What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2026-03-02 compared with 2025-02-28 · 272 added, 289 removed, 901 unchanged (38% of the section changed)

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The assets of the Trust consist solely of silver bullion.

The Trust was formed on July 20, 2009 when an initial

Creation and was made in exchange for the issuance of two Baskets (a “Basket” consists of 50,000 Shares).

sponsor of the Trust is abrdn ETFs Sponsor LLC (the “Sponsor”) and the custodian is ICBC Standard Bank Plc (the “Custodian” or “ICBC”).

The trustee of the Trust is The Bank of New York Mellon

(the “Trustee”).

The number of shares that constitutes a Basket for the purpose of creations and redemptions was reduced

from 100,000 Shares to 50,000 Shares effective on August 11, 2016.

The Trust was formed on July 20, 2009 when an initial deposit of silver was made in exchange for the issuance of two Baskets (a “Basket” consists of 50,000 Shares).

sponsor of the Trust is abrdn ETFs Sponsor LLC (the “Sponsor”) and the custodian is ICBC Standard Bank Plc (the “Custodian”

The trustee of the Trust is The Bank of New York Mellon (the “Trustee”).

The number of shares

that constitutes a Basket for the purpose of creations and redemptions was reduced from 100,000 Shares to 50,000 Shares effective

on August 11, 2016.

Trust’s Shares at redeemable value increased from $1,421,124,141 at December 31, 2024 to $5,430,232,445 at December 31,

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practicable after they have been filed or furnished to the Securities and Exchange Commission (the “SEC”).

The SEC maintains an internet site that contains reports, proxy and information statements, and other information regarding issuers that

maintains an internet site that contains reports, proxy and information statements, and other information regarding issuers that

file electronically at www.sec.gov.

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Accessible and Relatively Cost Effective .

Investors can access the silver bullion market through a traditional brokerage account.

The Sponsor believes that investors will be able to more effectively implement strategic and tactical asset allocation strategies that

use silver bullion by using the Shares instead of using the traditional means of purchasing, trading and holding silver bullion and for

many investors, transaction costs related to the Shares will be lower than those associated with the purchase, storage and insurance

of physical silver.

Investors can access the silver bullion

market through a traditional brokerage account.

The Sponsor believes that investors will

be able to more effectively implement strategic and tactical asset allocation strategies

that use silver bullion by using the Shares instead of using the traditional means of

purchasing, trading and holding silver bullion and for many investors, transaction costs

related to the Shares will be lower than those associated with the purchase, storage

and insurance of physical silver.

Traded and Transparent.

The Shares trade on the NYSE Arca, providing investors with an efficient means to implement various investment

The Shares are eligible for margin accounts and are backed by the assets of the Trust and the Trust does not hold or employ

any derivative securities.

Furthermore, the value of the Trust’s holdings are reported on the Trust’s website daily.

The Shares trade on the NYSE Arca, providing investors with

an efficient means to implement various investment strategies.

The Shares are eligible

for margin accounts and are backed by the assets of the Trust and the Trust does not

hold or employ any derivative securities.

Furthermore, the value of the Trust’s

holdings are reported on the Trust’s website daily.

Credit Risk .

The Shares represent an interest in physical silver owned by the Trust (other than an amount held in unallocated form

which is not sufficient to make up a whole bar of which is held temporarily to effect a creation or redemption of Shares).

Physical silver

of the Trust in the Custodian’s possession is not subject to borrowing arrangements with third parties.

Other than the silver temporarily

being held in an unallocated silver account with the Custodian, the physical silver of the Trust is not subject to counterparty or credit

See “Risk Factors—Silver held in the Trust’s unallocated silver account and any Authorized Participant’s

unallocated silver account is not segregated from the Custodian’s assets...” This contrasts with most other financial

products that gain exposure to silver through the use of derivatives that are subject to counterparty and credit risks.

The Shares represent an interest in physical silver owned by the Trust

(other than an amount held in unallocated form which is not sufficient to make up a whole

bar of which is held temporarily to effect a creation or redemption of Shares).

silver of the Trust in the Custodian’s possession is not subject to borrowing arrangements

with third parties.

Other than the silver temporarily being held in an unallocated silver

account with the Custodian, the physical silver of the Trust is not subject to counterparty

or credit risks.

See “Risk Factors—Silver held in the Trust’s unallocated

silver account and any Authorized Participant’s unallocated silver account is not

segregated from the Custodian’s assets...” This contrasts with most other

financial products that gain exposure to silver through the use of derivatives that are

subject to counterparty and credit risks.

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

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published in April 2025, information for 2025 is not available as of the date of this report.

( in millions of ounces )

United States

Papua New Guinea

million ounces

The Silver Institute - World Silver Survey 2025 (Metals Focus)

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Consequently, there are very limited silver stocks held by governments.

According to The Silver Institute World Silver Survey

2024, the identifiable silver bullion inventories are as set forth in the table below.

As the World Silver Survey 2024 was published

in April 2024, information for 2024 is not available as of the date of this report.

( in millions of ounces )

London Vaults

Shanghai Gold Exchange (SGE)

Shanghai Futures Exchange (SHFE)

The Silver Institute

- World Silver Survey 2024 (Metals Focus, LBMA, CME, SGE, SHFE, MCX & OSE)

According to The Silver Institute World Silver Survey 2025, the identifiable silver bullion inventories are as set forth in the

As the World Silver Survey 2025 was published in April 2025, information for 2025 is not available as of the date

of this report.

Futures Exchange (SHFE)

Gold Exchange (SGE)

The Silver Institute - World Silver Survey 2025 (Metals Focus, LBMA, CME, SGE, SHFE, MCX & OSE)

Investment Sector

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final figures (i.e., non-forecasted) for 2025 are not yet available.

(in millions of ounces)

Mine Production

Net Hedging Supply

Net Official Sector Sales

Electrical & Electronics

...of which photovoltaics

Brazing Alloys & Solders

Other Industrials

Net Physical Investment

Net Hedging Demand

Market Balance

Net Investment in ETPS

Market Balance less ETPS

Silver Price (US$/oz, London Price)

The Silver Institute - World

Silver Survey 2024 (Metals Focus)

millions of ounces)

Hedging Supply

Official Sector Sales

& Electronics

which photovoltaics

Alloys & Solders

Physical Investment

Hedging Demand

Investment in ETPS

Balance less ETPS

Price (US$/oz, London Price)

The Silver Institute - World Silver Survey 2025 (Metals Focus)

following are some of the main characteristics of the silver market illustrated by the table.

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Photography has been taking a lower share of overall

silver demand falling from 4% in 2015 to 2% in 2023, while photovoltaic demand has risen in recent years accounting for 16% in

silver demand, falling from 3.5% in 2016 to 2.2% in 2024, while photovoltaic demand has risen in recent years accounting for 17%

Net physical investment (i.e.

in coins and bars) accounted for 20% of demand in 2023, up from a low of 26% in 2021–2022.

in coins and bars) fell for a second consecutive year, accounting for 16% of demand in

2024, down from a high of 26.3% in 2022.

price of silver is volatile and fluctuations are expected to have a direct impact on the value of the Shares.

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an ounce of silver in dollars from December 31, 2015 to December 31, 2025 and is based on information provided by Bloomberg:

Bloomberg, abrdn.

Bloomberg, Aberdeen.

Chart data from 12/31/2015 to 12/31/2025.

Spot Silver Price = SLVRLND Index.

The following is a discussion of the movements in the price of silver illustrated by the table:

in early 2011, when silver prices peaked at $48.44 per ounce, silver prices began a downward trend, albeit with multiple upwards

rallies (that have often lasted several months).

The rise in the value of the U.S.

Dollar, sluggish industrial growth and a tame

inflation environment (which led some investors to revise their expectations of the effects of monetary expansion) were some of

the drivers behind the fall in silver prices from 2011 to 2019.

Silver reversed course in 2020, as prices rose 46.75%, closing

at $26.49 per ounce.

In 2021, silver took a slight step back after its historic performance in 2020, as it returned -13% (as of

December 31, 2021).

Throughout 2021, silver took a backseat to riskier asset classes, such as equities, which was one of the reasons

for its negative performance during the year.

was a volatile year for silver.

On March 7, 2022, in response to Russia’s invasion of Ukraine, the LBMA suspended five Russian

silver refiners.

Fewer suppliers to the LBMA may lead to a lower supply of Good Delivery silver and further volatility in the

price of silver.

See “Risk Factors—General Risks— War, a major terrorist attack and other geopolitical events,

including but not limited to the war between Russia and Ukraine…may lead to extended periods of price volatility”

for additional information regarding the LBMA’s suspension of the Russian silver refiners.

The price of silver reached as

high as $26.41 per ounce in the weeks following Russia’s invasion of Ukraine, up more than 13% from the end of 2021, as

the invasion, and the threat of sanctions on Russian exports, including silver, pushed prices higher.

The price of silver fell

as low as $17.81 per ounce at the beginning of September 2022, as the risk of diminishing global economic growth, and aggressive

interest rate hikes by the U.S.

Federal Reserve caused the U.S.

Dollar to strengthen, and silver prices to weaken, in concurrence

with a slowing economy.

The potential of a weakening U.S.

Dollar, amidst low silver inventory levels and a reopening Chinese economy,

sparked a rally in the fourth quarter of 2022 that saw the price of silver climb 25.9% over the quarter to close the year at $23.95

per ounce as of December 31, 2022.

Despite the volatile year, in 2022 the price of silver rose 2.8% above its 2021 closing price.

following is a discussion of the movements in the price of silver illustrated by the table:

rise in the value of the U.S.

Dollar, sluggish industrial growth and a tame inflation environment (which led some investors to

revise their expectations of the effects of monetary expansion) were some of the drivers behind the movement fall in silver prices

from 2011 to 2019.

Silver reversed course in 2020, after COVID stimulus measures were announced, helping prices rise 46.75%,

closing the year at $26.49 per ounce.

In 2021, silver took a slight step back after its performance in 2020, as it returned -13%

for the year, as silver took a backseat to riskier asset classes.

was a volatile year for silver as well as other metals in the wake of Russia’s invasion of Ukraine.

The invasion caused

sanctions and geopolitical unrest which weighed on the economic outlook and affected the interest rate outlook.

Ultimately silver

finished the year at $23.95 per ounce, with a yearly performance of +2.77%.

strong demand and reduced supply trends that were prevalent towards the end of 2022 were expected to continue in 2023.

economic and geopolitical factors continued to drive volatility in the price of silver over the course of the year.

spot price remained relatively flat to start the year, a disappointing Chinese economic recovery drove the price as low as $20.09

on March 10, 2023, before a U.S.

banking crisis increased the likelihood of U.S.

policy rate cuts and drove the spot price as

high as $25.84 per ounce on May 5, 2023, as investors turned to silver in anticipation of lower interest rates.

However, the subsequent

interest rate hike in May contributed to the price of silver falling as low as $22.34 per ounce on June 23, 2023.

silver continued to fluctuate throughout the third quarter of 2023 as a weaker dollar pushed the spot price back above $25 per

ounce on July 19, 2023;

however, the U.S.

Federal Reserve’s final interest rate hike of the year on July 26 increased the

probability of a policy rate mistake, given mixed economic news, leading the price to close as low as $22.55 per ounce on September

The spot price of silver continued to fall at the start of Q4 2023, reaching as low as $21.06 per ounce on October 3,

2023, before the U.S.

Treasury shifted issuance to short duration bonds, lowering 10-year yields.

As Treasury market yields moved

lower, removing the risk of excessive policy-rate tightening, the price climbed to $23.22 per ounce on October 20, 2023.

price of silver remained relatively steady over the next few weeks before speculation of potential interest rate cuts in the U.S.

and Chinese economic stimulus drove the spot price of silver as high as $25.17 per ounce on December 4, 2023.

The price of silver

ultimately ended the year at $23.79 per ounce on December 29, 2023, down -0.65% for the year, as market participants were disappointed

by the lack of economic stimulus in China.

In 2024, the spot price of silver began the year on a downward trend as the economic stimulus out of China at the end of 2023 disappointed

economic and geopolitical factors including a US banking crisis drove interest rate and industrial demand volatility for the year.

The price of silver ultimately ended the year at $23.79 per ounce on December 29, 2023, down -0.65% for the year, as market participants

were disappointed by the lack of economic stimulus in China.

2024, the spot price of silver began the year on a downward trend as the economic stimulus out of China at the end of 2023 disappointed

investors and had little immediate effect on the economy.

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by investors over the summer months.

Federal Reserve’s interest rate cut provided an additional tailwind that would send the

price as high as $32.48 per ounce on September 26, 2024.

Headwinds grew as the US election resulted in an increased potential of tariffs

that are large enough to slow Chinese economic growth.

Overall, the year was marked by alternating optimism and pessimism on China’s economic

activity and levels of stimulus.

Additional volatility came from a disappointing energy transition in the U.S.

despite an outperforming

energy transition in China where silver’s use in solar panel manufacturing is key.

Federal Reserve’s interest rate cut provided an additional tailwind that would

send the price as high as $32.48 per ounce on September 26, 2024.

Headwinds grew as the US election resulted in an increased potential

of tariffs that are large enough to slow Chinese economic growth.

Overall, the year was marked by alternating optimism and pessimism

on China’s economic activity and levels of stimulus.

Additional volatility came from a disappointing energy transition in

despite an outperforming energy transition in China where silver’s use in solar panel manufacturing is a key silver

demand driver.

2025, as the threat of extreme tariffs and sanctions came into focus, the spot price of silver finally responded to the deficit

that had existed over the prior six years.

That market deficit has mostly been driven by industrial demand, however investor interest

in Exchange-Traded Products (ETPs) also accounted for a sizable portion of this year’s rally.

In April, the US administration

added silver to the draft Section 232 notice, including it as a critical mineral and fueling speculation of US tariffs, which

resulted in large volumes of silver being moved from London vaults to U.S.

exchange vaults to avoid any potential tariffs, with

the result of tightening silver availability in London, the highest volume market.

The spot price rose to $54.10 per ounce on

October 17, 2025.

Following a 14% selloff in October, the spot price found ongoing support from industrial demand in India and

China, as the jewelry/investing sector substituted silver purchases for gold, industrial demand increased, and the Indian government

approved holding both gold and silver ETPs in local pension plans.

While the decision to impose tariffs on critical minerals was

ultimately delayed into 2026, market speculation and investor interest in ETPs more than doubled the market deficit with large

purchases throughout the year.

These factors combined to support a year-end rally that drove the spot price of silver to $71.99

per ounce on December 31, 2025, an increase of 149% from the prior year end.

of the Silver Bullion Market

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as well as others in the OTC market, trade with each other and with their clients on a principal-to-principal basis.

All risks and

issues of credit are between the parties directly involved in the transaction.

Market makers include the market making members of

the London Bullion Market Association (“LBMA”), the trade association that acts as the coordinator for activities

and issues of credit are between the parties directly involved in the transaction.

Market makers include the market making members

of the London Bullion Market Association (“LBMA”), the trade association that acts as the coordinator for activities

conducted on behalf of its members and other participants in the London bullion market.

The eleven market-making members of the LBMA

The eleven market-making members of the

BNP Paribas SA, Citibank N.A, HSBC Bank Plc, Goldman Sachs International, ICBC Standard Bank, JPMorgan Chase Bank, Merrill

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International LTD, Standard Chartered Bank, Toronto-Dominion Bank and UBS AG.

market provides a relatively flexible market in terms of quotes, price, size, destinations for delivery and other factors.

dealers customize transactions to meet clients’ requirements.

The OTC market has no formal structure and no open outcry

meeting place.

Mining companies, central banks, manufacturers of jewelry and industrial products, together with investors and

speculators, tend to transact their business through one of these market centers.

Centers such as Dubai and several cities in the

Far East also transact substantial OTC market business, typically involving jewelry and small bars of silver (1 kilogram or less)

and will hedge their exposure by selling into one of these main OTC centers.

Bullion dealers have offices around the world and most

of the world’s major bullion dealers are either members or associate members of the LBMA.

As of the date of this report, there

are a further 80 full members, plus a number of associate members around the world.

The number of LBMA market-making, clearing and

full members reported in this annual report are as of the date of this annual report.

These numbers may change from time to time as

new members are added and existing members drop out.

In the OTC market for silver, the standard size of trades between market makers

is 100,000 ounces.

Liquidity in the OTC market can vary from time to time during the course of the 24-hour trading day.

in liquidity are reflected in adjustments to dealing spreads—the differential between a dealer’s “buy” and

“sell” prices.

The period of greatest liquidity in the bullion markets generally occurs at the time of day when trading

in the European time zones overlaps with trading in the United States, which is when OTC market trading in London, New York, Zurich

and other centers coincides with futures and options trading on the Commodity Exchange, Inc.

(“COMEX”), a designated

contract market within the CME Group.

OTC market provides a relatively flexible market in terms of quotes, price, size, destinations for delivery and other factors.

Bullion dealers customize transactions to meet clients’ requirements.

The OTC market has no formal structure and no open

outcry meeting place.

Mining companies, central banks, manufacturers of jewelry and industrial products, together with investors

and speculators, tend to transact their business through one of these market centers.

Centers such as Dubai and several cities

in the Far East also transact substantial OTC market business, typically involving jewelry and small bars of silver (1 kilogram

or less) and will hedge their exposure by selling into one of these main OTC centers.

Bullion dealers have offices around the

world and most of the world’s major bullion dealers are either members or associate members of the LBMA.

As of the date

of this report, there are a further 80 full members, plus a number of associate members around the world.

The number of LBMA market-making,

clearing and full members reported in this annual report are as of the date of this annual report.

These numbers may change from

time to time as new members are added and existing members drop out.

In the OTC market for silver, the standard size of trades

between market makers is 100,000 ounces.

Liquidity in the OTC market can vary from time to time during the course of the 24-hour

Fluctuations in liquidity are reflected in adjustments to dealing spreads—the differential between a dealer’s

“buy” and “sell” prices.

The period of greatest liquidity in the bullion markets generally occurs at the

time of day when trading in the European time zones overlaps with trading in the United States, which is when OTC market trading

in London, New York, Zurich and other centers coincides with futures and options trading on the Commodity Exchange, Inc.

a designated contract market within the CME Group.

This period lasts for approximately four hours each New York business day morning.

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Citibank N.A.

London Branch, Coins ‘N Things Inc., DRW Investments, LLC, Goldman Sachs, HSBC Bank USA NA, Jane Street Global

London Branch, Coins ‘N Things Inc., DRW Investments, LLC, Goldman Sachs International plc, HSBC Bank USA NA, Jane Street Global

Trading LLC, JP Morgan Chase Bank N.A London Branch, Koch Supply and Trading LP, Marex, Morgan Stanley, Standard Chartered Bank,

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in the Trust Agreement) means, as of any day, (i) such day’s LBMA Silver Price;

or (ii) such other publicly available price which is reasonably available to the

Trustee at no cost to the Trustee and which the Sponsor may determine fairly represents the commercial value of silver held by the Trust

and instructs the Trustee to use as the Benchmark Price.

or (ii) such other publicly available price

which is reasonably available to the Trustee at no cost to the Trustee and which the Sponsor may determine fairly represents the

commercial value of silver held by the Trust and instructs the Trustee to use as the Benchmark Price.

most significant silver futures exchanges are the COMEX, a designated contract market within the CME Group, and the Tokyo Commodity

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(the daily price of an ounce of silver determined by an electronic, over-the-counter auction that starts at 12:00 noon London,

England time in which LBMA-accredited bullion banks or market makers participate), or, if no LBMA Silver Price is made on such day,

or has not been announced by the Evaluation Time, the next most recent LBMA Silver Price determined prior to the Evaluation Time

will be used, unless the Sponsor determines that such price is inappropriate as a basis for evaluation.

In the event the Sponsor

determines that the LBMA Silver Price or such other publicly available price as the Sponsor may deem fairly represents the

commercial value of the Trust’s silver is not an appropriate basis for evaluation of the Trust’s silver, it shall

England time in which LBMA-accredited bullion banks or market makers participate), or, if no LBMA Silver Price is made on such

day, or has not been announced by the Evaluation Time, the next most recent LBMA Silver Price determined prior to the Evaluation

Time will be used, unless the Sponsor determines that such price is inappropriate as a basis for evaluation.

