Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 10-Q

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2024

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from to

Commission File Number: 001-34412

abrdn Silver ETF Trust
(Exact name of registrant as specified in its charter)

New York		26-4586763
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

c/o abrdn ETFs Sponsor LLC
1900 Market Street, Suite 200 Philadelphia, PA (Address of principal executive offices)		19103 (Zip Code)

(844) 383-7289
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
abrdn Physical Silver Shares ETF		SIVR		NYSE Arca

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer	☒	Accelerated Filer	☐
Non-Accelerated Filer	☐	Smaller Reporting Company	☐
		Emerging Growth Company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

As of August 7, 2024 abrdn Silver ETF Trust had 48,500,000 abrdn Physical Silver Shares ETF outstanding.

abrdn Silver ETF Trust

FORM 10-Q

FOR THE QUARTER ENDED JUNE 30, 2024

INDEX

PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements	1

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	13

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	15

Item 4.	Controls and Procedures	15

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	16

Item 1A.	Risk Factors	16

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	16

Item 3.	Defaults Upon Senior Securities	16

Item 4.	Mine Safety Disclosures	16

Item 5.	Other Information	16

Item 6.	Exhibits	17

SIGNATURES		18

abrdn Silver ETF Trust

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Statements of Assets and Liabilities
At June 30, 2024 (Unaudited) and December 31, 2023

	June 30, 2024		December 31, 2023
(Amounts in 000’s of US$, except for Share and per Share data)
ASSETS
Investment in silver (cost: June 30, 2024: $995,463; December 31, 2023: $966,910)	$	1,336,981	$	1,060,674
Total assets		1,336,981		1,060,674

LIABILITIES
Fees payable to Sponsor		328		271
Total liabilities		328		271

NET ASSETS⁽¹⁾	$	1,336,653	$	1,060,403

(1)

Authorized share capital is Unlimited with no par value per Share. Shares issued and outstanding at June 30, 2024 were 47,600,000 and at December 31, 2023 were 46,550,000. Net asset values per Share at June 30, 2024 and December 31, 2023 were $28.08 and $22.78, respectively.

See Notes to the Financial Statements

abrdn Silver ETF Trust

Schedules of Investments
At June 30, 2024 (Unaudited) and December 31, 2023

	June 30, 2024
Description	oz		Cost		Fair Value			% of Net Assets
Investment in silver (in 000’s of US$, except for oz and percentage data)
Silver		45,521,998.2	$	995,463	$	1,336,981			100.02	%
Total investment in silver		45,521,998.2	$	995,463	$	1,336,981			100.02	%
Less liabilities						(328	)		(0.02	)%
Net Assets					$	1,336,653			100.00	%

	December 31, 2023
Description	oz		Cost		Fair Value			% of Net Assets
Investment in silver (in 000’s of US$, except for oz and percentage data)
Silver		44,584,861.0	$	966,910	$	1,060,674			100.03	%
Total investment in silver		44,584,861.0	$	966,910	$	1,060,674			100.03	%
Less liabilities						(271	)		(0.03	)%
Net Assets					$	1,060,403			100.00	%

See Notes to the Financial Statements

abrdn Silver ETF Trust

Statements of Operations (Unaudited)
For the three and six months ended June 30, 2024 and 2023

	Three Months Ended June 30, 2024			Three Months Ended June 30, 2023			Six Months Ended June 30, 2024			Six Months Ended June 30, 2023
(Amounts in 000’s of US$, except for Share and per Share data)
EXPENSES
Sponsor’s Fee	$	1,446		$	1,233		$	2,623		$	2,425
Less: Waiver		(482	)		(411	)		(874	)		(808	)
Total expenses		964			822			1,749			1,617

Net investment loss		(964	)		(822	)		(1,749	)		(1,617	)

REALIZED AND UNREALIZED GAINS / (LOSSES)
Realized gain on silver transferred to pay expenses		180			73			230			134
Realized gain on silver distributed for the redemption of Shares		1,314			2,404			1,875			5,214
Change in unrealized gain / (loss) on investment in silver		215,116			(71,724	)		247,755			(77,172	)
Total gain/(loss) on investment in silver		216,610			(69,247	)		249,860			(71,824	)

Change in net assets from operations	$	215,646		$	(70,069	)	$	248,111		$	(73,441	)

Net increase / (decrease) in net assets per Share	$	4.58		$	(1.42	)	$	5.28		$	(1.51	)

Weighted average number of Shares		47,076,374			49,348,352			46,946,703			48,694,751

See Notes to the Financial Statements

abrdn Silver ETF Trust

Statements of Changes in Net Assets (Unaudited)
For the three and six months ended June 30, 2024 and 2023

	Three Months Ended June 30, 2024						Three Months Ended June 30, 2023
(Amounts in 000’s of US$, except for Share data)	Shares			Amount			Shares			Amount
Opening balance		46,650,000		$	1,095,364			48,450,000		$	1,110,603
Net investment loss					(964	)					(822	)
Realized gain on investment in silver					1,494						2,477
Change in unrealized gain/(loss) on investment in silver					215,116						(71,724	)
Creations		1,150,000			31,122			2,050,000			49,204
Redemptions		(200,000	)		(5,479	)		(1,100,000	)		(25,241	)
Closing balance		47,600,000		$	1,336,653			49,400,000		$	1,064,497

	Six Months Ended June 30, 2024						Six Months Ended June 30, 2023
(Amounts in 000’s of US$, except for Share data)	Shares			Amount			Shares			Amount
Opening balance		46,550,000		$	1,060,403			48,650,000		$	1,118,817
Net investment loss					(1,749	)					(1,617	)
Realized gain on investment in silver					2,105						5,348
Change in unrealized gain/(loss) on investment in silver					247,755						(77,172	)
Creations		1,850,000			46,645			4,500,000			101,904
Redemptions		(800,000	)		(18,506	)		(3,750,000	)		(82,783	)
Closing balance		47,600,000		$	1,336,653			49,400,000		$	1,064,497

See Notes to the Financial Statements

abrdn Silver ETF Trust

Financial Highlights (Unaudited)
For the three and six months ended June 30, 2024 and 2023

	Three Months Ended June 30, 2024			Three Months Ended June 30, 2023			Six Months Ended June 30, 2024			Six Months Ended June 30, 2023
Per Share Performance (for a Share outstanding throughout the entire period)
Net asset value per Share at beginning of period	$	23.48		$	22.92		$	22.78		$	23.00
Income from investment operations:
Net investment loss		(0.02	)		(0.02	)		(0.04	)		(0.03	)
Total realized and unrealized gains or losses on investment in silver		4.62			(1.35	)		5.34			(1.42	)
Change in net assets from operations		4.60			(1.37	)		5.30			(1.45	)

Net asset value per Share at end of period	$	28.08		$	21.55		$	28.08		$	21.55

Weighted average number of Shares		47,076,374			49,348,352			46,946,703			48,694,751

*Expense ratio⁽¹⁾⁽²⁾*		0.30	%		0.30	%		0.30	%		0.30	%

*Net investment loss ratio⁽¹⁾⁽²⁾*		(0.30	)%		(0.30	)%		(0.30	)%		(0.30	)%

*Total return, net asset value⁽³⁾*		19.59	%		(5.98	)%		23.27	%		(6.30	)%

(1)

Annualized for periods less than one year.

(2)

The expense ratio is calculated net of the voluntary waiver (refer to Note 2.7). The Gross Expense Ratio is 0.45%.

(3)

Total return is not annualized.

See Notes to the Financial Statements

abrdn Silver ETF Trust

Notes to the Financial Statements (Unaudited)

1. Organization

The 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. 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.

The 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. The fiscal year end of the Trust is December 31.

The accompanying financial statements were prepared in accordance with the accounting principles generally accepted in the United States of America ("U.S. 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 and six months ended June 30, 2024, and for all periods presented have been made.

These financial statements should be read in conjunction with the Trust's Annual Report on Form 10-K for the fiscal year ended December 31, 2023. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the operating results for the full year.

2. Significant Accounting Policies

The preparation of financial statements in accordance with U.S. GAAP requires those responsible for preparing financial statements to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Trust.

2.1. Basis of Accounting

The 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.

2.2. Valuation of Silver

The Trust follows the provisions of ASC 820, Fair Value Measurement (“ASC 820”). ASC 820 provides guidance for determining fair value and requires increased disclosure regarding the inputs to valuation techniques used to measure fair value. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Effective 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. Prior to May 23, 2024, JPMorgan Chase Bank N.A. ("JPMorgan") served as custodian of the Trust's silver, and will continue to provide custody services until all of the Trust's silver is transferred to ICBC. At June 30, 2024, approximately 83.52% of the Trust's silver remained at JPMorgan, while 16.48% had been transferred to ICBC. At June 30, 2024, none of the Trust's silver was held by a sub-custodian.

abrdn Silver ETF Trust

Notes to the Financial Statements (Unaudited)

The 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. Realized gains and losses on transfers of silver, or silver distributed for the redemption of Shares, are calculated on a trade date basis as the difference between the fair value and average cost of silver transferred.

The ICE Benchmark Administration (“IBA”) conducts an electronic, over-the-counter silver auction in London, England to establish a fixing price for an ounce of silver once each trading day, which is disseminated by major market vendors (the “LBMA Silver Price”). The LBMA Silver Price is established by the LBMA-authorized bullion banks and market makers participating in the auction.

Once 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.

The 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.

The 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.

Fair Value Hierarchy

ASC 820 establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs are as follows:

– Level 1. Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access.

– Level 2. 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.

– Level 3. 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.

To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

abrdn Silver ETF Trust

Notes to the Financial Statements (Unaudited)

The 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.

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

(Amounts in 000’s of US$)	June 30, 2024		December 31, 2023
Level 1
Investment in silver	$	1,336,981	$	1,060,674

There were no transfers between levels during the six months ended June 30, 2024 or the year ended December 31, 2023.

2.3. Silver 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 two business days of the trade date. At June 30, 2024, the Trust had no silver receivable or payable for the creation or redemption of Shares. At December 31, 2023, the Trust had no silver receivable or payable for the creation or redemption of Shares.

2.4. Creations and Redemptions of Shares

The 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). 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 to engage in securities transactions; (2) is a participant in The Depository Trust Company; (3) has entered into an Authorized Participant Agreement with the Trustee and the Sponsor; and (4) has established an Authorized Participant Unallocated Account 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 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.

The 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.

Authorized Participants may, on any business day, place an order with the Trustee to create or redeem one or more Baskets. Effective May 28, 2024, the standard settlement period for Shares is one business day. Prior to May 28, 2024, the settlement period for Shares was two business days. In the event of a trade date at period end, where a settlement is pending, a respective account receivable 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.

abrdn Silver ETF Trust

Notes to the Financial Statements (Unaudited)

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

As the Shares of the Trust are subject to redemption at the option of Authorized Participants, the Trust has classified the outstanding Shares as Net Assets. Changes in the number of Shares outstanding are presented in the Statement of Changes in Net Assets.

2.5. Income Taxes

The Trust is classified as a “grantor trust” for U.S. federal income tax purposes. As a result, the Trust itself will not be subject to U.S. federal income tax. Instead, the Trust’s income and expenses will “flow through” to the Shareholders, and the Trustee will report the Trust’s proceeds, income, deductions, gains, and losses to the Internal Revenue Service on that basis.

The 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 June 30, 2024 or December 31, 2023.

2.6. Investment in Silver

Changes in ounces of silver and their respective values for the three and six months ended June 30, 2024 and 2023 are set out below:

	Three Months Ended June 30, 2024			Three Months Ended June 30, 2023
(Amounts in 000’s of US$, except for ounces data)
Ounces of silver
Opening balance		44,647,220.4			46,509,653.6
Creations		1,099,903.6			1,966,847.9
Redemptions		(191,302.0	)		(1,055,168.6	)
Transfers of silver to pay expenses		(33,823.8	)		(35,432.0	)
Closing balance		45,521,998.2			47,385,900.9

Investment in silver
Opening balance	$	1,095,643		$	1,110,883
Creations		31,122			49,204
Redemptions		(5,479	)		(25,241	)
Realized gain on silver distributed for the redemption of Shares		1,314			2,404
Transfers of silver to pay expenses		(915	)		(838	)
Realized gain on silver transferred to pay expenses		180			73
Change in unrealized gain / (loss) on investment in silver		215,116			(71,724	)
Closing balance	$	1,336,981		$	1,064,761

abrdn Silver ETF Trust

Notes to the Financial Statements (Unaudited)

	Six Months Ended June 30, 2024			Six Months Ended June 30, 2023
(Amounts in 000’s of US$, except for ounces data)
Ounces of silver
Opening balance		44,584,861.0			46,496,067.9
Creations		1,770,079.8			4,558,938.0
Redemptions		(765,605.6	)		(3,599,530.1	)
Transfers of silver to pay expenses		(67,337.0	)		(69,574.9	)
Closing balance		45,521,998.2			47,385,900.9

Investment in silver
Opening balance	$	1,060,674		$	1,113,348
Creations		46,645			107,653
Redemptions		(18,506	)		(82,783	)
Realized gain on silver distributed for the redemption of Shares		1,875			5,214
Transfers of silver to pay expenses		(1,692	)		(1,633	)
Realized gain on silver transferred to pay expenses		230			134
Change in unrealized gain / (loss) on investment in silver		247,755			(77,172	)
Closing balance	$	1,336,981		$	1,064,761

2.7. Expenses / Realized Gains / Losses

The primary expense of the Trust is the Sponsor’s Fee, which is paid by the Trust through in-kind transfers of silver to the Sponsor.

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).

The Sponsor has agreed to assume administrative and marketing expenses incurred by the Trust, including the Trustee’s monthly fee and out of pocket expenses, the Custodian’s fee and the reimbursement of the Custodian’s expenses, exchange listing fees, United States Securities and Exchange Commission (the “SEC”) registration fees, printing and mailing costs, audit fees and up to $100,000 per annum in legal expenses.

For the three months ended June 30, 2024 and 2023, the Sponsor’s Fee, net of fees waived by the Sponsor, was $964,425 and $822,253, respectively. For the six months ended June 30, 2024 and 2023, the Sponsor's Fee was $1,748,795 and $1,616,831, respectively.

At June 30, 2024 and at December 31, 2023, the fees payable to the Sponsor were $328,021 and $271,244, respectively.

As a result of the waiver, the Sponsor’s Fee waived for the three months ended June 30, 2024 and 2023 was $482,213 and $411,127, respectively. The Sponsor’s Fee waived for the six months ended June 30, 2024, and 2023 was $874,399 and $808,416, respectively.

abrdn Silver ETF Trust

Notes to the Financial Statements (Unaudited)

With 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 and six months ended June 30, 2024 and 2023.

Unless otherwise directed by the Sponsor, when selling silver the Trustee will endeavor to sell at the LBMA Silver Price. 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. A gain or loss is recognized based on the difference between the selling price and the average cost of the silver sold. Neither the Trustee nor the Sponsor is liable for depreciation or loss incurred by reason of any sale.

Realized 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.

2.8. Subsequent Events

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

3. Related Parties

The Sponsor and the Trustee are considered to be related parties to the Trust. The Trustee and the Custodian and their affiliates may from time to time act as Authorized Participants and purchase or sell Shares for their own account, as agent for their customers and for accounts over which they exercise investment discretion. 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.

4. Concentration of Risk

The 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; (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. 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.

abrdn Silver ETF Trust

Notes to the Financial Statements (Unaudited)

5. Indemnification

Under the Trust’s organizational documents, the Trustee (and its directors, employees and agents) and the Sponsor (and its members, managers, directors, officers, employees and affiliates) are indemnified by the Trust against any liability, cost or expense it incurs without gross negligence, bad faith, willful misconduct or willful malfeasance on its part and without reckless disregard on its part of its obligations and duties under the Trust’s organizational documents. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.

abrdn Silver ETF Trust

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This information should be read in conjunction with the financial statements and notes to the financial statements included in Item 1 of Part 1 of this Form 10-Q. The discussion and analysis that follows may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and within the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements may relate to the Trust’s financial condition, operations, future performance and business. These statements can be identified by the use of the words “may”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “predict”, “potential” or similar words and phrases. These statements are based upon certain assumptions and analyses the Sponsor has made based on its perception of historical trends, current conditions and expected future developments. Neither the Trust nor the Sponsor is under a duty to update any of the forward-looking statements, to conform such statements to actual results or to reflect a change in management’s expectations or predictions.

Introduction

The Trust is a common law trust, formed under the laws of the state of New York on July 20, 2009. The Trust is not managed like a corporation or an active investment vehicle. It does not have any officers, directors, or employees and is administered by the Trustee pursuant to the Trust Agreement. 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. It does not hold or trade in commodity futures contracts, nor is it a commodity pool, or subject to regulation as a commodity pool operator or a commodity trading adviser in connection with issuing Shares.

The Trust holds silver and is expected to issue Baskets in exchange for deposits of silver and to distribute silver in connection with redemptions of Baskets. Shares issued by the Trust represent units of undivided beneficial interest in and ownership of the Trust. The 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 Sponsor believes that, for many investors, the Shares will represent a cost effective investment relative to traditional means of investing in silver.

The Trust issues and redeems Shares only with Authorized Participants in exchange for silver and only in aggregations of 50,000 Shares or integral multiples thereof. A list of current Authorized Participants is available from the Sponsor or the Trustee.

Shares of the Trust trade on the New York Stock Exchange (the “NYSE”) Arca under the symbol “SIVR”.

Valuation of Silver and Computation of Net Asset Value

On each day that the NYSE Arca is open for regular trading, as promptly as practicable after 4:00 p.m. New York time on such day (the “Evaluation Time”), the Trustee evaluates the silver held by the Trust and determine both the ANAV and the NAV of the Trust.

At the Evaluation Time, the Trustee values the Trust’s silver on the basis of that day’s “LBMA Silver Price” (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 is 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.

Once the value of the silver has been determined, the Trustee subtracts all estimated accrued but unpaid fees (other than the fees accruing for such day on which the valuation takes place that are computed by reference to the value of the Trust or its assets), expenses and other liabilities of the Trust from the total value of the silver and all other assets of the Trust. The resulting figure is the adjusted net asset value (the “ANAV”) of the Trust. The ANAV of the Trust is used to compute the Sponsor’s Fee.

abrdn Silver ETF Trust

All fees accruing for the day on which the valuation takes place that are computed by reference to the value of the Trust or its assets are calculated using the ANAV calculated for such day. The Trustee subtracts from the ANAV the amount of the accrued fees so computed for such day and the resulting figure is the NAV of the Trust. The Trustee also determines the NAV per Share by dividing the NAV of the Trust by the number of Shares outstanding as of the close of trading on the NYSE Arca (which includes the net number of any Shares created or redeemed on such evaluation day).

Any estimate of the accrued but unpaid fees, expenses and liabilities of the Trust for purposes of computing the NAV of the Trust and ANAV made by the Trustee in good faith shall be conclusive upon all persons interested in the Trust and no revision or correction in any computation made under the Trust Agreement will be required by reason of any difference in amounts estimated from those actually paid.

The NAV of the Trust is obtained by subtracting the Trust’s liabilities on any day from the value of the silver owned and receivable by the Trust on that day; the NAV per Share is obtained by dividing the NAV of the Trust on a given day by the number of Shares outstanding on that day.

The Quarter Ended June 30, 2024

The Trust’s NAV increased from $1,095,363,926 at March 31, 2024 to $1,336,653,067 at June 30, 2024, a 22.03% increase for the quarter. The change in the Trust's NAV resulted from an increase in the price per ounce of silver, which rose 19.68% from $24.54 at March 31, 2024 to $29.37 at June 30, 2024 and an increase in outstanding Shares, which rose from 46,650,000 Shares at March 31, 2024 to 47,600,000 Shares at June 30, 2024 as a result of 1,150,000 Shares (23 Baskets) being created and 200,000 Shares (4 Baskets) being redeemed during the quarter.

The NAV per Share increased 19.59% from $23.48 at March 31, 2024 to $28.08 at June 30, 2024. The Trust’s NAV per Share rose slightly less than the price per ounce of silver on a percentage basis due to the Sponsor’s Fee, net of waiver, which was $964,425 for the quarter, or 0.30% of the Trust’s ANAV on an annualized basis.

The NAV per Share of $30.61 at May 29, 2024 was the highest during the quarter, compared with a low of $23.48 at April 1, 2024.

The increase in net assets from operations for the quarter ended June 30, 2024 was $215,646,241, resulting from a realized gain of $180,060 on the transfer of silver to pay expenses, a realized gain on silver distributed for the redemption of Shares of $1,314,224 and a change in unrealized gain on investment in silver of $215,116,382, offset by the Sponsor’s Fee, net of waiver, of $964,425. Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended June 30, 2024.

The Six Months Ended June 30, 2024

The Trust’s NAV increased from $1,060,402,598 at December 31, 2023 to $1,336,653,067 at June 30, 2024, a 26.05% increase for the period. The change in the Trust’s NAV resulted from an increase in the price per ounce of silver, which rose 23.46% from $23.79 at December 31, 2023 to $29.37 at June 30, 2024 and an increase in outstanding Shares, which rose from 46,550,000 Shares at December 31, 2023 to 47,600,000 Shares at June 30, 2024, as a result of 1,850,000 Shares (37 Baskets) being created and 800,000 Shares (16 Baskets) being redeemed during the period.

The NAV per Share increased 23.27% from $22.78 at December 31, 2023 to $28.08 at June 30, 2024. The Trust’s NAV per Share rose slightly less than the price per ounce of silver on a percentage basis due to the Sponsor’s Fee, net of waiver, which was $1,748,798 for the period, or 0.30% of the Trust’s ANAV on an annualized basis.

abrdn Silver ETF Trust

The NAV per Share of $30.61 at May 29, 2024 was the highest during the period, compared with a low of $21.14 at February 14, 2024.

The increase in net assets from operations for the period ended June 30, 2024 was $248,110,524, resulting from a realized gain of $229,532 on the transfer of silver to pay expenses, a realized gain on silver distributed for the redemption of Shares of $1,875,140 and a change in unrealized gain on investment in silver of $247,754,650, offset by the Sponsor's Fee, net of waiver, of $1,748,798. Other than the Sponsor’s Fee, the Trust had no expenses during the period ended June 30, 2024.

Liquidity & Capital Resources

The Trust is not aware of any trends, demands, commitments, events or uncertainties that are reasonably likely to result in material changes to its liquidity needs. In exchange for the Sponsor’s Fee, the Sponsor has agreed to assume most of the expenses incurred by the Trust. As a result, the only ordinary expense of the Trust during the period covered by this report was the Sponsor’s Fee.

The Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust’s silver as necessary to pay the Trust’s expenses not otherwise assumed by the Sponsor. The Trustee will not sell silver to pay the Sponsor’s Fee but will pay the Sponsor’s Fee through in-kind transfers of silver to the Sponsor. At June 30, 2024, the Trust did not have any cash balances.

Off-Balance Sheet Arrangements

The Trust has no off-balance sheet arrangements.

Critical Accounting Policies

The financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements relies on estimates and assumptions that impact the Trust’s financial position and results of operations. These estimates and assumptions affect the Trust’s application of accounting policies. Refer to Note 2 to the Financial Statements for further information on accounting policies.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Not applicable.

Item 4. Controls and Procedures

The Trust maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in its reports under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to the Chief Executive Officer and Chief Financial Officer of the Sponsor, and to the audit committee, as appropriate, to allow timely decisions regarding required disclosure.

Under the supervision and with the participation of the Chief Executive Officer and the Chief Financial Officer of the Sponsor, the Sponsor conducted an evaluation of the Trust’s disclosure controls and procedures, as defined under Exchange Act Rules 13a-15(e) and 15d-15(e). Based on this evaluation, the Chief Executive Officer and the Chief Financial Officer of the Sponsor concluded that, as of June 30, 2024, the Trust’s disclosure controls and procedures were effective.

There have been no changes in the Trust’s or Sponsor’s internal control over financial reporting during the quarter ended June 30, 2024 that have materially affected, or are reasonably likely to materially affect, the Trust’s or Sponsor’s internal control over financial reporting.

abrdn Silver ETF Trust

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

None.

Item 1A. Risk Factors

There have been no material changes to the risk factors previously disclosed in the Trust’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Item 2(a). None.

Item 2(b). Not applicable.

Item 2(c). For the three months ended June 30, 2024:

23 Baskets were created.

4 Baskets were redeemed.

Period	Total Baskets Redeemed	Total Shares Redeemed	Average ounces of silver per Share
April 2024	—	—	—
May 2024	4	200,000	0.960
June 2024	—	—	—
	4	200,000	0.960

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

No officers or directors of the Trust have adopted, modified or terminated trading plans under either a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement for the three months ended June 30, 2024.

abrdn Silver ETF Trust

Item 6. Exhibits

31.1	Chief Executive Officer’s Certificate, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Chief Financial Officer’s Certificate, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	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.
32.2	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.
101	The following financial statements from the Trust’s Quarterly Report on Form 10-Q for the quarter ended June 30, 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 Statements.
101.SCH	Inline XBRL Taxonomy Extension Schema Document
101.CAL	Inline XBRL Taxonomy Extension Calculation Document
101.DEF	Inline XBRL Taxonomy Extension Definitions Document
101.LAB	Inline XBRL Taxonomy Extension Labels Document
101.PRE	Inline XBRL Taxonomy Extension Presentation Document
104	The cover page from the Trust’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, formatted in Inline XBRL (included as Exhibit 101).

abrdn Silver ETF Trust

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned in the capacities thereunto duly authorized.

	abrdn ETFs Sponsor LLC

Date: August 9, 2024	/s/ Steven Dunn*
	Steven Dunn**
	President and Chief Executive Officer
	(Principal Executive Officer)

Date: August 9, 2024	/s/ Brian Kordeck*
	Brian Kordeck**
	Chief Financial Officer and Treasurer
	(Principal Financial Officer and Principal Accounting Officer)

*	The originally executed copy of this Certification will be maintained at the Sponsor's offices and will be made available for inspection upon request.
**	The Registrant is a trust and the persons are signing in their capacities as officers of abrdn ETFs Sponsor LLC, the Sponsor of the Registrant.

abrdn Silver ETF Trust 10-Q

Exhibit 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT
TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Steven Dunn, certify that:

1. I have reviewed this Report on Form 10-Q of abrdn Silver ETF Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 9, 2024	/s/ Steven Dunn*
	Steven Dunn**
	President and Chief Executive Officer
	(Principal Executive Officer)

*	The originally executed copy of this Certification will be maintained at the Sponsor’s offices and will be made available for inspection upon request.

**	The Registrant is a trust and Mr. Dunn is signing in his capacity as an officer of abrdn ETFs Sponsor LLC, the Sponsor of the Registrant.

abrdn Silver ETF Trust 10-Q

Exhibit 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT
TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Brian Kordeck, certify that:

1. I have reviewed this Report on Form 10-Q of abrdn Silver ETF Trust;

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 9, 2024	/s/ Brian Kordeck*
	Brian Kordeck**
	Chief Financial Officer and Treasurer
	(Principal Financial Officer and Principal Accounting Officer)

*	The originally executed copy of this Certification will be maintained at the Sponsor’s offices and will be made available for inspection upon request.

**	The Registrant is a trust and Mr. Kordeck is signing in his capacity as an officer of abrdn ETFs Sponsor LLC, the Sponsor of the Registrant.

abrdn Silver ETF Trust 10-Q

Exhibit 32.1

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of abrdn Silver ETF Trust (the “Registrant”) on Form 10-Q for the quarter ended June 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, in the capacity and on the date indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: August 9, 2024	/s/ Steven Dunn*
	Steven Dunn**
	President and Chief Executive Officer
	(Principal Executive Officer)

The originally executed copy of this Certification will be maintained at the Sponsor’s offices and will be made available for inspection upon request.

The Registrant is a trust and Mr. Dunn is signing in his capacity as an officer of abrdn ETFs Sponsor LLC, the Sponsor of the Registrant.

abrdn Silver ETF Trust 10-Q

Exhibit 32.2

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

1. The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: August 9, 2024	/s/ Brian Kordeck*
	Brian Kordeck**
	Chief Financial Officer and Treasurer
	(Principal Financial Officer and Principal Accounting Officer)

The originally executed copy of this Certification will be maintained at the Sponsor’s offices and will be made available for inspection upon request.

The Registrant is a trust and Mr. Kordeck is signing in his capacity as an officer of abrdn ETFs Sponsor LLC, the Sponsor of the Registrant.

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2024	Aug. 07, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Entity File Number	001-34412
Entity Registrant Name	abrdn Silver ETF Trust
Entity Central Index Key	0001450922
Entity Tax Identification Number	26-4586763
Entity Incorporation, State or Country Code	NY
Entity Address, Address Line One	1900 Market Street
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	Philadelphia
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19103
City Area Code	(844)
Local Phone Number	383-7289
Title of 12(b) Security	abrdn Physical Silver Shares ETF
Trading Symbol	SIVR
Security Exchange Name	NYSEArca
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		48,500,000

Statements of Assets and Liabilities (Unaudited) - USD ($)

Jun. 30, 2024

Dec. 31, 2023

ASSETS

Investment in silver (cost: June 30, 2024: $995,463; December 31, 2023: $966,910)

$ 1,336,981,000

$ 1,060,674,000

Total assets

1,336,981,000

1,060,674,000

LIABILITIES

Fees payable to Sponsor

328,021

271,244

Total liabilities

328,000

271,000

NET ASSETS

^[1]

$ 1,336,653,000

$ 1,060,403,000

[1]	Authorized share capital is Unlimited with no par value per Share. Shares issued and outstanding at June 30, 2024 were 47,600,000 and at December 31, 2023 were 46,550,000. Net asset values per Share at June 30, 2024 and December 31, 2023 were $28.08 and $22.78, respectively.

Statements of Assets and Liabilities (Unaudited) (Parenthetical) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Investment in silver at cost	$ 995,463	$ 966,910
Common stock, shares authorized	Unlimited	Unlimited
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares issued	47,600,000	46,550,000
Common stock, shares outstanding	47,600,000	46,550,000
Net asset value per share (in dollars per share)	$ 28.08	$ 22.78

Schedules of Investments (Unaudited)
$ in Thousands

Jun. 30, 2024

USD ($)

Dec. 31, 2023

USD ($)

Schedule of Investments [Line Items]

Investment in silver | oz

45,521,998.2

44,584,861.0

Cost

$ 995,463

$ 966,910

Fair Value

$ 1,336,981

$ 1,060,674

% of Net Assets

100.02%

100.03%

Less liabilities

$ (328)

$ (271)

Less liabilities, % of Net Assets

(0.02%)

(0.03%)

Net Assets

^[1]

$ 1,336,653

$ 1,060,403

Net Assets, % of Net Assets

100.00%

Silver [Member]

Schedule of Investments [Line Items]

Investment in silver | oz

45,521,998.2

44,584,861.0

Cost

$ 995,463

$ 966,910

Fair Value

$ 1,336,981

$ 1,060,674

% of Net Assets

100.02%

100.03%

[1]	Authorized share capital is Unlimited with no par value per Share. Shares issued and outstanding at June 30, 2024 were 47,600,000 and at December 31, 2023 were 46,550,000. Net asset values per Share at June 30, 2024 and December 31, 2023 were $28.08 and $22.78, respectively.

Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
Statements of Operations (Unaudited) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
EXPENSES
Sponsor’s Fee	$ 1,446,000	$ 1,233,000	$ 2,623,000	$ 2,425,000
Less: Waiver	(482,213)	(411,127)	(874,399)	(808,416)
Total expenses	964,000	822,000	1,749,000	1,617,000
Net investment loss	(964,000)	(822,000)	(1,749,000)	(1,617,000)
REALIZED AND UNREALIZED GAINS / (LOSSES)
Realized gain on silver transferred to pay expenses	180,000	73,000	230,000	134,000
Realized gain on silver distributed for the redemption of Shares	1,314,000	2,404,000	1,875,000	5,214,000
Change in unrealized gain / (loss) on investment in silver	215,116,000	(71,724,000)	247,755,000	(77,172,000)
Total gain/(loss) on investment in silver	216,610,000	(69,247,000)	249,860,000	(71,824,000)
Change in net assets from operations	$ 215,646,000	$ (70,069,000)	$ 248,111,000	$ (73,441,000)
Net increase / (decrease) in net assets per Share	$ 4.58	$ (1.42)	$ 5.28	$ (1.51)
Weighted average number of Shares	47,076,374	49,348,352	46,946,703	48,694,751

Statements of Changes in Net Assets (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]
Opening balance (in shares)	46,650,000	48,450,000	46,550,000	48,650,000
Opening balance	$ 1,095,364	$ 1,110,603	$ 1,060,403	$ 1,118,817
Net investment loss	(964)	(822)	(1,749)	(1,617)
Realized gain on investment in silver	1,494	2,477	2,105	5,348
Change in unrealized gain/(loss) on investment in silver	$ 215,116	$ (71,724)	$ 247,755	$ (77,172)
Creations (in shares)	1,150,000	2,050,000	1,850,000	4,500,000
Creations	$ 31,122	$ 49,204	$ 46,645	$ 101,904
Redemptions (in shares)	(200,000)	(1,100,000)	(800,000)	(3,750,000)
Redemptions	$ (5,479)	$ (25,241)	$ (18,506)	$ (82,783)
Closing balance (in shares)	47,600,000	49,400,000	47,600,000	49,400,000
Closing balance	$ 1,336,653	$ 1,064,497	$ 1,336,653	$ 1,064,497

Financial Highlights (Unaudited) - $ / shares

3 Months Ended

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2024

Jun. 30, 2023

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

Net asset value per Share at beginning of period

$ 23.48

$ 22.92

$ 22.78

$ 23.00

Income from investment operations:

Net investment loss

(0.02)

(0.04)

(0.03)

Total realized and unrealized gains or losses on investment in silver

4.62

(1.35)

5.34

(1.42)

Change in net assets from operations

4.60

(1.37)

5.30

(1.45)

Net asset value per Share at end of period

$ 28.08

$ 21.55

$ 28.08

$ 21.55

Weighted average number of Shares

47,076,374

49,348,352

46,946,703

48,694,751

Expense ratio

^[1],[2]

0.30%

Net investment loss ratio

^[1],[2]

(0.30%)

Total return, net asset value

^[3]

19.59%

(5.98%)

23.27%

(6.30%)

[1]	Annualized for periods less than one year.
[2]	The expense ratio is calculated net of the voluntary waiver (refer to Note 2.7). The Gross Expense Ratio is 0.45%.
[3]	Total return is not annualized.

Financial Highlights (Unaudited) (Parenthetical)	6 Months Ended
Financial Highlights (Unaudited) (Parenthetical)	Jun. 30, 2024
Financial Highlights Unaudited
Gross Expense Ratio	0.45%

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure [Table]
Net Income (Loss)	$ 215,646	$ (70,069)	$ 248,111	$ (73,441)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Insider Trading Arrangements [Line Items]
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Organization

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

1. Organization

Significant Accounting Policies

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Significant Accounting Policies

2. Significant Accounting Policies

2.1. Basis of Accounting

2.2. Valuation of Silver

The 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.

Fair Value Hierarchy

ASC 820 establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs are as follows:

– Level 1. Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access.

The 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.

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

(Amounts in 000’s of US$)	June 30, 2024		December 31, 2023
Level 1
Investment in silver	$	1,336,981	$	1,060,674

There were no transfers between levels during the six months ended June 30, 2024 or the year ended December 31, 2023.

2.3. Silver Receivable and Payable

2.4. Creations and Redemptions of Shares

2.5. Income Taxes

2.6. Investment in Silver

Changes in ounces of silver and their respective values for the three and six months ended June 30, 2024 and 2023 are set out below:

	Three Months Ended June 30, 2024			Three Months Ended June 30, 2023
(Amounts in 000’s of US$, except for ounces data)
Ounces of silver
Opening balance		44,647,220.4			46,509,653.6
Creations		1,099,903.6			1,966,847.9
Redemptions		(191,302.0	)		(1,055,168.6	)
Transfers of silver to pay expenses		(33,823.8	)		(35,432.0	)
Closing balance		45,521,998.2			47,385,900.9

Investment in silver
Opening balance	$	1,095,643		$	1,110,883
Creations		31,122			49,204
Redemptions		(5,479	)		(25,241	)
Realized gain on silver distributed for the redemption of Shares		1,314			2,404
Transfers of silver to pay expenses		(915	)		(838	)
Realized gain on silver transferred to pay expenses		180			73
Change in unrealized gain / (loss) on investment in silver		215,116			(71,724	)
Closing balance	$	1,336,981		$	1,064,761

	Six Months Ended June 30, 2024			Six Months Ended June 30, 2023
(Amounts in 000’s of US$, except for ounces data)
Ounces of silver
Opening balance		44,584,861.0			46,496,067.9
Creations		1,770,079.8			4,558,938.0
Redemptions		(765,605.6	)		(3,599,530.1	)
Transfers of silver to pay expenses		(67,337.0	)		(69,574.9	)
Closing balance		45,521,998.2			47,385,900.9

Investment in silver
Opening balance	$	1,060,674		$	1,113,348
Creations		46,645			107,653
Redemptions		(18,506	)		(82,783	)
Realized gain on silver distributed for the redemption of Shares		1,875			5,214
Transfers of silver to pay expenses		(1,692	)		(1,633	)
Realized gain on silver transferred to pay expenses		230			134
Change in unrealized gain / (loss) on investment in silver		247,755			(77,172	)
Closing balance	$	1,336,981		$	1,064,761

2.7. Expenses / Realized Gains / Losses

The primary expense of the Trust is the Sponsor’s Fee, which is paid by the Trust through in-kind transfers of silver to the Sponsor.

At June 30, 2024 and at December 31, 2023, the fees payable to the Sponsor were $328,021 and $271,244, respectively.

2.8. Subsequent Events

Related Parties

6 Months Ended

Jun. 30, 2024

Related Parties

3. Related Parties

Concentration of Risk

6 Months Ended

Jun. 30, 2024

Risks and Uncertainties [Abstract]

Concentration of Risk

4. Concentration of Risk

Indemnification

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Indemnification

5. Indemnification

Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Basis of Accounting

2.1. Basis of Accounting

Valuation of Silver

2.2. Valuation of Silver

The 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.

Fair Value Hierarchy

ASC 820 establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs are as follows:

– Level 1. Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access.

The 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.

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

(Amounts in 000’s of US$)	June 30, 2024		December 31, 2023
Level 1
Investment in silver	$	1,336,981	$	1,060,674

There were no transfers between levels during the six months ended June 30, 2024 or the year ended December 31, 2023.

Silver Receivable and Payable

2.3. Silver Receivable and Payable

Creations and Redemptions of Shares

2.4. Creations and Redemptions of Shares

Income Taxes

2.5. Income Taxes

Investment in Silver

2.6. Investment in Silver

Changes in ounces of silver and their respective values for the three and six months ended June 30, 2024 and 2023 are set out below:

	Three Months Ended June 30, 2024			Three Months Ended June 30, 2023
(Amounts in 000’s of US$, except for ounces data)
Ounces of silver
Opening balance		44,647,220.4			46,509,653.6
Creations		1,099,903.6			1,966,847.9
Redemptions		(191,302.0	)		(1,055,168.6	)
Transfers of silver to pay expenses		(33,823.8	)		(35,432.0	)
Closing balance		45,521,998.2			47,385,900.9

Investment in silver
Opening balance	$	1,095,643		$	1,110,883
Creations		31,122			49,204
Redemptions		(5,479	)		(25,241	)
Realized gain on silver distributed for the redemption of Shares		1,314			2,404
Transfers of silver to pay expenses		(915	)		(838	)
Realized gain on silver transferred to pay expenses		180			73
Change in unrealized gain / (loss) on investment in silver		215,116			(71,724	)
Closing balance	$	1,336,981		$	1,064,761

	Six Months Ended June 30, 2024			Six Months Ended June 30, 2023
(Amounts in 000’s of US$, except for ounces data)
Ounces of silver
Opening balance		44,584,861.0			46,496,067.9
Creations		1,770,079.8			4,558,938.0
Redemptions		(765,605.6	)		(3,599,530.1	)
Transfers of silver to pay expenses		(67,337.0	)		(69,574.9	)
Closing balance		45,521,998.2			47,385,900.9

Investment in silver
Opening balance	$	1,060,674		$	1,113,348
Creations		46,645			107,653
Redemptions		(18,506	)		(82,783	)
Realized gain on silver distributed for the redemption of Shares		1,875			5,214
Transfers of silver to pay expenses		(1,692	)		(1,633	)
Realized gain on silver transferred to pay expenses		230			134
Change in unrealized gain / (loss) on investment in silver		247,755			(77,172	)
Closing balance	$	1,336,981		$	1,064,761

Expenses / Realized Gains / Losses

2.7. Expenses / Realized Gains / Losses

The primary expense of the Trust is the Sponsor’s Fee, which is paid by the Trust through in-kind transfers of silver to the Sponsor.

