What changed in this filing

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Item 1. Financial Statements

2026-08-07 compared with 2026-05-08 · 217 added, 191 removed, 186 unchanged (69% of the section changed)

Financial Statements

of Assets and Liabilities

March 31, 2026 (Unaudited) and December 31, 2025

March 31, 2026

Statements of Assets and Liabilities

At June 30, 2026 (Unaudited) and December 31, 2025

June 30, 2026

December 31, 2025

1 unchanged sentence

Investment in silver (cost:

March 31, 2026:

June 30, 2026:

$ 2,617,806 ;

4 unchanged sentences

NET ASSETS (1)

share capital is Unlimited with no par value per Share.

Shares issued and outstanding at March 31, 2026 were 71,900,000 and

at December 31, 2025 were 79,250,000 .

Net asset values per Share at March 31, 2026 and December 31, 2025 were $ 69.13 and $ 68.52 ,

share capital is Unlimited

par value per Share.

Shares issued and outstanding at June 30, 2026 were 70,700,000

and at December 31, 2025 were 79,250,000 .

Net asset values per Share at June 30, 2026 and December 31, 2025 were $ 55.88

and $ 68.52 ,

respectively.

Notes to the Financial Statements

Silver ETF Trust

of Investments

March 31, 2026 (Unaudited) and December 31, 2025

March 31, 2026

See Notes to the Financial Statements

abrdn Silver ETF Trust

Schedules of Investments

At June 30, 2026 (Unaudited) and December 31, 2025

June 30, 2026

% of Net Assets

7 unchanged sentences

Less liabilities

Notes to the Financial Statements

Silver ETF Trust

of Operations (Unaudited)

the three months ended March 31, 2026 and 2025

See Notes to the Financial Statements

abrdn Silver ETF Trust

Statements of Operations (Unaudited)

For the three and six months ended June 30, 2026 and

Three Months Ended

March 31, 2026

June 30, 2026

Three Months Ended

March 31, 2025

June 30, 2025

Six Months Ended

June 30, 2026

Six Months Ended

June 30, 2025

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

6 unchanged sentences

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

Total gain on investment in silver

( 1,084,421 )

( 1,575,497 )

Total (loss)/gain on investment in silver

Change in net assets from operations

$ ( 946,622 )

$ ( 834,765 )

Net increase / (decrease) in net assets per Share

1 unchanged sentence

Notes to the Financial Statements

Silver ETF Trust

of Changes in Net Assets (Unaudited)

the three months ended March 31, 2026 and 2025

Three Months Ended March 31, 2026

abrdn Silver ETF Trust

Statements of Changes in Net Assets (Unaudited)

For the three and six months ended June 30, 2026 and

Months Ended June 30, 2026

Months Ended June 30, 2025

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

Opening balance at January 1, 2026

Opening balance

Net investment loss

Realized gain on investment in silver

Change in unrealized (loss) on investment in silver

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

( 1,084,421 )

( 4,400,000 )

Closing balance at March 31, 2026

Three Months Ended March 31, 2025

Closing balance

Six Months Ended June 30, 2026

Six Months Ended June 30, 2025

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

Opening balance at January 1, 2025

Opening balance

Net investment loss

Realized gain on investment in silver

Change in unrealized gain on investment in silver

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

( 1,575,497 )

Closing balance at March 31, 2025

Notes to the Financial Statements

Silver ETF Trust

Highlights (Unaudited)

the three months ended March 31, 2026 and 2025

( 17,750,000 )

( 1,364,997 )

( 4,550,000 )

Closing balance

See Notes to the Financial Statements

abrdn Silver ETF Trust

Financial Highlights (Unaudited)

For the three and six months ended June 30, 2026 and

Three Months Ended

March 31, 2026

June 30, 2026

Three Months Ended

March 31, 2025

June 30, 2025

June 30, 2026

June 30, 2025

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

9 unchanged sentences

Total return, net asset value (3)

for periods less than one year.

The expense ratio

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

Annualized for periods less than one year.

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

The Gross Expense Ratio is 0.45%.

is not annualized.

Notes to the Financial Statements

Silver ETF Trust

to the Financial Statements (Unaudited)

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”)

Total return is not annualized.