In the event the

Sponsor determines that the LBMA Silver Price or such other publicly available price as the Sponsor may deem fairly represents

the commercial value of the Trust’s silver is not an appropriate basis for evaluation of the Trust’s silver, it shall

identify an alternative basis for such evaluation to be employed by the Trustee.

Neither the Trustee nor the Sponsor shall be liable

to any person for the determination that the LBMA Silver Price or such other publicly available price is not appropriate as a basis

for evaluation of the Trust’s silver or for any determination as to the alternative basis for such evaluation provided that

such determination is made in good faith.

See “ Operation of the Silver Bullion Market–The London Silver Bullion

Market ” for a description of the LBMA Silver Price.

Neither the Trustee nor the Sponsor shall be

liable to any person for the determination that the LBMA Silver Price or such other publicly available price is not appropriate

as a basis for evaluation of the Trust’s silver or for any determination as to the alternative basis for such evaluation

provided that such determination is made in good faith.

See “ Operation of the Silver Bullion Market–The London

Silver Bullion Market ” for a description of the LBMA Silver Price.

the value of the silver has been determined, the Trustee subtracts all estimated accrued but unpaid fees (other than the fees

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The Trustee will not be liable to the

Sponsor, The Depository Trust Company (“DTC”), Authorized Participants, the Shareholders or any other person for errors in judgment.

However, the preceding liability

exclusion will not protect the Trustee against any liability resulting from bad faith or gross negligence in the performance of

On May 23, 2024, the Sponsor entered into an Amendment (the “Trust Amendment”) to the Depositary Trust Agreement (the “Trust

Agreement”) with the Trustee.

The Trust Amendment reflects the following changes, effective as of June 18, 2024, as approved and

directed by the Sponsor on behalf of the Trust:

(1) the amendment of the definition of “Benchmark Price” to mean, “as

of any day, (i) such day’s LBMA Silver Price;

or (ii) such other publicly available price which is reasonably available to the Trustee

at no cost to the Trustee and which the Sponsor may determine fairly represents the commercial value of silver held by the Trust and instructs

the Trustee to use as the Benchmark Price”;

and (2) the replacement of the defined term for “London Fix” with the defined

term “LBMA Silver Price”, which “means the price of a troy ounce of silver as determined by ICE Benchmark Administration,

the third party administrator of the London silver price selected by the LBMA, or any successor administrator of the London silver price,

at or about 12:00 p.m.

London, England time”.

Sponsor, The Depository Trust Company (“DTC”), Authorized Participants, the Shareholders or any other person for errors

However, the preceding liability exclusion will not protect the Trustee against any liability resulting from bad

faith or gross negligence in the performance of its duties.

May 23, 2024, the Sponsor entered into an Amendment (the “Trust Amendment”) to the Depositary Trust Agreement (the

“Trust Agreement”) with the Trustee.

The Trust Amendment reflects the following changes, effective as of June 18,

2024, as approved and directed by the Sponsor on behalf of the Trust:

(1) the amendment of the definition of “Benchmark

Price” to mean, “as of any day, (i) such day’s LBMA Silver Price;

or (ii) such other publicly available price

which is reasonably available to the Trustee at no cost to the Trustee and which the Sponsor may determine fairly represents the

commercial value of silver held by the Trust and instructs the Trustee to use as the Benchmark Price”;

and (2) the replacement

of the defined term for “London Fix” with the defined term “LBMA Silver Price”, which “means the

price of a troy ounce of silver as determined by ICE Benchmark Administration, the third party administrator of the London silver

price selected by the LBMA, or any successor administrator of the London silver price, at or about 12:00 p.m.

London, England

Trust’s only ordinary recurring expense is the Sponsor’s Fee.

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The Sponsor, from time to time, may temporarily waive all or a portion of the Sponsor’s Fee at its discretion.

The Sponsor has voluntarily agreed to waive a portion of the Sponsor’s

Fee to reduce the Sponsor’s Fee to 0.30% of the ANAV of the Trust through February 28, 2027.

This fee waiver has been in

existence since the Trust was formed.

Although the Sponsor has no current intention of doing so, because the fee waiver is voluntary,

the Sponsor may revert to the 0.45% fee prior to February 28, 2027.

Should the Sponsor choose to revert to the 0.45% fee (or an

amount higher than 0.30% but no greater than 0.45% annualized), prior to February 28, 2027, it will provide Shareholders with

at least 30 days’ prior written notice of such change through either a prospectus supplement to its registration statement

or through a report furnished on Form 8-K.

In the future, the

Sponsor may continue its fee waiver, waive a larger or smaller portion of its fee or discontinue its fee waiver.

If, at any point

in the future, the Sponsor does not continue its partial fee waiver, the full Sponsor’s Fee will accrue and be paid to the

Sponsor for subsequent periods.

The Sponsor is under no obligation to continue to waive all or part of the Sponsor’s Fee

on an ongoing basis.

has voluntarily agreed to waive a portion of the Sponsor’s Fee to reduce the Sponsor’s Fee to 0.30% of the ANAV of

the Trust through February 28, 2027.

This fee waiver has been in existence since the Trust was formed.

Although the Sponsor has

no current intention of doing so, because the fee waiver is voluntary, the Sponsor may revert to the 0.45% fee prior to February

Should the Sponsor choose to revert to the 0.45% fee (or an amount higher than 0.30% but no greater than 0.45% annualized),

prior to February 28, 2027, it will provide Shareholders with at least 30 days’ prior written notice of such change through

either a prospectus supplement to its registration statement or through a report furnished on Form 8-K.

In the future, the Sponsor

may continue its fee waiver, waive a larger or smaller portion of its fee or discontinue its fee waiver.

If, at any point in the

future, the Sponsor does not continue its partial fee waiver, the full Sponsor’s Fee will accrue and be paid to the Sponsor

for subsequent periods.

The Sponsor is under no obligation to continue to waive all or part of the Sponsor’s Fee on an ongoing

the Sponsor may, in its sole discretion, agree to rebate all or a portion of the Sponsor’s Fee attributable to Shares held

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the Securities Act.

to initiating any creation or redemption order, an Authorized Participant must have entered into an agreement with the Custodian or

a silver clearing bank to establish an Authorized Participant Unallocated Account in London (“Authorized Participant

to initiating any creation or redemption order, an Authorized Participant must have entered into an agreement with the Custodian

or a silver clearing bank to establish an Authorized Participant Unallocated Account in London (“Authorized Participant

Unallocated Bullion Account Agreement”).

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Silver held in Authorized Participant Unallocated Accounts is typically not segregated from the Custodian’s or

other silver clearing bank’s assets, as a consequence of which an Authorized Participant will have no proprietary interest in

any specific bars of silver held by the Custodian or the clearing bank.

other silver clearing bank’s assets, as a consequence of which an Authorized Participant will have no proprietary interest

in any specific bars of silver held by the Custodian or the clearing bank.

Credits to its Authorized Participant Unallocated Account

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No fees will be charged by the

Custodian for the use of the Authorized Participant Unallocated Account as long as the Authorized Participant Unallocated Account is

used solely for silver transfers to and from the Trust Unallocated Account and the Custodian (or one of its affiliates) receives

Custodian for the use of the Authorized Participant Unallocated Account as long as the Authorized Participant Unallocated Account

is used solely for silver transfers to and from the Trust Unallocated Account and the Custodian (or one of its affiliates) receives

compensation for maintaining the Trust Allocated Account.

Authorized Participants should be aware that the Custodian’s

liability threshold under the Authorized Participant Unallocated Bullion Account Agreement is generally gross negligence, not

negligence, which is the Custodian’s liability threshold under the Trust’s Custody Agreements.

Authorized Participants should be aware that the Custodian’s liability

threshold under the Authorized Participant Unallocated Bullion Account Agreement is generally gross negligence, not negligence,

which is the Custodian’s liability threshold under the Trust’s Custody Agreements.

the terms of the Authorized Participant Unallocated Bullion Account Agreement differ in certain respects from the terms of the

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Settlements of such orders requiring

receipt or delivery, or confirmation of receipt or delivery, of silver in the United Kingdom or another jurisdiction will occur on

“business days” when (1) banks in the United Kingdom or another jurisdiction and (2) the London silver markets are regularly open

for business.

If such banks or the London silver markets are not open for regular business for a full day, such a day will only

be a “business day” for settlement purposes if the settlement procedures can be completed by the end of such day.

Settlement of orders requiring receipt or delivery, or confirmation of receipt or delivery, of Shares will occur, after confirmation

of the applicable silver delivery, on “business days” when the NYSE Arca is open for regular trading.

of a level 3 market-wide circuit breaker resulting in a trading halt for the remainder of the trading day, the time of the market-wide

trading halt is considered the close of regular trading and no creation orders for the current trade date will be accepted after

that time (the “cutoff”).

Orders placed after the cutoff will be deemed to be rejected and will not be processed.

receipt or delivery, or confirmation of receipt or delivery, of silver in the United Kingdom or another jurisdiction will occur

on “business days” when (1) banks in the United Kingdom or another jurisdiction and (2) the London silver markets

are regularly open for business.

If such banks or the London silver markets are not open for regular business for a full day,

such a day will only be a “business day” for settlement purposes if the settlement procedures can be completed by

the end of such day.

Settlement of orders requiring receipt or delivery, or confirmation of receipt or delivery, of Shares will

occur, after confirmation of the applicable silver delivery, on “business days” when the NYSE Arca is open for regular

In the event of a level 3 market-wide circuit breaker resulting in a trading halt for the remainder of the trading day,

the time of the market-wide trading halt is considered the close of regular trading and no creation orders for the current trade

date will be accepted after that time (the “cutoff”).

Orders placed after the cutoff will be deemed to be rejected

and will not be processed.

Orders should be placed in proper form on the following business day.

Purchase orders must be placed no later than 3:59:59 p.m.

Purchase orders must be placed

no later than 3:59:59 p.m.

on each business day the NYSE Arca is open for regular trading.

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with the required silver deposit amount by the prescribed settlement date in London.

Upon receipt of

the silver deposit amount, the Custodian, after receiving appropriate instructions from the Authorized Participant and the Trustee,

will transfer on the prescribed settlement date the silver deposit amount from the Authorized Participant

Unallocated Account to the Trust Unallocated Account and the Trustee will direct DTC to credit the number of Baskets ordered to

the Authorized Participant’s DTC account.

The expense and risk of delivery, ownership and safekeeping of silver until such

silver has been received by the Trust shall be borne solely by the Authorized Participant.

The Trustee may accept delivery of

silver by such other means as the Sponsor, from time to time, may determine with the Trustee to be acceptable for the Trust, provided

that the same is disclosed in a prospectus relating to the Trust filed with the SEC pursuant to Rule 424 under the Securities

If silver is to be delivered other than as described above, the Sponsor is authorized to establish such procedures and to

appoint such custodians and establish such custody accounts in addition to those described in this report, as the Sponsor determines

to be desirable.

Upon receipt of the silver deposit amount,

the Custodian, after receiving appropriate instructions from the Authorized Participant and the Trustee, will transfer on the

prescribed settlement date the silver deposit amount from the Authorized Participant Unallocated Account to the Trust Unallocated

Account and the Trustee will direct DTC to credit the number of Baskets ordered to the Authorized Participant’s DTC account.

The expense and risk of delivery, ownership and safekeeping of silver until such silver has been received by the Trust shall be

borne solely by the Authorized Participant.

The Trustee may accept delivery of silver by such other means as the Sponsor, from

time to time, may determine with the Trustee to be acceptable for the Trust, provided that the same is disclosed in a prospectus

relating to the Trust filed with the SEC pursuant to Rule 424 under the Securities Act.

If silver is to be delivered other than

as described above, the Sponsor is authorized to establish such procedures and to appoint such custodians and establish such custody

accounts in addition to those described in this report, as the Sponsor determines to be desirable.

on standing instructions given by the Trustee, the Custodian will transfer the silver deposit amount from the Trust Unallocated

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system to the Trust not later than by the prescribed settlement date.

delivery of the redemption distribution for a redemption order, the Authorized Participant must also have wired to the Trustee

the non-refundable transaction fee due for the redemption order.

Prior to the delivery of the redemption distribution for

a redemption order, the Authorized Participant must also have wired to the Trustee the non-refundable transaction fee due for

the redemption order.

Determination

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of redemption distribution

The redemption distribution due from the Trust will be delivered to the Authorized Participant on the prescribed settlement date following

redemption distribution due from the Trust will be delivered to the Authorized Participant on the prescribed settlement date following

a loco London redemption order date if, by 10:00 a.m.

New York time on the prescribed settlement date, the Trustee’s DTC account

has been credited with the Baskets to be redeemed.

If a loco swap or physical transfer is necessary to effect a loco London redemption,

the redemption distribution due from the Trust will be delivered to the Authorized Participant on or before the prescribed settlement

date if, by 10:00 a.m.

New York time on the first business day after the loco London redemption order date, the Trustee’s DTC account

has been credited with the Baskets to be redeemed.

New York time on the prescribed settlement date, the Trustee’s DTC

account has been credited with the Baskets to be redeemed.

If a loco swap or physical transfer is necessary to effect a loco London

redemption, the redemption distribution due from the Trust will be delivered to the Authorized Participant on or before the prescribed

settlement date if, by 10:00 a.m.

New York time on the first business day after the loco London redemption order date, the Trustee’s

DTC account has been credited with the Baskets to be redeemed.

In the event that, by 10:00 a.m.

New York time on the prescribed settlement date, the

Trustee’s DTC account has not been credited with the total number of Shares corresponding to the total number of Baskets to be redeemed

pursuant to such redemption order, the Trustee shall send to the Authorized Participant and the Custodian via fax or electronic mail message

notice of such fact and the Authorized Participant shall have one business day following receipt of such notice to correct such failure.

If such failure is not cured within such one business day period, the Trustee (in consultation with the Sponsor) will cancel such redemption

order and will send via fax or electronic mail message notice of such cancellation to the Authorized Participant and the Custodian, and

the Authorized Participant will be solely responsible for all costs incurred by the Trust, the Trustee or the Custodian related to the

cancelled order.

The Trustee is also authorized to deliver the redemption distribution notwithstanding that the Baskets to be redeemed

are not credited to the Trustee’s DTC account by 10:00 a.m.

New York time on the prescribed settlement date if the Authorized Participant

has collateralized its obligation to deliver the Baskets through DTC’s book entry system on such terms as the Sponsor and the Trustee

may from time to time agree upon.

New York time on the prescribed

settlement date, the Trustee’s DTC account has not been credited with the total number of Shares corresponding to the total

number of Baskets to be redeemed pursuant to such redemption order, the Trustee shall send to the Authorized Participant and the

Custodian via fax or electronic mail message notice of such fact and the Authorized Participant shall have one business day following

receipt of such notice to correct such failure.

If such failure is not cured within such one business day period, the Trustee

(in consultation with the Sponsor) will cancel such redemption order and will send via fax or electronic mail message notice of

such cancellation to the Authorized Participant and the Custodian, and the Authorized Participant will be solely responsible for

all costs incurred by the Trust, the Trustee or the Custodian related to the cancelled order.

The Trustee is also authorized to

deliver the redemption distribution notwithstanding that the Baskets to be redeemed are not credited to the Trustee’s DTC

account by 10:00 a.m.

New York time on the prescribed settlement date if the Authorized Participant has collateralized its obligation

to deliver the Baskets through DTC’s book entry system on such terms as the Sponsor and the Trustee may from time to time

Custodian transfers the redemption silver amount from the Trust Allocated Account to the Trust Unallocated Account and, thereafter,

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became the sole member of the Sponsor.

abrdn Inc.is a wholly-owned indirect subsidiary of abrdn plc, which together with its affiliates and subsidiaries, is collectively

referred to as “abrdn.” Under the Delaware Limited Liability Company Act and the governing documents of the Sponsor,

abrdn Inc.is a wholly-owned indirect subsidiary of Aberdeen Group plc.

(“Aberdeen”).

Aberdeen has retained “abrdn” as an operational abbreviation across its subsidiary legal entities (including

the Sponsor, fund names and descriptors).

Under the Delaware Limited Liability Company Act and the governing documents of the Sponsor,

the sole member of the Sponsor, abrdn Inc., is not responsible for the debts, obligations and liabilities of the Sponsor solely

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public offering in the United States and the listing of the Shares on the NYSE Arca.

The Sponsor has agreed to assume the

organizational expenses of the Trust and the following administrative and marketing expenses incurred by the Trust:

Trustee’s monthly fee and out-of-pocket expenses, the Custodian’s fee and the reimbursement of the Custodian’s

expenses under the Custody Agreements, exchange listing fees, SEC registration fees, printing and mailing costs, audit fees and up

to $100,000 per annum in legal expenses.

The Sponsor also paid the costs of the Trust’s organization and the initial sale of

the Shares, including the applicable SEC registration fees.

The Sponsor has agreed to assume the organizational

expenses of the Trust and the following administrative and marketing expenses incurred by the Trust:

the Trustee’s monthly

fee and out-of-pocket expenses, the Custodian’s fee and the reimbursement of the Custodian’s expenses under the Custody

Agreements, exchange listing fees, SEC registration fees, printing and mailing costs, audit fees and up to $100,000 per annum

in legal expenses.

The Sponsor also paid the costs of the Trust’s organization and the initial sale of the Shares, including

the applicable SEC registration fees.

Sponsor does not exercise day-to-day oversight over the Trustee or the Custodian.

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

ICBC, a public limited company incorporated under the laws of England and Wales, serves as a Custodian of the Trust’s silver.

a public limited company incorporated under the laws of England and Wales, serves as a Custodian of the Trust’s silver.

ICBC’s office is located at 20 Gresham Street, London, EC2V 7JE, United Kingdom.

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

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

the Sponsor, as of August 4, 2025 and January 5, 2026.

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

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individual who is treated as a citizen or resident of the United States;

corporation (or other entity treated as a corporation for US federal tax purposes) created or organized in or under the laws of the United

States or any political subdivision thereof;

estate, the income of which is includible in gross income for US federal income tax purposes regardless of its source;

trust, if a court within the United States is able to exercise primary supervision over the administration of the trust and one or more

US persons have the authority to control all substantial decisions of the trust.

corporation (or other entity treated as a corporation for US federal tax purposes) created

or organized in or under the laws of the United States or any political subdivision thereof;

estate, the income of which is includible in gross income for US federal income tax purposes

regardless of its source;

trust, if a court within the United States is able to exercise primary supervision over

the administration of the trust and one or more US persons have the authority to control

all substantial decisions of the trust.

Trust is classified as a “grantor trust” for US federal income tax purposes.

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(1) whether the investment is permitted under the Plan’s governing documents, (2) whether the fiduciary has the authority

to make the investment, (3) whether the investment is consistent with the Plan’s funding objectives, (4) the tax effects

of the investment on the Plan, and (5) whether the investment is prudent considering the factors discussed in this report.

addition, ERISA and Code section 4975 prohibit a broad range of transactions involving assets of a plan and persons who are “parties

in interest” under ERISA or “disqualified persons” under section 4975 of the Code.

A violation of these rules

may result in the imposition of significant excise taxes and other liabilities.

Plans subject to Other Law may be subject to similar

restrictions.

to make the investment, (3) whether the investment is consistent

with the Plan’s funding objectives, (4) the tax effects of the investment on the Plan, and (5) whether the investment is

prudent considering the factors discussed in this report.

In addition, ERISA and Code section 4975 prohibit a broad range of transactions

involving assets of a plan and persons who are “parties in interest” under ERISA or “disqualified persons”

under section 4975 of the Code.

A violation of these rules may result in the imposition of significant excise taxes and other

Plans subject to Other Law may be subject to similar restrictions.

is anticipated that the Shares will constitute “publicly offered securities” as defined in the Department of Labor

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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 1. Business