What changed in this filing

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Item 9A. Controls and Procedures

2024-02-29 compared with 2023-03-01 · 583 added, 576 removed, 98 unchanged (92% of the section changed)

Controls and Procedures

Trust maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in its

Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange

Commission’s rules and forms, and that such information is accumulated and communicated to the Chief Executive Officer and

Chief Financial Officer of the Sponsor, and to the audit committee, as appropriate, to allow timely decisions regarding required

the supervision and with the participation of the Chief Executive Officer and the Chief Financial Officer of the Sponsor, the

Sponsor conducted an evaluation of the Trust’s disclosure controls and procedures, as defined under Exchange Act Rules 13a-15(e)

and 15d-15(e).

Based on this evaluation, the Chief Executive Officer and the Chief Financial Officer of the Sponsor concluded

that, as of December 31, 2022, the Trust’s disclosure controls and procedures were effective.

controls over financial reporting have been maintained throughout the Trust’s fiscal year ended December 31, 2022.

have been no changes that have materially affected, or are reasonably likely to materially affect, the Trust’s or Sponsor’s

internal control over financial reporting.

Report on Internal Control over Financial Reporting

Sponsor’s management is responsible for establishing and maintaining adequate internal control over financial reporting,

as defined under Exchange Act Rules 13a-15(f) and 15d-15(f).

The Trust’s internal control over financial reporting is a

process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial

statements for external purposes in accordance with accounting principles generally accepted in the United States.

Internal control

over financial reporting includes those policies and procedures that:

to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the

Trust’s assets;

reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with

generally accepted accounting principles, and that the Trust’s receipts and expenditures are being made only in accordance

with appropriate authorizations;

reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Trust’s

assets that could have a material effect on the financial statements.

of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.

Also, projections

of any evaluation of effectiveness to future periods are subject to the risk that controls may become ineffective because of changes

in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Chief Executive Officer and Chief Financial Officer of the Sponsor assessed the effectiveness of the Trust’s internal control

over financial reporting as of December 31, 2022.

In making this assessment, they used the criteria set forth by the Committee

of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control—Integrated Framework (2013) .

assessment included an evaluation of the design of the Trust’s internal control over financial reporting and testing of

the operational effectiveness of its internal control over financial reporting.

Based on their assessment and those criteria,

the Chief Executive Officer and Chief Financial Officer of the Sponsor concluded that the Trust maintained effective internal

control over financial reporting as of December 31, 2022.

LLP, the independent registered public accounting firm that audited and reported on the financial statements included in this

Form 10-K, as stated in their report which is included herein, issued an attestation report on the effectiveness of the Trust’s

internal control over financial reporting as of December 31, 2022.

of Independent Registered Public Accounting Firm

To the Sponsor, Trustee and Shareholders

Opinion on Internal Control Over Financial Reporting

have audited abrdn Silver ETF Trust's (known as Aberdeen Standard Silver ETF Trust prior to March 31, 2022) (the Trust) internal control

over financial reporting as of December 31, 2022, based on criteria established in Internal Control – Integrated Framework (2013)

issued by the Committee of Sponsoring Organizations of the Treadway Commission.

In our opinion, the Trust maintained, in all material

respects, effective internal control over financial reporting as of December 31, 2022, based on criteria established in Internal Control

– Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

We also have audited, in accordance with the standards of the

Public Company Accounting Oversight Board (United States) (PCAOB), the statements of assets and liabilities of the Trust, including the

schedules of investments, as of December 31, 2022 and 2021, the related statements of operations and changes in net assets and the financial

highlights for each of the years in the three-year period ended December 31, 2022, and the related notes (collectively, the financial

statements), and our report dated February 28, 2023 expressed an unqualified opinion on those financial statements.

Basis for Opinion

The Trust’s management is responsible for maintaining

effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting,

included in the accompanying Management’s Report on Internal Control over Financial Reporting.

Our responsibility is to express

an opinion on the Trust’s internal control over financial reporting based on our audit.

We are a public accounting firm registered

with the PCAOB and are required to be independent with respect to the Trust in accordance with the U.S.

federal securities laws and the

applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards

of the PCAOB.

Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal

control over financial reporting was maintained in all material respects.

Our audit of internal control over financial reporting included

obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing

and evaluating the design and operating effectiveness of internal control based on the assessed risk.

Our audit also included performing

such other procedures as we considered necessary in the circumstances.

We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control Over Financial

A company’s internal control over financial

reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation

of financial statements for external purposes in accordance with generally accepted accounting principles.

internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records

that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;

provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance

with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance

with authorizations of management and directors of the company;

and (3) provide reasonable assurance regarding prevention or timely

detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the

financial statements.

The Trust maintains disclosure controls and procedures that

are designed to ensure that information required to be disclosed in its Exchange Act reports is recorded, processed, summarized

and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and that such

information is accumulated and communicated to the Chief Executive Officer and Chief Financial Officer of the Sponsor, and to the

audit committee, as appropriate, to allow timely decisions regarding required disclosure.

Under the supervision and with the participation of the Chief

Executive Officer and the Chief Financial Officer of the Sponsor, the Sponsor conducted an evaluation of the Trust’s disclosure

controls and procedures, as defined under Exchange Act Rules 13a-15(e) and 15d-15(e).

Based on this evaluation, the Chief Executive

Officer and the Chief Financial Officer of the Sponsor concluded that, as of December 31, 2023, the Trust’s disclosure controls

and procedures were effective.

Internal controls over financial reporting have been maintained

throughout the Trust’s fiscal year ended December 31, 2023.

There have been no changes that have materially affected, or

are reasonably likely to materially affect, the Trust’s or Sponsor’s internal control over financial reporting.

Management’s Report on Internal Control over Financial

The Sponsor’s management is responsible for establishing

and maintaining adequate internal control over financial reporting, as defined under Exchange Act Rules 13a-15(f) and 15d-15(f).

The Trust’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the

reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting

principles generally accepted in the United States.

Internal control over financial reporting includes those policies and procedures

(1) pertain to the

maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the Trust’s

(2) provide reasonable

assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally

accepted accounting principles, and that the Trust’s receipts and expenditures are being made only in accordance with appropriate

authorizations;

(3) provide reasonable

assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Trust’s assets

that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial

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Also, projections of any evaluation of effectiveness to future periods are subject

to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or

procedures may deteriorate.

New York, New York

to the risk that controls may become ineffective because of changes in conditions, or that the degree of compliance with the policies

or procedures may deteriorate.

The Chief Executive Officer and Chief Financial Officer of the

Sponsor assessed the effectiveness of the Trust’s internal control over financial reporting as of December 31, 2023.

this assessment, they used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO)

in Internal Control—Integrated Framework (2013) .

Their assessment included an evaluation of the design of the Trust’s

internal control over financial reporting and testing of the operational effectiveness of its internal control over financial reporting.

Based on their assessment and those criteria, the Chief Executive Officer and Chief Financial Officer of the Sponsor concluded

that the Trust maintained effective internal control over financial reporting as of December 31, 2023.

KPMG LLP, the independent registered public accounting firm

that audited and reported on the financial statements included in this Form 10-K, as stated in their report which is included herein,

issued an attestation report on the effectiveness of the Trust’s internal control over financial reporting as of December

of Independent Registered Public Accounting Firm

the Sponsor, Trustee and Shareholders

abrdn Silver ETF Trust:

on Internal Control Over Financial Reporting

have audited abrdn Silver ETF Trust’s (known as Aberdeen Standard Silver ETF Trust prior to March 31, 2022) (the Trust) internal

control over financial reporting as of December 31, 2023, based on criteria established in Internal Control – Integrated Framework

(2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

In our opinion, the Trust maintained, in all

material respects, effective internal control over financial reporting as of December 31, 2023, based on criteria established in Internal

Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the statements

of assets and liabilities of the Trust, including the schedules of investments, as of December 31, 2023 and 2022, the related statements

of operations and changes in net assets and the financial highlights for each of the years in the three-year period ended December 31,

2023, and the related notes (collectively, the financial statements), and our report dated February 28, 2024 expressed an unqualified

opinion on those financial statements.

Trust’s management is responsible for maintaining effective internal control over financial reporting and for its assessment

of the effectiveness of internal control over financial reporting, included in the accompanying Management's Report on Internal

Control over Financial Reporting.

Our responsibility is to express an opinion on the Trust’s internal control over financial

reporting based on our audit.

We are a public accounting firm registered with the PCAOB and are required to be independent with

respect to the Trust in accordance with the U.S.

federal securities laws and the applicable rules and regulations of the Securities

and Exchange Commission and the PCAOB.

conducted our audit in accordance with the standards of the PCAOB.

Those standards require that we plan and perform the audit to obtain

reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.

of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing

the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based

on the assessed risk.

Our audit also included performing such other procedures as we considered necessary in the circumstances.

that our audit provides a reasonable basis for our opinion.

and Limitations of Internal Control Over Financial Reporting

company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability

of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting

A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the

maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the

(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in

accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made

only in accordance with authorizations of management and directors of the company;

and (3) provide reasonable assurance regarding prevention

or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect

on the financial statements.

of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.

Also, projections of

any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions,

or that the degree of compliance with the policies or procedures may deteriorate.

York, New York

February 28, 2024

Other Information

No officers or directors of the Trust have adopted, modified

or terminated trading plans under a Rule 10b5-1 or non-Rule 10b51 trading arrangements for the year ended December 31, 2023.

Directors, Executive Officers and Corporate Governance

Trust has no directors or executive officers.

The biographies of the President and Chief Executive Officer of the Sponsor and

the Chief Financial Officer and Treasurer of the Sponsor are set out below:

Dunn – President and Chief Executive Officer

Dunn, CIMA®, is the Head of Exchange Traded Funds at abrdn Inc.

Dunn guides the firm’s strategic direction and distribution

strategy for ETFs.

Previously, he was a Director with Deutsche Asset and Wealth Management in charge of managing relationships

with US ETF Strategists and overseeing the Eastern Division sales team.

The Trust has no directors or executive officers.

The biographies

of the President and Chief Executive Officer of the Sponsor and the Chief Financial Officer and Treasurer of the Sponsor are set

Steven Dunn – President and Chief Executive

Dunn, CIMA®, is the Head of Exchange Traded Funds at

Dunn guides the firm’s strategic direction and distribution strategy for ETFs.

Previously, he was a Director with

Deutsche Asset and Wealth Management in charge of managing relationships with US ETF Strategists and overseeing the Eastern Division

Prior to that, Mr.

Dunn was a consultant at Brandywine

Global Investment Management and has also held sales and distribution strategy positions at iShares, Blackrock and Vanguard.

Dunn was a consultant at Brandywine Global Investment Management and has also held sales and distribution

strategy positions at iShares, Blackrock and Vanguard.

Dunn holds a B.A.

degree in Public Administration from Shippensburg University of Pennsylvania and has completed his MBA at Pennsylvania

State University.

He holds the Series 7, 24, and 63 registrations as well as the Certified Investment Management Analyst®

Melia – Chief Financial Officer and Treasurer

Melia is Vice President and Senior Director of Product Management for abrdn Inc.

Melia has managed the fund administration

team since joining abrdn Inc.

in September 2009.

Prior to joining abrdn Inc., Ms.

Melia was Director of fund administration

and accounting oversight for Princeton Administrators LLC, a division of BlackRock Inc.

and had worked with Princeton Administrators

Melia holds a BS in Accounting from University of Scranton and a MBA from Rider University.

degree in Public Administration from Shippensburg

University of Pennsylvania and has completed his MBA at Pennsylvania State University.

He holds the Series 7, 24, and 63 registrations

as well as the Certified Investment Management Analyst® (CIMA®).

Brian Kordeck – Chief Financial Officer and Treasurer

Brian Kordeck joined abrdn Inc.

(the parent company of

the Sponsor) as a Senior Fund Administrator in 2013 and is currently a Senior Product Manager with the company.

joining abrdn Inc., Mr.

Kordeck held financial reporting manager roles at the Bank of New York Mellon and The Investment Fund

for Foundations.

Kordeck began his career as an auditor with PricewaterhouseCoopers LLP, focusing on the investment

management industry.

Kordeck holds a BS in Business Administration from La Salle University.

Departure of Directors or Principal Officers;

Election of Directors;

of Directors;

Appointment of Principal Officers.

In connection with her retirement,

Andrea Melia has resigned as Chief Financial Officer and Treasurer of the Sponsor, to be effective on February 28, 2023, immediately after

the filing of this report.

Melia has served as Principal Financial Officer of the Registrant.

Brian Kordeck was appointed as Chief

Financial Officer and Treasurer of the Sponsor, to be effective on February 28, 2023, immediately after the filing of this report.

Kordeck will serve as Principal Financial Officer of the Registrant.

Brian Kordeck, age 44, joined abrdn Inc.

(the parent company of the

Sponsor) as a Senior Fund Administrator in 2013 and is currently a Senior Product Manager with the company.

Prior to joining abrdn Inc.,

Kordeck held financial reporting manager roles at the Bank of New York Mellon and The Investment Fund for Foundations.

began his career as an auditor with PricewaterhouseCoopers LLP, focusing on the investment management industry.

Kordeck holds a BS

in Business Administration from La Salle University.

described under Item 1 above, abrdn Inc.

is the parent of the Sponsor.

In connection with her retirement, Andrea Melia resigned

as Chief Financial Officer and Treasurer of the Sponsor, effective on February 28, 2023.

Melia served as Principal Financial

Officer of the Registrant.

Brian Kordeck was appointed as Chief Financial Officer and Treasurer

of the Sponsor, effective on February 28, 2023.

Kordeck serves as Principal Financial Officer of the Registrant.

As described under Item 1 above, abrdn Inc.

parent of the Sponsor.

Executive Compensation

Trust has no directors or executive officers.

The only ordinary expense paid by the Trust is the Sponsor’s Fee.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Ownership of Certain Beneficial Owners

are no persons known by the Trust to own directly or indirectly beneficially more than 5% of the outstanding Shares of the Trust.

Ownership of Management

the Sponsor nor the Trustee knows of any arrangements which may subsequently result in a change in control of the Trust.

Certain Relationships and Related Transactions, and Director Independence

Trust has no directors or executive officers.

The Trust has no directors or executive officers.

The only ordinary

expense paid by the Trust is the Sponsor’s Fee.

Security Ownership of Certain Beneficial Owners

and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners

There are no persons known by the Trust to own directly or indirectly

beneficially more than 5% of the outstanding Shares of the Trust.

Security Ownership of Management

Not applicable.

Change in Control

Neither the Sponsor nor the Trustee knows of any arrangements

which may subsequently result in a change in control of the Trust.

Certain Relationships and Related Transactions,

and Director Independence

The Trust has no directors or executive officers.

Principal Accounting Fees and Services

for services performed by KPMG LLP for the years ended December 31, 2022 and 2021

Fees for services performed by KPMG LLP for the years ended

December 31, 2023 and 2022

York, NY Auditor ID:

1 unchanged sentence

Audit related fees

Fees are fees paid by the Sponsor to KPMG LLP for professional services for the audit of the Trust’s financial statements

included in the Form 10-K and review of financial statements included in the Form 10-Qs, and for services that are normally provided

by the accountants in connection with regulatory filings or engagements.

Audit Related Fees are paid by the Sponsor to KPMG LLP

for assurance and related services that are reasonably related to the performance of the audit or review of the Trust’s

financial statements.

These services include the accountant providing a consent letter related to the Trust’s registration

statement filing.

