What changed in this filing

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Item 1. Financial Statements

2023-05-09 compared with 2022-11-04 · 221 added, 276 removed, 130 unchanged (79% of the section changed)

1 unchanged sentence

of Assets and Liabilities

September 30, 2022 (Unaudited) and December 31, 2021

September 30, 2022

March 31, 2023 (Unaudited) and December 31, 2022

March 31, 2023

December 31, 2022

1 unchanged sentence

Investment in silver (cost:

September 30, 2022:

March 31, 2023:

$ 1,001,530 ;

4 unchanged sentences

NET ASSETS (1)

share capital is unlimited with no par value per Share.

Shares issued and outstanding at September 30, 2022 were 48,950,000

share capital is unlimited

par value per Share.

Shares issued and outstanding at March 31, 2023 were 48,450,000

and at December 31, 2022 were 48,650,000 .

Net asset values per Share at September 30, 2022 and December 31, 2021 were $ 18.28

and $ 22.24 , respectively.

Net asset values per Share at March 31, 2023 and December 31, 2022 were $ 22.92

and $ 23.00 ,

respectively.

Notes to the Financial Statements

1 unchanged sentence

of Investments

September 30, 2022 (Unaudited) and December 31, 2021

September 30, 2022

March 31, 2023 (Unaudited) and December 31, 2022

March 31, 2023

% of Net Assets

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

Investment in silver (in 000’s

of US$, except for oz and percentage data)

Total investment in silver

Other assets less liabilities

Less liabilities

December 31, 2022

% of Net Assets

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

Investment in silver (in 000’s

of US$, except for oz and percentage data)

Total investment in silver

Less liabilities

Other assets less liabilities

Notes to the Financial Statements

1 unchanged sentence

of Operations (Unaudited)

the three and nine months ended September 30, 2022 and 2021

Three Months Ended

September 30, 2022

Three Months Ended

September 30, 2021

Nine Months Ended

September 30, 2022

Nine Months Ended

September 30, 2021

the three months ended March 31, 2023 and 2022

March 31, 2023

March 31, 2022

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

3 unchanged sentences

REALIZED AND UNREALIZED GAINS / (LOSSES)

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

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

Change in unrealized (loss) on investment in silver

Total (loss) on investment in silver

Realized gain on silver transferred to pay expenses

Realized gain on silver distributed for the redemption of Shares

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

Total (loss) / gain on investment in silver

Change in net assets from operations

$ ( 174,835 )

$ ( 220,812 )

$ ( 206,297 )

Net increase / (decrease) in net assets per Share

3 unchanged sentences

of Changes in Net Assets (Unaudited)

the three and nine months ended September 30, 2022 and 2021

Three Months Ended September 30, 2022

Three Months Ended September 30, 2021

the three months ended March 31, 2023 and 2022

Three Months Ended March 31, 2023

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

Opening balance

Opening balance at January 1, 2023

Net investment loss

Realized (loss) / gain on investment in silver

Realized gain on investment in silver

Change in unrealized (loss) on investment in silver

( 2,350,000 )

Closing balance

Nine Months Ended September 30, 2022

Nine Months Ended September 30, 2021

Closing balance at March 31, 2023

Three Months Ended March 31, 2022

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

Opening balance

Opening balance at January 1, 2022

Net investment loss

Realized (loss) / gain on investment in silver

Change in unrealized (loss) on investment in silver

( 8,050,000 )

( 1,950,000 )

Closing balance

Realized gain on investment in silver

Change in unrealized gain on investment in silver

Closing balance at March 31, 2022

Notes to the Financial Statements

1 unchanged sentence

Highlights (Unaudited)

the three and nine months ended September 30, 2022 and 2021

the three months ended March 31, 2023 and 2022

Three Months Ended

September 30, 2022

March 31, 2023

Three Months Ended

September 30, 2021

Nine Months Ended

September 30, 2022

Nine Months Ended

September 30, 2021

March 31, 2022

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

10 unchanged sentences

for periods less than one year.

The expense ratio

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

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

The Gross Expense Ratio is 0.45 %.

is not annualized.

return is not annualized.

Notes to the Financial Statements

1 unchanged sentence

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

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 abrdn ETFs Sponsor LLC (the

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

The Trust holds silver and issues abrdn

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.

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.

prior to January 1, 2022).

is a wholly-owned indirect subsidiary of abrdn

(formerly known as Standard Life Aberdeen) plc.

a wholly-owned indirect subsidiary of abrdn 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.

February 28, 2023, Andrea Melia resigned as Treasurer and Chief Financial Officer of the Sponsor.

Melia had served as Principal Financial

Officer of the Registrant.

Effective February 28, 2023, Brian Kordeck was appointed Treasurer and Chief Financial Officer of the Sponsor.

Kordeck will serve as Principal Financial Officer of the Registrant.

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.

The fiscal year end for the Trust is December

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 September 30, 2022, and for the three and nine month periods

then ended have been made.

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

year ended December 31, 2021.

The results of operations for the three and nine months ended September 30, 2022 are

not necessarily indicative of the operating results for the full year.

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 three months ended March 31, 2023, 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

The results of operations for the three months ended March 31, 2023 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.

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.

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.

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.

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

2 unchanged sentences

(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 September 30,

2022, approximately 8.07 % of the Trust’s silver was held by a sub-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, 2023, none 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

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

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 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.

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:

The three levels of inputs are

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

1 unchanged sentence

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.

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.

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

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.

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:

(Amounts in 000’s of US$)

September 30, 2022

December 31, 2021

Investment in silver

There were no transfers between levels during the nine months ended September 30, 2022 or the year ended December 31, 2021.

There were no transfers between levels during

the three months ended March 31, 2023 or the year ended December 31, 2022.

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 September 30, 2022, the Trust had $ 2,742,156 of silver receivable

for the creation of Shares and no silver payable for the redemption of Shares.

At December 31, 2021, the Trust

had no silver receivable or payable for the creation or redemption of Shares.

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, 2023, the Trust had no

silver receivable or payable for the creation or redemption of Shares.

At December 31, 2022, the Trust had $ 5,749,366 of

silver receivable for the creation of Shares and no

silver payable for the redemption of Shares.

and Redemptions of Shares

1 unchanged sentence

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;

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.

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.

(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.

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.

Silver ETF Trust

3 unchanged sentences

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.

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 Sponsor’s Fee in the event of any shortfall or excess on each

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.

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.

1 unchanged sentence

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

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.

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 September 30, 2022 or December 31, 2021.

in ounces of silver and their respective values for the three and nine months ended September 30, 2022 and 2021

are set out below:

Three Months Ended

September 30, 2022

Three Months Ended

September 30, 2021

reserves for uncertain tax positions are required as of March 31, 2023 or December 31, 2022.

in ounces of silver and their respective values for the three months ended March 31, 2023 and 2022 are set out below:

March 31, 2023

March 31, 2022

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

2 unchanged sentences

( 2,544,361.5

( 241,192.7 )

Transfers of silver to pay expenses

2 unchanged sentences

Opening balance

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

Realized gain on silver distributed for the redemption of Shares

Transfers of silver to pay expenses

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

Change in unrealized (loss) on investment in silver

Realized gain on silver transferred to pay expenses

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

Closing balance

1 unchanged sentence

to the Financial Statements (Unaudited)

September 30, 2022

September 30, 2021

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

Ounces of silver

Opening balance

( 7,743,930.1 )

( 1,883,175.0 )

Transfers of silver to pay expenses

( 105,132.6 )

Closing balance

Investment in silver

Opening balance

Realized (loss) / 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

/ 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 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.

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.

Silver ETF Trust

to the Financial Statements (Unaudited)

the three months ended September 30, 2022 and 2021, the Sponsor’s Fee, net of fees waived by the Sponsor, was

$ 699,126 and $ 745,792 , respectively.

For the nine months ended September 30, 2022 and 2021, the

Sponsor’s Fee, net of fees waived by the Sponsor, was $ 2,321,212 and $ 2,203,679 , respectively.

30, 2022 and at December 31, 2021, the fees payable to the Sponsor were $ 219,541 and $ 252,819 , respectively.

a result of the waiver, the Sponsor’s Fee waived for the three months ended September 30, 2022 and 2021

was $ 349,563 and $ 372,896 , respectively.

The Sponsor’s Fee waived for the nine months ended September

30, 2022, and 2021 was $ 1,160,606 and $ 1,101,839 , respectively.

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

per annum in legal expenses.

the three months ended March 31, 2023 and 2022, the Sponsor’s Fee, net of fees waived by the Sponsor, was $ 794,578 and $ 778,583 ,

respectively.

31, 2023 and at December 31, 2022, the fees payable to the Sponsor were $ 280,229

and $ 280,384 ,

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 and nine months ended September

30, 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.

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.

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

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

expenses during the three months ended March 31, 2023 and 2022.

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

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.

gain or loss is recognized based on the difference between the selling price and the average cost of the silver sold.

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.

Silver ETF Trust

to the Financial Statements (Unaudited)

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

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’s and Custodian’s fees are paid by the Sponsor and are

not separate expenses of the Trust.

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

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;

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,

(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;

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.

Silver ETF Trust

to the Financial Statements (Unaudited)

interest rates;

(v) investment and trading activities of hedge funds and commodity funds;

and (vi) global or regional political, economic

or financial events and situations.

In addition, there is no assurance that silver will maintain its long-term value in terms of

purchasing power in the future.

In the event that the price of silver declines, the Sponsor expects the value of an investment in

the Shares to decline proportionately.

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

of operations.

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.

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

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