operations as of and for the six months ended June

30, 2021 and for all periods presented have been made.

These financial statements should be read in conjunction with

the Trust’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020.

The results of operations for the three

and six months ended June 30, 2021 are not necessarily indicative of the operating results for the full year.

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.

of Accounting

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.

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.

March 29, 2019, the Trust’s silver is held by JPMorgan Chase Bank, N.A.

The following is a summary of significant accounting policies followed

by the Trust.

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.

ABERDEEN STANDARD SILVER ETF TRUST

Notes to the Financial Statements (Unaudited)

Valuation of Silver

The Trust follows the provisions of ASC 820, Fair Value Measurement

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.

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

At March 31, 2021, none of the Trust's silver was held by a sub-custodian.

STANDARD SILVER ETF TRUST

to the Financial Statements (Unaudited)

of Silver (continued)

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.

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.

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.

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.

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.

Value Hierarchy

820 establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value.

The three levels of inputs

are as follows:

Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access.

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

prices for similar instruments and similar data.

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.

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.

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.

STANDARD SILVER ETF TRUST

to the Financial Statements (Unaudited)

of Silver (continued)

Trust’s investment in silver is classified as a level 1 asset, as its value is calculated using unadjusted

quoted prices from primary market sources.

categorization of the Trust’s assets is as shown below:

The Trust's 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.

30, 2021, approximately 99.99 % of the Trust’s silver was held by a sub-custodian.

The Trust's 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 London Bullion Market Association (“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.

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:

Unadjusted quoted prices

in active markets for identical assets or liabilities that the Trust has the ability to access.

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.

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

ABERDEEN STANDARD SILVER ETF TRUST

Notes to the Financial Statements (Unaudited)

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 Trust’s investment in silver is classified as a level 1

asset, as its value is calculated using unadjusted quoted prices from primary market sources.

The categorization of the Trust’s assets is as shown below:

(Amounts in 000’s of US$)

March 31, 2021

June 30, 2021

December 31, 2020

Investment in silver

There were no transfers between levels during the three months

ended March 31, 2021.

The Trust’s silver was transferred from Level 2 to Level 1 at December 31, 2020.

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 March 31, 2021, the Trust had no silver receivable or

payable for the creation or redemption of Shares.

At December 31, 2020, the Trust had no silver receivable or payable

for the creation of shares.

and Redemptions of Shares

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.

There were no transfers between levels during

the three months ended June 30, 2021.

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 June 30, 2021, the Trust had no

silver receivable for the creation of Shares and $ 6,214,330

of silver payable for the redemption of Shares.

At December 31, 2020, the Trust had no silver receivable

or payable for the creation or redemption of Shares.

Creations and Redemptions of

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 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.

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.

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.

STANDARD SILVER ETF TRUST

to the Financial Statements (Unaudited)

and Redemptions of Shares (continued)

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.

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 .

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.

ABERDEEN STANDARD SILVER ETF TRUST

Notes to the Financial Statements (Unaudited)

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.

of a trade date at period end, where a settlement is pending, a respective account receivable and/or payable will be recorded.

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.

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.

Trust is classified as a “grantor trust” for U.S.

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.

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.

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.

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 March 31, 2021 and December 31, 2020.

in ounces of silver and their respective values for the three months ended March 31, 2021 and 2020 are set

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 June 30, 2021 or December 31, 2020.

Investment in Silver

Changes in ounces of silver and their respective values

for the three and six months ended June 30, 2021 and 2020 are set out below:

Three Months Ended

March 31, 2021

June 30, 2021

Three Months Ended

March 31, 2020

June 30, 2020

(Amounts in 000’s of US$, except for ounces data)

1 unchanged sentence

Opening balance

Transfers of silver to pay expenses

Closing balance

Investment in silver

Opening balance

Realized gain / (loss) on silver distributed for the redemption of Shares

Transfers of silver to pay expenses

Realized gain / (loss) on silver transferred to pay expenses

Change in unrealized gain on investment in silver

Closing balance

ABERDEEN STANDARD SILVER ETF TRUST

Notes to the Financial Statements (Unaudited)

Six Months Ended

June 30, 2021

Six Months Ended

June 30, 2020

(Amounts in 000’s of US$, except for ounces data)

Ounces of silver

Opening balance

( 1,641,983.4 )

7 unchanged sentences

Realized gain / (loss) on silver transferred to pay expenses

Change in unrealized (loss) on investment in silver

Change in unrealized (loss) / gain on investment in silver

Closing balance

STANDARD SILVER ETF TRUST

to the Financial Statements (Unaudited)

/ 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

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 daily 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).

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.

the three months ended March 31, 2021 and 2020, the Sponsor’s Fee, net of fees waived by the Sponsor, was

$ 681,313 and $ 283,484 , respectively.

a result of the waiver, the Sponsor’s Fee waived for the three months March 31, 2021 and 2020 was $ 340,657 and $ 141,742 ,

respectively.

31, 2021 and at December 31, 2020, the fees payable to the Sponsor were $ 226,771 and $ 219,813 , respectively.

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 three months ended

March 31, 2021 and 2020.

otherwise directed by the Sponsor, when selling silver the Trustee will endeavor to sell at the price established by the

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.

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.

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.

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.

STANDARD SILVER ETF TRUST

to the Financial Statements (Unaudited)

Concentration

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;

Expenses / Realized Gains /

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 daily 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).

ABERDEEN STANDARD SILVER ETF TRUST

Notes to the Financial Statements (Unaudited)

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.

For the three months ended June 30, 2021 and 2020,

the Sponsor’s Fee, net of fees waived by the Sponsor, was $ 776,575 and $ 333,414 , respectively.

months ended June 30, 2021 and 2020, the Sponsor’s Fee, net of fees waived by the Sponsor, was $ 1,457,887 and $ 616,898 , respectively.

At June 30, 2021 and at December 31, 2020, the fees

payable to the Sponsor were $ 255,430 and $ 219,813 , respectively.

As a result of the waiver, the Sponsor’s Fee waived for

the three months ended June 30, 2021 and 2020 was $ 388,287 and $ 166,707 , respectively.

The Sponsor’s Fee waived for the six

month’s ended June 30, 2021, and 2020 was $ 728,943 and $ 308,449 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.

the Sponsor’s Fee, the Trust had no

expenses during the three and six months ended June 30, 2021 and 2020.

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.

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.

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.

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.

ABERDEEN STANDARD SILVER ETF TRUST

Notes to the Financial Statements (Unaudited)

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) global 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

(ii) investors’ expectations with respect to the rate of inflation;

(iii) currency exchange rates;

(iv) interest rates;

(iv) interest

(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.

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.

Indemnification

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.

STANDARD SILVER ETF TRUST

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

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.

ABERDEEN STANDARD SILVER ETF TRUST

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements