What changed in this filing

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Item 2. Management’s Discussion and Analysis

2022-11-04 compared with 2022-08-05 · 124 added, 138 removed, 2 unchanged (99% of the section changed)

Management’s Discussion and Analysis of Financial

Condition and Results of Operations

This information should be read in conjunction with the financial

statements and notes to the financial statements included in Item 1 of Part 1 of this Form 10-Q.

The discussion and analysis that follows

may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of

the Securities Exchange Act of 1934, as amended, and within the Private Securities Litigation Reform Act of 1995, as amended.

These forward-looking

statements may relate to the Trust’s financial condition, operations, future performance and business.

These statements can be identified

by the use of the words “may”, “should”, “expect”, “plan”, “anticipate”, “believe”,

Management’s Discussion and Analysis of Financial Condition and Results of Operations

information should be read in conjunction with the financial statements and notes to the financial statements included in Item

1 of Part 1 of this Form 10-Q.

The discussion and analysis that follows may contain forward-looking statements within the meaning

of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended,

and within the Private Securities Litigation Reform Act of 1995, as amended.

These forward-looking statements may relate to the

Trust’s financial condition, operations, future performance and business.

These statements can be identified by the use

of the words “may”, “should”, “expect”, “plan”, “anticipate”, “believe”,

“estimate”, “predict”, “potential” or similar words and phrases.

These statements are based upon certain

assumptions and analyses the Sponsor has made based on its perception of historical trends, current conditions and expected future developments.

Neither the Trust nor the Sponsor is under a duty to update any of the forward-looking statements, to conform such statements to actual

results or to reflect a change in management’s expectations or predictions.

The Trust is a common law trust, formed under the laws of the state

of New York on July 20, 2009.

The Trust is not managed like a corporation or an active investment vehicle.

It does not have any officers,

directors, or employees and is administered by the Trustee pursuant to the Trust Agreement.

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.

It does not hold or trade in commodity

futures contracts, nor is it a commodity pool, or subject to regulation as a commodity pool operator or a commodity trading adviser in

connection with issuing Shares.

The Trust holds silver and is expected to issue Baskets in exchange

for deposits of silver and to distribute silver in connection with redemptions of Baskets.

Shares issued by the Trust represent

units of undivided beneficial interest in and ownership of the Trust.

The investment objective of the Trust is for the Shares to reflect

the performance of the price of silver, less the Trust’s expenses.

The Sponsor believes that, for many investors, the

Shares will represent a cost effective investment relative to traditional means of investing in silver.

The Trust issues and redeems Shares only with Authorized Participants

in exchange for silver and only in aggregations of 50,000 Shares or integral multiples thereof.

A list of current Authorized Participants

is available from the Sponsor or the Trustee.

Shares of the Trust trade on the New York Stock Exchange (the “NYSE”)

Arca under the symbol “SIVR”.

Valuation of Silver and Computation of Net Asset Value

On each day that the NYSE Arca is open for regular trading, as promptly

as practicable after 4:00 p.m.

New York time on such day (the “Evaluation Time”), the Trustee evaluates the silver held

by the Trust and determine both the ANAV and the NAV of the Trust.

At the Evaluation Time, the Trustee values the Trust’s

silver on the basis of that day’s LBMA Silver Price (the daily price of an ounce of silver as set at approximately 12:00 noon London,

England time by LBMA-authorized bullion banks or market makers in an electronic, over-the-counter auction conducted by the ICE Benchmark

Administration (“IBA”) and disseminated by major market vendors, or, if no LBMA Silver Price is made on such day or has not

been announced by the Evaluation Time, the next most recent LBMA Silver Price determined prior to the Evaluation Time is used, unless

the Sponsor determines that such price is inappropriate as a basis for evaluation.

In the event the Sponsor determines that the LBMA Silver

Price or such other publicly available price as the Sponsor may deem fairly represents the commercial value of the Trust’s silver

is not an appropriate basis for evaluation of the Trust’s silver, it shall identify an alternative basis for such evaluation to

be employed by the Trustee.

Once the value of the silver has been determined, the Trustee

subtracts all estimated accrued but unpaid fees (other than the fees accruing for such day on which the valuation takes place that are

computed by reference to the value of the Trust or its assets), expenses and other liabilities of the Trust from the total value of the

silver and all other assets of the Trust (other than any amounts credited to the Trust’s reserve account, if established).

The resulting

figure is the adjusted net asset value (the “ANAV”) of the Trust.

The ANAV of the Trust is used to compute the Sponsor’s

abrdn Silver ETF Trust

All fees accruing for the day on which the valuation takes place that

are computed by reference to the value of the Trust or its assets are calculated using the ANAV calculated for such day.

The Trustee subtracts

from the ANAV the amount of the accrued fees so computed for such day and the resulting figure is the NAV of the Trust.

The Trustee also

determines the NAV per Share by dividing the NAV of the Trust by the number of Shares outstanding as of the close of trading on the NYSE

Arca (which includes the net number of any Shares created or redeemed on such evaluation day).

The Trustee’s estimation of accrued but unpaid fees,

expenses and liabilities is conclusive upon all persons interested in the Trust and no revision or correction in any computation made

under the Trust Agreement will be required by reason of any difference in amounts estimated from those actually paid.

The NAV of the Trust is obtained by subtracting the

Trust’s liabilities on any day from the value of the silver owned and receivable by the Trust on that day;

the NAV per Share is

obtained by dividing the NAV of the Trust on a given day by the number of Shares outstanding on that day.

The Quarter Ended June

The Trust’s NAV decreased from $1,206,285,910

at March 31, 2022 to $987,726,374 June 30, 2022, an 18.12% decrease for the quarter.

The decrease in the Trust’s NAV resulted from

a decrease in outstanding Shares, which fell from 50,500,000 Shares at March 31, 2022 to 50,300,000 Shares at June 30, 2022, as a result

of 5,500,000 Shares (110 Baskets) being created and 5,700,000 Shares (114 Baskets) being redeemed during the quarter and a decrease in

the price per ounce of silver, which fell 17.73% from $24.82 at March 31, 2022 to $20.42 at June 30, 2022.

The NAV per Share decreased 17.79% from $23.89 at March

31, 2022 to $19.64 at June 30, 2022.

The Trust’s NAV per Share fell slightly more than the price per ounce of silver on a percentage

basis due to the Sponsor’s Fee, net of waiver, which was $843,504 for the quarter, or 0.30% of the Trust’s ANAV on an annualized

The NAV per Share of $24.94 at April 19, 2022 was the

highest during the quarter, compared with a low of $19.64 at June 30, 2022.

The decrease in net assets from operations for the

quarter ended June 30, 2022 was $225,878,172 resulting from a realized gain of $92,473 on the transfer of silver to pay expenses and a

realized gain on silver distributed for the redemption of Shares of $779,033, offset by a change in unrealized loss on investment in silver

of $225,906,174 and the Sponsor’s Fee, net of waiver, of $843,504.

Other than the Sponsor’s Fee, the Trust had no expenses

during the quarter ended June 30, 2022.

The Six Months Ended June 30, 2022

The Trust’s NAV decreased from $995,151,629 at

December 31, 2021 to $987,726,374 at June 30, 2022, a 0.75% decrease for the quarter.

The decrease in the Trust’s NAV resulted primarily

from a decrease in the price per ounce of silver, which dropped 11.56% from $23.09 at December 31, 2021 to $20.42 at June 30, 2022.

was an increase in outstanding Shares, which rose from 44,750,000 Shares at December 31, 2021 to 50,300,000 Shares at June 30, 2022, as

a result of 11,250,000 Shares (225 Baskets) being created and 5,700,000 Shares (114 Baskets) being redeemed.

The NAV per Share decreased 11.69% from $22.24 at December

31, 2021 to $19.64 at June 30, 2022.

The Trust’s NAV per Share decreased slightly more than the price per ounce of silver on a percentage

basis due to the Sponsor’s Fee, net of waiver, which was $1,622,086 for the period, or 0.30% of the Trust’s ANAV on an annualized

The NAV per Share of $25.20 at March 9, 2022 was the

highest during the quarter, compared with a low of $19.64 at June 30, 2022.

The decrease in net assets from operations for the

period ended June 30, 2022 was $153,529,345 resulting from a realized gain of $169,598 on the transfer of silver to pay expenses and a

realized gain of $779,033 on silver distributed for the redemption of Shares, offset by a change in unrealized loss on investment in silver

of $152,855,890 and the Sponsor’s Fee, net of waiver, of $1,622,086.

Other than the Sponsor’s Fee, the Trust had no expenses

during the six months ended June 30, 2022.

abrdn Silver ETF Trust

Liquidity & Capital Resources

The Trust is not aware of any trends, demands, commitments, events

or uncertainties that are reasonably likely to result in material changes to its liquidity needs.

In exchange for the Sponsor’s

Fee, the Sponsor has agreed to assume most of the expenses incurred by the Trust.

As a result, the only ordinary expense of the Trust

during the period covered by this report was the Sponsor’s Fee.

The Trustee will, at the direction of the Sponsor or in its own discretion,

sell the Trust’s silver as necessary to pay the Trust’s expenses not otherwise assumed by the Sponsor.

will not sell silver to pay the Sponsor’s Fee but will pay the Sponsor’s Fee through in-kind transfers of silver

to the Sponsor.

At June 30, 2022, the Trust did not have any cash balances.

Off-Balance Sheet Arrangements

The Trust has no off-balance sheet arrangements.

Critical Accounting Policies

The financial statements and accompanying notes are prepared in accordance

with accounting principles generally accepted in the United States of America.

The preparation of these financial statements relies on

estimates and assumptions that impact the Trust’s financial position and results of operations.

These estimates and assumptions

affect the Trust’s application of accounting policies.

Refer to Note 2 to the Financial Statements for further information on accounting

These statements are based

upon certain assumptions and analyses the Sponsor has made based on its perception of historical trends, current conditions and

expected future developments.

Neither the Trust nor the Sponsor is under a duty to update any of the forward-looking statements,

to conform such statements to actual results or to reflect a change in management’s expectations or predictions.

Trust is a common law trust, formed under the laws of the state of New York on July 20, 2009.

The Trust is not managed like

a corporation or an active investment vehicle.

It does not have any officers, directors, or employees and is administered by the

Trustee pursuant to the Trust Agreement.

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.

It does not hold or trade in commodity futures contracts, nor is it a

commodity pool, or subject to regulation as a commodity pool operator or a commodity trading adviser in connection with issuing

Trust holds silver and is expected to issue Baskets in exchange for deposits of silver and to distribute silver

in connection with redemptions of Baskets.

Shares issued by the Trust represent units of undivided beneficial interest in and

ownership of the Trust.

The investment objective of the Trust is for the Shares to reflect the performance of the price of silver,

less the Trust’s expenses.

The Sponsor believes that, for many investors, the Shares will represent a cost effective

investment relative to traditional means of investing in silver.

Trust issues and redeems Shares only with Authorized Participants in exchange for silver and only in aggregations of 50,000

Shares or integral multiples thereof.

A list of current Authorized Participants is available from the Sponsor or the Trustee.

of the Trust trade on the New York Stock Exchange (the “NYSE”) Arca under the symbol “SIVR”.

of Silver and Computation of Net Asset Value

each day that the NYSE Arca is open for regular trading, as promptly as practicable after 4:00 p.m.

New York time on such day

(the “Evaluation Time”), the Trustee evaluates the silver held by the Trust and determine both the ANAV and the

NAV of the Trust.

the Evaluation Time, the Trustee values the Trust’s silver on the basis of that day’s LBMA Silver Price (the daily

price of an ounce of silver as set at approximately 12:00 noon London, England time by LBMA-authorized bullion banks or market

makers in an electronic, over-the-counter auction conducted by the ICE Benchmark Administration (“IBA”) and disseminated

by major market vendors, or, if no LBMA Silver Price is made on such day or has not been announced by the Evaluation Time, the

next most recent LBMA Silver Price determined prior to the Evaluation Time is used, unless the Sponsor determines that such price

is inappropriate as a basis for evaluation.

In the event the Sponsor determines that the LBMA Silver Price or such other publicly

available price as the Sponsor may deem fairly represents the commercial value of the Trust’s silver is not an appropriate

basis for evaluation of the Trust’s silver, it shall identify an alternative basis for such evaluation to be employed by

the value of the silver has been determined, the Trustee subtracts all estimated accrued but unpaid fees (other than the

fees accruing for such day on which the valuation takes place that are computed by reference to the value of the Trust or its

assets), expenses and other liabilities of the Trust from the total value of the silver and all other assets of the Trust (other

than any amounts credited to the Trust’s reserve account, if established).

The resulting figure is the adjusted net asset

value (the “ANAV”) of the Trust.

The ANAV of the Trust is used to compute the Sponsor’s Fee.

fees accruing for the day on which the valuation takes place that are computed by reference to the value of the Trust or its assets

are calculated using the ANAV calculated for such day.

The Trustee subtracts from the ANAV the amount of the accrued fees so computed

for such day and the resulting figure is the NAV of the Trust.

The Trustee also determines the NAV per Share by dividing the NAV

of the Trust by the number of Shares outstanding as of the close of trading on the NYSE Arca (which includes the net number of

any Shares created or redeemed on such evaluation day).

Trustee’s estimation of accrued but unpaid fees, expenses and liabilities is conclusive upon all persons interested in the

Trust and no revision or correction in any computation made under the Trust Agreement will be required by reason of any difference

in amounts estimated from those actually paid.

