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UNITED
STATES






SECURITIES AND EXCHANGE COMMISSION








Washington,
D.C. 20549










Form


10-K


























ANNUAL
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934






For
the fiscal year ended


December 31, 2020











or
























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




























ABERDEEN STANDARD 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
Aberdeen Standard Investments ETFs Sponsor LLC













712 Fifth Avenue





,


49

th

Floor












New York


,


NY










(Address
of principal executive offices)
















10019










(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






Aberdeen
Standard Physical Silver Shares ETF










SIVR










NYSE Arca










Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐


No











Indicate
by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes ☐


No











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










Aggregate
market value of the registrant’s Shares outstanding based upon the closing price of a share on June 30, 2020 as reported
by the NYSE Arca, Inc. on that date: $


518,321,971


.








As
of February 24, 2021, Aberdeen Standard Silver ETF Trust had


38,850,000


Aberdeen Standard Physical Silver Shares ETF outstanding.









DOCUMENTS
INCORPORATED BY REFERENCE:

None







































FORWARD
LOOKING STATEMENTS









This
Annual Report on Form 10-K contains various “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. Forward-looking statements usually include the words, “anticipates,”
“believes,” “estimates,” “expects,” “intends,” “plans,” “projects,”
“understands” and other words suggesting uncertainty. We remind readers that forward-looking statements are merely
predictions and therefore inherently subject to uncertainties and other factors and involve known and unknown risks that could
cause the actual results, performance, levels of activity, or our achievements, or industry results, to be materially different
from any future results, performance, levels of activity, or our achievements expressed or implied by such forward-looking statements.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.
The Trust undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or
circumstances after the date hereof or to reflect the occurrence of unanticipated events.








Additional
significant uncertainties and other factors affecting forward-looking statements are presented in the Risk Factors section herein.

























TABLE
OF CONTENTS




































































































































































































PART
I





3





Item
1. Business





3





Trust
Objective





3





Overview
of the Silver Industry





4





Operation
of the Silver Markets





7





Secondary
Market Trading





10





Valuation
of Silver and Computation of Net Asset Value





10





Trust
Expenses





11





Deposit
of Silver; Issuance of Shares





12





Withdrawal
of Silver; Redemption of Shares





12





Creation
and Redemption Transaction Fee





13





The
Sponsor





13





The
Trustee





14





The
Custodian





15





Inspection
of Silver





15





Description
of the Shares





15





Custody
of the Trust’s Silver





16





United
States Federal Income Tax Consequences





17





ERISA
and Related Considerations





20





Item
1A. Risk Factors





21





Item
1B. Unresolved Staff Comments





29





Item
2. Properties





29





Item
3. Legal Proceedings





29





Item
4. Mine Safety Disclosures





29











PART
II





30






Item
5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer
Purchases of Equity


Securities






30





Item
6. Selected Financial Data





32





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





32





Item
7A. Quantitative and Qualitative Disclosures about Market Risk





36





Item
8. Financial Statements and Supplementary Data





36





Item
9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures





38





Item
9A. Controls and Procedures





38





Item
9B. Other Information





41











PART
III





42





Item
10. Directors, Executive Officers and Corporate Governance





42





Item
11. Executive Compensation





42





Item
12. Security





42





Item
13. Certain Relationships and Related Transactions, and Director Independence





43





Item
14. Principal Accounting Fees and Services





44











PART
IV





45





Item  15.
Exhibits, Financial Statement Schedule





45





Item
16. Form 10K Summary





46












2

















PART
I












Item
1. Business









The
purpose of the Aberdeen Standard Silver ETF Trust (the “Trust”) is to own silver transferred to the Trust in
exchange for shares issued by the Trust (“Shares”). Each Share represents a fractional undivided beneficial interest
in and ownership of the Trust. The assets of the Trust consist solely of silver bullion. The Trust was formed on
July 20, 2009 when an initial deposit of silver was made in exchange for the issuance of two Baskets (a “Basket”
consists of 50,000 Shares).








The
sponsor of the Trust is Aberdeen Standard Investments ETFs Sponsor LLC (the “Sponsor”). The trustee of the Trust is
The Bank of New York Mellon (the “Trustee”). The number of shares that constitutes a Basket for the purpose of creations
and redemptions was reduced from 100,000 Shares to 50,000 Shares effective on August 11, 2016.








The
Trust’s Shares at redeemable value increased from $407,463,630 at December 31, 2019 to $863,664,235 at December 31, 2020,
the Trust’s fiscal year end. Outstanding Shares in the Trust increased from 23,300,000 Shares at December 31, 2019 to 33,750,000
Shares outstanding at December 31, 2020.








The
Trust is not managed like a corporation or an active investment vehicle. The Trust has no directors, officers or employees. It
does not engage in any activities designed to obtain a profit from or to improve the losses caused by changes in the price of silver.
The silver held by the Trust will only be delivered to pay the remuneration due to the Sponsor (the “Sponsor’s
Fee”), distributed to Authorized Participants (defined below) in connection with the redemption of Baskets or sold (1) on
an as-needed basis to pay Trust expenses not assumed by the Sponsor, (2) in the event the Trust terminates and liquidates its
assets, or (3) as otherwise required by law or regulation.








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. The Trust does not and will not hold or trade in commodities futures contracts, “commodity interests” or
any other instruments regulated by the Commodity Exchange Act (the “CEA”), as administered by the Commodity Futures
Trading Commission (the “CFTC”) and the National Futures Association (“NFA”). The Trust is not a commodity
pool for purposes of the CEA and the Shares are not “commodity interests,” and neither the Sponsor nor the Trustee
is subject to regulation as a commodity pool operator or a commodity trading advisor in connection with the Shares. The Trust
has no fixed termination date.








The
Sponsor of the registrant maintains an Internet website at www.aberdeenstandardetfs.us through which the registrant’s annual
reports on Form 10-K, quarterly reports on Form 10-Q, and amendments to those reports filed or furnished pursuant to Section 13(a)
or 15(d) of the Securities Exchange Act of 1934, as amended, or the Exchange Act, are made available free of charge as soon as
reasonably practicable after they have been filed or furnished to the Securities and Exchange Commission (the “SEC”).
Additional information regarding the Trust may also be found on the SEC’s EDGAR database at www.sec.gov.











Trust
Objective









The
investment objective of the Trust is for the Shares to reflect the performance of the price of silver bullion, less the expenses
of the Trust’s operations. The Shares are intended to constitute a simple and cost-effective means of making an investment
similar to an investment in physical silver. An investment in physical silver requires expensive and sometimes complicated
arrangements in connection with the assay, transportation, warehousing and insurance of the metal. Traditionally, such expense
and complications have resulted in investments in physical silver being efficient only in amounts beyond the reach of many
investors.








The
Shares are intended to provide institutional and retail investors with a simple and cost-efficient means, with minimal credit
risk, of gaining investment benefits similar to those of holding silver bullion. The Shares offer an investment that:












3
















Is
Easily Accessible

. The Shares trade on the NYSE Arca and provide institutional and retail investors with indirect access to
the silver bullion market. The Shares are bought and sold on the NYSE Arca like any other exchange-listed securities.
The close of the NYSE Arca trading session is 4:00 p.m. New York time.










Is
Relatively Cost Effective

. The Sponsor expects that, for many investors, costs associated with buying and selling the Shares
in the secondary market and the payment of the Trust’s ongoing expenses will be lower than the costs associated with buying
and selling silver bullion and storing and insuring silver bullion in a traditional allocated silver account.










Has
Minimal Credit Risk

. The Shares represent an interest in physical bullion owned by the Trust (other than an amount held
in unallocated form which is not sufficient to make up a whole bar of which is held temporarily to effect a creation or
redemption of Shares). Physical bullion of the Trust in the Custodian’s possession is not subject to borrowing
arrangements with third parties. Other than the silver temporarily being held in an unallocated silver account with
the Custodian, the physical bullion of the Trust is not subject to counterparty or credit risks. See

“Risk
Factors—Silver held in the Trust’s unallocated silver account and any Authorized Participant’s
unallocated silver account is not segregated from the Custodian’s assets...”

This contrasts with most
other financial products that gain exposure to bullion through the use of derivatives that are subject to counterparty and
credit risks.








Investing
in the Shares does not insulate the investor from certain risks, including price volatility. See “Risk Factors.”











Overview
of the Silver


Industry









This
section provides a brief introduction to the silver industry by looking at some of the key participants, detailing the
primary sources of demand and supply and, outlining the role of the
“official” sector (i.e., central banks) in the market.












In
this annual report, the term “ounces” refers to troy ounces.









Market
Participants









The
participants in the world silver market may be classified in the following sectors: the mining and producer sector, the banking
sector, the official sector, the investment sector, and the manufacturing sector. A brief description of each follows.









Mining
and Producer Sector









This
group includes mining companies that specialize in silver and silver production, mining companies that produce silver as a by-product
of other production (such as a copper or gold producer), scrap merchants and recyclers.









Banking
Sector









Bullion
banks provide a variety of services to the silver market and its participants, thereby facilitating interactions between other
parties. Services provided by the bullion banking community include traditional banking products as well as mine financing, physical
silver purchases and sales, hedging and risk management, inventory management for industrial users and consumers and silver leasing.









The
Official Sector









There
are no official statistics published by the International Monetary Fund, Bank of International Settlements, or national banks
on silver holdings by national governments. The main reason for this is that silver is generally not recognized as a reserve asset.
Consequently, there are very limited silver stocks held by governments. According to The Silver Institute World Silver Survey
2020, at the end of 2019, government-held silver bullion stocks total 89.1 million ounces.












4















The
Investment Sector









This
sector includes the investment and trading activities of both professional and private investors and speculators. These participants
range from large hedge and mutual funds to day-traders on futures exchanges, and retail-level coin collectors.









The
Manufacturing Sector









The
fabrication and manufacturing sector represents all the commercial and industrial users of silver. Industrial applications comprise
the largest use of silver. The jewelry and silverware sector is the second largest, followed by the photographic industry (although
the latter has been declining over a number of years as a result of the spread of digital photography).









World
Silver Supply and Demand 2010-2019









The
following table sets forth a summary of the world silver supply and demand for the period from 2010 to 2019 and is based
on information reported by the World Silver Survey 2020, published by The Silver Institute.







































































































































































































































































































































































































































































































































































































































































































































































































































(in
millions of ounces)



2010






2011






2012






2013






2014






2015









2016






2017






2018






2019






Supply


































































Mine
Production






753









758.3









791.7









823.3









867.8









895.1












888.6









852.1









855.7









836.5






Net
Government Sales






44.2









12









7.4









7.9





































































Scrap






227.2









261.2









253.8









191









165.4









141.1












139.7









138.1









151.3









169.9






Net
Hedging Supply






50.4









12.2









-47.1









-34.8









16.8









7.8












-18.9









1.4









-2.8









15.7







Total
Supply










1,074.80















1,043.80















1,005.80















987.4















1,050.00















1,044.00




















1,009.40















991.6















1,004.20















1,022.10









































































































Demand
































































































Jewelry






190









191.5









187.4









220.6









226.4









226.7












205









209.1









212.5









201.3






Coins
& Bars






150.3









212.7









159.7









241.1









234.1









292.1












207.8









151.1









181.2









186.1






Silverware






51.9









47.5









43.8









59.3









61.2









63.2












52.4









58.4









61.1









59.8






Industrial
Fabrication






633.8









661.5









600.1









604.6









596.3









583.2












576.8









599









578.6









510.9






Electrical
& Electronics






301.2









290.8









266.7









266









263.9









246












233.9









242.9









248.5









230






Brazing
Alloys & Solders






61.2









63.2









61.1









63.7









66.7









61.5












55.3









57.5









58









50






Photography






67.5









61.2









54.2









50.5









48.5









46.6












45.2









44









39.3









33.7






Photovoltaic
















75.8









58.2









55.9









51.8









59.2












79.3









94.1









80.5









98.7






Ethylene
Oxide






8.7









6.2









4.7









7.7









5









10.2












10.2









6.9









5.4









4






Other
Industrial






195.2









164.2









155.1









160.8









160.6









159.8












152.9









153.7









146.9









94.5






ETP
Inventory Build






129.5









-24









55.3









2.5









1.4









-17.8












49.8









2.4









-20.3









81.7






Exchange
Inventory Build






-7.4









12.2









62.2









8.8









-5.3









12.6












79.8









6.8









71.2









10







Total
Demand










1,148.10















1,101.40















1,108.50















1,136.90















1,114.10















1,160.00




















1,171.60















1,026.80















1,084.30















1,049.80










































































































Net
Balance










-73.2















-57.5















-102.6















-149.5















-64















-116.1




















-162.1















-35.2















-80.1















-27.8

















Source:
The Silver Institute - World Silver Survey 2020









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








Like
gold, silver has also been used as a currency in the past. However, the main difference between gold and silver is that while
approximately half of gold demand is used for jewelry, approximately half of silver fabrication demand is used for industrial
applications.








New
mine production accounts for approximately 82% of total silver supply. Recycled silver accounts for around 17% of total supply.
The total of producer hedging, government sales and implied “net disinvestment” has been in decline but together account
for the balance of total supply.








Industrial
applications and jewelry demand accounted for over 68% of total demand in 2019. Photography has been taking a lower share of overall
silver demand falling from 6% in 2010 to 3% in 2019, while photovoltaic demand has risen in recent years accounting for 9%
in 2019. Investment in coins and bars has amounted to 18% of demand in 2019.














5

















Historical
chart of the price of Silver









The
price of silver is volatile and fluctuations are expected to have a direct impact on the value of the Shares. However, movements
in the price of silver in the past are not a reliable indicator of future movements. Movements may be influenced by various factors,
including announcements from central banks regarding a country’s reserve silver holdings, agreements among central banks,
political uncertainties around the world, and economic concerns. The following chart illustrates the movements in the price of
an ounce of silver in dollars from December 31, 2010 to December 31, 2020 and is based on information provided by Bloomberg:








(image)








Starting in early 2011, when prices peaked at $48.44 per ounce, silver prices began a downward trend, albeit with multiple upwards rallies
(that have often lasted several months). The rise in the value of the U.S. Dollar, sluggish industrial growth and a tame inflation
environment (which led some investors to revise their expectations of the effects of monetary expansion) were some of the
drivers behind the fall in silver prices from 2011 to 2019. Silver reversed course in 2020, as prices rose 46.75%, closing at
$26.49 per ounce. The global pandemic caused
by COVID-19 contributed to the large returns, as increased stimulus and uncertainty, coupled with a low US dollar and interest
rates, increased the appeal of silver.












6

















Operation
of the Silver Bullion Market









The
global trade in silver consists of Over-the-Counter (“OTC”) transactions in spot, forwards, and options and other
derivatives, together with exchange-traded futures and options.









Global
Over-The-Counter Market









The
OTC silver market includes spot, forward, and option and other derivative transactions conducted on a principal-to-principal basis.
While this is a global, nearly 24-hour per day market, its main centers are London (the biggest venue) and New York. Market makers,
as well as others in the OTC market, trade with each other and with their clients on a principal-to-principal basis. All risks
and issues of credit are between the parties directly involved in the transaction. Market makers include the market making members
of the London Bullion Market Association (“LBMA”), the trade association that acts as the coordinator for activities
conducted on behalf of its members and other participants in the London bullion market. The twelve market-making members of the
LBMA are: BNP Paribas SA, Citibank N.A. HSBC, Goldman Sachs International, ICBC Standard Bank Plc, JPMorgan Chase Bank, The Bank
of Nova Scotia, Merrill Lynch International, Morgan Stanley & Co. International Ltd, Standard Chartered Bank, Toronto-Dominion
Bank and UBS AG. The OTC market provides a relatively flexible market in terms of quotes, price, size, destinations for delivery
and other factors. Bullion dealers customize transactions to meet clients’ requirements. The OTC market has no formal structure
and no open outcry meeting place. Mining companies, central banks, manufacturers of jewelry and industrial products, together
with investors and speculators, tend to transact their business through one of these market centers. Centers such as Dubai and
several cities in the Far East also transact substantial OTC market business, typically involving jewelry and small bars of silver
(1 kilogram or less) and will hedge their exposure by selling into one of these main OTC centers. Bullion dealers have offices
around the world and most of the world’s major bullion dealers are either members or associate members of the LBMA. There
are a further 74 full members, plus a number of associate members around the world. The number of LBMA market-making, clearing
and full members reported in this annual report are as of the date of this annual report. These numbers may change from time to
time as new members are added and existing members drop out. In the OTC market for silver, the standard size of trades between
market makers is 100,000 ounces. Liquidity in the OTC market can vary from time to time during the course of the 24-hour trading
day. Fluctuations in liquidity are reflected in adjustments to dealing spreads—the differential between a dealer’s
“buy” and “sell” prices. The period of greatest liquidity in the bullion markets generally occurs at the
time of day when trading in the European time zones overlaps with trading in the United States, which is when OTC market trading
in London, New York, Zurich and other centers coincides with futures and options trading on the Commodity Exchange, Inc. (“COMEX”).
This period lasts for approximately four hours each New York business day morning.









The
London Silver Bullion Market









Although
the market for physical silver is distributed globally, most OTC market trades are cleared through London. In addition to coordinating
market activities, the LBMA acts as the principal point of contact between the market and its regulators. A primary function of
the LBMA is its involvement in the promotion of refining standards by maintenance of the “Good Delivery List,” which
is a list of LBMA accredited refiners of silver. The LBMA also coordinates market clearing and vaulting, promotes good trading
practices and develops standard documentation.












7














The
term “loco London” silver refers to silver physically held in London that meets the specifications for weight, dimensions,
fineness (or purity), identifying marks (including the assay stamp of a LBMA acceptable refiner) and appearance set forth in “The
Good Delivery Rules for Gold and Silver Bars” published by the LBMA. Silver bars meeting these requirements are described
in this prospectus from time to time as “Silver Good Delivery Bars.” The unit of trade in London is the troy ounce,
whose conversion between grams is: 1,000 grams equals 32.1507465 troy ounces and 1 troy ounce equals 31.1034768 grams. A Silver
Good Delivery Bar is acceptable for delivery in settlement of a transaction on the OTC market. A Silver Good Delivery Bar must
contain between 750 troy ounces and 1,100 troy ounces of silver with a minimum fineness (or purity) of 999.0 parts per 1,000.
A Silver Good Delivery Bar must also bear the stamp of one of the refiners who are on the LBMA-approved list. Unless otherwise
specified, the silver spot price always refers to that of a Silver Good Delivery Bar. Business is generally conducted over the
phone and through electronic dealing systems.








On
July 14, 2017, the LBMA announced that ICE Benchmark Administration (“IBA”) had been selected to be the third-party
administrator for the “LBMA Silver Price”. Effective from October 2, 2017, IBA is providing the auction platform and
methodology as well as the overall administration and governance for the LBMA Silver Price benchmark. IBA operates an “equilibrium
auction”, which is an electronic, tradable and auditable, over-the-counter auction for LBMA-authorized participating silver
bullion banks or market makers and sponsored clients of direct participants (“silver participants”) that establishes
a reference silver price for that day’s trading, often referred to as the “LBMA Silver Price”. The LBMA Silver
Price equilibrium auction operated by CME Group Inc. and Refinitiv prior to October 2, 2017 was selected by the LBMA as
the silver valuation replacement for the London silver fix previously determined by the London Silver Market Fixing Ltd. that
was discontinued on August 14, 2014. The LBMA Silver Price has become a widely used benchmark for daily silver prices and is quoted
by various financial information sources as the London silver fix was previously.








The
LBMA Silver Price is the result of an “equilibrium auction” because it establishes a price for a troy ounce of Silver
Good Delivery Bars that clears the maximum amount of bids and offers for silver entered by order-submitting silver participants
each day. IBA uses ICE’s front-end system, WebICE, as the technology platform that allows direct participants, as well as
sponsored clients of direct participants, to manage their orders in the auction in real time via their own desktops. As the IBA
electronic silver auction market develops, IBA expects to admit additional silver participants to the order submission process.
The benchmark is published when the auction finishes, typically a few minutes after 12:00 noon (London time).








At
the opening of each auction, IBA in the role of auction chairman (“Chairman”) announces an opening price (in U.S.
Dollars), that takes into account current market conditions and begins auction rounds, with an expected duration of at least 30
seconds each. During each auction round, participants may enter the volume they wish to buy or sell at that price, and such orders
will be part of the price formation. Aggregate bid and offer volume is shown live on WebICE. At the end of each auction round,
the total net volume is calculated. If this “imbalance” is larger than the imbalance tolerance (normally 500,000 oz.)
then the Chairman sets a new price (based on the current market conditions, and the direction and magnitude of the imbalance in
the round) and begins a new auction round. If the imbalance is less than the tolerance, then the auction is complete with all
volume tradeable at that price. The price is then set in U.S. Dollars and also converted into other currencies, including Australian
Dollars, British Pounds, Canadian Dollars, Euros, Onshore and Offshore Yuan, Indian Rupees, Japanese Yen, Malaysian Ringgit, Russian
Rubles, Singapore Dollars, South African Rand, Swiss Francs, New Taiwan Dollars, Thai Baht and Turkish Lira. The auction is run
at 12:00 noon (London time).








During
the auction, the price at the start of each round, and the volumes at the end of each round are available through major market
data vendors. As soon as the auction finishes, the final prices and volumes are available through major market data vendors. IBA
also publishes transparency reports, detailing the prices, volumes and times for each round of the auction. These transparency
reports are available through major market data vendors and IBA when the auction finishes. The process can also be observed real-time
through a WebICE screen. The auction mechanism provides a complete audit trail.








There
are currently twelve direct participants who have been accredited to contribute to the LBMA Silver Price: Citibank N.A. London
Branch, Coin 'N Things Inc., Goldman Sachs International plc, HSBC Bank USA NA, INTL FC Stone, Jane Street Global Trading LLC,
JP Morgan Chase Bank N.A London Branch, Koch Supply and Trading LP, Marex Financial Limited, Morgan Stanley, Standard Chartered
Bank and The Toronto Dominion Bank.












8














Since
April 1, 2015, the LBMA Silver Price has been regulated by the Financial Conduct Authority (“FCA”) in the United Kingdom
(“UK”). IBA is authorized as a regulated benchmark administrator by the FCA. Under the UK benchmark regulation, the
governance structure for a regulated benchmark must include an Oversight Committee, made up of market participants, industry bodies,
direct participant representatives, infrastructure providers and the administrator (i.e., IBA). Through the Oversight Committee
the LBMA continues to have significant involvement in the oversight of the auction process, including, among other matters, changes
to the methodology and accreditation of direct participants. The price discovery process for the LBMA Silver Price is subject
to surveillance by IBA. IBA has been formally assessed against the IOSCO Principles for Financial Benchmarks (the “IOSCO
Principles”). In order to meet the IOSCO Principles, the price discovery used for the LBMA Silver Price benchmark is auditable
and transparent.








The
LBMA Silver Price is viewed as a full and fair representation of all market interest at the conclusion of the auction. IBA’s
auction process is similar to CME Group’s auction process, which in turn was similar to the non-electronic process previously
used to establish the London silver fix where the London silver fix process adjusted the silver price up or down until all the
buy and sell orders are matched, at which time the price was declared fixed. Nevertheless, the LBMA Silver Price has several advantages
over the previous London silver fix. IBA’s auction process is fully transparent in real-time to direct participants and
sponsored clients and, at the close of each auction, to the general public. IBA’s auction process is also fully auditable
since an audit trail exists for every change made in the process. Moreover, the audit trail and active surveillance of the auction
process by IBA, as well as the FCA’s oversight of IBA, deters manipulative and abusive conduct in establishing each day’s
LBMA Silver Price.








Since
August 15, 2014, the Sponsor determined that the London silver fix, which ceased to be published as of that date, would be an
inappropriate basis for valuing silver bullion received upon purchase of the Trust’s Shares, delivered upon redemption of
the Trust’s Shares and otherwise held by the Trust on a daily basis, and that the LBMA Silver Price is an appropriate alternative
for determining the value of the Trust’s silver each trading day. The Sponsor also determined that the LBMA Silver Price
fairly represents the commercial value of silver bullion held by the Trust and that the “Benchmark Price” (as defined
in the Trust Agreement) as of any day is the LBMA Silver Price for such day.









Futures
Exchanges









The
most significant silver futures exchanges are the COMEX, a designated contract market within the CME Group, and the Tokyo Commodity Exchange ("TOCOM").
Futures exchanges seek to provide a neutral, regulated marketplace for the trading of derivatives contracts for commodities. Futures
contracts are defined by the exchange for each commodity. For each commodity traded, this contract specifies the precise quality
and quantity standards. The contract’s terms and conditions also define the location and timing of physical delivery.








An
exchange does not buy or sell those contracts, but seeks to offer a transparent forum where members, on their own behalf or on
the behalf of customers, can trade the contracts in a safe, efficient and orderly manner. During regular trading hours at the
COMEX, the commodity contracts are traded on CME Globex system, an electronic; a auction in which all bids, offers and trades
must be publicly announced to all members and, upon execution, centrally cleared. Electronic trading is offered by the exchange
almost 24 hours a day (except for a short break in the evening), six days a week.








In
addition to the public nature of the pricing, futures exchanges in the United States are regulated at two levels: internal and
external governmental supervision. The internal is performed through self-regulation and consists of regular monitoring of the
following: the central algorithmic matching process to ensure that it is conducted in conformance with all exchange rules; the
orderly trading and settlement of futures and options; the financial condition of all exchange member firms to ensure that they
continuously meet financial commitments; and the volume positions of commercial and non-commercial customers to ensure that physical
delivery and other commercial commitments can be met, and that pricing is not being improperly affected by the size of any particular
customer positions. External governmental oversight is performed by the CFTC, which reviews all the rules and regulations of United
States futures exchanges and clearing houses and monitors their enforcement.












9















Market
Regulation









The
global silver markets are overseen and regulated by both governmental and self-regulatory organizations. In addition, certain
trade associations have established rules and protocols for market practices and participants. In the United Kingdom, responsibility
for the regulation of the financial market participants, including the major participating members of the LBMA falls under
the authority of the Financial Conduct Authority (“FCA”) as provided by the Financial Services and Markets Act 2000
(“FSM Act”). Under this act, all UK-based banks, together with other investment firms, are subject to a range of requirements,
including fitness and properness, capital adequacy, liquidity, and systems and controls.








The
FCA is responsible for regulating investment products, including derivatives, and those who deal in investment products. Regulation
of spot, commercial forwards, and deposits of silver not covered by the FSM Act is provided for by The London Code of Conduct
for Non-Investment Products, which was established by market participants in conjunction with the Bank of England.








The
TOCOM has authority to perform financial and operational surveillance on its members’ trading activities, scrutinize positions
held by members and large-scale customers, and monitor the price movements of futures markets by comparing them with cash and
other derivative markets’ prices. To act as a Futures Commission Merchant Broker on the TOCOM, a broker must obtain a license
from Japan’s Ministry of Economy, Trade and Industry (“METI”), the regulatory authority that oversees the operations
of the TOCOM.








The
US Commodity Futures Trading Commission (“CFTC”) regulates trading in commodity contracts, such as futures, options
and swaps. In addition, under the Commodity Exchange Act of 1936 (“CEA”), the CFTC has jurisdiction to prosecute manipulation
and fraud in any commodity (including precious metals) traded in interstate commerce as spot as well as deliverable forwards.
The CFTC is the exclusive regulator of U.S. commodity exchanges and clearing houses.











Secondary
Market Trading









While
the Trust’s investment objective is for the Shares to reflect the performance of silver bullion, less the expenses
of the Trust, the Shares may trade in the secondary market on the NYSE Arca at prices that are lower or higher relative to their
net asset value (the value of the Trust’s assets less its liabilities (“NAV”)) per Share. The amount of the
discount or premium in the trading price relative to the NAV per Share may be influenced by non-concurrent trading hours between
the NYSE Arca, COMEX and the London silver markets. While the Shares trade on the NYSE Arca until 4:00 PM New York time, liquidity
in the global silver market is reduced after the close of the COMEX at 1:30 PM New York time. As a result, during this time,
trading spreads, and the resulting premium or discount, on the Shares may widen.











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 (“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, the next most recent LBMA Silver Price determined prior to the Evaluation Time will be used, unless the Sponsor
determines that such price is inappropriate as a basis for evaluation. In the event the Sponsor determines that the LBMA Silver
Price or such other publicly available price as the Sponsor may deem fairly represents the commercial value of the Trust’s
silver is not an appropriate basis for evaluation of the Trust’s silver, it shall identify an alternative basis for such
evaluation to be employed by the Trustee. Neither the Trustee nor the Sponsor shall be liable to any person for the determination
that the LBMA Silver Price or such other publicly available price is not appropriate as a basis for evaluation of the Trust’s
silver or for any determination as to the alternative basis for such evaluation provided that such determination is made in good
faith. See “

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

” for a description
of the LBMA Silver Price.












10














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 which 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 any other assets of
the Trust. The resulting figure is the adjusted net asset value (“ANAV”) of the Trust. The ANAV of the Trust is used
to compute the Sponsor’s Fee.








All
fees accruing for the day on which the valuation takes place which are computed by reference to the value of the Trust or
its assets shall be calculated using the ANAV calculated for such day. The Trustee shall subtract from the ANAV the amount of
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 the 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).








The
Trustee’s estimation of accrued but unpaid fees, expenses and liabilities are 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.











Trust
Expenses









The
Trust’s only ordinary recurring expense is the Sponsor’s Fee. In exchange for the Sponsor’s Fee, the Sponsor
has agreed to assume the following administrative and marketing expenses incurred by the Trust: the Trustee’s monthly fee
and out-of-pocket expenses, the Custodian’s fee and reimbursement of the Custodian’s expenses under the Custody Agreements,
Exchange listing fees, SEC registration fees, printing and mailing costs, audit fees and up to $100,000 per annum in legal expenses.








The
Sponsor’s Fee accrues daily at an annualized rate equal to 0.45% of the ANAV of the Trust and is payable monthly in arrears.
The Sponsor, from time to time, may temporarily waive all or a portion of the Sponsor’s Fee at its discretion for a stated
period of time. The Sponsor has decided to waive a portion of the Sponsor’s Fee to reduce the Sponsor’s Fee to 0.30%.
This fee waiver has been in existence since the Trust was formed. Presently, the Sponsor is continuing to waive a portion of its
fee and reduce the Sponsor’s fee to 0.30%. In the future, the Sponsor may continue its fee waiver, waive a larger or smaller
portion of its fee or not renew its fee waiver. If, at any point in the future, the Sponsor does not continue its partial fee
waiver, the full Sponsor’s Fee will accrue and be paid to the Sponsor for subsequent periods. The Sponsor is under no obligation
to continue to waive all or part of the Sponsor’s Fee on an ongoing basis.








The
Sponsor’s Fee is paid monthly by delivery of silver to an account maintained by the Custodian for the Sponsor on an unallocated
basis. The Trustee will, when directed by the Sponsor, and, in the absence of such direction, may, in its discretion, sell silver
in such quantity and at such times as may be necessary to permit payment in cash of Trust expenses not assumed by the Sponsor.
The Trustee is authorized to sell silver at such times and in the smallest amounts required to permit such payments as they become
due, it being the intention to avoid or minimize the Trust’s holdings of assets other than silver. Accordingly, the amount
of silver to be sold will vary from time to time depending on the level of the Trust’s expenses and the market price of
silver. The Custodian has agreed to purchase from the Trust, at the request of the Trustee, silver needed to cover Trust expenses
not assumed by the Sponsor at a price at least equal to the price used by the Trustee to determine the value of the silver held
by the Trust on the date of the sale.








The
Sponsor’s Fee, net of waiver, for the year ended December 31, 2020 was $1,787,310 (December 31, 2019: $1,087,303; December
31, 2018: $984,811).








Cash
held by the Trustee pending payment of the Trust’s expenses will not bear any interest.












11

















Deposit
of Silver; Issuance of Shares









The
Trust creates and redeems Shares from time to time, but only in one or more Baskets of 50,000 Shares.  Only
registered broker-dealers, or other securities market participants not required to register as broker-dealers such as banks or
other financial institutions, who (1) are participants in the DTC and (2) have entered into written agreements with the Sponsor
and the Trustee (each an “Authorized Participant”) can deposit silver and receive Baskets of Shares in exchange. 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.








All
silver bullion deposited with the Custodian must be of at least a minimum fineness (or purity) of 999.0 parts per 1,000 and otherwise
conform to the rules, regulations practices and customs of the LBMA, including the specifications for a London Good Delivery Bar.








Creation
and redemption orders are accepted on “business days” the NYSE Arca is open for regular trading. Settlements of such
orders requiring receipt or delivery, or confirmation of receipt or delivery, of silver in the United Kingdom, occurs
on “business days” when (1) banks in the United Kingdom, and (2) the London silver markets are regularly open for
business. If such banks or the London silver markets are not open for regular business for a full day, such a day will only be
a “business day” for settlement purposes if the settlement procedures can be completed by the end of such day.








On
any business day, an Authorized Participant may place an order with the Trustee to purchase one or more Baskets. Purchase orders
must be placed no later than 3:59:59 p.m. on each business day the NYSE Arca is open for regular trading. A purchase order so
received is effective on the date it is received in satisfactory form by the Trustee. By placing a purchase order, an Authorized
Participant agrees to deposit silver with the Trust, as described below. Prior to the delivery of Baskets for a purchase
order, the Authorized Participant must also have wired to the Trustee the non-refundable transaction fee due for the purchase
order (as explained under “Creation and Redemption Transaction Fee” below).








An
Authorized Participant who places a purchase order is responsible for crediting its Authorized Participant Unallocated Account,
with the required silver deposit amount by the second business day in London following the purchase order date. Upon receipt
of the silver deposit amount, the Custodian, after receiving appropriate instructions from the Authorized Participant and
the Trustee, will transfer on the second business day following the purchase order date the silver deposit amount from the
Authorized Participant Unallocated Account to the unallocated silver account of the Trust established with the Custodian
under the Unallocated Account Agreement between the Trustee and the Custodian (the “Trust Unallocated Account”) and
the Trustee will direct the Depository Trust Company (the “DTC”) to credit the number of Baskets ordered to the Authorized
Participant’s DTC account. Acting on standing instructions given by the Trustee, the Custodian will transfer the silver
deposit amount from the Trust Unallocated Account to the allocated silver account of the Trust established with the Custodian
under the Allocated Account Agreement between the Trustee and the Custodian (the “Trust Allocated Account”), by transferring
specific silver bars from its inventory to the Trust Allocated Account. The Trust’s Unallocated Account Agreement
and Allocated Account Agreement are referred to collectively as the “Custody Agreements.”











Withdrawal
of Silver; Redemption of Shares









The
procedures by which an Authorized Participant can redeem one or more Baskets mirror the procedures for the creation of Baskets.
On any business day, an Authorized Participant may place an order with the Trustee to redeem one or more Baskets. Redemption orders
must be placed no later than 3:59:59 p.m. on each business day the NYSE Arca is open for regular trading. A redemption order so
received is effective on the date it is received in satisfactory form by the Trustee. The redemption procedures allow Authorized
Participants to redeem Baskets and do not entitle an individual owner of beneficial interests in the Shares (a “Shareholder”)
to redeem any Shares in an amount less than a Basket, or to redeem Baskets other than through an Authorized Participant.












12














By
placing a redemption order, an Authorized Participant agrees to deliver the Baskets to be redeemed through DTC’s book-entry
system to the Trust not later than the second business day following the effective date of the redemption order. Prior to the
delivery of the redemption distribution for a redemption order, the Authorized Participant must also have wired to the Trustee
the non-refundable transaction fee due for the redemption order (as explained under “Creation and Redemption Transaction
Fee” below).








The
redemption distribution from the Trust consists of a credit to the redeeming Authorized Participant’s Authorized Participant
Unallocated Account, representing the amount of the silver held by the Trust evidenced by the Shares being redeemed. Fractions
of a fine ounce of silver included in the redemption distribution smaller than 0.001 of a fine ounce are disregarded. Redemption
distributions are subject to the deduction of any applicable tax or other governmental charges which may be due.











Creation
and Redemption Transaction Fee









To
compensate the Trustee for services in processing the creation and redemption of Baskets, an Authorized Participant is required
to pay a transaction fee to the Trustee of $500 per order to create or redeem Baskets. An order may include multiple Baskets.
The transaction fee may be reduced, increased or otherwise changed by the Trustee with the consent of the Sponsor. The Trustee
shall notify DTC of any agreement to change the transaction fee and will not implement any increase in the fee for the redemption
of Baskets until 30 days after the date of the notice.













The
Sponsor









The
Sponsor is a Delaware limited liability company and a wholly-owned subsidiary of Aberdeen Standard Investments Inc. (“ASII”).
Aberdeen Standard Investments is a brand of the investment businesses of Standard Life Investments plc, its affiliates and subsidiaries.
In the United States, Aberdeen Standard Investments is the marketing name for the following affiliated, registered investment
advisers: ASII, Aberdeen Asset Managers Ltd., Aberdeen Standard Investments Australia Ltd., Aberdeen Standard Investments (Asia)
Ltd., Aberdeen Capital Management, LLC, Aberdeen Standard Investments ETFs Advisors LLC and Standard Life Investments (Corporate
Funds) Ltd.








The
Sponsor’s office is located at c/o Aberdeen Standard Investments ETFs Sponsor LLC, 712 Fifth Avenue, 49th Floor, New York,
NY 10019. Under the Delaware Limited Liability Company Act and the governing documents of the Sponsor, the sole member of the
Sponsor, ASII, is not responsible for the debts, obligations and liabilities of the Sponsor solely by reason of being the sole
member of the Sponsor.









The
Sponsor’s Role









The
Sponsor arranged for the creation of the Trust, the registration of the Shares for their public offering in the United States
and the listing of the Shares on the NYSE Arca. The Sponsor has agreed to assume the following administrative and marketing expenses
incurred by the Trust: the Trustee’s monthly fee and out-of-pocket expenses, the Custodian’s fee and the reimbursement
of the Custodian’s expenses under the Custody Agreements, Exchange listing fees, SEC registration fees, printing and mailing
costs, audit fees and up to $100,000 per annum in legal expenses. The Sponsor also paid the costs of the Trust’s organization
and the initial sale of the Shares, including the applicable SEC registration fees.












13














The
Sponsor does not exercise day-to-day oversight over the Trustee or the Custodian. The Sponsor may remove the Trustee and appoint
a successor Trustee (i) if the Trustee ceases to meet certain objective requirements (including the requirement that it have capital,
surplus and undivided profits of at least $150 million), (ii) if, having received written notice of a material breach of its obligations
under the Trust Agreement, the Trustee has not cured the breach within 30 days, or (iii) if the Trustee refuses to consent to
the implementation of an amendment to the Trust’s initial Internal Control Over Financial Reporting. The Sponsor also has
the right to replace the Trustee during the 90 days following any merger, consolidation or conversion in which the Trustee is
not the surviving entity or, in its discretion, on the fifth anniversary of the creation of the Trust or on any subsequent third
anniversary thereafter. The Sponsor also has the right to approve any new or additional custodian that the Trustee may wish to
appoint.








The
Sponsor or one of its affiliates or agents (1) develops a marketing plan for the Trust on an ongoing basis, (2) prepares marketing
materials regarding the Shares, including the content of the Trust’s website and (3) executes the marketing plan for the
Trust.











The
Trustee









The
Bank of New York Mellon, a banking corporation organized under the laws of the State of New York with trust powers (“BNYM”),
serves as the Trustee. BNYM has a trust office at 2 Hanson Place, Brooklyn, New York 11217. BNYM is subject to supervision by
the New York State Financial Services Department and the Board of Governors of the Federal Reserve System. Information regarding
creation and redemption Basket composition, NAV of the Trust, transaction fees and the names of the parties that have each executed
an Authorized Participant Agreement may be obtained from BNYM. A copy of the Trust Agreement is available for inspection at BNYM’s
trust office identified above. Under the Trust Agreement, the Trustee is required to have capital, surplus and undivided profits
of at least $150 million. As of December 31, 2020, the Trustee was in compliance with these conditions.









The
Trustee’s Role









The
Trustee is generally responsible for the day-to-day administration of the Trust, including keeping the Trust’s operational
records. The Trustee’s principal responsibilities include (1) transferring the Trust’s silver as needed to pay
the Sponsor’s Fee in silver (silver transfers are expected to occur approximately monthly in the ordinary course),
(2) valuing the Trust’s silver and calculating the NAV of the Trust and the NAV per Share, (3) receiving and processing
orders from Authorized Participants to create and redeem Baskets and coordinating the processing of such orders with the Custodian
and DTC, (4) selling the Trust’s silver as needed to pay any extraordinary Trust expenses that are not assumed by the
Sponsor, (5) when appropriate, making distributions of cash or other property to Shareholders, and (6) receiving and reviewing
reports from or on the Custodian’s custody of and transactions in the Trust’s silver. The Trustee shall, with respect
to directing the Custodian, act in accordance with the instructions of the Sponsor. If the Custodian resigns, the Trustee shall
appoint an additional or replacement Custodian selected by the Sponsor. The Trustee intends to regularly communicate with the
Sponsor to monitor the overall performance of the Trust. The Trustee does not monitor the performance of the Custodian, or any
other sub-custodian other than to review the reports provided by the Custodian pursuant to the Custody Agreements. The Trustee,
along with the Sponsor, will liaise with the Trust’s legal, accounting and other professional service providers as needed.
The Trustee will assist and support the Sponsor with the preparation of all periodic reports required to be filed with the SEC
on behalf of the Trust.








The
Trustee’s monthly fees and out-of-pocket expenses are paid by the Sponsor.








Affiliates
of the Trustee may from time to time act as Authorized Participants or purchase or sell silver or Shares for their own account,
as agent for their customers and for accounts over which they exercise investment discretion. Affiliates of the Trustee are subject
to the same transaction fee as other Authorized Participants.












14

















The
Custodian









Effective
March 29, 2019, the Trust’s custodian is JPMorgan Chase Bank N.A. (“JPMorgan”) (the “Custodian”).
Prior to March 29, 2019, the custodian was HSBC Bank plc. JPMorgan is a national banking association organized under the laws
of the United States of America. JPMorgan is subject to supervision by the Federal Reserve Bank of New York and the Federal Deposit
Insurance Corporation. JPMorgan’s London office is regulated by the FCA and is located at 25 Bank Street, Canary Wharf,
London, E14 5JP, United Kingdom. JPMorgan is a subsidiary of JPMorgan Chase & Co. While the United Kingdom operations of the
Custodian are regulated by the FCA, the custodial services provided by the Custodian and any sub-custodian under the Custody Agreements,
are presently not a regulated activity subject to the supervision and rules of the FCA.









The
Custodian’s Role









The
Custodian is responsible for safekeeping of the Trust’s silver deposited with it by Authorized Participants in connection
with the creation of Baskets. The Custodian is also responsible for selecting sub-custodians, if any. The Custodian facilitates
the transfer of silver in and out of the Trust through the unallocated silver accounts it will maintain for each Authorized Participant
and the unallocated and allocated silver accounts it will maintain for the Trust. The Custodian holds the Trust’s allocated
silver at a sub-custodian. The Custodian is responsible for allocating specific bars of silver bullion to the Trust Allocated
Account. The Custodian provides the Trustee with regular reports detailing the silver transfers in and out of the Trust’s
unallocated and allocated silver accounts and identifying the silver bars held in the Trust’s allocated silver account.








The
Custodian’s fees and expenses under the Custody Agreements are paid by the Sponsor.








The
Custodian and its affiliates may from time to time act as Authorized Participants or purchase or sell silver or Shares for their
own account, as agent for their customers and for accounts over which they exercise investment discretion. The Custodian and its
affiliates are subject to the same transaction fee as other Authorized Participants.











Inspection
of Silver









Under
the Custody Agreements, the Trustee, the Sponsor and the Sponsor’s auditors and inspectors may, only up to twice a year,
visit the premises of the Custodian for the purpose of examining the Trust’s silver and certain related records maintained
by the Custodian. the Trustee and the Sponsor have no right to visit the premises of any sub-custodian for the purposes of examining
the Trust’s silver or any records maintained by the sub-custodian, and no sub-custodian is obligated to cooperate in any
review the Trustee or the Sponsor may wish to conduct of the facilities, procedures, records or creditworthiness of such sub-custodian.








The
Sponsor has exercised its right to visit the Custodian in order to examine the silver and the records maintained by them.
Inspections were conducted by Inspectorate International Limited, a leading commodity inspection and testing company retained
by the Sponsor, as of August 14, 2020. Due to unprecedented social lock-down policies implemented in the UK and Switzerland to help prevent the spread of COVID-19, neither the
Sponsor, nor Inspectorate, were able to perform a physical inspection of the Trust's silver at December 31, 2020. In lieu of a physical
inspection, the Sponsor performed alternative procedures to verify the silver held by the Trust at December 31, 2020. These procedures
included confirmation of the silver bar list and total ounces of silver held by the Custodian at December 31, 2020, and an independent
recalculation of ounces of silver for each creation or redemption transaction from August 14, 2020, the date of the last physical inspection,
through December 31, 2020.











Description
of the Shares










General









The
Trustee is authorized under the Trust Agreement to create and issue an unlimited number of Shares. The Trustee creates Shares
only in Baskets (a Basket equals a block of 50,000 Shares) and only upon the order of an Authorized Participant. The Shares represent
units of fractional undivided beneficial interest in and ownership of the Trust and have no par value. Any creation and issuance
of Shares above the amount registered on the Trust’s then-current and effective registration statement with the SEC will
require the registration of such additional Shares.









Description
of Limited Rights









The
Shares do not represent a traditional investment and Shareholders should not view them as similar to shares of a corporation operating
a business enterprise with management and a board of directors. Shareholders do not have the statutory rights normally associated
with the ownership of shares of a corporation, including, for example, the right to bring “oppression” or “derivative”
actions. All Shares are of the same class with equal rights and privileges. Each Share is transferable, is fully paid and non-assessable
and entitles the holder to vote on the limited matters upon which Shareholders may vote under the Trust Agreement. The Shares
do not entitle their holders to any conversion or pre-emptive rights, or, except as provided below, any redemption rights or rights
to distributions.












15















Distributions









If
the Trust is terminated and liquidated, the Trustee will distribute to the Shareholders any amounts remaining after the satisfaction
of all outstanding liabilities of the Trust and the establishment of such reserves for applicable taxes, other governmental charges
and contingent or future liabilities as the Trustee shall determine. Shareholders of record on the record date fixed by the Trustee
for a distribution will be entitled to receive their pro rata portion of any distribution.









Voting
and Approvals









Under
the Trust Agreement, Shareholders have no voting rights, except in limited circumstances. The Trustee may terminate the Trust
upon the agreement of Shareholders owning at least 75% of the outstanding Shares. In addition, certain amendments to the Trust
Agreement require advance notice to the Shareholders before the effectiveness of such amendments, but no Shareholder vote or approval
is required for any amendment to the Trust Agreement.









Redemption
of the Shares









The
Shares may only be redeemed by or through an Authorized Participant and only in Baskets.









Book-Entry
Form









Individual
certificates will not be issued for the Shares. Instead, one or more global certificates is deposited by the Trustee with DTC
and registered in the name of Cede & Co., as nominee for DTC. The global certificates evidence all of the Shares outstanding
at any time. Under the Trust Agreement, Shareholders are limited to (1) participants in DTC such as banks, brokers, dealers and
trust companies (DTC Participants), (2) those who maintain, either directly or indirectly, a custodial relationship with a DTC
Participant (Indirect Participants), and (3) those banks, brokers, dealers, trust companies and others who hold interests in the
Shares through DTC Participants or Indirect Participants. The Shares are only transferable through the book-entry system of DTC.
Shareholders who are not DTC Participants may transfer their Shares through DTC by instructing the DTC Participant holding their
Shares (or by instructing the Indirect Participant or other entity through which their Shares are held) to transfer the Shares.
Transfers will be made in accordance with standard securities industry practice.











Custody
of the Trust’s Silver









Custody
of the silver bullion deposited with and held by the Trust is provided by a sub-custodian selected by the Custodian. The Custodian
is a market maker, clearer and approved weigher under the rules of the LBMA.








The
Custodian is the custodian of the silver bullion credited to Trust Allocated Account in accordance with the Custody Agreements.
The Custodian segregates the silver bullion credited to the Trust Allocated Account from any other precious metal it holds or
holds for others by entering appropriate entries in its books and records. Under the Custody Agreements, the Trustee, the Sponsor
and the Sponsor’s auditors and inspectors may inspect the vaults of the Custodian. See “

Inspection of Silver

”.








The
Custodian, as instructed by the Trustee on behalf of the Trust, is authorized to accept, on behalf of the Trust, deposits of silver
in unallocated form. Acting on standing instructions specified in the Custody Agreements, the Custodian allocates silver deposited
in unallocated form with the Trust by selecting bars of silver bullion for deposit to the Trust Allocated Account. All silver
bullion allocated to the Trust must conform to the rules, regulations, practices and customs of the LBMA

.













16














The
process of withdrawing silver from the Trust for a redemption of a Basket follows the same general procedure as for depositing silver
with the Trust for a creation of a Basket, only in reverse. Each transfer of silver between the Trust Allocated Account and
the Trust Unallocated Account connected with a creation or redemption of a Basket may result in a small amount of silver
being held in the Trust Unallocated Account after the completion of the transfer. In making deposits and withdrawals between the
Trust Allocated Account and the Trust Unallocated Account, the Custodian will use commercially reasonable efforts to minimize
the amount of silver held in the Trust Unallocated Account as of the close of each business day. See “Deposit of Silver;
Issuance of Shares” and “Withdrawal of Silver; Redemption of Shares.”











United
States Federal Income Tax Consequences









The
following discussion of the material US federal income tax consequences generally applies to the purchase, ownership and disposition
of Shares by a US Shareholder (as defined below), and certain US federal income tax consequences that may apply to an investment
in Shares by a Non-US Shareholder (as defined below). The discussion is based on the United States Internal Revenue Code of 1986
as amended (the “Code”). The discussion below is based on the Code, United States Treasury Regulations (“Treasury
Regulations”) promulgated under the Code and judicial and administrative interpretations of the Code, all as in effect on
the date of this annual report and all of which are subject to change either prospectively or retroactively. The tax treatment
of Shareholders may vary depending upon their own particular circumstances. Certain Shareholders (including broker-dealers, traders,
banks and other financial institutions, insurance companies, real estate investment trusts, tax-exempt entities, Shareholders
whose functional currency is not the U.S. Dollar or other investors with special circumstances) may be subject to special rules
not discussed below. In addition, the following discussion applies only to investors who hold Shares as “capital assets”
within the meaning of Code section 1221 and not as part of a straddle, hedging transaction or a conversion or constructive sale
transaction. Moreover, the discussion below does not address the effect of any state, local or foreign tax law or any transfer
tax on an owner of Shares. Purchasers of Shares are urged to consult their own tax advisors with respect to all federal, state,
local and foreign tax law or any transfer tax considerations potentially applicable to their investment in Shares, including substantial
changes to the Code made in the Tax Cuts and Jobs Act (P.L. 115-97).








For
purposes of this discussion, a “US Shareholder” is a Shareholder that is:








● An
individual who is treated as a citizen or resident of the United States for US federal income tax purposes;








● A
corporation (or other entity treated as a corporation for US federal tax purposes) created or organized in or under the laws of
the United States or any political subdivision thereof;








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








● A
trust, if a court within the United States is able to exercise primary supervision over the administration of the trust and one
or more US persons have the authority to control all substantial decisions of the trust.








A
Shareholder that is not a US Shareholder as defined above (other than a partnership, or an entity treated as a partnership for
US federal tax purposes) generally is considered a “Non-US Shareholder” for purposes of this discussion. For US federal
income tax purposes, the treatment of any beneficial owner of an interest in a partnership, including any entity treated as a
partnership for US federal income tax purposes, generally depends upon the status of the partner and upon the activities of the
partnership. Partnerships and partners in partnerships should consult their tax advisors about the US federal income tax consequences
of purchasing, owning and disposing of Shares.












17















Taxation
of the Trust









The
Trust is classified as a “grantor trust” for US federal income tax purposes. As a result, the Trust itself is not
subject to US federal income tax. Instead, the Trust’s income and expenses “flow through” to the Shareholders,
and the Trustee reports the Trust’s income, gains, losses and deductions to the Internal Revenue Service (“IRS”)
on that basis.









Taxation
of US Shareholders









Shareholders
generally are treated, for US federal income tax purposes, as if they directly owned a pro rata share of the underlying assets
held by the Trust. Shareholders are also treated as if they directly received their respective pro rata share of the Trust’s
income, if any, and as if they directly incurred their respective pro rata share of the Trust’s expenses. In the case of
a Shareholder that purchases Shares for cash, its initial tax basis in its pro rata share of the assets held by the Trust at the
time it acquires its Shares is equal to its cost of acquiring the Shares. In the case of a Shareholder that acquires its Shares
as part of a creation of a Basket, the delivery of silver to the Trust in exchange for the Shares is not a taxable event
to the Shareholder, and the Shareholder’s tax basis and holding period for the Shares are the same as its tax basis and
holding period for the silver delivered in exchange therefore (except to the extent of any cash contributed for such Shares).
For purposes of this discussion, it is assumed that all of a Shareholder’s Shares are acquired on the same date and at the
same price per Share. Shareholders that hold multiple lots of Shares, or that are contemplating acquiring multiple lots of Shares,
should consult their tax advisors.








When
the Trust sells or transfers silver, for example to pay expenses, a Shareholder generally will recognize gain or loss in an amount
equal to the difference between (1) the Shareholder’s pro rata share of the amount realized by the Trust upon the sale or
transfer and (2) the Shareholder’s tax basis for its pro rata share of the silver that was sold or transferred. Such gain
or loss will generally be long-term or short-term capital gain or loss, depending upon whether the Shareholder has a holding period
in its Shares of longer than one year. A Shareholder’s tax basis for its share of any silver sold by the Trust generally
will be determined by multiplying the Shareholder’s total basis for its Shares immediately prior to the sale, by a fraction
the numerator of which is the amount of silver sold, and the denominator of which is the total amount of the silver held by the
Trust immediately prior to the sale. After any such sale, a Shareholder’s tax basis for its pro rata share of the silver
remaining in the Trust will be equal to its tax basis for Shares immediately prior to the sale, less the portion of such basis
allocable to its share of the silver that was sold.








Upon
a Shareholder’s sale of some or all of its Shares, the Shareholder will be treated as having sold a pro rata share of the silver
held in the Trust at the time of the sale. Accordingly, the Shareholder generally will recognize a gain or loss on the sale in
an amount equal to the difference between (1) the amount realized pursuant to the sale of the Shares, and (2) the Shareholder’s
tax basis for the Shares sold, as determined in the manner described in the preceding paragraph.








A
redemption of some or all of a Shareholder’s Shares in exchange for the underlying silver represented by the Shares
redeemed generally will not be a taxable event to the Shareholder. The Shareholder’s tax basis for the silver received
in the redemption generally will be the same as the Shareholder’s tax basis for the Shares redeemed. The Shareholder’s
holding period with respect to the silver received should include the period during which the Shareholder held the Shares
redeemed. A subsequent sale of the silver received by the Shareholder will be a taxable event.








An
Authorized Participant and other investors may be able to re-invest, on a tax-deferred basis, in-kind redemption proceeds received
from exchange-traded products that are substantially similar to the Trust in the Trust’s Shares. Authorized Participants
and other investors should consult their tax advisors as to whether and under what circumstances the reinvestment in the Shares
of proceeds from substantially similar exchange-traded products can be accomplished on a tax-deferred basis.








Under
current law, gains recognized by individuals, estates or trusts from the sale of “collectibles,” including physical
silver, held for more than one year are taxed at a maximum federal income tax rate of 28%, rather than the 20% rate applicable
to most other long-term capital gains. For these purposes, gains recognized by an individual upon the sale of Shares held for
more than one year, or attributable to the Trust’s sale of any physical silver which the Shareholder is treated (through
its ownership of Shares) as having held for more than one year, generally will be taxed at a maximum rate of 28%. The tax rates
for capital gains recognized upon the sale of assets held by an individual US Shareholder for one year or less or by a corporate
taxpayer are generally the same as those at which ordinary income is taxed.












18














In
addition, high-income individuals and certain trusts and estates are subject to a 3.8% Medicare contribution tax that is imposed
on net investment income and gain. Shareholders should consult their tax advisor regarding this tax.









Brokerage
Fees and Trust Expenses









Any
brokerage or other transaction fees incurred by a Shareholder in purchasing Shares is treated as part of the Shareholder’s
tax basis in the Shares. Similarly, any brokerage fee incurred by a Shareholder in selling Shares reduces the amount realized
by the Shareholder with respect to the sale.








Shareholders
will be required to recognize gain or loss upon a sale of silver by the Trust (as discussed above), even though some or all
of the proceeds of such sale are used by the Trustee to pay Trust expenses. Shareholders may deduct their respective pro rata
share of each expense incurred by the Trust to the same extent as if they directly incurred the expense. Shareholders who are
individuals, estates or trusts, however, may be required to treat some or all of the expenses of the Trust, to the extent that
such expenses may be deducted, as miscellaneous itemized deductions. Under the Tax Cuts and Jobs Act (P.L. 115-97),
miscellaneous itemized deductions, including expenses for the production of income, will not be deductible for either regular
federal income tax or alternative minimum tax purposes for taxable years beginning after December 31, 2017 and before January
1, 2026.









Investment
by Regulated Investment Companies









Mutual
funds and other investment vehicles which are “regulated investment companies” within the meaning of Code section
851 should consult with their tax advisors concerning (1) the likelihood that an investment in Shares, although they are a “security”
within the meaning of the Investment Company Act of 1940, may be considered an investment in the underlying silver for purposes
of Code section 851(b), and (2) the extent to which an investment in Shares might nevertheless be consistent with preservation
of their qualification under Code section 851. In recent administrative guidance, the IRS stated that it will no longer issue
rulings under Code section 851(b) relating to the determination of whether or not an instrument or position is a “security”,
but, instead, intends to defer to guidance from the SEC for such determination.









United
States Information Reporting and Backup Withholding Tax for US and Non-US Shareholders









The
Trustee or the appropriate broker will file certain information returns with the IRS, and provides certain tax-related information
to Shareholders, in accordance with applicable Treasury Regulations. Each Shareholder will be provided with information regarding
its allocable portion of the Trust’s annual income (if any) and expenses.








A
US Shareholder may be subject to US backup withholding tax in certain circumstances unless it provides its taxpayer identification
number and complies with certain certification procedures. Non-US Shareholders may have to comply with certification procedures
to establish that they are not a US person in order to avoid the backup withholding tax.








The
amount of any backup withholding tax will be allowed as a credit against a Shareholder’s US federal income tax liability
and may entitle such a Shareholder to a refund, provided that the required information is furnished to the IRS.









Income
Taxation of Non-US Shareholders









The
Trust does not expect to generate taxable income except for gains (if any) upon the sale of silver. A Non-US Shareholder generally
is not subject to US federal income tax with respect to gains recognized upon the sale or other disposition of Shares, or upon
the sale of silver by the Trust, unless (1) the Non-US Shareholder is an individual and is present in the United States for
183 days or more during the taxable year of the sale or other disposition, and the gain is treated as being from United States
sources; or (2) the gain is effectively connected with the conduct by the Non-US Shareholder of a trade or business in the United
States.












19















Taxation
in Jurisdictions other than the United States









Prospective
purchasers of Shares that are based in or acting out of a jurisdiction other than the United States are advised to consult their
own tax advisers as to the tax consequences, under the laws of such jurisdiction (or any other jurisdiction not being the United
States to which they are subject), of their purchase, holding, sale and redemption of or any other dealing in Shares and, in particular,
as to whether any value added tax, other consumption tax or transfer tax is payable in relation to such purchase, holding, sale,
redemption or other dealing.











ERISA
and Related Considerations









The
Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and/or Code section 4975 impose certain requirements
on certain employee benefit plans and certain other plans and arrangements, including individual retirement accounts and annuities,
Keogh plans, and certain commingled investment vehicles or insurance company general or separate accounts in which such plans
or arrangements are invested (collectively, “Plans”), and on persons who are fiduciaries with respect to the investment
of “plan assets” of a Plan. Government plans and some church plans are not subject to the fiduciary responsibility
provisions of ERISA or the provisions of section 4975 of the Code, but may be subject to substantially similar rules under other
federal law, or under state or local law (“Other Law”).








In
contemplating an investment of a portion of Plan assets in Shares, the Plan fiduciary responsible for making such investment should
carefully consider, taking into account the facts and circumstances of the Plan and the “Risk Factors” discussed above
and whether such investment is consistent with its fiduciary responsibilities under ERISA or Other Law, including, but not limited
to: (1) whether the investment is permitted under the Plan’s governing documents, (2) whether the fiduciary has the authority
to make the investment, (3) whether the investment is consistent with the Plan’s funding objectives, (4) the tax effects
of the investment on the Plan, and (5) whether the investment is prudent considering the factors discussed in this report. In
addition, ERISA and Code section 4975 prohibit a broad range of transactions involving assets of a plan and persons who are “parties
in interest” under ERISA or “disqualified persons” under section 4975 of the Code. A violation of these rules
may result in the imposition of significant excise taxes and other liabilities. Plans subject to Other Law may be subject to similar
restrictions.








It
is anticipated that the Shares will constitute “publicly offered securities” as defined in the Department of Labor
“Plan Asset Regulations,” §2510.3-101 (b)(2) as modified by section 3(42) of ERISA. Accordingly, pursuant to
the Plan Asset Regulations, only Shares purchased by a Plan, and not an interest in the underlying assets held in the Trust, should
be treated as assets of the Plan, for purposes of applying the “fiduciary responsibility” rules of ERISA and the “prohibited
transaction” rules of ERISA and the Code. Fiduciaries of plans subject to Other Law should consult legal counsel to determine
whether there would be a similar result under the Other Law.









Investment
by Certain Retirement Plans









Code
section 408(m) provides that the acquisition of a “collectible” by an individual retirement account (“IRA”)
or a participant-directed account maintained under any plan that is tax-qualified under Code section 401(a) (“Tax Qualified
Account”) is treated as a taxable distribution from the account to the owner of the IRA, or to the participant for whom
the Tax Qualified Account is maintained, of an amount equal to the cost to the account of acquiring the collectible. The term
“collectible” is defined to include, with certain exceptions, “any metal or gem”. The IRS has issued several
private letter rulings to the effect that a purchase by an IRA, or by a participant-directed account under a Code section 401(a)
plan, of publicly-traded shares in a trust holding precious metals will not be treated as resulting in a taxable distribution
to the IRA owner or Tax Qualified Account participant under Code section 408(m). However the private letter rulings provide that,
if any of the Shares so purchased are distributed from the IRA or Tax Qualified Account to the IRA owner or Tax Qualified Account
participant, or if any precious metal is received by such IRA or Tax Qualified Account upon the redemption of any of the Shares
purchased by it, the Shares or precious metal so distributed will be subject to federal income tax in the year of distribution,
to the extent provided under the applicable provisions of Code sections 408(d), 408(m) or 402. Accordingly, potential IRA or Tax
Qualified Account investors are urged to consult with their own professional advisors concerning the treatment of an investment
in Shares under Code section 408(m).












20

















Item
1A. Risk Factors









Shareholders
should consider carefully the risks described below before making an investment decision. Shareholders should also refer to the
other information included in the prospectus and this report, including the Trust’s financial statements and the related
notes.






RISKS
RELATED TO SILVER











The
price of silver may be affected by the sale of ETVs tracking the silver markets.









To
the extent existing exchange traded vehicles (“ETVs”) tracking the silver markets represent a significant proportion
of demand for physical silver bullion, large redemptions of the securities of these ETVs could negatively affect physical silver
bullion prices and the price and NAV of the Shares.







Crises
may motivate large-scale sales of  silver which could decrease the price of silver and adversely affect an investment
in the Shares.









The
possibility of large-scale distress sales of silver in times of crisis may have a short-term negative impact on the price of silver
and adversely affect an investment in the Shares. For example, the 2008 financial credit crisis resulted in significantly depressed
prices of silver largely due to a slowdown in demand in silver for industrial use and forced sales and deleveraging from institutional
investors. Crises in the future may impair silver’s price performance which would, in turn, adversely affect an investment
in the Shares.









Several
factors may have the effect of causing a decline in the prices of silver and a corresponding decline in the price of Shares. Among
them:




















A
significant increase in silver hedging activity by silver producers. Should there be
an increase in the level of hedge activity of silver producing companies, it could cause
a decline in world silver prices, adversely affecting the price of the Shares.





















A
significant change in the attitude of speculators and investors towards silver. Should
the speculative community take a negative view towards silver, it could cause a decline
in world silver prices, negatively impacting the price of the Shares.





















A
widening of interest rate differentials between the cost of money and the cost of silver
could negatively affect the price of silver which, in turn, could negatively affect the
price of the Shares.





















A
combination of rising money interest rates and a continuation of the current low cost
of borrowing silver could improve the economics of selling silver forward. This could
result in an increase in hedging by silver mining companies and short selling by speculative
interests, which would negatively affect the price of silver. Under such circumstances,
the price of the Shares would be similarly affected.










Conversely, several factors may trigger a temporary increase in the price of silver prior to your investment in the Shares. For example, sudden increased investor interest in silver may cause an increase in world silver prices, increasing the price of the Shares. If that is the case, you will be buying Shares at prices affected by the temporarily high prices of silver, and you may incur losses when the causes for the temporary increase disappear.








Recently, an online campaign intended to harm hedge funds and large banks is encouraging retail investors to purchase silver and shares of Silver ETVs to intentionally increase prices. This activity may result in temporarily high prices of silver.









The
value of the Shares relates directly to the value of the silver held by the Trust and fluctuations in the price of silver could
materially adversely affect an investment in the Shares.









The
Shares are designed to mirror as closely as possible the performance of the price of silver bullion, and the value of the Shares
relates directly to the value of the silver held by the Trust, less the Trust’s liabilities (including estimated accrued
but unpaid expenses). The price of silver has fluctuated widely over the past several years. Several factors may affect the price
of silver, including:





























A
change in economic conditions, such as a recession, can adversely affect the price of silver. Silver is used in a wide range of
industrial applications, and an economic downturn could have a negative impact on its demand and, consequently, its price and
the price of the Shares;



















Investors’
expectations with respect to the rate of inflation;





















Currency
exchange rates;





















Interest
rates;





















Investment
and trading activities of hedge funds and commodity funds;





















Global
or regional political, economic or financial events and situations; and























A significant change in investor interest, including in response to online campaigns or other activities specifically targeting investments in silver.








In
addition, investors should be aware that 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.









RISKS
RELATED TO THE SHARES












The
sale of the Trust’s silver to pay expenses not assumed by the Sponsor at a time of low silver prices could adversely
affect the value of the Shares.









The
Trustee sells silver held by the Trust to pay Trust expenses not assumed by the Sponsor on an as-needed basis irrespective
of then-current silver prices. The Trust is not actively managed and no attempt will be made to buy or sell silver to
protect against or to take advantage of fluctuations in the price of silver. Consequently, the Trust’s silver
may be sold at a time when the silver price is low, resulting in a negative effect on the value of the Shares.









The
value of the Shares will be adversely affected if the Trust is required to indemnify the Sponsor or the Trustee under the Trust
Agreement.









Under
the Trust Agreement, each of the Sponsor and the Trustee has a right to be indemnified from the Trust for any liability or expense
it incurs without gross negligence, bad faith, willful misconduct, willful malfeasance or reckless disregard on its part. That
means the Sponsor or the Trustee may require the assets of the Trust to be sold in order to cover losses or liability suffered
by it. Any sale of that kind would reduce the NAV of the Trust and the value of the Shares.









The
Shares may trade at a price which is at, above or below the NAV per Share and any discount or premium in the trading price relative
to the NAV per Share may widen as a result of non-concurrent trading hours between the NYSE Arca, London and COMEX.









The
Shares may trade at, above or below the NAV per Share. The NAV per Share fluctuates with changes in the market value of the Trust’s
assets. The trading price of the Shares fluctuates in accordance with changes in the NAV per Share as well as market supply and
demand. The amount of the discount or premium in the trading price relative to the NAV per Share may be influenced by non-concurrent
trading hours between the NYSE Arca and the major silver markets. While the Shares trade on the NYSE Arca until 4:00 p.m. New
York time, liquidity in the market for silver is reduced after the close of the major world silver markets, including London and
the COMEX. As a result, during this
time, trading spreads, and the resulting premium or discount on the Shares, may widen.












21















A
possible “short squeeze” due to a sudden increase in demand of Shares that largely exceeds supply may lead to price
volatility in the Shares.









Investors
may purchase Shares to hedge existing silver exposure or to speculate on the price of silver. Speculation on the price of silver
may involve long and short exposures. To the extent aggregate short exposure exceeds the number of Shares available for purchase
(for example, in the event that large redemption requests by Authorized Participants dramatically affect Share liquidity), investors
with short exposure may have to pay a premium to repurchase Shares for delivery to Share lenders. Those repurchases may in turn,
dramatically increase the price of the Shares until additional Shares are created through the creation process. This is often
referred to as a “short squeeze.” A short squeeze could lead to volatile price movements in Shares that are not directly
correlated to the price of silver.








Recently, the Trust and other ETVs that seek to track the price of physical silver bullion ("Silver ETVs") have been experiencing a sudden increase in demand of shares following an online campaign to harm hedge funds and large banks with substantial short exposures to silver. The campaign encourages retail investors to purchase shares of Silver ETVs as well as physical silver in order to intentionally create a short squeeze. This activity could result in temporarily inflated prices of Shares and the difference between trading price and NAV per share may widen.









Purchasing
activity in the silver market associated with the purchase of Baskets from the Trust may cause a temporary increase in the price
of silver. This increase may adversely affect an investment in the Shares.









Purchasing
activity associated with acquiring the silver required for deposit into the Trust in connection with the creation of Baskets may
temporarily increase the market price of silver, which will result in higher prices for the Shares. Temporary increases in the
market price of silver may also occur as a result of the purchasing activity of other market participants. Other market participants
may attempt to benefit from an increase in the market price of silver that may result from increased purchasing activity of silver
connected with the issuance of Baskets. Consequently, the market price of silver may decline immediately after Baskets
are created. If the price of silver declines, the trading price of the Shares may also decline.









The
Shares and their value could decrease if unanticipated operational or trading problems arise.









There
may be unanticipated problems or issues with respect to the mechanics of the Trust’s operations and the trading of the Shares
that could have a material adverse effect on an investment in the Shares. In addition, although the Trust is not actively “managed”
by traditional methods, to the extent that unanticipated operational or trading problems or issues arise, the Sponsor’s
past experience and qualifications may not be suitable for solving these problems or issues.









Discrepancies,
disruptions or unreliability of the LBMA Silver Price could impact the value of the Trust’s silver and the market price
of the Shares.









The
Trustee values the Trust’s silver pursuant to the LBMA Silver Price. In the event that the LBMA Silver Price proves to be
an inaccurate benchmark, or the LBMA Silver Price varies materially from the prices determined by other mechanisms for valuing
silver, the value of the Trust’s silver and the market price of the Shares could be adversely impacted. Any future developments
in the LBMA Silver Price, to the extent it has a material impact on the LBMA Silver Price, could adversely impact the value of
the Trust’s silver and the market price of the Shares. It is possible that electronic failures or other unanticipated events
may occur that could result in delays in the announcement of, or the inability of the benchmark to produce, the LBMA Silver Price
on any given date. Furthermore, any actual or perceived disruptions that result in the perception that the LBMA Silver Price is
vulnerable to actual or attempted manipulation could adversely affect the behavior of market participants, which may have an effect
on the price of silver. If the LBMA Silver Price is unreliable for any reason, the price of silver and the market price for the
Shares may decline or be subject to greater volatility.









If
the process of creation and redemption of Baskets encounters any unanticipated difficulties, the possibility for arbitrage transactions
intended to keep the price of the Shares closely linked to the price of silver may not exist and, as a result, the price of the
Shares may fall.









If
the processes of creation and redemption of Shares (which depend on timely transfers of silver to and by the Custodian) encounter
any unanticipated difficulties, potential market participants who would otherwise be willing to purchase or redeem Baskets to
take advantage of any arbitrage opportunity arising from discrepancies between the price of the Shares and the price of the underlying
silver may not take the risk that, as a result of those difficulties, they may not be able to realize the profit they expect.
If this is the case, the liquidity of Shares may decline and the price of the Shares may fluctuate independently of the price
of silver and may fall. Additionally, redemptions could be suspended for any period during which (1) the NYSE Arca is closed (other
than customary weekend or holiday closings) or trading on the NYSE Arca is suspended or restricted, or (2) an emergency exists
as a result of which delivery, disposal or evaluation of the silver is not reasonably practicable.












22















The
liquidity of the Shares may be affected by the withdrawal from participation of one or more Authorized Participants.









In
the event that one or more Authorized Participants having substantial interests in Shares or otherwise responsible for a significant
portion of the Shares’ daily trading volume on the Exchange withdraw from participation, the liquidity of the Shares will
likely decrease which could adversely affect the market price of the Shares and result in Shareholders incurring a loss on their
investment.









Shareholders
do not have the protections associated with ownership of shares in an investment company registered under the Investment Company
Act of 1940 or the protections afforded by the Commodity Exchange Act (“CEA”).









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. Consequently, Shareholders do not have the regulatory protections provided to investors in investment companies.
The Trust does not and will not hold or trade in commodity futures contracts, “commodity interests” or any other instruments
regulated by the CEA, as administered by the CFTC and the National Futures Association (“NFA”). Furthermore, the Trust
is not a commodity pool for purposes of the CEA and the Shares are not “commodity interests”, and neither the Sponsor
nor the Trustee is subject to regulation by the CFTC as a commodity pool operator or a commodity trading advisor in connection
with the Trust or the Shares. Consequently, Shareholders do not have the regulatory protections provided to investors in CEA-regulated
instruments or commodity pools operated by registered commodity pool operators or advised by commodity trading advisors.









The
Trust may be required to terminate and liquidate at a time that is disadvantageous to Shareholders.









If
the Trust is required to terminate and liquidate, such termination and liquidation could occur at a time which is disadvantageous
to Shareholders, such as when silver prices are lower than the silver prices at the time when Shareholders purchased
their Shares. In such a case, when the Trust’s silver is sold as part of the Trust’s liquidation, the resulting
proceeds distributed to Shareholders will be less than if silver prices were higher at the time of sale.









The
lack of an active trading market for the Shares may result in losses on investment at the time of disposition of the Shares.









Although
Shares are listed for trading on the NYSE Arca, it cannot be assumed that an active trading market for the Shares will develop
or be maintained. If an investor needs to sell Shares at a time when no active market for Shares exists, such lack of an active
market will most likely adversely affect the price the investor receives for the Shares (assuming the investor is able to sell
them).









Shareholders
do not have the rights enjoyed by investors in certain other vehicles.









As
interests in an investment trust, the Shares have none of the statutory rights normally associated with the ownership of shares
of a corporation (including, for example, the right to bring “oppression” or “derivative” actions). In
addition, the Shares have limited voting and distribution rights (for example, Shareholders do not have the right to elect directors
or approve amendments to the Trust Agreement and do not receive dividends).









An
investment in the Shares may be adversely affected by competition from other methods of investing in silver.









The
Trust competes with other financial vehicles, including traditional debt and equity securities issued by companies in the silver
industry and other securities backed by or linked to silver, direct investments in silver and investment vehicles similar
to the Trust. Market and financial conditions, and other conditions beyond the Sponsor’s control, may make it more attractive
to invest in other financial vehicles or to invest in silver directly, which could limit the market for the Shares and reduce
the liquidity of the Shares.


















23



















The
amount of silver represented by each Share will decrease over the life of the Trust due to the recurring deliveries of silver
necessary to pay the Sponsor’s Fee in-kind and potential sales of silver to pay in cash the Trust expenses not assumed
by the Sponsor. Without increases in the price of silver sufficient to compensate for that decrease, the price of the Shares
will also decline proportionately over the life of the Trust.









The
amount of silver represented by each Share decreases each day by the Sponsor’s Fee. In addition, although the Sponsor
has agreed to assume all organizational and certain administrative and marketing expenses incurred by the Trust (the Trustee’s monthly fee and out-of-pocket expenses, the Custodian’s fee and reimbursement of the Custodian’s expenses under the Custody Agreements, Exchange listing fees, SEC registration fees, printing and mailing costs, audit fees and up to $100,000 per annum in legal expenses), in exceptional
cases certain Trust expenses may need to be paid by the Trust. Because the Trust does not have any income, it must either make
payments in-kind by deliveries of silver (as is the case with the Sponsor’s Fee) or it must sell silver to obtain
cash (as in the case of any exceptional expenses).  The result of these sales of silver and recurring deliveries of silver
to pay the Sponsor’s Fee in-kind is a decrease in the amount of silver represented by each Share. New deposits of silver,
received in exchange for new Shares issued by the Trust, will not reverse this trend.








A
decrease in the amount of silver represented by each Share results in a decrease in each Share’s price even if the
price of silver bullion does not change. To retain the Share’s original price, the price of silver must increase.
Without that increase, the lesser amount of silver represented by the Share will have a correspondingly lower price. If this
increase does not occur, or is not sufficient to counter the lesser amount of silver represented by each Share, Shareholders
will sustain losses on their investment in Shares.












24














An
increase in Trust expenses not assumed by the Sponsor, or the existence of unexpected liabilities affecting the Trust, will require
the Trustee to sell larger amounts of silver, and will result in a more rapid decrease of the amount of silver represented
by each Share and a corresponding decrease in its value.









RISKS
RELATED TO THE CUSTODY OF SILVER










The
Trust’s silver may be subject to loss, damage, theft or restriction on access.









There
is a risk that part or all of the Trust’s silver could be lost, damaged or stolen. Access to the Trust’s silver
could also be restricted by natural events (such as an earthquake) or human actions (such as a terrorist attack). Any of these
events may adversely affect the operations of the Trust and, consequently, an investment in the Shares.









The
Trust’s lack of insurance protection and the Shareholders’ limited rights of legal recourse against the Trust, the
Trustee, the Sponsor, the Custodian, and any other sub-custodian exposes the Trust and its Shareholders to the risk of loss of
the Trust’s silver for which no person is liable.









The
Trust does not insure its silver. The Custodian maintains insurance with regard to its business on such terms and conditions as
it considers appropriate in connection with its custodial obligations and is responsible for all costs, fees and expenses arising
from the insurance policy or policies. The Trust is not a beneficiary of any such insurance and does not have the ability to dictate
the existence, nature or amount of coverage. Therefore, Shareholders cannot be assured that the Custodian maintains adequate insurance
or any insurance with respect to the silver held by the Custodian on behalf of the Trust. In addition, the Custodian and
the Trustee do not require or any other direct or indirect sub-custodians to be insured or bonded with respect to their custodial
activities or in respect of the silver held by them on behalf of the Trust. Further, Shareholders’ recourse against
the Trust, the Trustee and the Sponsor under New York law, the Custodian, and any other sub-custodian under English law, and any
other sub-custodian under the law governing their custody operations is limited. Consequently, a loss may be suffered with respect
to the Trust’s silver which is not covered by insurance and for which no person is liable in damages.









The
Custodian’s limited liability under the Custody Agreements and English law may impair the ability of the Trust to recover
losses concerning its silver and any recovery may be limited, even in the event of fraud, to the market value of the silver
at the time the fraud is discovered.









The
liability of the Custodian is limited under the Custody Agreements. Under the Custody Agreements between the Trustee and the Custodian
which establish the Trust’s unallocated silver account (“Unallocated Account”) and the Trust’s allocated silver
account (“Allocated Account”), the Custodian is only liable for losses that are the direct result of its own negligence,
fraud or willful default in the performance of its duties. Any such liability is further limited to the market value of the silver
lost or damaged at the time such negligence, fraud or willful default is discovered by the Custodian provided the Custodian notifies
the Trust and the Trustee promptly after the discovery of the loss or damage. Under each Authorized Participant Unallocated Bullion
Account Agreement (between the Custodian and an Authorized Participant establishing an Authorized Participant Unallocated Account),
the Custodian is not contractually or otherwise liable for any losses suffered by any Authorized Participant or Shareholder that
are not the direct result of its own gross negligence, fraud or willful default in the performance of its duties under such agreement,
and in no event will its liability exceed the market value of the balance in the Authorized Participant Unallocated Account at
the time such gross negligence, fraud or willful default is discovered by the Custodian. In addition, the Custodian will not be
liable for any delay in performance or any non-performance of any of its obligations under the Allocated Account Agreement, the
Unallocated Account Agreement or the Authorized Participant Unallocated Bullion Account Agreement by reason of any cause
beyond its reasonable control, including acts of God, war or terrorism. As a result, the recourse of the Trustee or a Shareholder,
under English law, is limited. Furthermore, under English common law, the Custodian, or any other sub-custodian will not
be liable for any delay in the performance or any non-performance of its custodial obligations by reason of any cause beyond its
reasonable control.












25















The
obligations of the Custodian, and any other sub-custodians are governed by English law, which may frustrate the Trust in
attempting to seek legal redress against the Custodian, or any other sub-custodian concerning its silver.









The
obligations of the Custodian under the Custody Agreements are, and the Authorized Participant Unallocated Bullion Account
Agreements may be, governed by English law. The Custodian may enter into arrangements with any sub-custodians for the custody
or temporary holding of the Trust’s silver, which arrangements may also be governed by English law. The Trust is a New York
common law trust. Any United States, New York or other court situated in the United States may have difficulty interpreting English
law (which, insofar as it relates to custody arrangements, is largely derived from court rulings rather than statute), LBMA
rules or the customs and practices in the London custody market. It may be difficult or impossible for the Trust to sue any
other sub-custodian in a United States, New York or other court situated in the United States. In addition, it may be difficult,
time consuming and/or expensive for the Trust to enforce in a foreign court a judgment rendered by a United States, New York or
other court situated in the United States.









The
Trust may not have adequate sources of recovery if its silver is lost, damaged, stolen or destroyed.









If
the Trust’s silver is lost, damaged, stolen or destroyed under circumstances rendering a party liable to the Trust,
the responsible party may not have the financial resources sufficient to satisfy the Trust’s claim. For example, as to a
particular event of loss, the only source of recovery for the Trust might be limited to the Custodian, or any other sub-custodian
or, to the extent identifiable, other responsible third parties (e.g., a thief or terrorist), any of which may not have the financial
resources (including liability insurance coverage) to satisfy a valid claim of the Trust.









Shareholders
and Authorized Participants lack the right under the Custody Agreements to assert claims directly against the Custodian, or any
other sub-custodian.









Neither
the Shareholders nor any Authorized Participant have a right under the Custody Agreements to assert a claim of the Trust against
the Custodian, or any other sub-custodian. Claims under the Custody Agreements may only be asserted by the Trustee on behalf of
the Trust.









Because
the Trustee does note, and the Custodian has limited obligations to, oversee or monitor the activities of sub-custodians who may
hold the Trust’s silver, failure by the sub-custodians to exercise due care in the safekeeping of the Trust’s silver
could result in a loss to the Trust.









Under
the Allocated Account Agreement, the Custodian may appoint from time to time one or more sub-custodians to hold the Trust’s
silver on a temporary basis pending delivery to the Custodian. The sub-custodians which the Custodian currently uses are LBMA
market making members that provide bullion vaulting and clearing services to third parties. The Custodian is required under the
Allocated Account Agreement to use reasonable care in appointing its sub-custodians, making the Custodian liable only for negligence
or bad faith in the selection of such sub-custodians, and has an obligation to use commercially reasonable efforts to obtain delivery
of the Trust’s silver from any sub-custodians appointed by the Custodian. Otherwise, the Custodian is not liable for the
acts or omissions of its sub-custodians. These sub-custodians may in turn appoint further sub-custodians, but the Custodian is
not responsible for the appointment of these further sub-custodians. The Custodian does not undertake to monitor the performance
by sub-custodians of their custody functions or their selection of further sub-custodians. The Trustee does not monitor the performance
of the Custodian other than to review the reports provided by the Custodian pursuant to the Custody Agreements and does not undertake
to monitor the performance of any sub-custodian.








Furthermore,
the Trustee may have no right to visit the premises of any sub-custodian for the purposes of examining the Trust’s silver
or any records maintained by the sub-custodian, and no sub-custodian will be obligated to cooperate in any review the Trustee
may wish to conduct of the facilities, procedures, records or creditworthiness of such sub-custodian. In addition, the ability
of the Trustee to monitor the performance of the Custodian may be limited because under the Allocated Account Agreement and the
Unallocated Account Agreement the Trustee has only limited rights to visit the premises of the Custodian for the purpose of examining
the Trust’s silver and certain related records maintained by the Custodian.












26















The
obligations of any sub-custodian of the Trust’s silver are not determined by contractual arrangements but by LBMA rules
and London silver market customs and practices, which may prevent the Trust’s recovery of damages for losses on its silver
custodied with sub-custodians.









There
are expected to be no written contractual arrangements between sub-custodians that hold the Trust’s silver and the Trustee
or the Custodian because traditionally such arrangements are based on the customs and practices of the LBMA and the London bullion
market. In the event of a legal dispute with respect to or arising from such arrangements, it may be difficult to define such
customs and practices. The customs and practices of the LBMA may be subject to change outside the control of the Trust. Under
English law, neither the Trustee nor the Custodian would have a supportable breach of contract claim against a sub-custodian for
losses relating to the safekeeping of silver. If the Trust’s silver is lost or damaged while in the custody of a sub-custodian,
the Trust may not be able to recover damages from the Custodian or the sub-custodian. Whether a sub-custodian will be liable for
the failure of sub-custodians appointed by it to exercise due care in the safekeeping of the Trust’s silver will depend
on the facts and circumstances of the particular situation. Shareholders cannot be assured that the Trustee will be able to recover
damages from sub-custodians whether appointed by the Custodian or by another sub-custodian for any losses relating to the safekeeping
of silver by such sub-custodians.









Silver
bullion allocated to the Trust in connection with the creation of a Basket may not meet the London Good Delivery Standards and,
if a Basket is issued against such silver, the Trust may suffer a loss.









Neither
the Trustee nor the Custodian independently confirms the fineness of the silver allocated to the Trust in connection with the
creation of a Basket. The silver bullion allocated to the Trust by the Custodian may be different from the reported fineness or
weight required by the LBMA’s standards for silver bars delivered in settlement of a silver trade (London Good Delivery
Standards), the standards required by the Trust. If the Trustee nevertheless issues a Basket against such silver, and if
the Custodian fails to satisfy its obligation to credit the Trust the amount of any deficiency, the Trust may suffer a loss.









Silver
held in the Trust’s unallocated silver account and any Authorized Participant’s unallocated silver account is not
segregated from the Custodian’s assets. If the Custodian becomes insolvent, its assets may not be adequate to satisfy a
claim by the Trust or any Authorized Participant. In addition, in the event of the Custodian’s insolvency, there may be
a delay and costs incurred in identifying the bullion held in the Trust’s allocated silver account.









Silver
which is part of a deposit for a purchase order or part of a redemption distribution is held for a time in the Trust Unallocated
Account and, previously or subsequently in, the Authorized Participant Unallocated Account of the purchasing or redeeming Authorized
Participant. During those times, the Trust and the Authorized Participant, as the case may be, have no proprietary rights to any
specific bars of silver held by the Custodian and are each an unsecured creditor of the Custodian with respect to the amount
of silver held in such unallocated accounts. In addition, if the Custodian fails to allocate the Trust’s silver in a timely
manner, in the proper amounts or otherwise in accordance with the terms of the Unallocated Account Agreement, or if a sub-custodian
fails to so segregate silver held by it on behalf of the Trust, unallocated silver will not be segregated from the Custodian’s
assets, and the Trust will be an unsecured creditor of the Custodian with respect to the amount so held in the event of the insolvency
of the Custodian. In the event the Custodian becomes insolvent, the Custodian’s assets might not be adequate to satisfy
a claim by the Trust or the Authorized Participant for the amount of silver held in their respective unallocated silver accounts.








In
the case of the insolvency of the Custodian, a liquidator may seek to freeze access to the silver held in all of the accounts
held by the Custodian, including the Trust Allocated Account. Although the Trust would be able to claim ownership of properly
allocated silver, the Trust could incur expenses in connection with asserting such claims, and the assertion of such a claim by
the liquidator could delay creations and redemptions of Baskets.












27















In
issuing Baskets, the Trustee relies on certain information received from the Custodian which is subject to confirmation after
the Trustee has relied on the information. If such information turns out to be incorrect, Baskets may be issued in exchange for
an amount of silver which is more or less than the amount of silver which is required to be deposited with the Trust.









The
Custodian’s definitive records are prepared after the close of its business day. However, when issuing Baskets, the Trustee
relies on information reporting the amount of silver credited to the Trust’s accounts which it receives from the Custodian
during the business day and which is subject to correction during the preparation of the Custodian’s definitive records
after the close of business. If the information relied upon by the Trustee is incorrect, the amount of silver actually received
by the Trust may be more or less than the amount required to be deposited for the issuance of Baskets.









GENERAL
RISKS










The
Trust relies on the information and technology systems of the Trustee, the Custodian, the Marketing Agent and, to a lesser degree,
the Sponsor, which could be adversely affected by information systems interruptions, cybersecurity attacks or other disruptions
which could have a material adverse effect on the Trust’s record keeping and operations.









The
Custodian, the Trustee and the Marketing Agent depend upon information technology infrastructure, including network, hardware
and software systems to conduct their business as it relates to the Trust. A cybersecurity incident, or a failure to protect their
computer systems, networks and information against cybersecurity threats, could result in a loss of information and adversely
impact their ability to conduct their business, including their business on behalf of the Trust. Despite implementation of network
and other cybersecurity measures, their security measures may not be adequate to protect against all cybersecurity threats.









Uncertainty
regarding the effects of Brexit could adversely affect the price of the Shares.









The
United Kingdom left the European Union (the “EU”) (“Brexit”) on January 31, 2020, subject to a transitional
period which ended December 31, 2020. During the transitional period, although the United Kingdom was no longer a member state of the
EU, it remained subject to EU law and regulations as if it were still a member state. The United Kingdom and the EU were to negotiate
the terms of their future trading relationship during the transitional period. On December 24, 2020, negotiators representing
the United Kingdom and the EU came to a preliminary trade agreement, which was subsequently ratified by the UK Parliament. The
trade agreement must also be ratified by the European Parliament.








The
unavoidable uncertainties and events related to Brexit could increase taxes and costs of business and cause volatility in currency
exchange rates and interest rates. Brexit could adversely affect the performance of contracts in existence at the date of Brexit
and European, United Kingdom or worldwide political, regulatory, economic or market conditions and could contribute to instability
in political institutions, regulatory agencies and financial markets. Brexit could also lead to legal uncertainty and politically
divergent national laws and regulations as a new relationship between the United Kingdom and EU is defined and the United Kingdom
determines which EU laws to replace or replicate. Any of these effects of Brexit, and others that cannot be anticipated, could
adversely affect the price of the Shares. In addition, the risk that Standard Life Aberdeen plc, the parent of the Sponsor and
which is headquartered in the United Kingdom, failed to adequately prepare for the end of Brexit’s transitional period could
have significant customer, reputation and capital impacts for Standard Life Aberdeen plc and its subsidiaries, including those
providing services to the Trust; however, Standard Life Aberdeen plc and its subsidiaries have detailed contingency planning in
place to seek to manage the consequences of Brexit to the Trust and to avoid any disruption on the Trust and to the services they
provide. Given the fluidity and complexity of the situation, we cannot provide assurance that the Trust will not be adversely
impacted despite these preparations.












28















The
Trust as well as the Sponsor and its service providers are vulnerable to the effects of public health crises, including the ongoing
novel coronavirus pandemic.









The
respiratory illness COVID-19 caused by a novel coronavirus has resulted in a global pandemic and major disruption to economies
and markets around the world, including the United States. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. Liquidity for many instruments has been greatly reduced for periods of time.
Some interest rates are very low and in some cases yields are negative. Some sectors of the economy and individual issuers have
experienced particularly large losses. These circumstances may continue for an extended period of time, and may continue to affect
adversely the value and liquidity of the Trust’s investments. The ultimate economic fallout from the pandemic, and the long-term
impact on economies, markets, industries and individual issuers, including the Trust and its service providers, are not known.
The information technology and other operational systems upon which the Trust’s service providers rely could be impaired
and the ability of employees of the Trust’s service providers to perform essential tasks on behalf of the Trust could be
disrupted. Governments and central banks, including the Federal Reserve in the U.S., have taken extraordinary and unprecedented
actions to support local and global economies and the financial markets. The impact of these measures, and whether they will be
effective to mitigate the economic and market disruption, will not be known for some time.











Item
1B. Unresolved Staff Comments









None.











Item
2. Properties









Not
applicable.











Item
3. Legal Proceedings









None











Item
4. Mine Safety Disclosure









Not
applicable.












29

















PART
II












Item
5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities









The
Trust was formed on July 20, 2009 (the “Date of Inception”) following an initial deposit of silver. The Trust’s
Shares have been listed on the NYSE Arca under the symbol SIVR since its initial public offering on July 24, 2009. The following
tables set out the range of high and low closing prices for the Shares as reported for NYSE Arca transactions for each of the
quarters during the years ended December 31, 2020 and 2019:









Fiscal
Year Ended December 31, 2020: Quarter Ended














































































High















Low







March
31, 2020









$



18.08









$



11.64






June
30,  2020









$



17.74









$



13.52






September
30, 2020









$



28.06









$



17.35






December
31, 2020









$



25.74









$



21.88












Fiscal
Year Ended December 31, 2019: Quarter Ended














































































High















Low







March
31, 2019









$



15.61









$



14.58






June
30, 2019









$



15.00









$



13.95






September
30, 2019









$



19.03









$



14.57






December
31, 2019









$



17.56









$



16.08











The
number of outstanding Share of the Trust as of February 24, 2021 was 38,850,000.









