What changed in this filing

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Item 1. Financial Statements

2022-08-05 compared with 2022-05-09 · 325 added, 275 removed, 81 unchanged (88% of the section changed)

Financial Statements

of Assets and Liabilities

March 31, 2022 (Unaudited) and December 31, 2021

March 31, 2022

Statements of Assets and Liabilities

At June 30, 2022 (Unaudited) and December 31, 2021

June 30, 2022

December 31, 2021

1 unchanged sentence

Investment in silver (cost:

March 31, 2022:

June 30, 2022:

$ 1,040,982 ;

3 unchanged sentences

NET ASSETS (1)

share capital is unlimited with no par value per Share.

Shares issued and outstanding at March 31, 2022 were 50,500,000 and

at December 31, 2021 were 44,750,000 .

Net asset values per Share at March 31, 2022 and December 31, 2021 were $ 23.89 and $ 22.24 ,

respectively.

Notes to the Financial Statements

Silver ETF Trust

of Investments

March 31, 2022 (Unaudited) and December 31, 2021

March 31, 2022

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

Shares issued and outstanding at June 30, 2022 were 50,300,000 and at December 31, 2021 were 44,750,000 .

Net asset values per Share at June 30, 2022 and December 31, 2021 were $ 19.64 and $ 22.24 , respectively.

See Notes to the Financial Statements

abrdn Silver ETF Trust

Schedules of Investments

At June 30, 2022 (Unaudited) and December 31, 2021

June 30, 2022

% 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

5 unchanged sentences

Less liabilities

Notes to the Financial Statements

Silver ETF Trust

of Operations (Unaudited)

the three months ended March 31, 2022 and 2021

March 31, 2022

March 31, 2021

See Notes to the Financial Statements

abrdn Silver ETF Trust

Statements of Operations (Unaudited)

For the three and six months ended June 30, 2022 and

Three Months Ended

June 30, 2022

Three Months Ended

June 30, 2021

Six Months Ended

June 30, 2022

Six Months Ended

June 30, 2021

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

5 unchanged sentences

Realized gain on silver distributed for the redemption of Shares

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

Total gain / (loss) on investment in silver

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

Total (loss)/gain on investment in silver

Change in net assets from operations

$ ( 225,879 )

$ ( 153,530 )

Net increase / (decrease) in net assets per Share

1 unchanged sentence

Notes to the Financial Statements

Silver ETF Trust

of Changes in Net Assets (Unaudited)

the three months ended March 31, 2022 and 2021

Three Months Ended March 31, 2022

abrdn Silver ETF Trust

Statements of Changes in Net Assets (Unaudited)

For the three and six months ended June 30, 2022 and 2021

Three Months Ended June 30, 2022

Three Months Ended June 30, 2021

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

Opening balance at January 1, 2022

Opening balance

Net investment loss

Realized gain on investment in silver

Change in unrealized gain on investment in silver

Closing balance at March 31, 2022

Three Months Ended March 31, 2021

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

( 5,700,000 )

Closing balance

Six Months Ended June 30, 2022

Six Months Ended June 30, 2021

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

Opening balance at January 1, 2021

Opening balance

Net investment loss

2 unchanged sentences

( 5,700,000 )

Closing balance at March 31, 2021

Notes to the Financial Statements

Silver ETF Trust

Highlights (Unaudited)

the three months ended March 31, 2022 and 2021

( 1,950,000 )

Closing balance

See Notes to the Financial Statements

abrdn Silver ETF Trust

Financial Highlights (Unaudited)

For the three and six months ended June 30, 2022 and 2021

Three Months Ended

March 31, 2022

June 30, 2022

Three Months Ended

March 31, 2021

June 30, 2021

Six Months Ended

June 30, 2022

Six Months Ended

June 30, 2021

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

Silver ETF Trust

to the Financial Statements (Unaudited)

Silver ETF Trust (known as Aberdeen Standard Silver ETF Trust prior to March 31, 2022) (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 abrdn ETFs Sponsor LLC (known as Aberdeen Standard Investments ETFs

Sponsor LLC prior to March 1, 2022) (the “Sponsor”) and The Bank of New York Mellon as Trustee (the “Trustee”).

The Trust holds silver bullion and issues abrdn Physical Silver Shares ETF (known as Aberdeen Standard Physical

Silver Shares ETF prior to March 31, 2022) (“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

Shares represent units of fractional undivided beneficial interest in and ownership of the Trust which are issued by

Total return is not annualized.

See Notes to the Financial Statements

abrdn Silver ETF Trust

Notes to the Financial Statements (Unaudited)

The abrdn Silver ETF Trust (known as Aberdeen

Standard Silver ETF Trust prior to March 31, 2022) (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 abrdn ETFs Sponsor LLC (known as Aberdeen Standard Investments ETFs Sponsor LLC prior to March 1, 2022) (the “Sponsor”)

and The Bank of New York Mellon as Trustee (the “Trustee”).

The Trust holds silver bullion and issues abrdn

Physical Silver Shares ETF (known as Aberdeen Standard Physical Silver Shares ETF Shares ETF prior to March 31, 2022) (“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 abrdn Inc.