At June 30, 2024 and at December 31, 2023, the fees payable to the Sponsor were $328,021 and $271,244, respectively.

Subsequent Events

2.8. Subsequent Events

Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

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

(Amounts in 000’s of US$)	June 30, 2024		December 31, 2023
Level 1
Investment in silver	$	1,336,981	$	1,060,674

Changes in ounces of silver and their respective values for the three and six months ended June 30, 2024 and 2023 are set out below:

	Three Months Ended June 30, 2024			Three Months Ended June 30, 2023
(Amounts in 000’s of US$, except for ounces data)
Ounces of silver
Opening balance		44,647,220.4			46,509,653.6
Creations		1,099,903.6			1,966,847.9
Redemptions		(191,302.0	)		(1,055,168.6	)
Transfers of silver to pay expenses		(33,823.8	)		(35,432.0	)
Closing balance		45,521,998.2			47,385,900.9

Investment in silver
Opening balance	$	1,095,643		$	1,110,883
Creations		31,122			49,204
Redemptions		(5,479	)		(25,241	)
Realized gain on silver distributed for the redemption of Shares		1,314			2,404
Transfers of silver to pay expenses		(915	)		(838	)
Realized gain on silver transferred to pay expenses		180			73
Change in unrealized gain / (loss) on investment in silver		215,116			(71,724	)
Closing balance	$	1,336,981		$	1,064,761

	Six Months Ended June 30, 2024			Six Months Ended June 30, 2023
(Amounts in 000’s of US$, except for ounces data)
Ounces of silver
Opening balance		44,584,861.0			46,496,067.9
Creations		1,770,079.8			4,558,938.0
Redemptions		(765,605.6	)		(3,599,530.1	)
Transfers of silver to pay expenses		(67,337.0	)		(69,574.9	)
Closing balance		45,521,998.2			47,385,900.9

Investment in silver
Opening balance	$	1,060,674		$	1,113,348
Creations		46,645			107,653
Redemptions		(18,506	)		(82,783	)
Realized gain on silver distributed for the redemption of Shares		1,875			5,214
Transfers of silver to pay expenses		(1,692	)		(1,633	)
Realized gain on silver transferred to pay expenses		230			134
Change in unrealized gain / (loss) on investment in silver		247,755			(77,172	)
Closing balance	$	1,336,981		$	1,064,761

Organization (Details Narrative)	6 Months Ended
Organization (Details Narrative)	Jun. 30, 2024 shares
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Minimum block of shares issued redeemed against silver	50,000

The categorization of the Trust’s assets is as shown below: (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in silver	$ 1,336,981	$ 1,060,674

Changes in ounces of silver and their respective values for the three and six months ended June 30, 2024 and 2023 are set out below: (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) oz	Jun. 30, 2023 USD ($) oz	Jun. 30, 2024 USD ($) oz	Jun. 30, 2023 USD ($) oz
Accounting Policies [Abstract]
Opening balance \| oz	44,647,220.4	46,509,653.6	44,584,861.0	46,496,067.9
Creations \| oz	1,099,903.6	1,966,847.9	1,770,079.8	4,558,938.0
Redemptions \| oz	(191,302.0)	(1,055,168.6)	(765,605.6)	(3,599,530.1)
Transfers of silver to pay expenses \| oz	(33,823.8)	(35,432.0)	(67,337.0)	(69,574.9)
Closing balance \| oz	45,521,998.2	47,385,900.9	45,521,998.2	47,385,900.9
Opening balance	$ 1,095,643	$ 1,110,883	$ 1,060,674	$ 1,113,348
Creations	31,122	49,204	46,645	107,653
Redemptions	(5,479)	(25,241)	(18,506)	(82,783)
Realized gain on silver distributed for the redemption of Shares	1,314	2,404	1,875	5,214
Transfers of silver to pay expenses	(915)	(838)	(1,692)	(1,633)
Realized gain on silver transferred to pay expenses	180	73	230	134
Change in unrealized gain / (loss) on investment in silver	215,116	(71,724)	247,755	(77,172)
Closing balance	$ 1,336,981	$ 1,064,761	$ 1,336,981	$ 1,064,761

Significant Accounting Policies (Details Narrative) - USD ($)

3 Months Ended

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2024

Jun. 30, 2023

Dec. 31, 2023

Percentage of silver held by sub-custodian

0.00%

Silver receivable

$ 0

Silver payable

$ 0

Minimum block of shares issued redeemed against silver

50,000

Reserve for uncertain tax positions

$ 0

Annualized rate of Sponsor's Fee before waiver

0.45%

Expense Ratio

^[1],[2]

0.30%

Maximum sponsor fee for legal expenses

$ 100,000

Sponsor's Fee

$ 964,425

$ 822,253

1,748,795

$ 1,616,831

Fees payable to Sponsor

328,021

$ 271,244

Sponsor fees waived

482,213

411,127

874,399

808,416

All other expenses

$ 0

JP Morgan [Member]

Percentage of silver held by custodian

83.52%

ICBC [Member]

Percentage of silver held by custodian

16.48%

[1]	Annualized for periods less than one year.
[2]	The expense ratio is calculated net of the voluntary waiver (refer to Note 2.7). The Gross Expense Ratio is 0.45%.