What changed in this filing

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Item 7. Management’s Discussion and Analysis

2025-02-28 compared with 2024-02-29 · 154 added, 174 removed, 14 unchanged (96% 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 with this report.

The discussion and analysis that follows may contain

statements that relate to future events or future performance.

In some cases, such forward-looking statements can be identified

by terminology such as “may,” “should,” “expect,” “plan,” “anticipate,”

“believe,” “estimate,” “predict,” “potential” or the negative of these terms or

other comparable terminology.

We remind readers that forward-looking statements are merely predictions and therefore inherently

subject to uncertainties and other factors and involve known and unknown risks that could cause the actual results, performance,

levels of activity, or our achievements, or industry results, to be materially different from any future results, performance,

levels of activity, or our achievements expressed or implied by such forward-looking statements.

Readers are cautioned not to place

undue reliance on these forward-looking statements, which speak only as of the date hereof.

The Trust undertakes no obligation

to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof

or to reflect the occurrence of unanticipated events.

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 with this

The discussion and analysis that follows may contain statements that relate to future events or future performance.

some cases, such forward-looking statements can be identified by terminology such as “may,” “should,”

“expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,”

“potential” or the negative of these terms or other comparable terminology.

We remind readers that forward-looking

statements are merely predictions and therefore inherently subject to uncertainties and other factors and involve known and unknown

risks that could cause the actual results, performance, levels of activity, or our achievements, or industry results, to be materially

different from any future results, performance, levels of activity, or our achievements expressed or implied by such forward-looking

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the

The Trust undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect

events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Introduction.

The abrdn Silver ETF Trust (the “Trust”) is a trust

formed under the laws of the State of New York.

The Trust does not have any officers, directors, or employees, and is administered

by The Bank of New York Mellon (the “Trustee”) acting as trustee pursuant to the Depositary Trust Agreement (the “Trust

Agreement”) between the Trustee and, the sponsor of the Trust, Aberdeen Standard Investments ETFs Sponsor LLC (the “Sponsor”).

The Trust issues Shares representing fractional undivided beneficial interests in its net assets.

The assets of the Trust consist

of silver bullion held by a custodian as an agent of the Trust and responsible only to the Trustee.

The Trust is a passive investment vehicle and the objective

of the Trust is for the value of each Share to approximately reflect, at any given time, the price of the silver bullion owned

by the Trust, less the Trust’s liabilities (anticipated to be principally for accrued operating expenses), divided by the

number of outstanding Shares.

The Trust does not engage in any activities designed to obtain a profit from, or ameliorate losses

caused by, changes in the price of silver.

The Trust issues and redeems Shares only in exchange for silver,

only in aggregations of 50,000 Shares or integral multiples thereof (each, a “Basket”), and only in transactions with

registered broker-dealers (or other securities market participants not required to register as broker-dealers such as banks or

other financial institutions) who (1) are participants in the DTC and (2) have previously entered into an agreement with the Trust

governing the terms and conditions of such issuance (such dealers, the “Authorized Participants”).

As of the date of this annual report the Authorized Participants

that have signed an Authorized Participant Agreement with the Trust are Goldman, Sachs &

Co., HSBC Securities (USA) Inc., J.P.

Morgan Securities LLC, Merrill Lynch Professional Clearing Corp., Mizuho Securities USA

LLC, Morgan Stanley & Co.

abrdn Silver ETF Trust (the “Trust”) is a trust formed under the laws of the State of New York.

The Trust does not

have any officers, directors, or employees, and is administered by The Bank of New York Mellon (the “Trustee”) acting

as trustee pursuant to the Depositary Trust Agreement (the “Trust Agreement”) between the Trustee and, the sponsor

of the Trust, Aberdeen Standard Investments ETFs Sponsor LLC (the “Sponsor”).

The Trust issues Shares representing

fractional undivided beneficial interests in its net assets.

The assets of the Trust consist of silver bullion held by a custodian

as an agent of the Trust and responsible only to the Trustee.

Trust is a passive investment vehicle and the objective of the Trust is for the value of each Share to approximately reflect,

at any given time, the price of the silver bullion owned by the Trust, less the Trust’s liabilities (anticipated to be principally

for accrued operating expenses), divided by the number of outstanding Shares.

