What changed in this filing

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Item 9A. Controls and Procedures

2026-03-02 compared with 2025-02-28 · 331 added, 401 removed, 310 unchanged (70% of the section changed)

20 unchanged sentences

over financial reporting includes those policies and procedures that:

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

Trust’s assets;

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

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

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

of the Trust’s assets;

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

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

with appropriate authorizations;

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

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

provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the

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

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

14 unchanged sentences

internal control over financial reporting as of December 31, 2025.

345 Park Avenue

New York, NY 10154-0102

Report of Independent Registered Public Accounting

To the Sponsor, Trustee and Shareholders

abrdn Silver ETF Trust:

Opinion on Internal Control Over Financial

We have audited abrdn Silver ETF

Trust’s (known as Aberdeen Standard Silver ETF Trust prior to March 31, 2022) (the Trust) internal control over financial reporting

as of December 31, 2024, based on criteria established in Internal Control – Integrated Framework (2013) issued

by the Committee of Sponsoring Organizations of the Treadway Commission.

In our opinion, the Trust maintained, in all material respects,

effective internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control

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

We also have audited, in accordance

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

of the Trust, including the schedules of investments, as of December 31, 2024 and 2023, the related statements of operations and changes

in net assets and the financial highlights for each of the years in the three-year period ended December 31, 2024, and the related notes

(collectively, the financial statements), and our report dated February 28, 2025 expressed an unqualified opinion on those financial statements.

Basis for Opinion

The Trust’s management is responsible

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

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

Our responsibility

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

We are a public accounting

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

federal securities

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

We conducted our audit in accordance

with the standards of the PCAOB.

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

effective internal control over financial reporting was maintained in all material respects.

Our audit of internal control over financial

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

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

Our audit also

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

We believe that our audit provides a reasonable

basis for our opinion.

Definition and Limitations of Internal Control

Over Financial Reporting

A company’s internal control

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

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

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

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

(2) provide reasonable

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

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

and directors of the company;

and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition,

use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations,

internal control over financial reporting may not prevent or detect misstatements.

Also, projections of any evaluation of effectiveness

to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of

compliance with the policies or procedures may deteriorate.

New York, New York

February 28, 2025

KPMG LLP, a Delaware limited liability partnership and a member firm of

the KPMG global organization of independent member firms affiliated with

KPMG International Limited, a private English company limited by guarantee.

of Independent Registered Public Accounting Firm

Other Information

2 unchanged sentences

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Not applicable.

Directors, Executive Officers and Corporate Governance

The Trust has no officers, employees or board of trustees and is administered by the Trustee pursuant to the Trust Agreement.

the Trust has not adopted a code of ethics or an insider trading policy governing the purchase, sale and other disposition of the Trust’s

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

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

Trust has no officers, employees or board of trustees and is administered by the Trustee pursuant to the Trust Agreement.

the Trust has not adopted a code of ethics or an insider trading policy governing the purchase, sale and other disposition of

the Trust’s securities.

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

Officer and Treasurer of the Sponsor are set out below:

Dunn – President and Chief Executive Officer

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

Dunn guides the firm’s strategic direction and distribution

strategy for ETFs.

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

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

Dunn, CIMA®, is the Head of US Wealth Management at Aberdeen Investments.

Dunn also guides the firm’s strategic

direction and distribution strategy for ETFs.

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

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

Prior to that, Mr.

Dunn was a consultant at Brandywine

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

consultant at Brandywine Global Investment Management and has also held sales and distribution strategy positions at iShares,

Blackrock and Vanguard.

Dunn holds a B.A.

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

State University.

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

degree in Public Administration from Shippensburg University of Pennsylvania and has

completed his MBA at Pennsylvania State University.

He holds the Series 7, 24, and 63 registrations as well as the Certified

Investment Management Analyst® (CIMA®).

Ferrari – Chief Financial Officer and Treasurer

1 unchanged sentence

(the parent company of the Sponser).

Ferrari joined abrdn in

Prior to working at abrdn, Ms.

Ferrari worked at Delaware Investments for about 3 years and began her career at SEI Investments.

Ferrari holds a BS in Business Administration from University of Pittsburgh and a MBA from Villanova University.

of Directors or Principal Officers;

Election of Directors;

Appointment of Principal Officers.

November 12, 2024, Brian Kordeck resigned as Chief Financial Officer and Treasurer of the Sponsor.

Kordeck served as Principal

Financial Officer of the Registrant.

Ferrari was appointed as Chief Financial Officer and Treasurer of the Sponsor, effective on November 12, 2024.

Ferrari serves

as Principal Financial Officer of the Registrant.

described under Item 1 above, abrdn Inc.

is the parent of the Sponsor.

Ferrari joined abrdn Inc.

Prior to working at abrdn Inc., Ms.

Ferrari worked at Delaware Investments for about 3 years and began her career at SEI

Ferrari holds a BS in Business Administration from University of Pittsburgh and a MBA from Villanova

Executive Compensation

10 unchanged sentences

for services performed by KPMG LLP for the years ended December 31, 2025 and 2024

York, NY Auditor ID:

December 31, 2024

December 31, 2023

Audit fees – KPMG

Audit related fees - KPMG

related fees - KPMG

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

4 unchanged sentences

financial statements.

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

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

statement filing.

Policies and Procedures

8 unchanged sentences

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

333-156307 on July 21, 2009

to the Depositary Trust Agreement, incorporated by reference to Exhibit 4.1(b) filed with the Trust’s Annual Report

on Form 10-K for the year ended December 31, 2019 filed on February 28, 2020

Amendment to the Depositary Trust Agreement, incorporated by reference to Exhibit 4.1 filed with the Trust’s Current

Report on Form 8-K on March 14, 2022

Third Amendment to the Depositary Trust Agreement, incorporated by reference to Exhibit 4.1 filed with the Trust’s Current Report on Form 8-K on May 28, 2024

Form of Authorized Participant Agreement is filed herewith

333-156307 on

July 21, 2009

to the Depositary Trust Agreement, incorporated by reference to Exhibit 4.1(b) filed with the Trust’s Annual

Report on Form 10-K for

the y ear ended December 31, 2019 filed on February 28, 2020

Amendment to the Depositary Trust Agreement, incorporated by reference to Exhibit 4.1 filed with the Trust’s

Current Report on Form 8-K on March

Amendment to the Depositary Trust Agreement, incorporated by reference to Exhibit 4.1 filed with the Trust’s

Current Report on Form 8-K on May 28,

Form of Authorized Participant Agreement, incorporated by reference to Exhibit 4.2 filed with the Trust's Annual Report on Form 10-K on February 28, 2025.

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

on July 21, 2009

Allocated Account Agreement, incorporated by reference to Exhibit 10.1 filed with the Trust’s Current Report on Form 8-K on May 28, 2024

Unallocated Account Agreement, incorporated by reference to Exhibit 10.2 filed with the Trust’s Current Report on Form 8-K on May 28, 2024

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

on May 28, 2024

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

8-K on May 28, 2024

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

333-156307 on July

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

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

July 21, 2009

of and Amendment No.

1 to the Marketing Agent Agreement, incorporated by reference to Exhibit 10.4(b) filed with the Trust’s

Annual Report on Form 10-K on March 1, 2019

Consent of KPMG LLP, Independent Registered

Public Accounting Firm

Chief Executive Officer’s Certificate, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

Chief Financial Officer’s Certificate, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

Chief Executive Officer’s Certificate, pursuant to 18 U.S.C.

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

Chief Financial Officer’s Certificate, pursuant to 18 U.S.C.

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

Policy for Recovery of Erroneously Awarded Compensation, incorporated by reference to Exhibit 97.1 filed with the Trust's Annual Report of Form 10-K on February 29, 2024.

The following financial statements from the

Trust’s Annual Report on Form 10-K for the year ended December 31, 2024, formatted in Inline XBRL:

(i) Statements of

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

XBRL Taxonomy Extension Schema Document

XBRL Taxonomy Extension Calculation Document

XBRL Taxonomy Extension Definitions Document

XBRL Taxonomy Extension Labels Document

XBRL Taxonomy Extension Presentation Document

The cover page from the Trust’s Annual

Report on Form 10-K for the year ended December 31, 2024, formatted in Inline XBRL (included as Exhibit 101).

1 to the Marketing Agent Agreement, incorporated by reference to Exhibit 10.4(b) filed with

the Trust’s Annual Report on Form 10-K on March 1, 2019

Consent of KPMG LLP, Independent Registered Public Accounting Firm

Executive Officer’s Certificate, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

Financial Officer’s Certificate, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

Executive Officer’s Certificate, pursuant to 18 U.S.C.

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

Financial Officer’s Certificate, pursuant to 18 U.S.C.

Section 1350, as adopted pursuant to Section 906 of the

Sarbanes-Oxley Act of 2002

for Recovery of Erroneously Awarded Compensation, incorporated by reference to Exhibit 97.1 filed with the Trust’s

Annual Report of Form 10-K on February 29, 2024.

following financial statements from the Trust’s Annual Report on Form 10-K for the year ended December 31, 2025, formatted

in Inline XBRL:

(i) Statements of Assets and Liabilities, (ii) Statements of Operations, (iii) Statements of Changes in Net

Assets, and (iv) Notes to the Financial Statements.

XBRL Taxonomy Extension

Schema Document

XBRL Taxonomy Extension

Calculation Document

XBRL Taxonomy Extension

Definitions Document

XBRL Taxonomy Extension

Labels Document

XBRL Taxonomy Extension

Presentation Document

The cover page from

the Trust’s Annual Report on Form 10-K for the year ended December 31, 2025, formatted in Inline XBRL (included as Exhibit

Form 10-K Summary

SILVER ETF TRUST

Financial Statements as of December 31, 2024

Report of Independent Registered Public Accounting Firm

Statements of Assets and Liabilities at December 31, 2024 and 2023

Schedules of Investments at December 31, 2024 and 2023

Statements of Operations for the years ended December 31, 2024, 2023 and 2022

Statements of Changes in Net Assets for the years ended December 31, 2024, 2023 and 2022

Financial Highlights for the years ended December 31, 2024, 2023 and 2022

Notes to the Financial Statements

345 Park Avenue

New York, NY 10154-0102

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Statements as of December 31, 2025

Report of Independent

Registered Public Accounting Firm

Statements of

Assets and Liabilities at December 31, 2025 and 2024

Schedules of Investments

at December 31, 2025 and 2024

Statements of

Operations for the years ended December 31, 2025, 2024 and 2023

Statements of

Changes in Net Assets for the years ended December 31, 2025, 2024 and 2023

Financial Highlights

for the years ended December 31, 2025, 2024 and 2023

Notes to the Financial

1735 Market Street

Philadelphia, PA 19103-7501

OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Report of Independent

Registered Public Accounting Firm

To the Sponsor, Trustee and Shareholders

abrdn Silver ETF Trust:

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities

of abrdn Silver ETF Trust (known as Aberdeen Standard Silver ETF Trust prior to March 31, 2022) (the Trust), including the schedules of

investments, as of December 31, 2024 and 2023, the related statements of operations and changes in net assets and the financial highlights

for each of the years in the three-year period ended December 31, 2024, and the related notes (collectively, the financial statements).

our opinion, the financial statements present fairly, in all material respects, the financial position of the Trust as of December 31,

2024 and 2023, and the results of its operations, changes in its net assets and financial highlights for each of the years in the three-year

period ended December 31, 2024, in conformity with U.S.

generally accepted accounting principles.

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

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

31, 2024, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring

Organizations of the Treadway Commission, and our report dated February 28, 2025 expressed an unqualified opinion on the effectiveness

of the Trust’s internal control over financial reporting.

Auditor Opinion

Opinion on Internal Control Over Financial

We have audited abrdn Silver ETF

Trust's (the Trust) internal control over financial reporting as of December 31, 2025, based on criteria established in Internal

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

of the Treadway Commission.

In our opinion, the Trust maintained, in all material respects, effective internal control over financial

reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013)

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

We also have audited, in accordance

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

of the Trust, including the schedules of investments as of December 31, 2025 and December 31, 2024, the related statements of operations

and changes in net assets and the financial highlights for each of the years in the three-year period ended December 31, 2025, and the

related notes (collectively, the financial statements), and our report dated March 2, 2026 expressed an unqualified opinion on those

financial statements.

Basis for Opinion

These financial statements are the responsibility of the Trust’s

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

The Trust’s management is responsible

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

financial reporting, included in the accompanying Management's Report on Internal Control over Financial Reporting.

Our responsibility

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

We are a public accounting

2 unchanged sentences

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

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

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

of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement

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

Such procedures included

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

Our audits also included evaluating

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

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

Critical Audit Matter

The critical audit matter communicated below is a matter arising from

the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that:

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

or complex judgments.

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

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

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

Evaluation of the evidence pertaining to the existence of the silver

As presented on the December 31, 2024 schedule of investments and in

Note 2.2, the fair value of the Trust’s investment in silver is $1,414,591 thousand, representing

99.54% of the Trust’s net assets, and 48,939,346.4 ounces of silver holdings.

investment i n silver was held by a third-party sub-custodian (the custodian).

We identified the evaluation of the evidence pertaining to the existence

of the silver holdings as a critical audit matter.

Given the nature and volume of the silver

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

of silver held by the custodian.

The following are the primary procedures we performed to address this

critical audit matter.

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

audit matter.

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

held to the custodian’s records, (2) the approval of silver deposits and withdrawals by the

trustee of the Trust and (3) the physical counts of the Trust’s silver holdings performed

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

We obtained a schedule directly from the custodian of the

Trust’s silver holdings held by the custodian as of December 31, 2024.

We compared the total

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

We also attended and observed

a part of the physical counts of the Trust’s silver holdings.

We obtained and read the physical

counts results reports of the third party and reconciled those reports to both the Trust’s and custodian’s records.

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

New York, New York

February 28, 2025

KPMG LLP, a Delaware limited liability partnership and a member firm of

the KPMG global organization of independent member firms affiliated with

KPMG International Limited, a private English company limited by guarantee.

We conducted our audit in accordance

with the standards of the PCAOB.

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

effective internal control over financial reporting was maintained in all material respects.

Our audit of internal control over financial

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

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

Our audit also

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

We believe that our audit provides a reasonable

basis for our opinion.

Definition and Limitations of Internal Control

Over Financial Reporting

A company’s internal control

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

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

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

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

(2) provide reasonable

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

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

and directors of the company;

and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition,

use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations,

internal control over financial reporting may not prevent or detect misstatements.

Also, projections of any evaluation of effectiveness

to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of

compliance with the policies or procedures may deteriorate.

Philadelphia, Pennsylvania

March 2, 2026

Silver ETF Trust

1 unchanged sentence

December 31, 2025 and 2024

December 31, 2024

December 31, 2023

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

(Amounts in 000’s

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

Investment in silver (cost:

2 unchanged sentences

December 31, 2024:

$ 1,152,826 )

Silver receivable

Fees payable to Sponsor

Fees payable to

Total liabilities

NET ASSETS (1)

share capital is Unlimited with no par value per Share.

7 unchanged sentences

December 31, 2025 and 2024

December 31, 2024

of Net Assets

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

Total investment in silver

Other assets less liabilities

December 31, 2023

% of Net Assets

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

Total investment in silver

Investment in silver (in 000’s

of US$, except for oz and percentage data)

investment in silver

Less liabilities

of Net Assets

Investment in silver (in

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

investment in silver

Other assets less

Notes to the Financial Statements

5 unchanged sentences

December 31, 2023

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

(Amounts in 000’s

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

Sponsor’s Fee

Total expenses

Net investment loss

REALIZED AND UNREALIZED GAINS / (LOSSES)

Realized gain on silver transferred to pay expenses

Realized gain / (loss) on silver distributed for the redemption of Shares

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

Total gain / (loss) on investment in silver

Change in net assets from operations

Net increase / (decrease) in net assets per Share

Net investment

REALIZED AND UNREALIZED

GAINS / (LOSSES)

Realized gain on silver transferred

to pay expenses

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 net assets

from operations

Net increase / (decrease)

in net assets per Share

Weighted average number of Shares

3 unchanged sentences

the years ended December 31, 2025, 2024 and 2023

Year Ended December 31, 2024

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

Ended December 31, 2025

(Amounts in 000’s of US$, except

for Share data)

Opening balance at January 1, 2025

1 unchanged sentence

Realized gain on investment in silver

Change in unrealized gain on investment in silver

Change in unrealized gain on investment

( 10,000,000 )

Closing balance at December 31, 2025

Year Ended December 31, 2023

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

Ended December 31, 2024

(Amounts in 000’s of US$, except

for Share data)

Opening balance at January 1, 2024

1 unchanged sentence

Realized gain on investment in silver

Change in unrealized (loss) on investment in silver

Change in unrealized gain on investment

( 7,650,000 )

Closing balance at December 31, 2024

Year Ended December 31, 2022

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

Ended December 31, 2023

(Amounts in 000’s of US$, except

for Share data)

Opening balance at January 1, 2023

Net investment loss

Realized (loss) on investment in silver

Change in unrealized gain on investment in silver

Realized gain on investment in silver

Change in unrealized (loss) on investment

( 7,000,000 )

6 unchanged sentences

December 31, 2023

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

Net asset value per Share at beginning of period

Income from investment operations:

Net investment loss

Total realized and unrealized gains or losses on investment in silver

Change in net assets from operations

Net asset value per Share at end of period

Per Share Performance

(for a Share outstanding throughout the entire period)

Net asset value per Share at beginning of

Income from investment

Net investment

realized and unrealized gains or losses on investment in silver

in net assets from operations

Net asset value per Share at end

Weighted average number of Shares

Expense ratio (1)

Net investment loss ratio

Total return, net asset value

investment loss ratio

return, net asset value

(1) The expense

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

The Gross Expense Ratio is 0.45%.

Notes to the Financial Statements

1 unchanged sentence

to the Financial Statements

Silver ETF Trust (the “Trust”) is a common law trust formed on July 20, 2009 (the “Date of Inception”) under

New York law pursuant to a depositary trust agreement (the “Trust Agreement”) executed by abrdn ETFs Sponsor LLC (the

“Sponsor”) and The Bank of New York Mellon as Trustee (the “Trustee”).

The Trust holds silver and issues abrdn

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

abrdn Silver ETF Trust (the “Trust”) is a common law trust formed on July 20, 2009 (the “Date of Inception”)

under New York law pursuant to a depositary trust agreement (the “Trust Agreement”) executed by abrdn ETFs Sponsor

LLC (the “Sponsor”) and The Bank of New York Mellon as Trustee (the “Trustee”).

The Trust holds silver

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

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

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.

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 Aberdeen Group plc.

The Trust is governed by the Trust Agreement.

November 12, 2024, 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 serves as Principal Financial Officer of the Registrant.

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

the Trust’s expenses and liabilities.

The Trust is designed to provide an individual owner of beneficial interests

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

Accounting Policies

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

expenses and liabilities.

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

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

Significant Accounting Policies

preparation of financial statements in accordance with U.S.

3 unchanged sentences

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

of Accounting

Basis of Accounting

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

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

Valuation of Silver

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

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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.

At December 31, 2024, all of the Trust’s

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

Trust’s silver is recorded at fair value.

The cost of silver is determined according to the average cost method and the fair value

is based on the London Bullion Market Association (“LBMA”) Silver Price.

The 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

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the fair value and average cost of silver transferred.

Silver ETF Trust

Notes to the Financial Statements

ICE Benchmark Administration (“IBA”) conducts an electronic, over-the-counter silver auction in London, England to

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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.

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.

Trust recognizes changes in fair value of the investment in silver as changes in unrealized gains or losses on investment in silver

through the Statement of Operations.

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

to calculate the silver amount in respect of any liabilities for which covering silver sales have not yet been made, and represents

the per Share amount of silver held by the Trust, after giving effect to its liabilities, to cover expenses and liabilities and

any losses that may have occurred.

Value Hierarchy

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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

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

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

quoted prices from primary market sources.

Silver ETF Trust

Notes to the Financial Statements

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.

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

(Amounts in 000’s of US$)

December 31, 2024

December 31, 2023

Investment in silver

There were no transfers between levels during the years ended December 31, 2024 and 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 one business day of the trade date.

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.

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

in 000’s of US$)

were no transfers between levels during the years ended December 31, 2025 and 2024.

Silver Receivable and Payable

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 one business day of the trade date.

At December 31, 2025, the Trust has no receivable or payable

for the creation or redemption of Shares.

and Redemptions 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.

Creations 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

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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

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.

An Authorized Participant Unallocated

Account is an unallocated silver account established with the Custodian or a silver bullion clearing bank by an Authorized Participant.

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

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

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

Baskets is properly received.

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

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

is properly received.

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

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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.

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

financial statement purposes.