See Notes to the Financial Statements

abrdn Silver ETF Trust

Notes to the Financial Statements (Unaudited)

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 abrdn plc.

The Trust is governed by the Trust Agreement.

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

the Trust’s expenses.

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

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

year end for the Trust is December 31.

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

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

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

The fiscal year end for the Trust is December

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

1 unchanged sentence

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

In the opinion

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

position and results of operations as of and for the three months ended March 31, 2026, and for all periods presented have

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

The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the operating

results for the full year.

opinion of the Trust’s management, all adjustments (which consist of normal recurring adjustments) necessary to present

fairly the financial position and results of operations as of and for the three and six months ended June 30, 2026, and for all

periods presented have been made.

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

December 31, 2025.

The results of operations for the three and six months ended June 30, 2026 are not necessarily indicative of

the operating results for the full year.

Accounting Policies

6 unchanged sentences

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

Standards Codification (“ASC”) 946, Financial Services—Investment Companies , and has concluded that for

reporting purposes, the Trust is classified as an Investment Company.

The Trust is not registered as an investment company under

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

Standards Codification (“ASC”) 946, Financial Services—Investment Companies , and has concluded that for reporting

purposes, the Trust is classified as an Investment Company.

The Trust is not registered as an investment company under the Investment

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

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

3 unchanged sentences

between market participants at the measurement date.

Silver ETF Trust

to the Financial Statements (Unaudited)

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

1 unchanged sentence

2026, all of the Trust’s silver was held at ICBC or a sub-custodian selected by ICBC.

abrdn Silver ETF Trust

Notes to the Financial Statements (Unaudited)

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

6 unchanged sentences

in the auction.

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

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

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

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

Fee”), from the fair value of the silver and all other assets held by the Trust.

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

in silver through the Statements 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 Statements 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

3 unchanged sentences

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.

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

9 unchanged sentences

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

Silver ETF Trust

to the Financial Statements (Unaudited)

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

quoted prices from primary market sources.

abrdn Silver ETF Trust

Notes to the Financial Statements (Unaudited)

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

(Amounts in 000’s of US$)

March 31, 2026

December 31, 2025

Investment in silver

There were no transfers between levels during the three months ended March 31, 2026 or the year ended December 31, 2025.

There were no transfers between levels during the six months ended June 30, 2026 or the year ended December 31, 2025.

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.

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 March 31, 2026, the Trust had no receivable

or payable for the creation or redemption of Shares.

At December 31, 2025, the Trust had no receivable

or payable for the creation or redemption of Shares.

At June 30, 2026, the Trust had no

silver receivable or payable for the creation or redemption of Shares.

At December 31, 2025, the Trust had no

receivable or payable for the creation or redemption of Shares.

and Redemptions of Shares

Trust expects to create and redeem Shares from time to time, but only in one or more Baskets (a Basket equals a block of 50,000 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

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

Individual investors cannot purchase or redeem

Shares in direct transactions with the Trust.

An Authorized Participant is a person who (1) is a registered broker-dealer or other

securities market participant such as a bank or other financial institution which is not required to register as a broker-dealer

Individual investors cannot purchase

or redeem Shares in direct transactions with the Trust.

An Authorized Participant is a person who (1) is a registered broker-dealer

or other securities market participant such as a bank or other financial institution which is not required to register as a broker-dealer

to engage in securities transactions;

4 unchanged sentences

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.

5 unchanged sentences

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.

Silver ETF Trust

to the Financial Statements (Unaudited)

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’s 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.

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’s Fee in the event of any shortfall or excess on each transaction.

For each transaction, this

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

abrdn Silver ETF Trust

Notes to the Financial Statements (Unaudited)

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

10 unchanged sentences

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

that no reserves for uncertain tax positions are required as of March 31, 2026 or December 31, 2025.

in ounces of silver and their respective values for the three months ended March 31, 2026 and 2025 are set

March 31, 2026

March 31, 2025

that no reserves for uncertain tax positions are required as of June 30, 2026 or December 31, 2025.

in ounces of silver and their respective values for the three and six months ended June 30, 2026 and 2025 are set out below:

June 30, 2026

June 30, 2025

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

2 unchanged sentences

( 4,182,904.7 )

Transfers of silver to pay expenses

Closing balance

Investment in silver

Opening balance

Realized gain on silver distributed for the redemption of Shares

Transfers of silver to pay expenses

Realized gain on silver transferred to pay expenses

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

( 1,084,421 )

Closing balance

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

Ounces of silver

Opening balance

( 16,884,823.8 )

( 4,342,802.1 )

abrdn Silver ETF Trust

Notes to the Financial Statements (Unaudited)

Transfers of silver to pay expenses

( 107,932.7 )

Closing balance

6 unchanged sentences

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

( 1,575,497 )

Closing balance

Silver ETF Trust

to the Financial Statements (Unaudited)

/ 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 Sponsor.

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).

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

2 unchanged sentences

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

the three months ended March 31, 2026 and 2025, the Sponsor’s Fee, net of fees waived by the Sponsor, was $ 6,463,444

and $ 1,153,042 , respectively.

March 31, 2026 and at December 31, 2025, the fees payable to the Sponsor were $ 1,305,507 and $ 1,373,945 , respectively.

a result of the waiver, the Sponsor’s Fee waived for the three months ended March 31, 2026 and 2025 was $ 2,154,481 and $ 576,521 ,

the three months ended June 30, 2026 and 2025, the Sponsor’s Fee, net of fees waived by the Sponsor, was $ 3,738,176 and

$ 1,267,638 , respectively.

For the six months ended June 30, 2026 and June 30, 2025, the Sponsor’s Fee, net of fees waived

by the Sponsor, was $ 8,047,139 and $ 2,420,680 , respectively.

June 30, 2026 and at December 31, 2025, the fees payable to the Sponsor were $ 987,842 and $ 1,373,945 , respectively.

a result of the waiver, the Sponsor’s Fee waived for the three months ended June 30, 2026 and 2025 was $ 1,869,088 and $ 633,819 ,

respectively.

As a result of the waiver, the Sponsor’s Fee waived for the six months ended June 30, 2026 and June 30, 2025

was $ 4,023,569 and $ 1,210,340 , respectively.

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

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

When selling silver to pay expenses, the Trustee will

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

of assets other than silver.

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

When selling silver to pay expenses, the Trustee will endeavor

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

other than silver.

Other than the Sponsor’s Fee, the Trust had no expenses during the three and six months ended June 30,

2026 and 2025.

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

The Trustee will place orders with dealers (which may include the Custodian) through which the Trustee expects to receive

the most favorable price and execution of orders.

The Custodian may be the purchaser of such silver only if the sale transaction

is made at the next LBMA Silver Price or such other publicly available price that the Sponsor deems fair, in each case as

set following the sale order.

abrdn Silver ETF Trust

Notes to the Financial Statements (Unaudited)

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

The Trustee will place orders with dealers (which may include the Custodian) through which the Trustee expects to receive the

most favorable price and execution of orders.

The Custodian may be the purchaser of such silver only if the sale transaction is

made at the next LBMA Silver Price or such other publicly available price that the Sponsor deems fair, in each case as set following

the sale order.

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

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

gains and losses result from the transfer of silver for Share redemptions and/or to pay expenses and are recognized on a

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

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.

Silver ETF Trust

to the Financial Statements (Unaudited)

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

the possibility of subsequent events impacting the Trust’s financial statements through the filing date.

Neither the Trustee

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

gains and losses result from the transfer of silver for Share redemptions and/or to pay expenses and are recognized on a trade

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

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.

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

possibility of subsequent events impacting the Trust’s financial statements through the filing date.

During this period,

5 unchanged sentences

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.

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.

abrdn Silver ETF Trust

Notes to the Financial Statements (Unaudited)

Concentration

1 unchanged sentence

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;

and (vi) global or regional political, economic or financial events and situations, including tariffs, sanctions,

and other restrictions on trade.

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.

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

and (vi) global or regional political, economic or financial events and situations, including tariffs, sanctions, and other restrictions

In addition, there is no assurance that silver will maintain its long-term value in terms of purchasing power in the

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

7 unchanged sentences

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

What changed 10-Q

Item 1. Financial Statements