The Trust does not engage in any activities designed

to obtain a profit from, or ameliorate losses caused by, changes in the price of silver.

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

(each, a “Basket”), and only in transactions with registered broker-dealers (or other securities market participants

not required to register as broker-dealers such as banks or other financial institutions) who (1) are participants in the DTC

and (2) have previously entered into an agreement with the Trust governing the terms and conditions of such issuance (such dealers,

the “Authorized Participants”).

of the date of this annual report the Authorized Participants that have signed an Authorized Participant Agreement with the Trust

are Goldman, Sachs & Co., HSBC Securities (USA) Inc., J.P.

Morgan Securities LLC, Merrill Lynch Professional Clearing Corp.,

Mizuho Securities USA LLC, Morgan Stanley & Co.

LLC, Scotia Capital (USA) Inc., UBS Securities LLC and Virtu Americas, LLC.

Shares of the Trust trade on the NYSE Arca under the symbol

Investing in the Shares does not insulate the investor from

certain risks, including price volatility.

The following table illustrates the movement in the NAV of the Shares against the corresponding

silver price (per 1 oz.

of the Trust trade on the NYSE Arca under the symbol “SIVR”.

in the Shares does not insulate the investor from certain risks, including price volatility.

The following table illustrates the

movement in the NAV of the Shares against the corresponding silver price (per 1 oz.

of silver) since inception:

NAV per Share vs.

Silver Price from July 20, 2009 (the Date

of Inception) to December 31, 2023

The divergence of the NAV per Share from the silver price over

time reflects the cumulative effect of the Trust expenses that arise if an investment had been held since inception.

Critical Accounting Policy

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.

estimates and assumptions affect the Trust’s application of accounting policies.

Below we describe the valuation of silver

bullion, a critical accounting policy that we believe is important to understanding the results of operations and financial

In addition, please refer to Note 2 to the Financial Statements for further discussion of our accounting policies.

Valuation of Silver

Since August 15, 2014, an electronic, over-the-counter silver

bullion auction has been conducted in London, England to establish a fixing price for an ounce of silver once each trading day

(the “LBMA Silver Price”).

As of the date of filing, the LBMA Silver Price is established by the 12 LBMA-authorized

bullion banks and market makers participating in the auction and disseminated by major market vendors.

The LBMA Silver Price was

initially operated by CME Group, Inc.

until October 2, 2017, at which time the ICE Benchmark Administration (“IBA”)

commenced administration of the LBMA Silver Price.

The “London Metal Price” for silver held by the Trust

is the LBMA Silver Price.

Realized gains and losses on transfers of silver, or silver distributed for the redemption of Shares,

are calculated as the difference between the fair value and cost of silver transferred.

per Share vs.

Silver Price from July 20, 2009 (the Date of Inception) to December 31, 2024

divergence of the NAV per Share from the silver price over time reflects the cumulative effect of the Trust expenses that arise

if an investment had been held since inception.

Accounting Policy

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

Below we describe the valuation of silver bullion, a critical accounting policy that we believe is important to understanding

the results of operations and financial position.

In addition, please refer to Note 2 to the Financial Statements for further

discussion of our accounting policies.

August 15, 2014, an electronic, over-the-counter silver bullion auction has been conducted in London, England to establish a fixing

price for an ounce of silver once each trading day (the “LBMA Silver Price”).

As of the date of filing,

the LBMA Silver Price is established by the 12 LBMA-authorized bullion banks and market makers participating in the auction and

disseminated by major market vendors.

The LBMA Silver Price was initially operated by CME Group, Inc.

until October 2, 2017, at

which time the ICE Benchmark Administration (“IBA”) commenced administration of the LBMA Silver Price.

“London Metal Price” for silver held by the Trust is the LBMA Silver Price.

Realized gains and losses on transfers

of silver, or silver distributed for the redemption of Shares, are calculated as the difference between the fair value and cost

of silver transferred.

December 31, 2024

December 31, 2023

December 31, 2022

(Amounts in 000’s of US$)

2 unchanged sentences

Investment in silver - fair value

Inspection of Silver

Under the Custody Agreements, the Trustee, the Sponsor and the

Trust’s auditors and inspectors may, only up to twice a year, visit the premises of the Custodian for the purpose of examining

the Trust’s silver and certain related records maintained by the Custodian.

In addition, under the Custody Agreements,

the Custodian shall procure that any sub-custodian that it appoints allows access to its premises during normal business hours

to examine the Trust’s silver held there and such records as the Trustee, the Sponsor or the Trust’s auditors and inspectors may

reasonably require to perform their respective duties to Shareholders.

The Sponsor has exercised its right to visit the Custodian in

order to examine the silver and the records maintained by them.

Inspections were conducted by Bureau Veritas Commodities UK

Ltd, a leading commodity inspection and testing company retained by the Sponsor, as of July 7, 2023 and December 31, 2023.

There can be no guarantee that the Sponsor or the Trust’s

auditors and inspectors will be able to perform physical inspections of the Trust’s silver as planned.

Local policies,

regulations, or ordinances, as well as polices or restrictions adopted by the Custodian, the Zurich Sub-Custodian, or any other

sub-custodian, may temporarily prevent, or otherwise impair the ability of, the Sponsor or the Trust’s auditors and inspectors,

from performing a physical inspection of the Trust’s silver on a desired date.

In those situations, the Sponsor or the

Trust’s auditors and inspectors may seek to verify the silver held by the Trust by alternate means, including through

virtual inspections of the Trust’s silver and/or a review of pertinent records.

The Trust is not aware of any trends, demands, conditions, 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 expense of the Trust during

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

The Trust’s only source of liquidity is its transfers and

sales of silver.

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 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 December 31, 2023 and 2022, the Trust did not have any cash balances.

Review of Financial Results

Financial Highlights

the Custody Agreements, the Trustee, the Sponsor and the Trust’s auditors and inspectors may, only up to twice a year, visit

the premises of the Custodian for the purpose of examining the Trust’s silver and certain related records maintained

by the Custodian.

In addition, under the Custody Agreements, the Custodian shall procure that any sub-custodian that it appoints

allows access to its premises during normal business hours to examine the Trust’s silver held there and such records as the Trustee,

the Sponsor or the Trust’s auditors and inspectors may reasonably require to perform their respective duties to Shareholders.

Sponsor has exercised its right to visit the Custodian in order to examine the silver and the records maintained by them.

Inspections were conducted by Bureau Veritas Commodities UK Ltd, a leading commodity inspection and testing company retained by

the Sponsor, as of July 26, 2024 and January 4, 2025.

can be no guarantee that the Sponsor or the Trust’s auditors and inspectors will be able to perform physical inspections

of the Trust’s silver as planned.

Local policies, regulations, or ordinances, as well as polices or restrictions adopted

by the Custodian, or any other sub-custodian, may temporarily prevent, or otherwise impair the ability of, the Sponsor or the

Trust’s auditors and inspectors, from performing a physical inspection of the Trust’s silver on a desired date.

In those situations, the Sponsor or the Trust’s auditors and inspectors may seek to verify the silver held by

the Trust by alternate means, including through virtual inspections of the Trust’s silver and/or a review of pertinent

Trust is not aware of any trends, demands, conditions, 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 expense of the Trust during the period covered by this report was the Sponsor’s

The Trust’s only source of liquidity is its transfers and sales of silver.

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 December 31, 2024 and

2023, the Trust did not have any cash balances.

Results of Operations

December 31, 2024

5 unchanged sentences

Net cash provided by operating activities

The net asset value (“NAV”) of the Trust is obtained

by subtracting the Trust’s liabilities on any day from the value of the silver owned by the Trust plus any silver receivable

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

The year ended December 31, 2023

The Trust’s NAV decreased from $1,118,817,327 at December

31, 2022 to $1,060,402,598 at December 31, 2023, a 5.22% decrease for the year.

The change in the Trust’s NAV resulted from

a decrease in outstanding Shares, which fell from 48,650,000 Shares at December 31, 2022 to 46,550,000 Shares at December 31,

2023, a result of 4,900,000 Shares (98 Baskets) being created and 7,000,000 Shares (140 Baskets) being redeemed during the year

and a decrease in the price per ounce of silver, which fell 0.67% from $23.95 at December 31, 2022 to $23.79 at December 31, 2023.

NAV per Share decreased 0.96% from $23.00 at December 31, 2022

to $22.78 at December 31, 2023.

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 $3,247,514 for the year, or 0.30% of the Trust’s ANAV.

The NAV per Share of $24.97 at April 16, 2023 was the highest

during the year, compared with a low of $19.28 at March 10, 2023.

The decrease in net assets from operations for the year ended

December 31, 2023 was $13,383,307, resulting from a realized gain of $251,586 on the transfer of silver to pay expenses, a realized

gain on silver distributed for the redemption of Shares $10,650,576, offset by a change in unrealized loss on investment in silver

of $21,037,955 and the Sponsor’s Fee, net of waiver, of $3,247,514.

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

expenses during the year ended December 31, 2023.

The year ended December 31, 2022

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

31, 2021 to $1,118,817,327 at December 31, 2022, a 12.43% increase for the year.

The change in the Trust’s NAV resulted primarily

from an increase in outstanding Shares, which rose from 44,750,000 Shares at December 31, 2021 to 48,650,000 Shares at December

31, 2022, a result of 15,150,000 Shares (152 Baskets) being created and 11,250,000 Shares (113 Baskets) being redeemed during the

year, and an increase in the price per ounce of silver, which rose 3.73% from $23.09 at December 31, 2021 to $23.95 at December

NAV per Share increased 13.09% from $22.24 at December 31, 2021

to $23.00 at December 31, 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 $3,061,148 for the year, or 0.30% of the Trust’s ANAV.

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

during the year, compared with a low of $17.08 at September 1, 2022.

The increase in net assets from operations for the year ended

December 31, 2022 was $6,279,132, resulting from a realized gain of $50,262 on the transfer of silver to pay expenses,

a change in unrealized gain on investment in silver of $14,959,321 offset by a realized loss of $5,669,303 on silver distributed

for the redemption of Shares, and the Sponsor’s Fee, net of waiver, of $3,061,148.

Other than the Sponsor’s Fee, the

Trust had no expenses during the year ended December 31, 2022.

The year ended December 31, 2021

The Trust’s NAV increased from $863,664,235 at December

31, 2020 to $995,151,629 at December 31, 2021, a 15.22% increase for the year.

The change in the Trust’s NAV resulted primarily

from an increase in outstanding Shares, which rose from 33,750,000 Shares at December 31, 2020 to 44,750,000 Shares at December

31, 2021, a result of 12,950,000 Shares (259 Baskets) being created and 1,950,000 Shares (39 Baskets) being redeemed during the

year and a decrease in the price per ounce of silver, which fell 12.84% from $26.49 at December 31, 2020 to $23.09 at December

NAV per Share decreased 13.09% from $25.59 at December 31, 2020

to $22.24 at December 31, 2021.

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 $2,968,351 for the year, or 0.30% of the Trust’s ANAV.

The NAV per Share of $28.58 at February 1, 2021 was the highest

during the year, compared with a low of $20.75 at September 30, 2021.

The decrease in net assets from operations for the year ended

December 31, 2021 was $143,267,723, resulting from a realized gain of $593,507 on the transfer of silver to pay expenses and a

realized gain of $14,271,606 on silver distributed for the redemption of Shares, offset by a change in unrealized gain and loss

on investment in silver of $155,164,485, and the Sponsor’s Fee, net of waiver, of $2,968,351.

Other than the Sponsor’s

Fee, the Trust had no expenses during the year ended December 31, 2021.

Off-Balance Sheet Arrangements

The Trust is not a party to any off-balance sheet arrangements.

net asset value (“NAV”) of the Trust is obtained by subtracting the Trust’s liabilities on any day from the

value of the silver owned by the Trust plus any silver receivable 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.

year ended December 31, 2024

Trust’s NAV increased from $1,060,402,598 at December 31, 2023 to $1,421,124,141 at December 31, 2024, a 34.02% increase

for the year.

The change in the Trust’s NAV resulted from an increase in outstanding Shares, which rose from 46,550,000

Shares at December 31, 2023 to 51,500,000 Shares at December 31, 2024, a result of 12,600,000 Shares (252 Baskets) being created

and 7,650,000 Shares (153 Baskets) being redeemed during the year and a increase in the price per ounce of silver, which rose

21.52% from $23.79 at December 31, 2023 to $28.91 at December 31, 2024.

per Share increased 21.12% from $22.78 at December 31, 2023 to $27.59 at December 31, 2024.

The Trust’s NAV per Share rose

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

$3,923,620 for the year, or 0.30% of the Trust’s ANAV.

NAV per Share of $32.96 at October 23, 2024 was the highest during the year, compared with a low of $21.14 at February 14, 2024.

increase in net assets from operations for the year ended December 31, 2024 was $215,239,576, resulting from a realized gain of

$812,072 on the transfer of silver to pay expenses, a realized gain on silver distributed for the redemption of Shares $50,349,812

and a change in unrealized gain on investment in silver of $168,001,312, offset by the Sponsor’s Fee, net of waiver, of

Other than the Sponsor’s Fee, the Trust had no expenses during the year ended December 31, 2024.

year ended December 31, 2023

Trust’s NAV decreased from $1,118,817,327 at December 31, 2022 to $1,060,402,598 at December 31, 2023, a 5.22% decrease

for the year.

The increase in the Trust’s NAV resulted primarily from an increase in outstanding Shares, which fell from

48,650,000 Shares at December 31, 2022 to 46,550,000 Shares at December 31, 2023, a result of 4,900,000 Shares (49 Baskets) being

created and 7,000,000 Shares (140 Baskets) being redeemed during the year.

There was an increase in the price per ounce of silver,

which fell 0.67% from $23.95 at December 31, 2022 to $23.79 at December 31, 2023.

per Share decreased 0.96% from $23.00 at December 31, 2022 to $22.78 at December 31, 2023.

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

$3,247,514 for the year, or 0.30% of the Trust’s ANAV.

NAV per Share of $24.97 at April 16, 2023 was the highest during the year, compared with a low of $19.28 at March 10, 2023.

decrease in net assets from operations for the year ended December 31, 2023 was $13,383,307, resulting from a realized gain of

$251,586 on the transfer of silver to pay expenses and a realized gain of 10,650,576 on silver distributed for the redemption of

shares, offset by a change in unrealized gain and loss on investment in silver of $21,037,955, and the Sponsor’s Fee, net of

waiver, of $3,247,514.

Other than the Sponsor’s Fee, the Trust had no expenses during the year ended December 31,

year ended December 31, 2022

Trust’s NAV increased from $995,151,629 at December 31, 2021 to $1,118,817,327 at December 31, 2022, a 12.43% increase for

The increase in the Trust’s NAV resulted primarily from an increase in outstanding Shares, which rose from 44,750,000

Shares at December 31, 2021 to 48,650,000 Shares at December 31, 2022, a result of 15,150,000 Shares (152 Baskets) being created

and 11,250,000 Shares (113 Baskets) being redeemed during the year.

There was an increase in the price per ounce of silver, which

rose 3.73% from $23.09 at December 31, 2021 to $23.95 at December 31, 2022.

per Share increased 13.09% from $22.24 at December 31, 2021 to $23.00 at December 31, 2022.

The Trust’s NAV per Share rose

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

$3,061,148 for the year, or 0.30% of the Trust’s ANAV.

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

increase in net assets from operations for the year ended December 31, 2022 was $6,279,132, resulting from a realized gain of

$50,262 on the transfer of silver to pay expenses and a change in unrealized gain on investment in silver of $14,959,321 offset by a

realized loss of $5,669,303 on silver distributed for the redemption of Shares, and the Sponsor’s Fee, net of waiver, of

Other than the Sponsor’s Fee, the Trust had no expenses during the year ended December 31, 2022.

Sheet Arrangements

Trust is not a party to any off-balance sheet arrangements.

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-K

Item 7. Management’s Discussion and Analysis