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

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

delivered or distributed by the Trust.

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

back the Shares, the Sponsor accepts an adjustment to its Sponsor Fee in the event of any shortfall or excess on each

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

Silver ETF Trust

Notes to the Financial Statements

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

by the Trust.

In order to ensure that the correct amount of silver is available at all times to back the Shares, the Sponsor accepts

an adjustment to its Sponsor Fee in the event of any shortfall or excess on each transaction.

For each transaction, this amount

is not more than 1/1000th of an ounce of silver.

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

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

in ounces of silver and their respective values for the years ended December 31, 2024 and 2023 are set out

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

Investment in Silver

in ounces of silver and their respective values for the years ended December 31, 2025 and 2024 are set out below:

Ended December 31,

(Amounts in 000’s of US$, except

for ounces data)

Ounces of silver

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( 7,307,064.1 )

Transfers of silver to pay expenses

Transfers of silver

to pay expenses

( 165,942.6 )

( 137,244.2 )

Closing balance

Investment in silver

Opening balance

Realized gain on silver distributed for the redemption of Shares

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 (loss) on investment in silver

Realized gain on silver transferred

to pay expenses

Change in unrealized

(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

Expenses / Realized Gains / Losses

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).

Silver ETF Trust

Notes to the Financial Statements

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).

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

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other than silver.

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

Other than the Sponsor’s Fee, the Trust had no expenses during the years ended December 31, 2025, 2024, and 2023.

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

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Segment Reporting

In this reporting period, 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.

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.

The Trust's 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 statements.

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.

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 Trust’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.

The Trust’s prospectus describes the Trust’s fees, investment objective,

principal investment strategy and principal risks, among other items.

The Trust’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 statements.

The accompanying financial statements detail the Trust’s

segment assets, liabilities, revenues, and expenses.

Segment assets are reflected on the Trust’s Statement of Assets and

Liabilities as “Total Assets” and significant segment expenses are listed on the Statement of Operations.

Subsequent Events

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

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In addition, the Trustee and the Custodian and their affiliates

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

over which they exercise investment discretion.

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

not separate expenses of the Trust.

Silver ETF Trust

Notes to the Financial Statements

Concentration

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 of Risk

Trust’s sole business activity is the investment in silver, and substantially all the Trust’s assets are holdings

of silver, which creates a concentration of risk associated with fluctuations in the price of silver.

Several factors could

affect the price of silver, including:

(i) global silver supply and demand, which is influenced by factors such as forward selling

by silver producers, purchases made by silver producers to unwind silver hedge positions, central bank purchases and sales, and

production and cost levels in major global silver-producing countries;

(ii) investors’ expectations with respect to the

rate of inflation;

Several factors could affect

the price of silver, including:

(i) global silver supply and demand, which is influenced by factors such as forward selling by

silver producers, purchases made by silver producers to unwind silver hedge positions, central bank purchases and sales, and production

and cost levels in major global silver-producing countries;

(ii) investors’ expectations with respect to the rate of inflation;

(iii) currency exchange rates;

(iv) interest rates;

(v) investment and trading activities of hedge funds and

commodity funds;

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

and (vi) global or regional political, economic or financial events and situations.

In addition, there is no

assurance that silver will maintain its long-term value in terms of purchasing power in the future.

In the event that the

price of silver declines, the Sponsor expects the value of an investment in the Shares to decline proportionately.

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

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

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by the undersigned in the capacities thereunto duly authorized.

ETFs Sponsor LLC

February 28, 2025

abrdn ETFs Sponsor LLC

March 2, 2026

/s/ Steven Dunn*

Steven Dunn**

and Chief Executive Officer

Executive Officer)

February 28, 2025

President and Chief Executive Officer

(Principal Executive Officer)

March 2, 2026

Sharon Ferrari**

Financial Officer and Treasurer

Financial Officer and Principal Accounting Officer)

Chief Financial Officer and Treasurer

(Principal Financial Officer and Principal Accounting Officer)

originally executed copy of this Certification will be maintained at the Sponsor’s

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Exhibit Index

Form of Authorized Participant Agreement

Consent of KPMG LLP, Independent Registered Public Accounting Firm

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

Policy for Recovery of Erroneously Awarded Compensation

The following financial statements from the

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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 9A. Controls and Procedures