Monthly
Share Price









The
following table sets forth, for each of the most recent six months, the high and low closing prices of the Shares, as reported
for NYSE Arca transactions.




























































































Month











High















Low







August
2020









$



28.06









$



23.64






September
2020









$



27.17









$



21.98






October
2020









$



24.32









$



22.56






November
2020









$



24.73









$



21.88






December
2020









$



25.74









$



23.06






January
2021









$



26.68








$




23.88















30















Issuer
Purchase of Equity Securities









The
Trust issues and redeems Shares only with Authorized Participants in exchange for silver, 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 and is included
in Item 7 of this report. Although the Trust does not purchase Shares directly from its Shareholders, in connection with the redemption
of Baskets, the Trust redeemed as follows during the years ended December 31, 2020 and 2019:












































































































































































Month















Total
number of Shares redeemed















Average
ounces of silver per Share









January 2020


























February 2020


























March
2020












100,000












0.969






April
2020
































May 2020












50,000












0.968






June
2020
































July
2020
































August
2020












500,000












0.967






September
2020
































October
2020












400,000












0.967






November
2020
































December
2020
































Total












1,050,000












0.967





















































































































































































Month















Total
number of Shares redeemed















Average
ounces of silver per Share









January
2019


























February
2019












900,000












0.972






March
2019
































April
2019
































May 2019
































June
2019
































July
2019
































August
2019
































September
2019
































October
2019
































November
2019
































December
2019












650,000












0.969






Total












1,550,000












0.971















31

















Item
6. Selected Financial Data









The
following selected financial data for the reporting periods should be read in conjunction with the Trust’s financial statements
and related notes and

Management’s Discussion and Analysis of Financial Condition and Results of Operations

.







































































































































































































Year
Ended


December 31, 2020















Year
Ended


December 31, 2019















Year
Ended


December 31, 2018















Year
Ended


December 31, 2017















Year
Ended


December 31, 2016










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
































































Total
assets






$



863,884









$



418,938









$



339,822









$



351,140









$



311,346






Total
gain/(loss) on silver






$



262,999









$



57,508









$



(27,179



)






$



13,260









$



40,311






Change
in net assets from operations






$



261,212









$



56,421









$



(28,164



)






$



12,220









$



39,354






Weighted average number of Shares









29,257,514












22,988,630












21,487,534












20,800,822












18,986,339






Net increase
/ (decrease) in net assets per Share






$



8.93









$



2.45









$



(1.31



)






$



0.59









$



2.07






Net cash
provided by operating activities






$













$













$













$













$


















Item
7. 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 with this
report. The discussion and analysis that follows may contain statements that relate to future events or future performance. In
some cases, such forward-looking statements can be identified by terminology such as “may,” “should,”
“expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,”
“potential” or the negative of these terms or other comparable terminology. We remind readers that forward-looking
statements are merely predictions and therefore inherently subject to uncertainties and other factors and involve known and unknown
risks that could cause the actual results, performance, levels of activity, or our achievements, or industry results, to be materially
different from any future results, performance, levels of activity, or our achievements expressed or implied by such forward-looking
statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the
date hereof. The Trust undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect
events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.










Introduction.









The
Aberdeen Standard Silver ETF Trust (the “Trust”) is a trust formed under the laws of the State of New York. The Trust
does not have any officers, directors, or employees, and is administered by The Bank of New York Mellon (the “Trustee”)
acting as trustee pursuant to the Depositary Trust Agreement (the “Trust Agreement”) between the Trustee and, the
sponsor of the Trust, Aberdeen Standard Investments ETFs Sponsor LLC (the “Sponsor”). The Trust issues Shares representing
fractional undivided beneficial interests in its net assets. The assets of the Trust consist of silver bullion held by a custodian
as an agent of the Trust and responsible only to the Trustee.












32














The
Trust is a passive investment vehicle and the objective of the Trust is for the value of each Share to approximately reflect,
at any given time, the price of the silver bullion owned by the Trust, less the Trust’s liabilities (anticipated to be principally
for accrued operating expenses), divided by the number of outstanding Shares. The Trust does not engage in any activities designed
to obtain a profit from, or ameliorate losses caused by, changes in the price of silver.








The
Trust issues and redeems Shares only in exchange for silver, only in aggregations of 50,000 Shares or integral multiples thereof
(each, a “Basket”), and only in transactions with registered broker-dealers (or other securities market participants
not required to register as broker-dealers such as banks or other financial institutions) who (1) are participants in the DTC
and (2) have previously entered into an agreement with the Trust governing the terms and conditions of such issuance (such dealers,
the “Authorized Participants”).








As
of the date of this annual report the Authorized Participants that have signed an Authorized Participant Agreement with the Trust
are Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co. LLC, HSBC Securities (USA) Inc.,
J.P. Morgan Securities Inc., Merrill Lynch Professional Clearing Corp., Mizuho Securities USA LLC, Morgan Stanley & Co. Inc,
Scotia Capital (USA) Inc., UBS Securities LLC and Virtu Financial BD, LLC.








Shares
of the Trust trade on the NYSE Arca under the symbol “SIVR”.








Investing
in the Shares does not insulate the investor from certain risks, including price volatility. The following table illustrates the
movement in the NAV of the Shares against the corresponding silver price (per 1 oz. of silver) since inception:









NAV
per Share vs. Silver Price from July 20, 2009 (the Date of Inception) to December 31, 2020


















The
divergence of the NAV per Share from the silver price over time reflects the cumulative effect of the Trust expenses that arise
if an investment had been held since inception.










Critical
Accounting Policy










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. Below we describe the valuation of silver bullion, a critical accounting policy that we believe is important to understanding the
results of operations and financial position. In addition, please refer to Note 2 to the Financial Statements for further discussion
of our accounting policies.









Valuation
of Silver









Since August 15, 2014,
an electronic, over-the-counter silver bullion auction has been conducted in London, England to establish a fixing price for an
ounce of silver once each trading day (the “LBMA Silver Price”).  As of the date of filing, the LBMA Silver
Price is established by the 12 LBMA-authorized bullion banks and market makers participating in the auction and disseminated by
major market vendors. The LBMA Silver Price was initially operated by CME Group, Inc. until October 2, 2017, at which time the
ICE Benchmark Administration (“IBA”) commenced administration of the LBMA Silver Price.  The “London
Metal Price” for silver held by the Trust is the LBMA Silver Price.  Realized gains and losses on transfers of silver,
or silver distributed for the redemption of Shares, are calculated as the difference between the fair value and cost of silver
transferred.












33


































































































December
31, 2020















December
31, 2019















December
31, 2018










(Amounts
in 000's of US$)








































Investment
in silver - cost






$



608,877









$



422,010









$



402,801






Unrealized
gain/(loss) on investment in silver









255,007












(3,072



)









(62,979



)



Investment
in silver - fair value






$



863,884









$



418,938









$



339,822












Inspection
of Silver









Under
the Custody Agreements, the Trustee, the Sponsor and the Sponsor’s auditors and inspectors may, only up to twice a year,
visit the premises of the Custodian for the purpose of examining the Trust’s silver and certain related records maintained
by the Custodian. In addition, under the Custody Agreements, the Custodian shall procure that any sub-custodian that it appoints
allows access to its premises during normal business hours to examine the Trust's silver held there and such records as the Trustee,
the Sponsor or the Sponsor's auditors and inspectors may reasonably require to perform their respective duties to Shareholders.








The
Sponsor has exercised its right to visit the Custodian in order to examine the silver and the records maintained by them.
Inspections were conducted by Inspectorate International Limited, a leading commodity inspection and testing company retained
by the Sponsor, as of August 14, 2020. Due to unprecedented social lock-down policies implemented in the UK and Switzerland to help prevent the spread of COVID-19, neither the
Sponsor, nor Inspectorate, were able to perform a physical inspection of the Trust's silver at December 31, 2020. In lieu of a physical
inspection, the Sponsor performed alternative procedures to verify the silver held by the Trust at December 31, 2020. These procedures
included confirmation of the silver bar list and total ounces of silver held by the Custodian at December 31, 2020, and an independent
recalculation of ounces of silver for each creation or redemption transaction from August 14, 2020, the date of the last physical inspection,
through December 31, 2020.










Liquidity










The
Trust is not aware of any trends, demands, conditions, 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 expense of the Trust during the period covered by this report was the Sponsor’s
Fee. The Trust’s only source of liquidity is its transfers and sales of silver.








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 December 31, 2020 and
2019, the Trust did not have any cash balances.









Review
of Financial Results










Financial
Highlights





























































































Year
Ended


December 31, 2020















Year
Ended


December 31, 2019















Year
Ended


December 31, 2018










(Amounts
in 000's of US$)








































Total
gain/(loss) on silver






$



262,999









$



57,508









$



(27,179



)



Net change
assets from operations






$



261,212









$



56,421









$



(28,164



)



Net cash
provided by operating activities






$













$













$
















The
year ended December 31, 2020









The
net asset value (“NAV”) of the Trust is obtained by subtracting the Trust’s liabilities on any day from the
value of the silver owned or 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
Trust’s NAV increased from $407,463,630 at December 31, 2019 to $863,664,235 at December 31, 2020, a 111.96% increase for
the year. The increase in the Trust’s NAV resulted primarily from an increase in outstanding Shares, which rose from 23,300,000
Shares at December 31, 2019 to 33,750,000 Shares at December 31, 2020, a result of 11,500,000 Shares (230 Baskets) being created
and 1,050,000 Shares (21 Baskets) being redeemed during the year and an increase in the price per ounce of silver, which rose
46.77% from $18.05 at December 31, 2019 to $26.49 at December 31, 2020.












34














NAV
per Share increased 46.31% from $17.49 at December 31, 2019 to $25.59 at December 31, 2020. 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
$1,787,310 for the year, or 0.30% of the Trust’s ANAV.








The
NAV per Share of $27.94 at September 1, 2020 was the highest during the year, compared with a low of $11.63 at March 19, 2020.








The
increase in net assets from operations for the year ended December 31, 2020 was $261,211,613, resulting from a change in
unrealized gain on investment in silver of $258,078,973, a realized gain of $174,027 on the transfer of silver to pay
expenses, and a realized gain of $4,745,923 on silver distributed for the redemption of Shares, offset by the Sponsor’s
Fee, net of waiver, of $1,787,310. Other than the Sponsor’s Fee, the Trust had no expenses during the year ended
December 31, 2020.









The
year ended December 31, 2019









The
Trust’s NAV increased from $339,734,175 at December 31, 2018 to $407,463,630 at December 31, 2019, a 19.94% increase for
the year. The increase in the Trust’s NAV resulted primarily from an increase in outstanding Shares, which rose from 22,600,000
Shares at December 31, 2018 to 23,300,000 Shares at December 31, 2019, a result of 2,250,000 Shares (45 Baskets) being created
and 1,550,000 Shares (31 Baskets) being redeemed during the year and an increase in the price per ounce of silver, which rose
16.68% from $15.47 at December 31, 2018 to $18.05 at December 31, 2019.








NAV
per Share increased 16.37% from $15.03 at December 31, 2018 to $17.49 at December 31, 2019. 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
$1,087,303 for the year, or 0.30% of the Trust’s ANAV.








The
NAV per Share of $18.73 at September 4, 2019 was the highest during the year, compared with a low of $13.96 at May 29, 2019.








The
increase in net assets from operations for the year ended December 31, 2019 was $56,420,636, resulting from a change in unrealized
gain on investment in silver of $59,906,512, a realized loss of $149,268 on the transfer of silver to pay expenses, a realized
loss of $2,249,305 on silver distributed for the redemption of Shares, and the Sponsor’s Fee, net of waiver, of $1,087,303.
Other than the Sponsor’s Fee, the Trust had no expenses during the year ended December 31, 2019.









The
year ended December 31, 2018









The
Trust’s NAV decreased from $351,050,772 at December 31, 2017 to $339,734,175 at December 31, 2018, a 3.22% decrease for
the year. The decrease in the Trust’s NAV resulted primarily from an increase in outstanding Shares, which rose from 21,350,000
Shares at December 31, 2017 to 22,600,000 Shares at December 31, 2018, a result of 3,000,000 Shares (60 Baskets) being created
and 1,750,000 Shares (35 Baskets) being redeemed during the year and a decrease in the price per ounce of silver, which fell 8.30%
from $16.87 at December 31, 2017 to $15.47 at December 31, 2018.








NAV
per Share decreased 8.58% from $16.44 at December 31, 2017 to $15.03 at December 31, 2018. The Trust’s NAV per Share fell
slightly more than the price per ounce of silver on a percentage basis due to the Sponsor’s Fee, net of waiver, which was
$984,811 for the year, or 0.30% of the Trust’s ANAV.








The
NAV per Share of $17.08 at January 25, 2018 was the highest during the year, compared with a low of $13.58 at November 14, 2018.












35














The
decrease in net assets from operations for the year ended December 31, 2018 was $28,163,930, resulting from a change in unrealized
loss on investment in silver of $22,626,118, a realized loss of $178,535 on the transfer of silver to pay expenses, a realized
loss of $4,374,466 on silver distributed for the redemption of Shares, and the Sponsor’s Fee, net of waiver, of $984,811.
Other than the Sponsor’s Fee, the Trust had no expenses during the year ended December 31, 2018.









Off-Balance
Sheet Arrangements









The
Trust is not a party to any off-balance sheet arrangements.











Item
7A. Quantitative and Qualitative Disclosures about Market Risk









The
Trust Agreement does not authorize the Trustee to borrow for payment of the Trust’s ordinary expenses. The Trust does not
engage in transactions in foreign currencies which could expose the Trust or holders of Shares to any foreign currency related
market risk. The Trust invests in no derivative financial instruments and has no foreign operations or long-term debt instruments.











Item
8. Financial Statements and Supplementary Data

(Unaudited)











Quarterly
Income Statements










Year
Ended December 31, 2020




























































































































































































































































































































































































































































































Three
months ended















Year
ended








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








March
31















June
30















September
30















December
31















December
31







EXPENSES
















































Sponsor's
Fee






$



425









$



500









$



833









$



923









$



2,681






Less:
Waiver of Sponsor’s Fee (Note 2.7)









(142



)









(167



)









(278



)









(307



)









(894



)



Total
expenses









283












333












555












616












1,787





































































Net
investment loss









(283



)









(333



)









(555



)









(616



)









(1,787



)


































































REALIZED
AND UNREALIZED GAINS / (LOSSES)































































Realized
(loss) / gain on silver transferred to pay expenses









(3



)









(43



)









84












136












174






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









(112



)









(124



)









3,029












1,953












4,746






Change
in unrealized gain and loss on investment in silver









(93,071



)









103,126












160,261












87,763












258,079






Total
(loss) / gain on investment in sliver









(93,186



)









102,959












163,374












89,852












262,999





































































Change
in net assets from operations






$



(93,469



)






$



102,626









$



162,819









$



89,236









$



261,212





































































Net
increase / (decrease) in net assets per Share






$



(3.95



)






$



3.72









$



5.06









$



2.66









$



8.93





































































Weighted
average number of Shares









23,676,923












27,586,264












32,159,783












33,528,260












29,257,514














































































36















Year
Ended December 31, 2019





































































































































































































































































































































































































































































Three
months ended















Year
ended








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








March
31















June
30















September
30















December
31















December
31







EXPENSES
















































Sponsor's
Fee






$



375









$



369









$



424









$



463









$



1,631






Less:
Waiver of Sponsor's Fee (Note 2.7)









(125



)









(123



)









(141



)









(155



)









(544



)



Total
expenses









250












246












283












308












1,087





































































Net
investment loss









(250



)









(246



)









(283



)









(308



)









(1,087



)


































































REALIZED
AND UNREALIZED GAINS / (LOSSES)































































Realized
loss on silver transferred to pay expenses









(44



)









(54



)









(37



)









(15



)









(150



)



Realized
loss on silver distributed for the redemption of Shares









(2,027



)



































(222



)









(2,249



)



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









(5,500



)









2,885












44,369












18,153












59,907






Total
(loss) / gain on investment in silver









(7,571



)









2,831












44,332












17,916












57,508





































































Change
in net assets from operations






$



(7,821



)






$



2,585









$



44,049









$



17,608









$



56,421





































































Net
(decrease) / increase in net assets per Share






$



(0.35



)






$



0.11









$



1.90









$



0.74









$



2.45





































































Weighted
average number of Shares









22,395,556












22,491,758












23,147,826












23,901,087












22,988,630












Note:
Quarterly balances may not add to totals due to independent rounding.