(known as Aberdeen

Standard Investments Inc.

as Aberdeen Standard Investments Inc.

prior to January 1, 2022).

2 unchanged sentences

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, 2022 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, 2021.

The results of operations for the three months ended March 31, 2022 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.

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 June 30, 2022,

and for the three and six month periods then ended 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, 2021.

The results of operations for the three and six months

ended June 30, 2022 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.

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.

Silver ETF Trust

to the Financial Statements (Unaudited)

Trust’s silver is held by JPMorgan Chase Bank, N.A.

(the “Custodian”).

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.

At March 31, 2022, approximately 95.82 % of

the Trust's silver was held by a sub-custodian.

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.

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

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.

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.

abrdn Silver ETF Trust

Notes to the Financial Statements (Unaudited)

The Trust’s silver is held by JPMorgan Chase Bank, N.A.

“Custodian”).

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.

At June 30, 2022, approximately 82.94 % 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.

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

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 available.

Silver ETF Trust

to the Financial Statements (Unaudited)

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.

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:

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 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.

abrdn Silver ETF Trust

Notes to the Financial Statements (Unaudited)

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

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, 2022

June 30, 2022

December 31, 2021

Investment in silver

There were no transfers between levels during the three months ended March 31, 2022 or the year ended December 31, 2021.

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, 2022, the Trust had no silver receivable or

payable for the creation or redemption of Shares.

At December 31, 2021, the Trust had no silver receivable or payable

for the creation or redemption 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.

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.

There were no transfers between levels during

the six months ended June 30, 2022 or the year ended December 31, 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

At June 30, 2022, the Trust had no silver receivable or payable for the creation or redemption of Shares.

31, 2021, the Trust had no silver receivable or payable for the creation or redemption of Shares.

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

Unallocated Account is an unallocated silver account established with the Custodian or a silver bullion clearing bank

by an Authorized Participant.

Silver ETF Trust

to the Financial Statements (Unaudited)

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.

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.

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

(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.

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.

is exchanged in settlement of a redemption, it is considered a sale of silver for financial statement purposes.

abrdn Silver ETF Trust

Notes to the Financial Statements (Unaudited)

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 Sponsor’s Fee 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.

federal income tax purposes.

As a result, the Trust itself will

not be subject to 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.

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.

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, 2022 or December 31, 2021.

Silver ETF Trust

to the Financial Statements (Unaudited)

in ounces of silver and their respective values for the three months ended March 31, 2022 and 2021 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, 2022 or December 31, 2021.

Investment in Silver

Changes in ounces of silver and their respective values for the

three and six months ended June 30, 2022 and 2021 are set out below:

Three Months Ended

June 30, 2022

Three Months Ended

June 30, 2021

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

9 unchanged sentences

Realized gain on silver transferred to pay expenses

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

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

Closing balance

/ 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, 2022 and 2021, the Sponsor's Fee, net of fees waived by the Sponsor, was $ 778,583 and $ 681,313 ,

abrdn Silver ETF Trust

Notes to the Financial Statements (Unaudited)

June 30, 2022

June 30, 2021

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

Ounces of silver

Opening balance

( 5,483,972.9 )

( 1,641,983.4 )

Transfers of silver to pay expenses

Closing balance

Investment in silver

Opening balance

Realized gain on silver distributed for the redemption of Shares

Transfers of silver to pay expenses

Realized gain on silver transferred to pay expenses

Change in unrealized (loss) on investment in silver

Closing balance

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 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).

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, 2022 and 2021, the

Sponsor’s Fee, net of fees waived by the Sponsor, was $ 843,504 and $ 776,575 , respectively.

months ended June 30, 2022 and 2021, the Sponsor’s Fee, net of fees waived by the Sponsor, was $ 1,622,086 and

$ 1,457,887 , respectively.

March 31, 2022 and at December 31, 2021, the fees payable to the Sponsor were $ 291,013 and $ 252,819 , respectively.

a result of the waiver, the Sponsor's Fee waived for the three months March 31, 2022 and 2021 was $ 389,290 and $ 340,657 , 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, 2022 and 2021.

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 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.

Silver ETF Trust

to the Financial Statements (Unaudited)

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.

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) 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 countries;

(ii) investors’ expectations with respect to the

rate of inflation;

At June 30, 2022 and at December 31, 2021, the fees payable

to the Sponsor were $ 242,062 and $ 252,819 , respectively.

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

months ended June 30, 2022 and 2021 was $ 421,452 and $ 388,287 , respectively.

The Sponsor’s Fee waived for

the six months ended June 30, 2022, and 2021 was $ 811,043 and $ 728,943 , respectively.

abrdn Silver ETF Trust

Notes to the Financial Statements (Unaudited)

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 three and six months ended June 30, 2022 and 2021.

Unless otherwise directed by the Sponsor, when selling silver

the Trustee will endeavor to sell at the price established by the LBMA.

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 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 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.

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 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;

(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.

these events could have a material effect on the Trust’s financial position and results of operations.

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.

abrdn Silver ETF Trust

Notes to the Financial Statements (Unaudited)

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.

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 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.

abrdn 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