NAV of the Trust is obtained by subtracting the Trust’s liabilities on any day from the value of the silver owned and receivable

by the Trust on that day;

the NAV per Share is obtained by dividing the NAV of the Trust on a given day by the number of Shares

outstanding on that day.

Quarter Ended September 30, 2022

Trust’s NAV decreased from $987,726,374 at June 30, 2022 to $894,856,914 at September 30, 2022, a 9.40% decrease for the

The decrease in the Trust’s NAV resulted from a decrease in the price per ounce of silver, which fell 6.86% from

$20.42 at June 30, 2022 to $19.02 at September 30, 2022.

There was a decrease in outstanding Shares, which fell from 50,300,000

Shares at June 30, 2022 to 48,950,000 Shares at September 30, 2022, as a result of 1,000,000 Shares (20 Baskets) being created and

2,350,000 Shares (47 Baskets) being redeemed during the quarter.

NAV per Share decreased 6.92% from $19.64 at June 30, 2022 to $18.28 at September 30, 2022.

The Trust’s NAV per Share fell

slightly more than the price per ounce of silver on a percentage basis due to the Sponsor’s Fee, net of waiver, which was

$699,126 for the quarter, or 0.30% of the Trust’s ANAV on an annualized basis.

NAV per Share of $19.81 at August 9, 2022 was the highest during the quarter, compared with a low of $17.08 at September 1, 2022.

decrease in net assets from operations for the quarter ended September 30, 2022 was $67,281,929 resulting from a realized

loss of $50,071 on the transfer of silver to pay expenses, a realized loss on silver distributed for the redemption of Shares

of $4,936,120, a change in unrealized loss on investment in silver of $61,596,612 and the Sponsor’s Fee, net of waiver,

Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended September 30,

Nine Months Ended September 30, 2022

Trust’s NAV decreased from $995,151,629 at December 31, 2021 to $894,856,914 at September 30, 2022, a 10.08% decrease for

The decrease in the Trust’s NAV resulted primarily from a decrease in the price per ounce of silver, which

fell 17.63% from $23.09 at December 31, 2021 to $19.02 at September 30, 2022.

There was an increase in outstanding Shares, which

rose from 44,750,000 Shares at December 31, 2021 to 48,950,000 Shares at September 30, 2022, as a result of 12,250,000 Shares

(245 Baskets) being created and 8,050,000 Shares (161 Baskets) being redeemed.

NAV per Share decreased 17.81% from $22.24 at December 31, 2021 to $18.28 at September 30, 2022.

The Trust’s NAV per Share

decreased slightly more than the price per ounce of silver on a percentage basis due to the Sponsor’s Fee, net of waiver,

which was $2,321,212 for the period, or 0.30% of the Trust’s ANAV on an annualized basis.

NAV per Share of $25.20 at March 9, 2022 was the highest during the quarter, compared with a low of $17.08 at September 1, 2022.

decrease in net assets from operations for the period ended September 30, 2022 was $220,811,275 resulting from a realized gain of

$119,528 on the transfer of silver to pay expenses offset by a realized loss of $4,157,087 on silver distributed for the redemption

of Shares, a change in unrealized loss on investment in silver of $214,452,504 and the Sponsor’s Fee of $2,321,212.

the Sponsor’s Fee, the Trust had no expenses during the nine months ended September 30, 2022.

& Capital Resources

Trust is not aware of any trends, demands, commitments, events or uncertainties that are reasonably likely to result in material

changes to its liquidity needs.

In exchange for the Sponsor’s Fee, the Sponsor has agreed to assume most of the expenses

incurred by the Trust.

As a result, the only ordinary expense of the Trust during the period covered by this report was the Sponsor’s

Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust’s silver as necessary to

pay the Trust’s expenses not otherwise assumed by the Sponsor.

The Trustee will not sell silver to pay the Sponsor’s

Fee but will pay the Sponsor’s Fee through in-kind transfers of silver to the Sponsor.

At September 30, 2022,

the Trust did not have any cash balances.

Sheet Arrangements

Trust has no off-balance sheet arrangements.

Accounting Policies

financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United

States of America.

The preparation of these financial statements relies on estimates and assumptions that impact the Trust’s

financial position and results of operations.

These estimates and assumptions affect the Trust’s application of accounting

Refer to Note 2 to the Financial Statements for further information on accounting policies.

Quantitative and Qualitative Disclosures About Market Risk

Not applicable.

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 2. Management’s Discussion and Analysis