The
financial statements required by Regulation S-X, together with the report of the Trust’s independent registered public accounting
firm appear on pages F-1 to F-13 of this filing.










37

















Item
9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure









None.











Item
9A. Controls and Procedures









The
Trust maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in its
Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange
Commission’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 December 31, 2020, the Trust’s disclosure controls and procedures were effective.








Internal
controls over financial reporting have been maintained throughout the Trust’s fiscal year ended December 31, 2020. There
have been no changes that have materially affected, or are reasonably likely to materially affect, the Trust’s or Sponsor’s
internal control over financial reporting.









Management’s
Report on Internal Control over Financial Reporting









The
Sponsor’s management is responsible for establishing and maintaining adequate internal control over financial reporting,
as defined under Exchange Act Rules 13a-15(f) and 15d-15(f). The Trust’s internal control over financial reporting is a
process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with accounting principles generally accepted in the United States. Internal control
over financial reporting includes those policies and procedures that:








(1)       pertain
to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the
Trust’s assets;








(2)       provide
reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with
generally accepted accounting principles, and that the Trust’s receipts and expenditures are being made only in accordance
with appropriate authorizations; and








(3)       provide
reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Trust’s
assets that could have a material effect on the financial statements.








Because
of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections
of any evaluation of effectiveness to future periods are subject to the risk that controls may become ineffective because of changes
in conditions, or that the degree of compliance with the policies or procedures may deteriorate.








The
Chief Executive Officer and Chief Financial Officer of the Sponsor assessed the effectiveness of the Trust’s internal control
over financial reporting as of December 31, 2020. In making this assessment, they used the criteria set forth by the Committee
of Sponsoring Organizations of the Treadway Commission (COSO) in

Internal Control—Integrated Framework (2013)

. Their
assessment included an evaluation of the design of the Trust’s internal control over financial reporting and testing of
the operational effectiveness of its internal control over financial reporting. Based on their assessment and those criteria,
the Chief Executive Officer and Chief Financial Officer of the Sponsor concluded that the Trust maintained effective internal
control over financial reporting as of December 31, 2020.












38














KPMG
LLP, the independent registered public accounting firm that audited and reported on the financial statements included in this
Form 10-K, as stated in their report which is included herein, issued an attestation report on the effectiveness of the Trust’s
internal control over financial reporting as of December 31, 2020.










39

















Report
of Independent Registered Public Accounting Firm
















To the Sponsor, Trustee and Shareholders


Aberdeen Standard Silver ETF Trust:



Opinion on Internal Control Over Financial Reporting



We have audited Aberdeen Standard Silver ETF Trust’s
(the Trust) internal control over financial reporting as of December 31, 2020, based on criteria established in

Internal
Control – Integrated Framework (2013)

issued by the Committee of Sponsoring Organizations of the Treadway Commission.
In our opinion, the Trust maintained, in all material respects, effective internal control over financial reporting as of December 31,
2020, based on criteria established in

Internal Control – Integrated Framework (2013)

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



We also have audited, in accordance with the standards of
the Public Company Accounting Oversight Board (United States) (PCAOB), the statements of assets and liabilities of the Trust,
including the schedules of investments, as of December 31, 2020 and 2019, the related statements of operations and changes
in net assets for each of the years in the three-year period ended December 31, 2020, and the related notes (collectively,
the financial statements) and the financial highlights for each of the years in the three-year period ended December 31, 2020,
and our report dated February 26, 2021 expressed an unqualified opinion on those financial statements and financial highlights.



Basis for Opinion



The Sponsor’s management is responsible for maintaining
effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial
reporting, included in the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility
is to express an opinion on the Trust’s internal control over financial reporting based on our audit. We are a public accounting
firm registered with the PCAOB and are required to be independent with respect to the Trust in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.



We conducted our audit in accordance with the standards of
the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal
control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting
included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists,
and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also
included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a
reasonable basis for our opinion.



Definition and Limitations of Internal Control Over
Financial Reporting



A company’s internal control over financial reporting
is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements and financial highlights for external purposes in accordance with generally accepted accounting principles. A company’s
internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records
that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide
reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements and financial highlights
in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only
in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a
material effect on the financial statements and financial highlights.



Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods
are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance
with the policies or procedures may deteriorate.



/s/ KPMG LLP



New York, New York


February 26, 2021






40





















Item
9B. Other Information









Not
applicable.












41





















PART
III












Item
10. Directors, Executive Officers and Corporate Governance











The
Trust has no directors or executive officers.  The biographies of the President and Chief Executive Officer of the Sponsor
and the Chief Financial Officer and Treasurer of the Sponsor are set out below:










Christopher
Demetriou – President and Chief Executive Officer










Mr.
Demetriou is Chief Executive Officer – Americas for ASII. Mr. Demetriou is a member of the Group Executive Committee as
well as several other committees within the organization. Mr. Demetriou is based in Philadelphia and is responsible for Aberdeen
Standard Investments’ operations across North and South America. Mr. Demetriou previously held the position of Deputy Chief
Executive Officer – Americas for ASII from December 2016 to April 2018, Chief Financial Officer – Americas from January
2016 to December 2016, and Head of Finance – Americas from June 2014 to January 2016. Mr. Demetriou joined ASII in June
2014, as a result of Aberdeen’s acquisition of SVG, a FTSE 250 private equity investor based in London. While at SVG, from
June 2010 to June 2014, Mr. Demetriou was Group Financial Controller and Deputy Head of Strategy. Prior to joining SVG, Mr. Demetriou
worked at Ernst and Young, specializing in Asset and Wealth Management audits and transactions. Mr. Demetriou is a Chartered Accountant
and has a BA in Politics from the University of York in England.










Andrea
Melia – Chief Financial Officer and Treasurer










Ms.
Melia is Vice President and Head of Fund Operations, Traditional Assets – Americas for ASII. Ms. Melia has managed the fund
administration team since joining ASII in September 2009. Prior to joining ASII, Ms. Melia was Director of fund administration
and accounting oversight for Princeton Administrators LLC, a division of BlackRock Inc. and had worked with Princeton Administrators
since 1992. Ms. Melia holds a BS in Accounting from University of Scranton and a MBA from Rider University.








As
described under Item 1 above, ASII is the parent of the Sponsor.











Item
11. Executive Compensation









The
Trust has no directors or executive officers. The only ordinary expense paid by the Trust is the Sponsor’s Fee.











Item
12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters










Security
Ownership of Certain Beneficial Owners









There
are no persons known by the Trust to own directly or indirectly beneficially more than 5% of the outstanding Shares of the Trust.









Security
Ownership of Management











Not
applicable.









Change
in Control









Neither
the Sponsor nor the Trustee knows of any arrangements which may subsequently result in a change in control of the Trust.












42



















Item
13. Certain Relationships and Related Transactions, and Director Independence









The
Trust has no directors or executive officers.












43





















Item
14. Principal Accounting Fees and Services









Fees
for services performed by KPMG LLP for the years ended December 31, 2020 and 2019






























































December
31, 2020















December
31, 2019







Audit
fees – KPMG






$



77,825









$



72,900






Audit
related fees – KPMG









10,000

























$



87,825









$



72,900













Audit
Fees are fees paid by the Sponsor to KPMG LLP for professional services for the audit of the Trust’s financial statements
included in the Form 10-K and review of financial statements included in the Form 10-Qs, and for services that are normally provided
by the accountants in connection with regulatory filings or engagements. Audit Related Fees are paid by the Sponsor to KPMG LLP
for assurance and related services that are reasonably related to the performance of the audit or review of the Trust’s
financial statements. These services include the accountant providing a consent letter related to the Trust's registration statement filing.









Pre-Approval
Policies and Procedures









As
referenced in Item 10 above, the Trust has no board of directors, and as a result, has no pre-approval policies or procedures
with respect to fees paid to KPMG LLP. Such determinations are made by the Sponsor.












44





















PART
IV












Item
15. Exhibits, Financial Statement Schedules










1.
Financial Statements









See
Index to financial statements on Page F-1 for a list of the financial statements being filed herein.









2.
Financial Statement Schedules









Schedules
have been omitted since they are either not required, not applicable, or the information has otherwise been included.









3.
Exhibits






































































































































Exhibit
No.



Description



4.1(a)




Depositary
Trust Agreement, incorporated by reference to Exhibit 4.1 filed with Registration Statement No. 333-156307 on July 21, 2009










4.1(b)




Amendment
to the Depositary Trust Agreement effective October 1, 2018










4.2




Form
of Authorized Participant Agreement, effective as of September 5, 2017, incorporated by reference to Exhibit 4.2 filed with
the Trust’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2017.










4.3




Global
Certificate, incorporated by reference to Exhibit 4.3 filed with Registration Statement No. 333-156307 on July 21, 2009










10.1




Allocated
Account Agreement, incorporated by reference to Exhibit 10.1 filed with the Trust’s Current Report on Form 8-K on March
29, 2019










10.2




Unallocated
Account Agreement, incorporated by reference to Exhibit 10.2 filed with the Trust’s Current Report on Form 8-K on March
29, 2019










10.3




Depository
Agreement, incorporated by reference to Exhibit 10.3 filed with Registration Statement No. 333-156307 on July 21, 2009










10.4(a)




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










10.4(b)




Novation
of and Amendment No. 1 to the Marketing Agent Agreement effective October 1, 2018










99.1




Novation
Agreement, incorporated by reference to Exhibit 99.1 filed with Commission File No. 001-34412 on December 18, 2014










23.1




Consent of KPMG LLP, Independent Registered Public Accounting Firm










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 Annual Report on Form 10-K for the year ended December 31, 2020, 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



XBRL
Taxonomy Extension Schema Document









101.CAL



XBRL
Taxonomy Extension Calculation Document









101.DEF



XBRL
Taxonomy Extension Definitions Document









101.LAB



XBRL
Taxonomy Extension Labels Document









101.PRE



XBRL
Taxonomy Extension Presentation Document









104



The
cover page from the Trust’s Annual Report on Form 10-K for the year ended December 31, 2020, formatted in Inline XBRL
(included as Exhibit 101).










45

















Item
16. Form 10-K Summary









Not
applicable.










46















ABERDEEN
STANDARD SILVER ETF TRUST




FINANCIAL STATEMENTS AS OF DECEMBER 31, 2020




INDEX










































































Page











Report
of Independent Registered Public Accounting Firm




F-2










Statements
of Assets and Liabilities at December 31, 2020 and 2019




F-3










Schedules
of Investments at December 31, 2020 and 2019




F-4










Statements
of Operations for the years ended December 31, 2020, 2019 and 2018




F-5










Statements
of Changes in Net Assets for the years ended December 31, 2020, 2019 and 2018




F-6










Financial
Highlights for the years ended December 31, 2020, 2019 and 2018




F-7










Notes
to the Financial Statements




F-8











F-

1



















Report
of Independent Registered Public Accounting Firm










To the Sponsor, Trustee and Shareholders


Aberdeen Standard Silver ETF Trust:



Opinion on the Financial Statements



We have audited the accompanying statements of assets and
liabilities of Aberdeen Standard Silver ETF Trust (the Trust), including the schedules of investments, as of December 31,
2020 and 2019, the related statements of operations and changes in net assets for each of the years in the three-year period ended
December 31, 2020, and the related notes (collectively, the financial statements) and the financial highlights for each
of the years in the three-year period ended December 31, 2020. In our opinion, the financial statements and financial highlights
present fairly, in all material respects, the financial position of the Trust as of December 31, 2020 and 2019, and the results
of its operations and the changes in its net assets, for each of the years in the three-year period ended December 31, 2020,
and the financial highlights for each of the years in the three-year period ended December 31, 2020, in conformity with U.S. generally
accepted accounting principles.



We also have audited, in accordance with the standards of
the Public Company Accounting Oversight Board (United States) (PCAOB), the Trust’s internal control over financial reporting
as of December 31, 2020, based on criteria established in

Internal Control – Integrated Framework (2013)

issued
by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 26, 2021 expressed
an unqualified opinion on the effectiveness of the Trust’s internal control over financial reporting.



Basis for Opinion



These financial statements and financial highlights are the
responsibility of the Sponsor’s management. Our responsibility is to express an opinion on these financial statements and
financial highlights based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent
with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of
the Securities and Exchange Commission and the PCAOB.



We conducted our audits in accordance with the standards of
the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing
procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error
or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating
the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of
the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.



Critical Audit Matter



The critical audit matter communicated below is a matter arising
from the current period audit of the financial statements and financial highlights that was communicated or required to be communicated
to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and
the financial highlights and (2) involved our especially challenging, subjective, or complex judgment. The communication of
a critical audit matter does not alter in any way our opinion on the financial statements and the financial highlights, taken as
a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter
or on the accounts or disclosures to which it relates.




Evaluation of the Evidence Pertaining
to the Existence of the Silver Holdings



As presented on the December 31, 2020 schedule of investments,
the fair value of the Trust’s investment in silver was $863.88 million, representing 100% of the Trust’s total assets,
and 32,617,862 ounces of silver holdings. The investment in silver is held by a third-party custodian (the custodian).



We identified the evaluation of the evidence pertaining
to the existence of the silver holdings as a critical audit matter. Given the nature and volume of the silver holdings, subjective
auditor judgment was required to evaluate the extent and nature of evidence obtained to assess the existence of silver held by
the custodian.



The following are the primary procedures we performed
to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls
over the Trust’s silver holdings process, including controls over (1) the comparison of the Trust’s records of silver
held to the custodian’s records, (2) the approval of silver deposits and withdrawals by the trustee of the Trust and (3)
the roll forward of silver holdings from the date of the Trust’s most recent physical inspection through December 31, 2020.
We obtained a schedule directly from the custodian of the Trust’s silver holdings held by the custodian as of December 31,
2020. We compared the total ounces on such schedule to the Trust’s record of silver holdings. We also tested the Trust’s
roll forward of silver holdings from August 14, 2020 (the date of the Trust’s most recent physical inspection performed at
the custodian’s locations by a third party engaged by the Trust’s sponsor (the inspector)) through December 31, 2020
by (1) agreeing the Trust’s records of silver holdings as of the last inspection date to the inspector’s and/or custodian’s
records, (2) agreeing silver holdings transactions to order confirmations and trade tickets, and (3) comparing the Trust’s
expected holdings to the schedule obtained directly from the custodian of the Trust’s silver holdings at December 31, 2020.



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



/s/ KPMG LLP



New York, New York


February 26, 2021





F-

2















ABERDEEN
STANDARD SILVER ETF TRUST











Statements
of Assets and Liabilities




At
December 31, 2020 and 2019


















































































































































December
31, 2020















December
31, 2019








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




























ASSETS



























Investment
in silver (cost: December 31, 2020: $


608,877


; December 31, 2019: $


422,010


)






$




863,884










$




418,938







Total
assets










863,884














418,938


































LIABILITIES



























Fees
payable to Sponsor










220














107







Silver
payable

























11,367







Total
liabilities










220














11,474


































NET
ASSETS


(1)








$




863,664










$




407,464

















(1)




Authorized
share capital is




unlimited




with




no




par value per Share. Shares issued and outstanding at December 31, 2020 were




33,750,000




and at December 31, 2019 were




23,300,000




. Net asset values per Share at December 31, 2020 and December 31, 2019 were $


25.59


and $


17.49


, respectively.











See
Notes to the Financial Statements











F-

3