abrdn Silver ETF Trust 10-K

Item 8. Financial Statements and Supplementary Data (Unaudited) Quarterly Income Statements Year Ended December 31, 2025 Three months ended Year ended (Amounts in 000’s of US$, except for Share and per Share data) March 31 June 30 September 30 December 31 December 31 EXPENSES Sponsor’s Fee $ 1,730 $ 1,901 $ 2,746 $ 4,570 $ 10,947 Less: Waiver of Sponsor’s Fee (Note 2.7) (577 ) (633 ) (916 ) (1,523 ) (3,649 ) Total expenses 1,153 1,268 1,830 $ 3,047 $ 7,298 Net investment loss (1,153 ) (1,268 ) (1,830 ) (3,047 ) (7,298 ) REALIZED AND UNREALIZED GAINS / (LOSSES) Realized (loss) / gain on silver transferred to pay expenses 239 309 473 940 1,961 Realized (loss) / gain on silver distributed for the redemption of Shares 29,040 — — 165,487 194,527 Change in unrealized gain and loss on investment in silver 219,010 101,007 625,013 1,702,454 2,647,484 Total (loss) / gain on investment in sliver 248,289 101,316 625,486 1,868,881 2,843,972 Change in net assets from operations $ 247,136 $ 100,048 $ 623,656 $ 1,865,834 $ 2,836,674 Net increase / (decrease) in net assets per Share $ 4.88 $ 1.88 $ 9.99 $ 25.08 $ 47.07 Weighted average number of Shares 50,642,222 53,274,725 62,454,891 74,397,283 60,263,562 Year Ended December 31, 2024 Three months ended Year ended (Amounts in 000’s of US$, except for Share and per Share data) March 31 June 30 September 30 December 31 December 31 EXPENSES Sponsor’s Fee $ 1,176 $ 1,446 $ 1,561 $ 1,702 $ 5,885 Less: Waiver of Sponsor’s Fee (Note 2.7) (392 ) (482 ) (520 ) (568 ) (1,962 ) Total expenses 784 964 1,041 $ 1,134 $ 3,923 Net investment loss (784 ) (964 ) (1,041 ) (1,134 ) (3,923 ) REALIZED AND UNREALIZED GAINS / (LOSSES) Realized (loss) / gain on silver transferred to pay expenses 49 180 253 330 812 Realized (loss) / gain on silver distributed for the redemption of Shares 561 1,314 8,463 40,012 50,350 Change in unrealized gain and loss on investment in silver 32,638 215,116 72,120 (151,873 ) 168,001 Total (loss) / gain on investment in sliver 33,248 216,610 80,836 (111,531 ) 219,163 Change in net assets from operations $ 32,464 $ 215,646 $ 79,795 $ (112,665 ) $ 215,240 Net increase / (decrease) in net assets per Share $ 0.69 $ 4.58 $ 1.65 $ (2.22 ) $ 4.46 Weighted average number of Shares 46,817,033 47,076,374 48,248,370 50,767,391 48,234,290 Note: Quarterly balances may not add to totals due to independent rounding. 33 The financial statements required by Regulation S-X, together with the report of the Trust’s independent registered public accounting firm appear on pages F-1 to F-13 of this filing. Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure None.