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Item 1. Financial Statements

2024-08-09 compared with 2024-05-09 · 305 added, 268 removed, 93 unchanged (86% of the section changed)

Financial Statements

Statements of Assets and Liabilities

At March 31, 2024 (Unaudited) and December 31, 2023

March 31, 2024

of Assets and Liabilities

At June 30, 2024 (Unaudited) and December 31, 2023

June 30, 2024

December 31, 2023

1 unchanged sentence

Investment in silver (cost:

March 31, 2024:

June 30, 2024:

December 31, 2023:

2 unchanged sentences

NET ASSETS (1)

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

Shares issued and outstanding at March 31, 2024 were 46,650,000 and at December 31, 2023 were 46,550,000 .

Net asset values per Share at March 31, 2024 and December 31, 2023 were $ 23.48 and $ 22.78 , respectively.

(1) Authorized

share capital is Unlimited with no par value per Share.

Shares issued and outstanding at June 30, 2024 were 47,600,000 and at

December 31, 2023 were 46,550,000 .

Net asset values per Share at June 30, 2024 and December 31, 2023 were $ 28.08 and $ 22.78 , respectively.

Notes to the Financial Statements

abrdn Silver ETF Trust

Schedules of Investments

At March 31, 2024 (Unaudited) and December 31, 2023

March 31, 2024

Silver ETF Trust

of Investments

At June 30, 2024 (Unaudited) and December 31, 2023

June 30, 2024

% of Net Assets

7 unchanged sentences

Less liabilities

See Notes to the Financial Statements

abrdn Silver ETF Trust

Statements of Operations (Unaudited)

For the three months ended March 31, 2024 and 2023

March 31, 2024

March 31, 2023

Notes to the Financial Statements

Silver ETF Trust

of Operations (Unaudited)

For the three and six months ended June 30, 2024 and 2023

Three Months Ended

June 30, 2024

Three Months Ended

June 30, 2023

June 30, 2024

June 30, 2023

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

11 unchanged sentences

Notes to the Financial Statements

abrdn Silver ETF Trust

Statements of Changes in Net Assets (Unaudited)

For the three months ended March 31, 2024 and 2023

Three Months Ended March 31, 2024

Silver ETF Trust

of Changes in Net Assets (Unaudited)

For the three and six months ended June 30, 2024 and 2023

Three Months Ended June 30, 2024

Three Months Ended June 30, 2023

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

Opening balance at January 1, 2024

Opening balance

Net investment loss

Realized gain on investment in silver

Change in unrealized gain on investment in silver

Closing balance at March 31, 2024

Three Months Ended March 31, 2023

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

( 1,100,000 )

Closing balance

Six Months Ended June 30, 2024

Six Months Ended June 30, 2023

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

Opening balance at January 1, 2023

Opening balance

Net investment loss

Realized gain on investment in silver

Change in unrealized (loss) on investment in silver

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

( 3,750,000 )

Closing balance at March 31, 2023

Closing balance

Notes to the Financial Statements

abrdn Silver ETF Trust

Financial Highlights

For the three months ended March 31, 2024 and 2023

March 31, 2024

March 31, 2023

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

Silver ETF Trust

Highlights (Unaudited)

For the three and six months ended June 30, 2024 and 2023

Three Months Ended

June 30, 2024

Three Months Ended

June 30, 2023

June 30, 2024

June 30, 2023

Per Share Performance (for a Share outstanding throughout

the entire period)

Net asset value per Share at beginning of period

8 unchanged sentences

Total return, net asset value (3)

Annualized for periods less than one year.

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

(1) Annualized

for periods less than one year.

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

The Gross Expense Ratio is 0.45 %.

Total return is not annualized.

return is not annualized.

Notes to the Financial Statements

1 unchanged sentence

Notes to the Financial Statements (Unaudited)

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”).

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

1 unchanged sentence

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

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

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

of abrdn plc.

The Trust is governed by the Trust Agreement.

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.

is designed to provide an individual owner of beneficial interests in the Shares (a “Shareholder”) an opportunity to

participate in the silver market through an investment in securities.

The accompanying financial statements were

prepared in accordance with the accounting principles generally accepted in the United States of America ("U.S.

for interim financial information and with the instructions for Form 10-Q.

In the opinion of the Trust's management, all adjustments

(which consist of normal recurring adjustments) necessary to present fairly the financial position and results of operations as

of and for the three months ended March 31, 2024, and for all periods presented have been made.

These financial statements should be read

in conjunction with the Trust's Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

The results of operations

for the three months ended March 31, 2024 are not necessarily indicative of the operating results for the full year.

Significant Accounting Policies

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

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

and disclosures.

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

Trust’s expenses.

The Trust is designed to provide an individual owner of beneficial interests in the Shares (a “Shareholder”)

an opportunity to participate in the silver market through an investment in securities.

The fiscal year end of the Trust

is December 31.

The accompanying

financial statements were prepared in accordance with the accounting principles generally accepted in the United States of America

GAAP") for interim financial information and with the instructions for Form 10-Q.

In the opinion of the Trust's

management, all adjustments (which consist of normal recurring adjustments) necessary to present fairly the financial position

and results of operations as of and for the three and six months ended June 30, 2024, and for all periods presented

have been made.

These financial

statements should be read in conjunction with the Trust's Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the operating results

for the full year.

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.

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 March 31, 2024, none of the Trust's silver was held by a sub-custodian.

The following

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

of Accounting

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.

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.

May 23, 2024, the Trustee, at the direction of the Sponsor, entered into an Allocated Account Agreement and Unallocated Account

Agreement with ICBC Standard Bank Plc ("ICBC"), providing for the custody of the Trust's silver.

Prior to May 23, 2024,

JPMorgan Chase Bank N.A.

("JPMorgan") served as custodian of the Trust's silver, and will continue to provide custody

services until all of the Trust's silver is transferred to ICBC.

At June 30, 2024, approximately 83.52 %

of the Trust's silver remained at JPMorgan, while 16.48 %

had been transferred to ICBC.

At June 30, 2024, none

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

abrdn Silver ETF Trust

Notes to the Financial Statements (Unaudited)

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.

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

on a trade date basis as the difference between the fair value and average cost of silver transferred.

The ICE Benchmark Administration (“IBA”) conducts

an electronic, over-the-counter silver auction in London, England to establish a fixing price for an ounce of silver once each

trading day, which is disseminated by major market vendors (the “LBMA Silver Price”).

The LBMA Silver Price is established

by the LBMA-authorized bullion banks and market makers participating in the auction.

Once the value of silver has been determined, the

net asset value (the “NAV”) is computed by the Trustee by deducting all accrued fees, expenses and other liabilities

of the Trust, including the remuneration due to the Sponsor (the “Sponsor’s Fee”), from the fair value of the silver

and all other assets held by the Trust.

The Trust recognizes changes in fair value of the investment

in silver as changes in unrealized gains or losses on investment in silver through the Statement of Operations.

The per Share amount of silver exchanged for a purchase

or redemption is calculated daily by the Trustee using the LBMA Silver Price to calculate the silver amount in respect of

any liabilities for which covering silver sales have not yet been made, and represents the per Share amount of silver

held by the Trust, after giving effect to its liabilities, to cover expenses and liabilities and any losses that may have occurred.

Fair Value Hierarchy

ASC 820 establishes a hierarchy that prioritizes inputs to valuation

techniques used to measure fair value.

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.

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.

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.

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.

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.

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.

abrdn Silver ETF Trust

Notes to the Financial Statements (Unaudited)

The Trust’s investment in silver is classified as

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

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

investment in silver is classified as a level 1 asset, as its value is calculated using unadjusted quoted

prices from primary market sources.

The categorization

of the Trust’s assets is as shown below:

(Amounts in 000’s of US$)

March 31, 2024

June 30, 2024

December 31, 2023

Investment in silver

There were no transfers between levels during the three months ended March 31, 2024 or the year ended December 31, 2023.

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 March 31, 2024, the Trust had no silver receivable or payable for the creation or redemption

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

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.

were no transfers between levels during the six months ended June 30, 2024 or the year ended December 31, 2023.

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 June 30, 2024, the Trust had no silver receivable or

payable for the creation or redemption of Shares.

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

for the creation or redemption of Shares.

and Redemptions of Shares

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.

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

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

Effective May

28, 2024, the standard settlement period for Shares is one business day.

Prior to May 28, 2024, the settlement period for Shares was 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.

abrdn Silver ETF Trust

Notes to the Financial Statements (Unaudited)

The amount of silver represented by the Baskets created

or redeemed can only be settled to the nearest 1/1000th of an ounce.

As a result, the value attributed to the creation or redemption

of Shares may differ from the value of silver to be delivered or distributed by the Trust.

In order to ensure that the

correct amount of silver is available at all times to back the Shares, the Sponsor accepts an adjustment to its Sponsor Fee

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.

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

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

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.

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

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.

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

federal income tax purposes.

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

As 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.

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 March 31, 2024 or December 31, 2023.

Investment in Silver

Changes in ounces of silver and their respective values

for the three months ended March 31, 2024 and 2023 are set out below:

March 31, 2024

March 31, 2023

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.

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

that no reserves for uncertain tax positions are required as of June 30, 2024 or December 31, 2023.

ounces of silver and their respective values for the three and six months ended June 30, 2024 and 2023 are

set out below:

June 30, 2024

June 30, 2023

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

14 unchanged sentences

Notes to the Financial Statements (Unaudited)

June 30, 2024

June 30, 2023

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

Ounces of silver

Opening balance

( 765,605.6 )

( 3,599,530.1 )

Transfers of silver to pay expenses

Closing balance

Investment in silver

Opening balance

Realized gain on silver distributed for the redemption of Shares

Transfers of silver to pay expenses

Realized gain on silver transferred to pay expenses

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

Closing balance

/ Realized Gains / Losses

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

The Trust will transfer silver to the Sponsor to pay the

Sponsor’s Fee that accrues daily at an annualized rate equal to 0.45 % of the adjusted daily net asset value (“ANAV”)

of the Trust, paid monthly in arrears.

Presently, the Sponsor is continuing to voluntarily waive a portion of its fee and

reduce the Sponsor’s Fee to 0.30 % (which it has done since the Date of Inception).

The Sponsor has agreed to assume administrative and marketing

expenses incurred by the Trust, including the Trustee’s monthly fee and out of pocket expenses, the Custodian’s fee

and the reimbursement of the Custodian’s expenses, exchange listing fees, United States Securities and Exchange Commission

(the “SEC”) registration fees, printing and mailing costs, audit fees and up to $ 100,000 per annum in legal expenses.

For the three months ended March 31, 2024 and

2023, the Sponsor’s Fee, net of fees waived by the Sponsor, was $ 784,373 and $ 794,578 , respectively.

The Sponsor's Fee waived for the three months ended March 31,

2024 and 2023 was $ 392,187 and $ 397,289 , respectively.

At March 31, 2024 and at December 31, 2023, the fees

payable to the Sponsor were $ 278,861 and $ 271,244 , 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 three months ended March 31, 2024 and 2023.

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.

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).

has agreed to assume administrative and marketing expenses incurred by the Trust, including the Trustee’s monthly fee and

out of pocket expenses, the Custodian’s fee and the reimbursement of the Custodian’s expenses, exchange listing fees,

United States Securities and Exchange Commission (the “SEC”) registration fees, printing and mailing costs, audit

fees and up to $ 100,000 per annum in legal expenses.

For the three

months ended June 30, 2024 and 2023, the Sponsor’s Fee, net of fees waived by the Sponsor, was $ 964,425 and $ 822,253 , respectively.

For the six months ended June 30, 2024 and 2023, the Sponsor's Fee was $ 1,748,795 and $ 1,616,831 , respectively.

30, 2024 and at December 31, 2023, the fees payable to the Sponsor were $ 328,021 and $ 271,244 , respectively.

of the waiver, the Sponsor’s Fee waived for the three months ended June 30, 2024 and 2023 was $ 482,213 and $ 411,127 , respectively.

The Sponsor’s Fee waived for the six months ended June 30, 2024, and 2023 was $ 874,399 and $ 808,416 , respectively.

abrdn Silver ETF Trust

Notes to the Financial Statements (Unaudited)

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;

to expenses not otherwise assumed by the Sponsor, the Trustee will, at the direction of the Sponsor or in its own discretion,

sell the Trust’s silver as necessary to pay these expenses.

When selling silver to pay expenses, the Trustee will endeavor

to sell the smallest amounts of silver needed to pay these expenses in order to minimize the Trust’s holdings of assets

other than silver.

Other than the Sponsor’s Fee, the Trust had no expenses during the three and six months ended June

30, 2024 and 2023.

Unless otherwise

directed by the Sponsor, when selling silver the Trustee will endeavor to sell at the LBMA Silver Price.

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.

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.

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.

and the Trustee are considered to be related parties to the Trust.

The Trustee and the Custodian and their affiliates may from

time to time act as Authorized Participants and purchase or sell Shares for their own account, as agent for their customers and

for accounts over which they exercise investment discretion.

In addition, the Trustee and the Custodian and their affiliates may

from time to time purchase or sell silver directly, for their own account, as agent for their customers and for accounts

over which they exercise investment discretion.

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

not separate expenses of the Trust.

Concentration

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;

currency exchange rates;

(iv) interest rates;

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

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.

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

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.

abrdn Silver ETF Trust

Notes to the Financial Statements (Unaudited)

Indemnification

Trust’s organizational documents, the Trustee (and its directors, employees and agents) and the Sponsor (and its members,

managers, directors, officers, employees and affiliates) are indemnified by the Trust against any liability, cost or expense it

incurs without gross negligence, bad faith, willful misconduct or willful malfeasance on its part and without reckless disregard

on its part of its obligations and duties under the Trust’s organizational documents.

The Trust’s maximum exposure

under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.

Silver ETF Trust

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements