What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2025-05-08 compared with 2024-11-12 · 131 added, 157 removed, 239 unchanged (55% of the section changed)

Financial Statements

Statements of Assets

and Liabilities

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

September 30, 2024

of Assets and Liabilities

March 31, 2025 (Unaudited) and December 31, 2024

March 31, 2025

December 31, 2024

1 unchanged sentence

Investment in silver (cost:

September 30, 2024:

March 31, 2025:

$ 1,150,495 ;

December 31, 2024:

$ 1,152,826 )

Silver receivable

Fees payable to Sponsor

Total liabilities

NET ASSETS (1)

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

Shares issued and outstanding at September 30, 2024 were 48,950,000 and at December 31, 2023 were 46,550,000 .

Net asset values per Share at September 30, 2024 and December 31, 2023 were $ 29.69 and $ 22.78 , respectively.

See Notes to the Financial Statements

abrdn Silver ETF Trust

Schedules of Investments

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

September 30, 2024

share capital is Unlimited with no par value per Share.

Shares issued and outstanding at March 31, 2025 were 50,500,000 and

at December 31, 2024 were 51,500,000 .

Net asset values per Share at March 31, 2025 and December 31, 2024 were $ 32.49 and $ 27.59 ,

respectively.

Notes to the Financial Statements

Silver ETF Trust

of Investments

March 31, 2025 (Unaudited) and December 31, 2024

March 31, 2025

% of Net Assets

Investment in silver

(in 000’s of US$, except

for oz and percentage data)

Investment in silver (in

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

Total investment in silver

Less liabilities

Other assets less liabilities

December 31, 2024

% of Net Assets

Investment in silver

(in 000’s of US$, except

for oz and percentage data)

Investment in silver (in

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

Total investment in silver

Less liabilities

See Notes to the Financial Statements

abrdn Silver ETF Trust

Statements of Operations

For the three and nine months ended September 30,

2024 and 2023

September 30, 2024

September 30, 2023

September 30, 2024

September 30, 2023

Notes to the Financial Statements

Silver ETF Trust

of Operations (Unaudited)

the three months ended March 31, 2025 and 2024

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

5 unchanged sentences

Realized 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 unrealized gain on investment in silver

Total gain on investment in silver

Change in net assets from operations

2 unchanged sentences

Notes to the Financial Statements

abrdn Silver ETF Trust

Statements of Changes

in Net Assets (Unaudited)

For the three and nine months ended September 30, 2024 and

September 30, 2024

September 30, 2023

(Amounts in 000’s of US$, except for

Opening balance

Silver ETF Trust

of Changes in Net Assets (Unaudited)

the three months ended March 31, 2025 and 2024

Three Months Ended March 31,

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

Opening balance at January 1, 2025

Net investment loss

Realized gain on investment in silver

Change in unrealized gain on investment

( 1,050,000 )

Change in unrealized gain on investment in silver

( 4,550,000 )

Closing balance

September 30, 2024

September 30, 2023

Closing balance at March 31, 2025

Three Months Ended March 31,

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

Opening balance

Opening balance at January 1, 2024

Net investment loss

Realized gain on investment in silver

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

( 1,850,000 )

( 5,900,000 )

Closing balance

See Notes to the Financial Statements

abrdn Silver ETF Trust

Financial Highlights

For the three and nine months ended September 30, 2024 and

September 30, 2024

September 30, 2023

September 30, 2024

September 30, 2023

Per Share Performance

(for a Share outstanding throughout the entire period)

Change in unrealized gain on investment in silver

Closing balance at March 31, 2024

Notes to the Financial Statements

Silver ETF Trust

Highlights (Unaudited)

the three months ended March 31, 2025 and 2024

Three Months Ended

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

Net asset value per Share at beginning of period

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

Income from investment operations:

Net investment loss

Total realized and unrealized gains or losses on investment

Change in net assets from operations

Net asset value per Share at end of period

Weighted average number of Shares

1 unchanged sentence

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).

for periods less than one year.

The 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.

See Notes to the Financial Statements

is not annualized.

Notes to the Financial Statements

Silver ETF Trust

14 unchanged sentences

“Shareholder”) an opportunity to participate in the silver market through an investment in securities.

year end for the Trust is December 31.

accompanying financial statements were prepared in accordance with the accounting principles generally accepted in the United

3 unchanged sentences

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 nine months ended September 30, 2024, and for all periods

presented have been made.

position and results of operations as of and for the three months ended March 31, 2025, and for all periods presented have been

financial statements should be read in conjunction with the Trust’s Annual Report on Form 10-K for the fiscal year ended December

The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the

operating results for the full year.

The results of operations for the three months ended March 31, 2025 are not necessarily indicative of the operating

results for the full year.

Accounting Policies

11 unchanged sentences

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.

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.

Effective August 8, 2024, JPMorgan Chase Bank N.A.

ASC 820 provides guidance for determining

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

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.

Effective August

8, 2024, JPMorgan Chase Bank N.A.

no longer serves as a custodian of the Trust’s silver.

The Trust’s silver may also be held by a sub-custodian selected by the Custodian to hold the Trust’s silver on a segregated basis

and whose appointment has been approved by the Sponsor.

At September 30, 2024, all of the Trust’s silver was held by one or more sub-custodians.

At March 31, 2025, all of the Trust’s

silver was held at ICBC or a sub-custodian selected by ICBC.

Silver ETF Trust

11 unchanged sentences

in the auction.

the value of silver has been determined, the net asset value (the “NAV”) is computed by the Trustee by

deducting all accrued fees, expenses and other liabilities of the Trust, including the remuneration due to the Sponsor (the “Sponsor’s

the 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.

in silver through the Statements of Operations.

per Share amount of silver exchanged for a purchase or redemption is calculated daily by the Trustee using the LBMA Silver

6 unchanged sentences

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.

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

2 unchanged sentences

instruments categorized in level 3.

Silver ETF Trust

to the Financial Statements (Unaudited)

inputs used to measure fair value may fall into different levels of the fair value hierarchy.

2 unchanged sentences

lowest level input that is significant to the fair value measurement in its entirety.

Silver ETF Trust

to the Financial Statements (Unaudited)

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

3 unchanged sentences

Investment in silver

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

There were no transfers

between levels during the three months ended March 31, 2025 or the year ended December 31, 2024.

Receivable and Payable

3 unchanged sentences

Generally, ownership of

silver is transferred within one business day of the trade date.

At September 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.

silver is transferred within two business days of the trade date.

At March 31, 2025, the Trust had $ 9,746,130 of silver receivable

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

At December 31, 2024, the Trust had $ 6,898,661

of silver receivable for the creation of Shares and no silver payable for the 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

50,000 Shares).

The Trust issues Shares in Baskets to Authorized Participants on an ongoing basis.

21 unchanged sentences

Effective May

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

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

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

10 unchanged sentences

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

back the Shares, the Sponsor accepts an adjustment to its Sponsor’s 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.

11 unchanged sentences

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

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

in ounces of silver and their respective values for the three and nine months ended September 30, 2024 and 2023

are set out below:

September 30, 2024

September 30, 2023

that no reserves for uncertain tax positions are required as of March 31, 2025 or December 31, 2024.

in ounces of silver and their respective values for the three months ended March 31, 2025 and 2024 are set

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

14 unchanged sentences

to the Financial Statements (Unaudited)

September 30, 2024

September 30, 2023

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

Ounces of silver

Opening balance

( 1,769,178.5 )

( 5,660,620.0 )

Transfers of silver to pay expenses

( 101,879.3 )

( 105,188.3 )

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 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

7 unchanged sentences

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

the three months ended September 30, 2024 and 2023, the Sponsor’s Fee, net of fees waived by the Sponsor, was $ 1,040,755 and $ 835,103 ,

respectively.

For the nine months ended September 30, 2024 and 2023, the Sponsor’s Fee, net of fees waived by the Sponsor,

was $ 2,789,522 and $ 2,451,934 , respectively.

30, 2024 and at December 31, 2023, the fees payable to the Sponsor were $ 355,552 and $ 271,244 , respectively.

Silver ETF Trust

to the Financial Statements (Unaudited)

a result of the waiver, the Sponsor’s Fee waived for the three months ended September 30, 2024 and 2023 was $ 520,378 and

the three months ended March 31, 2025 and 2024, the Sponsor’s Fee, net of fees waived by the Sponsor, was $ 1,153,042 and

$ 784,373 , respectively.

The Sponsor’s Fee waived for the nine months ended September 30, 2024, and 2023 was $ 1,394,776 and

March 31, 2025 and at December 31, 2024, the fees payable to the Sponsor were $ 416,945 and $ 366,328 , respectively.

a result of the waiver, the Sponsor’s Fee waived for the three months ended March 31, 2025 and 2024 was $ 576,521 and $ 392,187 ,

respectively.

4 unchanged sentences

other than silver.

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

Other than the Sponsor’s Fee, the Trust had no expenses during the three months ended March 31,

2025 and 2024.

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

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.

the Trustee nor the Sponsor is liable for depreciation or loss incurred by reason of any sale.

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.

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

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.

Effective December 31, 2024, the Trust adopted FASB Accounting Standards Update 2023-07,

Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”).

Adoption of the new

standard impacted disclosures only and did not affect the Trust’s financial position nor the results of its operations.

Operating segments are components of a public entity that engage in business activities from which it may recognize revenues and

incur expenses, have discrete financial information available, and have their operating results regularly reviewed by the public

entity’s chief operating decision maker (“CODM”) when assessing segment performance and making decisions about

segment resources.

The Chief Financial Officer of the Sponsor acts as the Fund’s CODM.

The CODM monitors the operating results

of the Trust as a whole, and the Trust’s asset allocation is managed in accordance with its Prospectus.

The Trust operates as

a single operating and reporting segment pursuant to its investment objective and principal investment strategy.

prospectus describes the Trust’s fees, investment objective, principal investment strategy and principal risks, among other

The Fund’s portfolio composition, total returns, expense ratios and changes in net assets used by the CODM to assess

segment performance and make resource allocations are consistent with the information presented within the Trust’s financial

The accompanying financial statements detail the Fund’s segment assets, liabilities, revenues, and expenses.

Segment assets are reflected on the Fund’s Statement of Assets and Liabilities as “Total Assets” and significant

segment expenses are listed on the Statement of Operations.

Silver ETF Trust

to the Financial Statements (Unaudited)

accordance with the provisions set forth in FASB ASC 855-10, Subsequent Events , the Trust’s management has evaluated

1 unchanged sentence

During this period,

the following material subsequent events were identified.

Effective November 12, 2024, immediately following the filing of this report, Brian Kordeck resigned as Treasurer and Chief Financial

Officer of the Sponsor.

Kordeck had served as Principal Financial Officer of the Registrant.

Effective November 12, 2024, Sharon Ferrari

was appointed Treasurer and Chief Financial Officer of the Sponsor.

Ferrari will serve as Principal Financial Officer of the Registrant.

no material subsequent events requiring adjustment to or disclosure in the financial statements were identified.

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

27 unchanged sentences

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

Silver ETF Trust

to the Financial Statements (Unaudited)

Indemnification

7 unchanged sentences

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