Policies and Procedures

referenced in Item 10 above, the Trust has no board of directors, and as a result, has no pre-approval policies or procedures

with respect to fees paid to KPMG LLP.

Such determinations are made by the Sponsor.

Exhibits, Financial Statement Schedules

Audit Fees are fees paid by the Sponsor to KPMG LLP for professional

services for the audit of the Trust’s financial statements included in the Form 10-K and review of financial statements included

in the Form 10-Qs, and for services that are normally provided by the accountants in connection with regulatory filings or engagements.

Audit Related Fees are paid by the Sponsor to KPMG LLP for assurance and related services that are reasonably related to the performance

of the audit or review of the Trust’s financial statements.

These services include the accountant providing a consent letter

related to the Trust’s registration statement filing.

Pre-Approval Policies and Procedures

As referenced in Item 10 above, the Trust has no board of directors,

and as a result, has no pre-approval policies or procedures with respect to fees paid to KPMG LLP.

Such determinations are made

by the Sponsor.

Exhibits, Financial Statement

Financial Statements

Index to financial statements on Page F-1 for a list of the financial statements being filed herein.

See Index to financial statements on Page

F-1 for a list of the financial statements being filed herein.

Financial Statement Schedules

have been omitted since they are either not required, not applicable, or the information has otherwise been included.

Trust Agreement, incorporated by reference to Exhibit 4.1 filed with Registration Statement No.

Schedules have been omitted since they

are either not required, not applicable, or the information has otherwise been included.

Depositary Trust Agreement, incorporated by reference to Exhibit 4.1 filed with Registration Statement No.

333-156307 on July 21, 2009

Amendment to the Depositary Trust Agreement

effective October 1, 2018

of Authorized Participant Agreement, effective as of September 5, 2017, incorporated by reference to Exhibit 4.2 filed with

the Trust’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2017.

of Beneficial Interest, incorporated by reference to Exhibit 4.3 filed with Registration Statement No.

Amendment to the Depositary Trust Agreement, incorporated by reference to Exhibit 4.1(b) filed with the Trust’s Annual Report on Form 10-K for the year ended December 31, 2019 filed on February 28, 2020

Second Amendment to the Depositary Trust Agreement, incorporated by reference to Exhibit 4.1 filed with the Trust’s Current Report on Form 8-K on March 14, 2022

Form of Authorized Participant Agreement, incorporated by reference to Exhibit 4.2 filed with Registration Statement No.

333-276822 on February 1, 2024

Certificate of Beneficial Interest, incorporated by reference to Exhibit 4.3 filed with Registration Statement No.

333-156307 on July 21, 2009

Account Agreement, incorporated by reference to Exhibit 10.1 filed with the Trust’s Current Report on Form 8-K on March

Account Agreement, incorporated by reference to Exhibit 10.2 filed with the Trust’s Current Report on Form 8-K on March

Agreement, incorporated by reference to Exhibit 10.3 filed with Registration Statement No.

Allocated Account Agreement, incorporated by reference to Exhibit 10.1 filed with the Trust’s Current Report on Form 8-K on March 29, 2019

First Amendment to the Allocated Account Agreement, incorporated by reference to Exhibit 10.1 filed with the Trust’s Current Report on Form 8-K on March 14, 2022

Unallocated Account Agreement, incorporated by reference to Exhibit 10.2 filed with the Trust’s Current Report on Form 8-K on March 29, 2019

First Amendment to the Unallocated Account Agreement, incorporated by reference to Exhibit 10.1 filed with the Trust’s Current Report on Form 8-K on March 14, 2022

Depository Agreement, incorporated by reference to Exhibit 10.3 filed with Registration Statement No.

333-156307 on July 21, 2009

Agent Agreement, incorporated by reference to Exhibit 10.4 filed with Registration Statement No 333-156307 on July 21, 2009

of and Amendment No.

1 to the Marketing Agent Agreement effective October 1, 2018

Agreement, incorporated by reference to Exhibit 99.1 filed with Commission File No.

001-34412 on December 18, 2014

Marketing Agent Agreement, incorporated by reference to Exhibit 10.4 filed with Registration Statement No 333-156307 on July 21, 2009

Novation of and Amendment No.

1 to the Marketing Agent Agreement, incorporated by reference to Exhibit 10.4(b) filed with the Trust’s Annual Report on Form 10-K on March 1, 2019

Consent of KPMG LLP, Independent Registered Public Accounting Firm

5 unchanged sentences

Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

The following financial statements

from the Trust’s Annual Report on Form 10-K for the year ended December 31, 2022, formatted in Inline XBRL:

(i) Statements

of Assets and Liabilities, (ii) Statements of Operations, (iii) Statements of Changes in Net Assets, and (iv) Notes to the

Financial Statements.

Policy for Recovery of Erroneously Awarded Compensation is filed herewith

The following financial statements from the Trust’s Annual Report on Form 10-K for the year ended December 31, 2023, formatted in Inline XBRL:

(i) Statements of Assets and Liabilities, (ii) Statements of Operations, (iii) Statements of Changes in Net Assets, and (iv) Notes to the Financial Statements.

XBRL Taxonomy Extension Schema Document

Taxonomy Extension Calculation Document

XBRL Taxonomy Extension Calculation Document

XBRL Taxonomy Extension Definitions Document

1 unchanged sentence

XBRL Taxonomy Extension Presentation Document

The cover page from the Trust’s Annual

Report on Form 10-K for the year ended December 31, 2022, formatted in Inline XBRL (included as Exhibit 101).

The cover page from the Trust’s Annual Report on Form 10-K for the year ended December 31, 2023, formatted in Inline XBRL (included as Exhibit 101).

Form 10-K Summary

SILVER ETF TRUST

Not applicable.

ABRDN SILVER ETF TRUST

Financial Statements as of December 31, 2023

of Independent Registered Public Accounting Firm

of Assets and Liabilities at December 31, 2022 and 2021

of Investments at December 31, 2022 and 2021

of Operations for the years ended December 31, 2022, 2021 and 2020

of Changes in Net Assets for the years ended December 31, 2022, 2021 and 2020

Highlights for the years ended December 31, 2022, 2021 and 2020

to the Financial Statements

OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Sponsor, Trustee and Shareholders

Opinion on the Financial Statements

Report of Independent Registered Public Accounting Firm

Statements of Assets and Liabilities at December 31, 2023 and 2022

Schedules of Investments at December 31, 2023 and 2022

Statements of Operations for the years ended December 31, 2023, 2022 and 2021

Statements of Changes in Net Assets for the years ended December 31, 2023, 2022 and 2021

Financial Highlights for the years ended December 31, 2023, 2022 and 2021

Notes to the Financial Statements

REPORT OF INDEPENDENT REGISTERED PUBLIC

ACCOUNTING FIRM

the Sponsor, Trustee and Shareholders

abrdn Silver ETF Trust:

on the Financial Statements

have audited the accompanying statements of assets and liabilities of abrdn Silver ETF Trust (known as Aberdeen Standard Silver ETF Trust

6 unchanged sentences

generally accepted accounting principles.

We also have audited, in accordance with the standards of

the Public Company Accounting Oversight Board (United States) (PCAOB), the Trust’s internal control over financial reporting as

of December 31, 2022, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee

of Sponsoring Organizations of the Treadway Commission, and our report dated February 28, 2023 expressed an unqualified opinion on the

effectiveness of the Trust’s internal control over financial reporting.

Basis for Opinion

These financial statements are the responsibility of the

Trust’s management.

Our responsibility is to express an opinion on these financial statements based on our audits.

We are a public

accounting firm registered with the PCAOB and are required to be independent with respect to the Trust in accordance with the U.S.

securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards

of the PCAOB.

Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements

are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material

misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks.

Such procedures

included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

Our audits also included

evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation

of the financial statements.

We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter

arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee

(1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging,

subjective, or complex judgments.

The communication of a critical audit matter does not alter in any way our opinion on the financial

statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical

audit matter or on the accounts or disclosures to which it relates.

Evaluation of the evidence pertaining to the existence

of the silver holdings

As presented on the December 31, 2022 schedule of investments

and in Note 2.2, the fair value of the Trust’s investment in silver is $1,113,348 thousand, representing 99.51% of the Trust’s

net assets, and 46,496,068 ounces of silver holdings.

The investment in silver was held by a third-party custodian (the custodian).

We identified the evaluation of the evidence pertaining

to the existence of the silver holdings as a critical audit matter.

Given the nature and volume of the silver holdings, subjective auditor

judgment was required to evaluate the extent and nature of evidence obtained to assess the existence of silver held by the custodian.

The following are the primary procedures we performed to

address this critical audit matter.

We evaluated the design and tested the operating effectiveness of certain internal controls related

to the critical audit matter.

This included controls over (1) the comparison of the Trust’s records of silver held to the custodian’s

records, (2) the approval of silver deposits and withdrawals by the trustee of the Trust and (3) the physical counts of the Trust’s

silver holdings performed at the custodian’s locations by a third party engaged by the Trust’s sponsor.

We obtained a schedule

directly from the custodian of the Trust’s silver holdings held by the custodian as of December 31, 2022.

We compared the total

ounces on such schedule to the Trust’s record of silver holdings.

We also attended and observed a part of the physical counts of

the Trust’s silver holdings.

We obtained and read the physical counts results reports of the third party and reconciled those reports

to both the Trust’s and custodian’s records.

We have served as the Trust’s auditor since 2015.

also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Trust’s

internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control – Integrated

Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 28,

2024 expressed an unqualified opinion on the effectiveness of the Trust’s internal control over financial reporting.

financial statements are the responsibility of the Trust’s management.

Our responsibility is to express an opinion on these financial

statements based on our audits.

We are a public accounting firm registered with the PCAOB and are required to be independent with respect

to the Trust in accordance with the U.S.

federal securities laws and the applicable rules and regulations of the Securities and Exchange

Commission and the PCAOB.

conducted our audits in accordance with the standards of the PCAOB.

Those standards require that we plan and perform the audit to obtain

reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud,

and performing procedures that respond to those risks.

Such procedures included examining, on a test basis, evidence regarding the amounts

and disclosures in the financial statements.

Our audits also included evaluating the accounting principles used and significant estimates

made by management, as well as evaluating the overall presentation of the financial statements.

We believe that our audits provide a

reasonable basis for our opinion.

critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated

or required to be communicated to the audit committee and that:

(1) relates to accounts or disclosures that are material to the financial

statements and (2) involved our especially challenging, subjective, or complex judgments.

The communication of a critical audit matter

does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit

matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

of the evidence pertaining to the existence of the silver holdings

presented on the December 31, 2023 schedule of investments and in Note 2.2, the fair value of the Trust's investment in silver is $1,060,674

thousand, representing 100.03% of the Trust's net assets, and 44,584,861.0 ounces of silver holdings.

The investment in silver was held

by a third-party custodian (the custodian).

identified the evaluation of the evidence pertaining to the existence of the silver holdings as a critical audit matter.

Given the nature

and volume of the silver holdings, subjective auditor judgment was required to evaluate the extent and nature of evidence obtained to

assess the existence of silver held by the custodian.

following are the primary procedures we performed to address this critical audit matter.

We evaluated the design and tested the operating

effectiveness of certain internal controls related to the critical audit matter.

This included controls over (1) the comparison of the

Trust's records of silver held to the custodian's records, (2) the approval of silver deposits

and withdrawals by the trustee of the Trust and (3) the physical counts of the Trust's silver holdings performed at the custodian's locations

by a third party engaged by the Trust's sponsor.

We obtained a schedule directly from the custodian of the Trust's silver

holdings held by the custodian as of December 31, 2023.

We compared the total ounces on such schedule to the Trust's record of

silver holdings.

We also attended and observed a part of the physical counts of the Trust's silver

We obtained and read the physical counts results reports of the third party and reconciled those reports to both the

Trust's and custodian's records.

have served as the Trust’s auditor since 2015.

New York, New York

February 28, 2023

Silver ETF Trust

of Assets and Liabilities

December 31, 2022 and 2021

(Amounts in 000’s

of US$, except for Share and per Share data)

abrdn Silver ETF Trust

Statements of Assets and Liabilities

At December 31, 2023 and 2022

December 31, 2023

December 31, 2022

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

Investment in silver (cost:

2 unchanged sentences

Silver receivable

Fees payable to

Fees payable to Sponsor

Total liabilities

share capital is unlimited with no par value per Share.

Shares issued and outstanding at December 31, 2022 were 48,650,000

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

Net asset values per Share at December 31, 2022 and December 31, 2021 were $ 23.00

and $ 22.24 , respectively.

Notes to the Financial Statements

Silver ETF Trust

of Investments

December 31, 2022 and 2021

of Net Assets

Investment in silver (in

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

investment in silver

Other assets less

NET ASSETS (1)

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

Shares issued and outstanding at December 31, 2023 were 46,550,000 and at December 31, 2022 were 48,650,000 .

Net asset values per Share at December 31, 2023 and December 31, 2022 were $ 22.78 and $ 23.00 , respectively .

the Financial Statements

abrdn Silver ETF Trust

Schedules of Investments

At December 31, 2023 and 2022

December 31, 2023

% of Net Assets

Investment in silver (in

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

investment in silver

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

Total investment in silver

Less liabilities

Notes to the Financial Statements

Silver ETF Trust

of Operations

the years ended December 31, 2022, 2021, and 2020

(Amounts in 000’s

of US$, except for Share and per Share data)

December 31, 2022

% of Net Assets

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

Total investment in silver

Other assets less liabilities

the Financial Statements

abrdn Silver ETF Trust

Statements of Operations

For the years ended December 31, 2023, 2022, and 2021

December 31, 2023

December 31, 2022

December 31, 2021

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

Sponsor’s Fee

Total expenses

Net investment

REALIZED AND UNREALIZED

GAINS / (LOSSES)

Realized gain on silver transferred

to pay expenses

Realized (loss) / 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 net assets

from operations

Net investment loss

REALIZED AND UNREALIZED GAINS / (LOSSES)

Realized gain on silver transferred to pay expenses

Realized gain / (loss) 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 net assets from operations

$ ( 143,267 )

Net increase / (decrease)

in net assets per Share

Net increase / (decrease) in net assets per Share

Weighted average number of Shares

Notes to the Financial Statements

Silver ETF Trust

of Changes in Net Assets

the years ended December 31, 2022, 2021 and 2020

Ended December 31, 2022

(Amounts in 000’s of US$, except

for Share data)

the Financial Statements

abrdn Silver ETF Trust

Statements of Changes in Net Assets

For the years ended December 31, 2023, 2022 and 2021

Year Ended December 31, 2023

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

Opening balance at January 1, 2023

Net investment loss

Realized (loss) on investment in silver

Change in unrealized gain on investment

Realized gain on investment in silver

Change in unrealized (loss) on investment in silver

( 7,000,000 )

Closing balance at December 31, 2023

Ended December 31, 2021

(Amounts in 000’s of US$, except

for Share data)

Year Ended December 31, 2022

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

Opening balance at January 1, 2022

Net investment loss

Realized gain on investment in silver

Change in unrealized (loss) on investment

Realized (loss) on investment in silver

Change in unrealized gain on investment in silver

( 11,250,000 )

Closing balance at December 31, 2022

Ended December 31, 2020

(Amounts in 000’s of US$, except

for Share data)

Year Ended December 31, 2021

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

Opening balance at January 1, 2021

1 unchanged sentence

Realized gain on investment in silver

Change in unrealized gain on investment

Change in unrealized (loss) on investment in silver

( 1,950,000 )

Closing balance at December 31, 2021

Notes to the Financial Statements

Silver ETF Trust

the years ended December 31, 2022, 2021 and 2020

Per Share Performance

(for a Share outstanding throughout the entire period)

Net asset value per Share at beginning of

Income from investment

Net investment

realized and unrealized gains or losses on investment in silver

in net assets from operations

Net asset value per Share at end

the Financial Statements

abrdn Silver ETF Trust

Financial Highlights

For the years ended December 31, 2023, 2022 and 2021

December 31, 2023

December 31, 2022

December 31, 2021

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

Net asset value per Share at beginning of period

Income from investment operations:

Net investment loss

Total realized and unrealized gains or losses on investment in silver

Change in net assets from operations

Net asset value per Share at end of period

Weighted average number of Shares

investment loss ratio

return, net asset value

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

Expense ratio (1)

Net investment loss ratio

Total return, net asset value

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

The Gross Expense Ratio is 0.45 %.

the Financial Statements

abrdn Silver ETF Trust

Notes to the Financial Statements

Silver ETF Trust

to the Financial Statements

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 abrdn 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 (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 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.

is a wholly-owned indirect subsidiary of abrdn (formerly known as Standard

Life Aberdeen) plc.

Physical Silver Shares ETF (“Shares”) in minimum blocks of 50,000 Shares (also referred to as “Baskets”)

in exchange for deposits of silver and distributes silver in connection with the redemption of Baskets.

Shares represent

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

The Sponsor is a

Delaware limited liability company and a wholly-owned subsidiary of abrdn Inc., which is a wholly-owned indirect subsidiary of

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.

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.

Effective 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 serves

as Principal Financial Officer of the Registrant.

The investment objective of the Trust

is for the Shares to reflect the performance of the price of physical 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.

Significant Accounting Policies

The preparation of financial statements in accordance with U.S.

GAAP requires those responsible for preparing financial statements to make estimates and assumptions that affect the reported amounts

and disclosures.

Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Trust.

of Accounting

Sponsor has determined that the Trust falls within the scope of Financial Accounting Standards Board (“FASB”) Accounting

Standards Codification (“ASC”) 946, Financial Services—Investment Companies , and has concluded that for

reporting purposes, the Trust is classified as an Investment Company.

The Trust is not registered as an investment company under

the Investment Company Act of 1940 and is not required to register under such act.

Trust follows the provisions of ASC 820, Fair Value Measurement (“ASC 820”).

ASC 820 provides guidance for

determining fair value and requires increased disclosure regarding the inputs to valuation techniques used to measure fair value.

ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly

transaction between market participants at the measurement date.

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

The following is a summary of significant accounting policies

followed by the Trust.

Basis of Accounting

The Sponsor has determined that the Trust falls within the scope

of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946, Financial

Services—Investment Companies , and has concluded that for reporting purposes, the Trust is classified as an Investment

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.

The 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 December 31,

2022, 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.

Silver ETF Trust

to the Financial Statements

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

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 December 31, 2023, none 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.

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.

Silver ETF Trust

to the Financial Statements

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.

abrdn Silver ETF Trust

Notes to the Financial Statements

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.

The inputs used to measure fair value may fall into different

levels of the fair value hierarchy.

In such cases, for disclosure purposes, the level in the fair value hierarchy within which

the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair

value measurement in its entirety.

The Trust’s investment in silver is classified as

a level 1 asset, as its value is calculated using unadjusted quoted prices from primary market sources.

abrdn Silver ETF Trust

Notes to the Financial Statements

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

(Amounts in 000’s of US$)

December 31, 2023

December 31, 2022

Investment in silver

were no transfers between levels during the years ended December 31, 2022 and 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 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.

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.

An Authorized Participant

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

by an Authorized Participant.

creation and redemption of Baskets is only made in exchange for the delivery to the Trust or the distribution by the Trust of

the amount of silver represented by the Baskets being created or redeemed, the amount of which is based on the combined NAV

of the number of Shares included in the Baskets being created or redeemed determined on the day the order to create or redeem

Baskets is properly received.

Participants may, on any business day, place an order with the Trustee to create or redeem one or more Baskets.

The typical settlement

period for Shares is two business days.

In the event of a trade date at period end, where a settlement is pending, a respective

account receivable and/or payable will be recorded.

When silver is exchanged in settlement of a redemption, it is considered

a sale of silver for financial statement purposes.

amount of silver represented by the Baskets created or redeemed can only be settled to the nearest 1/1000th of an ounce.

As a result, the value attributed to the creation or redemption of Shares may differ from the value of silver to be

delivered or distributed by the Trust.

In order to ensure that the correct amount of silver is available at all times to

back the Shares, the Sponsor accepts an adjustment to its management fees in the event of any shortfall or excess on each transaction.

For each transaction, this amount is not more than 1/1000th of an ounce of silver.

the Shares of the Trust are subject to redemption at the option of Authorized Participants, the Trust has classified the outstanding

Shares as Net Assets.

Changes in the number of Shares outstanding are presented in the Statement of Changes in Net Assets.

Silver ETF Trust

to the Financial Statements

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

There were no transfers between levels during the years ended December 31, 2023 and 2022.

Silver Receivable and Payable

Silver receivable or payable represents the quantity of silver

covered by contractually binding orders for the creation or redemption of Shares respectively, where the silver has not yet

been transferred to or from the Trust’s account.

Generally, ownership of silver is transferred within two business days of

the trade date.

At December 31, 2023, the Trust had no silver receivable or payable for the creation or redemption

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.

Creations and Redemptions

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 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;

a participant in The Depository Trust Company;

(3) has entered into an Authorized Participant Agreement with the Trustee and the

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.

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.

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 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.

abrdn Silver ETF Trust

Notes to the Financial Statements

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

federal income tax purposes.

As a result, the Trust itself will

not be subject to U.S.

As a result, the Trust itself will not be subject to U.S.

federal income tax.

Instead, the Trust’s income and expenses will “flow through” to the

Shareholders, and the Trustee will report the Trust’s proceeds, income, deductions, gains, and losses to the Internal Revenue

Service on that basis.

Sponsor has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined

that no reserves for uncertain tax positions are required as of December 31, 2022 or December 31, 2021.

in ounces of silver and their respective values for the years ended December 31, 2022 and 2021 are set out

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 December 31, 2023 or December 31, 2022.

Investment in Silver

Changes in ounces of silver and their respective values

for the years ended December 31, 2023 and 2022 are set out below:

December 31, 2023

December 31, 2022

(Amounts in 000’s

of US$, except for ounces data)

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

Ounces of silver

2 unchanged sentences

( 10,818,520.9 )

Transfers of silver

to pay expenses

Transfers of silver to pay expenses

( 139,054.9 )

3 unchanged sentences

Opening balance

Realized (loss) / gain on silver distributed

for the redemption of Shares

Realized gain / (loss) 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

gain / (loss) on investment in silver

Realized gain on silver transferred to pay expenses

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 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).

Silver ETF Trust

to the Financial Statements

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 year ended December 31, 2022, 2021 and 2020, the Sponsor’s Fee, net of fees waived by the Sponsor, was $ 3,061,148 ,

$ 2,968,351 and $ 1,787,310 , respectively.

31, 2022 and at December 31, 2021, the fees payable to the Sponsor were $ 280,384 and $ 252,819 , respectively.

a result of the waiver, the Sponsor’s Fee waived for the years ended December 31, 2022, 2021 and

2020 was $ 1,530,574 , $ 1,484,000 and $ 893,655 , 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 years ended December

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.

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.

In connection with her retirement, Andrea Melia has resigned as Chief Financial Officer and Treasurer of the Sponsor, to be effective

on February 28, 2023, immediately after the filing of this report.

Melia has served as Principal Financial Officer of the Registrant.

Brian Kordeck was appointed as Chief Financial Officer and Treasurer of the Sponsor, to be effective on February 28, 2023, immediately

after the filing of this report.

Kordeck will serve as Principal Financial Officer of the Registrant.

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.

Silver ETF Trust

to the Financial Statements

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;

Expenses / Realized Gains

The primary expense of the Trust is the Sponsor’s Fee, which is paid by the Trust through in-kind transfers of silver to

The 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).

abrdn Silver ETF Trust

Notes to the Financial Statements

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 year ended December 31, 2023, 2022 and

2021, the Sponsor’s Fee, net of fees waived by the Sponsor, was $ 3,247,514 , $ 3,061,148 and $ 2,968,351 , respectively.

At December 31, 2023 and at December 31, 2022, the

fees payable to the Sponsor were $ 271,244 and $ 280,384 , respectively.

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

the years ended December 31, 2023, 2022 and 2021 was $ 1,623,757 , $ 1,530,574 and $ 1,484,000 ,

respectively.

With respect to expenses not otherwise assumed by the Sponsor,

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

pay these expenses.

When selling silver to pay expenses, the Trustee will endeavor to sell the smallest amounts of silver

needed to pay these expenses in order to minimize the Trust’s holdings of assets other than silver.

Other than the Sponsor’s

Fee, the Trust had no expenses during the years ended December 31, 2023 and 2022.

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 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.

abrdn Silver ETF Trust

Notes to the Financial Statements

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;

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.

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.

Silver ETF Trust

to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf

by the undersigned in the capacities thereunto duly authorized.

ETFs Sponsor LLC

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

Pursuant to the requirements of the Securities

Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned in the capacities

thereunto duly authorized.

abrdn ETFs Sponsor LLC

February 28, 2024

/s/ Steven Dunn *

Steven Dunn **

and Chief Executive Officer

Executive Officer)

President and Chief Executive Officer

(Principal Executive Officer)

February 28, 2024

Andrea Melia *

Financial Officer and Treasurer

originally executed copy of this Certification will be maintained at the Sponsor’s offices and will be made available

for inspection upon request.

Registrant is a trust and the persons are signing in their capacities as officers of abrdn ETFs Sponsor LLC, the Sponsor of

the Registrant.

/s/ Brian Kordeck *

Brian Kordeck **

Chief Financial Officer and Treasurer

(Principal Financial Officer and Principal

Accounting Officer)

The originally executed copy of this Certification will be maintained at the Sponsor’s offices and will be made available for inspection upon request.

The Registrant is a trust and the persons are signing in their capacities as officers of abrdn ETFs Sponsor LLC, the Sponsor of the Registrant.

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 9A. Controls and Procedures